go and they're there they're dead is there some agreement to life seen figures all over the map but maybe i'm reading the wrong places is there some agreement on what the actual number of the puerto rican debt is yes so basically the bonded did a pretty close around seventy two billion there is some a fair amount of this capital appreciation debt which depending on how you want to value that could set up there's also another forty to fifty billion dollars of unfunded pension liabilities which most people consider debt and secured so maybe that's part of what you're seeing is this bond in debt in bond debt plus pensions and what role are the banks playing this i know that with prepaid you know city is going to be involved in the auction but there are other major lending institutions involved in the puerto rican overall now so it's like the last deal last time that was in the market was march of two thousand and fourteen they issued a couple billion dollars of jim obligation to twenty firms serious street firms

that were helped adroit that but they haven't issued any debts instant city did not participate in the deal in two thousand fourteen. but they have been the financial advisor to the oversight board which is the body that congress put in place to try and straighten out puerto rico so what are they going to do we have a sixty seconds left can you solve the problems in sixty seconds how are they going to get out of debt kate. yes the basis of the need to shrink the government has stay have you know a lot of people been leaving because of the hurricane they need to just take some really active anti-corruption measures they need to work consensually with creditors to get this debt restructured and they need to also improve the schools their very important and you know basically pretty close a lot of really positive things but they just need to start acting more grown up a thing let me before we go you know we talk about economics and that's what our show is but i hate to you know ask about just that stuff without asking about the people there you get any reports kate on the recovery effort to after the hurricane

you know i talk to puerto ricans are you know many every day and basically in the urban areas most everything is operating you know near to normal and then you go into the rural areas where power has not been restored for a number of people those people are suffering there's no question and you know the army corps pushing hard in the private contractors and i guess prep as workers to appreciate hard to get that last fifteen percent of people in power it's been five months so. you know people have suffered a lot their number of people have suffered a lot so thank you for the update both on the economics and on the personal circumstance kate long the founder of the puerto rico clearinghouse we appreciate your time thanks but. we're back in a moment so don't go far because when we return alex mahela bitch tells us why the chinese government is seizing billions of dollars worth of canadian real estate plus burra silly f.t. and i talk about those toxic exchange traded funds and here are the numbers at the closing bell all three major stock markets down for a second day in

a row. good politicians do something to. put themselves on the line. to get accepted over checked. so when you want to be president. or somehow want to press. that's it right to the press this is what the before last three in the morning can't be good that i'm interested always in the waters of my. question.

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police to the chicken hawks forcing you to fight the battles that don't. produce talks for the tell you that every gossip that coupled with. the. mother off the back doesn't tell you that you are not cool enough and that's to buy their product . of a hawk for a week along with all the walking. ukraine isn't it pre-collapse the situation or crisis there moment told you when you will all d.c.u. ukraine agreement was all region. it's police some of the cries exactly because the some countries for the stall recoveries of something to appear in countries obsess about the role of russia for the real so i can understand by

cannot completely. there's a big push back in south korea over president moon j ends a minimum wage increase of sixteen percent which is in u.s. dollar equivalence six dollars and ninety two cents per hour this was the largest pay hike since two thousand and it's already having a real positive effect on four point six million south koreans who represent about a quarter of the nation's workforce but mr j.n. is also urging the wages go even higher by twenty twenty now small and medium sized businesses in the country are balking saying that they will need to lay off workers if it continues a representative a business a business association said the increases are becoming unbearable and

a study has shown that ninety nine percent or ninety percent rather of businesses say they may need to cut workers from payrolls altogether. top military officials in saudi arabia have been replaced in the country's continuing shake up king mohamed bin solomon m.b.'s has appointed a new military chief of staff and commanders for land and sea forces in his effort to reshape his military last year hundreds of business in saudi officials and princes and saudi officials were rounded up as part of an anti-corruption effort and held in the ritz carlton hotel while most of those individuals have reached unpublicized settlements some remain under house arrest although they do so in style and speaking of saudi arabia many are eagerly awaiting a decision on when saudi aramco will be there will be there are initial public offering the i.p.o. as various exchanges around the world including the new york stock exchange vie to

be the trading venue for the primo petroleum based stock u.s. president donald trump has supported the around call i.b.o. being housed at n.y.s.e. . and t. boone pickens the famed oil man and corporate raider has a stablished an exchange traded fund himself an e.t.f. it's called the pickens oil response e.t.f. and it began trading today under the stock ticker boon b o o n at the new york stock exchange and y.s.c. says this is the first time it has branded an individual's name with the stock ticker moniker. and now we move north to toronto to hear a tale about how the chinese government is seizing billions of dollars worth of canadian real estate alledge mahela that joins us alex it seems like china is doing some cleaning house which has poured over some into your country what exactly is going on up there so that it definitely has as you mentioned billions of dollars of

