LIVE: NTD Business News (Jan. 20)

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LIVE: NTD Business News (Jan. 20)
Good evening Thanks for joining us this is mt business and I'm Paul Grady Joe Biden is the new president of the United States. We have details on what he'll do first We take a look at Trump's economic policy, highlights and hear from a former chief economist from his administration. New York City's wealthiest faced the highest income tax in the country. That's at the governor doesn't get the relief he's asking for and us. Order forward to recall millions of vehicles is try to avoid the recall since 2017. Joe Biden is the forty-sixth president of the United States of America and he's wasting no time reversing policies introduced by Donald Trump any minute now he's expected to sign an executive orders to rejoin the Paris Climate Agreement, Cancel the Keystone XL pipeline and halt construction on the border Wall Biden didn't talk directly about policy during his inaugural speech, but he did lay out what he sees as the main challenges is administration faces few. In our nation's history have been more challenged. I found a time where challenging or difficult than the time we're in now once in a century virus, it's only stalks the country is taken as many lives in 1 year as America lost in all of World War two millions of jobs have been lost hundreds of thousands of of businesses a cry for racial justice. some 400 years in the making moves us the dream of just. For will be deferred no longer. A cry for survival planet itself a cry that can't be anymore desperate or more clear and now arise a political extremism white supremacy domestic terrorism that we must confront and we will defeat. Unity was the key theme of Biden's speech Vice President Mike Pence was there, but President Trump wasn't he traveled to his Mar-a-lago resort in Florida, where many say he'll stay for now. Kamala Harris becomes the first woman at the first woman and person of color to serve as vice president. She was joined by her husband, do EM and as I mentioned, Biden plans to sign dozens of executive orders and send sweeping bills to. Congress in his first days in office, Here's a look at what's in store President Biden plans to roll back some of Donald Trump's key policies and also focus on the response to the pandemic. That's according to a memo released by Biden's administration, as well as a review of his campaign promises Biden is seeking a nearly $2000000000000 spending proposal to try to speed up vaccine distribution. This will include some form of economic relief for Americans. He also intends to. Relief on federal student loan payments and extend the ban on evictions aside from the pandemic we can expect measures impacting the oil and gas industry with a shift towards cleaner energy. Biden plans to ban new oil and gas drilling permits on public lands and waters, including the Arctic National wildlife refuge. He also also wants to methane pollution limits for new and existing oil and gas operations after they were lifted under the previous administration on top of that he wants to rejoin the. Climate agreement, Trump ended compliance with it in 2017 he said an imposed draconian financial and economic burdens on the United States. Trump warned it would lead to the loss of hundreds of thousands of manufacturing jobs to other countries and cut production for the coal iron and steel industries, but will Biden reverse all of President Trump's economic policies that seem to work wonders until the pandemic came tax cuts. All very good for business and today's Patrick Hayden talked to Casey Mulligan, who literally wrote the book on Trump's economic policies Casey Mulligan was chief economist for the Council of Economic Advisers in the Trump administration from 2018 to 2019. He also wrote the book You're hired, untold successes and failures of a populous president. We got his views on looking back at Trump's policies right single biggest. Policy contribution to the economy is is a regulatory budget because of what it did to the economy during his 4 years and what to do for many years to come and that system worked very well under Trump and it can future presidents will use it the Trump administration boasted the eliminated eight old regulations for every one new regulation adopted deregulation was key key to economic but reducing taxes was also important The uh Bringing the our business tax rates in the line with the rest of the world um and and that was important even Obama's people and Obama himself, said. You know we need to get in line with the rest of the world. Uh he wasn't able to do it and then Trump did all became a bad idea once Trump made the possession of it, but it's widely understood the necessary thing for our country. Mulligan says the idea that Trump inherited a good economy from Obama isn't true because the previous. Forecasted low growth he got this is on the record. Those books have not been burned that the Obama people said that prompt or whoever they thought it was gonna be Clinton wasn't inherited an economy that was not really capable of growth Just a tiny bit of growth is always capable of, he says those in Washington and the establishment didn't expect to see large growth those of us out of Washington understood that during the Obama years, we're being way down by regulation. By a business tax rate, it was getting further and further out of line