art is in the middle of her second five year term as head of the i.m.f. . now we turn to the category three hurricane florence which is bearing down on the southeastern u.s. the storm which is expected to make landfall late friday early saturday is currently packing sustained winds of one hundred thirty miles per hour with gusts up to one hundred sixty while some officials seem to be grasping for the words to convey the scale of the threat suffice it to say this is not a drill it's the real deal the storm is already compelled authorities to warn an estimated five point four million residents to evacuate through some lack of although some lack the actual means to do so and they have no other option other than to prepare to shelter in place states of emergency have been declared as far north as maryland and right here in washington d.c. the governors of the states of north and south carolina invoked anti price gouging laws as part of the emergency declarations many store shelves have emptied and across the region is residents are stocking up the current forecast suggest the

region could be pummeled up to forty eight hours after florence makes landfall. and to help us look at what could be the impact of what are the economic and market effects of hurricanes generally we are pleased to once again be joined as always by the full effects of fascinating legal journalist that ring of fire network molly barrows molly you were down there in pretty pensacola florida where only a week ago hurricane gordon was bearing down but thankfully it weakened to a tropical storm we now have the real deal with florence when we look at damage and destruction to people businesses and economies put hurricanes into some proper perspective for us. well high bar yes here in pensacola we are no stranger to hurricanes been through the many times covered many times seen many communities devastated by them and there is some debate as to whether or not a storm the kind of economic impact that it really takes is it something that ultimately benefits communities when they rebuild and it pumps some jobs like

construction and those related to rebuilding and repairing but ultimately there are analysts say it's equivalent of giving a community a tax hike or even an economic crisis depending on the severity of the storm so it's not exactly a welcome thing because it takes so long for these people to to recover and that's what we certainly saw in pensacola that's what we've seen in numerous other storms you see a real jump immediately maybe in some construction and service industry jobs which certainly we rely heavily here along tourist areas along the gulf coast so many of these areas even the communities on north carolina and south carolina that are being threatened by florence now it's the same sort of thing you have a lot of people that are relying on service industry jobs whether it's hotels restaurants they're going to likely be out of work people are going to be patronizing them even when the power does come back on again supposing they didn't get destroyed in the storm those people are going to be rebuilding as well so it's a mixed bag for the most part people have

a tendency to say that it is bad for an area economically to get hit by a storm part and quickly give us you know the impact on energy and specific pacifically with regard to harbor but do do that briefly because i want to get on to florence a little bit more. absolutely loveless as you know gulf coast nearly fifty percent of the united states refinery production so when harvey was bearing down on the gulf coast a lot of that those refineries basically shut down now oil production itself and gas production that took a slight went down slightly but actually it was the refineries that took longer to get back on line so that's when you saw the gasoline prices start to surge and of course of the colonial pipeline that comes from houston to new york that was also shut down for a little bit due to power outages so that impacted some prices as well and a lot of it just a guessing game to see where these storms are going to be and people are reserved and concerned and it's the fear as much as before the storm even hits that causes some of these prices to change well you know there's not that sort of energy infrastructure in florence's path but what might be some of the large impact is i

remember years ago from hurricane floyd back in ninety nine that hard for me had a big impact what's going to happen do you think. you know what a nightmare for those folks i mean that was a category two storm back in one thousand nine hundred nine they're looking at a category four and just downgraded to a category three hopefully it will continue to downgrade but you had so many hog farms and you still have more than two thousand hog farms industrial in that area and as you mentioned when the storm hit you know back in one thousand nine hundred nine people lost their lives along with millions of livestock you're talking hogs and chickens because of the hog industrial industry there and also because of the way that they are raised in bred they basically these hogs sit in a soup of fecal waste and that's how they keep them healthy if you will and drain it as best they can environmentally but when these floods come in which is what took so many lives of livestock and people took that waste and that toxic hazardous fecal waste throughout the community also in harvey going back to harvey you had

flooding there as well and some superfund sites where there was some concern that they were having talks and materials washer that community so the e.p.a. as well as hog farms in the communities in advance of florence are taking steps right now to keep an eye on some of their superfund sites and their other problem areas and already draining the hog lagoons if you will ahead of the storm to try to minimize the impact and avoid what you saw in one nine hundred ninety nine and just real quick molly generally when we look at the stock markets how do they react to to her kids i know it's going to differ widely but is there an overall consensus or sort of what generally happens. yes the overall consensus generally is that any business that's related to reconstruction or repairs you're going to see them do well that's going to go up but any business that deals with again the service industry whether it's hotels or travel and leisure stocks related to insurance those are going to see a bit of a dip excellent molly barrows legal journalist national tour oh i'm sure you do or that you're not there you're there also but you we appreciate your time so much

