tv Boom Bust RT May 19, 2018 1:30pm-2:00pm EDT
side on the scene of this tragedy the president himself president. was just been sworn into office he was there the minister of transportation was there everybody was there trying to help and figure out what happened it's a tragedy by all means so a local flight a passenger flight that airlines had list from a mexican air company lobel air i understand is the name and the crew was a mexican crew also. a very very sad situation indeed a buoying seven three seven with more than one hundred people on board. now what looks like becoming italy's next coalition government spearheaded by the five star movement on the league party unveiled on friday a radical program designed to alter the course of italian politics and also in a way that could cause concern for the european union has done quarter explains
brussels or sweating a bit more than usual these days and it's all because italy's new euro skeptic government doesn't intend on playing by the e.u. has rules it is important to abide by budget discipline i'm especially for it's only to continue to reduce the deficit it is important to stay on track being a good champion also means being a good european citizen it needs to be repeated out loud especially now the left wing five star movement and the right wing northern league party formerly fringe now turned government majorities are promising italians a government of change confronting the e.u. on immigration austerity and taxation from europe we have the unacceptable interference but an elected officials now is the time for legality security and push backs with courage we will succeed in returning citizens the rights and returning italy to rightful place on the european stage. the new government's plan
for italy and europe is everything brussels doesn't want people before economic obligations as a senior official of the northern league described it they're demanding a debt discount an expansion of welfare programs and a reduction of taxes which would be a big blow to the e.u. as wallet italy is also telling brussels it's had enough bearing the burden of the migrant crisis on top of that they're challenging something that's been a constant in the e.u.'s foreign policy for some years by saying drop the sanctions against russia last time brussels saw a similar rebellion was when an anti-establishment party took the reins in greece when an austerity sarees a party came to power what a headache it was for the e.u. . we didn't reach an agreement it was never on the cards that we would. we didn't even agree to disagree from
whence then but the greek experience could hardly have been considered a win for euro skeptics series about under pressure and agreed to a renewed austerity program in italy it seems both parties of the government coalition are getting along so far after they finalize their program they'll just need approval from the italian president if approved it would be the first e.u. founder state to be ruled by a euro skeptic government and that's starting to give brussels bigger worries than it originally had we have to brace ourselves for the worst scenario and the worst scenario could be operational government as if the absence of a government in italy seemed bad enough for the e.u. it could be soon contending with a major member state in all out rebellion donald quarter r.t. . well the stock market did react negatively to the news the program contains a number of radical economic proposals we spoke to a representative of the nih likely center right coalition we came to the point
where the final contract that is included in the most important things from the two parts we need this to come down also the country and be able to state into the you know in a strong way we are. very focused on. democracy three that. we respect our alliances we want to be part of the e.u. . being stronger as italy. just going up to court three here in moscow now and still ahead this hour with the roll wedding in windsor under way the world's media is pouring over the ceremony at the moment as we speak but we'll be taking an alternative look just after the break. join me every thursday on the alex salmond show and i'll be speaking to us from the
world of politics sports business i'm sure business i'll see you there. we have to judge countries and leaders directives. so we need more objective but the reality. try to get the facts but leave. your worldview so this is where social media and direct communication comes in unfortunately it's sometimes called fake news or something but it's sometimes a different world view. big news. powerful people.
again welcome back now it is a big day for something britain is prince harry is marrying the former t.v. actress. these are live pictures actually from the ceremony in windsor the hour long wedding service has come to an end st george's chapel and they began the carriage procession around windsor before returning to the city plenty of flags around the sun is that it is a marvelous but cool but with much of the media gushing over the celebration. this take a slightly less red look is the latest episode of the online check. in case you missed it no not today and this is a marriage that looks like it will last the average length. britain's prince harry marrying american actress meghan markle against the global media
a reason to pretend that no one has ever heard of a wedding before and the public a chance to get angry about stuff they could know about this i think in a ceremony is the wins that cost so it's been described as a humble second and westminster abbey yes it's just a humble. one truly impressive. signaling over turn off thousands will be coming in i mean around inside. the grounds of picasso nowhere near the actual ceremony that is how they're in missouri boston people from a range of backgrounds should be herded in like i know result of president unconfirmed reports suggest that at least one class and from every race there prince philip husband will be represented each have will be treated to a sausage roll and a cup of tea but they were told to bring their own picnics as well so they don't call us out before seeing one true privilege looks like up close but not to this is a rolls and see will cost an estimated twenty thousand pounds but for the lucky
people feel to spoiled they need to remember that the lemon in the cloud cake that real guests are going to be eating inside the fifty thousand pounds price there is where they're getting those old room service magen go anyway well a little been made of the fact that she and a black mamba but who cares about the rent is on lucky to have the royals have been swimming. in a very shallow jeans will the last outing is they need some outside help maggie and is a self described feminist which she'll have plenty of time for now that she's being looked after by her husband in fact the only talent steve now is whining selfies and hugging the great unwashed sarah's mom says he take questions posed by the media. mom saved the morning save it from a lot wrong in taxpayers' money here's hasa magen kate.
