this is boom bust broadcast around the world from washington d.c. i'm bart chilton filling in for lindsay friends coming up we're going to talk climate change and the paris party that u.s. president donald trump has not been invited to attend this one with his eiffel tower dinner pel president and french boy wonder emanuel mccrone plus over one hundred other world leaders that it's been ten days since saudi government officials and business leaders were thrown into jail related to corruption charges what are the current ramifications for geopolitics and oil will begin to do it plus president donald trump is back from his whirlwind asia trip what did he actually accomplish we'll find out but before we get to those stories let's go to boom bust bianca's sheedy for some stories on today's financial and business headlines bianca a notable program that leader in the u.k. is under fire for telling investors to take their money out of britain and pay john redwood penned a column in the financial times titled time to look further afield as u.k.

economy hits the brakes in it he wrote it is strange to watch the u.k. authorities out of step with the rest of the world all central banks in japan the euro area and the u.s. are all pressing the pedal to the metal to get faster growth the bank of england has been gripped by a fashionable british pessimism the calm received backlash from from some lawmakers like labor's peter dowd who said redwoods comments show his apoc receipt after voting to leave the e.u. . standard and poor's has declared that venezuela is in default after missing two interest payments the ratings agency made the announcement after the government failed to pay two hundred million dollars and coupon payments for global bonds due in two thousand and nineteen and two thousand and twenty four it also followed a meeting in caracas that ended with bondholders having little idea if at all and how a default could be avoided but if you ask on its way all of the talk went well in a statement on monday night the government said the process of refinancing venezuela's foreign debt began with resoundingly success the start of this

refinancing of our debt ratifies our full intention to comply as we have always done with all our obligations leaders in lebanon are fearing a crisis if the country doesn't abide by demands from saudi arabia the concerns follow lebanon's prime lebanon's prime minister stepping down earlier in november and what was widely seen as a result of pressure from the saudi government on sunday he warned of possible sanctions if the main political power in levanon doesn't stop meddling in conflicts like the yemen civil war an estimated four hundred thousand lebanese people work in the gulf region which brings nearly seven to eight billion dollars a year in remittances back to lebanon and therefore any sort of blockade is imposed lebanon's economy could be in big trouble and bankers think it could create a situation much worse than cathars and for a quick markets update the new york stock exchange closed down thirty points or twenty three for zero nine on crude oil brant crude closed down to sixty one ninety

nine while west texas intermediate finished at fifty five fifty six. bianca that spread between w.t.f. and brant has really been growing of late well for the most part the year the spread has really been around five dollars but it's been growing since hurricane charley to six dollars and today we see that it's about out six dollars and fifty cents yeah that's right you know the big difference there is a delivery point for w t i is in cushing oklahoma you know hundreds of miles away from the refineries that are along the gulf coast if you look at those refineries along the coast nor lens in houston except for those prices are actually mirroring the international benchmark the brant price more we'll hear more from bianca later in the show thank you bianca.

during last year's u.s. presidential election donald trump pledged to withdraw from the global private agreement known as the paris accord has continued to move down that road the very large majority of world leaders however think mr trump is on the wrong side of not only environment but of history those world leaders are meeting in december in france the paris party host french emmanuelle mccrone has not seen fit to apparently invite president trump here to discuss it is one of the world's foremost energy and climate experts tyson slocum of public citizen tyson welcome it's great to have you here it's great to be here bart trouper you know it seems to me that not a lot of people even understand why we need to deal with climate change i mean what is it why is it a problem well actually not even the trump administration can deny how real it is because earlier this month the congressionally mandated national climate assessment came out and it showed conclusively that global warming is being caused by the

burning of fossil fuels we've got higher than ever concentrations of carbon dioxide and other greenhouse gases in the atmosphere that's playing a huge role and eventually all of these horrible effects i mean you know famine and disease and rising sea levels and i don't rightly absolutely and so no one country can unilaterally address the crisis global climate change requires a global solution and so that's why for years the world has been meeting on a regular basis to try and hash out agreements to figure out how to collaborate together in order to address the climate crisis so at the end of the obama straight and that was the paris agreement named because of the town in which it was negotiated and the thing about the paris agreement part is that it was too. totally non-binding you know right all it did was it said countries were going to come up with some sort of commitment to reduce greenhouse gas emissions over some period of

