tv Boom Bust RT June 28, 2017 3:29am-4:01am EDT
it's the fourth straight session of gains for oil but the optics are short lived we'll tell you why also a record high find google is slapped with a multi-billion dollar fine for spewing user searches and say hacking agreement canada and china shake hands are not hacking each other standby starts right now. let's. a weaker dollar pushed oil prices up for a fourth consecutive session today it surged nearly two percent but oversupply kept those gains the organization of petroleum exporting countries and its partners have tried to reduce global crude glut with production cuts opec nations and the love in
other exporters agreed in may to extend cuts of one point eight million barrels per day until march two thousand and eighteen russia is set to host an opec meeting next month when further cuts to production could be agreed upon but opec members nigeria and libya are exempt from the cuts and have pushed production on top of this u.s. production has risen about ten percent six since two thousand and sixteen it's now hit nine point four million barrels per day and u.s. oil rigs in operation have hit a three year high with u.s. exports of oil and natural gas surging president donald trump says the u.s. is set to dominate as export of oil gas and coal today u.s. west texas intermediate crude settled at forty four twenty four up two percent international benchmark brant crude futures rose one point eight percent to forty six sixty seven. on tuesday european. indicated
the bank is ready to reduce stimulus later this year as you might guess the markets moved quickly upon hearing that the dollar fell point seven percent the euro jumped one point zero three percent serling also increased point four seven percent energy and bank stocks also warmly accepted this news the dow jones rode rose twenty five point three points and the s. and p. five hundred gained a point six five points at the conference in portugal druggy suggested the eurozone economy is recovering and added quote the threat of deflation is gone and replaced forces are at play however he noted that considerable monetary policy is still needed and that suggests of course that any change in stimulus will be gradual and not drastic. here the international monetary fund offers an economic analysis of each of its
member states when it comes to the u.s. the fund isn't feeling very positive about this. new joins me now in the studio of the i.m.f. wasn't singing the same tune few months ago so what happened were it so the i.m.f. was feeling positive about the u.s. economy because they were hopeful to see certain types of policy reform but they're not about those reforms happening so as a result they changed their estimates and they're a little more negative now back in april the international monetary fund projected two point three percent growth in two thousand and seventeen followed by a modest uptick in two thousand and eighteen but just two months later the i.m.f. is offering less optimistic figures the fund is now estimating two point one percent growth in both twenty seventeen and twenty eighteen what's more concerning is the expected fall in growth to one point seven percent and twenty twenty two it's a pretty significant change in just a couple of months but it follows weeks of hyper partisan fights over u.s. healthcare law so that coupled with doubts over other trump policies on tax and
infrastructure led to the disappointing figures in the report the fund wrote the us economic model is not working as well as it could in generating broadly shared income growth most critically relative to historical performance post-crisis growth has been too low and too unequal the group also emphasized the looming threat of an overvalued dollar and rising public debt as problems to fix before ensuring stronger growth and of course there is mention of greater challenges that many advanced economies face including major technological changes which have transformed the labor market and productivity the u.s. is also facing an aging population problem which the i.m.f. argues is one of the several factors making it hard to adapt and the result from. that has hurt america's economic outlook the funds researchers wrote these shifts are having real consequences for people's livelihoods household incomes are stagnating job opportunities are deteriorating prospects for upward mobility are
waning and the poverty rate is one of the highest among advanced economies the good news is that the i.m.f. does believe the u.s. can stimulate growth again but only if a comprehensive policy package is created. to go to the white house now compare this to the white house growth estimates not exactly the same not the same so cording to trump's budget proposal they're expecting or the trump administration is saying we can see three percent growth if they can balance the budget which is obviously a big if right now for a few reasons you know we're looking at what's happening with the health care law right now and congress is incredibly partisan they're not really yeah it is a total crisis so we're not even getting anywhere on that so the idea of balancing a budget right now it is looking rather unlikely for that to happen i don't know what we would need to do if we could just be selling going up before you know it's the end of the year exactly so it's the back of their minds at least right now and then outside of that some other analysts have some questions about how his
