i mean this huge military some but it was a terms i used nothing short of treasonous. they have a president putin he just said it's not russia i will say this i don't see any reason why it would be. and should have been i don't see any reason why it wouldn't be russia. sort of a double negative. symmetry with u.s. intelligence that. russia meddled in the election of twenty six to i would say that that is true. at the start international be back in thirty minutes with more news stay with us.

they gave us national camera. roughly once they showed some movie for them. to joan cool videos and film them with the broccoli string apps. going down more on string i don't roughly don't t.v. . this is boom bust broadcasting around the world i'm part shown and thank you for being on the board coming up the european union has put regulations in place to

protect consumer privacy related to digital companies like facebook and google and now the united states may do something similar global regulatory attorney myles edwards joins us for the latest candidate is the german shoe clothing and accessory makers trying to help rid the world's oceans of some problematic plastic and what it on our feet hard to correspondent just tosh a sweet tells us the plans and looks at the company's earnings plus the images of nineteen fifties cars in cuba strike a melancholy chord with many but is the island nation moving forward with new technologies will have the latest they have at least for a few hours are to correspondent alex my halo bitch brings us the details and wal-mart is making moves in the field of virtual reality shopping so that consumers can head out to a super store without leaving the comfort of their couch steve malzberg joins us from new york to discuss all of that coming up but first we hit a few headlines. big drug pricing news the united states is the food and drug

administration has granted the first license to produce generic versions of life saving epinephrine injection devices to tivo pharmaceuticals usa the devices commonly called epi pens the name of the dominant brand marketed by mylan corp can arrest severe and life threatening allergic reactions for the one in thirteen u.s. children who have food allergies keeping reliable supply on hand has become a routine but increasingly challenging responsibility for player. and school administrators alike and a five hundred percent price increase over the last five years ignited a political powder parental outrage in late twenty's sixteen mylan has also agreed to a four hundred sixty five million dollars settlement a settlement with the u.s. department of justice in twenty seventeen over charges of gouging the government on epi pens mileages president recently acknowledged that supplies of epi pen brand

devices are quote inconsistent and adequate as many parents already knew well help is on the way t.v. usa is not expected to put new pens on the market before the beginning of this school year. and there's a bit of economic good news to report for young people in the united states though there is a catch the latest a to six from the bureau of labor statistics show summer youth unemployment at a fifty two year low at nine point two percent that figure is down the lowest since one nine hundred sixty six and down from nine point six percent last year however other historical metrics suggest the picture is more ambiguous for younger workers actual labor force participation by young people is fairly weak it sixty point six percent far off from the high of seventy seven point five percent set back in one nine hundred eighty nine the rate of unemployment remains high despite the poor unemployment figures because many young people have stopped actually seeking work.

after the revelations about facebook allow user data be shared with firms like cambridge and a little earlier this year people all around the world were in an uproar facebook c.e.o. mark zuckerberg testified before the u.s. house and senate and the u.k.'s parliament and importantly at the end of may the european union finalized what is known as the general data protection regulation or g.d.p. are our regular boom busters may recall that we had privacy expert miles edwards on the program to explain g.d.p. art he did a splendid job well now legislation or deuced in the u.s. congress would do some of what g.d.p. are has done in the states and we're fortunate to have with us again global regulatory authority miles edwards miles thank you so much for being here well thank you part for inviting me back but it's such an interesting and important topic for us as consumers but for these big businesses these big bank stocks etc so let's start with this senate bill introduced by democrat amy club

a char and republican john kennedy the it's a called a social media privacy protection and consumer rights act of two thousand what would it do miles well the first thing is it's really remarkable to me that right now in the united states there are no comprehensive data protection or privacy laws unlike what we spoke about before with the g.d.p. our and so we have a blank slate we have a toddler roster regarding these rules and regulations in the united states with this act is going to do specifically and it's a very narrow in its scope are two things one it's going to say if there's any agreement you you go online and you click through it has to be clear conspicuous and in plain english and i think that's part of the problem because some of these sort of things we agree to we don't even recognize we're doing it and the second thing and. all of us more control over our data that says we can delete the

data if we wanted to we don't have to opt in to have the data sold to third party sort of the you know the whole problems that we had with cambridge and it also says that we have the right to see what data do you have and where is that data being used so in that respect it does make some strides but again only in that social media contacts yes very interesting that would be helpful i mean that two things one you talked about having the disclosure be something that's readable i remember in my old job i would say we should get rid of thirteen pages of disclosure and have something in thirty six point read letters that mean something so that consumers because otherwise you're just reading through this plethora of words that don't really mean anything no offense to attorneys they're important to have but consumers need to have the important information but which companies would be