is definitely what you can write in moscow do black bread to anything she likes she's going to be a princess now. princess. scary presence. there now the u.s. is refusing to support an international probe into the mass there of palestinians on the israel gaza border america blames the hamas group the deadly clashes of the past week some voted against the proposed investigation the u.n. human rights council u.s. ambassador in fact nikki haley gave a statement suggesting that the u.n. has more important problems to deal with at a time when venezuela lurches to a dictatorship iran imprisoned thousands of political opponents and ethnic cleansing has taken place in burma the un so-called human rights council has decided to launch an investigation into democratic countries legitimate defense of
its own border against terrorist attacks it is another shameful day for human rights recent protests in gaza have seen fifty eight killed according to the palestinian health ministry with israel being condemned for its actions turkey's president branded them a genocide against the palestinians while the uranian leader hassan rowhani called for a united muslim front to stop israeli crimes and the rallies continued on friday too with thousands gathering at the border fence. it. was like. well the army commented on the recent clashes via twitter saying that its troops had responded to riot is throwing rocks with riot dispersal means and fide live
really for me and the number of palestinians killed or injured in those rallies is horrifying most of them a civilian who have nothing to do with any military organization they just want justice and to return to their ancestral lands which are occupied by israel they want the world to know about the fight for justice the protestors ranald if the israeli army had not reacted so disproportionately they could have been some form of agreements people would have just gone home all the decisions on the palestinian problem and made long ago trying to un resolutions if israel agrees to comply with them there will be peace in palestine. well despite the widespread condemnation of israel's actions against the palestinians not many of their arab allies are willing to take any real action to support them as poor sleep explains b.
gyptian president el-sisi has ordered for the rafa border crossing between israel and gaza to be open for the whole month of ramadan the last time this happened was five years ago the move immediately captured headlines around the world and has been described as a goodwill gesture it follows. as weeks of protests in which dozens of people have been killed those images were bought cost on t.v. stations around the globe was. or tried to cross the border two months ago but they made me go back to gaza because my medical treatment permits expired today i will try again i'm scared they won't let me in on him says i'm going there because any surgery i'm supposed to have this operation seven months ago the rafa border crossing is a huge challenge but if egypt is really so committed to the idea of helping palestinians why then didn't open its border earlier or at least keep its borders
open on a regular basis since two thousand and seven gaza has been under an a sea and land blockade by both israel and egypt but it's not just the egyptians other arab countries while also claiming to support the palestinians and being highly critical of israel in reality do very little to help the palestinians take one of the richest countries the united arab emirates for example it continues to affirm its commitment to supporting the palestinians the united arab emirates absolutely rejects the use of force to confront peaceful demonstrations and demand their just rights but meanwhile israel and the united arab emirates fly together in annual joint exercises in greece saudi arabia is another outspoken supporter of the palestinian fight for rights against israel in the mimic of yesterday a top for of the kingdom of saudi rejects the u.s. embassy's move to jerusalem and sees the step as a root bias against the palestinian people's historic rights in jerusalem but then
behind closed doors the saudi crown prince is reported to have said it's time the palestinians shut up and stop complaining now you would expect the arab league to embrace the policies of helping and assisting the palestinian. and in fact there is a resolution that calls on arab countries to treat palestinian arabs well but here's the catch it also urges arab countries to promote palestinian nationality by not giving them citizenship there really was no action taken to stand up to the united states and to say before it happened if the embassy there is just between the arab world and america will change there is a lot of under the table the negotiations and agreements being worked out between it seems some countries in the gulf some of the arab countries are placing demands on the palestinians to accept whatever peace deal if we can call it that what's
called the deal of the century donald trump and his advisors work out for the palestinian israeli conflict. there with that report that's how things are looking so fast today here not in more than thirty five. with lawmakers manufactured sentenced to public wealth. when the ruling classes protect themselves. with the financial merry go round listen to the one percent. we can all middle of the room sit. around.
