was walking out of the building and the chancellor wished him good luck in russian . then later during the press conferences both leaders kept saying how no political differences can stop them and their countries from being partners if not friends fifty one sort of you we have to teach it interest to maintain good relations with russia and maintain dialogue is crucial i want to underline that if we want to overcome issues we need to conduct dialogue there are many topics where we're united. germany is one of our key trade partners we just started by german goods in high volumes which supports jobs in germany our cooperation common enterprises these are essential factors influencing the lives of germans and russians but the russian and german governments do have a whole lot of issues between them from the ukrainian crisis to even the script all

cases and in one way or another all these issues were brought up during the talks or the press conference however since donald trump said goodbye to the so-called iranian nuclear deal berlin and moscow do genuinely see eye to eye at least on one issue you know of history in your own germany great britain france and all our colleagues in the e.u. support the iran nuclear deal and we are sticking to it we from the european side are discussing the situation with iran the agreement isn't perfect but it's better than none should continue negotiating with iran and on that we are united. a lot of our approaching and angola merkel promised to make an extra effort to make sure that the nuclear agreement stays in place now moving on to sanctions usually when you hear merkel talks the first thing that comes up on your mind is anti russian sanctions but so to say the season. is different since economic sanctions and all

other kinds of punishment you can think of have become the favorite toy or rather the political tool of the donald trump administration we've been hearing about all kinds of sanctions against iran against russia and even against european companies that deal with russia and those that deal with iran and in this case a joint russia german project called nord stream two for the direct russian natural gas deliveries to germany is now in jeopardy lot of our putin was asked about it his reaction was cause and he did point out that the issue of north stream too is one of the very few things if not the only thing where the obama administration and the donald trump and ministration share common ground. u.s. position on the north stream project is well known in this case we see

a rare situation of the white house actually agreeing with the legacy of the a bomb or administration there's no doubt that these kind of summits will continue in the future and possibly next time with the leaders of france and ukraine to sort out the political crisis in that eastern european country the so-called normandy format . that was also in sochi eleven years ago on meeting between putin and coal generated headlines of the russian president vote along his pet lovers or some western journalist suggesting putin was deliberately trying to intimidate or playing on her fear of dogs hooting later said he had no idea that might be a problem and apologized and as alec or to mention that the two leaders have a long history.

of. the presidents the russian president likes to drink german beer and sometimes there is a possibility that we can exchange i've also got some very good smoked fish. here on angela from time to time sends me a couple of bottles of rather bad could be. may well be you is stepping up its efforts to save the iran nuclear deal more on how after the break. it's. manufacture consent to public wealth. when the ruling class is to protect themselves. the final.

gift be the one percent. we can all middle of the room sick. we have to judge countries and leaders at the wreck gives case per case so we need more objective but the reality is that you know media tries to get the facts but also leave. their worldview so this is where social media and direct communication comes in unfortunately it's sometimes called fake news it sometimes is but it sometimes actually a different world view fact it's just big news. powerful people. welcome

back the e.u. is fighting to protect its trade with iran despite the u.s. imposing sanctions the european commission is triggering iraq of legal measures to save the iranian new kid after the us told that the european union is committed to mitigating the impact of u.s. sanctions on european businesses and taking steps to maintain the growth of trade and economic relations between the e.u. and iran that began when sanctions were lifted. artie's morag as the of takes a closer look at the staggering relations between the us and the you and the latest move by brussels. no arguing with it america and europe had something special a relationship unlike any other they did everything together condemned rogue regimes slapped naughty countries with sanctions even they wanted to get we

have a very strong relationship with our friends and partners our friends in the u.s. administration we have a really great relationship both rand's life and this is this very special relationship this is this almost too good to be true and it seems it was money trumps all now that america has unilaterally pulled out of the nuclear deal with iran it could start sanctioning european states companies that haven't the to do business with iran e.u. leaders merkel mckown others tried to change trumps mind with love. graduations and i think a great victory. i

