beyond that you need this is broadcast around the world from washington d.c. coming up we'll hear from one company trying to disrupt the multibillion dollar market in cuba and our chief correspondent peter all over tells us how paris went over the banking authority post the first let's get to the story is topping today's headlines. it's no secret that china has a problem when it comes to debt while the government has promised to issue reforms and rein it in and analysis from reuters suggests that has yet to happen by the end of september the debt at over two thousand chinese companies jumped twenty three percent from a year ago and that only covers about three fifths of the country's firms the report follows a now famous comment from china's central bank chief at october is national congress where he warned of a minsky moment who is a direct reference to a collapse in asset prices after a long periods of growth fueled by debt in december policymakers will gather again

for the central economic work conference at the annual meeting they're expected to balance the debt efforts with growth expectations. and bitcoin just keeps hitting record highs hours after passing the ninety four hundred mark on monday the cryptocurrency climbs to nine thousand seven hundred twenty nine dollars and seventy two cents according to data on coin base which is the biggest bitcoin exchange in the u.s. one hundred thousand accounts were added between wednesday and friday of last week that brings the total to thirteen point one million accounts double the amount from a year ago the surge is widely considered to have been retail driven although it also follows big news from c.m.e. group by the second week of december c.m.e. will list futures which are seen by many as a step toward making the digital currency as a legitimate asset class so far it's risen over eight hundred percent from the beginning of two thousand and seventeen.

speaking of crypto currency one canada based company is hoping to create its own coin to disrupt the global remittance market but right now the firm has the eye on cuba and the greater caribbean region to hear more about this we're joined now by steve marshall c.e.o. of cuba ventures corp steve your company just announced the creation of the block chain based mobile app we're ball you pay to target cuba's three point four billion dollar remittance market including its own crypto currency so how is that supposed to work when only a small portion of the population in cuba has decent access to the internet. well that's one of the follow with regard to cuba right now what you have is a situation would the the national telephone company has a. network which is internet capable and we also have the situation the they're having in solutions in homes.

so we know there's a lot of competition now western union seems to be the kingpin and says but other companies like pay pal and money graham are merging as competitors to so what's the advantage of volume pay versus any of the others. well the first thing is that we have blocked. we have lower costs because of that we have security we have speed and one of the most important factors of course is the c.c.u. coin which is our internal crypto currency and so what that means is that the the actual structure of our room in system is both fast and cheap the average cost to send money to cuba right now is around about twenty percent and we are sure that we can do this for eight percent which is a massive difference and also it means that most people send the same amount of money when they send remittances so actually more money will arrive in cuba and our

estimations are three hundred forty million dollars more if we have a quick uptake of revolver pay. full regulators aren't always keen to peg crypto currency is to central bank backed currency so how do you plan on navigating that issue. while we have is simply a structure whereby the currency is deposited in the digital wallet by the remittance send and then those funds transferred via crypto currency and then the changeable back into the local currency on the island and whichever island it may be as you mentioned earlier this is going to have a roll out across the caribbean there are eleven currencies in the caribbean which is which is a mess for travelers and there's also the other aspect of revolver pay and that is that we will empower all of the entrepreneurs in cuba with a revolver they will allow them to be able to sell their services internationally just like any of the other companies you mentioned previously pay pal and these

these entrepreneurs need help and the current us administration is pushing for these cuban entrepreneurs to be empowered and that's what our company will do well we have learned over the past year or sell the. not all blocked chain based technology is hack proof so do the risks of hacking still outweigh just keeping the remittance process the way it is. while we assure that our system is secure and we we guarantee to our clients that their emissions will arrive so you know we don't see that as being a problem going forward. ok well i know you just briefly touched upon this but president trump has obviously made thing changes to u.s. cuba policy since he entered office most recently regarding who can and can receive remittances so how big of an impact could that have on the remittance market and the businesses involved. well i don't the only restrictions that we have seen are

those that were in place previously which limits remittances to people who work in the cuban military the security forces or the intelligence divisions and so our business will obviously not focus on those markets at all but literally the other aspects of this particular theme which is remittances remains unchanged and as you mentioned at the start of the interview there's three point four billion dollars per year at play here. ok so even if this app is manned specifically for remittances could it have an impact on other industries like tourism. well as i mentioned it will have an impact on tourism because right now there are seven hundred fifty million dollars moving in to the hands of cuban entrepreneurs and what i mean by cuban entrepreneurs it's the private homeowners it's those that drive the classic car taxis it's the famous paladar restaurants which are the