immigration policies could down the road impact growth because if he wants to make some sort of cuts to immigration immigration or changes that puts into question how we could really increase our g.d.p. if we're lacking workers because you need lots of workers to increase g.d.p. so you know in addition to the island that's questions about these certain policy proposals and how we're going to get there other analysts are saying can we really get to three percent growth if we're not going to bring in as many people to write work here as we did before. anything positive in this report anything good well the one thing the i.m.f. did say in this report is that the economy appears to be at full employment so if you take that with a grain of salt considering they still had appears and are in quotations they couldn't and were going to go in and they were not confident enough to say that we are totally at full employment so there's some question without but still i guess
better than nothing they also noted that g.d.p. is twelve percent higher than our pre-recession peak so that's something i guess to be happy about you know overall they did say that they have hope for the u.s. economy it's not like they're saying this is it we're never going to see growth again there's nothing we can do about it it's just you know the not so positive side is out there are a lot of questions to sort through and a lot of policy proposals that congress would have to pass in order to get to full growth again and we're just we're not there right now i mean i don't know how congress could even approach even an issue like considering what's going on as you mentioned recess is coming up i mean they have a lot to get done before they get to the budget but i mean even going to happen exactly they don't care what the i.m.f. says anyway but you never know with thank you very much christine. two point seven billion dollars that's the fine slapped on internet giant google by the european union use antitrust regulator fined parent company alphabet incorporated for promoting its one comparison shopping service in search results
and demoting rivals here to weigh in lionel of lionel media why in all what's going on here is this move to set precedence of the other internet companies can't do this because you and i both know google is a marketing company now. well not just that that me take borrow from our friends at q v c but wait there's more let's assume lindsay your google and i say to you i'm your lawyer your corporate counsel and you say what i owe two point seven billion let me write the check not so fast wait there is more they want you to ensure fairness what does that mean that means years of regulation years of oversight here in this country that say i'm actually stop doing this ok fine here is the fix the regulator tells the company this is what you did wrong
this is what you need to correct it and that's it not here they have to now face years of regulation so that other competitors feel a benefit of this how does google do that we don't know then there's going to be the open gets even better the possibility of litigation because as google tries to make good and tries to be a good neighbor and a good partner and to to to do even the plane so to speak you're now and divulging bases of potential causes of action for other companies to being private is unfair competition actions against google as well now what a lot of business observers and law professors and american academics familiar with are more dare i say taters sherman antitrust stuff is that the e.u. doesn't understand this new algorithm sense of of industry what does google
sell what is it what exactly does it do to fix it if you sell google advertising and lindsay france as you know a restaurant and i'm going to. being google i'm going to push my people a little higher and then you have to ask yourself this question lindsey what duty what duty does google have to be fair i know that's a crazy idea but it's a cool go don't go but blind old lionel we've got a back up here don't you think that google according to what it claims what it markets itself as a supplier of information with paid advertising promoting its own stuff. as just your mation when it's not just information it's used to compete what i'm saying is identify yourself for what you are do you think google is really you know staring at honest ship in these waters i don't what do you think. i am on the side of