. think you. accept love has nothing on money europeans a facing american sanctions that's not very nice is it not something friends would do looking at the latest decisions of president. bush like that who needs enemies. europe has had enough they stand to lose cash because of america and they won't let that happen. to divert the european commission we have the duty to protect european companies. we now need to act and this is why we're launching the process of activating the blocking statute from one thousand nine hundred six. what europe is doing is using a statute initially developed to circumvent washington's trade embargo on cuba the

law basically protects european states from laws or sanctions implemented outside of europe you can see a political resolution look at america's new ambassador to germany hours after being confirmed he threatens german companies as donald trump said u.s. sanctions will target critical sectors of ron's economy german companies doing business in iran should wind down operations immediately my advice after a long ambassadorial career explain your country's policies and lobby the host country but never tell the host country what to do if you want to stay out of trouble germans are eager to listen but they will resent instruction prompts bully boy tactics haven't gone down well in europe the block is finally showing its teeth so the new different to what we defend on this subject as all of us is the trading sovereignty of purity or what we demand to be exempted without any conditions and

limits it with new ones that you can't what do we want to be able to buy blindly to what americans tell new or do we want us europeans to say about how the economic interests of a move want to have economic relations with russia what can you say every relationship has its bumps its just that some bumps and in divorce we should not overestimate the importance of trade with iran on the whole which in europe this is a matter that might be very crucial to specific smaller companies that for example have a large part of their trade with iran i mean the big companies of good in going to choose. for the better and they're going to see our interests lie more with the us and with iran and they're going to not to risk these kind of sanctions where the real impact is going to be that remains to be seen we should not forget that the e.u. on politically on foreign policy issues it has always been strong on words on symbols

but not much on real implementation. two of italy is leading us skeptic parties have drawn up a plan for a coalition government this follows months of political deadlock says the general election in march r.t.f. europe correspondent peter oliver has the details. it's been called the contract for the government of change it certainly puts out plenty of change in those proposals now this was published by the five star movement it's part of their coalition agreement deal with the far right league and nord party should they agree then world those two sides get to put forward a prime minister and it's up to the italian president then to decide whether he gets his vote or her or she gets his vote and they become the next prime minister if that makes sense that's where we are at seventy days on since italy had an election it's this is the attempt to try and get some kind of consensus government

now the preliminary versions of this agreement that had been leaked over the last few days while they were criticized in the media as being either you all pro russian we can now have a look at exactly what was in what is in the proposal so they will be no unilateral exit from the euro zone or the e.u. there won't be any referendum taking place on italy leaving either of those two they won't ask for two hundred fifty billions the you are worth of debt to be written off but there will be a real your go see a sion that will be attempted we're also looking at potentially a huge overhaul of immigration policy within the e.u. particularly the dublin treaty italy wants to see big changes there the both five star and league ignored wanting to push that through should they get it ok in the go ahead on this government they also want to see the scrapping of sanctions against russia and russia to be viewed as a trade partner not as

a threat now if we look at the the versions that were leaked previously the word immediately was in there it's worth noting that isn't in the official final version the team published on friday and there's also talk of any universal basic income that would be seven hundred eighty euro per person living in italy that's going to see. seventeen billion euros worth of public spending but also it asked for cash from the european union have to keep an eye on that but this is certainly going to be if it gets the green light a government that goes head to head with brussels there's going to be collisions here particularly when you look at the ideas that are being put a head to scrap austerity and to get back spending public money that is not going to go down well in either frankfurt with the european central bank or in brussels you head office. the u.s. is refusing to support an international probe into the deaths of protesters on the

israel gaza border washington voted against the plan at the u.n. human rights council and u.s. ambassador nikki haley gave a statement suggesting the u.n. has more important problems to deal with at a time when we need to a low lurches to or dictatorship iran imprisons thousands of political opponents and ethnic cleansing has taken place in burma the un so-called human rights council has decided to launch an investigation into democratic countries a legitimate defense of its own border against terrorist attacks it is another shooting full day for human rights. well this week dozens of palestinians have been killed by israeli gunfire during border riots after the opening of the new us embassy in jerusalem and the rallies continued on friday with thousands gathering at the border fence local journalist in who was there. palestinians are here protesting again it's

a second day of ramadan and it's very obvious that the israeli forces are still using tear gas canisters to disperse all of these protesters oh my. god you see spitting the place they have been firing tear gas as sense the beginning of the protests. we also heard a lot of live ammunition since the beginning of the protests if we can hear that i mean it says we're starting to get affected by the tear gas. i'll be here now is live ammunition and it's very obvious that the israeli snipers are trying to shoot one of the protesters that are very close to the. palestinians came here today to come and rate all of the victims killed and injured in the past past seven weeks where at least one hundred five palestinians have been killed in the quick march of return and at least eight thousand palestinian protesters have been injured by live in munition tear gas canisters rubber bullets and other

weapons this ready forces have been using that's a palestinian protesters. although that with the latest headlines in just a bit now meanwhile for more on one of the stories that you want to call. out what politicians to do something to. put themselves on the line. to get accepted or rejected. so when you want to be present. for something i want to. get to going to be the first to see what before three in the morning people. i'm interested always in the water. i can tell you i have killed thirteen people with missile strikes and there are one thousand six hundred and twenty six unnamed enemies that were killed in all the

