this is facing the e.u. what withing did the european union in europe more in general were not able to address this emergency in the proper way international rules were not respected few countries including he telling my own country were completely left alone you know addressing this emergency and in searching and rescue people at sea and trying to avoid an immense a strategy to a tragedy to happen but there was no solidarity coming from the large majority of member states of the european union the didn't give an end at all to eataly greece but also to some other countries like germany and sweden the tried to welcome some of these refugees and to integrate them into society in the labor market of those countries so for countries along against the other twenty four were completely. burning or on their shoulders i mean the the world burden of this of this situation of this emergency and frankly speaking the situation is not going to improve at all because there is no agreement between the different member states despite of the

air force of the day european commission put in place in the past i mean to try to convince them these responsibilities are ready and in coordination and now we are facing again another summer coming and there are already under the hundreds of migrants who are trying to cross it to cross the mediterranean sea and to reach the european union and we have an episode that happened exactly during these hours that was the italian government the new italian government refusing to welcome six hundred twenty nine the refugees that were on a board to try to reach the european the european court and they try to put to push these people towards multum ulta was not in the condition to welcome them and in the end it was the new spanish government that mr but it was sanchez that is the prime minister of spain that offered for the money to early and reasons to welcome these people in spain so this is really a symptom a great example of how bad the situation is a regular. in migration in europe there is no strategy there is no common values

there is no respect of the international rules so we as the european configuration are really blonde bluntly criticizing i mean what's of the european union is doing or not doing i mean to try to fix this problem and you know a lot of discontent also among walkers come successfully from this from the lack of capacity to address the problem in a proper way to have a sort of responsibility in place at the same time and being able to provide these people with the right integration that means also equal treatment we do not have workers of europe and we are campaigning a lot on these elements and try also to have been times of integration on the ground through our members and so there is a clear position from the european trade union movement but unfortunately we cannot say the same when it comes to the european institutions and mr general secretary you've written pretty eloquently recently about how do you obs can create better social economic justice explain that to us well you know let's say

a decade ago we were the best benchmark in europe even in the global arena i mean as the european union because we had a fantastic social model in place we had a lot of cohesion very low inequalities and so on but then the crisis came and the crises destroyed thirty twenty three million jobs in our continent. unemployed people are still unemployed unfortunately and the european economic strategy that was put in place by the european nations institutions was not able at all i mean to address this incredible crisis and so now we have a very i level is not only full of unemployment but also of inequalities a socialist collusion an enormous on rest and discontent among orcus and people regarding this situation that's why we think and we say older time that it's really high time i mean to change completely first of all democracy anomic by. to boosting

vestment internal demand to change the new labor a little started to policies and to go back on track with sustainable growth it does is the only way to create new jobs quality jobs that can replace the ones that have been destroyed by globalization and by the crisis and this is really our key demand but of course these goals together other elements of the particularly two elements that should go together a sustainable model for growth on the one side the need to to increase wages we need to really to the profits with working people we need to really to change the balance in the labor market in the economy between the rich people that are very few and the middle class that have been completely impoverished by by this crisis all rise in wages is the core of our campaign for a pay rise for european workers and on the other side that is the need to restore our european social model and there are some initiatives fortunately speaking coming from the european commission that is this ideal for stablish in a new pm. it's this means

a sort of the color of fundamental rights for workers and and for their working conditions in europe but also to be called the social protection benefits of all these at the core of the discussion at the moment in the european union and of course in our priorities to transform these the carload of principles into reality and for doing that we need first of all european legislation to be put in place because fortunately there is still the possibility of having european law ruling labor markets and working conditions and making sure that we can have a level playing field preventing sort of dumping to happen and also downward spiral wages and working conditions to happen this is really what we have to do to create a better future for our work is seeing europe and mr general secretary before we run out of time i certainly want to get your take on italy on your home country recently the italian finance minister is said that the e.u. is no plans to leave the euro which has shot the markets up. in recent days

a pretty good thing what's your view about how the future will go with the new italian government well let's say the new italian government is a bit of a nigga in the sense that you have two parties that came together to sign a contract as they call it but you know these two parties have completely different and they verging agendas particularly on social issues but also on economic issues and financial issues. some say slogans in the come paying for the elections of us of leaving the euro leaving the european union less my gran's and cetera et cetera but you know when it comes to the reality and not to the company for the elections to the real things that you have to deliver well it's not yet clear what they are going to do so we are really waiting to see what will be the real strategy in the real achievements that they have in mind to. bring together i mean their program after the elections there are no clear signs so far what is really relevant for us you know is first that they recover the italian economy in

