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tv   Boom Bust  RT  March 12, 2019 10:30am-11:01am EDT

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when the goal make this manufacture consent to stick to the public will. when the ruling classes protect themselves. with the final merry go round listen to the one percent. we can all middle of the room sick. room the real news group. c u k wants its sovereignty so with that sound she comes chlorinated chicken you know
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what the good comes the you know you get your voted breck's it now you're going to get the chlorinated. it's a big eight a week and this is boom bust broadcasting around the world and covering the world of business and finance of the impact on all of us i'm bart chilton in washington d.c. and we're so pleased we're honored you're on board with us got a great show coming up the bad news continues to beat down a boeing as one of their planes crashes this weekend in ethiopia leading several nations to ground the aircraft that max seven thirty seven eight we spoke about many thought jamie fitch formerly of the u.s. national transportation safety board joins us from the philippines in manila to discuss he's standing. by peter all over joins us from berlin to look at
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a new economic forecast including in germany italy and the united kingdom plus the downsizing in restructuring in the retail sector is a staple of american culture is it becoming endangered steve malzberg one that the handles seem what the future of retail has in store for shopping market are they going the way of the dinosaurs and later there is a new and innovative idea in the crippled banking space for sat down with michael milton berger and series one to break it down and talk more about the future of tech all that directly ahead but first we have some headlines let's go. another boeing seven thirty seven max jet eight has crashed over the weekend killing all one hundred fifty seven people aboard the last crash of the plane was in october and took place in malaysia near jakarta this time it was an ethiopian airlines plane which crashed near the city of the capital city of addis ababa here to discuss is former director
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a former director of national transportation safety board jamie finch who joins us via skype in manila the philippines jamie thank you for being with us we know what zero dark thirty there is so we're very appreciative of you spending some time what do we know so far about this horrible accident. well we know that there are this is a seven thirty seven max eight series just like the one and as you mentioned before that was a lion air ticket that crashed in november this is a. there are one hundred fifty seven people on board the flight data recorder and the voice for cockpit voice recorder also known as the black boxes have been recovered and they are being analyzed by the investigative teams investigative teams have been sent as part of the beleaguered agency will be and government will be the ethiopian government agency but the n.t.s.b. and representatives from boeing and also the indian engine manufacturers will also be party to the investigation. and right now that we have
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a limited information it's very difficult to speculate and we should not speculate however there is a lot of similarities and concerns going round within the aviation industry right now jamie as several nations have already grounded the aircraft right. that's correct. ethiopia malaysia red china even cayman island they got two of those max a i don't you know but the most interesting part of it is this child though. is the primary market now for boeing and airbus aviation is growing at such as i wrote accelerate speed there that they cannot. really kind of get their markets towards asia and in china is one of those countries that has grounded their aircraft but you don't want to tell us your ball and let me ask you jamie i
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mean after that last crash in malaysia i know boeing sent out some new pilot protocols and this pilot on the ethiopian airliner had twenty years of experience so you would think that he certainly would have known what to do maybe they're not working what do you think about it what do you think will be done now. well it's very interesting i mean you know that what's raised a lot of eyebrows within the aviation community is the very wide range variance of experience between these two pilots one pilot the captain had eight thousand hours of flying hours while the copilot had two only two hundred that's a very large gap between a senior pilot in junior pilot and that's not to say that that's necessarily a factor but it is going to be looked at and they're going to be looking at these training exercises as you will recall from that investigation with the lion air they immediately came out with some new pilot instructions and guidelines on how to
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handle a situation where they where the to override the computer and so i believe that we'll see more as the investigation moves forward we will see more information coming about regarding anything that will be related to pilot error or or pilot training that these should be instituted. but these investigations take about a year to complete and but that does not mean that if they find something that's urgent that needs to be fixed address to be deeply they will take that they will address those immediately and bring those those recommendations and relations forward immediately thank you so much cheney again we appreciate you joining us and we know it's at the top of the different pre-shared it jamie thanks a former director at the national transportation safety board thanks jamie say. thank you. and this is another big week for the bricks up process with a vote in the house of commons expected to take place tuesday it's still unclear however as we go to air how likely it is
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a schedule holder exactly what proposal the members of parliament will be asked to vote up or down the government of prime minister theresa may insist everything is under control as ms may travel to the continent for a meeting with european commission president john clogg younker ahead of the planned parliamentary action ms may's expected destroyed. secure to secure any meaningful changes to the brits that blueprint currently on the table will have all the latest developments in detail next time. and u.s. president donald trump has released his budget proposal to congress for next year two thousand and twenty democrats are dismissive at best while members of the president's party have been noticeably quiet the president seems intent on revisiting the battle over border barriers by listing eight point six billion dollars in additional funding to militarize several hundred miles of the u.s. border with mexico mr trump famously pledge that mexico would pay to build the wall mexico has of course refused leaving mr trump to shut down most of the u.s.