google and this is what i'm saying i am like the phone book you don't like my vomit go over there well on saturdays else you don't have to look at your yelp or years of the else but wait there's more now the e.u. says or actually the commission that your peon committee says we also want to look at bundling we're going to look at android we want to see how you you wrap it how you bundle other services people that always wanted to get into the the headphone gear and couldn't we want to now you lay open the end to their google family so to speak the entire organization the operation to make sure that everything is ok and i saw what you did right there and. look if you want to censor me do it the old fashioned way just to have my micro but don't do the color guard i want anyway i would never censor you know i just like to give you a hard time what it is c.n.n. you're citing story made headway but you know every point is is that this is
passive this has no american counterpart is more important ad for those of you who need one more reason for braggs it. is well it's interesting i've got to ask you something else about google the all popular g.-mail not says it's not scanning your e-mails any longer what do you think of that such as a good faith move pressure from customers what do you think it is. listen do you think for a moment do you believe any of that do you truly believe that anything that you have let's go back again to the legal question being the lawyer who is the g. mail or the jail so to me like the google who goes e-mail who owns e-mail who owns it you're using their services and not only that before you start pointing your fingers have you ever looked at the terms and conditions you know anything to do i don't need to do that on purpose they do it on purpose you know that you do if you do with the telecommunications act of one thousand nine hundred six alone a little separate
a loser but just what they're. women can do and the privacy that you don't have regarding just your own editing and not only that who owns your email forget google what about your employer what about your service your service provider provider their days of privacy are over with but understand something in this is the most important thing we never lionel's law the law always lags behind technology what we're seeing right now is we're apply hoary and cobweb anti trust provisions to a new algorithm based economy and a and information data system that doesn't have any prior there's no correlation what do you do it's one thing if you're chevy or standard oil i got it but i sell information now into an algorithm sale it. you're going to see more private and to trust access cases later on mark my words thanks to those and here's the thing they've got very very scary teams of lawyers that are very very good at beating
a bureaucracy i mean they're scary for for answer trust for gary no he was all out of luck let me finish he course are scary that is the worst what i'm saying is for the bureaucracy they're scary as you mentioned be awkward bureaucracy and laws laid behind technology these lawyers aren't so how do you think this could ever bleed over into the united states do you think our culture is just going to kind of push that to the side or could you see these sort of antitrust cases like this huge one do that i mean the fine isn't actually that much for google but it's more the public relations thing is big you know the fines on a problem the public relations nobody's going to want your stand it but what's going to happen is look at two separate ways of handling our country our economy our law our jurisprudence we love tech companies or silicon valley we bend over backwards you're seeing right now a very not only dare i say i don't mislead an anti american that tao come on you know it's an american all over the place just kind of well my view there certainly
there is an anti tech version of this and if you go back to how ham fisted and heavy handed look at what they did to ireland as far as back taxes look at what they did to microsoft soft in two thousand and four with there as well they basically found out that these e.u. folks mean business and you're going to have to ask yourself this question lindsey what is the purpose of this is it to flex muscles is it to extend jurisdiction just to prove that you can or is it is is there something behind it how is anybody benefited from this how is anybody truly but if it may go back to what i said initially you don't have a right to google if you don't like google go someplace those outsiders search engines are there so all of that is great you or i could talk about that but it's moot but remember years and years. down the road this regulation or this this case is going to be reviewed and google has to prove that they've made it all nice nice we're not better it's all about how nicely nicely. thank you for weighing in with
a dose of reality lionel of wine and you always a pleasure thank you. time now for a quick break everybody but stick around because when we get back and say hacking agreement canada and china both agree not to have each other and as they go to break here are the numbers of the doesn't. tell you whether. you'll. have a lot of. our own so nerd polling families with. more salt will go to. yahoo.
