this is boom bust broadcasting around the world and covering the world of business and finance the empath upon all of us you me the guy behind the tree everybody i'm part killed in washington welcome aboard we're glad you're with us coming up the walk chain is becoming a basic building block for multinational big banks like never before we're joined by crypto and finance expert christie either co-founder of counterpart to work at one of those big banks to discuss block change and crypto what's going on is utterly precedented plus g.e. is there a lot going on in the world we're peruse the planet and talk geo political economics with john tablet the president of the u.s.

cuba trade and economic council and pressure from the united nations sustainable goals summit will be joined by our south african friends from davos tracy chambers the c.e.o. of the clothing bank will discuss the circular khana meat houses and businesses make more efficient effective use of inputs and ways for increased returns and a more sustainable planet we'll talk it over with tracey we are full to the brim with cool and stimulating. let's go. a broad coalition of nations has stepped up their defiance on u.s. policy on iran by creating a finance mechanism to skirt pending sanctions on iran all while the european union's top officials for external affairs announced at the un general assembly meeting in new york this week that the remaining parties to the two thousand and fifteen iranian nuclear agreement have created what they call a special purpose vehicle that's s p v for that purpose u.s.

president. donald trump renounce the arrangement but the other nations that hope to salvage the agreement russia germany france china and britain are trying to convince iran to stay in and not restart their nuclear development program despite the us has attempted sabotage it is a hope of saddam supporting the agreement european companies will continue to trade with iran in accordance with european union law while some experts say the s.t.v. tool would insulate companies from secondary u.s. sanctions disagree we'll keep an eye on this one. and in yet another sign of the growing european pushback on the trumpet ministration the european central bank has warned that the united states has the most to lose from an extended global trade fight earlier today e.c.b. researchers published their findings that a full global trade war could cut u.s. g.d.p. by more than two percent for three years the e.c.b.

is also predicted a global economic output loss of point seven five percent as well as a significant in more wide ranging impact on output across countries the e.c.b. finding the effectively second more direct inexplicable warnings from the e.c.b. president mario draghi as well as from the head of the international money monetary fund christine legarde. and south korea and the united states have reached an agreement on a revision other two thousand and twelve trade agreement was reached with president obama's administration the renegotiation is one of his trade policy revamps that u.s. president donald trump has pursued acting on his repeated in the in that big times complaints about poor outcomes from past trade deals and policies the us ran an overall trade deficit of roughly eleven billion dollars with south korea their six largest trading partner in two thousand and seventeen but in goods including cars and metals that seem to capture mr trump's imagination in that. tension the u.s.

ran a deficit of twenty seven billion dollars last year the renewed agreement leaves the vast bulk of the text unchanged from that obama era two thousand and twelve agreement but removes a barrier to export of u.s. cars that do not meet south korean safety emissions standards the updated agreement also extends a twenty five percent u.s. tariff on south korean trucks through twenty four twenty forty one on the other side south korea is guaranteed an exemption from the trump tariffs on metal exports to the u.s. in exchange for limiting future exports to seventy percent of the current baseline . seventy of the world's largest banks are joining together in an unprecedented move to adopt block chain based payment systems the shared blog chain ledgerwood

potentially stave off other public ledgers which seek to move away from traditional banks among those involved in what is called the inner bank information network are j.p. morgan chase society general and santander the royal bank of canada and the australia new zealand big zoo here discusses our friend and crypto in finance expert christy are the co-founder of counterpart x. christy welcome back so we haven't had you for a few weeks so it's great to see you think you're ok so let's get right into this one i mean what's going on with what the banks are doing you and i have talked about this before not not on the program but they've been looking at sort of the at least more than a year right we're trying to do here so they've been looking at this for the last eleven months to see if they're blocking technology could truly process the payment process a much faster than a nonstandard banking transaction so what they're doing right now is that they're

trying to see if a mutually shared ledger that's shared amongst banks could potentially speed up payments that have issues such as a missing data says client confidentiality issues they're trying to see if with this ledger if all banks can access it at the same time they can resolve these issues quicker than right now where banks have currently take about two weeks to resolve and this is a big client pain point for many consumers as well so currently whenever there's an issue banks have to retrace the entire payment chain so that means calling bank after bank after bank to find the answer and once they find some of the answer they have to send that information back across the entire payment chain and this is very timely and cost efficient. so what that what the international and what the interbank information network us trying to do you know the problem i have when you get too many of these are a little over a ship but you made through it you made it through yeah so what they're trying to do right now is that they're trying to make this information into a private network among banks that only they want to have within the network so

