later on. this is boom bust broadcasting around the world and covering the world of business and finance and the impact upon all of us i'm bart chilton in washington d.c. the belly of the beast lots again today coming up the great crypto paper continues as the plot behind canadian crypto exchange quadriga c.x. goes deeper kristie i have counterpart x. joins us to break down the latest turn in this bizarre case and apple qualcomm yet they're at it again in a battle royale with the shocking allegation that qualcomm actually stole patent information from an apple engineer expert in a one property lawyer helps us understand what's going on andre barlow easier in studios plus harley davidson is cruising into another market on wheels danielle

shay have since we're trading to take the spring spin around harley davidson and some other company we've got lots of interesting numbers coming up with danielle today you'll enjoy it and later we continue with our hong kong coverage this week we take you from the list skyline of congo and city yesterday to the streets to hear from the people that helped drive the area's economic engine all that in our sights but first we have right to the headlines let's go. changes to the terms of trade between india turkey in the united states leader goldberg report today as the u.s. rescinds a key designation for the two countries the office of the u.s. trade representative or u.s.t.r. has said it intends to quote terminate india and turkey's designations as beneficiary developing countries under the generalized system of preferences that g.s. p. the u.s. t.r. statement says turkey is to develop to qualify for relevant g s p benefits. in the

case of india u.s.t.r. alleges that india has failed to ensure equitable and responsible market access to u.s. exports as required under the g.s.t. preference system india reportedly exports more than five billion dollars of goods to the u.s. duty free under g s p but an indian government source perhaps keeping an eye on the male elections we've told you about downplay the downgrade estimating quote actual benefits of the g.s.t. designation at only two hundred fifty million dollars. and moving to india to china economic planners there have downgraded expectations for twenty nineteen lowering the official growth target the government is now aiming for a range between six and six point five percent for twenty nineteen the announcement was made at the opening of the annual session of the national people's congress and acknowledge the awkward economic headwinds including the trade fight with the us that contributed to the revision the target budget deficit for the country for this year has also been up slightly to two point eight percent that revision by the way

creates fiscal space to allow and account for a planned tax cut tax cuts rather totally one point three trillion you on our one hundred ninety five billion dollars the moves including those targeted tax cuts for manufacturers constructions and small businesses tax firms are all part of a broad proactive fiscal policy touted at the congress yesterday. in other chinese fiscal news a budget report submitted by chinese premier league details a significant annual increase an increase in the military spending increase for twenty one and vishal spending or one hundred seventy six billion dollars this follows last year's increased military budget of roughly eight percent to add a little perspective to that one point two billion dollar chinese military budget japan recently announced a twenty one thousand military budget of roughly forty four billion dollars that's a two percent increase over last year by the way and the united states has the world's largest military budget with. most recent request of president trumps

administration it's six hundred eighty six billion dollars which is a seven point four percent increase from the previous year. and there's new news on the creepy crypto caper we told you about a month ago where an exchange exact died and took passwords with them to the grave leaving customers out of one hundred ninety million dollars well today the story gets even more strange earlier this year we told you about that creepy crypto caper and it stumped many of us that dumbfounded us i mean how could this just happen and all sudden the money was gone and you remain recall that story it was called quadriga c.x. and the guy's name the executive the c.e.o. was gerald cut and he died took these passwords with them well the question is whether or not he really died that was the first question but to dig into this deeper we go to christie i have counterpart x. who will tell us about those hundred fifty thousand users who lost money including

about ninety two million in bitcoin all with other crypt those like light coin and ether without those passwords who knows if they'll get it back kristie thank you so much for being with us we're glad to have have you what's going on with this thing that i lay it out correctly. absolutely perfect court appointed arneson young and our jim best to get this far there and they have been very diligent what they're finding they recently published a report on friday detailing the fact that they have found the cold storage wallace that quadriga allegedly used however upon looking at the wallets they found that the six cold storage wallets were actually empty they've also identified fourteen other off offline exchanges that quadriga has actually transferring money to these other exchanges that the names have not been submitted however they found that quadriga had thousands of accounts on these other fourteen exchanges now this is very unlike protocol and a typical so this was not company policy to have other exchanges in business. the first thing was you know the passwords were gone the money was gone and we were

sort of all incredulous about it either even these stories you know did the guy really pass away that horrible but let's get rid of the conspiracy theory first did he actually die. well officially hospital records do indicate that he passed on december ninth two thousand and eighteen officially there is a death certificate that has been issued however due to the amount of evidence of foul play that has come up after he died that's why that there's been so many conspiracy theories wondering if he actually faked his death or if he actually died and someone in the company is actually using his death as a cover up now the c.e.o. of quine base also also thought about this theory and actually said that quadriga suffered a massive this smart contract sweep and in doing so the company was aware that they had were running a deficit and was running on fractional reserves so it is not implausible to think that the company use mr khan's death as

