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tv   Boom Bust  RT  November 16, 2018 5:30am-6:01am EST

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what. i. miss is boom bust broadcasting around the world and covering the world of business and finance and the impact upon all of us i'm part chilton of washington thank you for being on board we're sure glad to have you coming up today we have a super broadcast and i can't wait to get to it off we'll talk about the future of then tech that's financial technology with henri are still waiting in the fin tech and crypto leader at big four accounting for pricewaterhouse coopers but first we hit it hard and move right to the breaking news related to brecht's it let's go. british prime minister theresa may says she will carry on and see the brics that process to its end after the resignation today of four cabinet members including her brecht's that minister dominic robb the prime minister held a news conference earlier amid reports of internal party challenges to her
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leadership and acknowledged their resignations while insisting that her deal was best for the u.k. and the e.u. here's what she had to say my approach throughout has been to put the national interest. and you don't judge harshly those of my colleagues who seek to do the same but you reach a different conclusion they must do what they believe to be right just as i. i'm sorry that they've chosen to leave the government and i think them for their service ms may's leadership was criticised by opposition labor party's shadow brecht's that secretary and the leader of the far right u.k. independence party who says she could be out of power within the week here's that i think what the prime minister needs to do is to reflect on it listen to what parliament has to say and adjust her approach because she's she's not going to get this deal which is not a good deal through parliament and i wouldn't be surprised if she's not gone by next week as prime minister because it's difficult to see how she can survive this
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she's come up with this withdrawal agreement and nobody wants it doesn't satisfy the remain as who don't want to leave anyway and it doesn't satisfy the leavers. for more we're joined by brecht expert a dual u.s. u.k. citizen the c.e.o. strong marco reportage hilary welcome it's been an interesting forty eight hours since you gave us that last update what's your take on what's the current circumstances well i will say that interesting is an understatement yes it is being quite fractious and as we predicted you know theresa may has a tough road to hoe and the reason is because she's not satisfying the laborites she's not satisfying those that wanted to remain and she's not satisfying the bricks that is remember she was a remain an initially and what has happened now with all these resignations those lead a power because they need to be forty eight left as a forty eight come in then there will be a general election interestingly and you think that political popularity could be
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a problem if she actually could be out of power as we're hearing this a moment ago well actually yes don't forget she lost seats in the last election as well and she did promise to set down if there was a loss of so many seats so she isn't a very precarious situation i can't really think of many who have her back and if you look at what jacob riis mugs said earlier today what he was saying was that she's failed at every point and she failed to get a good agreement out of brussels she failed to secure what basically the british public was voting for and if the u.k. stay so close to the e.u. stay so close to the tyrus stay so close with all of the customs regulations that basically that is a brick set so the british public has voted for something which hasn't been delivered hillary let me let me ask you do you think that some of this leaving the cabinet and some of this is really political positioning by opponents there in the u.k. or do they have serious specific concerns with the actual brics that text well actually
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i think is a somewhat a combination of both thought if you looked at the on the lying sort of a lose. that theresa may made when she said that she's speaking on the interest of the nation first that's what she was alluding to exactly to your point i do think that if you look at their track record i mean reese most has always been far on the far right and he has always been a breakfast so he is staying true to his roots as they all have but of course i mean you know politicians vie for leadership and he was mainly very articulate today he had great. he was a great points where he had actually knew every single part of the agreement and another ca did very clearly what it is that this draft is not accomplishing was others have not said as to sink lee as he has but i know we've talked about these particular points in the past you've elaborated for them you know the irish border