they're creating a very private ledger in order to stay competitive with the increasing competitive payment landscape ok that's very good now there's really no impact but just a little bit you're eloquent how you explained it but there's really two portions there so one there is the efficiencies and i think you may have met back a couple years ago when we first met pam peck citroen we call her the data wrangler around here what she does at banks and they're one of the large ones that you know about we shouldn't mention it here she tries to coordinate all this data so that the you know that if it's you know kristie i had it spelled one way or christi i misspelled a different way all these things so those are efficiencies that are created and could save really hundreds of millions of dollars it's unbelievably the banking system is so messed up that that could happen but it can happen the second component of this further unpacked is really what you ended on and that is the private ledger as opposed to how crypto currencies are traded every place

a public ledger and any anybody as i say the open me you the guy behind the tree everybody can get on these and so what the banks are trying to do here and just i'm reiterating but i want to make sure you go a little further here they're really trying to stave off the public like you don't want the comp they're trying to keep control but i think they're trying to keep the entire thing centralized which is what everything blockin and cut their currency is against so they've been losing a tremendous amount of business on the payment side and this is what they're really worried about because ever since pay pal came onto the scene apple pay we checked pay ali baba bucks all these things have been taking business away from the banks and their payment business has been losing drastically so what they want to do is they're saying hey we have a private ledger which canvas. all your problems so your payment never gets held up for two weeks in case there's like missing data or any disputes or anything your payment will not get held up we can't guarantee this but you had to use our process if he is like something like apple pay or we tap a we can't guarantee that you won't encounter any of these problems and when and when you use when a person

a customer uses their. public private ledger rather the banks as you say they get the transaction fee they get the payment if you're going to you know some other outside vendor like you're mentioning the banks are cut out of it they don't want to lose this and it's very ironic and i'm not saying this is anything you don't always use the word various that you know we were talking before the show began about jamie dimon a year ago i august saying you know the scam bitcoin was a scam and you know it makes you go back and say well you say it was a scam but they were moving forward on block change technology and how to ensure that they were not going to be the last person standing out of these markets so they've been like you would expect any business but certainly the largest financial entities in the world and no offense to your former employer j.p.n. but they're looking at this to ensure that they still get a piece of the pie no matter what they've been saying out there publicly right

a half or so let's talk about that point they're not even ten years old and we've seen a lot going on with them but when we look at prices the number two cryptocurrency is really always been. you were telling me earlier about some interesting news this week with ripples tell our viewers about that yes a ripple actually overtook a theorem in terms of market cap twice this passed away in a week in a worst time and this bullishness has been stemmed from the fact that ripple hinted that extrapolate payment system might be coming online with and coming months and next rapid if you know it's going to be across more payment solution and what this says is is this. actually works to replace the current outdated and very expensive swith network so how swift currently works is that if you want to send one hundred dollars to your relatives in india you actually have to pay one hundred thirty dollars this is because when you when you make when you make a payment into an emerging market they sometimes have higher you to have an account

in their local currency and so this is very high liquidity for the banks and very costly for the banks so that's why they charge back onto you as a fee so because of this this with network it's very expensive you have high fees you don't get the pay mounted two three days later and four to six of these transactions actually get lost in the swift payment that work so how x. rapid will work with this new ripple implementation is that if you want to send one hundred dollars you go to a bank on the back and they use x. rapid the one hundred dollars gets converted into a rep all the ripple get sent to india and the rest to the receiving bank they take that ripple and they can return to their local currency the rupee the entire transaction is not settled in days it's settled in as little as eight seconds and you do not need the internal bank's private ledger to do this so that's why this move this is moved up kristie we were thinking earlier you are also going to be at the four thirty under thirty you think we're moving the show up there on monday and tuesday i hope you come by and help us out

a little bit and it's not you is that thank you so much christy appreciate christiania counterpart x. . and we've spoken about comcast buying sky u.k. and how fox still owns thirty nine percent of sky and what it might mean to become of that investment well today does the says that they will sell to comcast for five point two billion dollars the move will significantly reduce the debt of this the following the purchase of fox and allowing disney to have resources to invest in content creation. and time now for a quick break but hang here because when we return we'll peruse the planet and talk geo political economics with john cavalier the president of the u.s. trade and economic council plus we discuss the circular economy with tracey chambers the c.e.o. of the holding bank who is fresh from the united nations sustainable goals so much how can businesses make more efficient effective use of inputs and ways to increase

returns and a more sustainable planet we'll talk it over with tracy as we speak in appropriate break here of those digits at the closing bell back in a flash. the democrats are not socially liberal they are pro-war and so are the republicans and the problem people have with trump is that he's pro peace and that's not acceptable in america today that runs except for against iran. well you know the tathagata walking the walk and you know you have to do it you have to do but he's acting plea going down the path that hillary clinton clearly was going.