missions that i completed and i know that i know that for a fact and i know each of these persons was a human being they had a family they had friends they had lives and we ended them the possibilities are and. seventy four design submissions. seven thousand pilings. to join judges. and eight hundred sixty nonstop days of work. a russian w.b. a champion of it. and a russian pulp stuff. show you how and why the crimean bridge was built. witnessed the construction of a you need to transport. that will help the cause of crimea the. most all those

while google more familiar with it a bit but it's clear. this is boom bust broadcasting around the world from washington d.c. i'm bart chilton thanks for joining us coming up for the program today boyle prices have reached a four year high road runner of simpler trading what we should we expect and how are airlines making money in this high fuel cost environment and which are the best frequent flyer programs we'll ask gary left the founder of view from the wing dot com plus what are the merits of money associated with meatless needs alex one hile of it helps us understand and the big crypto conference consensus has culminated in

new york city but one attendee has stuck around and she will join us one of our favorites of the pick coin queen of switzerland all the felde meyer the c.e.o. of smart ballard all of that debt ahead but first we had some headlines pay pal is buying mobile payment eyes that all four payable system for two point two billion dollars pay pal notably agreed to pay twice the valuation of the one that they had been seeking for initial pump a public offering on nasdaq later this year the planned i.p.o. is now mooted by the acquisition for pay pal i's idols value add is an increase president's presence in brick and mortar stores while pay pal is currently usable at many large retailers eyes that was developed a significant presence among smaller companies for eyes and all the merger with pay pal connects them with a reported twenty million existing pay pal customers in addition to online payment platforms that will also mix credit card readers. and u.s.

supermarket chain kroger has announced a partnership with u.k. based online retailer ok. pato to get into the business of home delivery kroger the second largest u.s. grocery seller after wal-mart will take a five percent stake in ocado for roughly two hundred fifty million dollars as part of the deal while ocado will license kroger to use their technology and advise the larger company as they've been sure into the new territory as many as twenty distribution centers could be built to get kroger into the delivery game ocado stock shut off on the news by more than sixty percent interestingly ocado stock also got a boost last year when amazon acquire whole foods and market watchers quickly surmise that corporate suitors would soon come calling for a cut as the race was clearly on for dominance in the grocery delivery market. and oil prices have reached

a four year high of over eighty dollars per barrel for brant crude traded in london at the intercontinental exchange futures europe and west texas intermediate traded at nymex in new york was trading today at above sixty two dollars per barrel the average price of gasoline for regular gallon of gasoline is two dollars and eighty nine cents that's actually up fourteen cents in the last month and up almost fifty cents in last year as this is occurring u.s. shale drillers are investing increased capital even more than they are making seventy five percent of shale companies spent more than they earn in the first quarter of the year and u.s. shale producing companies have assisted in boosting u.s. oil production to all time highs of more than ten million barrels of production per day the shale companies seem to have been pumping their profits back into operations during q one and here to discuss oil prices and much more is rosy horner currencies in future expert at simpler trading or she welcome back we appreciate it when you spend time with us it's always insightful we never have enough time the

let's get right to it what's your take on the shale folks right now. they're in an interesting place right now because their operating costs are about thirty dollars a barrel and with w t i sitting just above seventy seventy one dollars one would think a seven forty dollars thirty dollars per profit when you look at barrel profit when you look at about three quarters of shale producers they should be sitting pretty but as you mentioned that capital expenditure is that they have to undergo to one revitalize a lot of what we could call a dated pipeline system and also i think the short basically the short life of any of the shale wells is going to be an issue it's always going to be expensive prospect to take this oil from the earth but the interesting thing is you're right we're only number two behind russia right now in terms of production so it's really a pipeline question let's go to that actually so in the permian basin west texas

and parts of new mexico it seems like maybe there's a capacity issue with the current pipelines how are we going to deal with that and we need to i guess if we're really going to count on shale to keep the u.s. in the production game. absolutely and you bring up a perfect point the timing is right because we just completed the by annual review and you know basically what happened is they got their credit limits they've got the capital disarmed spending on there's a big refinery being built at the moment what people forget is the saudis own the largest refinery through aramco in the u.s. and what's also interesting as what's happening with some of the small cap companies small cap energy companies were spirally seeing that money flowing we're seeing slumbers a however and chevron exxon starting to move up those associated e.t.f. they're benefiting so we're seeing that the money being spent and that effect with higher crude oil it's going to keep the shell guys as happy as the saudis are with

