euro he said quote we are not discussing any proposal to exit the euro he then went further saying the government is determined to avoid the materialization of market conditions that push us toward exit in any way mr tria also said the new government is self-motivated to control and reduce debt not just to police the e.u. bureaucracy bank stock rose on reports of his comments yields on a tie in bonds fell to one percent after having gone above two point seven percent during the most chaotic phase of the ruling coalition's recent effort to form a government mr truro was nominated for the post after the ruling coalitions first proposed cabinet slate was rejected by the president because he suspected the finance nominee as being a euro skeptic. and there's a lot going on in europe much of it involving immigration a lot of things regarding worker rights and specifically what's going on regarding
italy that we just spoke of in that regard a little bit earlier we spoke with luke of these and t.d. the general secretary of the european trade union confederation here's that conversation. and emigration is an issue that has divided the u.s. labor movement in the past before they reached their current pro immigrant position but immigration also is a key component of european politics and in recent years this issue has been continually controversial mr general secretary what what your position on immigration and a specific problem and choices facing the e.u. what we think that the european union in europe more in general were not able to address this emergency in the proper way international rules were not respected few countries including he told me my own country were completely left alone you know address in december urgency and in searching in rescue people at sea and trying to avoid an immense a strategy to a tragedy to happen but that was coming from the large majority of member states of
the european union that didn't given and at all to eataly greece but also to some other countries like germany and sweden to try to welcome some of these refugees and to integrate them into society in the labor market of those countries so four countries along against the other twenty four were completely. burning on their shoulders i mean the the world burden of this of this situation of this emergency and frankly speaking the situation is not going to improve at all because there is no agreement between the different member states despite of the efforts of the day european commission put in place in the past i mean to try to convince them these are responsibility sorted are ready and in coordination and now we are facing again another summer coming and there are already under that hundreds of migrants who are trying to cross a to cross the mediterranean sea and to reach the european union and we have an episode that happened exactly during these hours that was the italian government
the new italian government refusing to welcome six hundred twenty nine the refugees that were on a board to try to reach the european the european court and they try to put to put . these people towards multiple multiples not in the condition to welcome them and in the end it was the new spanish government mr sanchez that is the prime minister of spain that offered for the money to you know reasons to welcome these people in spain so this is really a symptom a great example of how bad the situation is a regarding migration in europe there is no strategy there is no common values there is no respect of the international rules so we as the european configuration are really beyond blandly criticizing i mean what's the european union is doing or not doing i mean to try to fix this problem and you know a lot of discontent also among warchus comsec certainly from this from the lack of capacity to address the problem in a proper way to have
a sort of responsibility in place at the same time and being able to provide these people with the right integration that means also equal treatment we do not have workers of europe and we are campaigning a lot on these elements and try also to have been times of integration on the ground through our members and so there is a clear position from the european trade union movement but unfortunately we cannot say the same when it comes to the european institutions and mr general secretary you've written pretty eloquently recently about how do you obs can create better social economic justice explain that to us well you know let's say a decade ago we were the best benchmark in europe in the global arena i mean as the european union because we had a fantastic social model in place we had a lot of cohesion very low inequalities and so on but then the crisis came and the crises destroyed thirty twenty three million jobs in our continent these
unemployed people are still unemployed unfortunately and the european economic strategy that was put in place by the european nation institutions was not able at all i mean to address this. incredible crisis and so now we have very i levels not only for unemployment but also of inequalities a socialist pollution an enormous on rest and discontent among orcas and people regarding this situation that's why we think and we say all the time that it's really high time i mean to change completely first of all democracy. to boosting vestment internal demand to change the new labor a little story to policies and to go back on track with sustainable growth it does is the only way to create new jobs quality jobs that can replace the ones that have been destroyed by globalization and by the crisis and this is really our key demand but of course these goals together other elements that are particularly two elements that should go together a sustainable model for growth on the one side the need to to increase wages we
need to really to the profits with working people we need to really to change the balance in the labor market in the economy between the rich people that are very few and the middle class that have been completely impoverished by by this crisis so rising wages is the core of our campaign for a pay rise for european workers and on the other side there is the need to restore our european social model and there are some initiatives fortunately speaking coming from the european commission that is this idea of establishing a new pm pillar of rights this means a sort of the color of fundamental rights for workers and and for their working conditions in europe but also to be called social protection benefits all these at the core of the discussion at the moment in the european union and of course in our priorities to transform these the cult of principles into reality and for doing that we need first of all european legislation to be put in place because fortunately there is still the possibility of having european law ruling labor
