Transcripts For RT Boom Bust 20240713

World Health Organization warns the worst of the krona virus pandemic is still ahead will global infections down at more than 2500000. 00 with the death toll more than 175000 w h o h o spokeswoman for a delicate said all Available Evidence suggests the virus has an animal origin and is not a manipulated or constructed virus in the lab or somewhere else this comes after President Trumps recent comments on determining whether the virus originated from a lab in one china well meanwhile singapore announced its plan to extend the walk down by another 4 weeks the move comes after a sharp surge in coronavirus cases in just the latest days. We will implement these type of measures on me. Be able to completely lift the restrictions off to that. And go back to business as usual. We will therefore extend this. For 4 more weeks beyond me in other words until the 1st of june. Then provided we have brought the community numbers down we can make for the adjustment and consider easing some measures well meanwhile iraqi officials scaled back the 24 hour curfew imposed to contain the spread of the chrono virus the new measures have a curfew from 7 pm until 6 am local time and they will remain in place until may 11th this comes days before the start of ramadan the holiest month in the islamic calendar traditionally involves a large gatherings will these large gatherings are still restricted but some shops will be allowed to reopen while some European Countries are easing restrictions germany has warned of a possible 2nd wave of countries Disease Control center emphasized the seriousness of the situation. The less we prevent the virus from jumping from person to person through our behavior the more the virus will fall to its actual reproduction rate the basic reproduction rate the rate that occurs when no measures are taken and that is somewhere between 2 and 3 in other words if we all now pretend that the problem has been overcome we will have another outbreak that is quite certain well brazil has the largest number of infections in south america they have more than 40000 the death toll more than 2500 brazilian president. Continues to clash with state governors who have imposed these walked onto a wall. Has come under criticism for joining these protesters and want social isolation policies to end this week the u. S. Is still the country with the largest number of confirmed cases globally with more than 810000 factions on the death toll now more than 40. 3000 governors of georgia South Carolina and tennessee all said they will scale back restrictions and they plan to reopen businesses by this week this comes as governors and President Trump continue to quarrel on how and when to reopen state economies want tuesday new York Governor Andrew Cuomo is scheduled to meet with President Trump to discuss more testing the tristate thats whole top 20000 states are still struggling to get their hands on these tests meanwhile President Trump announced his plans to temporarily suspend immigration into the United States as the country paddles the pandemic but for more numbers and information on the coronavirus be sure to check our portable dot t. V. s and take a look at the section tracking coronavirus. The dow is plunging once again this tuesday as Oil Prices Continue their precedented fall may contract went negative yesterday for the 1st time in u. S. History but they managed to claw it their way back to positive will boom bust cohost christi i actually just explained kristie whats happening in the oil markets this tuesday. Well whats of concern to investors now on tuesday is that theres even more selling now occurring in the back months the june contract is down the most active trading down over 40 percent today meanwhile brant crude also traded down about 23 percent below its support level of 20. 00 per barrel so as storage continues to fill up prices could try at extremely depressed levels for the foreseeable future the main u. S. Storage hub in cushing oklahoma where the beach i expect to be full within weeks so even as Opec Oil Production cuts kick in and may those 10 percent cut will barely make a dent as Global Demand has dropped more than 30 percent meanwhile u. S. Shell produces a fast approaching the point where theyll be forced to shut down operations now president from called on the government to make fun of ailill to u. S. Oil and gas industry after promising in a tweet that he quote would never let the great us oil and gas industry down so currently its unclear exactly what will happen but its actually he is allowing the donkey firms to live longer and produce more oil basically adding to the worsening situation so as the old saying goes the old the only cure for low oil prices are Even Lower Oil prices so in that environment the u. S. With its high cost producers is just not competitive well kristie Oil Prices Went negative what does that mean for this for this going forward. So basically as futures contracts expire they tend to converge with the realities of the physical market and as he says or space is running out the physical market is so overwhelmed at this point so as many of the paper traders are unable to actually accept physical delivery traders ended up paying someone to take oil off their hands so while the may contract was an anomaly whos to say that the june contract wont be equally as catastrophic it is currently down over 40 percent today and theres still the issue of the other is on market