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is boom bust broadcasting around the world from washington d.c. i'm bart chilton thanks for joining us coming up for the program today oil prices have reached a four year high road runner a simpler trading what we should we expect and how are airlines making money in this high fuel cost environment and which are the best frequent flyer programs we'll ask gary left the founder of view from the wing dot com plus one of the merits of money associated with meatless needs alex one hile of h. helps us understand and the big crypto conference consensus has culminated in new york city's but one attendee is stuck around and she will join us one of our favorites of the pick coin queen of switzerland all the felde meyer the c.e.o. of smart valerie all of that debt ahead but first we had some headlines hey fellas buying mobile payment eyes that'll paypal system for two point two billion dollars pay pal notably agreed to pay twice the valuation of the one that they had been
seeking for initial pump a public offering on nasdaq later this year the planned i.p.o. is now mooted by the acquisition for pay pal eyes that old value add is an increase president's presence in brick and mortar stores while pay pal is currently usable at many large retailers isel has developed a significant presence among smaller companies for eyes and all the merger with pay pal connects them with a reported twenty million existing pay pal customers in addition to online payment platforms that will also mix credit card readers. and u.s. supermarket chain kroger has announced a partnership with u.k. based online retailer ok. pato to get into the business of home delivery kroger the second largest u.s. grocery seller after wal-mart will take a five percent stake in ocado for roughly two hundred fifty million dollars as part of the deal while ocado will license kroger to use their technology and advise the
larger company as they venture into the new territory as many as twenty distribution centers could be built to get kroger into the delivery game ocado stock shot up on the news by more than sixty percent interestingly ocado stock also got a boost last year when amazon acquire whole foods and market watchers quickly surmise that corporate suitors would soon come calling for a cut as the race was clearly on for dominance in the grocery delivery market. and oil prices have reached a four year high of over eighty dollars per barrel for brant crude traded in london at the intercontinental exchange futures europe and west texas intermediate traded at nymex in new york was trading today at above sixty two dollars per barrel the average price of gasoline for regular gallon of gasoline is two dollars and eighty nine cents that's actually up fourteen cents in the last month and up almost fifty cents in last year as this is occurring u.s.
shale drillers are investing increased capital even more than they are making seventy five percent of shale companies spent more than they earn in the first quarter of the year and u.s. shale producing companies have assisted in boosting u.s. oil production to all time highs of more than ten million barrels of production per day the shale companies seem to have been pumping their profits back into operations during q one and here to discuss oil prices and much more is rosy horner currencies in future expert at simpler trading as you welcome back we appreciate it when you spend time with us it's always insightful we never have enough time though let's get right to it what's your take on the shale folks right now. they're in an interesting place right now because their operating costs are about thirty dollars a barrel and with w t i sitting just above seventy seventy one dollars one would think a seven forty dollars thirty dollars per profit when you look at her barrel profit when you look at about three quarters of shell producers they should be sitting
pretty but as you mentioned that capital expenditure is that they have to undergo to one revitalize a lot of what we could call a dated pipeline system and also i think the short basically the short life of any of the shale wells is going to be an issue it's always going to be expensive prospect to take this oil from the earth but the interesting thing is you're right we're only number two behind russia right now in terms of production so it's really a pipeline question let's go to that actually so in the permian basin west texas and parts of new mexico it seems like maybe there's a capacity issue with the current pipelines how are we going to deal with that and we need to i guess if we're really going to count on shale to keep the u.s. in the production game. absolutely and you bring up a perfect point the timing is right because we just completed the by annual review and you know basically what happened is they've got their credit limits they've got
the capital to start spending on there's a big refinery being built at the moment what people forget is the saudis own the largest refinery through aramco in the u.s. and what's also interesting as what's happening with some of the small cap companies small cap energy companies were spirally seeing that money flowing we're seeing slumbers a however and chevron exxon starting to move up those associated e.t.f. they're benefiting so we're seeing that the money being spent and that effect with higher crude oil is going to keep the shell guys as happy as the saudis are with the breath over eighty and with w t i over seventy let me ask you speaking of the saudis we've got opec meeting coming up i think it's june twenty second in vienna but you've got the u.s. pulling out of iran those sanctions maybe iranian production of oil will slow then you've got the venezuela is probably most which look like their production may actually fall below a million barrels