private restaurants these businesses most people don't know this but these businesses don't have any method to charge clients at a distance so if they have a couple coming in from miami and then this couple would like to rent the bed and breakfast they have a tough time getting the money to the actual homeowner with rivaldo pay installed on their forms they can charge this immediately so again we're empowering the cuban entrepreneurs and that that is one of the major bases of this particular system. cuba is on schedule to elect a new president in february or so do you think we should expect the same approach to the economy and foreign relations or could we actually see some changes. well we've seen again if you analyze the air of fidel castro and then the era of of raul castro you've seen a gradual change i mean all of these private businesses that have been permitted

over the last couple of years based upon changes that were made by raul castro and we're confident that these changes are going to not only continue but increase to allow more private businesses to operate more licenses issued and it's going to be a billion dollar business it's already seven hundred fifty million dollars per year so you know depending on the type of volume that business is looking at as far as we're concerned that's a very interesting market indeed and especially considering that there is they don't have any method right now to charge credit cards or charge for anything a distance and anybody who's visiting cuba would like to pay those those things in advance of course ok steve marshall c.e.o. of cuba ventures corp thanks so much for your time thank you very much. it's been well over a year since the u.k. voted to leave the e.u. but the british economy is still adjusting to the pending changes in fact it wasn't

too long ago that analysts cut the region's growth estimates for the next five years to help combat the resulting challenges the government announced details of a new industrial strategy that will target construction of life sciences automotive an artificial intelligence sectors and it's intended to increase productivity officials also said they've secured major investments including one from u.s. based mark to open a research facility in london the news comes just a week after the european medicines agency announced it will move its headquarters from london to amsterdam. beyond the end may there are a few other firms and agencies preparing to leave london after practice at two that includes the banking regulator which could foreshadow which city or become the blocks new financial hub r.t. correspondent peter oliver has more on that from berlin. with sixteen months to go until brags that the european union has already decided where it will be moving its london based agencies with votes from the twenty seven remaining e.u.

states tied at thirteen thirty slovenia abstained in protest over representative saw as a bias against eastern and central european countries. to be drawn from a bowl and the winners were paris will be the new home of the european banking authority or. not could give the french capital an edge over other e.u. finance centers should we see something of a breck's it exists and banks looking to relocate the french president said he was very happy with the decision so what about frankfurt the home of the european central bank seemed to many like a natural choice but the thing is this vote couldn't commit a worse time for germany all that's left in no position to offer other countries anything in exchange for their votes but enough about those that didn't win the other when it was arms to play host to the european medicines agency or the m a

despite the fact that the dutch capital's office buildings won't even be ready in time for breaks that they were at least the top of a pole by a stuff of where they wanted to relocate so at least they'll be happy anyway for the u.k. this is a sign that greg's it is happening and that the european union is making plans for it and taking with them a thousand well paid jobs to paris and saddam but with less than a year and a half before britain exits the european union. many mole we'll follow peter all the. time now for a quick break but stick around because when we were turning former u.s. trading commissioner part chilton and i will talk about changes we can see to the consumer financial protection bureau and archie correspondent alex mann held that it joins us to talk about a worrying report on now that will be right back. to

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he will go in the money and that's the drill and who runs the blood business. on friday the director of the consumer financial protection bureau resigned and named his acting replacement a president trump also named a new director setting up a court battle over who will run the agency here to tell us more is former u.s. trading commissioner bart chilton part the sea of paper has been up and running for a little more than five years now but before we get ahead of ourselves why is it important. hey bianco well i mean they were created in the wake of the financial collapse that was based upon the financial collapse you know based upon these bogus mortgages that were that were out there

and if you remember the movie the big short where steve corrals character in it decides that you know he's got to go down to florida and figure out whether or not there really is a housing bubble and he looks around and figures that there are some problems and he's finally meeting with a woman at a gentlemen's club who's there entertaining the gentleman and he says you don't realize that your mortgage is the interest rate could go up two hundred to four hundred percent at any time they want and the woman. says on both of my loans and she says you have all of my loans rather he says you have more than two loans he says i've got five houses and a condo and it was at that point that corrals character knew he wanted to short the housing market well the c.f.p. be bianco it was set up to guard against these deceptive mortgages where they give you a teaser rates and then balloon up you know after

