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tv   Boom Bust  RT  July 30, 2021 12:30pm-1:01pm EDT

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oh right now, there are 2000000000 people who are overweight or obese. it's profitable to sell 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 because it's corporate, me the the
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bus one business show you can't afford to miss. i'm rachel 11. and i've read it boring, washington coming up in the wake of a major chinese stock dick, the dip the nations government is looking to patch things up on wall street will bring you the latest. then we take you to the european union where the block, the other most members are struggling to recover in the tourism sector. we take you on the ground agree, and later the electric vehicle sector is reacting as the founder of one of our competitors in the field. has been charged with fraud. we'll discuss we have a pack here today. so let's dive right in. we leave the program and the latest out of aging as markets in china and hong kong rallied on thursday following a major sell off in response to a government crackdown, targeting the tech and education sectors. but the chinese government is now attempting to ease the fears of masters. that's according to reports at
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a top regulator privately told the global financial firms that beijing will consider the market impact before introducing future policies, but will not be enough to erase the losses we saw earlier in the week. and who will the next crackdown target to go further in depth on national spring and boom, bus co host christy i, and knock tabio moran z c o over miss l. l c. kristi, let's start with you. what do we need to know about this crackdown and why are investors responding so strongly? well, this moved to rain and chinese tech jones pretty much come after the u. s. past the law, the bars foreign companies from trading on us exchanges. unless they surrender to audit. so given this china for years that data on its citizens could, and that's in the hands of its biggest political rival, the china, the big tech companies have basically been the pride, enjoy the country for some time now. but they've done in size and wealth and they've created new challenges for the government authority. so these tech
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companies, they collect a massive amount of data on their users eclipsing the capabilities of their western cohorts. so d d, for example, they collect gps trip traffic per floor user invoke facial recognition data and even audio recording of the passenger in the car. so then in the case of a foreign intelligence, there's a lot of sensitive data here. and so that could driving all of this to make sure it doesn't end up in the hands of for an official. so in that a lot of the companies to go public on domestic exchanges and award for an influence funded domestically because currently foreign investors play an outside role in funding chinese tech firms, such as all the bobbo i do and $0.10. so as we're investors the cart down, not over the sentiment, so very cautious and they believe that these changes will continue because the objective of the chinese authorities are really long term in nature. and our octavio for a crackdown for the chinese government that is mainly targeting domestic companies . why are we seeing such
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a global response and how does the increased pressure on tech stand to have an impact worldwide? well, i think we didn't see glue response if you go back a day or 2 ago. and so you saw deep in stock prices take stock prices around the world, basically as a sort of tried to digest this and figure out, what does this mean? what does it mean for us outside of china now? because a lot of large tech companies affect, it depends on china either a supply of semiconductors as a market for revenues. so there's a strong dependence on chinese market. i think that was fairly short lived and so now we're basically seeing most the western tech company shrugged us often saying doesn't really affect us. this looks like a chinese domestic issue primarily. and christy pushed out maybe more about sort of the chinese communist party, fearing it's losing influence and power and wanting to exert. so i think the consensus fairly quick just because this is a chinese domestic issue. the foreign take up is not going to be involved is not going to be implemented. so please look. ok. and christy,
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we talked about this earlier in the week. it appears that you know, chinese regulator, the government is looking in word. now do you agree with that? i think they do because they're playing very defensive strategy because instead of the us which is always on the offensive and trying to either loving sanctions or levy, terrorists or other things like that, china is very defensive. and the way it does that is it wants to, it wants all the tech companies to actually be prioritized 1st in china, everything they want to be made, manufactured in china and for tech. it's the same thing. they want the i p to be dependent, and for the i p to actually stay and be maintained in china. so as such, every single strategy that they're going to be is going to be looking and worth trying to strengthen its defense. rather than going out offensively, now, christie, when it comes to this crackdown, we saw the chinese ride helen company dd so sword 40 percent in pre market training on thursday over report,
