Return to Transcripts main page
Some Firsts for the Winter Olympics; Driving Factor of the Turmoil in the U.S. Stock Market; The Growth of India`s Auto Industry
Aired February 9, 2018 - 04:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CARL AZUZ, CNN 10 ANCHOR: Fridays are awesome. Welcome one and all to CNN 10. I`m Carl Azuz. It`s good to see you.
The world is watching today as the 2018 Olympic Winter Games officially kick off in Pyeongchang, South Korea.
The nation has hosted the Olympics before, the 1998 Summer Games in the capital of Seoul. But this is South Korea`s first winter Olympics and
there are a number of other firsts planned for these games.
For one thing, four new events will take place including big air snowboarding, big air freestyle skiing, mass start speed skating and mixed
For the first time, more than 100 medal events will be held at a winter games.
And six countries, from Ecuador to Eritrea to Singapore will be represented for the first time at a Winter Olympics.
Akwasi Frimpong isn`t only the first skeleton athlete representing Ghana, he`s the only African man competing in these games.
And for the first time, a delegation from the Vatican has been invited to the opening ceremony and an orthodox Jewish athlete will be competing.
These are just a few of the ways these games will make history, not to mention the headlines they`ve already grabbed when it comes to the rivalry
between South and North Korea.
WILL RIPLEY, CNN INTERNATIONAL CORRESPONDENT (voice-over): On both sides of the Korean Peninsula, two drastically different scenes.
In North Korea, a massive show of military force. In South Korea, ceremonies kicking off what they call the Peace Olympics.
Analysts say the parade in Pyeongchang displayed more intercontinental ballistic missiles at once than we`ve ever seen before. Previous parades
featured just one or two of the missiles North Korea claims can hit the mainland U.S.
CHAD O`CARROLL, MANAGING DIRECTOR, KOREA RISK GROUP: Now we`ve seen today at least seven of those. And so, it does suggest while still a small
number that a production has started in some way.
RIPLEY: Analysts say the actual missiles are likely hidden away. Military parades usually feature mockups to protect the North Korean leadership,
including Kim Jong-un, making a rare appearance alongside his wife, North Korean first lady Ri Sol-ju.
Today`s military parade will show off the status of the powerful DPRK, said the North Korean leader, which has developed into a world class military
In South Korea, a welcoming ceremony for North Korean athletes, and a rare sight, the raising of a North Korean flag on South Korean soil.
But not everyone was giving the North Koreans a warm welcome. Dozens of anti-Pyongyang protesters staging a noisy demonstration, as South Korean
President Moon Jae-in prepares for a historic meeting, lunch with Kim Jong- un`s younger sister, Kim Yo-jong, the first member of the ruling Kim family to step foot on South Korean soil since the Korean War in 1950.
(BEGIN VIDEO CLIP)
AZUZ (voice-over): Ten-second trivia.
Which of these terms comes from a Latin word for "puffing up"?
Inflation, boom, consume, gorge?
The Latin root of the word "inflation" can describe a blowing up or puffing up or inflammation.
(END VIDEO CLIP)
AZUZ: In modern economic terms, inflation occurs when the things and services we buy get more expensive and our money doesn`t go as far as it
used to. Concerns about inflation are a major reason why the U.S. stock market has been so volatile lately. It said the market is driven by fear
and greed, and recently, investors have been afraid inflation will hit the economy.
That`s why the Dow Jones Industrial Average of 30 significant stocks saw another major drop yesterday, closing down 1,033 points even though the
economy is considered strong.
CHRISTINE ROMANS, CNN CHIEF BUSINESS CORRESPONDENT: What`s driving market turmoil? The biggest reason is fear of inflation.
Look at the job market. Job gains are strong and unemployment is historically low. Businesses are struggling to find and keep workers. So,
yes, that means they have to pay them more. Wages are finally going up, which is great for Main Street, but Wall Street is worried.
