the corona virus or link to the church of jesus where it apparently a 61 year old woman began transmitting that virus it's not clear how she became infected but now south korean officials have announced that they will test all 215000 members of that church south korea's number of confirmed infections has risen to 893 the largest number outside of china meanwhile iran is claiming that only 12 people have died from the virus in that country that claimed though goes directly against a claim being made by a local leader in coom who says that as many as 50 people have actually died in that city alone this is a ron's deputy health minister has confirmed that he too has contract in the corona virus and has quarantined himself listen. somebody i wanted to inform you that i am running virus positive i had a fever yes i did a 1000000 initial tests turned out that of late. myself you know since last night i was told a few minutes ago that what i know passed was. well all of this as the world health

organization is warning countries that the coronavirus is literally knocking at their door. and i said yeah they should you get i mean i just wanted out of my situation i was going to try to get assuming you don't go down the road what are you going to school but i'm going to do that you will have. the same people close and i generally find a city just you know that old saying are going to die already down towards the people who are going to get out of it if you do there's some of that sort. of for his part president trump is now asking congress for $2400000000.00 to battle the coronavirus and to help coal markets the president says the u.s. has its situation under control. i think it's going to be under control and i think i can speak for our country for our country is. under control but again we do business with a lot of other countries we take care we work with other countries who are in other countries to be happy healthy and well they've got to be happy healthy and well

it's very simple and so let's see how it all works but i think it's going to work for. all the down the as n.p.r. now both in negative territory for the year as financial markets are realizing that this particular crisis is likely to have a longer shelf life than what many thought was the case a couple weeks ago right now we're about 3 percent down today for the for the week and doesn't look like we're in oversold territory yet as there isn't enough panic because a total market capitulation after the bloodbath monday president have decided to come around and pump the markets suggesting that stocks have bottomed out and investors should come in and buy the debt it looks like the algos picked up on the tweet and started buying early in the morning but then sellers start to flood the markets again as investors do leverage forcing the indexes to get out there early market gains and turning negative breaking back below key technical support levels now the energy sector saying to more than a 4 year low and u.s. 10 year yields fell to 1.32 percent breaking prior lows and sinking the entire banking sector health care remains to be somewhat of

a bright spot as boston based modern ship an experimental coronavirus vaccine to u.s. government researchers for initial trials utilizes m r n a technology platforms that directs messenger cells in the body to make proteins to fight the disease the m r n a approach can produce vaccines faster and for less money than traditional methods if found to be effective you've talked about this before so now we sit after day $2.00 of this sell off we go into tomorrow day 3 if we see another big day of selloff is that when the real panic will begin do you think that is probably when you see a market and that's what we've always been talking about like now is not the time to go in and buy the dip as apparently president and larry kudlow seems to think. right now it's not the bottom and anyone who's trying to catch the bottom catch a falling knife so to speak that is pretty much a waste of time and that's going to cause more bloodshed later on because right now you want to see a panic sell you want to see every single hour go full blown panic and that's when you see market capitulation at the end of the day total panic sells 0 buy today in

the middle of the day when we saw the market drop to the afternoon lows we did see some buying interest there that means people aren't scared yet you want to see that fear factor really and when you really truly believe that there is no hope left that's when you see capitulation happen absolutely well over the spring in the are just the latest of the market selloff. and he's the editor of the logical investor we'll see how logical he feels about this because we've been saying john that the market has been for lack of a better term maybe this is christie's term a little bubble this is with all the fed money pouring in valuations across the board but now the fed is actually pulling back and attempting to stem the free liquidity that we've been enjoying for some time at the same time the break is ravaging supply chains killing off manufacturing and production wouldn't that part of the story make the most sense to be creating a lot of this panic and yet it hasn't happened in the past when we knew there was going to be market disruption now it seems to be almost oddly timed your thoughts.

