tv Boom Bust RT December 4, 2021 1:30am-2:01am EST
as a merge, we don't have with the we don't to look back seen the whole world leads to take action and be ready. people are judge, you know, common crisis with we can do better, we should be better. everyone is contributing each in their own way, but we also know that this crisis will not go on forever. the challenge is great to response has been massive. so many good people are helping us. it makes us feel very proud that we're in it together with ah,
this is boom, bought the one business show you here at the board of miss bridget board and i married to lemons in washington and coming up a new report reveals that at least 3 government agencies are still purchasing thousands of dollars worth of chinese technology despite a federal ban and investigation has been launched, but will there be any consequences we'll discuss. plus, leaders of the world's largest. 1 economies came together to agree on a global tax deal. bought a new report, finds that there are 1000000000 dollar loopholes companies are using right now that were never address that inflation coupled with the emergence of the on the crime variant. and the ongoing supply of doing crisis is a recipe for a holiday. shopping disaster will take a look at the highly lucrative season for retailers. in fact, show today. let's dive right in. and we leave the program with the remarkable story . as new reports indicate that u. s. federal agencies, including the military, have purchased china,
made video surveillance equipment banned from use in the federal government. now, according to purchasing records, seen by tech crunch and video surveillance, news site ip vm, the agencies collectively spent thousands of dollars on purchasing video surveillance equipment manufactured by lor x, a wholly owned subsidiary of di watts technology. now you probably never heard of this company, but it is one of several from china that were banned from selling to the u. s. federal government under a 2019 different spending law over feelers, fears that the technology could help the chinese government conduct espionage. so for more on this, let's bring investor has been fun and christy i to this guys. ben, let's start with you. we break down for us. what this report found? what government agencies were by equipment. yes, pretty interesting as, as we've talked about for about 2 years now, right, there has been a huge concern about the idea that u. s. government agencies would be buying or utilizing chinese technology. and that goes not just from government agencies, but back to the private sector
a lot with the, the wall way story. we all know about this, right? and so in this particular case, what we know is that the u. s. government said, hey, you can't buy certain systems and certainly not if you're working in law enforcement, department of defense or federal law enforcement. or it turns out the d. e a was actually violating this policy. in fact, they bought a series of these hard drives these laura, it's hard drives in may of 2021. so in may of this year, they began buying these 19 different hard drives that they were using according to the da spokesperson, they say, well, we didn't really go out and get the specifically, we got them through the g. s a basically a procurement arm of the federal government. so the da says not really our fault. we didn't know that where we were getting the g. s a did it. the problem is this, when tech crunch started looking at this and started investigating the story of the da has still not acknowledge whether or not they have stopped using these hard drives. so again, so folks understand federal government says you can't you certain equipment that comes from china because they might be conducting espionage or stealing our data.
and the u. s. government through the da winds up buying 19 hard drives on which to store data that by their own account could make it susceptible to chinese espionage . so it's certainly a bad look. and again, no accountability as to what's being done with these hard drives right now. i mean hypocrisy in the united states government. i am dumbfounded. shocking christy abbey . how big of a p r problem is this for the u. s. government, which is made this huge deal about the dangers of chinese tech over the past several years. exactly. it's as he said, it's a huge p r nightmare because it basically shows one of 2 things. one that the u. s . doesn't really care are believe that china is a threat to national security. and the only reason that trump was making such a huge fuss about it like to damage the reputation business and power of chinese tech company and growing influence by accusing it of malicious intent. so we all remember the trade war back then in the smear campaign done on chinese companies, which was essentially a fear mongering tactic that led to a blacklist of all the chinese tech companies and additional leverage to try to
secure a trade deal. but seeing now as federal agencies, including the military, they didn't care and felt it was ok to purchase these equipment. clearly it shows that the risk for minimal or just non existent, fear mongering at all. and then the 2nd possibility that the shows is basically incompetence of the u. s. federal agencies as well as a lack of communications and checks between them. and it's really funny how they now claim that the responsibility is with the contractors that supply the equipment . because usually the person buying is responsible for verifying the goods, whether its proper working condition, whether it's legit or counterfeit, etc. i don't know in what world that's supposed to be the seller's responsibility for the buyers, lack of information and education. so yeah, no matter how you look at it, it's a big p r nightmare because it shows the u. s. being entirely hypocritical. yeah, exactly and, and really makes you wonder, just how seriously b u. s. government was taking when it referred to as all of those national security
