response chinese responses to president trump belligerence are hurting big names in the auto sector after china announced more tariffs on u.s. goods yesterday shares for a volkswagen b.m.w. and dimer chrysler all took stock price hits between three and four percent and managing director of the international monetary fund christine legarde said yesterday that increasingly tangled global tariff shootouts are it's clearly quote first on the list of risk for the euro zone missile guard said while the statistical impact could be quote point one point here one point there more broadly quote it's the trend that's worrying and that's being a breach in confidence that undermines relationships. ministers of the organization of patrolling expert countries opec have reached agreement on a production increase of six hundred thousand barrels per day to. move upward the pressure on oil when agreements with non opec partners are factored in today's

adjustment would in theory add one million barrels per day to the market when real production capacity among opec members accounted for the reward met world math yields a six hundred thousand figure equal to about one point five percent of global demand today's agreement partially reverses an opec decision from two years ago including other nations russia and several other non opec partners to cut global output by two percent or one point eight million barrels per day as we previewed here earlier in the week the meeting and the pre-game prep had been fairly contentious process but it appears most of the nations are in rough agreement and figure out how the increased production would be allocated among the nations that originally agreed to the cuts the energy minister of the united arab emirates hailed the deal. committing to the hundred percent i think we was taught to get one hundred percent and nothing more than one hundred percent how is it. i think that is not that is not. yet decided to do would be that there are differences between the two

instead of the countries. we would not to make sense if we educate the production to a country that cannot produce it so. i think having educations from that perspective . to no one's surprise the thirty five largest banks the united states have passed the first round of the federal reserve so-called stress test opening the door to big dividend payouts the initial phase of the fed's assessment is supposed to determine whether or not the banks have sufficient high quality capital to survive in an economic crisis that pushed unemployment above ten percent a second set of findings or risk management practices is due next week and payouts are expected soon thereafter the fed's assessment of course can now be cited in support of a unanimous vote by the fed board of governors to ease some regulations passed after the two thousand and eight financial crisis even in the fed's rosy view there

were some points of weakness mega bank goldman sachs and also morgan stanley pushed close to the edge of the fed's supplementary leverage ratio the fed's minimum is three percent the fed scored morgan stanley at three point three percent on the metra goldman sachs barely cleared the fed's bar rating three point one percent. and now we turn to housing and specifically to housing affordability to help us out we are joined by debbie boyd the c.e.o. of deal b. financial debby's great to see it thank you for coming back. now thanks for having me so we have seen a point four drop in new home sales to a four month low of five point three million units and housing cost of translated into lower purchases by first time home buyers and those those homes are actually less expensive while that may not seem like

a lot to folks the numbers in other data have led the national association of realtors chief economist lawrence yun to warn that quote the housing affordability issue is becoming a crisis and should we be concerned. yes but you have to look at that study that study says that it's assuming that people are putting number one twenty percent down and that's just not the case maybe the amount of people that are buying are putting twenty percent down but what i see is five percent three and a half percent for f.h.a. maybe ten percent in pain mortgage insurance so i think these numbers are skewed a little bit just because of what they're assuming in the study when they're putting down five or ten percent they're going to go on thirty years yes you know ok and there were a lot of new housing starts a five percent increase in the u.s. in may what do you make of that. well i just think that builders are getting a little bit more money now so when you build

a custom home it could be two things if you build a custom home you're going to secure the financing yourself as an owner if a builder builds a spec home he's going to be taking out the bank loan either way the banks if they can ease up and have more money accessible to both builders and clients are going to see a bigger uptick in the building market that makes a lot of sense i guess now i'm going to ask you one you may not know i know you want to commodities expert give but given the sort of tit for tat trade war out there and construction of homes must be impacted by higher input so in commodities not long ago we talked about the high price a copper on the show but how about things like lumber and other things used in construction are we seeing any increase in prices that translate to higher home prices or not to not yet i don't think yet because when you build a home when you first start that lumber purchase so a lot of the purchases have already been made for things that are starting in the next month or two pre done before this even started so we're going to see going

forward probably after august that's when you're going to see the increase in lumber prices and with lumber going up there's going to be other things coming down it may just be a wash overall and lastly only about thirty seconds but comment on the permitting process permits look like they're up for going forward right. yes so far they have been and what we see is that people have a very good optimistic out view of the economy you know i guess a it's always local if the local economy is good the local people are happy with their jobs they feel confident that they're going to go ahead and spend the money to buy that new house or go look for that new house builders are confident of their homes are going to get build they're going to start building again so while the whole country is optimistic that's a great time to build thank you so much for your time always great to see you and pre-shared all the insight take care thank you so much take care. and for more on affordability of housing and urban and rightly or as we turn to our correspondent

