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tv   Boom Bust  RT  July 1, 2020 7:30am-8:01am EDT

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under. the sun and. moon. moon. we go to work. straight home. this is boom bust the one business show you can't afford to miss on ceremony to say ok in washington coming up with global focus on the coronavirus chinese researchers
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are now keeping an eye on a swine flu like virus and one that has the potential to create that i can damage and a whole 20 universities paid more than $1000000.00 in ransom after cyber attacks these types of intrusions are up as much as 400 percent according to a new report showed today so let's go and divergent. global efforts continue in the race for a covert 19 vaccine or even a treatment that could help probable pull the pandemic will british regulators approve a global trial to restart testing drug sykora quinn and chloroquine to see if they can prevent infection with copd 19 well the food and drug administration revoked emergency use for the drug after a trial showed they did not benefit us treatments but this cop called trial it's.
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when to look to see if the drug can be used as a potential preventative medicine meanwhile on tuesday the european union's 27 members announced a ban on travelers from the united states citing concerns over the recent coronavirus spikes across the country will russia and brazil are also barred the list of countries deemed safe include australia canada japan new zealand and south korea will the u.s. still leads with the highest number of cases more than 2 point $6000000.00 americans have been infected with the virus leading to more than $125000.00 deaths of the country that accounts for only 4 percent of the world's population is also accounting for 25 percent of total cases worldwide director of the national institute of allergy and infectious diseases dr anthony fauci appeared before a senate committee on tuesday and said he's concerned that the country is going in the wrong direction. we are now having 40 plus 1000 new cases a day i would not be surprised if we go up to $100000.00
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a day if this does not turn around and so i am very concerned we cannot forget that what was thought to be unimaginable turns out to be the reality that we're facing right now so relates the kind of appreciation that outbreaks happen and you have to deal with them in a very aggressive proactive way and as a world continues to struggle to contain the corona virus trying to scientists have identified a new strain of flu with a potential to become the next pandemic well that new strain it descended from the swine flu which emerged back in 2009 and is carried out by pigs well professor chiang from nottingham university in the u.k. told the b.b.c. right now we are distracted with corona virus and rightly so but we must not lose sight of potentially dangerous new viruses for the latest on the market i'm joined by adam mash of the trading group and boom bust co-host chrystia kristie let's
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start with you u.s. equities are headed for their biggest 1st quarter gains in years now both the dow and the s. and p. they're on pace for their best quarterly performance since 1988 is this rally expected to extend into quarter 3. well like the 2nd quarter rally this was primarily driven by the trillions of dollars of new stimulus pumped into the economy and you also have a lot of hope hope for a vaccine hope for economically openings and balance hope that everything is a temporary blip but as we begin q 3 only one of those tailwind is currently in place and that's going to be the government stimulus now right now the old saying is never bet against the fed because even though it's only one tailwind now it's a pretty big one so it's going to be very difficult for the market to tank when you know when you continue having that safety buoy holding it all up so that doesn't really mean the rally will continue. higher though you know because this really isn't any positive force driving the market as we enter into this sort of period so
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likely we're going to be pretty range bound i will trade sideways until the upside or downside and really we're just one stimulus disappointment away from a really really ugly day and it looks like the market is really driven by a lot of these headlines adam fed chairman powell and u.s. treasury secretary steven minucci and testified before the house financial services committee earlier and they offer 2 different perspectives here on how quickly the economy is really going to recover now we heard the treasury secretary talking about how strong it will come back and how quickly it will then we heard powell saying that it was recovering more quickly than expected but still there are a lot of risks that remain with the resurgence of these cases and the steps the states are taking with the reopening or at least backwards that is what do you make of this. i think it's pretty transparent one policy king he doesn't have an agenda only he is looking for while managing our economy the best way possible
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and that's in administration that's not how can i say cheerleading the economy and i understand why there's an election coming up that's obvious you know who will do what they're doing but they were the same ones criticizing nala for not cutting routes prior to spend and. then we would have been seeing a lot of ammunition to the what we experience now so i'll be watching this game play out and so for every hour has been more correct than the administration so he's going to listen to going forward and if he says there's still a lot of concerns and i'm still going to be concerned well out of these these new gains that we're seeing in the in the market is it really because we hit almost a new low following the crowd of iris and a few months ago. this is if you for a time in the market i don't think anyone can explain and i think that the most
