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tv   Boom Bust  RT  July 24, 2021 9:30am-10:01am EDT

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was the battle over right to repair legislation that scored a major victory this week. later on, we take you inside the latest development and what it means for consumers moving forward. then investment and face companies had a record $4500000000.00 in the 2nd quarter of this year. well, discuss what that means to the future of innovation and why it applies to more than just 3 company. we have a pack show today for dive right in the by ministration may be looking to restart and rejoined a trade partnership that was ended before and even started. remember the t p p or the trans pacific partnership that was a trade deal that was close to becoming a reality under president obama. but negotiations were ended by president trump. now the t p p, maybe back but under a new name as a digital trade agreement covering in new pacific economies, the potential record is still being drafted. but the pack could include countries such as australia, canada, chill, a japan, malaysia, new zealand,
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and singapore. so what would this pact involved, and what would it mean for relations with china? joining us out with josh, i assume that co host ben swan and christiana ben. let's start with you on this one . so what all would this digital trade pack cover? yeah, it's a couple of things. i mean, basically, rachel, it's the same thing that the t p p was covered in the 1st place. remember the t b 3 was all about copyrights and protecting the digital economy. this is a pretty much the same thing. it covers cross border flow of information, digital privacy, and also standards for the use of artificial intelligence in asia. also like the t p p by the way, this deal excludes china. so it tries to make deals with all these other indo pacific countries that essentially right now are dependent on china and it says, hey, we don't have to move through china. you don't and, oh, you know, roads don't lead to china. instead, you work out this packet where we all work together and essentially work in tandem
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with china or we work around china. that's kind of pointed christy. what about that last part? why exclude china from the deal at a time when it seems like tensions between the u. s. and china are significantly rising. well, it's meant to try to contain china, and as you said, china's power is significantly rising. and as it grow, that spreading its influence, its soft power, its technology, and its agenda, and its values. and that's something that the u. s. has grown quite fearful of. so while yes, on one hand, this is a technology war. on the other hand, this is also a war of values and soft power and influence. and right now the u. s. is on the losing side of that. so by doing this deal, by basically excluding china, you're essentially telling other than the other nations that, hey, we are forming a coalition against the country that we're excluding. so the u. s. is trying to form the framework of this proposal and basically spread the western values and the western agenda not saying hey, we're going to all work together by hey, we're going to spread instead, our western influence instead,
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and this will lead to a splintering of the digital landscape, but this will all prove to be a very uphill battle for the u. s. because again, china already has a very strong foothold in all the south east. asia nations are very dependent for a lot of the technology has come out such as ali bob intends on holding this fence significant amounts of money and investment dollars in these countries. and right now you have over half a 1000000000 of these people, migrating their businesses and merchants on line, be 10 cent and alibaba. so it's going to be a very significant challenge for us to kind of win them off of already entrenched chinese technology. and they've been china's president, she has actually spoken out recently about this possible deal making reference to the idea that the u. s. wants to make these deals as a way to protect american power and the profits of american technology companies. something kristie just alluded to. there as well. is there truth to that? i would say, yes. i agree. i think there's a lot of truth to it. i mean,
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i think at the end of the day, we will have to recognize a couple of the, one of those points is that china obviously is leading the way it in terms of technology. and there's a lot of concern about how the rest of the world keeps up with that. how do you keep up with what's happening? just a couple of numbers for you in terms of what's happening in terms of growth, but half of asia, economic growth in the last decade came from technology and innovation sectors. get this as the, the e commerce section continues to grow. it's estimated that china, china, but asia is going to account about 2 thirds of all of artificial intelligence in the future in terms of usage and 5 g usage. that's an incredible number or so. yeah, i think a lot to us companies and i think u. s. companies, if you look back at the old t p, p and you look at this, it is corporations that are driving it. it is not done necessarily in the interest of the nation, but in the interest of big corporation. now christina, that point isn't a digital trade agreement with these nations the only way for the us to actually