concerns. now, christy, let's stay with you. i want to hit on this update to a story we've been following. chinese ride helling giant devi, said friday that it will start d listing from the new york stock exchange and make plans to list in hong kong. instead, it comes less than 6 months after the check giant listed in the u. s. in the 1st place. so why is d b making this move? it's really unfortunate for a d d. it's really bad timing since it's launched just a child launched their own financial markets tightening campaign and attempt to reign and it's tech companies from getting too powerful. so regulators have as d p to formulate plans to be list from the u. s. over concerns about leakage sensitive data and the stem from the fact that the, the didn't result out standing cyber security issues that the authorities wanted to solve before it's ip. but now this, the listing pressure isn't coming from just china allowed. it's also coming from the u. s. side as well. the des announcement comes less than 24 hours at the u. s. scc finalized rules that allow it to deal it's 4 in stock for failing to meet audit
requirements. now these rules will let it implement the us holding foreign companies accountable act to oversee the audits of public companies. so given the increased regulatory scrutiny and now facing the us, it makes it not worth it to list in the us. so i think we should expect to see more u. s. listed for companies to continue to move their primary listings elsewhere. and china has also made it very clear that they no longer want technology companies listing over in the u. s. as they're no longer comfortable with the u. s. as a jurisdiction for chinese tech and the scrutiny that they will face. apparently the u. s. doesn't seem to want china to list here anyways. so it seems like this is one point that both nations can agree upon. it's just a shame that you have all these companies that are just caught in the middle that want absolutely nothing to do with the politics of it all. absolutely. now bad, i have one more thing i wanna hit on here. it's been a tough year for chinese internet billing. there's a lot more than that. the $3000000000.00 from there combined network since april.
and i have about a minute left. what the story there? yeah, i think the story of the 2 words use there. it's important internet billionaires is not all billionaires. it's those who have made their money. where in that internet space, because as christy just said, it comes right as china is cracking down on companies that are too big and spread out into too many different industries. and so if you are a part of dd or if you're jack monuv, alibaba right? that the future for all of these companies was not just to stay in their own lane, but to expand it to all kinds of financial services and all other parts of the economy and china. the government of china has said, you will not do that. you will not be allowed to do that as well. we're watching for all these internet billionaires is as opposed to what we see here in the u. s. where everyone just keeps getting bigger and bigger. they're actually going through contraction right now, being required to do less in order to save and ensure up the chinese economy. again, we talk about quite a bit on the show. i think what china is doing is kind of a somewhat radical experiment when it comes to tech companies and to be economy in
general. but i think long term they're going to come out ahead by taking the actions that they're taking and certainly will be interesting to see what the effects are, especially as here in the us. we watched billionaires worth skyrocket and last year, been thus benz on. and christie, i think you both for your time, if you a little markets are mixed this week as investors way the impact of the new very of coping 19 as rising in place continues to remain in focus. let's see how things played out . we start in russia where the mo, x is up for the week by one percent. this, despite warnings from u. s. secretary of state anthony blinking of economic sanctions. if russia were to make moves against you crate new data released this week showed the nation's economy grew by 4.6 percent in the 1st 9 months of 2021 compared to that same period last year that you will remember the russian academy attracted by 3 percent in the same period in 2020 moving to asian markets,
the shanghai composite is up by 2 and a quarter percent. gaining roughly one percent on friday alone. consumer staples and semiconductors close out the week strong for the composite data early friday showed that the services sector group in november, but at a lower rate than seen in october, chinese, vice premier lu. how predicted that the chinese economy will meet expectations expanding at least 6 percent this year despite concern of its flowing growth. now we have a red arrow for the hung found in hong kong that news of ride sharing giant dd didn't listing in new york cause shares hong kong to drop at the end of the week. big names like alibaba, billy billy, tense and much went all took significant hit on friday as the tech sector as a whole belt that paid moving to japan. the new k is down by just over one percent . most of the losses came earlier in the week after japan closed its borders to non resident, foreigners in response to the kind of very it japan services sector grew at it's fast paced into years while factory output growth hit 4 year highs for november.