with the rest of the world. We knew that was holding his back and we knew once you unleashed us as Americans to do what we're good at we would surge ahead, though that wasn't wasn't a surprise um and it wouldn't have happened as long as we had maintained those anti growth policies that were in there for 8 years, he says Biden's financial policies are similar to Obama's. You know it's it's. Actually quite similar to the one that he did in 2009 with President Obama um it has close to a dozen different ways different agencies that would subsidize employment subsidized poverty subsidize low incomes, he he says. have more unemployment more poverty and more low incomes because of that. Reporting by Patrick Hayden NT News, Pandemic Lock Downs continue to hurt small businesses across the country so so now the small business administration is approving over $5000000000 in relief loans to help the businesses pay wages the paycheck protection loans are going to 60000 businesses. They don't have to be paid back if borrowers follow guidelines like using the funds to mostly cover payroll in the last round of P loans in April, the SB approved over $52000000000 in just the first day and a half the slower pace this time. Partly by design borrowing was restricted this first week to lenders specializing in underserved communities that's firms owned by minorities women, veterans and small lenders. The program is now open to all lenders. New York is broke and so they have a decision to make the wealthy pay more taxes but risk them fleeing to another state or just ask the federal government for a bailout Governor Cuomo wants 15000000000. $15000000000 from the federal government or he's gonna take it from the rich Governor Andrew Cuomo says he might raise taxes to a combined level of 14.7% for New York's wealthiest residents that be the highest state in local tax rate in the country. He says it would raise one point. $5000000000 and cover the state's historic budget shortfall due to the virus, Cuomo said said the record deficit was $10000000000. now it's $15000000000 he wants the Biden administration to cover it by giving New York $15000000000 in aid for the next 2 years If they don't get it, he'll consider raising income tax two percentage points for top earners to 10.86%. That's up from 8.82%, but he says he's concerned that the increase would make wealthy. New Yorkers leave the state the top 2% already give around half the state's income tax revenue, State Democrat lawmakers support Cuomo tax increase proposal. Meanwhile, the top Republican in the state assembly said Cuomo's passing the buck on to Washington, DC if the federal government gives New York the extra aid Cuomo promises new initiatives to help New York recover from the pandemic and the stock market rallied to record highs Wednesday. The Dow rose almost 258 points or .83 percent as pfive hundred gained about 53 points or 1.39. 1.39%, The Nasdaq added. 200. 260 points almost 2% Wall Street maybe hoping for more stimulus from the Biden administration stock valuations, though, are now nearing a twenty-year high, be careful today's earnings reports are also encouraging more on that in just a moment and treasury yields also rose today. Record high unemployment and a record number of business closures, but the pandemic didn't hurt all businesses. Morgan Stanley Proctor and Gamble UnitedHealth Group all reporting Better-than-expected earnings. Here's the details. Morgan Stanley's profit jumped 57% in the fourth quarter to $3.3000000000 crushing estimates volatility in the financial markets boosted its trading business and its bottom line the election and the release of the C virus vaccine fueled the trading volumes, but its Ceo is trying. Reduce the banks reliance on trading and boost its other businesses. Meanwhile, Proctor and gamble benefited from strong demand for its home care and cleaning products due to the pandemic. It's an 8% rise in net sales in the latest quarter, it's slower than a 9% growth from the previous quarter, but still shows a boom and household cleaning purchases. It also raised its growth forecast, while also warning that sales growth could slow down as vaccines roll out and help ensure UnitedHealth Group beat quarterly profit estimates for the. Quarter this was partly by lower than expected medical cost due to fewer elective surgeries as hospitals made room for CP virus patients the company said its profit was impacted by a recovery in demand for health care services and rise in cost related to its C virus programs. If you don't afford listen up US auto safety regulator is ordering forward to recall 3000000 of them over faulty airbags Their problems are the problems with Mazda vehicles too. We'll have to have to recall repair driver airbags for nearly 6000 vehicles Three calls cover various models between 2006 and 2012 in in rare cases, the airbag inflator burst and send metal fragments flying, especially the case after. Long-term exposure to high humidity the issue with Takata airbags has plague the auto industry earlier this month, the agency said at least 17000000 vehicles with Takata airbags still haven't been repaired. And the auto is scrambling to get more semi conductor chips needs them for things like the new touchscreens and cars think Tesla the chips were channeled toward health care care and during the pandemic entities on Tran has the latest when the pandemic struck the auto industry