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stay competitive in these tax spaces in a way. yes, because as been just pointed out, asia is basically driving all the growth in technology right now. and especially e commerce, e commerce is growing faster in asia than it is in the u. s. and in europe. so right now with this trade proposal, the u. s. is trying to win, basically, the new battle grounds, the new battlegrounds of tech. and by doing this, by saying that, hey, you have to choose either us or china, you're splintering this entire digital landscape. so that means i, south, east asian nations will be forced to choose a side if they do choose to side with the us. that means china will withdraw all of their technology out of it. and not only will they set these countries back, but now this gives the us ample room to bring in google to bring in facebook to bring all their companies in. so not only is the us trying to push china out, the us trying to spread their own influence by using this proposal as a leaping board to kind of spread their influence and favor their own tech
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companies. and kristi did this, china in its own right, have a recourse against that. i mean, beyond just saying, well, we'll pull back all that tech from, say a country like singapore or something like that. is there any other recourse they have against the deal, like that? i don't think they do, and i think that china is actually very defensive and they've made sure that they've fully touched every single sector from technology to cybersecurity, into all of their semiconductor infrastructure and 5 jeep. they've touched the entire spectrum of technology. so basically, if china were to say, pull out all of their infrastructure, you really would be setting these countries back at least 5 if not 10 years. and china has spent significant billions and billions of dollars. so then these countries, the small southeast asian nations, they will be the casualty between the total, between the us and china. and then these countries will be looking to the us being like, hey, if china pulls out, we're going to be losing billions and billions of dollars of infrastructure. are you going to foot that entire bill?
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yeah, those truly a lot of stay here and this is a fight that isn't going anywhere anytime soon. excellent points to consider, boom bus bend on and kristi, i thank you both for your insight and get the . the global equities are mixed this week after the sell up on wall street on monday, while the world continues to increase in cases of the co, 19 delta variance and rising inflation. let's start in russia, where the mo, x is up. the week started out rough as the index tumbled, as the price of oil fell on opec plus countries reaching an agreement to increase output after a rebound midweek stock spell on friday as the nation central bank raised its key interest rate by 100 basis points to 6.5 percent, the largest increase in 2014 still indicating further rate hikes are possible. moving to asian markets, the shanghai composite is up. this was following along with trends we saw after
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monday fell up on wall street, rebounding mid week. tech is still in question, is waging, and now it is considering penalties on ride share giant dd, including a fine that could be bigger than the 2 point. $8000000000.00 levied against alibaba . we have another green arrow for the hung song and hong kong. again, feeling the pressure from the cell off earlier in the week as global equities bounce back on wednesday. the index saw games of 2 per cent. the biggest winner during wednesdays. trade was china ever grand group, which resolved a legal dispute over death concerns over the tech crackdown from asian cause hang time to fall into friday. but it still squeaked out a positive week in japan. we have our 1st red arrow for the week with the nikkei, as the tokyo olympics officially open on friday. the japanese index was closed thursday and friday for holidays. so it did not have the opportunity to regain the losses from earlier in the week. on that elliptic note, though, there are concerns that the lack of fans at the games this year will cause serious economic harm for some of the nation's biggest companies. in the sense sex in india,
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it is also down reeling from the sell off. earlier in the week, the index did see gains on thursday and friday stokes by i t stocks, food delivery startup. the motto went public on the exchange this week and close nearly 65 percent above its initial price. the telecom sector took to close the week after the nation's top court rejected a request by mobile carriers to correct what they characterize as errors in government dues. moving to australia, the assets it's up for the week. the assets gained more than one percent on thursday, pushed up after mining giant b. h. p gain more than 3 percent after making a deal to supply nickle to evie maker, tesla and the all share in south africa is also up mining and banks help secure a positive week for the index. despite economic worried in the nation, riot could cost the country roughly $3400000000.00 and last output an effect, as many as 150000 jobs according to the government. now let's head over to rachel with markets in europe and the america. thanks right here we start in the u. k,
