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tv   Boom Bust  RT  September 12, 2017 1:29am-2:01am EDT

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seven dollars to more than thirty two hundred she later followed up saying delta reached out and helped tremendously but lee isn't the only person and delta is not the only airline so many floridians saw the price of flights jump from hundreds of dollars to thousands of dollars the airlines are quick to point blame not at themselves for taking advantage but algorithms that can change the price of flights within seconds when a rush of people are trying to fly out of the same area at once and florida's attorney general said the state received more than seven thousand complaints last week and now senators are asking transportation secretary elaine chao to look into the reports and it's certainly bad press from an industry that does not need help attracting negative attention these days in the aftermath of initial complaints airline started capping flight prices out of florida jet blue limited one way nonstop to ninety nine dollars as did american airlines and delta pledged to cap all fares including first class seats to norm no more than three hundred ninety
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nine dollars for flights to and from florida through september thirteenth as the united states and president donald trump focused on an america first policy it's left a vacuum of trade power for other global players to fill now when trump pulled out of the trans-pacific partnership deal many thought the twelve country pact was dead in the water but the remaining eleven countries are revisiting their options just a couple of weeks ago meeting in sydney to breathe back life into the stalled agreement to talk about what future may have and whether the us is still a part of it i'm joined by john gilbert professor of economics at utah state university john the eleven remaining countries committed to t.v. they have a combined gross domestic product of more than twelve trillion dollars it sounds like quite a bit of financial power there so my question is is the trade pact viable without u.s. involvement. only original to the recline sixty five percent of the
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original signing members judy see. those members ratify the original agreements are the g.d.p. as it currently stands is not viable without the us in the pot or less. with the cheap b.p. not involving the us any more. it should be easier for the remaining eleven a car makers to renegotiate the agreement such that they can consign. trying constantly referring to the t.p. as a bad deal for the united states the us is out of the picture now which country stands to gain the most from it. well i think characterize ation of it was a little bit misleading when we look at the time i saw of the potential economic benefits of the t.t.p. agreement we find that the us was actually one of the biggest beneficiaries in
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absolute terms some of the estimates of the games to the united states were in the region of one hundred billion dollars a year. i think that that original characterization was in careers it is true that the g.p. p. was a life to lead to be an asset in relative terms of some of the other economies more than it's such is not really because those economies were so much smaller than. the gangs from the g.d.p. were actually mostly occurring to the united states into a sort of japan with the united states which during. it seems likely that japan will be the primary beneficiary of the cheap if it's renegotiated most of the remaining members but we'll still see significant benefits occurring to some of the smaller economies like vietnam and malaysia and probably i'll. we why we are seeing a country like japan take such a leading role in trying to lead these negotiations moving forward obviously
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without the u.s. involved so t.p. can drop some of the concessions that it made to make the us happy so do you think changes to labor rights intellectual property and environmental provisions do you think that will help keep the remaining countries on board. and that's a really good question it's true that when japan originally signed on to the p.p.p. negotiations in two thousand and two the team that people who work that it was really doing that in order to get an agreement with the united states and that without the united states as part of the there really wasn't going to be much. as it turns out that this is what really was was not the case certainly and these are by us withdrawing from the agreement but there are still substantial benefits for japan from an agreement with the other lives in a coma and i think. the t.p.d.