the threat over eighty and with w t i over seventy let me ask you speaking of the saudis we've got opec meeting coming up i think it's june twenty second in vienna but you've got the u.s. pulling out of iran those sanctions maybe iranian production of oil will slow then you've got the venezuelan is probably most which looks like their production may actually fall below a million barrels a day what does this all mean for supply and demand. this means that china india especially india are going to be very upset about the current levels of crude opec could not be happier they are historically behind the curve when it comes to making up for these gaps that you speak of whether it be angola brazil venezuela iran with the sanctions this gap is notoriously historically been very slow to close but if i'm the saudis or if i'm even shell producers i'm pretty happy about this because having crude above seventy dollars only serves me it's going to be tougher in the

narrative will probably change if india or china really start to get upset about it but frankly where are they going to go opec's already signaled they're not going to make sanctions the part of the meeting it's really about how do they manage inventory and bring it to those five year average is that they've sought to get to well i notice that the saudis said they'll make up for any iranian production that's lost but i imagine russia and the other folks that were involved in that production cut will also be wanting to make up for that production raji horner we really appreciate your time currency and futures expert at simpler trading have a great weekend. thank you. u.s. airlines reported four point six billion dollars in checked bag fees last year according the bureau of transportation to test it said many of us recall a time when there were no baggage fees and here to give us more detail is the

founder of view from the wing dot com gary left gary thank you as always for joining us we all hate baggage fees but when they were initially instituted it was due to higher fuel costs there was some thought maybe among saps like me that maybe the fees would actually be reduced at some point but that's of course not going to happen and as we're just talking about with regina horner we have high prices of fuel again so explain what these baggage fees are how do they really translate into the bottom line for the airlines. well the first thing to realize is that while it was true that the fees were initially instituted in mid two thousand and eight. it was in the oil prices per se that were driving the bag fees it was that the airlines were trying to figure out frankly how to survive during difficult times it was it wasn't that long in two thousand and nine when oil prices were down the thirty's and bag fees didn't go away at that time the airlines were facing the great recession and they were looking for revenue anywhere they could find it and

it's not really the case that bag fees mean that the airlines are taking more for travel than they used to the total cost of travel certainly in inflation adjusted terms is down when you look at fares plus fees but what they're doing is they are extracting revenue from people for services that they're providing there it's price discrimination and some people pay it while they're advertising lower fares than ever before terms of why the airlines favor this one is they do believe that on net they're making more money but to what the lot of people misses the tax benefit which is that domestic air travel is subject to a seven and a half percent excise tax that does not apply to fees so an airline that is moving three quarters of a billion dollars for instance into fees outside of the ticket is netting about a fifty million dollars tax savings so there's a driver both for the both for the incremental revenue also

being driven by the tax code gary let's talk a moment about frequent flyer programs which are the best airlines for frequent flyer programs these days i know some of them have been out some recent changes. i think the first thing to recognize is that since two thirds of miles are being earned for things other than flying you don't necessarily want to accumulate all your miles with the airline that you fly you're probably going to choose an airline based on where you live who offers the most service if you live in atlanta you're gonna probably fly delta if you live in detroit delta if you live in dallas american and so on but that doesn't mean that's where you want to accumulate points for your credit card it doesn't mean it's where you want to accumulate points for other kinds of activity and you really can earn miles for just about anything now i generally say that you want to or in miles for credit card spend and bank programs his points transfer to a variety of airlines and hotels and the reason for that is that you can use your points for the award you want based on where you want to go at the time and who has

the availability because with airlines planes fall it's been very difficult to get award tickets for the last several years at least at the prices that people have expected to pay that save or award level so we're really does pay to look around for who has those availability and to be aware of the foreign airline partnerships of the u.s. airline themselves as well as the transfer partners of bank programs like chase's and american express's because you can get fantastic availability from better products than the u.s. airlines offer at a much better mileage flight price more value for your mile and if you travel a lot on airlines then guess what you don't have to pay all those baggage fees we are speaking about gary left the founder a view from the wing dot com we always appreciate your time have a great weekend thank you bart. and financial ethics and theology news not a topic we get to all the time here on the program the vatican has issued a position paper on credit default swaps c.d.s.

is an observant catholics may want to review their portfolio an official statement from the catholic church's body for promulgating official doctrine called the contract a ticking time bomb ready sooner or later to explode and poisoning the health of markets the thirty four point statement from the vatican's congregation for the doctrine of the faith applied longstanding elements of church doctrine to recent events and contemporary circumstances but likely did so with greater force under pope francis's leadership francis the first pope from latin america and has chosen to sharply emphasize spiritual an ethical perspectives on economic justice and climate change in a break with his recent predecessors pope francis may have coined a great phrase when he punted did that quote if we want to if we want real well being of humanity money must serve not rule.