real estate estate it's a company called and bank it's a massive insurance company from china they bought up tons of canadian real estate and now they're under investigation in particular it's their c.e.o. by the name of lou we they're basically under investigation by the china insurance regulatory commission due to suspicion of economic crimes we know that the government there and china president and his government have been doing a lot to weed out corruption this seems to be another step in that direction and just happens to be that canada is caught in the middle of this one now that the chinese government has basically taken these assets they are planning on temporarily holding them for about a year but they have the ability to sell whatever they want off so really these assets that happen to be in canada are in the chinese government's hands this one of those things that a lot of people here in this country find perplexing is the fact of the chinese company was able to buy so much assets in canada and this is an s. o.

we so it's actually a company run by the chinese government it's a government company it's not a private company right so there's are all concerning elements to it now in canada we're going to give you a little. of a breakdown of what they have here in vancouver for example they have the ben tall center which is an office office complex in that city also alberta and british columbia affected by this they own a very large senior care company that happens to hold a lot of real estate assets and here in toronto we're looking at the h.s.b.c. building in toronto again this was all approved by the canadian government and that's why a lot of people are right now looking at what actually happened here about how much money about much real estate is in the hands of the chinese government so alex are they i mean is any big buildings like h.s.b.c. bank i mean are they actually taking it back what i mean what are they what are they doing and they said we saw it live in the headlines say they're seizing it we've say they're seizing it what it what are they seizing actually what they're

seizing a company's assets and a company that is causing problems for china in china and that's it's this economic crime thing so as might happened here as might happen in the states i mean once you get into this mix of that you're have tons of shareholders are in this case you have tons of clients the government sometimes has to step in to secure those clients and that's what the chinese government's doing is trying to make the clients of this insurance company to secure their assets it's a secure their ability to move forward otherwise this company if it gets into trouble if there's actually its economic crimes well everybody might go under then what sort of economic crimes do you think they're speaking of alex you know you know what will happens in china you have a lot of it like there was a lot of corruption in china in the past we know that president g. is doing all his best to to weave this out and this is something that has been ongoing in this effort to weed out corruption is massive it's still a moving effort this means that he's digging into his own government into the communist party and nobody here is safe if you're involved in any type of business

that you know by smell to high heaven while president she's going to be down your back and this happens to be one of these examples of this and for the canadian government the problem here is. we have a lot of chinese investment in this company in this country coming from as always and this is the equation i'm going to just bring up a quick graph here just so you can see how much of it actually is s. so we so this is state owned enterprises compared to a private so you can see that close to six billion dollars canadian before over six billion but four point five billion u.s. is in canada and it's just a small fraction we're looking from private to private companies from china so this is the concern also we know the liberal governments now thinking of opening up energy to the chinese government we're in free trade talks with them so a lot of people are concerned with this especially when you see it with something like this going down super interesting alex thank you artie correspondence alex mahela bitch take care thank you.

and we're here to talk a little bit more about exchange traded products and we're joined again by boris li f.c. and boris is a member of the nodal exchange and formally of the international security exchange and the dortch of bursa group morris good to be with you again last time we spoke a little bit about exchange traded products and there's been an investigation by the financial other financial regulatory association and perhaps the f.c.c. is looking into this even perhaps my old agency the c f.t.c. because these exchange traded products that we've been discussing the last several weeks we spoke last time that we were together involved the volatility of decks explain first of all what the volatility index is sometimes they call the fear gauge explain to our viewers what that is short so the vix at the c.b.

only has been around for quite some time it uses a combination of implied volatility calculations based off of s. and p. five hundred options that is the flagship product of the c b a lead to create and then the. x. that implies near term volatility now over the past dozen years it's become an incredibly successful vix futures products and a vix options products so the vix itself is just is just a a data point though it but it that you're saying that the trading on that a future is related to the vix is now a traded product that's exactly right and it's a traded product first it was a traded product in the futures and options space while the agency regulated that then take it from there but now it's also it's also now wrapped inside of exchange traded products the flagship and the regulated by the f.c.c. regulated as easily to products that's right it's an exchange traded product listed

on a regular equities exchange that holds vix futures and now that's the v x x and there are other products versions of that product leverage products that either directly hold the x. futures that's the ticket for them or they are exchange traded notes actual over the counter swaps sponsored by banks like credit suisse for example that provider we turn based on the performance of vix futures so that's a great background and thank you for explaining it because i think a lot of people are unclear about where these things fit the vix what is a data point the vix futures and options are traded in the futures and options world regulated by the sea f.t.c. vix related equity products are traded at like the new york.