v.r.v. or something professor. well they certainly could and there's no doubt in my mind that many people do that especially now when the gig economy where air b. and b.'s are common but that the that the three week benefit it's not like that creates any long term lasting economic growth in a community that host these games didn't didn't the olympics used to be funded back in the day when was that and when did it change and why. it. may be a very long time ago when the olympic games were first beginning to be held it was funded by the i.o.c. or or by the other organizations but the olympics have really exploded in terms of their sagas and their lavishness and the abilities that the international olympic committee once built and now its local governments who are expected to foot the bill in fact there's the i.o.c. requires any host government to guarantee any cost overruns associated with

facility construction for hosting these games ok and how do countries with economic infrastructure concerns seem to win these bids for games over others that had in place the infrastructure like you're talking about in calgary it an even more eco stable the economic security situations. well you know it's one hundred percent under the control of the international olympic committee to determine where the games are going to be held so you know when the i.o.c. decided to put the summer games in rio or when they decided to put the games in beijing the summer games in beijing or any of these places there they're putting the i.o.c. is in control of that so if they really were interested in placing the games in developed countries the i.o.c. could do that and they haven't done that they've they've shown this trend recently to want to put the games in these developing countries that as alex pointed out and

as many people know are not in the financial situation where they can lavishly spend on facilities yet the i.o.c. somehow forces them to do that and then the marker in a stadium or all the it's all of these in rio that are just sitting there unused that that's really puts a lot of financial burden on developing countries and i remember in rio they had all sorts of environmental problems you know the people were worried right up until the get go before everybody showed up with the water and everything so it was a big deal what it what are your expectations professor for the visa lympics are they going to be as bad as some of the ones that alex and you have talked about this year or is it hard to tell right at this point. i think that it is i mean as you've already mentioned it depends on how many cities are really willing to step up and bid for these games but if we talk about calgary in the two thousand and twenty six winter games there are still seven or eight five or six cities that are that are bidding for those games and as long as that happens the cost overruns are

going to continue now in the summer stud as you've already noted they didn't have any appetite they had two applicants paris and los angeles for the games and they awarded for the first time ever in history two consecutive games at the same time the i.o.c. has to be worrying that cities have caught on and they're no longer willing to bid against one another to to bankrupt themselves in order to host the games and i think it will just remains to be seen for the next summer games that are awarded how many cities actually bid for it really great information appreciate you helping us drill down into it dr brad humphreys associate professor at the regional research institute at west virginia university thank you have a great weekend great talking with you too. and before we go to break with the numbers china has said that it may launch a yuan denominated oil futures contract in march china is the largest crude oil

importer the move if successful would challenge the two existing and boil benchmark those are the west texas intermediate contract which is traded at nymex the new york mercantile exchange and the brant contract which is traded at the intercontinental exchange ice futurists in london so stick around when we get back we'll talk to workers and wages and here are those numbers at the closing bell. very few not a few more attention to peace. of north korea nuclear issue i. guess coming can come up just solutions but i seem to us has been paying too much attention to military you know solutions but i have talked to us from paying more attention to peaceful solution to the north korean nuclear problem.

the bond market will not crash this time it will continue to go even lower and negative yields on various bonds will increase from the multi trillion dollars worth of negative yielding sovereign debt now to even more multi multi multi trillion dollars of negative yielding sovereign debt and we're going to go down the rabbit hole even further but it certainly smells like what the panic cash withdrawal in places like china and the sell off in all these various markets and what that oil prices climbing higher in gold looking better than we've got here fashion reversal. from my mother. boy and entertainment have become good in our culture and we have children grow up playing playing well games on the computer as well as somehow

being a mystic cited as entertainment to rush this there's nothing funny about it is such a serious rush will be the last to give up nuclear weapons because russia regards nuclear weapons as the bow. of the information awards but it's a period coming dismissal of. twitter has reported unprecedented quarterly profit of ninety one point one million dollars in the fourth quarter of last year the profit making milestone was reached largely by cutting expenses by twenty eight percent overall revenue grew by only