was one of many that became crippled financially and now as the country travels the road to recovery car makers are still falling behind brands like Ford Toyota. And Subaru are forced to reschedule and even Pause production due to a scarcity in semi conductor microchips Jace is the Ceo of a wealth management advisory company in California and as 10 years experience working for tech firms in Silicon Valley, He said Automakers are facing a semi conductor shortage because during the height of the pandemic semi conductor manufacturer shifted their supply to industries that saw a higher demand Those industries, including health care and. Electronics they're now we have a situation where there's not enough inventory buffers that now they have to wait, you know, potentially maybe 3 months 6 months before it catches up to demand, but said that since the semi conductor market is cyclical, it it might be for other industries to go through hard times he predicts the semi conductor providers will shift their supply chains again as the auto industry sees more demand for its vehicles now with the automotive. Coming back, they're gonna need to switch production again. They got a shift production and and so that we may see some disruption in the supply chains in some of the industrial markets and maybe even the health care markets, said the auto industry needs to build a better supply chain and inventory buffers prevent another disruption in their production. another sector, he said, Will struggle will be the silicon manufacturers, which are integral to semi conductors The automotive silicon are in some ways lower profit margins. And uh the smartphone and the BC markets for them, so I think they are gonna have to really think through how to balance the production so that they cater to the automotive market, but also keep their margins high the patients in the financials of some of these manufacturing companies, and it remains to be seen how that plays out in the next couple of quarters, experts say certain products require many chips and a shortage in just one quick stop production. Reporting by Don. ND News still to come Chinese billionaire Jack Ma resurfaces for the first time after disappearing from the public eye for several months and India takes on WhatsApp it wants the app to take back changes to its privacy policy. Find a why after the break. If you're like me and I think it's actually most of us, then then you're getting fed up with the nonsense going on inside the banking system. I mean we've worked harder our entire lives to retire comfortably We just recovered from the crash of 2008 and it seems like it's about to happen all over again. Look at the too big to fail banks. They're only getting bigger as the Fed handsome trillions of dollars daily while simple folks like you and me we're only getting the short end. The stick that's why I'm glad I found this book called the bank Failure Survival guide Give us A. And we'll send you a free copy with no obligations whatsoever, just one American to another, tell you about some options that you might not have considered call 866-239-2619 today for your free copy of the bank. Failure Survival guide That's 866-239-2619. Where on earth is Jack Ma the Chinese businessman just disappeared after criticizing China's financial system and wasn't seen for months, but he's back well at least virtually the Alibaba found her join a virtual meeting with 100 Chinese teachers on Wednesday morning, his first appearance since October. Here's the details so I just don't see after months of speculation about his whereabouts, China's richest man Jack Ma, has resurfaced in a a short video praising China's teachers. It's the first time the. And Alibaba has been seen in public since October when he blasted China's regulatory system a speech at a Shanghai forum. Those comments set him on a collision course of Beijing officials and led to the abrupt suspension of the IPA group. The payments firm he controls the blockbuster listing have been set to be the largest ever before it was abruptly pulled in November weeks later the filming of a TV talent show he created for African entrepreneurs. his absence led to. Reports and speculation that he was missing Wednesday's ree by Mar, has driven a shot jump in Alibaba shares in the video he praises 100 teachers and tells him we will meet again when the health crisis is over, according to local reports, the online event was a Jack Rural Teachers award ceremony, His physical whereabouts were not disclosed. Mars video came as Alibaba now faces an anti-trust investigation by Chinese regulators. And did WhatsApp ask you to accept a new privacy policy so aren't too happy about it because they say it allow Facebook to get their data and India is even less happy it wants WhatsApp to withdraw the changes to the new terms. Take choice away from Indian users India's technology ministry says. What's app's privacy policy update raises great concerns for the choice and autonomy of Indian users Now the ministry is asking the To withdraw the proposed changes, it's after WhatsApp said earlier this month the app could share limited user data with Facebook and its group firms. the ministry says the messaging app is treating Indian and European users differently, which amounts to discrimination it said Indian users were not offer the option to opt out of the update and they have less choice compared to the apps European users