a sustainable manner to create more jobs this comes before any other kind of financial taxation or euro area issue of being the first point is if they are able to keep their promises of creating jobs for people and for the moment we don't know we are waiting to see if they will be able to do so and on the other side we want the taliban government to participate in the european debate about the european people of social rights making sure that the new legislation going on at the euro at the european level for water life balance for protecting gender equality in the labor market for making sure that we can build up eleven playfield off rights of four european workers etc well making sure that all these can be achieved before the european elections that will take place in one ear time and i think they were they tell you in government or board or not on this that months will be very crucial for us you know eight zero is one of the most relevant economies in europe but also one of the most relevant country. is it depends on them if they want

really to have a role in this discussion or not if they have to be power if they want to be powerful or. they want to be completely ruled out from the discussion and from the decision making process so we are really facing a crucial and very enigmatic moment it will be very important and interesting for us to understand what they are going to do in this respect this our priorities and we are going to discuss with them if they will be able to least into us of course look of isn't easy the general secretary of the european trade union confederation thank you so much mr general secretary preaching your time. thank you very much for the places and time now for a quick break but i hang here because when we return there are new e.u. regulations designed to protect people's privacy we'll get the latest on what and how they are working from and are turning on global privacy expert miles edwards plus artes ashley banks looks at some crazy unusual point offerings that might

perhaps should scare us all a little as we go to break your live numbers of the closing bell another day for stocks today and coin is the only red arrow at sixty seven fifty nine will be right back. to.

join me every thursday on the alex salmond show and i'll be speaking to guest of the world of politics sports business i'm show business i'll see you then. and welcome back a spinoff of storied u.s. retailers sears is closing down a major portion of its stores sears hometown and outlet stores nk was a spinoff of the former larger company and they spun off in two thousand and twelve and announced on friday that they would close one hundred of their eight hundred eighty two locations in the u.s. this quarter the retailer also announced a nine point four million dollar loss for the earnings period ending may fifth and expects a charge against earnings of seven point five million dollars for the cost involved

in closing the stores and if this headline is a little giving you a little bit of deja vu that's because sears holding which runs the regular series retail stores announced at the end of may that they would close seventy two stores in the near future and those seventy two stores were not a list of the most one hundred unprofitable locations. the fight between china based multinational conglomerate ali baba and ten cent has escalated to the point that investment banks are being pushed to take sides ali baba's affiliate ant financial reportedly demanded the signing of restrictive non compete agreements as a condition for banks one to participate in ants recent ten billion dollar funding round this follows a pattern of ali baba's i.p.o. in september of two thousand and fourteen when the company demanded participating banks agreed not to work with tencent or with j.t. dot com a competitor e-commerce company without ali baba's consent while the specific

agreement has expired bhalo reportedly remains eager to keep partners away from j.d. dot com as a direct competitor experts say ali baba and ten cent do have reason to be anxious about who their bankers partner with since agreements and shared projects may reveal critical data and strategic plans. the european union general data protection regulations g.d.p. are went into effect on may twenty fifth in an effort to protect the privacy of european union residents what does it do when will it work as attorney and global privacy expert miles edward miles thank you so much for being with us really appreciate the g.d.p. are lousy you residents to access their collected information and have the information amended or even deleted how does that actually work and what else does this regulation do. well first of all thank you bart for inviting me on what it's

does is well first of all i think we've all seen the implications of g.d.p. already you probably already have received an e-mail saying do you consent to receiving this information do you consent to still being on our list so one thing to keep in mind is that for us firms especially you don't need to have a physical presence in the e.u. to be subject to it if you store data or you have clients in the e.u. you are subject to it and vice versa so many american citizens already have been receiving. email requesting consent from european union firms that they may be doing business with and what's really important about that is read exactly what type of consent you're doing and in addition to that you're going to find that with it is a privacy policy for the firm so it's extraordinarily important to read over this information because it's going to give you a sense of what the new g.d.p.

are is going to look like for you miles i've wondered and new may have just answered the question but i have been getting a lot of additional consents and i didn't know if those were just general privacy updates related to the whole facebook cambridge analytic a scandal that they were in the u.s. so you think maybe a majority of these things that are coming are actually coming from your from with regard to g.d.p. are absolutely i mean we live in a global environment bard and even though you may not think you're conducting business or that a european union firm has your information most likely it does and so because g.d.p. are became effective on the twenty fifth of may right now we're seeing an influx of e-mails being received by a u.s. citizen so again read it over and you have any questions part of. the g.d.p. our is it's incredibly democratic and now laos individuals to have control over

their data not only does it allow you to petition that firm to find out what data they have on you but it also allows you to control the way that they use that data and it's incredibly liberating in fact i have never seen a privacy regulation that is so broad and is so consumer centric as g.d.p. are it's sort of amazing i wish they would do what i know you do in your life as an attorney and i used to do on capitol hill is give you a nice red line of what it was before and what is it now because they are so long and complicated but your advice mile is miles is good about reading it do if you have problems can you and can u.s. citizens take advantage of this also can you actually seek to see what information they have and if it's incorrect have it updated or delete it. well to a degree you do and you're not going to have all the rights of the european union