google is the dog or the one school and the people you're living your. book. bustling the dubrovnik engineers are all travel destinations so it must be nice to lives easier. crowds of tourists disrupt the city's economic and social life the reports on the celestial get out of the mood to listen to the traditional story. in the
sudan as. a school bus on the beach while the city's trying desperately not to collapse. collects the profit of. its approval and probably a global new coffee cup the economy in the bushes up. to suppose it's immune to. what. is a tourist phobia fear into own identity. investors eyes were cast on london's royal academy today as federal reserve chair janet yellen gave a speech expected to spell out the near future interest rate hike and other monetary policy in the run up favored in part by an easing dollar gold helped held
optimistically steady thanks largely to reforms of the banking system since the two thousand and eight financial crisis yellen does not believe that there will be another such crash in her lifetime as for hours she says we are at least much safer with current reforms in place instead of being unwound this comes as u.s. president donald trump has vowed to cut banking regulation u.s. secretary of the treasury steve newsham has proposed easing up on restrictions big banks now face in their trading operations yellen also reiterated her view that the u.s. central bank would continue to raise interest rates only gradually gold responded by notching its fourth gain in five sessions and then at twelve hundred fifty dollars as the dollar itself and equities weaken. and the man responsible for the deaths of seventy six people infected with fungal meningitis across the united states has been sentenced to nine years in prison the two thousand and twelve
national nationwide outbreak led investigators to the new england compounding center by barry catherine he's charged with skirting regulations on the surreality of medical steroids given to patients which then infected them at the same time he pushed for higher production of the injection to boost revenue the centers for disease control said initially that the death toll was sixty four as of october two thousand and thirteen but twelve more people have died since then according to prosecutors more than seven hundred other people were sickened on the heels of the reaction to this outbreak congress did increase federal oversight of such pharmacies to any c.c. filed for bankruptcy protection in order to handle the hundreds of lawsuits filed against it victims and their families want to put away for thirty five years racketeering law by racketeering law he was actually acquitted of second degree murder.
canada and china have signed and and say hacking agreement to protect the nations from each other the measure is one of many security issues the countries are working on as their economic relationship deepens parties in toronto with more alex give us the details on this very interesting agreement. it's a very interesting agreement indeed canada and china have agreed not to hack each other so when it comes to trade secrets or business information they're not allowed to steal it from each other because felix was somehow permitted prior to this agreement i don't really understand why here let's hear from the prime minister's office itself here's a here's a quote from them and it's a pretty interesting here the two sides agree that neither country's government would conduct or knowingly support cyber enable duffed of intellectual property including trade secrets or other confidential business information with the attempt of providing competitive advantages to companies or commercial sectors so what that
says basically we're not going to steal from each other anymore at least as not to be government sanctioned if but that does happen and you know this is actually right now pretty touchy subject you might have heard of nor stat it's a satellite company out of vancouver that china or i should say that canada has agreed to sell to china without very much oversight at all they just said here let's sell this to them that company builds equipment for not only canada in our military but for nato as well so not too many people are really understanding how this is going so easily just getting tossed to china economically speaking yes the two countries are getting tighter so being one of the deals as well as the tar sands you know there's a lot of chinese money in the oil patch there so yes we're tied that way but this kind of stuff is pretty interesting especially when you're talking about that and you're just say we're not going to do it anymore and i guess it was ok in the past but now it's not anymore and i just ask you to stay on the hacking agreement or no
hacking agreement does it cause you to sort of squint your eyes and tell your head when they say knowingly support help that was in quotations on the contract. yeah you know it's just one of those standing up when you when you look at it says ok prime minister's office you're you're saying this is this is coming out of the horse's mouth so. you know i think a lot of canadians are scratching their heads lakes who was hiking ok was that ok up to now and now we're talking about this cyber security and all sudden these high level guys we know that you know governments get away with murder while if you murder somebody and you're on the government you're never going to get away with it so it's one of those things now and now somehow this agreement is slated to change everything and every business play nice and i think ok if you're not honest and play nice not the first time you've heard that i want to come to this relationship in china there are a number of other issues that the on cyber security that the two nations hope to tackle what's on the short list. extradition extradition is a big one just because canada does not believe in capital punishment china does so