two percent to seven hundred thirty one point six million dollars twitter's revenue in the united states actually declined by eight percent twitter c.e.o. jack dorsey said raising the tweet character limit from one hundred forty characters to two hundred eighty characters has increased engagement with fewer abandoned tweets. the politics of debt and disaster are heating up again and in the eurozone with some very tough words from the french foreign minister or what to do in case of future bailouts the french finance minister said a german proposal on this would be a gift to extremists are those tough words on the tough issue for the future of europe to preclude confirmation between the euro zone's two major powers our correspondent p. has more france's finance minister has hit out a german backed plans that would see private investors automatically take a hit should a country in the eurozone apply for

a bailout well bruno lemaire has said that the plans put forward by berlin would make the euro less stable as a currency and it would also fuel euro skepticism now the german finance ministry here in berlin which put forward these plans they say that it would. the move would force investors to be more careful when they came to buying up sovereign debt and that it would also reduce the burden on taxpayers in bailout countries the move is backed by the government in the netherlands but opponents say that these greater powers for the european stability mechanism which is the eurozone bailout fund would create a perpetual cycle of crisis and would spook investors now of particular concern to analysts are countries with a high debt to g.d.p. ratio with italy singled out as a particular cause for concern along with greece which is still pretty much

a fiscal shambles almost ten years on from the two thousand and eight banking crisis. and tippi may be a matter of etiquette but it's also a matter of dollars and cents for our nation's lowest paid workers will learn a little bit more about the current controversy on tips and wages but first let's get some perspective i was in europe recently where a service fee on your restaurant tab is more common than fifty in south and central america the protocol varies widely though the major nation of brazil follows the european model of a service the typically ten percent in africa for example it's smart even thoughtful data for words if being in india failing to tip could cause a big scene and in china on the other hand it's generally a non tipping culture the bottom line is that many countries that are less wealthy

than the united states still do a better job of guaranteeing service workers a floor on that let's turn back to the u.s. with diana ramirez deputy khoder let's turn back to the u.s. with diana ramirez deputy co-director of the restaurant opportunities sector a diana thank you for being with us again it's a real pleasure to have you now explain what this tip sherry will is that labor secretary has put out and the comment period on the public comment period that where everybody lets their views be known and they may or may not be taking into consideration that comment period just ended what is this proposal so the department of labor now under trump is put out a rule stating that that as long as the restaurant pays their tip servers the federal minimum wage of seven dollars and twenty five cents tips then belong to the house to the restaurant so they're no longer property of the employees they will

now become property of the restaurant so you wait on a table you get your seven twenty five an hour they have a meal it could be a spence of meal it could not be an expensive meal they get. you a tip the gratuity for your service and then you give that money to your employer and the employer decides what to do with it exactly this is real this is not like some hyperspace fake thing that's correct the employer can because it's a property of the employer now the employer gets to choose whether they want to share it with the line of service with the back of house or just keep it they don't have to share it. ok so here's what i know and i have a little bit of a familiar from billionaire deal with this that when workers who are being paid what is it two thirteen an hour to thirteen into thirteen not the minimum wage of seven twenty seven but to thirteen our kids are going to get tips that oftentimes those workers don't make the minimum wage of seven twenty seven so it's already a problem so if people are trying to raise a family on seven twenty seven

a year and they're not getting any tips they simply can't do it in my view is that correct i mean there's data to support that i see right right restaurant workers rely on social services food stamps medicaid twi at twice the rate of the working thirty hours a week or on the radio that week so that the employer doesn't pay health care forty hours a day or they have to twenty hours a week jobs you know and it's just it really is a tip stealing role is what they're putting out and you know the department of labor has the obligation to put out an economic analysis when they put out these types of rules they didn't this time around they said it was too hard to figure out how much how this would impact the economy so in lieu of the official economic analysis by the administration the economic policy institute ran their own analysis and they found that almost almost six billion dollars would transfer from low wage workers to employers and four point six of that would curb trickle up and trickle

up exactly and we you know we're already seeing one of the biggest tax breaks to the richest one percent and coming from from other classes and this this would be a transfer of wealth also. i almost hate to go here but is there some sort of gender or racial discrimination in this with your gordonia of course four point six of the almost six billion dollars will come from women because seventy percent of tip workers are women so it's because from women and. people of color will will lou have the most to lose under this proposal ok who so that's said so what is your main message to the labor department you put in all these comments what we give us the high level comments that we want our viewers to understand also the high level comments are one employee tips the tips are tips tips belong to