you think it's huge that it's all culminating at this point and even you've got you know really strong strong dollar that i would add to that as well so you know you had markets rising and you had earnings starting to taper off some but it didn't seem really that big of a deal until you stack coronavirus on top of it and that really you know solidify that stumble into something so much bigger and so markets are really reacting that huge you know a couple 1000 points over a couple of days is massive and the previous person said i don't think that were done yet so we got in the gold and silver e.t.f. for a while back ago and those have done well for us but i think there's still more to go now we've seen news that the virus has spread to italy and france so does these regions have the necessary tools to combat the destruction these these monetary arm is widely exhausted by now so could this push them into an cyclical downturn. so unfortunately they have shot a lot of their best bullets that were in their gun because you know now they're down to 0 and even negative interest rates and so that's that's not a good sign they always can pull

a rabbit out of their pocket you know i mean they they can do things that are a little bit more nontraditional like what so it will end in japan have done whereas they do you know go out into the market and buy stocks and so there are other things that they can do but their ability to lower interest rates has really been limited and so i think that really wouldn't touch most european stocks even with some stimulus. you know from the wintertime with a 10 foot pole there are probably some opportunities like in the british pound and maybe a little bit later the euro but not many european stocks i would to right now we've only got one in our portfolio what about asian beings because right now they're bracing for bad loans to spike as business activity is kind of dying from these quarantines what effect do you think these balloons in non-performing loans have on the economy and how much bad debt can these banks tolerate before they implode will they need especially in china you know the people's bank of china the p.b.'s c. to intervene again. well and it could be and obviously these things usually get worse before they get better so i would expect to see that and you might even see

some smaller banks you know fold the central banks and governments would want to trust support at least some of its bigger banks so i wouldn't focus on banks that lend to japan because they're so debt laden but but in china some of the biggest banks like china construction bank for instance would be one that might eventually be worth getting into high dividend yield low did so if you were a little bit more fiscally responsible and they're just enormous so they may be looking at that way but right now i think it's probably not the time to even get into them and right now only 30 percent of small businesses in china are back to work but that number is improving many manufacturers are still struggling to source labor but these are getting better day by day right now it seems so it looks like things are kind of in an upswing so why is the u.s. equity market reacting more now when its supply chain actually recover. getting better than before when china was on a full blown lockdown. yet so there are some conflicting reports that really

differ from what the chinese government says so that's part of the problem and then the other part of the problem which is even bigger is that now it's come from china to europe and so now we've got 2 big trading partners that we do a ton of business with and there's you know there's grown infections in both places and i think that's really why it's starting to have a huge effect on our markets at this point in time and we may not see an end in sight just yet i have heard from people who are or sourcing products out of china 2 things are happening one is there's these enormous delays and to that even for the factories that are getting back to work now we're hearing that the government kind of co-opted some of those factories and say well if you're going to create hand sanitizer instead you're going to create facemasks instead. is there any way to work around that i mean i understand that china has this massive labor force but if they can't get back to work is there any place that manufacturing can shift to in the short term for instance mexico that have a lot of the killer the us set up for a long time but really haven't been active in a long time last work yeah i don't think there will be able to switch switch gears

very easily and i think this will they is going to last longer i've seen reports that some say that they want to get back to work until like mid august at the earliest so there's still a lot of their population is not getting back to work just yet john hyman editor of the logic on last i thank you so much. thank you. bigger isn't always better and after years of consolidation banks have gotten too complacent and too reliant on size scale and beach and no longer see the need to innovate so this creates an opening for fin tech to come in and disrupt their entire business model by offering a seamless digital financial experience from their core platform attack by nature has better access to consumer data than any bank and have uniquely intimate relationship with their customers facebook captures your social life instagram provides documentation apple fries are streaming and storage services and google is where you go to search for things you want to buy so how can banks possibly compete