markets and working conditions and making sure that we can have a level playing field preventing sort of dumping to happen and also downward spiral . wages and working conditions to happen this is really what we have to do to create a better future for our work is seeing europe and mr general secretary before we run out of time i certainly want to get your take on italy on your home country recently the italian finance minister is said that the e.u.'s no plan to leave the euro which has shot the markets up in recent days pretty good thing what's your view about how the future will go with the new italian government while let's say the new italian government is a bit of a nigga in the sense that you have two parties that came together to sign a contract as they call it but you know these two parties have completely different and they verging agendas particularly on social issues but also on economic issues and financial issues. that's
a slogan seem to come paying for the elections of us of leaving the euro leaving the european union on less my grounds and cetera et cetera but you know when it comes to the reality and not to the company for the elections to the real things that you have to deliver well it's not yet clear what they are going to do so we are really waiting to see what will be the real strategy and the real achievements that they have in mind to do to bring together i mean their program after the elections there are no clear signs so far what is really relevant for us you know is first that they recover the italian economy in a sustainable manner to create more jobs comes before any other kind of financial taxation or euro area issue of being the first point is if they are able to keep their promises of creating jobs for people and for the moment we don't know if we are waiting to see if they will be able to do so and on the other side we want the italian government to participate in the european debate about the european people
of social rights making sure that the new legislation going on the other european level for water life balance for protecting gender equality in the labor market for making sure that we can build up a level. it's a for european workers etc well making sure that all these can be achieved before the european elections that will take place in one ear time and i think the government all board or not on this the months will be very crucial for us you know eight zero is one of the most most relevant economies in europe but also one of the most relevant countries it depends on them if they want really to have a role in this discussion or not if they have to be power if they want to be powerful or to be they want to be completely ruled out from the discussion and from the decision making process so we are really facing a crucial and very enigmatic moment it will be very important and interesting for us to understand what they are going to do in this respect this our priorities and we are going to discuss with them if they will be able to listen to us of course
look at isn't easy the general secretary of the european trade union confederation thank you so much mr general secretary preaching your time. thank you very much for that let's just in time now for a quick break but i hang here because when we return there are new e.u. regulations designed to protect people's privacy we'll get the latest on what and how they are working from one local privacy expert miles edwards plus artes ashley banks looks at some crazy unusual point offerings that might perhaps should scare us all a little as we go to break here live numbers at the closing bell another day for stocks today and bitcoin is the only red arrow at sixty seven fifty nine we'll be right back.
seemed wrong. but old rules just don't hold. me. yet to shape out these days comes to advocate and in the game it equals betrayal. when so many find themselves worlds apart when you choose to look for common ground . and welcome back a spinoff of storied u.s. retailers sears is closing down a major portion of its stores sears hometown and outlet stores nk was
a spin off of the former larger company and they spun off in two thousand and twelve and announced on friday that they would close one hundred of their eight hundred eighty two locations in the u.s. this quarter the retailer also announced a nine point four million dollar loss for the earnings period ending may fifth and expects a charge against earnings of seven point five million dollars for the cost involved in closing the stores and if this headline is a little giving you a little bit of deja vu that's because sears holding which runs the regular series retail stores announced at the end of may that they would close seventy two stores in the near future and those seventy two stores were not a list of the most one hundred unprofitable locations. the fight between china based multinational conglomerate ali baba and ten cent has escalated to the point that investment banks are being pushed to take sides ali baba's affiliate ant financial reportedly demanded the signing of restricted non compete agreements as
a condition for banks one to participate in ants recent ten billion dollar funding round this follows the pattern of ali baba's i.p.o. in september two thousand and fourteen when the company demanded participating banks agreed not to work with tencent or with j.t. dot com a competitor e-commerce company without ali baba's consent while the specific agreement has expired reportedly remains eager to keep partners away from j.d. dot com as a direct competitor experts say ali baba and ten cent do have reason to be anxious about who their bankers partner with since agreements and shared projects may reveal critical data and strategic plans. the european union's general data protection regulations g.d.p. are went into effect on may twenty fifth so in an effort to protect the privacy of european union residents what does it do when will it work as attorney and global
privacy expert miles edward miles thank you so much for being with us really appreciate the g.d.p. are a lousy you residents to access their collected information and have the information amended or even deleted how does that actually work and what else does this regulation do. well first of all thank you bart for inviting me on what it's does is well first of all i think we've all seen the implications of g.d.p. already you probably already have received an e-mail saying do you consent to receiving this information do you consent to still being on our list so one thing to keep in mind is that for us firms especially you don't need to have a physical presence in the e.u. to be subject to it if you store data or you have clients in the e.u. you are subject to it and vice versa so many american citizens already have been receiving. email requesting consent from european union