to. welcome back and updating the story of the collapse of the u.k. contractor karelian the national audit office reports the resulting cost. the government will total at least one hundred forty eight million pounds at sixty five and sixty five million of that total will go to read doesn't see payments for former karelian workers according to the n.a.o. parliament's official in-house auditor is the author is also found that koreans unfunded pension obligations of two point six billion pounds or around three point four billion dollars will have to be financed via the pension protection fund which

was created in two thousand and five to manage such situations karelians unraveling led to the largest trading liquidation in u.k. history this past january leaving behind one point five billion dollars in debts the n.a.o. indicates those creditors should not count on recovering their losses the report was obtained by a freedom of information requests from unite that's the largest british labor union earlier this month unite acting on behalf of a former of former green workers called for criminal investigations into the contractors collapse. an election in a small country in the indian ocean should be sending a big signal about the regional power balance between india and china on sunday voters in the melody if surprised many outside observers by electing opposition candidate abraham so lead to replace incumbent president. mean by a margin of over sixteen percent mr you mean has embraced chinese investment in

infrastructure projects in the melody as well mr so leak campaigned on a pledge to audit the chinese portfolio and express the concerns of many over growing indebtedness to china there was real doubt on monday whether mr my yean who was elected in two thousand and thirteen after the controversial nominee of a first round of voting would even recognize the election results while he did there were reports today that his party was or maybe still is really blocking the release of full official results a shock the hoary of the coordinator. for south africa asia institute for defense studies and an analysis has said has said this about the situation the kind of investment that the chinese have made the kind of public did that you know they have subjected my juice to we continue to fix if we continue to go on and mine lives my libyans will have to deal with it and we have seen it happening in sri lanka and even if you had to change and go the dependent chain continues and the

chain i was a bit too good to do. and we now move to geo political economics and to do so we are joined by john cavil it's the president of the us cuba trade and economic council john welcome back thank you sir from a very humid new york city yeah i you know i would be even sure if you're to be at a studio or up there so it's cool here but there's lots more interesting stuff going on up there in new york john let's start with what you look at every single day and that's cuba cuban president has canal spoke today at the u.n. there in new york with you and he seems to have made two pretty basic arguments at least as i read part of attacks that one is capitalism is bad he said workers struggle and the rich get richer which i suppose one might expect from him and to the u.s. embargo of cuba is really a cruel policy which he says punishes juba families and others that i missed

anything big in what he said in the speech and what did you make of it john. it was a traditional speech by the president or prime minister or the foreign minister of cuba they hit the normal buttons which is the u.s. is bad and capitalism is bad but the most important element of his speech was this discussion about venezuela and the crisis that is over take venezuela and how that impacts cuba and the more destabilized venezuela becomes economic. the less it can provide to cuba and that cuba takes very seriously well let's thank you for your take on that i know you were just in south america let's talk about venezuela a little bit we we speak about it on the on the program all the time a shirtless certainly are having some super troubling times and there was a report out today dealing with some other nations of colombia peru and some others

saying that there were some human rights atrocities going on there not that everybody is blameless in this circumstance maybe some of them should look in the mirror but what do you make of what's going on in venezuela john from your visits down in south america that is a well is is a contagion. over a million people from venezuela have gone into colombia a country of nine million people you basically have some similarities in terms of the impact on colombia just like the impact syria has had on lebanon and syria and had on jordan and lesser expense lesser extent on turkey. but venezuela it's incredibly complicated because the united states. needs venezuela to be relatively stable but cuba needs venezuela quite a bit so where you go is that with iran and venezuela basically having taken out about five million barrels of oil a day out of the global marketplace oil prices have generally remained high that's

not good for cuba it is good for venezuela if they could do something with it but the wants of oil prices decrease so in order to do that you either are going to sell strategic oil petroleum from the united states into the marketplace which is temporary or you're going to increase output from venezuela and they run. the challenge of all of this is that with high oil prices negatively impacting cuba high oil prices negatively impact the united states help opac also help the russian federation russian federation is shipping more oil natural gas to china it's increasing its agricultural product production which is very good but there you have venezuela sort of sitting there that governments want to go you know you saw president trump talk about well military action is not off the table we're not going to be you know taking military action with cuba with venezuela but they are going to try to do some proxy stuff to venezuela is critically important also is

infecting other countries in the americas and at some point something's going to have to be done and unfortunately it's going to basically probably get to closing the borders and forcing venezuela to deal with venezuela's problems but then lastly the venezuelan government owes much of its stability to the cuban government so it's encrypts a multi-dimensional chess game and you know when you say when i saw president trump say this it always ups the higher oil prices and look as consumers none of us want higher oil prices but the bottom line is the u.s. is at an all time high production so you know i'm talking about folks look at in the mirror i'm not saying we should. i love the free markets do what it is do what happens but holy cow mazing circumstance john we'd love to have you more and talk about more geo political economic anomic when you have some time we sure appreciate you spending some time with us today know you're busy up there in new york john cavil at us cuba trade thank you so much john thank you sir.