the new k didn't re about one percent on friday to close out the week. moving to india, we have a green arrow for the centex up just under one percent for the week of the analysts in a recent. reuters, paul, don't believe the index will rebound to this year's highs on concerns of a coven resurgence and tightening of monetary policy. the majority said, a correction of 10 percent is also very likely any. the economy did grow by 8.4 percent in the 3rd quarter compared to the same time last year. in the same quarter of 2020 india's economy had contracted by 7.4 percent as it was dealing with that cove it outbreak that we heard so much about moving to australia, the assets is down by about a half a percent concern over a new very it weighed on the index early in the week, but did see gains on friday with mining oil and financial sectors. each seeing gains on friday, i strategy as g. d p fell by 1.9 percent for the 3rd quarter, but it was much better than expectations from economists. in south africa,
they all share. it didn't agree in for the week next. earlier in the week on those coven fears, but was able to rebound throughout the remainder of the week. the manufacturing sector in south africa grew at a faster pace than expected as well. now let's go over to rachel with europe and the america thanks. ran. here we start in the u. k, where the city is up the next. so it's best day since july on wednesday. following a rough start to the week with games fueled by banks, oil and mining stock policy makers for the bank of england have also raise the question of whether their plans increase interest rates may be put on pause in response to the news of that new cobra. 1900 variance nearby the german dax and the french tac are both in the red. inflation continues to store in europe having a 24 year high in november. as the annual consumer prices were up 4.9 percent, which is significantly more than the 4 point one percent we saw the month before. now this week, germany announced new restrictions for its estimated 12000000 unvaccinated
residence. the country is now considering following austria and making coma vaccinations mandatory early next year, which would stand to have a massive impact on the world's 4th largest economy across the atlantic. now to brazil, where the eco vestment is up. this is by the news of the country has entered a recession with its gdp falling point one percent. and the 3rd quarter is like brazil, central bank, employing some of the world's most aggressive interest rate hikes in this year. inflation has had a 5 year high and i employment remains in the double digits at over 12 percent. now, over in mexico, the b and b is in the green. the countries recovery has also taken a hit as it sy slight contraction in the 3rd quarter of this year. ongoing supply chain shortages and skyrocketing inflation continue to take a toll. and despite multiple rate increases from the bank of mexico, annual inflation is still over 6 percent, which is twice the central banks target. by here in the us, the down,
the nasdaq and yes, m p r, all in the read the latest job here for show that the economy added 210000 jobs in november, which was just a fraction of the $573000.00 that were expected, however, the unemployment rate did dropped to 4.2 percent. now this, that also hinted, it could begin tapering asset purchases faster than it planned. and finally, let's go over to canada and now where the csx is down to end the week, while 3rd quarter report showed the country's gdp rose more than expected. at 1.3 percent, that canadian dollar took a hit over concerns. the global demand will be impacted by the latest cobra barrier . for now the bank of canada says it will continue with plans to increase interest rates in the 3rd quarter of next year. and moving into next week, we will continue to keep an eye on the state of inflation as well as supply chain and labor shortages and their impact during this holiday season. the
and just weeks after $136.00 nations agreed to a landmark global tax deal. a new report is wording of a loophole that could see some companies continue to pay less than others. i know you're shocked and analysis from reuters is now warning that companies will still be able to reduce their taxable income by billions of dollars through the practice of shifting intellectual property to subsidiaries. and other countries that have lower corporate tax rate seems easy enough even though the global tax deal is bad to put an end to such practices the always cd admitted it isn't quite sure yet how the new requirements will affect countries that already have such strategies in place, and the report specifically called out the u. s. computer software company, adobe, and it alleges that adobe users, subsidiary, and ireland to purchase $11000000000.00 and intellectual property, which it then registered as an expense to offset taxes on its profits for the next
day. it also noted that the taxes, if we did pay on more than $3000000000.00 in profits, reported an ireland, ended up being at a rate of 12.5 percent, which is less than the 15 percent. a new global tax plan plans rather to ensure so we will see where that one goes from there. and so now for a quick break, but when we come back in place to set to spoil the holidays for americans, while retailers are forecasting, record, holiday spending fees, it will discuss how inflation and supply chain was our re shaping holiday shopping this year. and as we go to break here, the numbers at the clothes with with
