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tv   Boom Bust  RT  December 4, 2021 5:30am-6:01am EST

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this is boom, bought to go one business show you can't afford to miss on bread to bore. and i'm rachel 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 large, but will there be any consequences we'll discuss. plus leaders of the world's largest economies came together to agree on a global tax deal. bought a new report, fines that there are 1000000000 dollar loopholes companies are using right now that were never address that inflation coupled with the emergence of the i'm a crime variant. and the ongoing supply during crisis is a recipe for a holiday shopping that will take a look at the highly lucrative season for retailers. in fact, show today, we'll stop right in and we leave the program with the remarkable story. as new reports indicate u. s. federal agencies, including the military,
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have purchased china, made video surveillance equipment banned from youth in the federal government. now, according to purchasing records, seen by tech crunch and video surveillance news site i p v m. the agency called elective li, spend thousands of dollars on purchasing video surveillance equipment manufactured by laura x. a wholly owned subsidiary of di was 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 2019 different spending law over the years. fears that the technology could help the chinese government conduct. so for more on this let's bring in, boom, that's fun. and christy i to discuss ban. let me start with you. we break down for us. what this report found, what government agencies were buying this equipment? yes, pretty interesting as, as we've talked about for about 2 years now, right, there was been a huge concern about the idea that u. s. government agencies would be buying or utilizing chinese technology. and that
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goes not just from government agencies, back to the private sector, a lot with the why we 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. well, it turns out the d. e a was actually violating the policy. in fact, they bought a series of these hard drives, these laura hard drives in may of 2021. so in may of this year and began buying these 19 different hard drives that they were using according to the a da spokesperson, they say, well, we didn't really go out and get these. specifically, we got into the g. s a basically a procurement arm of the federal government. so the d h is not really our fault. we didn't know that what we were getting the gay did it. the problem is this, when tech crunch started looking at this and started investigating the story that the d a has still not acknowledged whether or not they have stopped using these hard drive. so again, so folks understand federal government,
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you can't use certain equipment that comes from china because they might be collecting f b and i was receiving our data. and the u. s. government through the da winds up buying 900 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'm dumbfounded. shopping. 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. as you 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 or believe that china is a threat to national security. and the only reason the trouble of making such a huge fuss about it was damaged the reputation business and power of chinese tech companies 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,
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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 incompetent for the us, federal agencies as well as a lack of communication 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 it's a proper working condition, whether it's legit or counterfeit, etc. i don't know in what world that's supposed to be the sellers 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 you as being entirely hypocritical. yeah, exactly and, and really makes you wonder, just how seriously the,
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with the 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. do you 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 db making this move? it's really unfortunate for d d. it's really bad timing since it's launched just as china launched their own financial markets, tightening campaign and attempt to reign and it's tech companies from getting too powerful. so regulators have as t p to formulate plans to de 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 alone. it's also coming from the u. s. side as well. the, the announcement comes less than 24 hours at the u. s. sbc finalized rules that
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allow it to d list for 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 listing 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 not bad. i have one more thing i wanna hit on here. it's been a tough year for chinese internet, billionaires. they've lost more than $3000000000.00 from their combined net worth
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since april. and i have about a minute left. what's the story there? yeah, i think the story of the 2 words used 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. for 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
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a somewhat radical experiment when it comes to tech companies and to the 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've watched billionaires worth skyrocket in the last year. been thus benz on and christie, i thank you both for your time. thank you. a little markets are mixed this week as investors way the impact of the new very of kobinie teen as rising in place and 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. you will remember the russian academy could acted by 3 percent in
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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 weak, strong for the composite data release friday showed that the services sector group in november but at a lower rate than seen in october. chinese vice premier lu have predicted that the chinese economy will meet expectations expanding at least 6 percent this year despite concerns of its flowing growth. now we have a red arrow for the hung found in hong kong that news ride sharing giant dd blessing in new york cause shares hong kong to drop at the end of the week. the big names like ali baba billy billy tense and my wife all took significant hit on friday as the tech sector as a whole felt that paid moving to japan. the ne 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 con, very japan services sector grew at it's fast paced into years while factory output
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growth hit 4 year hides for november. the nick did read 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 and he's 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 it 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 games on friday, i strictly as gdp fell by 1.9 percent for the 3rd quarter. but it was much then
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expectations from economists. in south africa, they all share. it didn't agree for the week the next day. 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 thing ran here. we start in the u. k, where the 50 is up the next saw it's best day since july on wednesday. following a rough start to the week with gains fueled by banks, oil and mining stock policy makers for the bank of england have also raise the question 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 and 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
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residence. the country is now considering following austria and making kobuck vaccination 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 best buy is up, this is by the news. the country has entered a recession with the g d p falling point one percent, and the 3rd quarter despite brazil central bank employing some of the world's most aggressive interest rate hikes in this year. inflation has hit a 5 year high employment remains in the double digits at over 12 percent. now over in mexico, the b and b isn't 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,
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which is twice the central banks target. by here in the us, the down the nasdaq and the s m p are all in the read. the latest jobs report showed that the economy added 210000 jobs in november, which was just a fraction of the 573000 that were expected. however, the unemployment rate did dropped to 4.2 percent. now the fed also hinted it could begin tapering asset purchases faster than it planned. and finally, let's go over to canada and now where the t s x is down to end the week, while 3rd quarter report showed the country's gdp rows 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 variance. 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 the labor shortages and their impact during this holiday season.