workers even if they are shared with a line of service they should never go to the house so have employees have the workers decide whether they want to pool their tips or not and even if they do then that money should stay with them the managers and the owners should never put their hand in the tip jar. you know one way to overdo rules to overturn rules is to change laws in the way to change laws is to change members of congress and i'm not saying that any members of congress need to be changed but they should have a view on minimum wage on this sharing rule and so even when an agency any agency in the government puts a rule in place that rule can be undone if congress passes a law to do it so we'll see where the labor department comes out when you expect them to do a final you know they they put it out december fifth this when they publish the rule and the comment period closed bright

a june fifth january fourth was the original closing date so of course that's the biggest season for restaurant workers people are holidays are not going to come and no time to come and so then they said ok fine we'll give you another thirty days that expired february fifth and now our friends on the senate and on the hill are sending a letter signed on letters to ask secretary acosta and the administration to rescind this rule because not only is it tips left for low wage workers but there was a whistle blower whistle blower inside the deal well who. forward and said in fact we did do the economic analysis but the numbers came back unfavorable and we were told to go back and fix our methodology and when those numbers still came back and favorable we were told to publish the rule without the economic analysis so they lied about it they're being very sneaky going into a beer is thank you so much for being here appreciate that information hope you'll come back thank you. before we go we spoke with

a lot about the olympics today and we did so from our usual boom bust economic or financial perspective that said the games are certainly more about anything other than money business and profits they're about sportsmanship and sports women ship this olympics was particularly important due to increasing tensions between north korea and south korea nuclear weapons is a really big deal and it could be horrendous in the wrong hands let's just hope that the good efforts that we have at the olympics a sport that ship transfers over to foreign policy the rest the business and economics will take care of itself that's it for today be sure to catch boom bust at you tube you to youtube dot com slash r g boom bust r.t. have a good week and enjoy the olympics. everybody from stephen both test hollywood suspects every proud american first of all

i'm just george bush and honored to do so this is my buddy max famous financial guru just a little bit different. in your windows with all the drama happening in our country and have fun every day americans. and hopefully start to bridge the gap this is the great american. despite its turbulent history deceive us union has dominated international sport however this was not about the numbers of those champions from the. sort of. run on the charts number.

the more moved there with the been bored me just remember if your review of the describe. your workers she was the first to be reserved for your wardrobe the first sign of your lympics scene with nine hundred fifty two with some good seats of ifas concentration camp prisoners and from slime soldiers. maybe even that's good for me here with your shoes because you are much more of an issue for me because you're more than a foot you're in for the month all through shine forward to get out of the earth with you if you think that the area we're going to with. the variations you'll push you over through personal first floor enthusiasm will go when you do when you're at the national more than thirty three years or with the workers here we are in the wealthier guys in the can we.

run it up close to the best out of the two looks. good if the high says it's a pain to perform i had actually passed myself to die. said he'd won the necessary trust me i asked and. as myself out of. the snow and home of all the stuff done. i was. just going to do was. try to show you a bit. more to me she. was

was. was. a good thing i think ceremony heteros the start of the twenty eighteen winter olympics in south korea about us people in killing trying to celebrate the protesters take to the streets angry at the participation of north korea. while for dozens of russian athletes the opening of the games was overshadowed by friday's last minute decision by the court of arbitration for sport you dismissed their appeals against doping related. to.

the. far right supporters clash with police in an italian city that suffered a racially motivated shooting last week amid massive debate over growing nationalist sentiments in the country. and a prominent anti horace and activist of the need movement is accused of sexual misconduct by at least two men. are you watching the news headlines he went on to international broadcasting live from moscow thank you for joining us. the winter olympics in south korea have officially begun the games kicked off for the grand opening ceremony in the host region. nearly three thousand athletes from nineteen countries took part in the un peu ceremony of the fifty third winter games. reports from south korea.