surplus and then theres the issue of the negative impact of investors rolling over their june to july contract and we saw all of that is that curve yesterday and we also just saw the u. S. O. Who filed to restructure today that theyre holding 40 percent of its 4. In june contracts 55 percent in july contract and 5 percent in august so that any can indication at all it shows that the downward pressure in the june contract will continue to accelerate well even then were going to see a big change in the coming months but we we have a few big earnings reports that were out today some of the big ones i. B. M. And cocacola how did they do. So i mean reporter our names and it seem like tech is not immune to a slowdown that has spread to basically every single corner of the economy so while top q one earnings it issued a warning for the rest of 2020 as clients and they had paused revenue decreased 3. 4 percent year over year as Software Sales slow and then as a result the entire Tech Software in particular g. V. They traded down more than 4 percent was her x. Sales force more to networking and more Software Leading the decline cocacola as a consumer staple also wasnt safe they also announced a a while of course did earnings beats it with drew as a note for past citing of the closure of movie theaters restaurants is severely hurting business with falling into have plunged over 25 percent so while it got a short term from consumers hoarding stable then beverages from Grocery Stores the impact of these closures is going to be material and 2nd quarter earnings the company also reiterated that its also cutting costs where a ripoff will make a slashing marketing dollars and as cocacola being one of the biggest ad buyers in the world that not spending on marketing will have been here and locations for all of those downstream shares are now trading down over 2 percent today despite the well for more on this we want to bring this up of the trading Todd Horowitz thank you for being with us today i want to start with this almost breaking news a 450000000000. 00 stimulus bill that congress has just reached a deal it looks like its about to go to the senate now if passed even if passed if economies remain closed still may not be enough when you see another possible stimulus bill coming in and how much. You have to do and things drive me back it was i hope they stop with the stimulus bills and start to open the economy the only cure for whats going on is actually people going back to work is stimulating the velocity of money if money is just going to be given out and people argue its going to put it in their pocket or buy groceries or that were not going to see a growth were not going to see any improvement in this vicious cycle that were in that has been created by. A lot of this ridiculous stimulus is going to continue we need to get the economy back open we need to get people going back out again again i understand the social distancing and all the other things but you cannot cure a pandemic by destroying the economy and killing the wealth of everybody so that the money they need to get the economy open let it grow on thats what a lot of states are starting to do a lot of states in the south including georgia but thought oil is really whats driving the market right now right i mean this morning the u. S. So e. T. F. Now they suspended the creation of these new baskets theres a lack of demand its a serious issue this is one of the biggest retail oil u. T. S. And theyre basically transforming us so into a closed end fund so so why did they do that whats happening there and are they even are they in danger of blowing up. Well you know a cell will blow up they say the the measure of the e. T. F. Itself is not designed for physical delivery is not designed to handle whats called the backwardation tangle patterns that appear and if you look at oil you can see that general right now they close about 1350 whereas july oil is about 18 and as you go farther out we get into the twentys thirtys and even the fortys in some months now again youre seeing is the were sure the hope that were going to see some growth but you and mentioned earlier that could you see june go negative as well listen if we dont get some growth and start to take some member here and there you could very well in 30 days from now see june go negative when we get close to delivery because again this is what happens when people have to get out yesterdays disaster was more of a forced liquidation through a lot of places and i assure you well hear in the next couple of days of a couple of firms that are going bankrupt because of this force liquidation they were just say which drove the price to minus 40. 00 a barrel minus 40. 