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tv   Boom Bust  RT  January 9, 2020 8:30am-9:01am EST

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iran has retaliated against a u.s. airstrike that killed a top general market they're really good on the action oil prices have retreated paving the way for rally if. we take a look at the big picture of the oil sector and several other market moves with richard wolffe the host of economic uptick plus as to develop the seat of light the latest updates are on sell as a consumer electronics show in las vegas or a boom bust rent a board on the ground to catch us up on the floor of the field and just how far they are and how we are filled to the brim with some very important stories so let's dive right in. following iran's missile strike on the bases in iraq that house u.s. and u.k. troops markets initially dropped while oil spite but quickly retraced back to even as details emerged the pentagon later confirmed that iran launch more than a dozen missiles against u.s. military forces in iraq but so far there were no reports of casualties the attack
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did not target any oil infrastructure which was a major point of concern for global markets in fact the nasdaq rallied to new record highs wednesday following the attack as a was highly asian was less than feared while crude oil retreated down 2 percent president trump addressed the spikes wednesday morning in washington our great american forces are prepared for anything iran appears to be standing down which is a good thing for all parties concerned and a very good thing for the world as we continue to evaluate options in response to a rain in aggression the united states will immediately impose additional punishing economic sanctions on the iranian regime. investors are relieved and many analysts interpret the strike as iran lashing out but not for escalating the situation tensions are likely to continue but current base case scenario does not assume a broader military conflict so while the market has bounced back and the vix is low
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indicating that fear has subsided has the entire thing blown over already no according to several analysts and iran experts anyone who thinks this is over is being tragically naive take a look at history and you will see that iran has enforced soft targets previous attacks have attacked targeted israeli diplomats in georgia india and thailand months later so analysts say that blowback from iran could continue for years and can come come in the form of cyber attacks or diplomatic action but until that happens the market is near-sighted and coupled with perpetually low rates and constant liquidity injections from central banks around the world and testers are incentivized and encouraged to take on more and more risk. and to give us the latest macro outlook and the state of the markets we welcome back richard wolfe host of the economic update so professor the market has just kind of shrugged off this entire conflict between iran and the u.s.
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it's now hitting all time highs and essentially concluding that honor has been served in the middle east and everyone can move along now what do you think is this really over or is merely a teaser and the other shoe just hasn't dropped yet. you know it's a complicated story on the one hand the markets are right of course this was theater it was theater on new year's to assassinate a foreign general when he isn't even in his own country a person who has been an adversary for a long drawn a person carrying a diplomatic passport which means you can't give his current pictures let alone kill him very bizarre action and the world looks at the. as a kind of role good behavior which is the truth everywhere except in the mass media year on the other hand the iranians having to look like they're doing something in response send missiles that don't get to the target they're ostensibly aimed at so
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each side can say it did something the whole thing is bizarre are in the in the extreme on the other hand don't make the mistake that the real long term effects are there i don't think so much the other shoe but let me tell you what they are number one iran has been unified in their harrer at what was happened that's a politically important dimension of what iran can now do that they couldn't do before when it was disunited number 2 we have occupied iraq since we invaded the united states back in 2317 years of occupation more than a trillion dollars of american wealth lost and we saw in the aftermath of killing that general that the congress of an occupied iraq voted overwhelmingly to expel the american troops from that country those are real changes that will affect
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the whole region and the world and that's where the attention should go because that's the long term result of this bizarre tit for tat game on new year 2020 a lot of long term consequences to be seen but the market is quite shortsighted at these times now president addressed the nation today in a statement that said no further military actions were signaled however it ended in his trademark move of applying to maximum pressure adding that quote further sanctions will be invoked on iran so not trance policy and goal previously was to territory ron's military aggression through sanctions but instead as you just pointed out he kind of unify the country and the sanctions ravaged the economy. and iran is instead getting more and more aggressive not less what do you make of it. well i think that what you see here and i know this is difficult for american audiences but otherwise you're not being serious here what you're seeing is an act
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of desperation we have lost in that part of the world we've spent trillion dollars as i said 17 years of occupation iran is more united against us that it was when we began the iraq is now with iran in that united position that is a serious consequence china and russia have been supporting iran there's mallow shred of evidence that they won't continue to do so that allows iraq or helps at least iran escape the impact of these sanctions this is play acting this is not changing anything on the ground and the situation in reality is getting more and more adverse to the united states and that act of killing that general that was a sign that you don't have many options left to make much of a difference that you can afford so you do this sort of spectacular event and then