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claiming it may go private to appease beijing. now didi has since denied the claims . but is this a real fear and how would it have an impact on tech companies going public here in the us? yeah, the market got really excited when there was speculation. i might go private, but now it just looks like it's wishful thinking. likely because they liked the funds to do so. i'm be taken private right now because given the dismal performance and so i p l they're down about 36 percent. i think other companies are looking at this like a warning sign that companies will now think twice before deciding to lift in the us, knowing the regulatory hurdles and headaches. it could be tied up in order to get approval. so china isn't being very subtle about wanting companies to go public in hong kong. bloomberg had reported the chinese regulators were considering theories penalties for dd, including a fine suspension of operation or the introduction of a state owned investor. and prior to even d, b i p o, chinese regulators had expressed concerns about their data security practice and
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urge them to ensure the security of the data before proceeding with the ip or to shift the location to hong kong or mainland where disclosure risks will be lower, but the regulars didn't explicitly forbid the company from going public in the u. s . so it looks like the, the just roll the dice took a chance, and now they're paying the price for it. and they likely won't be the only one facing that decision. now octavio, when it comes to the overall markets, we know that we're halfway through the 2nd quarter's earnings reports. and it appears many of the companies that we're expected to have peaked already are now raising their estimates for the 2nd half of the year. are we likely to continue to see these all time highs in the markets in the months to come? i suppose it ends up most really driving this. i mean, you can come to, i think one or 2 conclusions. one is for the under estimation of how quickly they bounce back and it's posted and then environment, things people spend money is much more quickly than a anticipation. so might be growing. somebody,
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push somebody out. but i think another explanation there shouldn't be overlooked is really the specter of faster and foster inflation. so we might be saying, tell that these things in revenues increasing is not really the real process. the cup is increasing, but rather the money value and therefore revenues go up, the price of everything goes up. and so it looks like there's a big increase in things when in fact is simply inflation driven on trade. so i think that's the 2 things that are taken to count. i think i'm looking for something this looks like among the phenomena. this looks like inflation starting to gain momentum and we'll see go up and up and up to the sky. basically. excellent points to consider here, octavio moran, z and christie. i think you both for your time and insight and new math mandate, and coven restrictions are being reinstated throughout the world as concerns over the delta varying of the corona virus seem to be setting in. but so many countries around the globe are dependent on tourism and cannot afford to undergo another
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round of locked downs. joining us not discuss is boom by host, then one who has actually been in both spain and is currently in grief over the past couple of weeks. i've been in terms of the economy, what is happening and other countries that are so dependent on the travel and tourism sector. yeah, it's pretty interesting when you do go to some of these folks is to see just how dependent they are. so for instance, you mentioned i'm in greece right now. so talking to people here in greece. and when you look at the 2 countries that really provide so much of the tourism, the united states and the u. k. so almost the entire tourism industry here is dependent on those 2 particular countries. and of course, a lot of people in the united states don't even know they can travel to greece right now. so it's been interesting and doing reports from here, i get a lot of viewers who are saying the messages saying, wait a minute, how are you in greece? how are you even allowed to travel there? right now that shooters, you can travel as long as you either have been vaccinated or you show a negative p c r test within 72 hours. and yet
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a lot of people don't know that. so when you're driving down the road here, a lot of the roads are empty, the airports are fairly empty, though there is some of the, the tourism beginning to come back this year in the month of june. we're already seen an increase about 13 fold from where we were a year ago increase. there's been a big increase in terms of people coming back. but the bad news is there are now been state department warnings from the united states and an e. u. travel warning for cyprus and some southern greek islands because of a resurgence of co with related cases in those areas. and so there are travel warning for those areas. that's not good for the tourism industry at all. yeah, and we know, and all of those places where there are any issues there now, even worse. and we also know that there is a huge issue in greece, unemployment. correct. how has this pandemic impacted that? yeah it's, it's certainly not made any better. you know, when we talk about unemployment, it's, i think difficult for certainly people in,
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in the u. s. and the west to recognize how bad it is increased. not so much in spain, though it's bad in spain as well. but in greece, just to give you an idea of employment over all over the country, it's about 17 percent. so it's fairly high. but if you take people who are 25 years old and younger, so for a greek use right now, unemployment, unbelievable. at 46 percent unemployment, those are people again who are 25 years of age and younger who say they want to work, but they can't find a job. there are no jobs for them. so when 46 percent of your population cannot find work and they're looking for work that is a huge gym or graphic problem. and it's a huge cultural problem. and been there, have been a lot of protests in greece over the past few weeks with protesters classing with please. why is that happening? is it all related, or is there separate issues as well going on? no, i think there is some relation to that. i mean, again, when you consider the fact that a lot of the people who are involved in these protests are young people. and again,