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logical explanation would be that the government is stock up in the market and they're kind of overdid it because there's an election coming up because of all the concerns are yours of the op and the country is going to hit its kind of backstop in the economy but it's slowed steroids in baseball you know it's fun to watch for people who don't run well once they want to clean up their game. you know it doesn't look so good but that's an analogy i could say for someone who doesn't know about the market is watching this unfold is if you ever played the game monopoly imagine playing monopoly and you're your own back you up on the front while everyone else us to play within the rules of the view you're going to win so the government is doing it it doesn't feel real it doesn't make sense but you certainly can fight it that's what it's looking like a curse christine i want to switch over to commodity side royal dutch shell is
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writing down up to 22000000000 worth of assets and it's now revising some of its long term energy price outlook given the cove in 1000 hit what's going on there. all the oil markets i will now they've gone pretty decimated getting hit by a double whammy a ton of supply coming online and a complete lack of demand from all the grounded flights and grounded travel so it shall warn about severe cold related impacts and the ongoing to ration car all energy products and right now this write down cost shell shows you drop over 2.5 percent today even though most of these charges were pretty much expected the biggest surprise actually came from low balling their finding margin assumptions over time by 30 percent as it's kind of indicates to the market that this expectation is this is the expectation and benchmark going forward and that a recovery in prices is not going to happen here and shell is also responding to this new normal by cutting its dividend for the 1st time since world war 2. too and they also lowered planned spending this year by another 5000000000 to the maximum
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of 20000000000 so right now this is really a difficult message for shell to get out because it is essentially saying that the long term future demand for fossil fuel it's just not there anymore shell is the world's largest fuel retailer and it is now expecting a 40 percent drop in sales in the 2nd quarter and this is likely to be the 1st of many reportings so this was a big fat wake up call for pretty much the entire industry now adam we have about a minute left but let me turn it over to european stocks that are also closing higher on tuesday they're upping up their best quarterly performance in about 5 years what's popping up the market over there what's what's the data showing. well here you have a couple things number one is you are back stock amerikana me to the tune of $1.00 trillion dollars so you have that whole don't fight the fed don't fight. but you know you're out there doing what do you to be doing but also europe has been handling this much better than we have their numbers are way down versus auster now opening up their countries they're not including the us or not because we're not.
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so they have the benefit of money coming in last they're handling the virus better so they are closer to returning to normal and so it kind of makes sense if anyone is going to be going up it's more likely than not now not to make sense to me i think we're going to rust we are logically explain that that's why they're locked down who are much stricter they lasted a lot longer as well and people were following them which is very different from what we're seeing here in the united states i understand the economy has to run but lives are at stake and and unfortunately what we're seeing these in these cases that continue to climb it will continue to to make the stock market really volatile but we'll continue to monitor adam ashe of the adams trading group and boom bust co-host christi i thank you for your time today. you know again. with more people working from home during the pandemic the risk for hackers has search well earlier
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this month a new walker criminal gang hacked the university of california san francisco the group attack networks within the school of medicine and a leading medical research institution took part in some ransom negotiations citing important information for serving the public good well u.c.s.f. statement added we therefore made the difficult the fission to pay some portion of the ransom approximately one point $14000000.00 to the individuals behind the malware attack and exchange for a tool to unlock the encrypted data and the return of the data they obtained for more we're joined by cyber monday analyst and chief security advisor for sun tunnel one morgan right morgan thanks for being with us today good to see you. could see again sir well let's let's start with this basic question the university said the information was obviously very important to sort of the public good it doesn't look like any patient information or records were actually exposed it paid $1140000.00
