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Why A Strong Dollar Is Good News/Bad News; Mississippi River Treasure Search; Robot Waiter Versus Human Waiter. Aired 4-4:10a ET
Aired October 20, 2022 - 04:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
COY WIRE, CNN 10 ANCHOR: Hello, everyone. Is it just me or is this week kind of just dragging along? I mean, it happens sometime, right? And on the
positive side, it is Thursday aka Friday eve, and we`re going to make this day great.
I`m Coy. Grateful to be with you right here on CNN 10.
And today, we`re going to talk about the strong U.S. dollar, discover a 19th century shipwreck and -- and a robotic cat serving up dumplings in
Brooklyn. Yeah, that`s what I said and that`s what I meant.
All right. Let`s start with that strong U.S. dollar. Now what do I mean when I say the U.S. dollar is strong? Well, it means that Americans are
getting more bang for their buck compared to other currencies, like the pound in Great Britain or the yen in Japan.
In fact, the U.S. dollar hasn`t been this strong in 20 years compared to other major types of currencies. Well, give us an example of what it means,
Coy Boy. Okay, cool, you got it.
So say you`re vacationing in France yesterday. Well, one U.S. dollar was actually worth a dollar and two cents when converted to a euro. Good news
if you`re a U.S. tourist, but not everyone benefits from a strong dollar. In the U.S., the tourism industry for example could take a hit because
tourists` money from overseas could be worth less, making everything here in the U.S. more expensive for them.
You say, Coy Boy, how are the values of currencies determined anyhow? Good question. Well, it goes back to the concept of supply and demand. Right
now, global markets are considered to be in rough shape and not doing so hot. And when that happens, cash is often seen as a safe place to park your
money rather than the stock market where you might be more likely to lose it, right?
So investors right now have big interest in cash and are willing to pay more for a dollar.
For more on what this all means for us consumers, let`s meet up with CNN reporter Matt Egan who interviewed a money expert.
(BEGIN VIDEOTAPE)
MATT EGAN, CNN REPORTER: So what does a strong US. dollar mean for consumers?
KRISTINA HOOPER, CHIEF GLOBAL MARKET STRATEGIST: The strongest U.S. dollar can be a positive to consumers, especially because many consumers buy a
significant portion of their goods from overseas. You can argue that a strong USD is something of an inflation fighter for consumers, because they
are seeing some costs coming down in terms of goods.
The problem is for companies and again those companies that derive their revenue from outside the U.S.
EGAN: So if you`re an Apple or IBM or Nike, and you sell a whole bunch of stuff overseas, demand for those goods might be going down now.
HOOPER: Yes, for sure. Now, I think we can`t paint the situation with a broad brush because there are some companies that are likely to hold up
better where there`s less sensitivity to price changes. I mean that tends to be strong brands, unique products. But, yes, in general, those big
multinational companies will feel an impact.
EGAN: And is that why the stock market has been acting concerned about the strong dollar. Is it that hit to corporate profits?
HOOPER: That`s certainly one of the concerns. I mean, let`s face it, we`ve got a lot of headwinds right now. So it`s the strong dollar and again that
is largely impacting the bigger companies, the ones with more foreign exposure. There`s certainly some companies in the S&P 500 that only derive
a smaller portion of revenues from outside the U.S.
(BEGIN VIDEO CLIP)
WIRE: Ten-second trivia:
The Mississippi River starts in Minnesota and ends in which U.S. state?
Mississippi, Louisiana, Texas or Alabama?
Flowing into the Gulf of Mexico, the Mississippi River ends in Louisiana, and that`s where we`re headed next.
(BEGIN VIDEOTAPE)
SUBTITLE: A 19th century shipwreck was revealed in the drought-stricken Mississippi River.
Severe drought across the Midwest has shrunk the Mississippi River to record lows.
According to archaeologists, the wreck is believed to be a trading ship built in 1896 in Indiana.
It`s believed a strong storm sunk the ship near Baton Rouge, Louisiana, in 1915.
The wreck was first discovered in 1992 but remained largely buried until recently.
CHIP MCGIIMSEY, ARCHAELOGIST: They did some limited investigations and could look at very small pieces, basically start at two or foot wide parts
of it, trying to get understanding of how it was constructed and how old it was.