time and there was going to be no third party binding enforcement of that as then secretary of state john kerry said it would rely on naming and shaming meaning if countries failed to live up to the commitments under the paris agreement they would be shamed in public speaking of that you know who would be shamed the most to me who are the biggest polluters i mean the united states is one of them but who else while china is far and away the largest active greenhouse gas a mentor in the world then comes the united states and then india and then the combined european union and it is a big difference was that a big difference between emerging countries that you know might not have the resources to deal with it in a global economic country like like the u.s. were those non-binding commitment tyson where those different levels of compliance for different countries every country had to come up with some sort of commitment and so in this sense the paris agreement differed very much from the kyoto protocol

which only developed clinton very rich and right exactly which only developed countries had to do emission reductions and it specifically exempted developing countries like china and india but again kyoto had binding agreements for those countries that that went into it again with paris there was no binding commitment so when donald trump and other members of his administration like scott pruett the administrator of the environmental protection agency said we need to withdraw from paris climate agreement because it's going to hurt jobs there was a bunch of nonsense because paris did not obligate the united states into anything it simply was a voluntary agreement be do you think this was. just political at the the time. i've dealt with coal mining jobs you didn't want to want to support clean coal technology as opposed to climate change yeah i think so i mean when i look at

a number of different trump initiatives i see him really catering towards some regional extractive industries sometimes alienating global multinationals like you see it is weird and so it's kind of this steve bannan strategy of going after certain types of demographics and certain geographic areas that appear to coincide with a regional extractive industries the fact of the matter is that trump is pursuing a losing strategy here because when you look at where the energy industry is moving it is moving towards deep carbon ization because right now we're nobles are increasingly the least cost option in the power generation sector and when you look at what's going on in the transportation sector there's a revolution going on right more and more countries and automakers are pledging to have all electric vehicles and when the electrification of the transportation sector is mirrored matched with

a renewable energy electric production sector you're going to have a dominance of renewables i mean i'm going to add that i know what respected leader that i know in the country is saying do away with every single type of energy source and we talk about the focus on renewables but hydro and other things but we talk about it as a diversified energy portfolio it and certainly reducing that our carbon footprint makes some sense but we're trying to do it in a diversified way in a way that makes sense for consumers right yeah absolutely and if you look at what the obama distraction put together for our domestic climate agenda it really was framed around something that was called the clean power plan you know and that was obama's plan through the environmental protection agency to regulate greenhouse gas emissions from existing power plants. which is a big deal but when you look at the details of that clean power plan it to furred almost entirely to the states right all fifty states come up with their own plans

and we talk a good or bad right and you talk to you till executives and they were all like you know what we can work with this so trump is really diverging from where the mainstream of the energy industry is on this and what he has done by threatening to withdraw us from the climate agreement now remember he can't technically do it until. you tell us a about that so he says he's withdrawing and it was the bait when he was actually going to stick to his word but he did in this case and is pulling out but what logistically does that mean what happens well because we already are a party to the agreement according to the details of that agreement we actually cannot technically withdraw for another four years so after another presidential election absolutely but of course was president trump can do and what he's going to be doing is just slow walking us is is not participating in things trying to derail things and so i think what you're going to see is an absence of u.s.

leadership but let me ask you something though i mean is it beyond hope that others in the country california others will actually pick up the mantle and continue down the road of reducing our carbon footprint that's a great point barton and that they have sort of yes is that state local and municipal officials as well as a host of companies are already filling in that vacuum left by president trump's withdrawal we just saw in this. small climate conference in bonn germany where a whole bunch of state officials along with lower government it's called sub national governments attended that and were pledging to other countries action on climate and so when you look at big states in terms of population and energy production and energy consumption states like california. new yorkers are saying we are going to be leading on addressing climate change and their states have already enacted or or are going to be enacting sweeping climate rules and so you're going