a period of time and it was things like dealing with disclosure you know if anybody's ever done a mortgage you get ten pages of mortgage disclosure they've shortened that down to three or four and the text is larger so people could actually i don't know read it so see if p.b. has done a lot of good things they find over that something like twelve billion dollars to some of the largest banks on the planet and return that money to about thirty million consumers so i'm a big fan it was needed and they're doing a good job while not everyone is a founding president trump says that many of the regulations in place today are holding businesses back that you think consumers are better protected now than they were in two thousand and eight how so. well a couple of things one because of these things that were put in place that we talked about but overall all of the regulations not just at c f t b but at the office of the controller of the currency the federal posit insurance corporation my

old agency the my futures trading commission to skerries exchange commission and even at the federal reserve all of those financial regulators have new rules put in place to deal with consumer protections that cause the financial calamity that we witnessed now the president does say that these pesky regulations are slowing down the financial profits in in the sector but quite frankly bianca they've never done better i mean you know show me the money and i'll show you where it is it's in the financial sector these guys. our doing just very well thank you and i don't know what these pesky regulations are that they're talking about what i know is millions and millions of consumers are better protected than they were before the law was passed well now we have this current controversy over who will leave the agency so what's going on there. ok so it's like the most bizarre thing ever ever and it is like a trumpet ministrations coup so what they do with these independent agencies like

that a lot of the agencies i just mention my former agency once you're nominated by a president and i was nominated to be a commissioner by both president bush and president obama republican and democrat of course then once you are confirmed by the senate you can't be fired except for by malfeasance for cause except for and other than that you're protected so you can speak your mind which i did a lot of and that's why you have these people in these roles that are independent agency roles so when the current director of the c.f.p. be as of last friday left rob cordray when he left he appointed her the law his chief of staff as the acting director and she sent out an e-mail to everybody and sat on the acting director well then president trump decided he want his one of his office of management and budget director mick mulvaney a former congressman who voted against creating the consumer financial protection

board and has been opposed to it from day one and continues to fight against it he says that fellow become the acting director so they both show up at work today and motivate me brings a bunch of donuts and wear some colorful socks and said let's get together but i'll tell you what it remains to be seen what's really going to happen because the act the woman who little or a english the former chief of staff and she says she's the acting director filed a case last night. in the district court in washington d.c. to see to say she should be the director the acting director the bottom line is all these director positions all the president has to do is nominate somebody that he wants to fulfill this position permanently be confirmed like the senate like a bunch of people like me had to do and then there's no problem but for some reason he's wanted to do this sort of palace coup taking

a white house political appointee in mr mo vanny and putting him into the statutorily protected independent position it's something i've never seen and quite frankly i just don't get it except for they really don't like this consumer protection watchdog let's backtrack for a second candidate tram campaign that he was going to be a champion for average americans now get that hillary clinton would be a captive of wall street but we know that wall street doesn't exactly like the c.f. people and senator durbin who has had a big role in dodd frank said quote wall street hates it like the devil hates holy water and they're trying to put an end to it so how does this action square with candidate trump's campaign promises. it's you have to do it you know ahead flip real quick to to make it square beyond that it doesn't sit you know average americans are benefiting from this agency you know wells fargo who last year and they're still in the hot seat a stablished

a bunch of these fake accounts sham accounts for their own customers was fined hundreds of millions of dollars by c f e v you want these people on on the on the case trying to ensure the produce protection for consumers remains but it doesn't square with what president trump said during the campaign he's certainly not being a champion of average folks by trying to gut these rules and regulations at the consumer watchdog how do you think allonby director mick mulvaney will approach or what approach current consumer. protection. slash and burn burn totally dismantled destroy torched the earth the consumer watchdog will be in the doghouse for a long time with nick mauvais the as the director. on monday he showed up for work and the c s p p general council said it's fine but that there will still be a legal challenge so what do you think will happen next. well i

mean it's unclear at this point bianca when the district court judge will make that decision i hope it's soon because it's got to be a mess for these employees there you know having two people show up there six hundred ploys at c.f.p. b. and those people you know they're there like i was in government for a real purpose they believe in what they're doing and they certainly don't want to see all their good work dismantled they believe in protecting consumers and so i hope it gets resolved rather soon there are two outstanding variables one of the the judge that is going to oversee this case is a trump appointee who was confirmed by the senate and so the judge kelly and so that goes into it secondly there is some legislation moving through capitol hill and there may be those on the hill in the senate and house who try to stick on writers addressing c.f.p. be so it remains to be seen but hopefully will be worked out in the near future