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and and the geographic indicators those sorts of things yes but it seems to me those things have already been negotiated and you know there's not much you could get by going back to the e.u. negotiators do you think there is well yes because they take a harder stance don't forget one of the things that we smaug said today was that you know seven percent of the world's population lives in the e.u. and what the u.k. would would do in a scenario without an agreement is to revert to w t o rules and regulations instead of accepting all these towers which is what this current draft agreement is stating that's what the british public at least voted not to have which with the tower and the customs union deal they did not want that that's what the vote was about and what is the next step in the process of going to parliament hillary well first of all it's got to be approved by brussels which of course it will be because theresa may was agreeing with them and then it comes back later then to call them and but of course like i mentioned i mean you had this letter come in of the from the resin
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the no vote letter came in for a no confidence and is there another series of letters and if that reaches forty eight then there would be a general election that was. that would be triggered by those that is ok and i want to expand our conversation to the economic impact of brecht's that we've talked about a few times with the growth of the youth but i to do so i want to head to berlin and bring in our t. correspondent peter oliver peter thank you for being with us we've spoken about as all of the large banks are moving from the city of london to amsterdam frankfurt over there in germany where your and paris but what do people expect will be the impact upon the e.u. as a whole. now if you listen to the politicians certainly the ones that have been coming out and saying things here on the the european continent it's broadly positive this deal is basically what they've been saying all along that being outside of the club can't be more beneficial than being inside of the club they
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wanted certain conditions in place for breaks that deal and it seems that those conditions of either being met all they've come a certain way that they're willing to accept them and we heard from the european council president saying he was pretty much on side with this deal he was looking forward to a summit on the twenty fifth of november where he expected it to be greenlit by the european council if you start looking into the business world a little bit more they will start off a little bit with the the politicians still owe the european commission european commission if a trade psyllium ouster him she also echoed some of the positivity of the politicians like i'm going to merkel. donnel to the european council president but she did say there was still a lot of work to be going on. the overwhelming message is nobody wants to see britain leave the european union but if they must go then this is probably the deal for it however you move away from the politicians you get into the chamber of
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commerce here in china many the head of the chamber of commerce's is less than impressed there they're more giving it more of a wait and see approach the same. goes from the. well the leaders of the insurance insurers association here in germany they're giving it as well that more of a wait and see approach the reason to giving that wait and see approach is it's ten days until the twenty fifth of november a lot can happen between now and then particularly if if to resume a was to replace dominic robb who stepped down as brakes at secretary with michael gove now michael gove we hear there's apparently said he would quite fun see the job only if he was allowed to go back to brussels and renegotiate and that summit on the twenty fifth was council now that would not go down very well at all with people here on the continent if you think people are sick of breaks that in britain the certainly sick of breaks that here in europe and the idea that this would be
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trundling on for longer well that would start seeing more and more people talking about that no deal breaks it not is a it's a crucial thing because people talk about it a lot more of people in higher and higher places we heard the the chief spokesperson for the european commission on thursday saying he wasn't going to talk about tittle tattle and who it said what about where but what he did say is that the commission had plans for a no deal breaks it and that they were keeping them under their hat for now we heard from the french prime minister who said that we really should talk more about a no deal breaks it and we should be talking about the potential effects for that make no bones about it the europeans don't want a no deal breaks at the brits for the most part don't want no deal breaker that tends to be only the the more hardcore brags that t. is the the you keeps the nigel for arches of this world that want not want britain to just leave means leave and just get out of the european union it's not going to be as easy as that it's certainly not over yet so the politicians broadly positive