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cross your fingers that it doesn't blow the world up now wants to admit that maximum pressure kind of backfired here now. so meanwhile the conflict now between china and the u.s. has quote supposedly died down the u.s. market rallied up all december on optimism that the trade war is apparently over china too but now since the start of the new year china has been now downplaying phase one and chinese investors have grown increasingly worried and skeptical of the deal kind of reminiscent of this entire story we've been telling late 2019 china is now increasingly resistant about purchasing additional u.s. ag saying that it will not adjust global quotas for just one country so what will come of this meeting on january 15th when we are supposedly. to get it fining. well you know many of us i'm not the only one many of us have said again that the long term consequences here are what are being ignored for the short term political gain
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of mr trump and the republicans and so on here's the long run reality china has to see that its exports to the united states are a bargaining chip for politicians like mr trump and not just him and therefore they would be crazy not to diversify to focus their energies on their growth and they're welcoming to the japanese to the europeans to their latin american and african friends why they relate to the united states when that has been so costly and that's the long run risk those are deals they won't make with the united states they'll make them would somebody else in the long run this is the united states having shot itself in the foot for the short term gave up looking like they're being tough with china a little bit like they did with iraq these are not smart moves for the united states put aside the damage done to china and i think we're going to be seeing by
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the way today a general motors announced it's having a really hard time because it can't sell cars in china and they've spent the last 10 years putting all of its eggs in that basket for it to grow i mean these are serious consequences but low the radar of the theatre that you see in the newspaper you bring up an interesting point this is a very easy platform for politicians to take saying that we're going to reduce the trade deficit but as an economist is having a why a large trade deficit inherently a bad thing. not at all i mean the very basic lesson that everybody who teaches international trade in any graduate school or college that i know of explains to students for example this last month our trade deficit went down that's because we imported a good bit less than before and the reason for that is that our incomes are not very good for the average american rich people are doing fine but average americans are not and they can't buy what they used which includes chinese imports so we
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don't bring so many but that's not a good thing about our economy that's a bad thing and if people are shifting from the cheap chinese goods to the more expensive american goods not only is it not good for what we can good zoom but it's going to put upward pressure on prices and that's not good for this economy either in all kinds of ways again below as you well put it the gains of the politicians and so on there are underlying economic realities that are much more important to focus on and they tell a very different story now vesa real quick ahead of this truce the u.s. is also making a final pitch to britain ahead of its telecom network upgrade to try to convince them to drop while way the u.s. now has threatened to cut intelligence sharing ties and is currently working on a new draft bill that would significantly restrict intelligence sharing with countries that use way equipment now always obviously one of the most valuable
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companies in china and china has repeatedly asked the u.s. to stop its attacks against the company and using it as a pawn in trade disputes so what do you make of this continued attack against the u.s. trying to crank up its maximum pressure again ahead of the signing. well i think you're seeing again the same theater a different form you can't really make the chinese do what you want mr trump doesn't have the power so he's going to pick out some poor vulnerable company huawei and go after them in the hope that it looks like he's being a mr tough guy weiwei has other options number one but here is another long term consequence britain is now would see the world as what is called over there of america's poor rule mr johnson is now going to have to knuckle under to this pressure from the united states that makes him more vulnerable there and makes the labor party which is very critical of united states policy that much stronger the long term effect of all of this very dangerous and very different from the p
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r at the level of the headlines professor richard wolffe of the economic update thank you so much. thank you. know former renault and nissan exact carlos gone held his 1st public press conference since his arrest in november of 2018 where he was accused of financial misconduct and personally profiting from the company resources in a bid to clear his name now going to accuse nissan of colluding with prosecutors and that the charges were to stop him from integrating the 2 out of makers he claimed that he would not have faced a fair trial in japan and was quote fleeing injustice he claimed that the arrest was a plot to oust him from the automotive empire as nissan execs were allegedly threatened by reno's growing clout in the partnership. for the 1st time since this nightmare began i can defend myself and speak freely and answer your questions
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i am here to clear my name and to pronounce clearly and you put to good use something that was interpreted as a harry z. in the japanese you did your system these allegations are true and i should have never been arrested in the 1st place turkish and japanese authorities are now investigating how gone escaped to and interpol has issued a red notice seeking his arrest. time now for a quick break but hey here because when we return as tech continues to develop at the feet of light the latest updates are on show at the consumer electronics show 9 in las vegas branch of war on the ground to bring us up to speed on the floor of a field and just how far away i have come and as we go to break here are the numbers at the close.
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so these terms inflation deflation they tend to hand the connection between the finance economy and the real economy and sometimes the finance economy gets out of hand and you have crashes and sometimes the real economy gets out of hand then you have stagflation because wages are too high but sense 2000 and getting even more pronounced since 2008 we have 2 separate economies there. there's the privately owned central banks who print money for private the top 110th of one percent of private citizens and then we have to serve class or the feudal class and these 2 don't interact on it.