yung chang is flashing lights i've heard it roar a few times it is happening the opening ceremony of the winter olympic games training saying oh the koreans these guys definitely know out of put up a show and stun the audience just take the famous rapper aside who once rocked the world with his band of style but to this opening ceremony is special for many other reasons so let me just name a few that is the north and the south korean teams marching under the same flag then the oh a our team or the olympic athletes from russia marching without their flag and this is the first time we don't see the russian flag at an olympic opening ceremony since one thousand nine hundred two back then the athletes from the former soviet republics the march under the i.o.c. flag after the collapse of the soviet union also at today's ceremony the american

team consisting of exactly two hundred forty two athletes the biggest national delegation in the history of the winter olympics i can tell you that most people that i've been seeing around me are three or four perhaps the only reason why they're a little bit disappointed is that they're not inside that arena but believe it or not just meters away from where i'm standing right now locals are protesting instead of watching the opening ceremony of the olympics being. glued to their t.v. and just a couple of hours ago i saw punchers flags being burned and pepper spray being used by police. just hours before the opening ceremony protests have erupted outside the olympic

stadium as you can see this group of people that's carrying american and israeli flags south korean flags as well are protesting against the invitation of the north korean team to the piano chang a lympics. ok. so it looks like these are for trying to get the opening ceremony to deliver their message to country self self in north korea we didn't make we are not to cater. to the regime's. rule reggie. right here right. now at the very same time on the other side of the street there is a rival protest it's

a much smaller one but the slogans there are completely different it says against war for peace young to go home so these people it looks like they're in favor of the steps that the governments of north and south korea have made to make sure that something is happening between the two countries during the winter olympics and young chang the number of police officers is growing so is the number of protesters these people are definitely going to stay here during the opening ceremonies so this is going to be the background of the opening of young chang twenty eight. and the conflict over the korean peninsula areas coasting a shadow over the games and his momentum is crashing into the crisis but also politicians.

it's cruel to put a little color into. today's military parade will show off the council status of the democratic people's republic of korea as long as hostile policies from the us continue the mission of the korean people's army can never change. the united states of america will tell you to stand shoulder to shoulder in our effort to bring back from the pressures to bear on north korea until that comes when the final and permanent in your reversible abandon their nuclear and ballistic missile ambitions.

north korean leader kim jong un sister arrived in south korea on friday to attend the opening ceremony top south korean officials greeted her at the airport where she arrived on her brother's private jet in north korea kim jong is responsible for propaganda she's the first member of north korea's meeting family to visit the south since the one nine hundred fifty s. . well meanwhile south korea's president shook hands with north korea's ceremonial head of state at a reception before the opening ceremony where the two koreas marched together under a single flag that decision was reached early last month

a breakthrough talks initiated by the north well earlier a last minute appeal from forty five russian athletes and two coaches against a ban preventing them from competing failed the court of arbitration for sport secretary general announced the ruling with just hours to go before the games got underway the athletes lawyers have branded the decision sanctions in disguise because arbitrators of concert that the process created by the r.u.c. to establish an invitation list of russian athletes to compete as olympic athletes from russia could not be described as a sanction but rather as an eligibility decision. not demonstrates that the man there in which to special commission system established by the i.o.c. was carried out in a discriminatory or unfair manner my colleague aaron discussed cass's decision with

artie's daniel hawkins. action from the i.o.c. and water certainly would have been positive they would perhaps have viewed this as a victory for sport as justice served against doping if you will from those of appeal from the laws of course perhaps when one of surprise those forty seven russian athletes and coaches have appealed based on the grounds that a large part of the group initially didn't face any sanctions from the i.o.c. whatsoever and another part of the group of course did receive bias had their medals their awards from saudi twenty fourteen taken away but those were subsequently overturned because of lack of evidence by that cast this isn't just about a week or so ten days ago the coach is representing the athletes of course pulled no punches in criticizing this cast decision to take a listen i don't know what to say i'm really disappointed i can't understand the cast decision first they cleared the athletes and now they say sorry you can't go to the olympics this is some kind of madness it's terrible not just for our

athletes but for all of international sport did i expect kass to reach this decision fifty fifty especially after thomas back in one of his latest speeches pressured the court of arbitration for sport after rule in our favor he was literally threatening the court he was almost seeing he would dissolve the court if it route again in favor of russian athletes that have been claims from the head coach of russia's news team that the i.o.c. was pressuring kathy this decision is that the case that the i.o.c. president thomas spock was certainly scathing about the decision when that came through it would have been viewed very much as a decision on the mind of the i.o.c. is all thirteen also very much put a spoke in the wheel of one of their investigation and undermining also the credibility of the mclaren report cost of the decision it is a extremely disappointing and surprising for. the i.o.c. we would never have you.