SUBTITLE: With drought conditions expected to continue, more submerged treasure could be uncovered.
(END VIDEOTAPE)
WIRE: Okay. For all you treasure hunters out there, now you know where to look next.
Next up, let`s talk about what I`m sure is one of everyone`s favorite subjects taking tests specifically let`s talk the ACT, a standardized exam
used in many college`s admissions process is considered one of the benchmarks for college readiness. Well, this month, the non-profit that
gives the ACT exam released some jarring news, ACT scores for this year`s graduating high school class were the lowest they`ve been since all the way
back to 1991, and this is the fifth year in a row that the average scores have been going down. Why?
Well, the report noted that several factors are impacting scores like the lasting effects of the COVID-19 pandemic, classroom disruptions, cyber
bullying, teacher vacancies and mental health challenges. Now, a separate education report last month pointed to declining math and reading scores
for nine-year-olds in the U.S. That report cited loss of in-person classroom time as the primary driver.
So going ahead and give a hoot and a holler or maybe a pat on the back for your teachers today. They might not always show it, but they love you.
(MUSIC)
WIRE: All right. Have you noticed that robots are starting to pop up more and more. When I was in Beijing covering the Olympics earlier this year,
the media`s cafeteria was almost entirely robotic. Our food was even delivered by a series of conveyor belts and robotic claws that dropped down
from the ceiling.
Well, for today`s out of we`re headed to Brooklyn, New York, where a robotic cat is delivering dumplings at a restaurant and is even challenging
the human waiters who are kitten nervous, for real love.
(BEGIN VIDEOTAPE)
CHRIS AURIGEMMA, BROOKLYN RESIDENT: I have not seen this type of waiter before.
SHANNON GILLY, HIGH SCHOOL TEACHER: I traveled from Staten Island specifically to come here for the dumplings and to see the cute robot.
ROBOCAT BELLA: Keep going.
REPORTER: At a Brooklyn restaurant, Dimmer and Summer, a cat robot delivers food, brings out takeout orders and helps collect dirty plates,
alongside human waiters.
KENNEY MEI, OWNER, DIMMER & SUMMER: I actually have a pet review yesterday in pogo (ph), a customer it was assigned to sit upstairs and they cannot
get a reach of the robot, and she`s not very happy about it.
REPORTER: Robocat Bella has been such a big hit that the owner is planning a new restaurant with no human waiters at all.
MEI: The robot never refuse your call and it will continue working until the store closed. We only required to be charged for five hours a day.
REPORTER: So can robots really replace human waiters in restaurants? We put both to the test to find out.
(MUSIC)
LEO TEN, GENERAL MANAGER AND WAITER: Hello, how are you? Good morning.
AURIGEMMA: How you doing?
TEN: Doing good.
When it comes to taking order, humans always the best.
What can I get you today?
We have conversation.
You guys --
But the robot she just humming every time. The robot couldn`t take orders because that is not one of the function that the robot has.
(MUSIC)
TEN: I can deliver food faster than the robot, but I don`t know if the robot can carry more plays than me. I think I feel pretty good with that.
ROBOCAT BELLA: I am the best waiter here.
AURIGEMMA: Could I have the check please?
REPORTER: That`s right, this robot cat cannot respond to requests about the check, but can deliver it once the waiter programs it to get to a
specific table.
AURIGEMMA: Can we just have the check please?
TEN: Sure. Here we go.
AURIGEMMA: Thank you.
TEN: I don`t think the robot can complete with me right now, but 10 years, 20 years later, I think the robots replace us no problem.
AURIGEMMA: I prefer the human waiter for the recommendations for what to eat.
GILLY: I don`t think I would say one is better than the other it was just the experience of seeing the robot waiter was a lot more exciting than the
human waiters. Sorry, no offense, but if I had to pick anything about my experience here, 100 percent the dumplings.
(END VIDEOTAPE)
WIRE: Yeah, then some good looking dumplings.
But I thought the human server had a great cattitude. Good job, dude.
All right. Meow, it`s time for our favorite part of the day, giving some love back from whence it came. Special shout out to Chesnee High School in
Chesnee, South Carolina, and many thanks to you and everyone watching around the world.
Tomorrow`s Friday. I`ll see you soon. I`m Coy and this is CNN 10.
END