citizen would have but you do have some rights and one thing to keep in mind for it as well is that the united kingdom even though they have technically removed themselves from bracks it is still abiding by it and so sometimes you going to see a situation with certain scandinavian countries which may not be technically european union countries and the united kingdom is still abiding by it so it's extraordinarily important to pay attention to this now what's also interesting as well is that with any sort of privacy regime there's a barrage so individual states with in the european union have the ability to moderate and revise the g.d.p. are now they can't lessen the restrictions and they can't lessen some of the robust protections but they can certainly add to it so i think what we're going to see is we're going to see a long road of g.d.p. are and for american firms for american financial firms again i advise them that even though you may not have a physical office somewhere in the european union if you store data there or you

have clients there you're absolutely subject to two things one there is that initial data protection initiative back in ninety five that seemed to go no place because they didn't have strong enforcement it sounds like this one does miles and do you think that those lawmakers in the u.s. may look at this at that g.d.p. are and emulate those provisions to some extent i think they're going to have to because again we live in a global environment in one thousand nine hundred five twenty three years ago was a little bit of a different situation because the regulators did not have the infrastructure the manpower or the technology to enforce it and right now we're finding that the regulators are coming on par with their constituents which are primarily the firms that they regulate so i think we're going to see a lot happening with g.d.p. are also. well consumers have a private right of action so now you can legally of the yourself of going against

those firms if in any way they violate your rights under the g.d.p. our itself it's a fascinating fascinating regime and one thing that has interested me most part is article twenty two which says that you have a right not to be subject to basically what they call automated decisionmaking which is a i and profiling which means that if you apply for a loan in a machine decided you're not getting the loan you have the right for that loan to be reconsider by real people and you have a right not to be profiled which means that not to have all your information aggregated in order to make a decision and i think article twenty two if you asked me what the most important provision of the g.d.p. are is it's one that we have been talking a lot about and that is article twenty two it's going to impact the way firms to business and it's also going to redefine how we view artificial intelligence how it

relates to us and how it relates to our relationship with financial institutions miles thank you so much we hope you'll come back as we move forward on this issue at a u.s. attorney on global privacy expert miles that words thanks for being with us. thank you bart a south korean crypto exchange reported a cyber intrusion i.e. a half and the price of bitcoin has once again plunged on sunday the exchange quine rail said that several other of their all coins were alternative versions a bit coin had been stolen the this prompted a ten percent drop in prices dropped below sixty one hundred sixty seven hundred dollars and has remained trading around that level as reported about sixty seven hundred fifty or sixty two midday today meanwhile agro blocked chain is the first crypto company to be listed on the london stock exchange one of the oldest stock exchanges we expect there would more to come and now art is actually banks talks about some incredible initial coin offerings that seem quite crazy to say the least

buyers beware folks years actually. logline a startup company located in the cayman islands is on track to raise four billion dollars and a year long sale of digital tokens this would be the largest fund raising of its kind some may find it baffling that a startup company could raise so much money without having a concrete plan for using it however things are changing as virtual currencies are becoming more and more popular many of the currencies like big coin experienced a rise in twenty seventeen interest from everyday investors as well as long street however these digital tokens differ from virtual currencies as they are tied to a product or service a company plans to develop or offer in the future although the praises of bitcoin another crypto currencies crash earlier this year that didn't stop investors from investing their money and to initial point offerings according to the research firm token report and twenty seventeen i see ows raise six point six billion dollars and

in twenty eight hundred so far i see ows have reception point fifteen billion dollars this total does not include block one according to the wall street journal the largest initial court offerings are blocked one telegram dragon vile coin and tez owes some current offerings have been exposed as scams and others are from companies that may never actually develop a product or service the idea of startups like block one is to help free ship the architecture of the online world similar to google's android however the platform one of be owned by a single company experts say these platforms could improve the future of online payments through the open ledger block chain technology on the block one isn't sure how it's going to use its proceeds the company is hoping to develop a plot form we're going to host a web applications that live virgin is set to be released in june and washington

nationally banks are here. like i said buyer beware. there and that's it for this time you can catch boom bust on youtube youtube dot com slash boom bust archie we'll catch you next time. the legacy call guys are the winners the legacy oil guys are the winners the legacy all central bankers are the winners innovation you dynamism the constitution the bill of rights these are the losers in this america. making history with a handshake the leaders of the united states and north korea meet for the first time just months after threatening to obliterate each of those countries. as something ends with kim jong un committing to the complete to denuclearize ation of the peninsula in exchange for security guarantees from donald trump but some are

already questioning how serious the u.s. president is about sticking to the side of the deal. or not reducing anything we're not reduced very little bit early for that we have to get things moving the sanctions will remain in effect we will be stopping the war games going to last until we see that the future negotiation is not going along like it should. two days and counting the finishing touches are made ahead of the people in russia to of all world cup special manchester united manager predicts the countries to make it to the latter rounds in july. is going to be really hard to portugal a little while before the squad. because of my cards but. there is it's all sleds and it's in these new government makes good on one of its more divisive campaign promises closing ports to a vessel carrying stricken migrants.