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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. an analysis from reuters is now warning that company will still be able to reduce their taxable income by billions of dollars through the practice of shifting intellectual property to subsidiary and other countries that have lower corporate tax rate. seems easy enough, even though the global tax deal is meant to put an end to such practices, the cd emitted. it isn't quite sure yet how the new requirements will affect countries that already have such strategies in place. now the report specifically called out the u. s. computer software company, adobe, it alleges that adobe users, subsidiary, and ireland to purchase $11000000000.00 and electoral property,
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which it then registered as an expense to offset taxes on its profits for the next decade. it also noted that the taxes, if we did pay on more than $3000000000.00 in profits reported in ireland, ended up being at a rate of 12.5 percent, which is less than the 15 percent. the new global tax plan plans rather to ensure so we will see where that one goes from there. and so i'm now for a quick break. but when we come back in play should have said to spoil the holidays for americans, while retailers are forecasting a record of 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 the numbers at the clothes shoes
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with this in their interest for some financial pundents to see the value of the currency 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, robert, you know, some people are actually out there trying to be productive and productive lives. and of course, that philosophy of, oh, the currency is going to 0 and less than 0. and that's a good thing is a is a mat. you a tool that was bad, your eyes and your post. yeah. that it would stop you from having real friends and finding a girlfriend. but what they fail to mention is that you can make thousands of dollars every weekend by simply playing video games. a stacy been a couple of them because i always wanted to question a little bit because i was originally looking for it. okay. much. what we do up is
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no phone. of course to make video games a high paying job. you have to be gifted and quick with it. hang on to open up with bites that took us to making people listening. bottom and ms. thompson and webpage bentley up and youngs produce but even started yet globally. when you most told me my video is out. oh, you mean? yeah, was it neil's good guy of the owner, but the outside vehicle it will still be se odd to do. i also use a the
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ah welcome back as a holiday season is in full effect here in the united states, concerns over the on the cross coven, 19 barion, and rising inflation. r officially weighing on consumer confidence. as we have talked about annual inflation search to a 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. now, earlier this week,
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president joe biden spoke about inflation and its impact on americans this holiday season. just about every country in the world is grappling with higher prices right now. as they recover from the pandemic in the united kingdom, price increases have hit a 10 year high in germany and 20 a year. i can, and the price increases are the highest they've been since the ninety's. this is a worldwide challenge, a natural buy product for a 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 a 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,
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ceo dug mcmillan champion, those concerns working in composition. we go all way through. we are a lot of this are your later thing like we had and joining us for more all of this is come with an author of the joy of saving. shouldn't be any to that pleasure to have you on boom by today. we really appreciate it. 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, thanks for having me, 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,
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you're going to throw into the mix. you know, we still have a global pandemic, and 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'd 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's. that was a good sign. and there's other positives. people feel better about jobs. um and you know, we're at a 52 year low for unemployment. so wow. consumers are very cautious to concerned.
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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 it's going to impact people, whether they have, you know,
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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 violation, for example, groceries gone to 3 percent. but if you use smart strategies, you can actually lower your grocery bill 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 and take on debt the shopping season, i mean,
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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 in prices to continue to go up and what is the negative impact of that? well, me get is, is a 4 letter word. i mean, you should try to avoid any unnecessary debt. i understand if there's a 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,
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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 meet 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 say be very cautious of bringing on extra debt the holiday season. chip a very i really appreciate coming on here at 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 prize 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,
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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 50 in miles, it can also reach a top speed of a score ching 10 miles per hour. now the cyber quad for kids will also 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 to a $1000.00. that is quite the toy and somewhat the kids are going to now. as jeanette said, maybe going to take on some debt for me and that's it for this i'm. you could catch boom bust 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 and roku devices or simply check it out at portable dot tv will see next step. mm hm.
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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 fight of its life to see related issues such a 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 about big business and money. it's not about the public and given them the service
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that they deserve. it's not about quality train workers. it's about with i look forward to talking to you all that technology should work for people. a robot must obey the orders given by human beings, except where such orders at conflict with the 1st law show your identification. we should be very careful about artificial intelligence. at that point obviously is too great truck rather than fair with area and with artificial intelligence, real, somebody with a robot must protect its own existence with
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headlines. so we're not to international twitter face is a biology of accusations that it's doing the u. s. government's bidding. it's off to the social media giant. worked with a washington think tank can suspending bolton, 3000 accounts from 6 countries for alleged state back propaganda. the u. k is royal college of midwives, apologizes for new inclusive guidelines describing mothers as quote, host natal people, a former and h s. nose tells us a vocal minority has hijacked the conversation. isn't yet to know. for example, still going in with diversity offices and telling people how to reset the thinking of that members. also in the program, a landmark ruling,
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a woman born with a spinal defect, wins her case against the dock.


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