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agreement. is certainly agree that it went beyond. trade agreements like nafta did have provisions for intellectual property and substantial issues for services provisions for. here and for trade facilitation. those are largely to generate substantial benefits it's also the case many of the provisions that were put in place at the insistence of the united states. the intellectual property provisions in particular were regarded as quite onerous for some of the other economies of japan vietnam and were really not very keen on some of the provisions that the united states put in place but they were willing to accept them as part of a want to deal with the united states out of the agreement it seems likely that some of those provisions will be jettisoned that's
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a shame for the united states in the scene. a golden opportunity to really sit the trade agenda in the region and speak if you have. at some future point in time that it wants to join the t.p. it will do so under whatever provisions and i go she may not leave and they will and that's what's so interesting about these negotiations they are taking place because if he does drop the provisions that the u.s. had put in place that would make it more unlikely that the u.s. would actually ever rejoin which is something that these countries are looking to after the trump administration thinking let's try to make this appealing to the united states for a future leader to maybe rejoin do you think that's really a possibility this hope that these other countries had that the u.s. might reconsider post trump administration. that's a good question i don't know the answer to that question i think your career and some of these provisions were dropped it will become easier for the remaining
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countries to negotiate a human agreement among themselves but it will make it harder for all of us to. in the future i think the agreement that's likely to come out will be one that the u.s. will find least attractive than the one that was originally negotiated. how we've seen this in fact other regional trade deals like the regional comprehensive economic partnership r c p as t.p. tries to take shape here post united states involvement how does that affect other deals. well this is a question again i think the primary purpose off the tee from the u.s. perspective or is it not only economic it was also geopolitical and there was about really sitting in the trade policy agenda and the region and sit in the trade policy architecture in the region in a way that suited u.s. interests with the withdrawal from the g p the leadership has been ceded to other
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countries so now with the self we're going to see an agreement that likely. looks much more towards japan's interests in the region and we're also going to see other agreements. coming to the fore as recep which which you've talked about is the agreement that's being promoted by china china's really taking the leadership role . it's an agreement that only involves the economies of asia including australia and new zealand it's not across the surface agreement and it's an agreement that. a trade economist such as myself regarded as lower quality relative to the p.p.p. in terms of the amount of trade liberalization that actually occurs. well again we don't know what will happen now but it seems likely that china's
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leadership it's going to move to the fore right because it's john gilbert professor of economics at utah state university thank you so much for your thoughts today. my pleasure thank you. privacy regulators are sounding the alarm over wearable health tracking devices a proposed european union mandate would ban the use of popular devices like fit to be used in corporate wellness programs basically companies have been handing out smart watches this bans and other devices that collect health data for health and wellness programs now employees might be incentivized to wear the device and companies could collect information like sleeping habits and activity level even if it's just on an aggregate or anonymous level the concept is often driven by a company's desire to improve employee health and lower health insurance premiums but even if employees give the company permission to use the data and the e.u.
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advisory board says processing that information is unlawful and raises countless security concerns because of the privacy advisory health tracking companies are worried a future ban could end business in europe for example has more than thirteen hundred organizations using its devices as part of corporate wellness programs that's more than two point six million people and a large number of those customers are european employers a decision could come in the e.u. by may of twenty eighteen. it's not a secret that your privacy is that risk on most forms of social media but one website in particularly is dealing with yet a nother privacy related find in spain so what could this mean for its future and the rest of europe boom bust joins us for more on that bianca tell me a little bit more about what facebook is facing while facebook is facing
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a lot of privacy concerns from spain very similar to ones that the u.s. has already find them. hundreds of millions of dollars for in the past according to spain's data protection agency facebook made a series of privacy violations through its data collection practices and one of those violations was so serious that the regulator ended up issuing a one point two million euro fine it made that decision after learning that facebook stores data based on ideology religious belief navigation and more through the web site and third party pages the problem is that it doesn't believe users are aware of that and that's a serious offense under local law the agency also took issue with the way the site uses web browsing cookies users allegedly aren't told that their information will be processed anon facebook pages that have the like button plug in regulators didn't know about some of the data has been declared for advertising purposes but argues that facebook uses it for other him ones too in the third issue or guards
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the way the site uses deleted data which the found isn't always to leave it in the agency's statement regulators explained when a social network user has to leave his account and request the deletion of the information facebook captures and treats information for more than seventeen months through deleted account cookie therefore the considers that the personal data of the users are not cancelled in full or when they're no longer useful for the purpose for which they were collected and when the user explicitly requests their removal this could mean trouble for facebook elsewhere in the e.u. especially in belgium france germany and the netherlands all four have their own facebook privacy related investigations going on which the made sure to mention in its press release. really interesting we're hearing about what he says but how has facebook responded to this fine so facebook has denied any wrongdoing and said they