the talk of sweet a shortage of affordable housing is taking its toll on big metropolitan areas like here in los angeles and in rural areas while there are houses issue lies with builders making enough homes that workers can't afford for residents like donna mays the cost of her rent is skyrocketing as her income remains the same of not making that much money how could you pay more. you can only pay which will make it . and then the price is going up but the way just not going up as much as the price will you know for the household and else's by the center on thirty eight and policy priorities shoes if it wasn't in the works that would affect roughly four million low income households receiving assistance what happens to the portion of the poor and the very people who have the smallest pocketbooks if you will the least discretionary. i mean where do they go what it what do they do while magic what's

in areas have major issues to fix role america is also facing problems in the housing sector while slightly different both face the same concern of affordable housing in fact according to the state of nebraska there are nine hundred ninety job openings in pac county there are sixty five homes for sale with a median price list you have two hundred thousand nine hundred fifty dollars with plants county unemployment rate below the national average there are jobs to be filled with. fear big companies will move out of talent because of the lack of workers or people do want to work many say they don't want to buy a home that their job won't be able to relist equally cover financially according to the national association of home builders there were seventy one thousand single family homes built in rural areas and twenty sixteen and since then the role market share of single family homes continues to fall in two thousand and ten it percent was fourteen. that in iowa the city of new ten took out a bond of three point seven million dollars to fix older homes and new developments

and since the mission to twenty fourteen housing permits increased from eight to fifty for workers and barely making forty thousand a year and supporting the family affordable housing still remains hard to come by as investments are being made on new developments in rural america towns can only hope that it will be enough to keep people living and working there in los angeles and last week's artsy. time not for a quick pause but hang here because when we return our cheese alex pilotage will tell us about some troubling corporate malfeasance at home and abroad plus we'll ask bartlett nailer of public citizen if president from nominee to lead the consumer financial protection bureau will be any better at protecting consumers than the current occupant of that position and with the world cup fever going on around the globe how much does it cost to host the enormous event we'll talk about the economics of football u.s. soccer with steve christakis as we go to break here the numbers at the closing bell

oil was notably up more than five percent based on that opec meeting as we watched the writer. apply to many flips over the years so i know the guy even so i got to. the ball isn't only about what happens on the pitch for the final school it's about the passion from the fans it's the age of the super money kill the narrowness and spend the two to twenty million and one player. it's an experience like nothing else on here because i want to show what i think what i know about the beautiful game like great so what more chance with. the leaks it's going to take.

a son's life is just a flow so my something is a bit from the right before the game number two against egypt. i call him a solicitor should get the special or soon to be a christian i'm not from a broken up part of my field the team room for the success so real i'm sure of now davey feel the confidence right now and that they can will. get a phone no i don't have one was the last time that you went on the internet no i am not used to meet these village is it safe because. i sure there is no actual music ters there and they are all going to be sure the baby does a class of his that is the.

question we're the only who thought. is dead as part of that was a given piece. of work i was. previously. yes and no they are being false forms in a very useful member of the society. let's have. them. welcome back while tesla struggles to manufacture automobiles the company scaling back in another area so let. c.e.o.

elon musk company will scale back a stable of residential solar businesses the corporation bought just two years ago the solar division previously dubbed the solar city will close thirteen facilities across nine u.s. states according to an internal tesla document reviewed by reuters a partnership with home depot which earlier this year we reported where the solar panels were to be sold will also end tesler fused to confirm the location or scale of any cuts meanwhile mr must space x. venture has security hundred thirty million dollar contract with the united states air force which will use space x.'s falcon heavy rocket to launch satellites into orbit starting in twenty twenty the falcon heavy boosters give space x. a powerful new service device and its space delivery competition with united launch alliance which has been used by the u.s. military in the past. and the u.s. delivering news to the international brotherhood of teamsters the teamsters have

agreed to a new five year contract with united parcel service u.p.s. averting a strike that could have seriously impacted commerce and transportation nationwide while the deal involving two hundred sixty thousand u.p.s. workers secures wages and increases for four dollars and fifteen cents or five years the current for current workers and also sets we can delivery drivers to a new lower pay scale those unfortunate workers will be categories as hybrid hybrid drivers and the creation of a second class of union workers caused dissent within the teamsters internal critics of union president jimmy hoffa jr question whether leadership is really practicing the solitary it preaches in this area a team for a spokesperson said he is confident the members will give their needed approval to the agreement when the vote occurs. a number of top u.s. corporations are stealing wages stealing wages from their employees this according to a shocking report by. good jobs first and the other organization jobs with justice

