Browse content similar to 01/03/2017. Check below for episodes and series from the same categories and more!
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Trump lays out his vision but Wall Street is unimpressed | :00:19. | :00:21. | |
with detail on tax and economic reform scarce. | :00:22. | :00:24. | |
Virtual reality versus augmented reality. | :00:25. | :00:25. | |
We make sense of this latest technology that promises | :00:26. | :00:27. | |
to revolutionise your day to day experience. | :00:28. | :00:40. | |
Australia managed to avoid recession in 2016. | :00:41. | :01:02. | |
As you've been hearing, President Trump has addressed | :01:03. | :01:06. | |
a joint session of congress for the first time since taking office. | :01:07. | :01:09. | |
In a highly anticipated speech, he spoke of "restarting the engine | :01:10. | :01:12. | |
The President reiterated his intention to slash | :01:13. | :01:15. | |
corporation tax in the US and provide tax breaks | :01:16. | :01:18. | |
At the same time, he announced he'll be asking | :01:19. | :01:21. | |
Congress to approve legislation which will result in $1 trillion | :01:22. | :01:24. | |
worth of investment in US infrastructure. | :01:25. | :01:26. | |
He also called for what he describes as one of the largest increases | :01:27. | :01:29. | |
in national defence spending in American history. | :01:30. | :01:31. | |
Mr Trump pointed to the country's $800 billion | :01:32. | :01:34. | |
Though figures from the Census Bureau suggest | :01:35. | :01:38. | |
this figure reduces to about $500 billion | :01:39. | :01:40. | |
when trade in services is factored in. | :01:41. | :01:44. | |
Here's what the President had to say about his plans to transform | :01:45. | :01:48. | |
Right now American companies are taxed at one of the highest rates | :01:49. | :02:01. | |
anywhere in the world. My economic team is developing historic tax | :02:02. | :02:05. | |
reform that will reduce the tax rate on our companies so they can compete | :02:06. | :02:10. | |
and thrive anywhere and with anyone. APPLAUSE | :02:11. | :02:18. | |
It will be a big, big cut. At the same time, we will provide | :02:19. | :02:25. | |
massive tax relief for the middle-class. We must create a level | :02:26. | :02:30. | |
playing field for American companies and our workers. We have to do it. | :02:31. | :02:34. | |
APPLAUSE In the run up to this speech hopes | :02:35. | :02:35. | |
were high there would be more detail on the new administrations tax | :02:36. | :02:39. | |
and economic reform plans but the speech offered few | :02:40. | :02:41. | |
new proposals or detail on how he plans to pay for things such | :02:42. | :02:44. | |
as the boost to defence spending. Samira Hussain joins | :02:45. | :02:52. | |
us from New York. Nice to see you, Samira. | :02:53. | :03:03. | |
Give us your sense of how markets may react to all of this in the US. | :03:04. | :03:08. | |
They did desperately want detail, didn't they? Absolutely, Sally, | :03:09. | :03:14. | |
you're right on the money when you said investors were really craving | :03:15. | :03:18. | |
details. They wanted to know specifically what Mr Trump and what | :03:19. | :03:21. | |
the Trump administration was going to do when it comes to specifics | :03:22. | :03:26. | |
like tax reform or infrastructure spending or that defence spending, | :03:27. | :03:31. | |
where it exactly is he going to get the money? And none of those details | :03:32. | :03:36. | |
really are merged in the speech, although there was more detail in | :03:37. | :03:39. | |
terms of his vision for the repeal of Obamacare. In other avenues we | :03:40. | :03:45. | |
didn't see that kind of detail. So broad strokes, the themes that were | :03:46. | :03:49. | |
raised in the speech were themes that we have heard about already, | :03:50. | :03:54. | |
about bringing back American jobs, bringing back dying industries and | :03:55. | :03:59. | |
really trying to help the American middle-class. But again, those | :04:00. | :04:04. | |
specifics, those details of how exactly he is going to make those | :04:05. | :04:09. | |
reality, we didn't hear any of that really. Do you think Wall Street | :04:10. | :04:13. | |
will lose its patients, the waiting game as it were. American markets | :04:14. | :04:17. | |
have led a global rally, we've been talking about it daily, haven't we, | :04:18. | :04:24. | |
the closing record high the Dow and SNP. It can't go on for ever. A few | :04:25. | :04:30. | |
weeks ago we talked about how the Dow hit the 20,000 mark. Sally, | :04:31. | :04:36. | |
we're already 200 points away from hitting 21,000. Markets are really | :04:37. | :04:41. | |
fickle and they will probably find something else to become infused | :04:42. | :04:45. | |
about. In terms of perhaps are they going to get inpatient with waiting? | :04:46. | :04:51. | |
-- enthused. You having courage in signs like the president wanting to | :04:52. | :04:56. | |
spend $1 trillion on infrastructure -- in courage have encouraging. That | :04:57. | :05:01. | |
will be a big boost to the key component companies of the Dow. -- | :05:02. | :05:07. | |
have in courage and. There's a sense of some of that may come to fruition | :05:08. | :05:12. | |
but what it will look like isn't clear. Thanks for staying up with | :05:13. | :05:19. | |
us, we appreciate it. Let's take a sense of the international elements | :05:20. | :05:20. | |
of this. US markets have been riding a wave | :05:21. | :05:28. | |
ahead of Donald Trump's Beach. What will the reaction be like when the | :05:29. | :05:33. | |
trading day begins later in the US? Let's get a sense of how we're going | :05:34. | :05:38. | |