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where the 50 is up, while the retail sector saw growth of point 5 percent in june. overall growth has taken a hit this month with the countries purchasing managers index, dropping to it's lowest points since march, a sharp rise uncovered cases and a new test and trace app telling thousands of citizens to solve. isolate has also created a stopping shortage. nearby the german dax and the french cack are both in the green. the auto industry was up to point 6 percent to leave this week's gains and the euro zones pm. my reading was opposite of its neighbor as it showed business activity in europe, growing at its fastest rate in 2 decades now across the atlantic. in brazil, the best buy is down, while the country's growth forecast is up for the year. their leadership remains in question with president boston are facing everything from corruption allegations to rumors of appending impeachment ahead of next year's election. now over in mexico, the b m, v is up,
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the country saw both its biggest jump in cobra cases since the beginning of this year. and the jump in inflation that was more than expected. and response mexico central bank signals, it would increase interest rates by $25.00 basis points. and the peso rose point 2 percent. then here in the the tao, the s n p and the nasdaq are all in the green to end the week while her eyes and cobra cases impacted markets. on monday, the latest earnings reports help to revive investor confidence twitter and snap letter rally on thursday as data shows that 87 percent of the companies on the s and p 500 have surpassed wall street expectations this year. and finally, the ts sex is up while the country central bank continues to warn about rising inflation. in the short term, some businesses are requesting what they call 11 our continued support from the government until all restrictions have been lifted. moving into next week, we will continue to keep an eye on the state of the global response to the latest
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cove at 19 variance and the fight for the rights of consumers to repair everything from smartphone to tractors appears to have a new ally. after bi partisan federal trade commission pledge to make addressing the issue a priority and a unanimous vote on wednesday, manufacturers have long been criticized for violating anti competitive practices by forcing their customers to come to them for repairs, rather than giving them the freedom to go through cheaper and more convenient 3rd party vendors and do it themself. in a statement chair, lena con said the f t c is committed to encouraging competition. she noted that quote, while efforts by dominant firms to restrict repair markets are not new changes in technology and more prevalent use of software has created fresh opportunities for companies to limit independent repair. now this both followed a report. busy from the fcc back in may, which found that manufacturers routinely discouraged customers from using 3rd party
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repair services. president joe biden also address the issue in its sweeping executive order. he sighed earlier this month aimed at putting a stop to a competitive practices. now brand, i know that we've talked a lot about how this impacts consumer electronics, but you also meant in tractors there what's going on there. they were actually so farmers specifically, but anybody who worked in agribusiness were actually big parts of pushing for right to repair. because what happens is, you know, if you run a farm, maybe a family farm or maybe even a bigger farm, you want to do those repairs because you have a shop on the premises and you want to do what you want to do. well, all of this is very digital, now they use gps technology to find out where items are going and things like that . so when they want to do a repair, you have to plug it into a machine. so it could tell you what's wrong. similar to how it happens with your car, and if you have to take it to a actual repair service, then what happens, you have to put it on the back of a truck. you have to send it away for a couple of days when you might be able to fix it all on your own. so that is where
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that really comes down to like a massive problem. and hopefully we have to see what. so take some action, it looks like that where we're getting some movement on this as of right now and time now for a quick break. but when we come back, investment in the private base industry, it records in the 2nd quarter of this year. look over where that money is going and what they hope to accomplish, and that's going to break. here are the numbers of the me. oh right now, there are 2000000000 people who are overweight or obese. it's profitable to sell
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food that is fatty and sugary and faulty and addicted. not at the individual level. it's not individual willpower. and if we go on believing that will never change as obesity epidemic, that industry has been influencing very deeply. the medical and scientific establishment, ah, what's driving the its corporate, me, ah, the whatever. the
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the, the war on drugs noted as a way to come back, a great problem. what's the warrant? it's part of the attitude of the nation, not just of north dakota. it's got to be something that you could get elected. this time, the fight against drugs took a tragic, told us that andrew was competent short form. this is way too dangerous for him to be doing. clearly, they put him in harm's way. a rural college student does interest get shot in the head and found in a river like that. something else had to be happening with the