a european union firm has your information most likely it does and so because g.d.p. are became effective on the twenty fifth of may right now we're seeing an influx of e-mails being received by a u.s. citizen so again read it over and you have any questions part of. the g.d.p. our is it's incredibly democratic and now laos individuals to have control over their data not only does it allow you to petition that firm to find out what data they have on you but it also allows you to control the way that they use that data and it's incredibly liberating in fact i have never seen a privacy regulation that is so broad and is so consumer centric as g.d.p. are it's sort of amazing i wish they would do what i know you do in your life as an attorney and i used to do on capitol hill is give you a nice red line of what it was before and what is it now because they are so long
and complicated but your advice mile is miles as good about reading it do if you have problems can you and can u.s. citizens take advantage of this also can you actually seek to see what information they have and if it's incorrect have it updated or delete it. well to a degree you do and you're not going to have all the rights of the european union citizen would have but you do have some rights and one thing to keep in mind florida as well is that the united kingdom even though they have technically removed themselves from bracks it is still abiding by it and so sometimes you going to see a situation with certain scandinavian countries which may not be technically european union countries and the united kingdom is still abiding by it so it's extraordinarily important to pay attention to this now what's also interesting as well is that with any sort of privacy regime there's a barrage recy so individual states with in the european union have the ability
to moderate and revise the g.d.p. are now they can't lessen the restrictions and they can't lessen some of the robust protections but they can certainly add to it so i think what we're going to see is we're going to see a long road of g.d.p. are and for american firms for american financial firms again i advise them that even though you may not have a physical office somewhere in the european union if you store data there or you have clients there you're absolutely subject to two things one there is that initial data protection initiative back in ninety five that seemed to go no place because they didn't have strong enforcement it sounds like this one does miles and do you think that those lawmakers in the u.s. may look at this at that g.d.p. are and emulate those provisions to some extent i think they're going to have to because again we live in a global environment in one thousand nine hundred five twenty three years ago was a little bit of a different situation because the regulators did not have the infrastructure the
manpower or the technology to enforce it and right now we're finding that the regulators are coming on par with their constituents which are primarily the firms that they regulate so i think we're going to see a lot happening with g.d.p. are also individua. well consumers have a private right of action so now you can legally of the yourself of going against those firms if in any way they violate your rights under the g.d.p. our it's a fascinating fascinating regime and one thing that has interested me most part is article twenty two which says that you have a right not to be subject to basically what they call automated decisionmaking which is a i and profiling which means that if you apply for a loan in a machine decided you're not getting the loan you have the right for that loan to be reconsider by real people and you have
a right not to be profiled which means that not to have all your information aggregated in order to make a decision and i think article twenty two if you asked me what the most important provision of the g.d.p. are is it's one that we have been talking a lot about and that is article twenty two it's going to impact the way firms do business and it's also going to redefine how we view artificial intelligence how it relates to us and how it relates to our relationship with financial institutions miles thank you so much we hope you'll come back as we move forward on this issue at a u.s. attorney and global privacy expert miles outwards thanks for being with us. thank you bart. a south korean crypto exchange reported a cyber intrusion i.e. a half and the price of bitcoin has once again plunged on sunday the exchange quine rail said that several other of their coins were alternative versions a bit coin had been stolen the this prompted a ten percent drop in prices dropped below sixty one hundred sixty seven hundred
dollars and has remained trading around that level as reported about sixty seven hundred fifty or sixty two midday today meanwhile agro blocked chain is the first crypto company to be listed on the london stock exchange one of the oldest stock exchanges we expect there would more to come and now art is actually banks talks about some incredible initial coin offerings that seem quite crazy to say the least buyers beware folks years actually. logline a startup company located in the cayman islands is on track to raise four billion dollars and a year long sale of digital tokens this would be the largest fund raising of its kind some may find it baffling that a startup company could raise so much money without having a concrete plan for using it however things are changing as virtual currencies are becoming more and more popular many of the currencies like big coin experienced a rise in twenty seventeen interest from everyday investors as well as wall street
however these digital tokens differ from virtual currencies as they are tied to a product or service a company plans to develop or offer in the future although the praises of bitcoin another crypto currencies crash earlier this year that didn't stop investors from investing their money and to initial point offerings according to the research firm token report and twenty seventeen i see ows raise six point six billion dollars and in twenty eight hundred so far i see ows have reception point fifteen billion dollars this total does not include block one according to the wall street journal the largest initial corn offerings are blocked one telegram dragon bio coin and has those some current offerings have been exposed as scams and others are from companies that may never actually develop a product or service the idea of startups like block one is to help free ship the architecture of the online world similar to google's android however the platform
one of be owned by a single company experts say these platforms could improve the future of online payments through the open ledger block chain technology on the block one isn't sure how it's going to use its proceeds the company is hoping to develop a plot form we're going to host a web applications that live virgin is set to be released in june and washington nationally banks are here. like i said buyer being one. where and that's it for this time you can catch boom bust on youtube youtube dot com slash boom bust artie we'll catch you next time. the legacy call guys are the winners the legacy oil guys are the winners the legacy all central bankers are the winners innovation you dynamism the constitution the bill of rights these are the losers in this america.