to see that's going to a cascading effect a bunch of mayors of major u.s. cities are doing the same thing and companies are doing it one of the biggest growth. of renewables has been in corporate procurement to go right where you've got not just the tech sector like apple and microsoft and google pledging to run all of their data centers on renewable energy but some of the old brick and mortar stores wal-mart i justified before congress last month wal-mart was was sitting next to me saying we're buying renewable energy not because it's the moral thing to do because it saves us money i mean well you know so it's sort of for those that are really concerned about you know the global you know environment and climate control there's a lot of negatives but those are some positive things so thank you so much tyson slocum director of public citizens energy program and one of the world's real experts on climate change. time for now for a quick break but stick around hang with us because when we return we'll find out

how corruption charges against saudi businesses and government leaders will affect geopolitics and oil prices plus we'll examine what president donald trump accomplished or maybe didn't so much on his asian tour as we go to break here are the numbers at the closing bell. here's what people have been saying about rejected in the sixty's pull on. the only show i go out of my way to punch you know what it is that really packs a punch oh yeah it is the john oliver of r t america is doing the same. apparently better than. i see some people you never heard of the president of the world bank this is the case critics warn they did this is a middle school drop their it's the saudi house that's collapsing you know it seems

to me that there's three really sort of key things that people are looking at whether or not they're still on these there's oil there is the saudi aramco sale and then there are these social social reforms let's take them one at a time you know how might this sort of whatever the moving shifts in the sand in the desert over there occur and how might it impact oil and the upcoming opec meeting well they need to bring oil price desire up and as we're speaking oil prices are going down and they had about a two and a half year high and mainly because of the cuts from opec the one point eight million dollars a barrel along with russia but now more supplies coming back up it's a very simple equation the higher the price is go the more production comes online and you're seeing in the. us with the rig count going up and production going up so

it's very important that they come to some kind of agreement to not only keep the one point eight million barrels a day cut but they're probably going to have to expand it is well real quick so before we get to a ram code jerald so i mean it took a long time because that agreement was initially you know panned i guess last december the cut went into effect in january and really prices stayed pretty low i think they were something like fifty two dollars a barrel last year they've gone all way down to forty five so they are up a little bit at. like fifty five and brant sixty one or sixty two but i mean they have had an impact but it's taken quite a long time right yes that's why i'm saying that have to do a lot more a lot bigger cuts and that doesn't seem possible because we're also looking at new estimates coming out and they're saying now that there's going to be lower demand

for oil because of china's economic growth isn't what it was expected to be and also people talking about warmer temperatures where so of is even less supply and less demand rather they're going to have to do a lot more to cut supply. do you think they'll be able to keep the band together gerald opec and russia the other countries that were part of this production cup can that can they all stick together well even though there's a lot of destabilization calling oran you know declaring they saying iran declared war. bahrain saying that iran blew up their pipeline you know when it comes to the bottom line they're all going to agree we believe because their economies are dependent on oil so the bottom line is they're going to do what they can will it be enough probably. not to really raise oil prices above the sixty five dollars

a barrel level which a lot of them need yeah i mean and saudi arabia as sort of the ringleader here i mean they've got their you know flat growth they've got like a twelve percent unemployment rate so they made need this more than others in that regard let's talk saudi aramco arguably one of the largest companies in the universe and they've talked about selling off part of that five percent of it to initial public offering sometime next year do you think investors are going to be looking at this palace surge in the shake up that's been going on and are they going to be a little bit more an easy as this i.p.o. either comes to fruition or not. there's no question there's a lot of unease this is just the beginning of the palace coup it is everybody just going to lay down and take it now there's a lot of dissent going on in saudi arabia and we're only getting one side of the story so we have sui believe that people are going to hold back and to us this is

a mark of desperation you know they're blowing it up like a lookout great you know we're putting our our greatest resource now into the private sector because we need the money in saudi arabia needs oil and you pointed out dorothy the problems that they're having economically they need oil at one hundred dollars a barrel to break even and this prince just loves to throw out the buzzwords to make everything look like it's going to be great like vision twenty thirty five hundred billion dollars city and you know now i'm going to take out a prized possession and go public with it you know it's sort of nutty in a lot of regards i mean i understand why they're doing it it is only five five percent and when they do i.p.o.'s you know and you know president trump is urged to saudis to do it at the new york stock exchange rather than in london but when they do these things there's a lot of transparency required and i think some investors may they may not have