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on this deal business and those involved with looking out for the interests of business saying it's a little bit too soon just. yet to say this is a done deal and hillary briefly are there sectors outside of finance that we've talked about that we particularly either are winners or losers yes i met think that what you what you're seeing of the common factors that have pulled already out of the u.k. and then also i think it's important to look at the pound of the pound plummeted today about another one point nine percent that's going to affect all across industries don't forget the supply chain of many companies you think is something that so quintessentially english sort of like british like a rolls royce for their supply chain it goes across all these countries so you found a lot of the aerospace manufacturing companies as well as call manufacturers those that have pulled out of the u.k. and i think as we talked about before the businesses have to make plans politicians are up against the same kind of deadlines in terms of leases and. programs and are
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a piece of the things that these companies are off so yes businesses have suffered and the palace suffered the only thing i would say is if you look at the the footsie one thousand a lot of those haven't suffered to the same extent mainly just because they sort of bridge across a number of different currencies so they have not been affected as drastically because their overall market valuation again is more global very interesting hilary forward should peter oliver thank you both so much appreciate your insight and your time thanks guys thank you thank you. and turning to the u.s. retail sector big fish in that shrinking pond have turned in their earnings reports macy's pulled a hat trick beating expectations for a third straight quarter in q three with a three point three percent increase in sales and net income of sixty two million dollars more than doubling that number from q three of last year walmart also surprised analyst positively on both earnings per share and same source store sales
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at fifty eight cents and three point four percent increase respectively the reach. increase the earnings forecast based upon those new figures and j.c. penney's trailed its rivals with the same store sales falling by five point four percent and a net loss of one hundred fifty one million dollars jim chief executive officers said our objective to put is to put j.c. penney back on a path to profitable growth in the coming weeks and months i will continue to meet with and learn from our teams throughout the entire organizations talking with them about what we're doing and what's working well and most importantly what we can do to address our opportunities. and moving from north to south america the argentine senate has sent an austerity budget to the desk of president reseal machree enabling mr machree to meet conditions imposed by the international monetary fund
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or i am in exchange for emergency financing we've spoken about that on the program the budgets line items and underline projections show a cut in the deficit from the two point six percent of g.d.p. down to get this zero one to see those numbers the budgets cuts of thirty five percent to social spending an increase of fifty percent in payments on debt required by the most recent addition in june of six point three billion dollars to the previous total of fifty billion in i.m.f. financing and i have i.m.f. spokesperson praised the budget cuts that indicated a direct meeting between i.m.f. director managing director christine lagarde and mr america is likely to occur at that g twenty summit in buenos aires later this month that we've told you about. and turning to the right ailing sector there is i catching news on earnings and two major players are entering the rewards game hooper has released figures that show net losses increasing thirty two percent year over year in q three to
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a level of nine hundred thirty nine million dollars meanwhile labor says revenue increased by only five percent between q two and q three. and another notable landmark in the sector's development both over and rival lifts have now begun to compete in offering rewards for frequent customers were got a head start launching their program yesterday lift announced last week that writers can begin using their rewards programs next month. and it's time now for a quick break but hang here because when we return we'll talk about the future of financial technology then tech with henri arce where he and the fin tech and crypto leader at big four accounting firm pricewaterhouse coopers as we go to break here the numbers at the closing bell all green arrows on our big board today we're back in a flash. you
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know world a big part of the new law and conspiracy it's time to wake up to dig deeper to hit the stories that mainstream media refuses to tell more than ever we need to be smarter we need to stop slamming the door on the bats and shouting past each other it's time for critical thinking it's time to fight for the middle for the truth the time is now for watching closely watching the hawks. come with the suits up the sleeves wolf. i feel for sunday and this is the world's going to say the boy in the stands with the must be so it looks. this is
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new with. a lot of snow on the front of us now because i am. gone. this is kind of doing that but you also look at them what are you putting extra close to the show such as the sort of. you would do when you want. to.