00 thats a new record a record low for the u. S. President trump says he want to allow it to happen again basically he wants to salvage this but christie let me turn to you a ton of trader. As it got burned in this oil trade do we know who those those those people are those those the got burned. Well as todd has pointed out the u. S. Really wasnt meant for physical delivery and so theyre for the u. S. So its primarily dominated by Retail Investors its basically an e. T. F. Which is a really popular without me telling westerners can kind of gain exposure to oil so real or traders they typically never key positions into exploration and thats when liquidity really drives up retail traders on the other hand how are all the side of the u. S. In recent weeks given the very depressed prices all going to make a quick pop and a quick scout you know. Surge and that represent about 30 percent of the dont need to my contracts outstanding and they were the ones Stuck Holding the hot potato when all the music stopped playing out today the retail traders were still long the contracts into this week as todd said they were forced into liquidation because they dont systematically roll their products they dont roll over to the next month and therefore they were basically forced to sell and to close and still basically only did it suffer a huge loss they actually went negative because they held onto a contract that they did not understand not realizing that it could go negative definitely not realizing it could go negative but it certainly did but kristie i want to get one last question and in the midst of a bank has now launched its Pilot Program for digital r. And b. Across 4 cities thats been working on this for years china has been against as well though banning it several years ago whats the latest here. So all theyre currently conducting a Pilot Program in 4 cities send. Chengdu and shell and now this isnt really a real cryptocurrency like what youre talking about its basically a central bank back Digital Currency at c. D. C. And while the application is quite impressive it does allow for faster processing rates and all that it does go fundamentally against everything that crypto currently stands for so with all transactions will be monitored and stored and the p. L. C. Will essentially have instant access to peoples wallets even in the world or areas so china hasnt officially announced a timeline for launching its digital r. And b. But speculation is building already as you can see acidic Bank Analysts noted that the total size of trying to diddle current think could reach one 140000000000. 00 over the coming years and thats going to call into about. Market definitely interesting how this will play out we have about 45 2nd answer talk i want to get your take are we expecting to see and retest the lows that we saw in march in the market as we keep getting hit with the negative numbers i think of no you will remain not negative and i believe that you will will well take out the lows and we should at the end of day go much lower before we start to really go higher and never chance to make noise well its definitely been a roller coaster hopefully it will become somewhat study in the coming weeks if not months cohost christi i taught horwitz of a trading thank you so much for your time. And. Time now for a quick break but hang here because when we return companies are looking to get back to business but it may take a lot of testing and workers that willing it to actually take them before it can actually happen well as we go to break here the numbers are. Join me every thursday on the island so im unsure when ill be speaking to us of the world of politics for this those im sure ill see you then. After a lot plus your primary democrats and the immediate friends have decided on joe biden as their partys nominee is ceilings are being willed aggressive. When hes just offering voters will the d. N. C. Experience buyers. As a number of states are beginning to release their stay at home orders more and more employees that will be allowed to head back to work well obviously the coronavirus will remain a serious concern for employers so what should be done to detect it will can employers mandate Virus Testing for employees or should they well according to tech crunch the notion of testing employees does not or poise who dont exhibit symptoms has been a less pressing question however due in no small part to a limited availability of testing kits but as the w. H. O. C. D. C. And other organizations have made abundantly clear its entirely possible to carry the virus while remaining asymptomatic a fact thats made the Novel Coronavirus all the more scary well joining us now to. Pants on then obviously employers must abide by the rules as well as hipaa laws but the most basic question here is can an employer require employees to be tested for the crown of iris. Well thats kind of the question right now is whether or not you can or cannot the 88 the american with disabilities act. Centrally lays out some of the things you can and cannot do and so there are some rules about how employers can conduct themselves for instance in the case of the coronavirus an employer could ask an employee if they have been exhibiting symptoms of the coronavirus Something Like fever or chills d body aches those kinds of things you could ask those questions is nothing wrong with that in theory you could also test employees though theres a big question about whether or not you could mandate testing but heres whats important is that according to a. B. A. Guidelines right now you cannot legally fire someone who has the corona virus so if someone does come down with the virus they cannot be terminated for it so the question would become if you you know someone refuses the test can you then fire them for refusing the test if you cant fire them for having the virus thats where it gets a little bit tricky we know amazon jeff bezos told shareholders last year they that the company was starting to gather the equipment that it needs to build a coven 1000 testing lab for its employees and the company has deployed a redeployed a team of scientists procurement specialists and some Software Engineers to work on a lab for testing these out front line workers could we see