to the kids think i'm to save all boil tonight by the. people in the group because. it's not. going to. move on which i did on the show about the movies because of who i'm listening to who can get on the field you can show us to something we must. is not so much of a thing with my hands it is a tons of it because you know how many others.
making history with a hand shake the leaders of the u.s. and north korea for the first time and in the last hour the two leaders have signed a joint agreement deciding to leave the past behind this it's been described. we're very proud of what took place today. i think our whole relationship with north korea and the korean for the chiller is going to be very much different. situation than it has in the past also in the headlines tuesday morning two days and counting finishing touches being made before the world cup kicks off here in russia. all of you know it was cooked i would to put an end to this human trafficking which puts thousands of lives at freeze that we. did it to leave the new government there makes good on campaign promises closing a port to a vessel carrying stricken migrants. and upcoming concert by
a controversial muslim. plan for years to retire its tragically known for the deadly terrorist attack three years ago has left people in the french capital. good morning just to hear the shoes day the twelfth of june my name is kevin irwin with you for the next half hour busy news day breaking news to start let's tell you about that in the last hour we showed you the pictures in the box on the screen there the leaders of the u.s. and north korea signed a bilateral agreement of understanding is they term that pledge to meet many many more times to help the first of a summit between pyongyang and washington is what they had this relationship with north korea and the korean footage. both very honored to sign the document thank you. look so the one. our voters will feel
a little bit about the. use of the me into giving me or if. we had a historic meeting and decided to leave the past behind and we are bound to sign the historic documents like you've spent. to it thank you let's go live to calamos in the new york calibers look at that citing the who to for you to see not kind of thing shaking hands we think the rhetoric was flying around what four months ago five months ago details still sketchy though isn't it looks grand looks important but what what's actually the nitty gritty of this what are we going to find out and bring us up to speed of how we got here. well the world is curious about what's in that declaration that the president of the united states and the president the chairman of the democratic people's republic of korea north korea
signed a lot of questions remain but at the moment let's let's go over what happened today now the day began with a historic handshake the first time we ever saw the president of the united states and the president of north korea ever meet heads of state met together shook hands it was historic there was a one on one meeting that took place in which they were alone in the room other than their translators there was no one other than then the two heads of state after that there was an expanded bilateral we understand mike pompei o and john bolton were on on the table on the same side as trump and then on the other side of the table was cam with some of his advisors including kim jong il who is his sister and so you know the meetings have taken place it's not clear what was discussed but now we understand they have signed a document now everyone was holding their breath in the lead up to today's meeting in singapore people saw the exchange between donald trump and the leader of north
korea people heard kind of a war of words between these two leaders in previous months let's review what happened in one what words were exchanged in the lead up to today's historic meeting. this may get even more interest to the united states. they will be met. with fire as. like the world has never see a frightened donkey barks louder i will surely and definitely tame the mentally deranged at us doctored with fire. well the words have been far nicer at today's meeting our we actually heard donald trump refer to kim jong un as a talented man a man who really loves his country and when asked by reporters if you would be willing to invite kim jong un to the white house donald trump responded that he absolutely would he absolutely would extend that invitation and we're hearing that
there will be future meetings between the u.s. leader and the leader of north korea this is just the beginning now the world is waiting to see what is actually in this declaration that was signed but but this is very very very dramatic this is a complete shift let's remember that the usa and the democratic people's republic of korea have basically been at war at the end of the korean war there was an armistice but there was never a peace treaty north korea is the only country in the world that's ever captured a u.s. army general and the hostility between the two countries has at points been been very alarming to people around the world but it seems that the two heads of state and had a meeting out there speaking very optimistically talking about putting the past behind moving forward so people are wondering what was agreed on what's the next step but if people are very very optimistic so people are waiting for more of a clarification we understand there will be some.