a cover up. and then to find i mean one the money goes to then they get into these cold wallets and as you say remarkably find you know the money really is gone it's not just they didn't have access to they got the access and then there's nothing there so i think you mentioned ernst and young so what's the court saying i mean are they protecting creditors and somehow i think isn't amazon web services involved in this whole thing kristie. yes absolutely so the court has actually granted quadriga an extension of the stay for another forty five days they granted the state not because they're siding with barely two grand earnest and young and additional timeline in order for them to conduct their investigation and possibly try to help return some of the some of the missing funds now you're absolutely correct no one is siding with quadriga on this including amazon web services it appears that quadriga was hosted on amazon however mr khan created

a personal account not a business account so up until today the court was finally approved and approved the grant in order for amazon to turn over the data relating to quadriga mr personal account. i mean every day i ask you chris christie i mean do you think that the money is just proof and gone here or do you think there's any way that these people that were using quadriga are going to get the money back. i think that the founder of point is he was absolutely correct that quadriga did suffer a massive loss and because of this they had to shuffle funds about in order to cover up their mistake no one was aware of this and they did not speak about their mistake at all so it does appear that someone is trying to cover up for foul play whether or not someone stole the funds are is merely using the funds in order to try to continue running the company from two thousand and seventeen up until december last year a fascinating story kristie you know this goes to exactly what we've spoken about

before in the past on the show that there needs to be some basic rules and regulations i know you guys that counterpart to do that to require sort of better security over crip those when they are held by custodians like. if they are just see greater acceptance of crip those generally crypto expert co-founder of counterpart act chrystia thanks kristie. apple and qualcomm are in yet another legal battle royale with a shocking allegation that qualcomm stole they stole an idea from an apple engineer and then ran to the patent office to give us the inside scoop on what this case and others mean to the much larger and i crossed issues that will start in april we're joined by ad and i trust expert andre barlow who is a partner at the firm doyle barlow and mazhar andrea welcome back how are you i couldn't be better because you know this is accomplished this is a real web of things going on right we were talking before the show on this but

first of all there's several patents involved but the one involved in this case what does it have to do with what i don't understand what the application actually is the this case is very narrow it's based on three patents but one in particular that everyone focused on yesterday in opening arguments was the boot up technology basically qualcomm has a patent on when you turn on the smartphone that it immediately connects to the internet and what they're claiming is apple is infringing on that patent and qualcomm says this is foundational to the work that they've done. on smartphones but i mean and qualcomm doesn't have smartphones they have their chip maker right they compete with like intel but put this into a broader perspective i mean this is not the first time that apple and qualcomm have been to court not just in the u.s. and germany as i recall in china but there's this other larger case and when we talk about the one today you were telling me it's millions as opposed to billions

so put it all into perspective for the boom busters that is correct ok qualcomm may not be a household name to everyone but anyone who owns a smartphone has qualcomm technology within that phone call com sells chips they also have a huge patent portfolio on on handsets the technology that they have allows. smartphone to connect to cellular networks so we're talking three g. four g. and are going to be huge in five g. as well so the larger issue here what you have is qualcomm's practices right basically a no no license no chips apple says hey that's a huge problem so back in two thousand and seventeen apple and the f.t.c. both in separate lawsuits. alleging that qualcomm as monopolize the market and that they've been overcharging smartphone manufacturers which then leads to higher

prices to consumers on boards all over charging manufacturers for the chips yes and when we talk about manufacturers we're talking about apple's i phone we're talking about sam so this is at the billion dollar yes yes so so apple when they filed their lawsuit they're seeking a billion dollars in damages but along with that you have the contract manufacturers that are part of the case and they're seeking about twenty seven billion dollars and damages and then you have the follow on cases from consumers u.s. consumers seeking five billion dollars in damages so this past class action lawsuits correct correct class action lawsuit so representing those. unfortunate probably should do well actually but i trust that's what turning in the world right but i mean this is a huge huge fight between two heavyweights and like i say qualcomm might not be a household name to many but for smartphone manufacturers they're huge boy thank you for putting it in perspective barlow thank you so much or because when we

return danielle say a simpler trading joins us and will ask her about qualcomm and apple as companies plus we'll get her take on harley davidson which is cruising into another market on wheels how we're going to charge it up today with lots of numbers for you plus we continue in hong kong this week and take you from the list skyline of the city yesterday to the streets to hear from the people that. helped drive the area's economic engine our friendship or it will join us in telling an important tale as we go to break here the numbers of the closing bell we will be back in a flat. tax rises financial survival guide stacey let's learn

a salad fill out let's say i'm not sure i get any earthly use. of the fight street spot thank you for. destroying that's right. that's slavery. with the assistance of the legacy media defining immediate threat today it's different with virtually no public debate been his way what is the target of a force for g.m. change the problem is force regime change has a deplorable record. go in and you may never get out. my teenage gang rules here. go to one of. the not be my.