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and a go she did with these hackers is this pretty common. you know unfortunately it is you get a lot of people who don't invest in the cybersecurity healthcare is one of those areas actually a good friend of mine is the chief security officer for the health icepack one of the information sure you know it's the center's they're doing better but they're not doing the job they ought to especially with protecting data i mean hollywood presbyterian was the poster child for the 1st ranch where case now it was really publicized that it health care so if you think about it this way they paid $1140000.00 in ransom had they spent that money earlier on things like cyber security hardening their defenses applying our social intelligence you know really secure things they would be in this position right now you know i tell people you will pay one way or the other you will either pay now for the solution to stop everything or you will pay later to get your false fact if you get it back a lot of the research out there even clued in our own shows at about 40. 5 percent of the time you don't get your false back and out of those about 25 percent of those people end up getting attacked again so there is no such thing as on or among
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sisera i wouldn't trust these guys other than i could from my computer and it's even surprising that they got some of a receive them out information back but we are seeing that more and more hacks but a recent unisys security report found that less than one 3rd of americans or about 31 percent actually said they're concerned about their security data but the f.b.i. has internet crime complaint center that show online crimes have increased by 400 percent why aren't americans concerned. you know sarah that is a really good question and i'll tell you i think some of that is everything that's going on right now everything from the social unrest to coated to some of these other things when we saw a poll that hit we saw an explosion of fraudulent sites posted 1000 people saying they have the cure everything these things exploded i mean scams you know our goal tights were prof you know we're prosecuting they're just drawing a mentally and i think people begin to get fatigued and people don't take a lot of time to secure their own infrastructure and i'll tell you that the fact
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that you know like say 31 percent you know that is a very small number considering trying to have this technology around for years the internet's been around you know for 25 you know going on 30 years now so why people are doing it i wish i had the answer to that i mean we do a better job of working our seatbelts than we do securing our own computers especially with so many people working from home and definitely for now more let such care is here a little bit we're just learning more about the federal communications company that made the telecom companies like while we and the t. as a national security risk we've seen those back and forth for for quite some time now is this more of a political move or is this an actual threat. politics involved in any decision with any government i would be shocked no not really i mean of course there's politics involved the united states is engaged with china not only because it coded the attribution of where covert started trade wars things like that but this is not just confined to the trough administration this is going on during the obama administration in fact the 2012 senate report kind of was laid out the markers for
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everything to say look these folks are a threat you have people that were members of the chinese people liberation army that are members of huawei and huawei is not a publicly traded company neither is a t.v. soaps are very opaque you can't see what's going on so you know i think that this was the natural culmination of what was going to happen and i'll tell you part of this syria is the positioning around 5 g. 5 g. is obviously a very strategic kind of a play for everybody i know that the 5 eyes alliance u.s. u.k. canada australia and new zealand us was pushing really hard britain said they were going to do it and they pulled back so they're not going to allow way into certain core parts of their network so you know we're saying this is a global place not just us this is one writer in it but the fact that many no sense a huge message out there to the market i think it's interesting after the us commerce department did say that they wanted help in other of these networks chinese companies to help with setting 500 standards not too long ago so we'll see
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where this goes from here the f.c.c. a thing one thing we'll continue to see because i know they've also sent waivers to these companies who can continue to do business so it'll be really interesting and we'll continue to follow and bring you the latest morgan right cyber security analyst and chief security advisor for sentinel one thanks again for your time and it was good to have you on. good to see you again sir. time now for a quick break but they here because when we return we take a look at a controversial chinese law into hong kong and what it could mean for one of asia's biggest financial hubs and as we go to break here the numbers that the club's. secret prisons are not usually what comes to mind when thinking about europe however even the most prosperous can be deceived within the zeros all there were to
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view houses were allegedly preserved was located and only see you can fool have access to the story for investigators sure how they uncovered the darkest dealings of the secret services but i mean there you go rated nor in. hockey seem a bit of sore knee for. crying for justice on r.t. . ah no team no crowd. no shots. actually helps because. while it's true no one. point should your thirst for action.