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but if she warned you and i do would be sure that there was more of those. speeches she me we didn't you. know when you. in the news i mean that so that in such a ball. a lot of you will see sawing your eyes if parts of the truth of the trouble started. but as you get in these 30 as it's hard trying. to reach if you've. got 5 days doing.
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the company that makes home speaker systems so knows is suing google and a federal court alleging that the tech giant stole the company's stereo speaker blueprints and created their own it's want to some or other similar lawsuits putting smaller companies against big tech firms r.t. quite funny john joins us live with more on the story so jon what exactly is accusing it arguing in this case. also knows executives allege that when they entered into an agreement with google back in 2013 for google to design its music service to work with some of speakers some of says that it turned over blueprints
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of its speakers to google thinking i'll be naive leave that nothing would come of that well sona says that not long after google developed its own speakers of us undermining so knows the company also alleges that amazon did the same thing but according to some us executives the company just didn't have the ability to sue both amazon and google they would be stretched too thin financially so they decided to hit google with a lawsuit instead it was filed it's a lengthy one it's a very detailed complex case it's about $96.00 pages it was filed in federal court in los angeles and also at the united states' international trade commission and the company is seeking undisclosed financial damages but also a ban on the sale of google speakers smart phones and laptops in the united states so knows has accused google of infringing on 5 of its patents including wireless technology allowing the connection and synchronization of speakers and sun us
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executives allege that while it suing only over only 5 patent patents it believes that google and amazon had each violated roughly $100.00 patents so some pretty serious accusations here starting in 2016 so no says that it warned google about the alleged infringement several times particularly after google announced that it was going to be releasing its own home smart speaker well the warnings continue to 2018 and also in 2018 when so notice executives then decided to move forward with this lawsuit and that is where the case stands currently kristie now this lawsuit it's all very very similar to several others tell us about the. but true there been other companies with similar stories and allegations that have essentially complained to regulators and lawmakers both here in the united states and also europe along with other lawsuits and one case that comes to mind spotify you may
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remember this for example last year accused apple of abusing its control over store and basically unfairly taxing apps like spotify zap that compete with apple's own streaming service has also been accused of copying technology most recently by another company called blakes that helps people create anonymous e-mail addresses the list goes on including complaints against amazon for copyright infringement both apple and amazon along with google in this most recent lawsuit have all denied the allegations and claims but the fact is that these are all cases of smaller companies complaining about an alleging that the big tech firms are essentially exploiting them basically squeezing them by stealing their ideas and their customers but now these smaller firms are indeed fighting back so we'll stay on the story kristie back to fascinating story r.t. correspondent john hardy thank you so much for your reporting. as cybersecurity
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becomes a top priority for corporate execs to shore up their defenses consulting behemoth eccentric is acquiring a cybersecurity business from broadcom it will be buying the unit that had been part of symantec enterprise division which will make accenture one of the leading providers of managed security services accenture sees this acquisition as a huge gain changer as its clients are now facing an unprecedented volume of cyber threats and can no longer rely on generic solutions this deal is expected to close in march at the same time broadcom the parent company of symantec has also quired dynamics the cyber risk analytics software provider that specializes in detecting insider threats target attacks and financial fraud this acquisition is one in a series of recent acquisitions as broadcom looks to diversify into the software space and away from its core chip business as a space is heating up with m.n.a. take. the cyber security is trading up over 27 percent in the last 12 months.