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when you have 46 percent of that population is unemployed, that's incredible number. so you already have a lot of frustration there. and then on top of that about i think it's 45 percent of the population increase has been vaccinated. so now when you see the great government is coming out and say, well, they want to impose mandatory vaccination as well. remember, again, similar to the united states at this particular juncture, when a half of your population in the country like greece has not been populated. it's not because they can't find vaccines or can't get to vaccines. in many cases, it's because of that part of the population doesn't want to be vaccinated. so when they start hearing that mandatory vaccines are on the way or mandatory vaccinations may be on the way of all simultaneously coupling that with loss of revenues, economies that have been shut down high unemployment. it really is a recipe for a lot of tension and blow ups. and that's what we're seeing in greece in terms of very violent protests here. police bring out water cannons at night. they're blasting people who are on the street to or said automates, cheer, grass is being fired into crowds. so it's
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a very tense situation here. and then quickly, before we go, wrapping this all back to the situation to view as a tourist in athens. how much of it is any of this affecting you when, when it comes to the protests or even the fact that there may not be enough people working in greece right now? well, and so i don't think, i'm probably a very good example of it because i came here specifically because of the protests, right? to find out what is happening with these different countries. people are protesting . so for me, it's more of trying to witness what's happening in these countries where there is pushback right now and the frustration that's taking place. but in terms of other tourist a many of them in the, in the touristy areas, if you will seem to be pretty oblivious to it, maybe even glad because there are fewer crowds. so it's easier for us to get around . boom, bus, spend swan, thank you. so much ok. and if you are an i phone user ready for a new device, you will often face a big question. do i continue in the apple ecosystem or do i make the leap to an
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android device? well, if you want to make that move, you have to figure out how to move your data causing users to jump through hoops to make that happen. but it appears google is actually developing a switch to android app for ios devices that will make the transition more seamless . the revelation comes into the dug into google's new data restore tool. the app will allow users to transfer iphone apps, text messages, and contacts to the new device worldwide. andrew, the android that is to say, makes up 72 percent of the market. but here in the u. s, the i phone is about 58 percent of smartphone users. so this could take a chunk out of that dominance. now i know here in the office we always have the debate of team android versus team i phone. i know we're on team my phone and a lot of that comes from just how easy it is to go between apple devices. and it also comes from how easy it is to have those blue text messages. i'm telling you, and i know the majority of the world use android devices, and i know the technology behind android is great. i like the iphone for the reason
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of how it communicates with all of my other apple devices. unfortunately, it kinda makes me a fan boy in that situation, but it does happen. i should also note that apple also has a similar app on the google play store, where you can transfer the data over. because before, when you would have to do is go to your google drive, you have to upload all of your data, bring it back down to your phone, make sure it all is in the right format to work. where if you're an iphone user, you go to the next version of the iphone, you to plug it into your computer, just back it up from the cloud. you get it right away. so this could definitely play into apples dominance. here in the united states, we'll see if it gets any more people over to team time. now for a quick break for when we come back and shake up in the electric vehicle sector as the founder of nicholas has been charged with, aligned to investors straight ahead will fill you in. and as we go to break your, the numbers out the close, the ah,
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ah, the from germany where a long study finds that the, the biomass of fly in the weight of flying insects fell by 76 percent in the last 26 years. so it's just becoming much, much less common, which means all the jobs that they do are not being done anymore. and that that is the real danger. and that's what's going to impact on me. new gold rushes underway, and gunner thousands of ill equipped workers are flocking to the goldfields,
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hoping to strike it. rich children are torn between gold and education. my family was very poor. i thought i was doing my best to get back to school, which still it will have the strongest appeal the ah, me
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the welcome back. a federal grand jury in the united states has charged the founder of ab startup. nicholas with 3 counts of fraud for lying about nearly all aspects of the business to use it stock. according to an indictment unsealed on thursday, 39 year old billionaire trevor milton, who stepped down as chairman of the company in september, is facing 2 counts of clarity's fraud and one count of wire fraud. milton is also facing civil securities fraud charges from the fcc, which were filed thursday. prosecutors accuse him of lying about nicholas product and taking advantage of inexperienced investors when the company went public by a special purpose acquisition company, better known as a spec, the indictment state. milton scheme, targeted individual nonprofessional investors, so called retail investors by making false and misleading statements directly to the investing public through social media and television print in podcast