molly it's always great to have you thanks so much. thank you bart. and as a storm continues the trouble of ministration is unveiled plans to allow increased emissions of meth thing an extremely potent greenhouse gas the u.s. environmental protection agency or e.p.a. has announced that they will effectively repeal a twenty sixteen executive order from former president obama that placed stricter limits on methane emissions from fossil fuel operations methane is a heat trapping gas twenty five times more fun twenty five times more powerful than carbon dioxide scientists say the change would effectively result in an additional three hundred eight thousand short tons of methane emissions by twenty twenty five the trump e.p.a. says the move will save the fossil fuel industry four hundred eighty four million dollars over six years while scientists say that specific hurricanes such as florence cannot be attributed to climate change it is making those that do develop

stronger by heating ocean surfaces which fuels such storms there is that. we now take the first of two different looks today at the shale oil industry and while she's not going to the beach our tea ceremony is to oco takes a look at sand as a commodity it's being used now more than ever before in shale production which uses the controversial fracking here sarah and the booming permian basin the most active oil field in the u.s. twenty fan mines will be operating in the area by the end of this year but there are some concerns that they won't survive the enormous basin that extends two hundred fifty miles wide and three hundred miles long is located in the western part of the u.s. in western texas and southeastern new mexico where in twenty sixteen investors spent millions of dollars in drilling the dunes to provide sand refracted sand is one of the key ingredients used in fracking for shale drillers now with

a combination of water and chemicals are used to. rocks that produce oil and gas trapped inside and sand demand as a commodity is at an all time high up twenty nine percent from earlier this year in july the permian basin was producing more than eleven million barrels of oil and according to i.h.s. market is predicted to account for fifty percent of u.s. sand demand by twenty twenty three but now even though demand for sand continues to rise suppliers are growing even faster and according to an energy research firm infill thinking the thirteen active mines in west texas have sufficient capacity to meet the basins twenty thousand demand for sand around thirty nine million tons some are questioning the quality of the texas sand though compared to other areas in the u.s. such as wisconsin which produces higher quality sand and concerns are on the rise on local sands long term performance but the permian basin isn't the only mind

seeing this glut of sand there is also happening in oklahoma there's been a lot of announcements over the second new mines. their demand is increasing just as much as the permian they don't have the supply so you will in also see. the local mines of the texas star somewhat outsourcing to oklahoma and incurring potentially a little bit of a loss on the transportation all we have to oklahoma the oversupply of sand has led to the decrease in price and some stock price declines the largest producer of sand for fracking in the u.s. could be a holdings has seen shares fall over fifty percent over the past three months alone and co via chief executive says significant capacity additions in the permian have started to outpace demand growth as we move further in july we saw broad pricing

concessions as competition in the sand market and. tens of fison begin to hinge on polity it seems that not all sand producers will be able to co-exist for much longer in washington fairmont testone r.t. . and for yet another aspect of shale oil we turn to our team's manila as she takes a look at bumps in the road after the shale segment had been making significant strides there's manila. where there's a boom there's always an inevitable bust according to industry insiders the shale oil industry has seen a remarkable rebound since two thousand and sixteen with production up to one point five million barrels a day this as brant crude oil is up to around seventy seven dollars per barrel now rising costs for labor and equipment is putting a damper on the rapid rebound coupled with difficulties disposing of the unwanted and contaminated waste water and natural gas produced alongside the oil and limited

pipeline capacity industry experts are debating whether the slowdown will prove to be a bust or just a breath. familiar names that halliburton seem optimistic about the industry as a whole despite the slow halliburton officials believe this is a long game for north america and these are the early innings with more ups to come citing more subdued growth is expected but growth nonetheless u.s. shale producers in the permian basin account for more than one third of all domestic production hovering around three point four million barrels per day permian producers are only fetching around fifty bucks a barrel due to capacity woes more infrastructure concerns as producers find it increasingly more expensive and more difficult to transport crude from midland texas out to the gulf of mexico producers being forced to use less efficient modes like trucking and rail some even forced to put their inventory in storage the overall infrastructure bogging down perhaps

a victim of its own recent success the industry as a whole still facing lots of backlash from environmental groups and concerned citizens alike who for years now have complained of fracking methods contaminating their water sources emitting odors from their fossett and even making their tap water flammable meanwhile on the global stage president trump has been accused of seeking higher oil prices to support u.s. shale production in spite of his public attacks on opec over the high prices. some oil in washington manila chan r.t. . and there is more good news on the u.s. economic front and this just out today according to the u.s. census bureau on average u.s. household incomes rose last year to sixty one thousand three hundred seventy two dollars that's up one point eight percent when adjusted for inflation time now for a quick break but hang here because when we return we'll look at new data details when investments in financial technologies in the united kingdom with the c.e.o.