this in their interest for some financial pundents to see the value of the car thing lose value because they can gain traction on social media saying it's somehow a good thing, but not everybody is undertaken, not everyone is a grave robber. you know, some people are actually out there trying to be productive and productive lives. and of course, that philosophy of, oh, the currency has gone to 0 and less than 0. and that's a good thing is the, is the mad ah, you a tool that was spent your eyes and your post yet that it would stop you from having real friends and funding and go friend. but what they fail to mention is that you can make thousands of dollars over the weekend by simply playing video games. with music up a little bit ago, we formed the solution that was good to go a little under a georgia resume with multiple to do so. his goal soon,
of course, to make video games a high paying job. you have to be gifted and quick witted on june to open up with the nicholas to live near bottom and miss thompson with webpage. but we are from young booth but even established yet glove voice. well you most of them of is do it out with you. me. yeah. was it neil's good guy of the owner? but that would that be a cool? it will still be stuck with these odd to do. i also use a welcome back as a holiday season is in full effect here in the united states. concerns over the, on the kron coven, 19 barion, and rising inflation. r. officially weighing on consumer confidence as we have talked about annual inflation surgery 30 year high as 6.2 percent in october. after
months of sitting above the federal reserves threshold of 2 percent. now the conference board says its consumer confidence in next in november fell to its lowest reading since february of this year, while the survey was taken prior to the news of the latest variant of forums. advisor poll taken this week, showed similar results, though. earlier this week, president joe biden spoke about inflation and its impact on americans this holiday season. just about every country in the world was grappling with higher prices right now. as they recover from a pandemic in the united kingdom, price increases have hit a 10 year high in germany and 28 year high in canada. price increases in the highest they've been since the ninety's. this is a world wide challenge, a natural buy product for world economy shut down by the pandemic as it comes back to life, even though for county, for rising prices. a typical american family has more money in their pockets than they did last year or the year before. that. in fact,
we're the only leading economy in the world were household income and the economy as a whole are stronger than they were before the pandemic. and as supply chain issues have raised questions about just how many items will be on the shelf. the president held a round table with business leaders where wal mart, ceo, dug mcmillan, tampa, and those concerns a or ways or and joining us for more all of this is come, this an author of the joy of saving should have providing to that pleasure to have you on boom bus today, we really appreciate it. oh, you know, with all this in mind, is there concerns that consumer confidence could weigh on the much needed the holiday season that the retail sector relies so much on well,
and thanks for having the except this is a real important topic for us to discuss any overall, i've been covering, you know, retail and consumers for 20 years. and every year there's anxiety, am i going to have a good, you know, sales, retail season, and this year, especially, you're going to throw into the mix. you know, we, we still have a global pandemic, we have a new variance, we have a supply chain. that is, is slowing things down, you know, you add to that inflation. so there's an extra concern. now the consumer confidence did drop, as you mentioned in november, but it was really more for things that are the big ticket items. that's where the greatest concern is. things like buying a new automobile appliances from the home, especially buying a new house. those things are causing pause in concern in regards to things like gift giving clothes on costing jewelry, things along those lines. i think retailers can kind of expect a good steady,
you know, uptake on that. it just black friday alone. the sales were up a 3rd compared to last year, so that was a good sign. and there's other positive people feel better about jobs and, and, you know, we're at a 50 to year low for unemployment. so wow, consumers are very cautious to concerned and so are some retailers, there is some optimism. now, i know you mentioned there when it comes to the rising prices, the supply chain constraints, how do you think that that's impacting the average consumer? i mean, is it changing the way that they're buying, or even preparing for this holiday season moving forward? yes, you know, which i do feel that they are. i think consumers are pretty smart, i think, coming out of last year, especially. it was a, it was a shocking awakening. people were unemployed. they were trying to figure out how to rob peter to pay paul is really eye opening experience. and so i think the impact is people are moving forward with, you know, caution. i get