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would also be appealing the fine and in response they issued a statement saying as we made clear to the d.p.a. you. choose which information they want to add to their profile and share with others such as their religion however we do not use this information to target adverts to people in the avid facebook has long complied with e.u. data protection law to our establishment in ireland so they kind of threw in there that are already established in the e.u. and they already follow the laws of ireland and the e.u. so it's fine there it should be fine in spain but you know the happen to facebook many times in europe in the us in south america and their argument is generally the same each time it's that maybe there are some loopholes or maybe some of these laws and rules and regulations are open to interpretation but ultimately we're not breaking any laws specifically so it's the same thing we've heard many times over and over again in such a huge company and so much money involved in facebook i mean it's a one point two million euro fine doesn't sound like
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a lot of money what's the point really appealing here yeah i mean it's certainly a drop in the bucket for facebook we're talking about a multi-billion dollar company getting a one million dollar fine i mean they really could just pay this off and brush it under the rug so this is all definitely about their image and the way they're perceived around the world as this privacy violating company they need to get rid of that so instead they're saying even though we can pay this after you know off waiting for a minute we're going to fight this and we're going to appeal it and the reason this is a bigger issue in the e.u. versus you know the lawsuits are fines are facing in the u.s. is in may a bunch of new privacy rules and regulations are set to take place in the e.u. and have this happened in the year from now they could have faced up to four percent of annual turnover as a fine which instead of being one million dollars would be one billion so they really need to take care of this now one that ties right into the health fitness trackers we're talking to a lot of changes in the e.u. coming in may of next year boom bust bianca sheeny i know you'll be staying on top
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of it thank you all right time now for a quick break stick around when we return on investment bank focusing. on emerging economies takes on western controlled world bank and the i.m.f. later tesla remotely takes over customers cars software and it's all for a good cause as we go to break here the numbers of the closing bell. the obama. the marshall and. islamic states claims it was behind the month just a terror attack by the militant fronts so kill the priest every time a terrorist attack happens all these people are out there screaming to go ice is so
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bad someone needs to do something against them and for me was like yeah why don't we move them something. that. gives. the old. to the local and that in the case of. the chinese. chinese tough. guy who has got a good. look and listen to the show. here's what people have been saying about reject. the law and also the only show i
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go out of my way to lunch you know what it is that really packs a punch. yeah it is the john oliver of our three americans doing the same. verily better than the blue. sea people you've never heard of love to the next president of the world bank so very. many seriously send us an e-mail. with this manufactured consent to the public will. when the really close is protect themselves. with the flame of. the sun. we can all middle of the
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room see. the rumors are swirling around that china plans to ban trading all virtual currencies on domestic exchanges which has cooled cryptocurrency is like that coin as it awaits official word from regulators big going dip down friday after the first reports surfaced and dropped even more below four thousand dollars sunday before stepping back up to friday's lows and china has boomed as a crypto currency trading venue because domestic exchanges had allowed users to trade for free but regulators are taking a closer look now if china valves to ban exchanges some cryptocurrency investors
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think traders will just find a workaround to gain access meanwhile russia is going a different route developing a legal framework to regulate buying crypto her. and sees instead of cracking down like it's bricks partner china the goal according to russia's finance minister is to legitimize virtual currency trading to weaken the black market there he said russia understands that crypto currencies are the real deal and there's no need to ban them but there is a need to regulate to make trading less risky. as countries like china and russia continue to navigate new technologies and financial opportunities so does the new development bank and d b is a product of the meeting of the minds that occurs at brics summits where leaders from brazil russia india china and south africa meet each year now like its name the goal of this debate is to provide loans and foster new development with emerging economies while at the ninth annual bric summit in sharm in china last week i sat down with k.v. comment the president of the new development bank which many consider to be an
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alternative to the world bank or international monetary fund i asked him how n.d.p. sets itself apart from other global financial institutions. i would put it in context of the n.d.p. you can understand that he is a product of the song it is aspirations of the developing countries to try and stand on their own feet in so far as the point assistance is concerned. complements and supplements that are all of other institutions at the same time it makes the statement that we done up in concrete would like to stand on our own feet now the n.d.p. has already provided billions of dollars in loans just since two thousand and sixteen what are some of your goals for the coming year but i think we have completed our foundation work in terms of setting up a bank which can be seen to drive into the future. in short the
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first few years the target that we have is to try to do as much of a green as possible and the reason news not that it is. desirable to do a green but he can only clearly mississippi to green in today's context so whether it is renewable energy or whether it is you know setting by the ecological balance i think that is where our focus is along with that what i would is country specific for country. required attention in some other dubious we would look at those areas . and we have set a target for us for the next five years to do lending. us to honest thirty two billion now i understand that the n.d.p. wants to also get into the private sector right now it's working with the core five brics countries so how does a plan to move into that realm but you know the private private sector lending required is to require skills to be able to provide the assistance that is