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the rise of deep fakes have raised some real concerns over how technology could be used to spread misinformation and damage reputations deep fakes are videos created using a i can make it look like someone said or did something they have never done and it's almost impossible to distinguish them from the real thing one of the most memorable depicts recently was of nancy pelosi when it was altered to make her look like she was drunk and slurring her words now this video was originally posted on facebook who initially refused to remove the clip but said it had reduced its distribution after it was fact checked as false the post was later on deleted but only after it had spread across instagram twitter and you tube well facebook now appears to be taking a harder stance against the fakes as it is banning videos that have been manipulated using advanced tools though it will not be removing all doctored
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content it is taking more steps to combat the spread of misinformation watchdogs are calling on facebook to continue to tighten its policies around misleading content but mark zuckerberg is balancing this with its policy that users are entitled to their freedom of speech as such facebook policy will not extend to deep 6 that are meant as a parody or satire and it will not ban other forms of dr videos made with less sophisticated software. c s started its 2nd day wednesday and so far the show has not disappointed artie's brenda bore is in las vegas looking for the hottest trends and innovations and filed this report. the consumer electronics show is known for showing off the hottest new trends in tech and nothing piqued the interest of show goers like robotics and the team it certainly has a special robot on their hands. so your business is actually the only world certain 1st certified teaching robot by guinness. and the
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group behind. for vs have a mission for their ping pong playing robot we wanted to show how technology especially automation technology and artificial intelligence can really be interactive and fun for humans and also it can teach them and teach them to be better people liars when it comes to for p.s. there really is more than meets the eye when you take a look under the hood obviously there's a robot involved and there's the logic controls behind it and there's a very advanced sensing devices in vision systems that are tracking the ball there's very advanced motion control that's involved in this project keeps evolving growing and learning with some assistance of course in this year and for be a 6 this is a 6 generation of course because we've added a new technology to be able to sense emotion so when you're playing it was actually figuring out how many times your eyes were blinking and how often you were smiling
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or not smiling and really just reading your facial expressions to pick up your emotions. that's right this humble correspondent had a chance to play with for vs not against it as we are trying to keep a volley while my ping pong skills are pretty rusty compared to some of the people playing it was definitely an experience but outside of ping pong the team that i'm around sees so many use cases for the technology implemented in for fetus but there are still a lot of exploring with artificial intelligence as we know right however if you can use it to help make medical things better doctors better you can use it in hospitals you can use it in hotel industry you could use it in manufacturing to make machines more productive and safer there's a lot of different ways that it's being applied today and we're coming up with more every year and while this may be just one piece of equipment the future for robotics in ai is shining bright i see
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a really helping robotics become much more interactive with humans. as we move forward in the next decade it's going to affect i think the way we drive the way we learn. the way we travel the way we do a lot of different parts of our allies there's so much more coming with things about x. and the technology can do with the combination of artificial intelligence and the collaboration with humans it's really going to be fun dr reporting from c.e.o.'s in las vegas for boom bust branches bore our chief. technology giant $0.10 the world's largest gaming company controlling hundreds of subsidiaries branches from e-commerce to v.a.r. to film production is now making a big push into the global music industry tencent has agreed to purchase 10 percent of universal music group from its parent company the vendee for $3400000000.00 now
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this deal will value m.g. over $30000000000.00 and while it's a big win for investors shareholders and industry insiders they say that the biggest winner here in the long term is 10 cent the global music industry has been on an upward trajectory thanks to the adoption of streaming growing almost 10 percent in 2018 and driving over 19000000000 dollars in revenue and a smartphone adoption continues to grow in emerging territories like latin america and india the pool of global music consumers is poised to triple within the next 5 years 10 cent investment into us will also allow the company to start creating new ip by packaging you have a massive roster of artists that includes taylor swift lady gaga and more with its own enormous suite of games and entertainment apps this could be a big win for $0.10 a curious future growth with its stock popping over 1.5 percent on the news. that's it by this time you can catch a boom bust on direct t.v. channel $321.00 dish network out to 80 or streaming 247 on pluto t.v. the free t.v. app down to 79 dollars hit us up at youtube dot com slash boom bust. the next time
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. time after time called parishioners repeat the same mantra sustainability it's very important it's accelerate the transition to sustainable prize board sustainability stay number man at a more equitable and sustainable well. they claim their production is completely hamas. it's a compass numbers and not it does not the companies want us to feel good about buying their products while the damage is being done far away and this is something all of this must be undone even as i mean look. this is the moves and you missed me didn't i mean when i'm stunned seemed to be best understood look to what is going in.
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what politicians do something to. put themselves on the line to get accepted or rejected. so when you want to be president or injury. or somehow want to. have to go right to be cross as a white woman for 3 of them or can't be there that. i'm interested always in the waters in the. west sydney. join me every thursday on me all excited i'm sure and i'll be speaking to guest of the world of politics sports business i'm show business i'll see you that. good food descriptions sound up a tasing even for the owners so how to choose just had food industry is telling us
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what to feed our pets really more based on what they want to sell us then was necessarily good for the pet turns out that food may not be as healthy as people believe and we have animals that have you know diabetes and arthritis and they have auto immune disorders allergies we are actually creating these problems it's a huge epidemic of problems all of them i believe can be linked to very simple problem of diet and some dog owners so heartbreaking stories about their pets last treats the larger corporations are not very interested in proving or disproving the value of their food because they're already making it a $1000000000.00 on it and there's no reason to do that research. for.
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police use tear gas to disperse the crowds in paris as protesters gathered to join a major nationwide strike of the pension reforms now on to its $36.00. percent around take a step back after coming dangerously close to open conflict told from limiting his response to the iranian missile strikes the new sanctions really could similarities with the lead up to the 2003 iraq war. meanwhile t.v. pundits in the us are going into overdrive as they think the drums of war those.

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