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thousands of american men and women choose to serve in the country's military. every came to a complete. kill me i would destroy. any screamed at me in. my own. right mean.
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if you take into account that women don't report because of the extreme retaliation it's probably somewhere near about half a 1000000 women have now been sexually assaulted in the us military rape is a very very traumatizing tat happening but i've never seen trauma like i've seen from women who are veterans who have suffered military sexual trauma reporting rape is more likely to get the victim punished than the offender and almost 10 year career which i was very invested in and i gave a sex offender who was not even put to justice or put on the registry this is simply an issue of our in violence male sexual predators for the large part of target whoever is there to prey upon whether that's.
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growing tensions between india and china are spilling over into the world of tech well india is banning dozens of chinese based apps including take talk and we chat according to censor tower about 30 per cent or 611000000 out of tick tocks 2000000000 downloads came from the world's 2nd most populous country while an animosity has been growing between india and china since a deadly may border clash in the himalayas india accused the apps of being pretty traditional to the sovereignty and integrity of india tick-tock denies sharing any information with the chinese government and say they've complied with all indian law. in the midst of protests around the world a new document has been published in hong kong which shows the full scope of a new chinese law to crackdown on protests will the law which is passed by beijing under the guise of national security calls for penalties up to life imprisonment this law was drafted by china's legislator in unusually swift and highly secretive
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process and would have huge implications for pro-democracy groups well businesses schools and media across the country joining us now to discuss is a boom bust co-host and investigative journalist ben swan and editorial director for the american institute for economic research geoffrey tucker good to have you today ben let's begin with you give us a rundown of what this new national security law includes. yaz is kind of typical with these kinds of things the language is relatively vague and leaves a lot open to interpretation but essentially it criminalizes and i want to quote here session ist subversive and terrorist activities in hong kong as well as acts of collusion with foreign forces that in danger national security now when you take a look at some of that wording secession a subversive and terrorist you can make a whole lot of things fit into those categories in terms of protests people speaking out even free speech on any level could be on some levels described as
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these things because these are very relative terms and then in terms of working with foreign forces does that mean when groups like the united states come in and try to promote those pro-democracy movements now we can have a debate over whether or not that's a good thing or not for the u.s. to be doing but are those acts now criminalized under this law and it appears that they are. interesting given that we witnessed those firsthand when you know i traveled our to america traveled to hong kong but jeffrey i want to ask you this law will now be interpreted and now implemented by beijing and not the city court in hong kong what kind of concerns to raise. look there's this is tremendously concerning and what you see here is beijing acting in a very aggressive way in a time when the u.s. has never been weaker maybe it's not obvious to most americans for read the last 3 months during the lockdowns we've really begun to see the beginning of the end of
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the american empire really the decline and fall and beijing knows this you know the u.s. can have almost no influence i would say at all over what beijing's relationship with kong is so we've squandered every bit of influence that the us has had around the world and beijing has definitely taken advantage of that to their own benefit of man that china and their imperial ams and it's really sad to see and of all things u.s. can do nothing about it well it's really no surprise that beijing is actually taking advantage and using this to to to benefit the country then it's pretty interesting here though the business community and china actually think to be supporting this new law why is that. well because if you're in the business community in china and you don't support or beijing does you're not going to be in the business community in china for very long the reality of what is happening there is that many of these major chinese companies are taking up offices in hong kong and they're saying they're in support of this well listen in the chinese
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system is not a system that fosters independent thought and certainly does not foster independent action so when you see companies like bite dance the owner of tech talk moving into hong kong and buying a new retail space in order to put their offices as they are doing that of course they're going to say we think this is a great law but what jeffrey said is absolutely correct that we are witnessing a huge decline in the american empire but what we're also witnessing simultaneously is the chinese exerting themselves in ways that they happened in the past but they've been gearing up to for some time the real issue is what do you do about it i mean the u.s. loves to come in and foster disruption in systems that it does not like or does not think are supportive of it but that again is fast coming to an end it's very difficult for the u.s. to try to use the same playbook that they'll use in a place like libya or syria as they would in trying to foster unrest in a place like china it's an entirely different game won't back up again i think you