a comfort level with the transparency of it's provided by saudi aramco last thing if we're running out of time jerrold what about these social reforms i mean you know they had toby keith there when president trump was there in may they've had a jazz festival heck the blue man group has been there and they are talking about not talking about next summer they will allow women drivers are those important social reforms that are taking place in the kingdom. well this summer for sort of small sleet glitzy distraction i mean it's easy just want to go with you know and we're going to let women drive or you get a lot of travel by themselves to someday you know are things again this prince is a prince of really knowing how to use the media and he does it well and he plays all the buzzwords and one of the things that you'll learn in the treads business be where are the buzzwords and that's what we see

a lot of thank you gerald and you know just as a final note it before women get a driver's license they need to get approval from their male guardian so maybe changing the idea of having a male guardian guardian that would be a good reform thank you gerald we really appreciate you being with us one thing we knows about the royal families and us we will never be royals we don't got that in us in our blood as they sing thank you jerrold thank you president trumps trip to asia has officially wrapped up ending with a summit in the philippines out of all the issues discussed between leaders it was trade that took center stage but with several deals in question what can we expect from the u.s. moving forward boom bust bianca sheeny has more on that after spending almost two weeks torn asiad president trump is headed back to the u.s. before he left he made several positive comments calling the trip tremendously successful and he added that a lot was accomplished when it comes to trade tremendous amounts of work for the.

least three hundred billion dollars more to do but that will be i think we triple that number in a few. weeks leading to. open which really what we want to. trump didn't get into further detail on what sort of work exactly was done on trade but he did get into specifics when talking about business deals ordering them to leave well we were. you going to different. but you know the. ordering room was the reason i like the boat use because it's. so much. so plenty of questions remain about what lobel trade will look like under trump's administration at the end of last week it was announced that the remaining eleven

countries included in the trans-pacific partnership agreed on a deal without the us it was also given a new name comprehensive and progressive agreement for trans-pacific partnership that leaves the t t i p a nafta deals left which could pull the u.s. from with or without alternatives in a tweet on early tuesday trump said i will be making a major statement from the white house upon my return to d.c. time and date to be set but it remains unclear whether that statement will have anything to do with trade. you know bianca i had such a low bar for the president and he actually had a pretty good trip but i'm wondering you know who may have had a better trip and that is was it president bush trying to that's a good question i think some people would probably suggest that it was a better for him in that trying to came out stronger but i think in terms of the u.s. it's kind of hard to judge because. we haven't really seen

a reaction in the u.s. to trump's trip over there we haven't heard anything from leaders on capitol hill or any sort of prominent leaders at all within government because there's so much uncertainty about what's going to happen with trade back in january when trump took us out of the t p p he said he would have an alternative but he has yet to provide that so if he does you know in his statement which is expected to come on wednesday or thursday actually provide. an alternative that will be different and create a different scenario but right now there is just too much on known for anyone to really react and i'm really glad to see you know the boeing jobs but by and large you know there wasn't a huge deliverable i think it was more symbolism then the substance but glad he did it the relationships are important although we shouldn't expect that we're going to get some great trade deal just because he might be the big man on campus for the most popular guy in the student council where i am we also don't even know what those figures will end up being they could change with an hour and. if you hate the

tight feeling around your waist after eating then stove top has got a new solution for you bianca won't explain that sure so for twenty dollars the company responsible for supplying stuffing are countless stretchy things thanks for watching to be sure to catch boom bust on or on you tube at youtube dot com back i'm bart chilton thanks for watching. football isn't only about what happens it's about the passion from the families it's the age of the super mom killian erroneous and spending two to twenty million on one player. well it's an experience like nothing else on here because i want to share what i think from what i know about the beautiful game like three to one more

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agencies investigating the russian software giant cusp erskin lab failed to find any conclusive evidence to suggest the firm was involved inside. the un runs of the european union for jetting refugees this is also revealed that volunteers not trying to help it would be considered criminals we hear from one of them. it was quite obvious i didn't do it full you know any political will but again i only did it out of a humanitarian desire to help this little girl.