education fund since the year two thousand penalties against corporations have cost the culprits billions but somehow they continue to make major profits artie's alex mohai levin joins us in toronto where he's been following the story hi alex thanks for this report is pretty astonishing and the dollar amounts are are really incredible and the people impacted those numbers are humongous to what can you tell us this is mind boggling it's unbelievable what's happening here we're talking about major corporate corporations that many of us earned and somehow some relationship with such as wal-mart or a.t.m. tier bank of america these people are literally stealing from their employees and let me break it down when i say stealing what i mean by that they're taking money from either over time so when people are working off the clock they're not paying their over time job title miss classifications also stuff like minimum wage just you know toying around with that mule breaks to violations all kinds of different

ways of ripping off the little guys that work for them it's admiral you know it's one of these things when you see that that these guys are making billions of dollars and that their c.e.o.'s are making tens of millions these people are suffering because of that now this report is pretty interesting that it basically revealed that twelve hundred successful collective actions that would challenge these companies that came out to about eight point eight billion dollars since the year two thousand and then they also looked at actions by the u.s. department of labor and statutory agencies which of covered another forty two hundred cases against these major corporations which produced another nine point two billion dollars in penalties now let's break it down let's go to a graph and you get to see what the who these culprits are at least the top ten of them and what we're talking about here a lot of money wal-mart sits at number one at one point four billion then you have fed ex and half a billion bank of america wells fargo j.p. morgan chase state farm eighty. these are all companies that we deal with even here

in canada but we deal with a lot of these companies from this side of the border as well these a lot of these companies are international the biggest case that are the biggest payout so far has been thirty three million dollars that was against wal-mart and we're talking about eighty six thousand workers over a span of five years and that's how much money they got for this penalty nobody seems to be exempt here and i'm talking about these corporations and the finds themselves are they really working that is the big question and that's what the study tried to look into are these fines a deterrent for these companies so that they stop doing this it seems that it's just business as usual for them at this point because i don't know if it really works out this way because when you look at these places they're making billions of dollars a year so this to them is really nothing and they might actually be to. take this to them to keep doing this because those penalties really don't add up to that much when you look at the total profits and alex i know this from my time as

a financial regulator all too often when people violate the laws it's just a cost of doing business these fines so it's most unfortunate but again we appreciate you bringing us this news even if it's quite sobering r.t. correspondent alex mahela bench thank you. thank you. there's a new nominee to lead the consumer financial protection bureau and her name is kathy cran injury she's already getting some pushback on the senate side of capitol hill where she needs to get a majority of senators to confirm her for the job but here to let us know the lay of the land is partly they were public citizen bartlett thank you for joining us as always is this going to be more of the same i mean she would replace if she were confirmed mick mulvaney the current director and acting director and also president trump's office and of management and budget director who as a congressman oppose the very existence of this organization that supposed to be

there to protect consumers what would kathy cranage or be like well the problem is we don't know she has a question mark she has no experience no history with banking no history with consumer protection she is a long time senate staffer with republican senators usually connected to an appropriations committee she's worked for the department of homeland security of some note there's questions of whether she was part of the team that conceived the zero tolerance the children caging policy there are outstanding questions from senators brown and warren on that issue but to your question it's not clear if this will be more of the same the suspicion is. trump wouldn't have chosen her if she wanted to reverse course but there's something cynical also going along if the senate doesn't confirm hor confirm her mulvaney remains in office he's even said he expects to remain in office at the end of this year possibly through the end of trump's term first term or his term through two thousand and twenty. it makes me

think of a couple of things they're always so interesting you speak with you so one. for our viewers if your work on the appropriations staff then it usually a pretty less political job than if you were on one of these authorizing committees this to deal with policy because appropriations about giving money to people and so everybody likes getting money on capitol hill and so it's really hard to tell sometimes if these appropriations staffers have strong political bent but did her boss and i'm not sure who it was but did her boss have a strong political bent outside of appropriations well again it's not clear she's worked for shelby coats collins so that's not quite clear right now she works for o.m.b. right now her boss mick mulvaney it's not clear if mulvaney chose her personally it's not really clear why among all of the people who lack experience in banking

that she was chosen most any himself says it wasn't her pick it was it was trump's pick but again she is a question mark from public citizens point of view from what i think should be the american consumers this is not the right choice we want somebody with a proven track record of meeting the mission of the consumer financial protection bureau and that is protecting consumers you have but you have this dilemma mick mulvaney in the capacity at least at this time federal judge says it's ok for him to stay there or an unknown you know door number three as it were if you all post or you're not too early to tell well it's too early to tell if she certainly doesn't have a track record that makes us support her we do want a senate confirmed director we think that male mick mulvaney should not be there at the very least anybody who's there should be a caretaker and mick mulvaney is not a caretaker he's dismantling the agency he's reorganizing he's closing important