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interviews. the grand jury says milton should for all property earn due to the scheme which would likely include the more than $1000000000.00 earned. when the company went public on the news. nicholas stock was down as much as 11 percent on thursday, but is down more than 70 percent from all time highs in september of last year. so more on all of this and some other auto news at the day. let's bring in lauren fixed. she's the car coach. lauren, always a pleasure to have you on the program. i want to start with these allegations. what exactly did milton a nickel ally about that was forcing their stock price up? ok, i just wanna make $1.00 qualification and he has been released from prison with a $100000000.00 bonds. so he had to put up some of his personal properties to do that. that's a lot of money. well 1st thing, what happened was he had made promises that the electric and hydrogen powered vehicles, which i think is a genius idea. functioned and they had orders. so 1st off, when they went to do their presentation, they had brought the vehicle there on
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a truck and it had been plugged in and in a wall. so it made it look like it was running on its own power, but it wasn't so that immediately true flags of us and the auto industry that, oh, this is not good when you make promises and you can't deliver on those promises. but then in addition, there were promises that there were orders that were secure and there are no large orders secured as a fleet order of hundreds of vehicles. so that created other issues. and that's where he stepped down in september because he was accused of fraud on many different levels. and that there are other executives that have also been accused of frauds. and this is pretty serious, a $100000000.00. that is no joke. now with all of that in mind, what is the future of nichol? i mean with all of the negative pressure, is it still a viable automaker, or is it more likely that they're going to just go away? well, i hope it isn't because i actually think that it's probably one of the smartest products that are on the market today. typically when you're looking at a lot of companies like 4 or what tough law offers, or any of the major carmakers,
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like ford or gm offer, they're just plugins. and when they run out of power, you have to plug them in again and wait. what nicola had come up with was hydrogen powered in addition, so it was a back up to when you ran out of a battery, un hydrogen to propel the vehicle. which was really smart because there's not an infrastructure for either one yet, but we're going to start watching infrastructure grow because other car manufacturers are thinking hydrogen. so all of this is a great idea. i think that it will survive down the road. their stock is not a euro, it's somewhere around $12.00, i believe at the close. but i still think that the technology is useful and where we saw this before with disk or they had problems and now they've come back. and part of that business was sold and heinrich fisco has created his own product as well. so you're going to see some new products coming out. so i'm excited to see some new things we've. we've definitely talked about the fisk or ocean in the past . so i definitely know exactly what you're talking about there. there's also a report out in the new york times that says
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a top toyota executive has been lobbying, congressional leaders to push against the biden administration's plans to spend billions in the transition to e v. essentially because toyota behind on some of its major competitors in the shift to all electric vehicles. what do we know about this? well, i was actually a twitter h q just a couple weeks ago. and i did sit down with one of the senior executives pretty much at the top, and that person told me that they are not behind. they have been selling electric vehicles. they have been doing the technology we saw in got to write in some of their electric powered vehicles. so we know the technology is there, but the reason that they're pushing is you have to remember that the infrastructure cannot support every single car going to electric. and currently, biden is pushing for 40 percent in the next 5 years of the fleet that's on the road to be electric. if that's the case, the grid can't support it. electric fees are going to be high for consumers. cars are going to get more expensive. insurance is twice the amount when you start looking at all of these factors that's not taken into consideration by the
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government. and so toyota, as well as other manufacturers are saying, well, let's just slow this down a little bit. let's not put the cart in front of the horse because toyota is working on this and they can bring it to market quickly. but they know that consumers are not buying them. look at 2 percent total sales. why would you want to look over your whole market just to switch that you're not making profits. yeah, that's an excellent point. now while we have you on here, i want to also want to ask you about where china stands and all of this, we're watching beijing become a hot bed for e v 's recently. and that june saw our record in sales of 235000 plugin vehicles sold, which accounted for 15 percent of cars sold in china for the month. now it appears that with the exception of tesla, most of the vehicles come from chinese brand. what do you make of this uptick in the nation and are some of the bigger automakers from the rest of the world making a play in china? well, every automakers making