either this is r.t. in moscow covering the big stories around the world i'm calling brian welcome to the program this at five pm here in the russian capital first off the big story from singapore the leaders of the u.s. and north korea have hailed their historic summit as a success and laid the groundwork for the potential denuclearization of the korean peninsula in exchange for kim jong un giving up his nuclear arsenal donald trump has committed to providing security guarantees for the pyongyang regime the us president suggested afterwards that the two had formed a strong relationship and that they intend to meet again the turnaround in relations comes just months after the pair were threatening each other with all out war. we have developed a very special bond. north korea best not

make it work for it to the united states they will be met with fire of fury and have made men out there shooting rockets all over the place you will have no choice but to totally destroy north korea rocket man is a sick puppy. a frightened dog barks louder i will surely indefinitely tame the mentally deranged us with fire. this is true has proven over and over again that visitors can indeed become friends both very honored to sign the document thank you. so the today we had a new story meeting and decided to leave the past behind we're very proud of what took place today and it worked out for both of us far better than anybody even predicted it's an honor to be with you.

and despite the to see me to get on well chairman kim did seem a little taken aback by one of president trump's jokes here including turley so you may see. donald trump wrapped up the summit in singapore with an hour long news briefing outlining his position on a number of issues for them open takes us through what he said and how it's led some to question whether north korea is right to trust him. they've agreed to four basic points that were in the document that was signed by the president the united

states and the leader of north korea first they agreed to a new us d.p. r. k. relationship a new relationship between the two countries secondly they agreed to a lasting stable peace and working toward to facilitating a lasting stable peace on the korean peninsula they agreed to a commitment to denuclearization getting rid of nuclear weapons on the korean peninsula and finally they did agree to return the bodies of p.o.w.'s missing in action the bodies of american soldiers who had died during the korean war or the bodies of american soldiers in the korean peninsula those are the four points of agreement now speaking at his press conference following the meeting did clarify some things he first of all he said that they will not be lifting the sanctions until until there is a full denuclearization of the peninsula donald trump said he look forward to lifting the sanctions but they will not be lifting the sanctions at the moment

furthermore trump said they would be stopping the war games the military exercises that north korea has often said are very threatening to them and our century report rehearsing for their destruction these military exercises will be stopped from said that they were very expensive and very provocative and from there we heard some more talk about what would go on on the peninsula itself this is donald trump we're not readers are going to thing we're not reduce very little bit early for that we have to get things moving the sanctions will remain in effect we will be stopping the war games unless and until we see the the future negotiation is not going along like it should so you saying there that the the number of troops on the korean peninsula will not be reduced at the moment now they are donald trump talks about the previous administrations and their record in dealing with north korea and how. difficult it was to make this meeting this historic meeting you know between

two countries that have been basically at war with each other in a legal sense for the last sixty years how difficult it was to make this meeting happen this is donald trump talking about previous administrations and the difficulties they proceeded down a path in the past and ultimately as you know nothing got done in one case they took billions of dollars during the clinton regime to billions of dollars and nothing happened that was a terrible thing and he actually brought it up to me i don't think they've ever had the confidence frankly in a president that they have right now for getting things done and having the ability to get things done well there's obviously a huge amount of optimism around the world in the aftermath of this is story meeting however there are different voices asking how optimistic we really should be fo'c'sle recalling that donald trump did pull the u.s. out of the historic iran joint plan of action the nuclear deal other people are wondering exactly how this denuclearization is going to take place with the

sanctions not being lifted with the troops remaining on the peninsula. how the talks were first announced him oh but it may have a military drills between south korea and the u.s. threat to call it all off but that nine days later trump council meeting accusing him of hostility but the next day the white house in pyongyang said things were back on track by the first of june washington officially announced that the summit would go ahead after all now let's bring in one hundred dollars a political analyst in china specialist who we've been discussing this rollercoaster ride to get to this point welcome back to say the e.u.'s foreign policy chief has said the summit shows the complete denuclearization of the korean peninsula is possible do you share that optimism off the wall today. well i think that there was a historic moment. that's kim jong un's.