The Fed has a new chairman, we sat down with Mark Thornton who talks about what we should expect. Trump’s travels through Asia has him meeting the President of China, Bianca Facchinei takes a closer look over the visit. Melissa Armo joins us from New York as we talk CVS and its latest fight against Amazon.
Some pharma stocks popped on Monday as hopes for a COVID-19 vaccine seems inch closer. We take a look at the state of the markets following the news and how markets are reacting. Plus, the United Kingdom is looking to crack down further on Huawei, despite its goal to reach 5G capacity. We analyze the state of telecom in the British Isles, and the outside pressure that the nation is facing. And as tensions rise between the West and China, U.S. Senators have been slapped with sanctions by the People's Republic, we'll take a look. And despite the fact that travel has cratered amid the coronavirus pandemic, OPEC is looking to ease production cuts as the sector heats back up. We bring in expert analysis to bring us up to speed OPEC+'s latest moves.
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Our lead story: The Financial Industry Regulatory Authority (FINRA) has fined 10 banks including Goldman Sachs and Citigroup for failing to shield analysts from pressure to promote stock. This comes a decade after a 2003 research settlement that barred research analysts from participating in IPO pitches because of potential conflicts of interest. Now, the whole stock underwriting process is riddled with conflicts of interest. Erin weighs in.
Then, Erin is joined by Raoul Pal – founder of Real Vision TV and Global Macro Investor. Though Canadian households are heavily indebted and house prices are significantly overvalued, investors are dipping back in to the market. Raoul tells us what he makes of this and what markets issues we should be cautious of. He believes that the strong dollar is driving a lot of the tail risk and believes we should expect a divergence in emerging markets and developed markets performance as a result.
After the break is Defining Moments, including the best comments from our guests this week on what the US and UK can learn from Japan, what will happen if the Fed raises rates, how wages affect consumption, the problem with anti-minimum wage arguments, if studying economics helps make good investment decisions, and how technology affects our labor system.
And in The Big Deal, Erin and Edward Harrison are talking about oil. Take a look!
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Our lead story: This week, CitiGroup fired 11-top employees at its Banamex unit in Mexico. The pink slips came in connection with loan losses (of about $400 million) made to Mexican oil company Oceanografia. The bank has blamed those losses on fraud. Erin brings you the details
Our theme for today is Puerto Rico, and to bring us two very different takes on the matter, Erin talks to Alex Daley, the senior editor at Casey's Extraordinary Technology, and Cate Long, the brains behind the blog Muniland. Daley believes that Puerto Rico offers an excellent opportunity for investors, especially because does not have to pay the same taxes as on the mainland. Cate Long, on the other hand, believes Puerto Rico has some serious problems. For example, the island's troubled financial situation might force the government to raise taxes anyway. Take a look on their points of view.
It's Tech Thursday, and Edward Harrison sits down with Erin to talk about FCC, net neutrality, and the clone wars coming to the mobile phone market. Check it out.
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In the wake of Facebook locking its news sharing service in the nation, Australia has passed a law to make social media giants and other tech companies pay for the news shared on their platform. International Regulatory Attorney Myles Edwards joins the program to break down the much-hyped move and what it means in the digital space down under. (1:11) It may seem like déjà vu, but GameStop is seeing its stock skyrocket yet again, nearly a month after its initial rise. Boom Bust's Ben Swann analyzes the market landscape, and what moves are causing the volatility. (10:27) With the height of the Brexit drama well in the rear-view mirror, the fallout is still looming over the British economy. Hilary Fordwich of the British-American Business Association gives her insight to the phenomenon of British businesses fleeing for the European Union. (19:55)
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Today, Bianca takes a look at a recent settlement between the government and Honda over discriminatory lending. The Japanese auto company allegedly hiked up interest rates on loans to thousands of black, Hispanic, Asian, and Pacific Islander buyers.
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Brazil braces for protests ahead of key votes on the impeachment of President Dilma Rousseff plus Wells Fargo admits misconduct as part of its $1.2 billion settlement with the US government. Ameera David weighs in. Then, RT correspondent Manuel Rapalo explains the connection between ransomware and bitcoin. Afterwards, Worth Wray, Chief Economist at STA Management gives us his take on whether China can spend its way out of a growth slowdown.
After the break, Ameera sits down with natural resources expert and Sprott US Holdings CEO Rick Rule to talk about oil and gold. And in The Big Deal, Ameera and Edward Harrison discuss negative interest rates and the increased mortality among rural American women.
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Cuba has a huge reliance on the remittance market but can a blockchain make it even easier? Steve Marshall certainly thinks so.
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This past weekend, Greece signaled it was inching just a few steps closer to default. It all started on Saturday when Greek Prime Minister Alexis Tspiras announced a national referendum would take place on July 5 – thereby putting the future of the country in the hands of its people. Greek voters will be asked to rule on two draft documents that detail a proposal by the country’s creditors to unlock aid – as much as £15.5 billion – for Greece, in return for sales-tax increases and pension reforms. Ameera David weighs in.
Then, Ameera is joined by Steve Hanke – professor of applied economics at Johns Hopkins University and the director of the Troubled Currencies Project at The Cato Institute. Steve talks to us about his research measuring the Greek banking system with the Texas ratio and tells us if that’s why the ECB cut emergency funds to Greek banks. He also has very pointed words for the Greek government, which he sees as blameworthy in the impasse with Greece’s Institutional creditors.
After the break, Bianca Facchinei takes a look at how the Greece economic crisis affects the US economy. The Dow Jones dropped 110 points, the S&P 500 dropped 12 points, and the NASDAQ dropped 36 points. But US investors aren't really worried.
Afterwards, RT correspondent Harry Fear reports on the current scene in Athens and how the economic crisis is affecting local communities.
And in The Big Deal, Ameera and Edward Harrison continue the discussion on Greece, China, and Puerto Rico. On Greece, in contrast to Dr. Hanke, Harrison sees the institutional architecture of the euro zone as the genesis of today’s problems in Greece and elsewhere.
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The Guardian pulls out of Facebook’s instant articles and Apple news. Delta Airlines looks to Latin America for international growth. Greece seeks deal for bailout, Boom Bust’s Bianca Facchinei has the full story. NASDAQ sees a record high day, and Boom Bust’s Manuel Rapalo takes a look at what higher interest rates could mean for individual investors. After the break, we discuss the EU and U.S. free trade deal. The chaos in Venezuela led to GM closing its plant, which has now resulted in nearly 3,000 people being laid off from their jobs. Finally, Co-founder of PeakProsperity.com, Chris Martenson, joins us to talk a variety of topics including China being an automotive powerhouse.
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