other employers follow suit and really create their own Testing Facilities i dont think its very likely that most employers will do this 1st of all the cost of this would be enormous of course amazon just you know has so much money doesnt know what to do with it so they can pretty much do whatever they want and jeff bezos is just a strange man who likes to do these kinds of things right he loves the idea im going to test every employee and were going to monitor our for your standing from someone else whats more likely to happen in the short term is that there might be in off. This buildings you know kind of temporary testing site set up was you know that one article that essentially said in the future we could have employees required to come into work earlier than usual so they can go through a testing facility be tested in like the lobby of their Office Building and then within a few minutes know whether they can go upstairs and go to work. There is so much for associated with that though after a short amount of time i mean how how long can you carry that on it might happen for a short time but in the long run i dont see employees or employers either paying for or wanting to go through this for months or even years on it its a lot of time we already see some business in some offices doing at temperature checks but thats thats a little bit different thats obviously they have the monitor to be able to do so Something Like doing the actual code in 1000 testing have a shortage of tests right now so how can they see what happened thats right and one of the things on that you know remember that a lot of people can be asymptomatic with coronavirus so you cant just check for fevers you would have to do a if youre going to do this and make it fair you have to test every one of the cost of that for companies i mean every company and every business in america going to pay for tests to test everyone every day its not even practice like you said amazon has the money to do it that that thats the reason theyre doing it let me get one more question and cheetah is expected to issue the worlds 1st immunity passports this is to people who have recovered from the krona virus are going to make them exempt from quarantines and some other restrictions are we going to see other countries follow suit. Does they say that theyre going to issue these passports essentially saying you have contracted corona virus youre better now remember that dr anthony felt she who from the and i h. Was essential a kind of running point on this for the trumpet ministration eluded to immunity cards that people could be carrying in the future which again is kind of a crazy idea because number one it requires that if you get corona virus that you can get it again we dont even know that thats the case and number 2 what i think theyre actually alluding to is people who have been vaccinated but again just because you get a vaccine doesnt mean you cant and it can track something because of these to you defending our its absolutely theres already talk that corona virus is mutating so i think the whole concept is nutty to begin with you certainly dont want to see that here in the u. S. And with other coronaviruses typically what you do as you develop these antibodies and they last anywhere from 2 to 6 months like you said does that mean that you cant get it again we dont know or blue. Cohost ben thank you for that sort of things. German automaker vokes wagon is settling hundreds of thousands of lawsuits brought by car owner for rigging diesel emission tests well a company must now pay millions more over the cheating scandal which broke 5 years ago and continues to impact other carmakers around the world here now with more is legal journalist molly barrow there with americas lawyer who has been following the story molly thank you for being with us today how many claims were brought in this class action lawsuit. Has there will in this particular settlement its about 2 160000 claims in the settlement covers 200000 of them about 3 quarters other cases are still under review those owners could get payouts of somewhere around between 1500. 00 a car or almost 7000. 00 a car depending on the age and model of the vehicle the company has paid almost 700000000. 00 sarat to settle this particular lawsuit and since this scandal broke its cost the company 30000000000 to address it also with fines and refitting the software there are another 8000000 vehicles involved in Europe Germany is signing up to tens of thousands of clients as well on a no win no fee claim basis so this isnt going away anytime soon in the laws are a little bit different in germany than they are here in the United States but it is a difficult time because of the coronavirus where people are wanting to just take the settlement because they know they need the money but how did this cheating scandal work. Oh basically carmakers worked with a Software Company to manipulate the data in the vehicle so that it would look like the diesel missions were added below an acceptable level when in fact were they not only over they were way over like 40 times over in some cases what they should have been and that rig software was discovered during routine investigations and exposed even the company that helped create the software was fined a 100000000. 