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the, the, the the welcome back. we know it has been a big year so far for the private space industry headlined by 2 billionaires taking trips to the edge of space just within the last month. and there are no signs that it's slowing down. in fact, private investment in space companies hit $4500000000.00 in the 2nd quarter of 2021, a record for the sector according to a new report from space. capital. the report separates investment into 3 categories within the industry, infrastructure distribution and application infrastructure centers on companies that build rockets and satellite and is dominated by the big 3 billionaire back
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firm space ex blue origin and virgin galactic distribution has to do with companies that use space related tech for their business, while application is about services that depend on space. for instance, those that rely on gps services think ride sharing companies or mapping software. with these numbers, the industry is expected to eclipse the $9100000000.00 raised in the whole of 2020 . so with this in mind, let's take a look at investment into private space industry with simon drake, the managing director and co founder of base venture investors and ceo of space commodities exchange. thank you so much for joining your time and appreciate having you on all the way from frankfurt. i one of yep, start with this. we hear so much about the big 3 companies, but there is more to space investment than just those companies. what type of businesses are we talking about? beyond what i just mentioned there? okay, well, the big 3 they solve,
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particularly virgin galactic. and what basis is doing is the spice tourism supple, but who mockup okay above that in lower all. but there's a whole new market of, you know, lower or satellites doing communication, earth observation. and then you go out to the synchronous area where you have you normal traditional communication satellites. and then the next phase that i think is going to be real hot. topic is pushing out to the fish, luna, and extracting space resources. now different lies and different avenues of approaching things. now, simon, when it comes to investment in private space business isn't just about making money, or is there a push for scientific advancement that would better humanity in the end? good question. i look at this like from an engineering perspective, the know innovation is possible without really hard science because the space environment, you know, it tries to kill everything that goes in there. the engineering is required to
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spice, hard and equipment. obviously has a, a filter down effect because that engineering development can come back down to consumer products. so if you look at smart phones, the miniature, as i've seen of technology with a lot of it, was driven by evolution's in space technology. and we know that from, from years of what nasa has done and you know, the amount of product and innovations we have seen for years to come, that have been involved in that as well. now i do want to go back to some of the big guys here because glue origins jeff base who recently completed his space tourism flight on tuesday. he's facing some criticism for thing. we can move all heavy industry including industry offer. and in this space. 4 4 it seems kind of crazy. is that a real thing? look conceptually, it is real and it is possible, but you have to separate what has just happened with what we want to happen. so
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what just happened is some high net with individuals went into space on a space tourism mission that is designed to go to a certain altitude and come back to move heavy industry into space requires a whole different supply chain quite as you know, political capital infrastructure liberal investment, intergenerational commitment, where we say, okay, we want to go to the moon, the surface extract a fond resources, extract them and then use them to build the infrastructure in assist luna economy that then does the heavy manufacturing and therefore earth doesn't have to do the heavy manufacturing there therefore, pollution. but to make all these possible require such a massive effort based on ease. correct. and it's not a new concept. i made a lot of people to think about it and, and we try and work at selves how. how can you make this possible because it's got
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to happen and we want it to happen now. and that was what i was gonna ask is how far off are we? i mean, you mentioned intergenerational for some idea like that. and i mean, because like you said, there has to be a full infrastructure right now. it seems incredibly expensive to send anything up into space, whether it's a space tourism flight or whether you go to the i, i would imagine if you're, if you're going to the moon that's way more expensive. so how do we get there? how we get that the current business model is that the space agencies, they for example, want to go to the moon and therefore they going to require resources and the happy to farm that work out to product contracted. so you'll have for example, a lot of the u. s. companies assigned a gun to the moon and they get a look for water or something like that. i see it as when the cost to extra, when the cost to extract something from the surface of the moon. i'm using this as