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know i had jeffrey well you know i think it's really important to remember that you have to think back over the last 3 years and us china relationships you know trying to squandered all of our trading relationships we had we've had unrelenting antagonism you played a very dangerous game of chicken with china and basically lost and so now the u.s. sacrificed even kind of a diplomatic relationship with china you've got china furious at what the u.s. has done but as with the terrorists in the trade relationship that's really been. mis mishandled as a result of us is now sitting here a poor pathetic windswept country the whole world's banning us from flying there you know europe's. and it's like it's a retaliation for trump you know so we are in a static sinking country right now and china is just like chewing well guess who won that struggle well it's been quite quite the attention for the last couple of years like you saying with china because of the trade war now we're
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seeing a possible new terrorist with europe as well so i know relationships with the united states and other countries the way other countries see the united states unfortunately it is deteriorating and unfortunately has a lot to do ever since you know the president came in and destroyed a lot of treaties that we've seen happen over the last few months and jeffrey crocker said something go had been this very quickly just very quick but to what jeffrey say it doesn't have to be this way america does not have to be this withering fruit on the vine if we would stop so we dischord to create weakness in other places in order to make ourselves strong and instead focus on developing american strengths i think we would be much better off i mean we are the world's largest economy and we'd like to keep it that way jeffrey tucker editorial director with the american institute for economic research thank you but we're going to keep you around for one more question following the next story thanks pfizer for it starbucks and coca-cola are the latest companies that say they will stop buying ads
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on social media will facebook in particular has been the target of the stop hate for profit campaign or the group is made up of a number of social justice organizations calling for stricter moderation and rules for hate speech racism and even misinformation but facebook says a new policy will ban as which encourage divisions along race religion gender and even sexual orientation but last week on this show you said this movement would only work if many more sponsors got involved is that what we're seeing here. well i think it's what we may be seen here the real question is going to be how many sponsors get on board with this if facebook does about $800000000.00 in advertising through companies on its platform if there is a nuff of those companies that say we're not going to advertise facebook ok but if a company like coca-cola say we won't go anywhere with those dollars the truth is companies like facebook can wait them out because the reality is coca-cola needs to advertise through facebook and big companies do more than facebook needs that's true and a lot of companies other companies may or may politics as well but most co-host
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investigative journalist ben swan thanks thanks again for joining us today. at the the time catch you must on demand a brand new portable t.v. app available on smartphones your vote will play on the apple app store by searching particle t.v. or stream us on your t.v. by downloading the portable t.v. at an apple t.v. and online a part of the t.v. . the primary purpose of history is to understand that it's just a guide to understanding the present and future. is feeling good just because a lot of history is. so how should we find the right balance. the right. time of the time called parisian to repeat the same mantra sustainability it's very important to accelerate the transition to sustainable transport sustainability.
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more equitable and sustainable world. they claim their production is completely harmless. because. companies want us to feel good about buying their products while the damage is being done far away this is something else this must be going to an imminent. on just. seems wrong why don't we all just don't all. get to shape out these days become educated and engagement equals betrayal.
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when so many find themselves worlds apart we choose to look for common ground. deciding rush's next chapter it's the final day of voting on changes to the constitution we look at what is being offered on bring you reaction throughout the day. i don't think that it's needed because the current constitution is out of date i think it is nonsense according to all the legal and logical and ethical to the small groups with all of that amendments. also ahead on the program there is intense scrutiny for germany meat processing industry after a major covert i break among stuff the biggest shines a light on it working and living conditions for the mainly low paid migrant stuff.

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