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government in a futile ransom bid several months ago you may recall that mr trump has also falsely claim that mexico will pay for the fabled wall under the renegotiated north american free trade agreement the four point seven trillion dollar budget proposal his blueprint a document that typically goes ignored by legislators calls for deep cuts to domestic programs and correspondingly large increases in the u.s. military budget larry kudlow the president's top economic adviser defended projections of sustained three percent global economic u.s. economic growth and similar assumptions that were questioned by many outside economic analyst. and statements from saudi arabia are moving oil markets today after a report that the kingdom produced only ten point one million barrels of oil in february for perspective last october saudi arabia produced more than ten point six million barrels in january output was it ten point two or oil market watchers are looking forward to the february production numbers for all of opec not just saudi
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arabia to be released on thursday west texas intermediate traded at the new york mercantile exchange was trading at just over fifty five dollars per barrel for most of the day while brant crude traded at ice futures europe in london was eleven dollars more at around sixty six dollars per barrel both figures are close to the three month high price. points. slowing car market seems to be putting the brakes on the overall german economy europe's largest the german economy ministry says auto production fell it fell sharply at nine point two percent while in january the german business association b.t.i. cut its national growth forecast for this year twenty nine thousand from a previous one point five percent to one point two percent autos it should be noted are one of the sectors most vulnerable to ongoing trade fights and here with more on the economic future of germany and other places in europe is arctic correspondent peter oliver who joins us from berlin well it's really hard to see any positives out of the latest economic predictions coming out of the organization
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for economic cooperation and development the o.c. . they've released their latest figures saying the global economy is set to grow by three point three percent in twenty nine team three point four percent in twenty twenty now these numbers of slightly down what they previously predicted back in november of last year but when you start looking not at the wider global picture but individual nations and individual regions some fare worse than others now it does not paint a very good picture of the situation here in germany the o.c. d. more than holl thing they twenty nineteen growth forecast from one point six percent down to zero point seven percent from germany in twenty nine thing they are predicting a slight recovery in twenty twenty seeing a one point one percent increase in twenty twenty but it's the uncertainty
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that's being created by breaks that also the china u.s. trait spot that's being going on it's all contributed to the slowdown germany's economy is very heavily export based and well uncertainty that causes export based economies in. most other economies but particularly germany's type of the colony to suffer and it's not just the germans that are finding it difficult according to the see if we look at france's figures they've also had their numbers revised down from one point five percent growth for that which was predicted for this year that's now one point three percent if we look at italy they've had their growth for twenty nineteen revised down from zero point eight percent to actually a zero point two contraction in the economy they say we look over to the united kingdom well they're predicting that this year zero point eight percent growth we zero point nine percent for twenty twenty the big message coming out of
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this report is that a disorderly break that well it will raise costs for european economies and could well drive some of them towards recession. and we thank peter for that report time now for a quick break but hang here because when we return are american shopping malls going the way of the dinosaurs conservative commentator steve walford joins us to discuss plus artes brandt job or sat down with like old mills burger of series one to break down the future of tech as we go to break here the numbers at the closing bell will be back in a flash. after
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the previous stage of my career was over everyone wondered what i was going to do next about different clubs on one hand it is logical to signal from fields where everything is familiar on the other i wanted a new challenge and the fresh perspective i'm used to suppress it. if you think. i'm going to talk about football not the or else you think i was going to go. by the way ways of the. what holds us institutions meeting. we put themselves on the line to get accepted or rejected. so when you want to be president or injury. or something or want to. integrate to be close it's like well before three in the morning can't be good that i'm interested always in the
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welcome back there is gender discrimination news to report in the financial sector as women at swiss multinational bank u.b.s. say the company has effectively made them accept pay cuts because they use their maternity leave the u.b.s. employees air their complaints to the financial times of london with multiple women telling a calm of calm and cuts to bonuses of thirty percent or more after they used their parental leave benefits despite promised efforts by u.b.s. global head of diversity and inclusion carolina one woman said the practice of
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effectively calling back the time off by reducing bonuses quote still continues women still live through it exactly the same nothing has changed in times where u.b.s. is very proud of promoting what a great bank this is for women to work in. and tesla is shifting their previously announced store closure plan into reverse while price increases will excel or rate the troubled company announced in a blog post that it will increase their price of all tesla models except for those model threes by three percent in order to keep the doors open at between seventy and ninety percent of tesla showrooms the company says the price increase will take effect next week so those considering a purchase will want to decide soon confusingly the company says all sales including purchases made in the showrooms in the physical showrooms will still be completed online tesla stock jumped on the news but it's still down over the last year and over the last month trading around two hundred eighty four dollars per share today and while tesla has reversed their store closures closures are becoming