a lot of letters from readers and it seems the questions that i get the most are things like, you know, how, how can i save money or what are the things that i can do because this is no longer affordable for me. and he's going to impact people, whether they have, you know, disposable income or not, because everything is, is, you know, harder to get in many categories of our budget. and also just our own income being able to afford these increased prices. i want to give one example though, i think people should look at what they spend in their monthly budget that has gone up has been effected by inflation. for example, groceries have gone to 3 percent, but if you use smart strategies, you can actually lower your grocery go by up to 40 percent. so i think that that's what people are really trying to do is empower themselves alex. now we didn't book here to tell us to be smart shopper, it's ok, that's just not what then of course i kid,
but i want to bring that of course to another point here because another survey from debt hammer dot org from 66 percent of shoppers plan to use by now pay later. plans it take on debt the shopping season. i mean, we've talked so much about debt and how much has been actually accrued throughout the last what? 18 months since the, the real onset of the pandemic here. i mean, do you expect that personal, that to rise as prices to continue to go up and what is the negative impact of that? what can we get is, is a 4 letter word. i mean, you should try to avoid any unnecessary debt. i understand the medical or some type of crisis where you have to charge something. i understand that, but to just buy something because you have available credit. let's take, for example, you mentioned the buy now pay later. well, are you spending more than you really would if, if you had to pay for it right now, and if so, don't, you know, it might not be a good idea. you know,
all you're doing is kicking the can down the road. and you know, i want people to be really cautious when they do the, because you have to read the fine print. what happens if you're late with the payment or you penalize, do you have interest? what happens if something changes in the period that you have to pay off that, that you lose your job or something and you just, you have to, for what you've already paid. and, you know, let me just touch too. i kind of all over the years on average, people put about additional 10021020 every holiday season on their credit card. they cumulate that deck. if you only make the minimum payment of $50.00 a month, you literally are going to take 2 years to pay that off. so you know what friends i'd say be very cautious of bringing on extra debt the holiday season. chip a very i really appreciate coming on here. it actually talking about us about being responsible for that calmness and author. thank you so much for joining us today. excellent conversation. thank you. and finally,
speaking of items will be incredibly hard to get this holiday season. the world's most valuable automaker. tesla, the price dropped a brand new all electric, a tv for kids called the cyber con village. familiar? it's because the new vehicle is clearly a miniature version of the full size cyber quite a t v, which was announced alongside the infamous cyber truck. but the version really thursday is suitable for children ages 8 years and older and up to 150 pounds. while being powered by a lithium ion battery, providing a range of up to 15 miles, it can also reach a top speed of a scorching 10 miles per hour. now the cyber quad for kids will all. so run you about $1900.00. if you could actually get your hands on, i know was kind of in and out of stock. i haven't checked it within the last several hours. $2000.00, that is quite the toy and somewhat the kids are going to now. as jeanette said, maybe going to take on some debt for it, and that's it for this time you can catch boom bus on demand on the portable tv app available on smartphones and tablets. google play in the apple app store by
searching portable tv portables. if you can also download it on samsung smart tv using roku devices or simply check it out at portable dot tv will see you next time . mm. the postal service delivers a $155000000000.00 pieces of mail every year. approximately 40 percent of the world's mail right now the us postal service is in the flight of its life to say everybody that is really bad financial shape. now facing default, the postal service is a cash cow, and there was a way to pull money out of the postal service to put into the federal budget. there was a mandate that you're bringing $100000.00, new revenue every month. the nature of privatization in the us postal service is very much hidden from public view. it's privatization from the inside out. i.
that's a big business in money. it's not about the public and given them the service that they deserve. it's not about quality train workers. it's about with a they have to say that the stand, the criteria are in germany for many years. his main company ability was public opinion. politicians paused as competent. we act in line with what people expect from them, but and public opinion is produced or shaped by mass media, that those are shaped by journalists. most german journalists are sympathizers of the social democrats, of the green, z a for as long as it cuz you written on social democratic policy projects. you
a twist her face as a barrage of accusations that is doing the u. s. government splitting have to the social media. john collaborated with the washington funded think tank. this is spending more than 3000 accounts from 6 countries for alleged state back to propaganda. you case role college of midwives apologizes for calling mothers, post natal people in new guidance program. a chestnut sold us, the general public nurses and transgender people don't support the idea. is yet another example of stonewall going in with diversity offices and telling people how to reset their thinking of that members and an alignment.