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interesting because the risk could be different and we had in the pros are building those skills particularly in cases in credit risk and they're often unnecessary products that the private sector the ones we get to do to be ready with these by the end of the year. now and there's been talk at breaks for expanding beyond the five core countries and what they're calling a brics plus type of forum regardless of whether that happens with the summit in this group of countries do you have plans to expand beyond the five core countries that you know. allow for an expansion any member of the un could be a member in due course however this whole process is subject to the directions of the board of governors of n.d.p. . the first step has been taken to agree to expand membership and that
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was in april of this year. the decision was taken the mortalities timeframe and who and when i think is yet to be decided by the board of governors and his work in process. to talk about membership expansion for the n.d.p. at this stage the bit premature. now it's no secret but especially in the past couple of years china and india have been the primary drivers when it comes to economic growth within brics russia brazil south africa have all struggled in the past couple of years do you see this is a problem for n.d.b. . into the problem of the problem at all the reason is economic growth is transition it may go up and go down due to certain factors really rebuild institutions for the longer term and nations also you know look at things in a longer term perspective i would think in the areas that you mentioned and you know why you don't context the infrastructure sector there is enough opportunity in
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all of member countries to be there for they need to be able to lend and for good to the group now given the political and economic climate that are being faced in south africa and brazil especially i understand that the n.d.p. has had a hard time fostering new projects in those two countries how do you plan to overcome that i would separate any political context because not one to. talk about that. talk aboard the economic context. context of generating a pipeline in our member countries several elements one is how does the bank work on these how do these countries prepare projects and put them up for the banks to prune and chalk it just so happens that in china and india i think the historical context there have been there has been a process where there have been ministries which are entrusted with this task of
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collecting projects from the provinces of the states and then channeling them to lending institutions and we are learning emphasizing we are learning is in the be that process is not the same in other countries so it is for us to learn how to produce good originated how do they come up for funding and so on so in our other three countries i think we are in that learning phase i would think that in the have told african context the opening of the african regional center will be a big step in facilitating the product pipeline i think in terms of for brazil and russia we will lead to make more visits understand with policymakers and. my colleagues at all to know coming up to speed you know we were all too young and i'm sure this will be set right in the next year what's your message to those people that see the concept behind brics as stuttering at this point no i think you
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know i don't see it that way at all i would be a bit surprised that anybody would be thinking of bricks in that context let me put that into the picture holistic way the. brics nations today drive more than two thirds of global agreement and trade that is not going to drop anytime soon in fact only increase as the other three engines which may not be driving today at the same pace as they have the potential to. slightly lower growth. so i think this is a new. fall from structuring i think is the end is positioned for great. as it were thank you so much for joining us mr k.b. comet president of new development bank. last week as hurricane erma made its way
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to florida tesla drivers found themselves running out of power trying to escape the storm that's when tesla shifted into high gear and attempted to help as many people as they could the company remotely unlock more battery power for certain tesla owners giving them longer range all tesla had to do was access those batteries were mostly through software and drivers found themselves with thirty to forty more miles out of it all right that will do it for us for now thanks for watching. about your sudden passing i've only just learned you were yourself and taken your last wrong turn. to you as we all knew it would i tell you i'm sorry suddenly i could so i write these last words in hopes to put to rest these things that i never got off my chest. i remember when we first met my life turned on each
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day. but then my feelings started to change you talked about war like it was again still some more fun to feel those that didn't like to question our arc and i secretly promised to never be like it said one does not leave the funeral in the same as one enters in mind it's consumed with this one to. speak to because there are no other takers. to claim that mainstream media has met its maker. what holds if you should. put themselves on a lot. to get accepted or rejected. so when you want to be present. for something i want to reach. out to the right person to see what before three of the more people get. interested in the waters of.
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this should be. seen years ago i traveled across the united states exploring america's deadly love affair with a gun if a bad guy tried to get to one of my family members he would have better luck with that i don't i guess they are and hurting whatever my my baby's says my book was published in the year two thousand more than hoffa million americans have been killed by forums in the us i weigh how to saute me as i did this is a middle school we go through drills and we put ourselves some real scenarios it was interesting to see who actually got hit. and i just saw the two tons of the subject to track down each gone on a who i'd met and photographed those years ago i don't know this but we are not.
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desperate for a single purpose. of a superman. training very young. eight months of intensive school. reps. and they saved lives.
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headlines on r t international the u.n. security council adults new sanctions against north korea after the resolution was changed from a tough u.s. drafted version. of a huge trove of blank syrian passports a stolen from the states government with german authorities believing that over eleven thousand of them could now be in the hands of islamic state. and the devastating hurricane weakens thora he's on businesses in the affected areas face criticism about how the crisis has been found.

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