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more and more popular in our e-commerce world last week amazon announced it will close all of its u.s. pop up store locations in april this comes on the heels of store closure announcements from the likes of jet gap j.c. penney abercrombie and fitch and victoria's secret in fact the total number. store closures during the first few months of twenty one thousand total more than five thousand and the first quarter isn't even finished so what's going on and is it time to worry here to sort it all out is conservative commentator steve malzberg hey steve thank you for joining us talk a little bit about the latest announcements and the big names that have announced closings here this year so far well as you mentioned last week amazon with their eighty seven pop up stores in malls across the country also and this is in the u.s. they're closing their stores also in. wal-mart and whole foods and they kohl's so that's that on top of everything else and boy has there been everything else you
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had the gap announcing that they're going to close over two hundred thirty stores over the next couple of years they are breaking into two companies as well old navy one and everything else all their other brands in the other victoria's secret fifty three stores to close an abercrombie and fitch forty eight in addition to the thirty that they closed last year tesla which you mentioned the confusion with the showrooms first they said they were going to close all the hundred show rooms that they have and then they said some of it will stay open for informational purposes but the cars are going to go away so they're a little confused but the basically one hundred showrooms are closing chico's women's clothing sixty to eighty stores j.c. penney nineteen stores plus nine home and furniture stores and then the big ones bart twenty five hundred from payless eight hundred from gymboree and charlotte rues five hundred those three are bankrupt in liquidation so that's what's going on basically in the industry and how does this compare i assume you know if we look at the last few years i assume that this is a lot more than we've seen in
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a recently. well two thousand and seventeen you had the record eighty one hundred thirty nine last year was down thirty percent and so far this year you mentioned fifty one sixty three but you have to look at the net to be fair and this is why no one's really panicking the net it's the stores that are open as opposed to the ones that close so the net with opens in two thousand and eighteen your last twenty four hundred fifty stores and so far this year with the stores that have announced openings you're down three five seven seven net loss so it's not the you know disaster there are stores opening and you have to take that to consideration i mean a lot of these stores steve they are a part paul parcel to these walls that are around i mean i don't know what's going to happen to be malls it doesn't just affect the store it affects the employee and expect it impacts all of these bacon season closing because i mean are we going to even have shopping malls in another decade from now where you know it's not the
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first time malls of suffered of course they took a hit when the commerce of broke out but then people went back consumer confidence went up gas got cheap but now it is suffering again although the vacancy rate was nine percent in the fourth quarter of zero eighteen that was up from eight point three percent a year ago so not a riff many stores are closing that are in strip malls so strip malls are now taking on nontraditional tenants like bowling alleys and planet fitness is taking advantage of this with gyms that they're opening up medical offices even some apartments in certain mall areas so you know and some digitally native brands feel they need to get this all flying presence so they're actually going so it's not that get not the disaster that you would think based on the the flat numbers they're surviving so far very interesting conservative commentator steve walter thank you as always steve great to have you on my pleasure.
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and we've spoken about the potential uses a block chain many times on our broadcast but one company is now doing something different their effort to bring the features of technology investment in a major bank including raising money for clients through syndicated deals to greater popularity in acceptance it's a new and creative concept that is brought to us from our teams branch aboard. we are a security token platform in essence we're lagging investment bank two point zero. very much all the top management comes from investment banking and we kind of married investment banking and like training crypto so we see ourselves as a new investment bank for block training and we have our own technology platform as well to where we raise money for more security tokens for customers and how does investment banking were when it comes to block training. so when the craziness of
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i.c.a.o. took place in two thousand and seventeen pretty much everybody was trying to raise money for companies across the board marketing companies social media companies and it was completely not regulated and then the f.c.c. in two thousand and eighteen in the beginning of two thousand and eighteen pretty much stepped in and said stop all these i.c. oh it's really securities and you guys need to run under the securities law which we have in the united states and so that's where we came into place as an investment bank or a technology investment bank where we raise money for our clients through our platform since two thousand and thirteen where we syndicate deals from private investors and raise money from private investors strictly for companies and we use a technology platform to do that to bring investors together directly with companies on the tech nots a slag air b. . and so yeah so and then the landscape completely started say from the i.c.a.o.