impacted by this of course facebook but other ones out there google perhaps well it's interesting under the act we have a term it's called computer online platform and that is any computer platform in which you disclose personal information about yourself so absolutely all the social media sites the twitter the facebook the lincoln is going to be covered by this but then it's also one of the other firms where wasn't originally intended to be covered so what about your cafe mom and what about your amazon but what about bart if your children want to have a website to raise money for a school trip and they capture your credit card information and information about you well you know technically they could be considered a computer platform subject to the act which means that they're going to have to have a privacy policy in place and conspicuous you know agreement so i'm not sure that. that's what the act was intended to do but the way that the act is written now it's

a very broad in the terms that it's going to cover boy when you talk about this my regulatory mind goes that a million miles an hour i'm like well of course you don't want to cover a kid raising money for something but then you and you say what so there's got to be an out for that and there would be that give discretion to the agency but then again you think well somebody could take advantage of that it really could be only going to be very careful about this careful because the way the act is written the delegates further rulemaking responsibilities to the federal trade commission and as we're seeing now we're in an increasingly deregulatory environment so the question is under the current administration how effective is the f.t.c. going to be to enact rules and regulations for a bill they were never really part of in the beginning if the if the regulators don't want to do it they can essentially or merely rate much of the law by just implementing it with the no real conditions no bells and whistles it's always

a tough balancing act you know between big too prescriptive in the law and then you have congress deciding on things that they don't have any business deciding on and then having the regulators who are micromanaging and doing too much and then you have you know representative kennedy saying you know what listen it's not that you know i don't like facebook but i don't want to regulate them out of business so you know a lot of mixed messages that that we're hearing from congress that a lot of that is reflected in what we're seeing now in the act and one of the key things when you have a rule or regulation is having enforcement are there penalties for noncompliance well first of all there's no private right of action for example if you have a situation where you believe your privacy and data has been breached you're going to have to look at state remedies under state contract laws under the act itself you're going to have to go and make a complaint to the f.t.c. and they're going to have to take action against that firm. now we're looking at remedies which are not as robust as we're finding. g.d.p.

you know making of g.d.p. our i know you told us last time you were with us the part of the goal was to harmonize throughout the twenty seven twenty eight member member states had some consistency when i was doing financial regulation one of the goals we had was to try and make it roughly can come at us regulations with other things or have others emulate us what about this law is there any language in it that might be similar to g.d.p. are there is so i was with you before we talked about article twenty two you know the famous article twenty two that says that firms in the european union cannot use your data aggregated to market to you so we have the same thing here we don't use the term aggregate we use the term a leverage but the same thing applies where advertisers cannot use that data for their purposes now we have for the other areas the agreements and as far as what can be done with the data almost harmonizes with

the g.d.p. are but again you know the act is eighteen pages long g.d.p. or with sixty eight pages there's a lot that was just left out so by omission it's not going to look exactly like or have the forcefulness of the g.d.p. are miles before we go i want to ask you about your prognosis for this i mean it's an election year there's not going to be much happening in congress with the midterm elections but what do you think's going to happen on this issue or right now the bill has gone nowhere it hasn't even gone into committee were i think we're going to be going is that all the digital media firms through their trade organization which is the internet media association will come together and form almost like a self regulatory organisation we're going to say we're the people we're place best to enforce these privacy laws we have the technology and we have the money let us do it we already have a code of ethics we're down the path. that is a very promising model especially now where congress does not have to spend money

or tax or regulate and also another thing that's really important before we close is that there's really a mix consequence to this because of this act goes through it may drive up advertising revenues completely and what you may find yourself doing is now you're going to have to pay for what's been given to you free such as facebook twitter and linked in very interesting and that my one closing comment on these self regulatory organizations miles because you know they're in the financial sector i've seen them and they can be really great things but if the industry does not move fast enough and set one of these things up then some other cambridge analytical circumstantial happen some other big bombshell and then you may have congress rush to judgment and pass a bill which probably won't fit very well that regard so they should get on it myles edwards global regulatory authority miles thank you great to be with you and first art as always thank you so much. the german clothing shoe accessory maker data is

this effort to rid the world's oceans of harmful plastic that they want to put some of it on our feet our to correspond to toss the sweet reports on what the company plans to do and look at their most recent earnings report. if you this is announcing its commitments to using recycled plastic by two thousand and twenty four the global sportswear maker says it pledges to completely do away with the version plastic including polyester now that material is used in most of the sports wear clothing line because it dries quickly and weighs very little and he just says it will also no longer be using aversion plastic in its offices retail outlets warehouses and distribution centers starting in twenty eighteen this move alone would save a whopping forty tons of plastic each year the only catch is that recycled polyester is ten to twenty percent more expensive than virgin materials however experts do believe the cost will go down. as more companies move in this sustainable direction analysts say even if it meets its goal of eleven million