of straw market were poured which plots it's been more than a year since amazon took over a whole foods has that taken a toll on other natural food retailers archies rachel globus give us the latest as we go to break here are the numbers of its closing bell west texas intermediate oil w t i was trading in new york today above seventy five the barrel and the global benchmark to which manila referred to brant crude oil was trading in london at nearly eighty dollars per barrel i will make those shale guys happy we're back in a flash. my body told me that i belong with the born but my thoughts my mind was and then

along with the girls. in the cemetery starts to be of any particular. football person's doctors. i was born a male had a sex change when i was thirty years old. i've now been living as a woman for twenty eight years and i fully recurrent this. problem should have gone away from by now but they hadn't so these surgeries are nothing more than. asterix surgery i've had several female to male friends and you look at it and you just go oh god you paid for that it's horrible nobody can change genders is impossible. is delusional it's a mental illness. this is now one of my own flesh of my flesh she shall be called woman for she was taken out of man.

ministries police forces and city administrations of many countries depend on one corporation that does what mike was hoping the board doesn't want from the presence of god this is not the guns. into the sea it's just us who live in proprietary software you don't know the source code isn't that such a security risk when you have a black box operating the public eye to microsoft dependency puts governments under a cyber threat and not only that. this can put more. of these lives on the zip selling only one of. the most of these you will do. with. these this is. done with the old vision stopping there was a sting of who was a phone is up and describes in the fine.

welcome back heading across the atlantic the european parliament has taken a significant move to settle your long running legal and legislative dispute over how to reboot copyright issues in the digital era parliament has approved a bill seen as a victory for digital content providers. over content creators sites such as you tube will have to meet a good faith legal standard in negotiating with rights holders over copyright infringements and on the other side of the argument have been voices warning that stricter standards would narrow content available to internet users the bill will now be tabled for to go she says between the parliament the european commission and national governments. and we know that digital innovations have been particularly

disruptive in the media sector and there are over there are other sectors of course seeing incredible innovations cryptocurrency is that we talk about a lot in the show in the financial sector just one albeit a big one well even as the brics battle continues the united kingdom the financial sector there is moving fast forward with the monster ball disruption in fin tech in that financial technology the c.e.o. of strong market we're forward which helps us take a look hilary thank you again for being here great to be back so these numbers i mean i did what i like to use it too much for the audience but they really surprised me is how large they were and who the u.k. was beating excited for their actually huge and there's a number of reasons behind this most wolf in tech what is it used to have these kind of spongy financial institutions and they just use technology behind the scenes now it's actually enabling all of what they're doing and it's helping in terms of regulation compliance is used end to end in every single aspect of finance so it's like you say a vos so why the u.k. and what is it well the u.k.

has three sort of advantages and three rings and one tremendous stability of the financial sector in the u.k. over three hundred years the london stock exchange has been in existence but also fost forward to today the u.k. government has actually been one of the first governments to actually have a fin tech sector strategy they want to ensure that the u.k. remains in the lead if that's number one secondly you've got the global sort of center of finance why. as a global center of finance in london many reasons one of which of course is but it's really time the center of the world financial institutions can operate with their asian counterparts and their asian professionals as well as the us and they can operate around the globe in the center of the world one english is the second language for everyone around the world but also importantly two hundred fifty or more foreign bank of banks aglow kade in london and you have over thirteen hundred global companies with their headquarters there for one hundred countries so why it's a financial center and last but not least you have world class education with this

huge i.t. industry and a lot of entrepreneurship with a lot of the best and brightest of the brains that's what's driving it out of the u.k. it just you know i would have just assumed it was all going to be. and there's a lot of good new york comes out of california cisco right now and china to some. but it makes a lot of sense i mean if you're trying to do business you know at four o'clock eastern time there are asleep in asia so it doesn't help you too much this was i think was a key pm to your former employer back in the day that was not recently but they came out with this i mean how big are these number in. who are these folks that are funding this investment. well to answer a question in terms of. yes their report was the basically the pulse of fin tech they're very much on top of this and it's about globally is that fifty seven point nine billion globally in terms of deals eight hundred seventy five deals the u.k.