bianco well of us have to keep an eye on that on that one but now i want to turn to a different story a report on nafta after five rounds of talks between the united states mexico and canada little has been accomplished towards creating a new nafta deal according to analysts at the bank of montréal it's negotiations don't take a turn for the better and nafta dies both the u.s. and canadian economies will be hit with what the bank is calling a totally unnecessary cost artie's alex the hell that joins us from toronto with the latest alex what grim predictions are we hearing from the bank of montreal. bianca love five rounds of talks no movement whatsoever the nap talks are not going in the right direction everything was supposed to be said and done by spring two thousand and eighteen it doesn't look like it's going to happen that way so bank of montreal of a company called the mo up here in canada there is predicting that things would not look good if these negotiations don't change direction sooner than later when what

i mean by don't looking good when you look at the american cannot khana me would look at a drop of love point two percent over the next five years as for the canadian economy drop about one percent and that's the grander picture then when you break it down into industry some industries would be much harder than others and that would be a big part of that would be the fact that we have to drop into a world trade organization tariff system so any agreement we have right now is gone once these tariffs can states defacto fall apart in a way because we are seeing tariffs every time something crosses a border so the supply chains we have especially in the automotive industry on our confidence are an envy to nations around the world i mean it's something that you can't really find at many other places in the world billion gallons i should say millions of jobs have been created billions of dollars across the borders over from the states to mexico and canada to the states each and every day so this has been a success nafta agreement now it's just

a question of what is the next step. look at president trump and he's saying you know it's america first i think he wants to bring about eighty five percent of all auto manufacturing that includes parts into the state that would be up from sixty two point five percent but the fact of the matter is there will be a trickle down that because you're eliminating the supply chain that works so well of course somebody would have to pay for these changes and that would come down to the consumer once the consumer has to pay more for american built cars or north american built cars that means that money will start going someplace else so there is a lot. aspect that we have to look at here it's not just about an agreement about you know a trade when we look at sort of a macrocosm it goes down to the microcosm it goes down to each an individual every individual in the three countries that make up nafta what would happen if nafta goes away everybody would eventually adjust but as it stands right now many analysts are saying especially in those people in the mall as well that nafta

really has done wonders for north america and it's something that we need to make work. alex it's part now you know it seems to be that there is some some advantage maybe from the trumpet ministrations perspective in continuing to make these demands on the negotiations but ultimately is what the most saying is that as a a pact as you know mexico canada and the u.s. together that will just not be as strong when competing for example with the asians who are in the middle of working on this trans-atlantic transpacific partnership is that pretty much that would be most message alex but you know that's a big part of it really is and the fact is that canada the united states we lose nafta while we lose our competitive competitiveness when we compare ourselves to the e.u. or to the asian trade pact that exists right now also the fact is that the united

states right away it does not as good as a negotiator when it comes to talking to china where if there's a trade war ever kicks in there because it's sort of standing on the slower podium but it is with nafta nafta brings a lot of money into the u.s. it's just the way it is and within this it also just from an optical perspective the optics look good we work together we were work as a strong mass together and we survive on the face of this planet so i mean this is the thing with the united states it really has a lot to lose in the global global perspective that's working. canada i mean we're looking east and west already justin trudeau our prime minister is going to be in china next week talking about more trade with that country already exists which is our trade agreement with the europeans and as for a t p p i mean without the united states that thing is still moving along although it seems to be at a bit of a slower pace and it doesn't exactly look like the old agreement but everybody else

is talking around the u.s. so the us now is a good thing and i think it really places it on a level when you look at it internationally that it wouldn't be if nafta was gone. r.t. correspondent alex mann hell of a trip or make it all exciting right commissioner bart shelton thanks so much for your time that's all for now be sure to catch the bus on direct t.v. thanks for watching the next time. the village of collect she has been nicknamed sleepy hollow because for some unknown reason its local residents have found victim to sleep. over the course just daniel to join the group if she would use a future how do you train your patient. who did seem a bit concerned that sympathy mostly assuring the sort of men to also go along with

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