with that newfound tech startup have harnessed these consumer access points and are rising to charge specific tasks and services big banking provides but cheaper more convenient and better shattering the entire big bag model examples of this include cryptocurrency for payment robin hood for trading wealth fund for managing your ira lending tree for loans and more the latest success is british then tech revolution as a hits a $5500000000.00 valuation after its series d. led by t.c.b. resolute has more than $10000000.00 customers by offering money management tools and undercut a traditional banks when it comes to money transfers and f.x. the new funding will go towards expansion overseas as it sets its sights on america later this year and the one thing that all of us left out is one of resolutes core business aspects is one of the currency something that america has neglected to address in their budget to address the banks of the i'm glad to address it as well i mean obviously cryptocurrency in the original koine was created specifically for the purpose of working around biggs peer to peer transactions it has not fulfilled

that promise but what it has done is demonstrated i think you as you pointed out the fact that technology has moved far beyond her banks are there like this huge steam liner it's very difficult to turn that ship and to readjust even in their. adoption of crypto they're keeping the old model of banking they're just trying to throw in a little fun tech to make themselves seem like they're doing more exactly what we didn't see it was that google and apple even though they control all their information they're also looking to become the new bank and the new payment method as well with google pay apple pay and maybe we'll see facebook like coming out this year with their lee radziwill and that's the goal of the libor for object right that they were project leader as o.c. asian is all about saying we're going to become a bank the problem is they keep running into problems of the regulators who say we know what you're doing zuckerberg you're trying to create a bank and get around it he's going to have some challenges. time now for the break but i am there because when we come back one of the nation's biggest media conglomerates trying to get bigger we'll tell you which company has swallowed up spanish language network univision or as our guest will say one of the and as we

had to break here the numbers of the clothes. she still must.

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thanks to the central bankers and they're giving it to a billionaire so he can buy jeff away so he can sell trent gets the more billionaires this is louis the $65.00 only a living off the labor of the peasant. is you'll be a reflection of reality. in the world transformed. what will make you feel safe. isolation community. are you going the right way or are you being led so. direct. what is true what is faith. in the world corrupted you need to descend. to join us in the depths. or

a maybe in the shallows. welcome back with the stock market recording 2 days of steep drops financial markets have ratcheted up bets that the federal reserve will be pressed to cut interest rates to cushion a feared hit to economic growth a lot of this centers around fears over the coronavirus but at least one official was warning against expecting the central bank to overreact to short term market moves so it helps to sort all of this out alter of fed up with a former fed insider danielle de martino thanks for being here so what is your initial afternoon you know what's your initial thought here as the markets are seeing consecutive days in the red. well look i think that the fed is trying its best to talk a very strong game and to provide a united front or at a master was out being fairly hawkish yesterday saying that there was no need for

a rate cut rich clarity vice chair on the board reiterated that stance today that their economy continues to be in a good place but i think that there's an air of naivete about fed comments right now simply because you cannot ignore what's going on in the coronavirus or even go so far as to say that the united states is not going to be affected that the united states economy is not going to be affected by the coronavirus given that we're a huge resource for tourism tourism and travel here and we're not just seeing you know travel closing out of china we're also seeing conferences being canceled in cannes koon in spain clearly part of italy is in shutdown mode right now so i think that you have to start looking not at what's going to happen in the manufacturing supply chain in the united states this is not a repeat of the trade war you need to start focusing on the majority of the u.s. economy which is our services economy now top u.s.

central bank officials have said no repeatedly that they see no need to cut rates further any time soon because they see the american economy is performing well so to speak and it's too soon to judge the risk from the coronavirus so will this possibly change the fed's position. well look i think that again fed officials can can be as strong as adamant as they want the market has begun to price in rate cuts and as long as there is a majority as long as there is a 6670 percent chance of a rate cut being priced into the market since alan greenspan was in office in 1907 the fed has yet to defy the demands of the markets so they can talk as mean of a game as they want i don't see them backing off of market expectations disappointing a market i specially when you're starting to see this kind of volatility and anxiety being seen in not just the stock market but the bond market with the 10 year benchmark treasury yield at an all time record low today but when they finally