funk. sins of discredit fighting discrimination he's threatening to close the consumer complaint database. this is not a caretaker and we were that whoever succeeds same will continue the same also troubling is that under the c.f.p. structure if and when that person is confirmed they serve for a five year term so one of the cynical plays here could be that he remains the director through basically the end of twenty twenty then they finally name and the senate confirms his successor and that person remains there through two thousand and twenty four even if for example there's a democratic president here as one of the complaints of the republicans when we created we when it was created as part of dodd frank and mr obama put. elizabeth warren and the other people in charge now and thank you so much really appreciate spending time with us always great thank you for having me. and with

the world cup fever going on around the globe how much is it take to host the enormous event we're joined by our sports correspondent steve steve this is pretty amazing i mean anybody with a television knows that this is going on in russia but it's a huge organizing thing and it's got to cost a lot of money to host it how much it costs a lot i mean you know in a tournament where the trophy itself is worth twenty million dollars you know the numbers are off the charts here and if you look in back to the ninety's when italy hosted in one thousand nine hundred the numbers of really grown exponentially in the cost of the host country from one thousand nine hundred to about twenty ten you know it was between four and five billion and then in twenty fourteen it rose with brazil of course at around nearly twelve billion and this year russia is topping the list looking to be the most were expensive world cup ever when all is said and done they're looking to reach more than fifteen billion spent you know transport infrastructure stadium construction accommodations are some of the most costly

expenses and then you know. i know we're only a week into this world cup looking ahead to qatar in twenty twenty two the number of the putting out is two hundred twenty billion so although it's off the charts with crazy numbers i mean yeah and that's due to their even to you know all the other transport infrastructure stadium construction but they're going to build an entire new city to surround the stadium the host the opening match and the finals let's step back just from the world cup for a moment and talk about football soccer in the aggregate i mean what sort of numbers are we talking about for revenue the economic impact worldwide you know the sport of soccer with all the all the leagues combined generates about twenty more than twenty billion dollars a year and if you look at compare that to let's say the n.f.l. which is our biggest sporting you know profitable sport in the country which generates thirteen billion so sunny versus thirteen right but that's with all of the leagues combined if you look at you know the individual clubs like the top three manchester united barcelona real madrid they all you know the revenues more

than seven hundred million each and those clubs are worth more than four billion dollars each so it really is a you know expensive sport that generates a lot of money lot a lot of revenue and finally let me ask you about the impact on moscow i mean all these people traveling we we see them they're so happy to be there and what what's that doing for the city so if this world cup is looking to put you know russia back in the spotlight as a global superpower and expect in the short the short term effects you know it's going to reinvigorate certain areas of the country which you know with growth that has stagnated maybe due to the influx of tourism and spending now with this world cup and the end you will g.d.p. is expected to grow in the second and third quarters this year alone by point two percent and then i you know i was research and i saw a figure i think it was from ford's they're expecting a thirty one billion dollar increase in g.d.p. growth over a ten year span so this will do a lot for russia in the long term and they're expecting the economic impact of football and soccer see for stock us thank you for joining us stay pretty shipment

of thanks mark. and before we go on a programming note next week we have a three part series on the health risk associated with the use of cell phones the global revenue from smartphone and cell phone sales last year amounted to four hundred eighty billion dollars and the number of mobile phone users in the world is expected to surpass the five billion dollars mark next year at twenty nineteen and this is a timely talk a topic of interest a majority of people around the world are to correspondent dan cohen has put the series together and he joins us now dan tell us what we should be looking for next week well i think we all know intuitively that staring at a cellphone keeping it up to your faces for too long is not really good but it turns out there are really serious health risks to cell phones holding them on your ear or talking on your ear keeping it in your pocket there have been studies that

are that are showing clear evidence linking cell phones to cancer and i think it could it could foreshadow a huge public health crisis in this country and it's not only cell phones but all wireless technologies why five bluetooth cordless home phones and it will all talk about how also virtual reality headset that are being used in the classrooms can be very dangerous for children and we'll talk about how this information is actually being kind of suppressed from the public and the regulatory agencies like the f.c.c. that are supposed to inform the public have been kind of taken over by lobbyists and are keeping us in the dark you're going to tell the world about it we thank you dan cohen and that's it for this time you can catch boom bust on you tube you took dot com slash boom bust r.t. catch you next time. that's kaiser's letter. places. a mighty little girl i'm. going to take it easy

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seventeenth twenty second part business. forum dot com. everything still to play for national pride hangs in the balance top teams germany mexico and belgium all face group. in russia where across all the matches and following the. coming to sample to see the other games because we're in the world cup so that's what we wanted. to do. you know the news a powerful photo in the latest time magazine cover seen as a damning indictment of trump's immigration policy is discovered to be misleading. british royals take a day trip to a former russian agent and his daughter poisoned in march to try and give the southern english city a boost we speak to locals about the spice.