For years, steady growth in the economy and low inflation were great for stocks. Corporate profits soared, the Federal Reserve kept interest rates
low. But if inflation picks up, the Fed could be forced to raise interest rates more aggressively than expected.
And the market is addicted to low rates. Higher rates could deflate stocks. That`s because higher interest rates tap the economy`s brakes,
making it more expensive for businesses to borrow money, to invest and grow.
Fueling these fears about inflation is tax reform, yes, tax cuts drove breathtaking market gains, pushing the Dow up 8,000 points. But giving a
cash injection to an already healthy economy can have side effects like inflation.
Look, inflation is still historically low, don`t get me wrong. And overall, it`s been relatively stable since the stagflation of the 1970s.
Experts at the Fed expect that trend to continue, predicting inflation under 2 percent this year. But investors aren`t so sure.
For now, it`s too early to tell if the market is actually overheating or just pausing its epic bull run.
AZUZ: Now to India, it`s the world`s second most populated country today, with more than 1,300,000,000 people. But it`s expected to surpass China in
the mid-2020s and become the world`s most populated nation.
India struggles with high population density and poverty. But its power is expected to grow as its economy does, along with its relatively young
population. This is why India`s car industry as being watched as more Indians start to drive.
CNN`s Nikhil Kumar looks at the impact that electric cars could have, while they pollute less on the road, it could still take more energy to
manufacture them and cause population to generate the electricity needed to charge them. But will they reshape an industry?
NIKHIL KUMAR, CNN CORRESPONDENT (voice-over): It`s already the world`s fifth largest car market. More and more Indians are buying cars for the
first time as the economy grows.
SUGATO SEN, DEPUTY DIRECTOR GENERAL: We have a huge population and the aspirations (ph) are also growing so people have started buying cars.
KUMAR: Sugato Sen from the country`s leading car industry body says India is still playing catch-up with the West.
And India isn`t just buying more cars. It wants to make more cars and it wants to sell them to the world. It`s all part of Prime Minister Narendra
Modi`s make in India initiative, a drive to boost manufacturing.
But more cars also means more population, already a major problem in big Indian cities like Delhi, which is why there`s a growing focus on electric
technology. In fact, last year, one of Modi`s top ministers said India`s aim is to make sure that by 2030, most cars in the country are powered by
electricity. But there`s a long, long road ahead.
(on camera): It`s not just about cars. To achieve its electric dream, India needs to build more and better infrastructure, take access to
electricity. It`s still a problem in parts of this country. And even when there is power, it`s not only it`s always regular, all that needs to
(voice-over): For now, sales are low, very low. Mahindra and Mahindra, the top manufacturer in India`s electric car market says it`s sold 1,200
such vehicles last year. But the mood is still upbeat as companies eye hundreds of millions of potential new customers.
PAWAN GOENKA, MANAGING DIRECTOR, MAHINDRA AND MAHINDRA: In the last six to nine months, the potential of electric vehicles becoming mainstream has
KUMAR: Pawan Goenka heads Mahindra and Mahindra, which has been in the automobile business for 70 years.
If India succeeds, it won`t just achieve a manufacturing goal, with some 12 million young people entering the workforce each year, India desperately
needs new ways to generate jobs. Modi himself came to power promising to help young Indians find work.
AZUZ: It seems a concentrated dinoflaggellate bloom with a high degree of bioluminescent has illuminated Big Sur with an almost phosphorescent glow
Well, we`re an explainer show, so let`s get to explainin.
These are a wave. They`re party. They`re aglow like that because bioluminescent phytoplankton, organisms in the ocean, are blooming. A lot
of them group together in relatively calm ocean conditions, lights up the waves with a bluish glow.
For some, seeing it in California was a Big Sur-prise. But that kind of thing tends to glow on you. It`s a very bioluminessence of nature`s
beauty, makes for an illuminating report, as long as you don`t mind us making light of it.
I`m Carl Azuz and we hope your weekend is phytoplank-10 out of 10.