recycled pair of shoes next year that still only accounts for just three percent of its annual footwear production now adidas the world's second largest sportswear line is no stranger to sustainable products last year it launched the first mass produced running shoe made from recycled water bottles and twenty six team the german company is projection an increase in those early trainers from one million and twenty seventeen to five million this year other clothing lines including patagonia and h. and m. are already utilizing recycled polyester and to him full of items so mccartney has promised to stop using the virgin island by twenty twenty five are critics say that clothing items made from recycled plastic have issues of their own one of the biggest complaints after washing the garment microfiber. global use of plastic has increased twenty fold over the past fifty years experts predict it's used to double again in twenty years the experts say across the globe only fourteen percent of

plastics is collected only according to research we are on track to have more plastic than fish by weight in the world's oceans by twenty fifteen in los angeles and tweets r.t. . and this is where is it a quick break there are two major earnings reports out today but today is significant for the eurozone and particularly for greece after more than a decade of you assistance to the troubled nation all you need to greece comes to an end today we'll keep you posted on the progress with that and stay with us because when we return alex heil a bit joins us from toronto to look at the effort to offer new technology in cuba while steve malzberg helps us consider wal-mart's plans to bring consumer virtual reality shopping from the comfort of their own home without going to play.

the response to the two thousand and eight crisis was that the global bankers got together they really architected the global financial system to withstand a ten time the impact financial crisis in the future they did nothing however to undercut the ability for the bad actors the global banks to increase their balance sheets in the leverage by ten times and now here we are in twenty eighteen and back now the balance sheet of these banks of the central bank is ten times more leg. room.

and welcome back in corporate drug news the u.s. department of justice and the drug enforcement administration or d.n.a. are moving to reduce the amount of opioids that can illegally be manufactured last week the two agencies unveiled a joint plan to reduce production limits on a half dozen of the most abused in addictive legal opiate based narcotics by ten percent making the third consecutive annual reduction though few are aware the da set ceilings on the number of schedule one and schedule two drugs that can be produced the latest quota data will bring the aggregate level of opioid production

down by thirty five percent from twenty sixteen levels also for what its worth. president trump last week publicly called on attorney general jeff sessions to prosecute the companies that made the pills which fueled the u.s. epidemic the justice department is also now a party to talks with states the native american nations and settlement talks with drug companies produce pharma developed oxy cotton the drug blamed for kicking off the current epidemic last week the center for disease control reported that drug overdose deaths reached a new record of seventy two thousand last year that number was up ten percent from the year before pushing overdose deaths past car crashes and hiv as causes of people's demise. does copper the humble metallic element hold the key to predicting the next global economic slowdown some market watchers are looking to history and saying yes last week copper hit a thirteen month low dear two dollars and fifty five cents per pound before

stabling izing a bit on friday that downward dip was the tail of a twenty percent slide copper has been on since early june when we talked about it in some detail similar turbulence in the price of other metals might be written off as the usual fluctuations of markets but dr copper as some have called it has developed a reputation as a harbinger of shifts in the economy the most dire predictors point to copper sharp swoon in two thousand and eight before the global economic crash copper's uses across a number of key sectors such as construction electronics as a solid rational basis it seems for its status as an early indicator and u.s. tariffs on china have pushed metals down overall and the strength of the dollar has hurt copper sales outside the u.s. because sales of the metal are denominated in u.s. dollars. for the first time internet services will be available nationwide in cuba currently the country is one of the western hemisphere's least connected nations

but after an eight hour free wi-fi test cuba seems poised to change its reign. archie's alex mahela bitch joins us from toronto with more alex thank you for being with us as usual where is cuba in its plans to provide the nation with internet what we have to say first of all that cuba is not like they don't have the internet they actually have hundreds of wife i hotspots throughout the country but that's basically been the way it's worked you know if you look at back in let's say two thousand and eleven cuba you would have to go to a hotel or to an embassy or something like that to a restaurant perhaps to get why five and now there are hundreds of hotspots around cuba itself and if you look at statistics from both two thousand and thirteen to the presence of the country has been has had an agenda to really push through wife eye and internet connectivity so it's skyrocketed since two thousand and thirteen and the push is being obviously pushed forward what we just saw last tuesday was

the state run monopoly which is a telecom monopoly they pushed out free wi-fi nationwide for eight hours and it was quite successful although many complain the connections were slow we're still talking about nationwide connectivity and there's a lot of people in cuba so looking at that nation and looking into the fact that about five million people in cuba do have cell phones well this is a big step forward for them we do not know what the rollout day is going to be and how much they're going to charge quite yet but we do know that they're ready to go so don't expect anything that speeds that we see here in north america or forget about the speeds that we see in asia which even make us look like we're about one hundred years behind there's going to be a little bit slower it seems but they're going to have that connectivity nationwide for the first time. alex let me just ask you i mean is part of the problem in the delay in getting this kind of tiffany to the island nation because they have the state run electronic telecom company. well there's