and the u.s. federal reserve open markets committee concluded two days of meetings this afternoon and will increase interest rates by twenty five basis points to a target of two point two five percent they also said that they are on track for one more rate increase yet this year and potentially three more in twenty nineteen the fed also expects the u.s. economy to continue to grow at a steady pace throughout twenty nineteen with a growth rate of two point five percent before slowing to twenty twenty to two percent one terrace fed chair jay powell said if trade agreements were worked out it could be a good thing for the economy in the u.s. but he had knowledge that current circumstance there are risk and said that if no agreements are reach widespread tariffs would be bad for the economy american workers and their families and others.

and we now move to discuss a circular economy to do so we are pleased to be joined by our south african friend from davos tracy chambers the c.e.o. of the clothing bank was fresh from the united nations sustainable goals summit tracy so good to see it thanks for being with us it's a pleasure to have you in new york i wish i could be up there with you but it's great to see you on t.v. . thanks thanks very much spot where i'm delighted to be have so tell us a little bit about what this summit was a like was go with that first what were the main points and then we'll get into the circular economy but what was the summit what were the main takeaways from it. well it's the second time the world economic forum which were a member of the schwab foundation is hill. sustainable development impact summit

and really bringing to give the. entrepreneur corporate finance governments to talk about how are we doing to achieve the goals and figure out how we're going to do it better and lots of great discussions i think we're only going to do it to give up and that's the most important thing so tracy when we talk about the short killer economy it's really about less less waste about better use of resources about plugging gaps in liquid natural gas pipelines so that you know emissions are created the heat up the world but can you put a little finer point on it than i did just there for our viewers. well i think it's important you know we used to talk about cradle to grave. and that's really you know manufacturing something using it and then you know that that really goes into landfill and it's really getting companies that are manufacturing products to think about cradle to cradle so it's using sustainable materials to manufacture goods

that can then be recycled and re really into the supply chain as new role materials for a new product and therefore you have this killer economy where products are just getting really used in different forms through throughout their life cycle well i mean you know that the clothing trays here are a great example of that with taking these clothes that we reported recently i know you did spot with trinity charges about the burning of clothes and you were reusing them and starting entrepreneurs in south africa but you know it's a great goal what you espouse there but you know how do how does the rubber really meet the road for businesses to increase profits while helping to save the planet what do they do have to do. well you know when to really great sation at the summit called staying in business and very much you know consumers are starting to ask about what waste products that i'm buying you know creating and where

is that waste going and recently got caught out you know they got caught out in their product and that's very common amongst. retailers seventy three greenpeace says that seventy three percent of all fabric textiles which creates a hundred billion items a year one hundred billion garments a year ends up being burnt in landfills and i think what came out of this. segment is that reputation for companies is going to matter for consumers in future and in order to stay in business consumer companies are going to have to be really transparent about their supply chain really transparent about the waste and the companies that can find solutions and communicate that to their customers are the ones that are going to stay in business in the future so this is not about doing good this is about staying in business and it's going to be critically

important in the future. that you're really interested in so i'm so glad you were there and i'm so glad you took the time to be with us i know they put twenty thirty years ago all there that's going to be a tough one to reach maybe but with people like you out there fighting for it we sure appreciate it we hope you'll come back and talk about this and other things great to see you would have us with us thank you tracy. thanks for having me. and that's it for this time thanks for being on board with us you can catch boom bust on directv channel three twenty one dish network channel two waiting for streaming twenty four seven on pluto t.v. the t.v. after channel one thirty two or as always you can catch us that youtube dot com slash boom bust r.t. so long for now.

kind that. had to get that. and that to the money at that one the money. that if it. didn't get the money and that is out there it is how much i think. a lot about how the now there are only starting how many.

of them out so out of the amount of people. without a doubt about them. by the way to really. good that they did. so yeah i'm after. all if you look them in the look. at you the. one of the most important if not the most important pillars of western society is the rule of law and the equal application of the law this is now being put into down we were told it is the court of credibility that rules whatever that means is the cabinet nominations. game change

. the whole thing you know we need to go back to invite more foreign force that's not so position that's also the position of the government that's the mission to the song goes in any case even if there is a number of contingency they will have to go back one day to the to the countries. that. have. come. into. the headlines. donald trump doubles down on his latest claims against china telling jen this that beijing is meddling in america's upcoming midterm elections. that softly ratchets up the pressure on iran you know and into a visit to riots against its leadership at the u.n. security council where the u.s.

made a face significant push.