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an example. other people will say you should, we should do it with, you know, near earth asteroids or meter arts. when the cost to do that, e cause the cost to do it on earth, then it probably makes more sense to do it in space. and that would mean that the cost to do it in space comes down a lot, but also the cost do it on earth comes a lot, which i think is happening in some ways anyway, because you look at the environmental factors about mining. it just, it is getting harder to get those metals out of us. so we see it is at some point there's going to be a flip where, you know, resource companies will, maybe we can revisit this concept of gone to the moon for resource extraction. and there's a lot of data out there that looks at the lunar surface and, and shows where there are particular areas of interest. but it, but the hard part is working out the supply chain of equipment to actually extract,
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for example, nickel from regulus. now i have to ask when it comes to these major companies has the fascination with space ex virgin galactic and blue origin. and their test launches space tourism flights. and booster landings created more interest in private space companies. overall it has, it has been super beneficial because i think the, the big 3, you know, must be branson. they're kinda like cheerleaders and lovable. have they been working hard at what they're doing and they, and they have their success. but at the same time, they shine a light on the industry that was kind of way out there or way off. and it seemed for a long time way out of reach because, you know, space is technically hard, it's risky. so i think they did a lot of di, risking with their promotion of their own businesses. and so this is in spot and
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new generation of entrepreneurs and inventors who have seen the success of these big 3. and they speak 3 open in new markets. and so this younger generation, they can kind of understand that it's, it's not a space, startups or not, you know, a limited world. there's a lot of avenue for growth. it's opportunity. and as you know, mid translation technology, different ways of rising capital like racks, that you can start to build a road map of how they can do about develop a concept get funding and explore a different market. so i think it's really a positive thing. absolutely fascinating. conversation simon, drake will have you back on to imagine director and co founder of space venture investors and ceo space commodities exchange. thank you so much for your expert now today. thanks for having me. it's been great. and finally, do you want a piece of history from one of the world's greatest missionaries? maybe that's an overstatement, but in 1973,
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handwritten job application from apple co founder steve jobs is once again hitting the auction block. the application by the man who helped personal computers, smartphones, and tablets come to the mainstream, was written after he dropped out of college 3 years before he co founded apple with steve was that this isn't the 1st time the document has gone up for auction. it's sold for nearly $900000.00 in 2017, almost 17502018 just last march, reportedly sold for more than 220000. this time, however, the auction organizer all the jobs she will take bids for an, an a t version alongside the original. at this time, it's hard to say how much either will fetch. that's it for this time. you can catch boom bus on portable tv at portable dot tv will be me
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me ah ah, the eastern half of the united states, we're going to have billions, if not trillions of periodical cicada is interacting with tens of millions of human beings in their backyard. oh my god, obviously some of the cicadas do not have very high tolerance for alcohol because they are already passing out of minutes. 400 i mean that's very satisfying
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me or my phone are 60 and i don't i the jaffar and up dollar format isis fighters. they're now boarding a philippine naval ship with the $900.00 jeff, aren't abdulla still don't know what's waiting for them? can i
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get a hold of me . ready ready back guys or financial survival guy. housing bubble. oh, you mean the downside? artificially little mortgage? i don't get carried away. i was calling to report look forward to talking to you all. that technology should work for people. a robot must obey the orders given it by human beings, except when the short or conflict with the 1st law show your identification. we should be very careful about artificial intelligence. the point obviously is to create truck rather than fear i would like to take on various jobs with artificial intelligence real summoning the beam and
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a robot must protect its own existence with in the headlines this today and i would cry in the british parliament. so it's conservative, m p 's threatened a boy called that party conference if the vaccine possible to require to attend hundreds rallying in the french capital against the government's plans for mandatory cobit passes to enter public places. a correspondence that what's the latest, the single engine fight to judge the checkmates? why was the crowd to the max 2021 international as shown in moscow? the pentagon emits at least 7 people implicated in the murder of haiti's president had been trained in america as his private funeral under heavy go.


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