name. and melanie when. you know when you about the monkey a little amusing the nice. welcome back and we now pick up on where we were before the break with qualcomm and apple and more now we are pleased to once again be joined by the on it danielle shay of simpler trading who joins us from texas u.s.a. hey danielle good to see you again. as well so let's start with qualcomm i don't

think i heard what we were speaking with andre about but they that are rough go of it for a long time if we look at the five years stock price it is not a pretty picture look at that thing but when we moved to just the last month they have made some some progress to me what do you make of qualcomm as a company especially in light of the news we're speaking with andre about their. so i consider qualcomm to be one of the laggards within the semiconductor space over the course of the past five years hasn't of course done much of anything and then on top of that you have this bad news patent disputes surrounding the issues with apple that is not going to help them anymore and the near term and while we can look at the chart over the course the last month and say well you know it has been trading higher what i would point towards with that is the semiconductor industry as a whole has been rising exponentially over the course of this month and while qualcomm

has traded higher i would argue that companies like intel advanced micro devices especially broadcom are far better investments for any short or long term investor than qualcomm right now yeah and you know i mean i love i love looking at these stark stock charts and everything but you really have to look at them in a full some manner right you look at that you look at the five year or something and it may tell you a completely different story and we're going to a little bit of that in a moment here so the other player in that story is of course apple and i want to start by looking at apple and apple so we're going to compare you know qualcomm and apple's stock which apple stock of course have been doing great but look at the chart there you know the truth is that and we have the chart to apple has been doing well since they went public back in the late one nine hundred eighty when you have like to invest back then so what do you make of apple don't you know. so i

love apple as a long term investment and especially when you're looking at a time frame you know over the course of twenty thirty years and i do still think over a five ten year time frame apple is going to continue to remain a solid investment just as it has been in the very near term after the fall that experience last quarter particularly it's coming up against a lot of resistance so we need to see apple be able to break through that resistance on a technical level to be able to continue on to new highs and while i think that it can do it they're going to have to continue to remain very innovative and especially. competing with the other tech companies and that space to drop the price of the i phones right from fifteen hundred bucks getting down to the wall way cost or the samsung galaxy cost i want to move to target because i want to make sure we get to everything we talked about that is the headline last week danielle that they were you know going to get into focusing more on e-commerce and try to

compete with amazon and wal-mart but today they're in the news again because they had their best day best year in their best year rather in over a decade with sales growing five percent last year take a look at the stucco it shot up in the last five days but like apple i also want to go all the way back to target's i.p.o. when they first became publicly traded back in one thousand nine hundred seventy nine look at that pretty impressive right guys for the last twenty years especially danielle what do you make of the targeted upward comer. yes so especially considering that target did so well last quarter especially when the government shutdown you know we had poor retail numbers from a lot of the big retailers like j. and j.c. penney's macy's but the thing as is that we're seeing shifting into consumer spending and these type of bargain like retailers and target in particular as it's moving into the e-commerce space their private label brands that they've been

investing in that's a huge potential for continued growth over a long term time span and i love it yeah they're getting into some of their bringing in some of these big names and into target which is sort of a different from you know back and back in the day and supposedly going to make this e-commerce experience a lot more fun i want to squeeze in one more and that one that i talked about in the teaser earlier that harley davidson the fabled motorcycle manufacturer first let's look since we're doing going back in time here are our machine with these companies today back to when they were first traded back in one thousand nine hundred six that's a pretty great stock chart save that two thousand and nine drop there you can see but check that out guys but it but if we look at last year and all the concerns that we told boom busters about what the trump tariffs and the negative impact upon the company we see that they've not had a good year but harley is in the news because they have just purchased this company

called a stay sick a california company focused on children's electric bikes danielle this is a related but sort of new direction for the big hawgs folks so what do you make of it. so when we look at the chart over the course of the past twenty thirty years or so yes definitely you know it's it's climbing higher over that timeframe but i would caution in looking at it over the course of the past five years and especially the last year just like you say that we are in a down trend on that shorter term timeframe and i would look at that and say that's because of the way that millennial are spending their cash motorcycles are not as popular as they used to be especially with the younger generations and as far as the news today that pushed it higher i think that's exactly what harley davidson does need to do in order to bring that stock price higher they need to start investing in a different spaces and the one that they picked i think is really smart you know while they may start with kids electric bikes i'm sure they'll be thought that would go lectured by danielle always a pleasure to have you thank you so much for your time and expertise. thank you