a couple of arguments to that and the first argument would be exactly that it's state run so the state wants to keep information in cuba to a minimum basically to not let it flow freely like we just had a few months ago here we now know that things like twitter and facebook are pretty much axing any information that they don't find fit so we're moving towards that more than they're moving towards us or someplace in the middle but any way that you look at cuba right now yes that is one argument but once you have why fi nationwide it could be kind of tough to to keep that curated to what you want lets you use a system let's say like china does or doesn't allow certain websites up it could happen but we're not hearing anything about that the second argument though is it's an economic thing so basically they haven't had the funds or the ability to catch up with the internet like other nations have simply because of something like the u.s. embargo now this is one of those arguments just imagine there wasn't a u.s. embargo against cuba and this technology flooded what would have happened to their

dictatorship or their communist system a long time ago if the u.s. if the u.s. wasn't playing the embargo game as it has so if there wasn't some bargo according to argument number two the system would have flowed much more quickly and obviously the freedom of information would have not been able to be held back as much as it has been up to date. alex always very helpful alex one highlight of it from toronto thanks very much alex thank you. and late last week we dug into wal-mart's booming earnings report well the large retailer isn't sitting on their laurels and is now making moves in the field of virtual reality shopping the news is based upon a filing for a patent in the united states and here discuss is conservative t.v. and radio commentator steve malzberg steve great to be with you thank you for

coming on again this sounds pretty sweet to me i mean i've been to these super stores and and they're cool but if i could do it from the couch or from the office i think i'd take that up what do you make of it. well here's the deal they're very serious they have almost a dozen patents pending all related to virtual reality they purchased in february a company that makes software tools for virtual reality and their goal is to have this on a huge a massive basis and and the customer could sit home but they have to have the headphones and the headset a virtual reality headset on they have to have gloves on with sensors and they have to have a wal-mart portal now not everybody has these things and these things are quite expensive which we'll get to in a second so that's that's their goal to be able to have you cruise down the aisle from your couch as you said bart and pick up items whether it's food or whether it's electronics whatever they sell and do it all without having to go there and deal with the hassle of the size of the store and the parking and everything else

that's associated with it now wal-mart has been involved with virtual reality but on an internal basis they've been using it for conference calls and to prepare the workers for the the onslaught of black friday so they've been it's not totally new to them but this is a new venture in so far as they want to bring the shopping experience home and part they're not alone we have amazon for instance in two thousand and seventeen to promote prime day admins on open ten kiosks in india another experiment and basically you were able to try on clothes and apparel you had to have again the headset oculus headsets the the people who made the headsets for virtual reality gamers and once you put that on you could try and close it accessory is on a three hundred sixty degree hologram believe it or not and alley baba in two thousand and sixteen actually made available to smartphones

a virtual reality app and that enabled people to have the mall experience of shopping through virtual reality neither of these acts. param and so bart went all that well because people aren't equipped with these items and these items that they have to purchase are expensive right now so it's a nice market for all reality and virtual reality shopping is even a smaller slice of that pie so steve you know i agree if it's got to be affordable for wal-mart shoppers but i do want to get a steve malzberg hologram i think that would be pretty pretty cool but let me ask you i mean this is so innovative everything that's going on in the tech space what do you see going on next steve what's around the corner well first of all if you could get me a steve malzberg hologram i paid good money for that i'd love to see one of those but as far as what's next you know there are those who are saying that by two thousand and twenty eight which is ten years out from now it will be just as cost

effective the price of all this equipment the virtual reality. in the end the gloves and everything at all the equipment you need will be as cheap as a smartphone same with the same amount of money as a smartphone if that happens there's going to be no stopping virtual reality shopping but until that happens as you point out walmart shoppers amazon shoppers they're very price conscious and rightfully so and i don't see them shelling out big bucks for the equipment to be able to shop from home i see them going in or just doing it online now as they've been doing so the price has to come down but i think there's a big future for virtual reality because you and i were lazy. unfortunately you're all too right conservative t.v. and radio commentator steve malzberg thanks your time my pleasure. and that's it for this time thank you for joining us you can catch boom bust on direct t.v. channel three twenty one dish network channel two weighty or streaming twenty four

seven on pluto t.v. that's a free t.v.'s channel one thirty two or as always you can catch that youtube dot com slash r t l. next time. you. lose it there are going to be. if. you didn't get that.

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