decide do decide to step in and do something about it will it be too little too late. i don't think that we could necessarily know that i think that the fed might should have been preemptive when we started to see or at least speak more dovish late when we started to see how bad things could get there was quite a few mentions of the coronavirus in the recently released minutes but again there is a massive there's a huge economics conference going on in washington d.c. right now and it's clear that policymakers at the fed have decided to maintain a tough line even as the markets begin to go into this kind of panicky mode yeah until this point there is let's face it there's only a little bit of evidence here a little of all really that the coronavirus who actually did u.s. growth it seems like it's more a fear than a reality at this point it will go all economists have begun predicting some of the many ways that the coronavirus will affect it goldman sachs on sunday cut its assessment for 1st quarter gross domestic product growth from $1.00 to $1.00 from

1.4 percent because of disruption to supply chains you mentioned supply chains are going to go through a week like the one that we're having right now do we expect those projections to be cut even more. i think they do i think i think that this is not this is not akin to the trade war on steroids this is not something that is limited to the supply chain or to the industrial recession that is ongoing in united states that's a good way a pole light way of saying that the damage from the coronavirus is going to be contained to the 11 percent of the u.s. economy that is manufacturing look chinese tourists may only account for 4 percent of travelers to the united states but they account for 11 percent of what is spent on behalf of tourists when they visit here so this along with other disruptions to services much more so then to manufacturing again is what is going to trigger fairly quickly trigger job losses in sectors that employ quite

a few americans this is not specific and or isolated to the supply chain now in the u.s. treasury market the yield on the 30 year bond which is also needed as a proxy for growth like the station that tumbled to rector love around 1.81 percent and the 2 year note below one and a quarter percent to the lowest in nearly 3 years so how should the fed respond to this new. well look i think that bond yields right now are telling us one that there is positive yield to be had here in the united states so it's considered to be definitely a safe haven flow but i think that there is more to it than that i think that the market would not be pricing in $3.00 rate cuts by the end of. out here's me going out 12 months 3 rate cuts in the next 12 months if it didn't foresee a rising possibility probability of recession coming to us shores remember that the service economy went into contraction for the 1st time since 09 in the latest reading that we had when it came to new orders that's

a forward looking indicator and last i checked 09 we were just coming out of recession former fed insider danielle did more to nobu thanks so much. thank you. when it comes to media it seems like there are endless choices but the truth is that at the top there are only a few companies that own virtually all broadcast and cable and that while the consolidation just got a little smaller on tuesday with the announcement that 4 light led by former c.e.o. wade davis has now purchased the largest spanish media broadcast network in the u.s. or talk about univision here for lie along with searchlight capital partners just bought more than half of univision for around $10000000000.00 so during the summer the stuff of r g producer rocks and it's a lot of good to have you here so you have it in isn't just the largest spanish language network in the u.s. certainly it's also one of the fastest growing right way davis is going to take over as the c.e.o.

of that network as soon as this deal is done what does that mean for univision moving forward do you think so as you said wade davis will take over towards the end of the year one of the earliest close vote what these really means is that they want according to they increase advertising profiting and also the digital presence so remember. competitor telemundo univision completely it's owned by n.b.c. and b c it's owned by comcast and comcast has the biggest and strongest platform comparatively recent so this is where it's heading towards now is also consolidation between univision and televisa which is another huge television network in mexico televisa now still owns about 36 percent of univision so how will that affect the content chain between these 2 companies well then your nerves of you think we should recognize that that makes. has been a key success key to the company's success feedin spanish original content like he