have a great day you two. and present right rico do territory of the philippines seems to be tramping along a warp more protocol of proper capitalistic politics by appointing a political ally to head the nation's central bank a spokes person announced the president choice of benjamin don't know who was serving as mr de territories budget director to head the central bank often called the b.s.p. as budget director mr know pushed hard for more spending an expansionary monetary monetary policies mr dog know was also accused of conflict of interest regarding construction spending that may have may have benefited his family members. and updating the troubles of oxy cotton manufacturer purdue farmer leadership at the company is reportedly now considering filing for bankruptcy protections under chapter eleven in the us as a means of evading or blunting the effect of a flood of lawsuits perdue and its founders the sackler family we've spoken about

have come into disrepute over their lucrative opioid product blamed for worsening opioid abuse addiction and overdose to epidemic levels and over two thousand lawsuits are already pending connecticut attorney general william tossing a leader in those suits said in response quote we will pose any attempt to avoid our claims. and the scandal surrounding canadian prime minister justin trudeau for allegedly moving to stop formal charges by the government of construction firm s n c level and has worsened with the resignation of a second cabinet member jane phil pot a fellow liberal party member was recruited into politics by mr richard owen appointed to him to lead the national treasury board the first trudeau minister resigned was justice minister jody wilson ray bow who accused mr doe of pressuring her to spare the company and miss phil plus a letter to mr truro she wrote there can be a cost to acting on one's principles but there is

a bigger cost to abandoning them. and we now continue our hong kong related coverage of beneath the lights of the gleaming skyline we showed you last time it's easy to forget those who help support the territory's economic engines for more we turn to our to america's branch a board who tells us the tale of how the promise of higher wages is impacting a particular group of migrant workers. doing since two thousand by your many from the philippines lined the streets for their one day off every six days a week they work up to sixteen hours a day in households throughout the city cooking cleaning taking care of children and doing whatever else may need to be done because a job or we cook we with taking care of other children we saw some other other

music hope or also we are taking the old older that's the real thing of our lives here in hong kong and we read. that the mistake of buying them they have a good one they are so mostly sunday or sad. like the sundays in the bay for us they spread this time on the street relaxing playing games and having fun and touching up with friends so yeah because on the day off we can get together and sometimes they have their own plan to go or some other friends also so this is our chance some because sometimes we just just sometimes or just having fun really of the bundling i'm eating here laughing drinking you can see this just thinking it's like these workers have come to hold called for employment because of the proximity to their home nations and a promise of higher wages despite make you around six hundred dollars

a month they see a better opportunity they can get elsewhere i don't work in the middle east before and i choose to play here because it's very near to the philippines and that i'm certain i was always good. so i and some very well so it's a bad day then been able to mount the new a one is four hundred five hundred a four thousand five hundred twenty one yes but it is ok as the sun because the set over. many of these women pack up to make it home in time for curfew not a curfew imposed by the city or the government but by their employers there's there's some they are course there are some have a curfew in there some are just spending a whole day twenty four hours for me for me is just only eight hours until. you know it up in the morning we're going to go out of the house and go back eight o'clock in the evening from central hall called. the french war.

and it's our curfew for this time thanks for being on board you can catch boom bust on youtube dot com boom bust r.t. so long for now see you next time. my son doing drugs my nephew was still in drugs my sister just with doing drugs it was like an epidemic of drug abuse america's public enemy number one in the united states is drug abuse started going after the users in the prison population who are we started treating sick people people who are addicted to these drugs like criminals while i was on the hill. then the war on drugs in the state there are

countless numbers of people who are in prison for. sins for minor minor offenders in the drug trade it's a lot watching your children grow up and miss you in wave and say by day as you're walking out of a business it's just it doesn't get easier. this is this is a stick from the water bottle found in the stomach of the fish the brand is part of the coca-cola company which sells millions of bottles of. every day the idea was that let's tell consumers there are the bad was there the litter bugs are trying this way industry should be blamed for all this waste to company has long promised to reuse the plastic. that seeing. their plastic. tank on you especially.

on the line your best bet is the end of it for the teeth but for now the mountains of moist only grow. essential. likelihood that. you'll use a lot of. the loads. and. loads. the u.s. state department braces journalist earth using to refer to venezuela's opposition leader of the country as the interim president. some outlets are in correctly

referring to. as the opposition leader. or the self-proclaimed president. neither is correct. a british born man whose aid work in syria made him a media darling is stripped of his u.k. citizenship for alleged ties to jihad.