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welcome back the troubles of jet airways who are in the news yet again today as a corporate suit or as it merged to with a troubled carrier into a merger tatto sons ltd is reportedly pitching a two step plan which would give the tad a controlling stake in jet and effectively merged with a airlines which operates from their hub in delhi under the name the stare a tad a son's limited as a joint venture between tatar and singapore airlines the acquisition of jets reported fleet of one hundred twenty four aircraft would greatly increase tad as current fleet of just twenty two planes and immediately position the new corporate entity as a major indian carrier jet currently is india's second largest airline. and the world's largest shipping company is warning that the trumpet ministrations trade crusade against china could harm the industry for years the chief executive of maersk serin soak told reporters quote the irony is that after trump turned up
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the rhetoric the united states started importing even more from china but there will definitely be a price for the container industry to be paid maersk officially known as mall or maersk a.p. released figures which show chinese imports from the united states falling by as much as thirty percent year over year on the flip side mirror says u.s. imports from china grew by five to ten percent in q three as u.s. companies including wal-mart we spoke about earlier race to. inventory of chinese products. and other shipping news that offers insight into global economic trends tankers filled with liquefied natural gas or l n g are reportedly beginning to linger in asian waters longer as climate change continues to warm our world seasonal demand for l. and g. is dropping off particularly in china the world's largest importer of natural gas earlier this year chinese buyers moved to secure supply for the winter but in october as expected cold weather failed to develop demand began to melt reuters
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reported today that as many as twenty tankers collectively carrying roughly two million cubic meters of ellen g. are now meandering in asian waters the tide up tankers are in turn creating scarcity in available tankers pushing shipping rates even higher meanwhile the estimated value of that glut of gas has doubled from two hundred million dollars just for a weeks ago to forrard million dollars currently. and we now move to discuss the future of fin tech financial technology and are pleased to welcome back to the program the pete obviously thin tech and crypto leader in asia on our slaney and henry it's so great to have you you are the chair of the fin tech association of hong kong we're going to talk about that a little bit and you also teach ben tech as an adjunct associate professor at university of hong kong we're really pleased that you had the time to spend with us
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from over there and want london center is so busy when we talk about tech it really is just the use of financial technology in our economy is and changing the way that the financial sector is designed and how things are delivered what are some of those sort of transformational things on read that are now changing the sector. good as o'barr great to be here absolutely this is probably the most exciting time to be in fine in financial services and there's a lot of changes going on for example at the macro level a couple years ago many believe that the real change a disruption of financial services was going to take place by frantic startups and by silicon valley but actually what turned out that a real change in the industry took place actually from tech fit technology players entering the financial services place and china you know china today is without any doubt the global fin tech beat to see leader and they're easily eighteen to twenty four months ahead of the rest of the world and agree
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a good example of this are the payment systems of the lot of the last tech players for pay and hourly pay for example but just to put things in perspective lastly the mobile payment space in china was twelve trillion dollars just by way of comparison there was about fifty billion dollars in the u.s. so it really shows you how the different scale of things but also at the micro level as well bart i mean you know one of the big innovations i'm following right now is voice as a user interface you know over the last couple years every financial situation try to become mobile first really bring everybody on their up and read delivers financial services using mobile applications and right now with the rise of voice tools you know tools like amazon echo or google home and people becoming more comfortable we may see financial institutions try to integrate those tools inside everyday banking services and hopefully make banking more exciting and more more enjoyable for their customers you i'm smiling with you when you say making banking
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more enjoyable but i know there's a lot of folks out there and you do too that think it's just a pain that they'd rather have a root canal the than deal with banking one of the particular areas that i want to ask you about is a i about artificial intelligence and how is that playing out in financial services henri. absolutely i mean artificial intelligence will have a massive impact on financial services i mean let's look at particular one area which is a compliance and regulatory compliance one of them being anti money laundering today bart i mean the financial services industry spends billions of dollars every year and try to actually block launder transactions from entering the financial system and it's a massive failure may according to the u.n. despite all the efforts of we're doing today to combat money laundering we're able to capture less than two percent of longer transactions and this is actually one area where wreck tech regel triptych knology where we will to use some of the
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latest technology including artificial intelligence to actually deal with these regulatory obligations not only more effectively but also more efficiently and actually we're able to foster a i not only to reduce the number of false positives but actually do a better job in tackling one of the biggest issues we have today in brother financial services related to that on really when you talk about ai and really it's almost the same issue and in finance i suppose and that's big data we have a guest that comes on pam peck citron we call her the data wrangler and the amount of information out there is just crazy and we talk about you know being hacked and all of our information got going up how does big data play into the financial tech sector not just with a high but generally. oh absolutely barked i mean i think. big data is going to play a big role and also many will argue that data is actually the new oil of the economy and that it also is a political or financial services i think one of the big developments of falling
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right now is that today users give out their data often for free for example i'll give all my data to be able to use the facebook platform or actually to google to be able to use their search engines and one big trend we may see especially considering the recent backlash against technology firms is that she consumers and users being able to monetize their data and actually look at one trend that we may see it probably in our lifetime is not only being able to monetize. to see the to have certain different sets of value for example if i'm a big mountain climber or i'm a triathlete probably my data is worth more to certain companies that if i have a regular nine to five job at an office and that's you with this we may see actually not only users be able to monetize their data but really create a whole eco system around and that's actually very very exciting i want to get your view on robo advisors to our they are increasingly being used what do you what do you make of the robo advisors in this space the financial sector.