a day what does this all mean for supply and demand. this means that china india especially india are going to be very upset about the current levels of crude opec could not be happier they are historically behind the curve when it comes to making up for these gaps that you speak of whether it be angola brazil venezuela iran with the sanctions this gap is notoriously historically been very slow to close but if i'm the saudis or if i'm even shell producers i'm pretty happy about this because having crude above seventy dollars only serves me it's going to be tougher in the narrative will probably change if india or china really start to get upset about it but frankly where are they going to go opec's already signaled they're not going to make sanctions the part of the meeting it's really about how do they manage inventory and bring it to those five year average is that they've sought to get to well i notice that the saudis said they'll make up for any iranian production that's lost but i imagine russia and the other folks that were involved in that
production cut will also be wanting to make up for that production raji horner we really appreciate your time currency and futures experts at simpler trading have a great weekend. thank you. u.s. airlines reported four point six billion dollars in checked bag fees last year according the bureau of transportation to test it said many of us recall a time when there were no baggage fees and here to give us more detail is the founder of view from the wing dot com gary left gary thank you as always for joining us we all hate baggage fees but when they were initially instituted it was due to higher fuel costs there was some thought maybe among saps like me that maybe the fees would actually be reduced at some point but that's of course not going to happen and as we're just talking about with regina horner we have high prices of fuel again so explain what these baggage fees are how do they really translate into
the bottom line for the airlines. well the first thing to realize is that while it was true that the fees were initially instituted in mid two thousand and eight midst high oil prices it wasn't the oil prices per se that were driving the bag fees it was that the airlines were trying to figure out frankly how to survive during difficult times it was it wasn't that long in two thousand and nine when oil prices were down the thirty's and bag fees didn't go away at that time the airlines were facing the great recession and they were looking for revenue anywhere they could find it and it's not really the case that bag fees mean that the airlines are taking more for travel than they used to the total cost of travel certainly in inflation adjusted terms is down when you look at fares plus fees but what they're doing is they are extracting revenue from people for services that they're providing there it's price discrimination and some people pay it while they're advertising lower fares than ever before terms of why the airlines favorite this
one is they do believe that on net they're making more money but to what the lot of people misses the tax benefit which is that domestic air travel is subject to a seven and a half percent excise tax that does not apply to fees so an airline that is moving three quarters of a billion dollars for instance into fees outside of the ticket is netting about a fifty million dollars tax savings so there's a driver both for the both for the incremental revenue also being driven by the tax code gary let's talk a moment about frequent flyer programs which are the best airlines for frequent flyer programs these days i know some of them have been out some recent changes. i think the first thing to recognize is that since two thirds of miles are being earned for things other than flying you don't necessarily want to accumulate all your miles with the airline that you fly you're probably going to choose an airline
based on where you live who offers the most service if you live in atlanta you're gonna probably fly delta if you live in detroit delta if you live in dallas american and so on but that doesn't mean that's where you want to accumulate points for your credit card it doesn't mean it's where you want to accumulate points for other kinds of activity and you really can earn miles for just about anything now i generally say that you want to or in miles for credit card spend and bank programs his points transfer to a variety of airlines and hotels and the reason for that is that you can use your points for the award you want based on where you want to go at the time and who has the availability because with airlines planes full it's been very difficult to get award tickets for the last several years at least at the prices that people have expected to pay that save or award level so we're really does pay to look around for who has those availability and to be aware of the foreign airline partnerships of the u.s. airline themselves as well as the transfer partners of bank programs like chase's
an american express's because you can get fantastic availability from better products than the u.s. airlines offer at a much better mileage playa price more value for your mile and if you travel a lot on an airline then guess what you don't have to pay all those baggage fees we are speaking about gary left the founder a view from the wing dot com we always appreciate your time have a great weekend thank you bart. financial ethics and theology news not a topic we get to all the time here on the program the vatican has issued a position paper on credit default swaps c.d.s. says and observant catholics may want to review their portfolio an official statement from the catholic church's body for promulgating official doctrine called the contracts a ticking time bomb ready sooner or later to explode and poisoning the health of markets the thirty four point statement from the vatican's congregation for the doctrine of the faith.