00 i believe in that particular scandal so its an ongoing issue and like you said lots of folks need the cash they may be willing to settle quicker. And they might have otherwise exactly even though apparently google and facebook are now placing ads in germany for this no win no fee for an order for them to to help claimants for now but are there any other carmakers now facing any similar situations. Yes the more i dug into this and spoke with one of the american attorneys thats handling this investigation theres off firms all over the our part of of a coalition they formed called the Diesel Emissions Justice Foundation in the netherlands and looking into it talking to this is pretty big it impacts a lot of manufacturers theyre representing car owners who had the v. W. Theyre also representing car owners who used other vehicles as well like big manufacturers mercedes b. M. W. Fia chrysler theyre all involved in this a lot of them use the same exact rig Cheating Software and theyre seeking compensation on behalf of those car owners there are other companies that are being investigated but not named as well and a lot of these companies are in different stages of settling in Different Countries v. W. Ffion have settled in the u. S. Its ongoing for mercedes and b. M. W. We talked about germany they are settling there on an ad hoc basis and theyre working out a settlement now in australia so theres a lot going on with this case well auto sector is already hurting a due to the coronavirus so this even having a greater impact on them molly barrows contributor with americas lawyer thank you for your time today. Many types of life celebrations have been canceled due to the krona virus this includes weddings well of youre one of the couples whose wedding was canceled and you happen to live in the new york state well theres good news over the weekend new York Governor Andrew Cuomo signed an executive order allowing new yorkers to obtain a marriage license remotely almost new york marriage bureaus have been closed for weeks and are not able to issue licenses during a briefing Governor Cuomo said video marriages ceremonies theres now no excuse when the question comes up for marriage no excuse you can do it by assume yes or no while brides and grooms have chosen to keep their wedding date new yorkers are able to process the necessary paperwork be a video. County ohio in the state of colorado have also taken similar measures so remember theres no excuse when it comes to saying i do well thats it for this time you can catch boom bust on demand on the brand new portable t. V. Apps available on smartphones through google play on the Apple App Store by searching portable t. V. Stream us to your t. V. By downloading the portable t. V. s on apple t. V. And online at www dot tv and as always check this out on youtube dot com slash boom bust r. T. C. A next time. Same wrong one old rule. The world is yet to shape out just because the educated and indeed trained equals betrayal. When so many find themselves worlds apart we choose to look for common ground. Thats geysers financial Survival Guide liquid assets not those that you can convert into caste quite easily. To keep in mind no assets mean to the place of. Work. This is a story about what happens auster a stray bullet kills a young girl in the streets. What happens to her family and daughters and. The mother daughter is buried in a cemetery. With your head what happens to the community the public was screaming for a scapegoat the police need is a scapegoat so why not choose a 19 year old black kid with a criminal record who better to pin this on than him and what happens in courts be. Shot after shot as far as i feel. We dont know childress for the. End of this unfortunately you. Will still not know what childress. Greetings and sal you take. Let us start today with a little black gold texas tea you know im talking of course about oil yes fossil fuel driven world oil is at the center from which Everything Else springs sport including the handholding love affair us politicians have shared with the saudi royal family the political and business relationship between saudi arabia and the United States of america has always been a controversial one at best and downright despicable at worst at least to. Those of us you know most of our size living outside of the washington d. C. Oil lubricated power structure but now in the wake of the cove in 19 pandemic and the prices of oil falling to rock bottom prices around the globe due to lack of consumption the once mighty fossil fuel power structure is frankly falling to pieces even us Oil Production for the 1st time in history dropped below the hero high into an incredible negative negative 37. 00 per barrel negative yes they dont pay you to take care to take this oil up their hands but what the once mighty oil empire of saudi arabia now crumbling when asked to wonder just what the United States government is still trying to protect when it was revealed last week during a civil lawsuit brought against the saudi government by the families of 911 victims that in a series of filings u. S. Attorney general william barr yes william barr the ad as well as the acting director of National Intelligence Richard Grinnell and other senior officials insisted to a federal judge in the civil case that further disclosures about saudi connections to the 911 plot would imperil National Security and in case you were hoping to at least know why the contents of these documents would imperil u. S. National security well you dont get to know that pro publica goes under a point that the administration insisted in Court Filings that even its justification for that secrecy needed