actually has over hoffa of the top ten deals in all of europe and about sixteen billion worth of deals are in the u.k. now as to your question as to which companies the companies are top ten globally i'll take five of them just a spot around the globe like you said not just the u.k. ok so we have out of you mentioned california we have so far i they were started by four stanford graduates now about nineteen million in loans and over three hundred thousand members you've got an twitchy. you mentioned and they're from china yes that's a spin off of ali baba actually out of sweden interestingly enough. he gets clara there from an online firm with all the backend and out of holland the dutch have it's cool to add yen and that's about processing across the board behind it so it's not the big banks not necessarily although royal bank of scotland and some others have really jumped into this as well and they using a lot of these stands for their backend and their compliance group that's super

helpful as always this is so great it's great to have you here exploiting all of this one i think it was also about let me just if i may just add sure it was also me about. that a lot you know one of the unintended i would think people would be scared because of they wouldn't be investing in the u.k. well actually no one of the unintended consequences of these brussels bureaucrats and all the compliance all the compliance and all the regulations coming out of europe is it's called reg tech and that's all these financial companies in the technology behind it they're for compliance issues so they've actually for once you could actually say brussels bureaucrats actually created the business the other think for us to talk about that red tech in the future automating regulatory compliance for another whole topic c.e.o. mark thank you will the left absolutely. the outgoing president of the european commission john clarke juncker used his final state of the union speech to call on europe to assert itself more boldly in global diplomacy and

suggested pushing the euro as the alternative reserve currency mr juncker quipped quote yes we are global players but payers rather but we are also global players so mr juncker pointed out that european union members states actually pay eighty percent of their energy bills in us dollars the current reserve currency and said quote we will have to change that the euro must become an active instrument of a new sovereign europe. he said the pound sterling rose in currency markets after mr junkers comments and as we've discussed here the german foreign minister hochul must also recently suggested displacing the dollar. and the european parliament also made news today by issuing their first rebuke of a member state over breaching quote common values of the european union four hundred forty eight legislators voted to approve a report that cited the government of a garion prime minister viktor orban over its record of taking defacto control of

the courts silencing critical voices in the media and aca damia and verbal and legal attacks on refugees and migrants the vote is seen by many as a turning point for the european right as one hundred fifteen e.u. legislators from four britons more center right allies from the european people's party coalition voted to endorse the create critique and debate the report's main sponsor told her colleagues that faced an important choice that she will quote will you let it happen that government violates the values on which this union was built without consensus or you and will you ensure that the values of the union are more than just words written on a piece of paper. and has the purchase of whole foods by amazon take

a toll on other natural food retailers this might surprise you archie's rachel blevins gives us the latest. it has been a little over one year since the merger between amazon and whole foods was announced and the impact of it is having on grocery stores nationwide may not be what you would ex-pat amazon first announced that it was buying a whole foods for thirteen point seven billion dollars in june twenty seventh saying when amazon started slashing prices at the or again. grocery giant two months later the facts were apparent shares were down for sprouts farmers market is super value kroger costco target and wal-mart with this six stores and michel we were losing nearly twelve billion dollars in combined market capitalization amazon launched a round of price cuts out of whole foods that targeted produce such as organic apples bananas and all the caught o's and in recent months amazon has added

discounts and delivery options for prime members who shop at whole foods recent reports indicate that not only is whole foods thriving in twenty eight scene but other healthy grocery stores are also seeing an increase in revenue resale data shows that amazon's visible store sells have increased significantly and shares are up by as much as twenty percent at stores like sprouts kroger and natural grocers analysts noted the farmers' market has seen very little share loss in markets where it overlaps with whole foods because the majority of its stores are located in middle income suburbs where as whole foods tends to target areas where consumers are less price conscious amazon has faced criticism for centralizing purchasing and raising supplier fees which have sent some sellers to local grocery stores to make a profit from their produce reports have also noted that whole foods rivals have

been forced to decrease margins to keep up with pricing staffing and convenience with some relying on federal tax credits to stay afloat one year after the merger it appears that amazon's investment is paying off and while some consumers are enjoying the latest prime deals at their local full foods there is still enough business to keep other whole food grocery stores in the game in washington rachel watkins artsy. and that's it for this time thanks for joining you can catch boom bust on you tube or on direct t.v. channel three twenty one or dish network channel two eighty so long for now.

prosecution. where you. just read the fine. by the number one place you do i mean. political pressure on the. security jennifer nance with the new business models used by american corporations. and.