china saying please send back our criminals kemah saying we can't do that because you're going to kill them if we do also canada's been critical of china's human rights record but that hasn't doesn't stop us from doing business with them of course side from that and we know the saudis also we do a lot of business with them as well the flight from that you'd look at something like gang so organized crime big one on the list the triads which is a huge chinese of mafia type gang they exist obviously in china they exist here in canada there's been all kinds of stories about that as well as them working with native communities to push heroin from coast to coast packed with cigarettes so i mean interesting stories when you hear about the triads here also counterterrorism china's going to attack by terrorists canada's been attacked by terrorists what we're going to try to i guess exchange our knowledge on how to fight that and when you look at global security issues such as as north korea and syria everybody's got their finger in those games so china wants to see or canada want to see how it could work more closely with china on those things obviously it really comes down
to money again it comes down to business and these type of agreements. it's just pushing forward that's what they're doing and. i guess this seems to be a way of doing it yeah you know i'm noticing a trench i mean justin trudeau wants to make a lot of you know trade agreements with people who sort of seem like they're out in the cold with china obviously canada is trying to grab on to that but do you think this is really the argument that you know china and candid are really tied together by terrorism they've got all of these common interests or do you think this is just a case where canada needs to up its game and gain an edge what you know it's canada right now i mean it's playing a little bit of a game to secure itself economically just because of what's happening in the states so when you hear that the nafta agreement might be going out the window on that soon is it going is it not going on with what's going to happen china canada for its own purposes has to have tighter relationships with other trade partners so the e.u. being one of course china being another and we you know as well as i do the u.s.
is very tied to china like it or not when it comes to their economies and trade as well so that's really a part of the game here with as for these agreements i mean we've seen this signed all the time and put into hockey you just can't really go over there i'm sorry this is so illegal in the first place so everyone can i think everybody knows no piece of paper is going to do that because hacking is a very powerful tool so i think that china saying this is is very interesting. alex and i love it coming out us from toronto thank you so much for that thank you. happy birthday the super bowl rosemary's baby and nicole kidman are just a few things that have turned fifty this year but there is an unsung hero that has turned fifty today and it loves to give you money that's right the first a.t.m. debuted today in london in one nine hundred sixty seven its creator john shepherd baron created the machine after becoming frustrated when he arrives at a bank one minute late and couldn't get any cash we've all been there the unsung
mechanical hero of the machine took time getting used to for people in the process it was much much longer because it predated debit cards made their customers use a paper form and pin numbers to access their cash even today a.t.m.'s get a lot of foot traffic with consumers making more than five point eight billion withdrawals in two thousand and fifteen but what's next for the industry is changing with some companies predicting that smartphones would one day replace debit cards at a.t.m. . thanks for joining us that's all for now check out the show on youtube youtube dot com bust our face a lasting. economic development is all about numbers really pleased to report this quarter we are one
hundred six point. but what do we know about the other figures. when i think about the fact that our c.e.o. mike do. over twenty million dollars last year more than one thousand times the average wal-mart is says he had. with all due respect i have to say i don't think that's right. it's not just you know a free market would. people went from pretty simple financial lives pre nine hundred eighty to the point now where people are. just totally submerged in their financial accounts and they're all in debt and what exactly devoid society from the part of the government try to do that nicely maybe. it might be making things worse. by saying this is not how capitalism works but lose one
goes hopelessly disastrously wrong. she's been on the shooter. that. was up. on. the boat so. you. just. join. the last the few that really. took a bucket were not that i. was i don't know that my. own itself or what they say about it so. but do you investigate the police officers behavior as well. i'll take drugs on the left and up
a presence here. alone will keep you close. while the liberal mainstream media serve up an endless menu of trump bashing in russia gave the democratic party in the so-called resistance continue to lose elections are the attempts to destroy trump at all costs destroying the democrats and undermining the credibility of the liberal mainstream media. he.
is. a former u.s. intelligence chief says meddling is either russia's d.n.a. is proof enough that moscow continues to infiltrate american politics. we'll tell you all about it. coming up two criticisms leveled at the u.s. administration for failing to give solid proof to back its claim that the syrian government is preparing a chemical weapons attack. david cameron and prince william implicated in a corruption scandal over england's failed bid for the twenty eighteen world cup according to a long awaited report out.