to go with Sharanjit Leyl in Singapore. The reaction is muted | :05:39. | :05:46. | |
because there's a lack of detail it comes to trade. That's exactly it, | :05:47. | :05:52. | |
you summed it up, a fairly muted response to the speech when it comes | :05:53. | :06:01. | |
to Asian investors, that's after a day of nervousness when it comes to | :06:02. | :06:05. | |
the detail on infrastructure spending and tax reforms and the US | :06:06. | :06:10. | |
stock futures, they fell ahead of the speech. The futures are pointing | :06:11. | :06:17. | |
towards a fall after his speech, the President pledging everything he | :06:18. | :06:22. | |
promised to overhaul, including immigration and jobs and wages for | :06:23. | :06:26. | |
Americans, but he didn't go into detail when it came to tax relief | :06:27. | :06:30. | |
for the middle-class and tax cuts for companies. Were only really | :06:31. | :06:34. | |
seeing the likes of the McKay in Japan making games because of the | :06:35. | :06:40. | |
strong US dollar -- we're only seeing the likes of the Nikkei in | :06:41. | :06:50. | |
Japan making games. There's relief over the president's toned down | :06:51. | :06:55. | |
rhetoric over protectionism when talking about China and Mexico using | :06:56. | :06:59. | |
concerns over trade wars, but no great gains so far. We will leave it | :07:00. | :07:06. | |
there because time is tight, so much to squeeze in but thank you. | :07:07. | :07:08. | |
Do you know the difference between VR and AR? | :07:09. | :07:11. | |
Silicon Valley has high hopes for both of these emerging | :07:12. | :07:14. | |
technologies, but the world we live in could be very different if one | :07:15. | :07:18. | |
360-degree computer generated environment. | :07:19. | :07:29. | |
Game developers and film producers have been quick to adopt | :07:30. | :07:31. | |
the technology, there's been a lot of hype, | :07:32. | :07:33. | |
but it is not mainstream yet and could be some time partly | :07:34. | :07:37. | |
because of the cumbersome headset you have to wear to engage in VR. | :07:38. | :07:54. | |
or AR takes the real-world view from your smartphone camera then | :07:55. | :07:58. | |
superimposes additional images on top. | :07:59. | :07:59. | |
It's used to provide more information about things | :08:00. | :08:02. | |
you encounter in day-to-day life and AR was also the technology | :08:03. | :08:05. | |
behind the smartphone game, Pokemon Go. | :08:06. | :08:06. | |
Nintendo's smash-hit saw millions of people take to the streets | :08:07. | :08:09. | |
in search of virtual monsters last year. | :08:10. | :08:11. | |
Our technology correspondent, Rory Cellan Jones, has been speaking | :08:12. | :08:13. | |
Last summer and extraordinary craze swept around the world, we saw lots | :08:14. | :08:23. | |
of people out with their mobile phones hunting for Pokemon. It's | :08:24. | :08:28. | |
fair to say the enthusiastic in for Pokemon Go has faded a little since | :08:29. | :08:32. | |
then, but there are still Pokemon to be found out and about here at the | :08:33. | :08:37. | |
Barcelona world mobile Congress. I've also found the inventor of the | :08:38. | :08:43. | |
game, a man who's changed our views of augmented reality, John Hankey. | :08:44. | :08:47. | |
Did you have any concept of how big the game was going to be when it | :08:48. | :08:51. | |
launched? I wish I could have predicted that. Obviously not, it | :08:52. | :08:57. | |
was a huge surprise to us. We spent a huge amount of time looking at the | :08:58. | :09:02. | |
dashboards form our servers which were going haywire looking at the | :09:03. | :09:06. | |
traffic, orders of magnitude beyond what we were expecting, it was tough | :09:07. | :09:13. | |
to keep it operating. In San Francisco 9000 people poured down | :09:14. | :09:17. | |
spontaneously. It was very surreal. Hasn't it faded quite a lot now? | :09:18. | :09:22. | |
Something like that is going to fade, it exploded on social media, | :09:23. | :09:27. | |
it had a life of its own and now it's become a very successful | :09:28. | :09:32. | |
product but not at that level of frenzy, it's one of the most used | :09:33. | :09:39. | |
mobile apps out of there still. Are you betting augmented reality is | :09:40. | :09:44. | |
going to be a more lucrative business long-term than virtual | :09:45. | :09:47. | |
reality? Yeah, I absolutely believe that. AR is an extension of the way | :09:48. | :09:54. | |
we use our cellphones day to day, the art is a more cinematic | :09:55. | :09:58. | |
experience, cutting yourself off from the world, it's an | :09:59. | :10:02. | |
entertainment experience but it is a session based experience lasting for | :10:03. | :10:06. | |
a period of time. AR is something you can have with you all day long | :10:07. | :10:10. | |
and makes many things you do on your mobile phone today better, more | :10:11. | :10:15. | |
immersive and convenient. Finally, I've got to ask, are you going to | :10:16. | :10:19. | |
wander around and still play the game spotting Pokemon? I did get one | :10:20. | :10:24. | |
earlier today but last Sunday before I flew over I was with my son, he's | :10:25. | :10:29. | |
ten, we were at a local park, it was a great day and we were catching | :10:30. | :10:34. | |
Pokemon together. It's a great thing to do as a family. | :10:35. | :10:36. | |
His bold, he's the man behind Pokemon Go! -- his fault. The | :10:37. | :10:43. | |
Australian economy grew by a quarter in the last quarter of last year and | :10:44. | :10:49. | |
that's good news because it did contract in the previous quarter. | :10:50. | :10:52. | |
See you in a moment for the newspaper review. | :10:53. | :10:54. |