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a play in china. you'd be crazy now to not just tesla, but lou said, because it's the largest market for cars. so obviously you want a piece of that pie just like a lot of car manufacturers want to make a move into the north america. the same reason cuz we're the 2nd largest market now . but keep in mind that china is incentive sizing. the purchase of electric cars with quite a bit more money that they had in the past. and of course they're incentivizing for their car companies because it's jobs and it keeps money flowing in and out of the country. so with that thought in mind, they also are building nuclear power plants because their infrastructure can't hold it either. they built 17 last year and they're in the process of building over 20 nuclear power plants in order to supply electric to the grid. but keep in mind, people that have the money can afford to buy new car people. they don't have the money, they're not going to be able to afford these new vehicles. it's very expensive to till they switch to a new car. 1 because if you could afford it, you would buy a new car. so i think that china is very typical about putting the cart in front of the horse. they're very much about, let's do this and then they realize, oh,
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we have a problem. we have to create more power, or we have a problem, the grid can support it, so we're watching very closely. i'm happy to see that this is happening. it's good for their country, but it would be nice if other car companies from around the world can get a piece of that pie as well. and lauren, i got 30 seconds for you, but the global chip shortage is taking a toll across multiple industries. but of course, the car industry has been in the forefront. black book said, do you new car sales were down 14 percent due to it? give you the final word on that. it looks like we're gonna end up with sales on 14500000 to 15000000. that's 2000000 vehicles off here in north america. there's going to be a chip chart is going to what it's going to run. probably the end of the year. it's terrible, it's really bad for sales and bad for our economy. will definitely follow up on that. learn fix the car, coach, thank you so much. can i get it all down? 4th. thank you. and finally, is it a signal the slow down, or is it just a full moon directly in front of you? that's the latest phenomenon. some tesla drivers are reporting when their cars
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started to slow down in the middle of the highway. one driver took 2 twitter to call for you on musk and his team to look into the moon. tricking the auto pilot system, he showed that the car was slowing down because it believe the moon up ahead was actually a yellow traffic light. another driver reported the same problem saying his tesla was tricked by the rising sun, and that's not all testers have been reported mistaking billboards and even burger king signs for stop signs that required immediate action. the trend is fueling concerns for safety if the vehicle is to stop abruptly. now while tesla is marketing is full self driving mode for $99.00 a month. it admits it is still working on the technology when it comes to recognizing those pesky stop lights and stop signs in the distance. and we should point out that as far as we know, nobody has been hurt due to any of these concerns. as of right now, and i've always said it's self driving cars, cool technology,
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not quite ready for it yet. not just. that's it for the time you get, boom. but on demand on the portable tv app available on smartphones, tablets, google play, and the apple app store by searching portal tv, where it will tv can also be downloaded on samsung, smart tv, and roku devices, or simply check it out. portable tv will see you next to me. the algorithms and neural networks have been following us everywhere. we look online because our relationships are what matters most of us. and that's how we find meaning and how we make sense in our place in the silicon valley. see, don't mention in the presentations. however, the ghost workers who train the software humans are involved in every step of the process when you're using anything online. but we're sold as this miracle of
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automation behind your screen. it's no longer a workforce that seems algorithm that's for next to nothing. on a very good day, i could do $5.00. now. a really bad day. i could do $0.10 worth isn't movable by design. it's about labor costs, but it's also about creating layers of lessening responsibility between those who solicit the kind of work and need it. and those who do it with for session is 0 time. and like, what do you call that? what is that word? is called communism right? only in communism with our state run countries, they have no recession, but they also have no way for anybody to have a life rather than being a slight. okay, that's where america added me
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. oh yeah. it doesn't look like this was off the field, what you actually was. so can you talk with the national youth. and she, she said to build me up with your school budget that i would continue to tell you because it took out with a dinner each and sticky famous from a crowded by i lose
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the hours of top headlines. so here's an optional disturbing revelation. 5 balls, gary was health minister as he admitted covey vaccination failures have across the country, almost 10000 lives as russian isolated the tokyo olympics keep knocking gold. it's left western media and athletes increasingly seeing read a question. the teams are right to be that the chemical waste, contaminated soil and talk the commission was the environmental specialist outlined for us the potential dangers of this week. deadly blast in germany for mechanical point of view. it is really possible to imagine a huge catastrophe. and we know that the inhabitants did not know what they might be.

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