WhatsApp is hoping India's tens of millions of traditional shop owners will be drawn to using. Payments via the app Facebook invested $5.7000000000 last year in the digital unit of Indian conglomerate Reliance largely in support of this move What's app has 400000000 users in India but downloads of rival messaging apps have surged since the announcement of the privacy policy changes. WhatsApp says the update does not expand its ability to share data with Facebook the company said last week it would delay the new policy launch from February to May. When the pandemic hit the United Kingdom, the British government subsidized employee wages so businesses wouldn't let them go an expensive ticket for the taxpayer, but now leading British business group wants the government to extend the program in today's Patrick Hayden and London takes a look leading business group The Confederation of British Industry, or CB, sent a letter to the chance of the checker urging him to extend financial support for British businesses. The group are. The virus related fur scheme be extended to the end of June from April. It also ask for more time for businesses to pay Vat bills and to extend the business rates holiday for 3 months or more. CB directed Tony Dan said the government's support measures have protected many jobs and livelihoods. he urge the government to stand shoulder to shoulder with businesses and and help enterprises survive the pandemic at the beginning of. Year Prime Minister Boris Johnson put the whole of England under a new lockdown people have been instructed to work from home less impossible to do so all hospitality venues must remain closed as well as non essential shops lockdown measures are in place across the rest of the UK as well in March, the government will review the next budget. Reporting from London Patrick Hayden ND News Still the cup. Kroger unveils a new smart shopping cart, you can pay at the card itself instead of waiting in line and Mercedes-Benz reveals a new electric UV as it moves to compete with Tesla. Find out what it's like after the break. Is deep sea fish oil oil really due to pollution in the oceans plus fridge contain heavy metal elements and active substances. That's why it's so important to choose a pure source of Omega three keratin green vegetable Omega three is made from porcelain and which are rich in nutrients and minerals, especially vitamins AD calcium and iron with natural processing and no harmful chemical additives. It has more than 90% concentration of Omega 367 and. Nine. Ineffective improves brain power and is beneficial to the heart's health Omega three does not smell fish and contains no pollutants so both adults and children can safely and easily consume it over a long period of time here at green vegetable omega-three Eat two a day and you'll feel brand new. Mercedes Benz has unveiled a new electric suv's part of the company's plan to take on rival Tesla Mercedes-Benz plans to launch several electric models this year and the EQ is the first of the car maker describes it as an urban entry model. It'll have a range of around 260 miles and will go on sale in Europe in early February at what the company calls very attractive price points, electric vehicle sales took off in Europe last year as car makers scrambled. EU emissions targets sales are fully electric and hybrid models more than doubled across the EU through the first three quarters of twenty car makers are facing emission targets here as well as bands and fossil fuel vehicles could come in as early as 2030 in some markets and Kroger shoppers could say goodbye to waiting and checkout lines. That's if the new shopping cart is being tested takes off the court. Named Kroger is being developed with a tech startup called car. It's been it has built-in card reader, which allows shoppers to pay at the card itself versus waiting at the register. The card also has a scale for items sold by weight as an added bonus. There's also a screen that makes shopping suggestions and promotional offers don't miss an opportunity The card is being tested at a store in the Cincinnati area where Kroger is based the company told WG. And it'll wait for feedback from from shoppers and before deciding what to do next if you ever struggle to get people to understand what you're saying when you're wearing a mask well, one company says they might have found a solution. A face with an amplifier and a microphone, it's designed to help its owner sound clearer. It's a new concept from gaming equipment maker razor the waterproof mask is reusable and features medical-grade respirators. It has two removable smart paws filter out at least 95% of airborne particles, according to the company. They can be charged and disinfected with UV lights in a storage case that comes with the mask I can actually feel the egg. In and out on each side over here now the filters are actually just located over here so you can see that these are the filters and the magnetic the clear surface is designed to reveal facial expressions, which is helped by interior conditions. The mask it also has exterior lights The mask is still a prototype and not yet available for sale. That's the latest business updates for today, you can still catch ND evening News at 6:30 PM eastern for us here at entity Business. That's all for today. Thank you for watching. we'll see you tomorrow. 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