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to the security token market where all these tokens are now considered really securities can you explain to me the difference between the i.c.a.o. versus the right so in essence when you run them out when you do and i c.e.o. and you have a you know you get people invest a token. that token really it was supposed to be a utility token so i wasn't talking which is supposed to be utilized on the map or which they were riding on. it was supposed to be for the community in order to use it as a form of payment or as a form of participating in this community what happens is that a lot of people started to speculate on these exchanges with these tokens and so that's really when it becomes a security when you start speculating with these kind of tokens and so it happens that the i.c.c.
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said look the saw considered securities so in essence you give people a promise of financial benefit in the future and it's considered to be a security. and what role has regulation played in all this i mean you mentioned that the i.c.c. did this how has regulation played into everything has been going on number one with kryptos and with black chain in general right yeah so in the i.c.c. staff in the market really college went into a little bit of a shock because what the i.c.c. also did is they stepped in and some some bigger i.c.a.o. was they had to really retract lies the people had to to give the companies had to give the money back for example and they shot a lot of the size c.e.o.'s down and so what you need to do is in the us for example if you want to do a regular security token offering then you have to be a broker dealer for example to do that so you have to have a broker dealer license. have to do it k y c n a m l meaning you have to do all the
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checks and so necessary when you run a security security are free you have to bring out a certain perspective which is called private placement memorandum see you have to do a lot of things at the end of the day it's really difficult tech the investors so for example a private place a memorandum pretty much tells the investor as well to what all the risks are involved just like when you go into a public offering us an i.p.o. and that's i think the main difference is when the regulator stepped in and said we really have to protect the investors because a lot of people got scammed out of the you know it's not like the ending to scams with the i.c.a.o. as well too. and. what do you see as the impediments of this type of investment banking within the crypto world. we believe it's going to change the whole financial industry actually so if you really think about it what we are now going in the financial industry i always give the example of you know we had we had
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a flip phone i'm old enough to still to have a flip and now we really now we switching over to a smartphone right meaning that we have different applications which help us managing certain tasks a lot more efficient than we could ever do same thing happens in the financial industry now in the financial industry we have smart contract we totally can tokenized that the technology to do so to pretty much live a regular security into the block and create a digital security out of it a digital security which then forms a contractual relationship between a company and an investor which can be much more complex than just saying hey i'm going to give you some equity and you give me some money and i give you some equity of my company now you can say hey i might give you some equity but i also like to participate in my revenue stream oil and you participate in my profit or i give you a discount on my product so all of that you can now in bad in. that smart contract
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and can form that contractual relationships and you can actually manage it because it's a little computer program in essence so it's just like an app on your phone and now you can actually manage the whole process you could manage a fairly complex structure and you can manage ten thousand different investors all the sun and so we think the whole financial industry will essentially switch from regular share certificates as we know with them off today to really digital share certificates which can be much more flexible is actually a much better financial product after the kind of bust i mean i'm sure it wasn't a full bust but you know was about a year and a half ago we saw a big point here twenty thousand and then had to take a sharp spike doubt. was there over inflation did that concern the market. yes i do think so i mean it was just a complete high i mean i lived through the e-commerce times as well too and at the time i remember everybody put a dot com behind their company all of sudden you know got crazy valuations so i
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think it was the high end general and the excitement about about a decline in crypto. but i do think that will last i mean no matter what the price and how much the price is going to fluctuate i think it's still a much better concept the idea of having a currency across borders would say you know i can i can be from china or i can be from russia i can be where we're from and be able to really instantly make a payment and participate in an investment in real estate or whatever it is in the u.s. and do that with crypto that's system much it's a change of behavior and it's just a much better way. for us in what we do when we create this digital security so the security intro can offerings it's like you can still buy it you can still buy such such additional security with your regular money but you can also buy it with crypto. so the price of crypto is not
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a big client is not directly related to what we do incest another form of payment in any sense really it's a better form of payment then having to use car so i mean. what a fascinating interview we appreciate brett's time we wish michael very much luck that's it for this time thanks for being with us you can get boom bust on you tube dot com boom bust r.t. syntax time so long for now. so what we've got to do is identify the threats that we have it's crazy confrontation let it be an arms race off spearing dramatic development the only. exists i don't see how that strategy will be successful very critical time to sit down and talk.
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the u.k. wants its sovereignty so with that sovereignty comes for native chicken you know with the good comes the bad you know you get you voted you're going to get the clammy to. list speak speak i think smooth. and ok you may say. as a result. the british prime minister still manages to keep a semblance of a sense of humor just hours before a crucial bragg's it's votes you can piece are gathered in parliament today to debate threesome a proposed deal by the pm secure some assurances from europe the eleventh hour. coming up on the program two decades after they find.

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