said to share his story with the univision dating back many years ago and this deep in strategic relationship today has brought out the content that you need. so this is where it's headed not like. they would wait navies once. said to keep feeding. as long as they wanted so so speaking of wade davis you know his time viacom was really kind of punctuated by his purchase of pluto t.v. for viacom and that was a it was a big coup and in part because of the streaming service that it brought to it univision doesn't necessarily have a strong streaming presence right now i think that's an understatement right so it's part of the strategy that as he takes it over is to say we have to become as univision in our partnership with television that we have to become stronger competitor in terms of the streaming wars and what was what is the universe streaming service look like well if you think about it has been for sale since 2017

they tried to sell it to discovery and that business just failed and also they tried to attempt to be public you know i.p.o. company would start to so what he's writing trying to do is bring in that the utah presence. to the market to nowadays because traditional you need. the most known traditional media company there don't they don't have too much presence online that's basically what they're trying to do they have to obviously build out that presence in the right is they move forward in terms of mexico itself what does that market like in terms of trying to bring in the streaming technology is there but mexico is obviously one thing univision is different than mexico right it is it is primarily focused on the southwest part of united states the southeast part of the united states california areas where we see those large hispanic mostly mexican populations in the united states so last word here in terms of the streaming need

is that market ready or the underserved when it comes to streaming well if we think about it united states it's not even there yet within you know region and that's why this guy bought the company so i imagine what happens in mexico makes a great thing is still in the face of the traditional media company you know regular broadcast from 9 to 7 or you know like regular broadcast not as much as the utah presence or to reduce the rocks at us a little thanks so much. back releasing its latest album map of the soul 7 and is on course for its 4th number one album on the billboard $200.00 charts now within hours of the release map of the soul had already topped i tunes top charts in at least 91 different regions and swept up all of the top 20 spots on the u.s. i tunes top songs chart on the heels of the success of big hits entertainment the record label behind the boy band is taking the company public to think j.p. morgan and n.h.l. investment and others to be the book runners of the i.p.o.

this i.p.o. could be one of the largest in the year as the country's entertainment industry with a total valuation expected to be about $5000000000.00 the company is aiming to raise about $1000000000.00 the sale of about 20 percent stake in the 2nd half of 2020 big hit entertainment reported operating profit of over $80000000.29 with top line sales nearly doubling of $25000000.00. for reference this is more than the combined earnings of the country's top 3 biggest music management company. that's up by this time you can go to boom bust on demand on the brand portable t.v. app available on smartphones through google play and the apple. t.v. or stream mystere t.v. by dialing the one t.v. app on apple t.v. and online at www dot tv t.v. will be available on more devices and as always you can check this out and. see about.

the point is should we actually be charging for it because this is when we charge for things is because it's a benefit to the person. and that's the audiology to education about 30 or 40 years ago but the perspective of education was originally that education is a benefit for saudi in general i wouldn't want to live in a society with. what happened without. seeing it or being a prophet benefit and ignoring the public means that we're ignoring that the skill bias we need for a sophisticated society and putting the burden of that skill on the individuals what we turned it into is just now the china institution. that is not the

basis for a functional. structure to break this. to some extra and some from some sort of hope for the rest of life in the vault. in the troubled 19 seventies a group of killers rampage through parts of northern ireland that was coordinated loyalists attacks protect the only population of belfast tens of thousands were forced to flee their homes a mob was striking to put these attacks was a p.r. you see the police actually took part in the attacks so instead of preventing it they were active participants in the burning of coal streets in belfast at the time

more than a 100 innocent civilians were unloaded as the review can seniors and we found out more i was surprised about the extent and of the currents which the pollution was involved in some of those cases the killers would later be named into than a gang i think it went to the very very top i think it the cross the water where politicians you thought was going on and give the go ahead. to. the.

towns in northeastern france accuse the belgian neighbors of illegally dumping rubbish across the border. in skate. investigates being described as being one of the scales and you can see why. also this hour venezuela slams u.s. sanctions as a weapon of mass destruction and a mass form of warfare as president donald trump threatening to impose further restrictions on the country's oil sector. and u.k. athletics officials come under fire after a b.b.c. documentary claims they took part in a doping scandal involving a limbic champion mo farah.