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it's a good question but i mean obviously the robo advisor industries officer growing quite a lot and we're actually seeing the industry have a big impact on the traditional asset management industry and this is not only start ups firms like walt front are better of betterment but also some of these tablet players who've been entering the robo advisory space firms like black rock or vanguard but what's really interesting when it comes to wrobel it really plays in the bigger team of a new topic that's becoming very trendy which is financial health which for example i was reading recently that fifty seven percent of americans don't have four hundred dollars in savings in case an emergency happens and actually that's quite sad actually and this is you know to the same effect that you know we exit size for our physical health or we meditate for our mental health hold we're seeing a big trend towards using fin tech tools like robo advisors or p. to p. in order to actually improve our financial health and again this is a great example of the benefits the fin tech has not only on the financial services
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industry but also on individuals you mentioned henri a few companies but i want to ask you and maybe the answer is all of the above but which are the biggest companies looking at. you mentioned facebook there's amazon ali a ten cent which are making this sort of major moves out there. yeah it's a very interesting when you look at the large technology firms obviously these large technology firms have an advantage over startups may not only to have deeper pockets but with certain extent they have the trust of their of their users i mean for example if i'm happy to put all my my kids' pictures on facebook i would want to wouldn't i use that as well to send money to friends and family or if i'm buying all my daily necessities on amazon we're going to use that tool as well to buy insurance products and what's being really interesting now is how we're seeing these large technology firms enter the financial services space and this is again one area where you have to look at china i mean let's look at for example today we chat which is
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a large messaging platform in china has more than one billion monthly active users and this is quite remarkable but what is even more remarkable is according to certain reports about one third of those users use the app more than four hours a day i mean by way of comparison the average facebook user uses the for about twenty two minutes a day and this is really interesting how these large technology firms especially in china are really there and able to offer financial services to their to their users in very innovative ways henri we can't thank you enough for being with us we hope you'll come back because of all of this fin tech talk we didn't get to talking about block chain or about crypto currency if we've had you on before but i want you back on that stuff on really on clarion the p.t.c. pen tech and crypto leader for asia henri thank you so much for your time and sharing your expertise pre-shared it. and that's it for this time that was a blast that was thank you for being with us or you could catch boom bust on directv
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channel three twenty one dish network channel two eighty or streaming twenty four seven on pluto t.v. the free t.v. app channel one thirty two or as always you can hit us up at youtube dot com slash boom bust artie we'll catch you next time so long for now. blushes and thanks to the chico to more from the beach he could host those troops who seem you will be sent it's. just that only sting against. them you've done. beautifully because you know he said he included at least a unit a user that i was called but i'm going to have to be in the scheme to show. that
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you. can do a split to the such cruel users tell them the t. i'm cool and summed up. as much of the british mr bliss time. because. nobody could see coming that false confessions would be that prevalent in this population of all the converts if you look at any interrogations out there what you'll see is threat promise threat promise threat lie a lie lie a. the process of interrogation is designed to put people in just that frame of mind make the most comfortable make them want to get out and don't take no for an
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answer don't accept their denials she said if i were to cooperate sani statement that i would be home by that time the next day there's a culture of an accountability and police officers know that they can engage in misconduct that has nothing to do with all the crime. most people think to stand out in this business you need to be the first one on top of the story or the person with the loudest voice of the biggest raid in truth to stand down the news business you just need as the right questions and demand the right answer. questions.

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