on earth and our grand kids and everybody else are prospects for survival in the change global climate the royal swedish academy of sciences was awarded this year's nobel prize in economics sciences to william nordhaus and paul romer for their research into public policy interventions to curb the profit seeking processes that have our planet on path to catastrophic climate change the academy said the two professors significantly broaden the scope of economic analysis by constructing models that explain how the market economy interacts with nature and knowledge and that they have addressed quote our times most basic and pressing questions about how we create long term sustained and sustainable economic growth mr nordhaus says sterling professor of economics at yale and mr roemer is that new york university on the science the un intergovernmental panel on climate change or i.p.c.c. today warned that our species only has about a dozen years left to take urgent transformative action to avoid absolute climate

catastrophe the i.p.c.c. says time is quickly running out to hold global warming to one point five degrees versus two degrees of voiding global death to coral reefs and cataclysmic consequences for humanity. the chinese central bank officially named the people's bank of china has cut the reserve ratio of deposits that banks are required to hold for the fourth time this year that means more money is freed up in china as interest rates will be cut by one hundred basis points by october fifteenth lowering the reserve rate is a standard policy move to encourage lending and it also increases capital into the economy the central banks policy change is expected to make roughly one hundred ten billion dollars in additional capital available for lending the policy announcement came at the end of a weeklong patriotic holiday and suggests that chinese leaders are looking for policy options to whether they could to. uing turban turbulence says global trade

tensions continue. and last week we told you about a former saudi journalist jamal khashoggi who disappeared after entering the saudi consulate in istanbul turkey trying to get a marriage license well now reports from turkish authorities are that the worst case scenario feared by many has they say occurred that mr is dead killed in a consulate in the in a premeditated attack if this proves to be true it raises all kinds of questions about future relations with the saudis and how that might impact their qana me and others here to help us understand more about the circumstances and what it may mean for international relations business and finance our conservative t.v. and radio commentator steve malzberg and ali all of the men who are pleased to have is the director of the gulf institute thank you both for being here steve let's start with you give us a brief summary we spoke a little bit about this last week when we were talking about saudi arabia but where

are we with mr kushner disappearance well of course. it was a saudi journalist who was very supportive of the monarchy and then when the prince started rounding people up and putting them on the house arrest without due process about a year ago including his cousins and businessmen and intellectuals you name it he started writing negative things about the kingdom he left the country on self-imposed exile and about a couple of weeks ago end of september he went into the saudi embassy and istanbul turkey because he wanted to marry a turkish girl so he wanted to get the proper papers they told him reportedly come back next week and they gave him the day which was last tuesday so he went back and his fiance and best friend said he went and he never came out there are a lot of people now saying this was premeditated the saudis sent a team there to take care of him to kill him they deny that the turkish authorities are saying he's dead and so. we're just awaiting word on where we are but it looks

like the worst has happened to him steve there are some calls in the us by senators and others to say you know we should start to sever ties in some way with the with the kingdom i'm not sure how likely that is to happen given that you know mr trump president trump's first foreign forward for a to that nato meeting back a last year was to the saudi arabia although recently i guess he's put some tried to put some pressure at least rhetorical pressure on the kingdom to bring down oil prices could maybe look in the mirror to the u.s. for that but what are your thoughts about whether or not steve anything will be done with regard to the u.s. policy towards the kingdom. i just don't see it you know under obama the saudi relationship was strained with the u.s. doesn't donald trump considers the saudis. a big ally in the fight against terror in the middle east and of course we have a common enemy in iran they even prove their relationship with israel also over

iran you do have senators bob corker he's the chairman of the foreign relations committee in the senate he's already said he's met with the saudi ambassador to the u.s. to get answers you have senator coons that murphy two democrats on that committee tweeting out today their displeasure they want answers but i got to tell you i think we could point to turkey turkey has one of our pastors an american pastor by the name of andrew bronson they've been holding him and turkey will not release him so we put some sanctions on turkey i don't think this is going to result in as tough a penalty against turkey. or a tougher penalty against saudi arabia that we did against turkey this is not an american citizen he's not a religious figure and so far donald trump and the administration have basically said not much when it comes to the crackdown that the prince has been exhibiting in his own country to square to you know discontent and bad bad press and

ali what's your take on this and then i want to talk i want you to talk if you wouldn't mind about the economy that the saudi economy i remember i don't know two thousand and ten eleven i mean the g.d.p. was like off the charts you know i don't know eight nine percent or something so do you think anything will be done in this regard with with regard to severing any ties with a not so u.s. your anybody else regarding this supposedly matter and secondly what would be the impact if so on the kingdom the time but it. has not been a place to sanctions and the saudi government or the monarchy so i don't think this would make a difference. yes mr shogi was a u.s. resident and the us could have found if they wanted they could find something to make they send f.b.i. team to help investigate this. the u.s.

senators know they can say what they want but they don't make policy it's the state department and the president and the state department give a very basically definite those who can understand the diplomatic window is that we don't really care we are monitoring the situation they have no position on it meaning that they are referring to the saudis on this they have not supported their ally nato ally turkey which they did with the with the british regarding the accusations of russians been killed in u.k. territories so they did not do that with with turkey so i don't think. anything will change it this is this. knowledge just a few minutes ago is said to be a baby alive so we will see anyway to cause this is still a mystery and if he is that that's good news obviously for him and his family but. we will not see

a change of yours policy because over over this this issue mr hersh ok i wanted to say was not a dissident he was a loyalist all of his life even recently he pledged allegiance to the king he may have some grumbling with munda mad king of saudi arabia but he remains committed to the regime and he in fact opposed dissidents who are who wanted a kind of change or or tremendous change or reform in the country so this is a case of a loyalist who turned against that he g.m. in some way and he must have been used as a. example to show that loyalists who are in the government that they cannot defect it's a really an insurance policy against mass defection from the current to the. motor that kind of the government mr ward for many years photo said potus of the owning

family and maybe he was doing that. and i thing and that we have i have no idea but nevertheless his loyalty i think what it against him when the decision was made to have to asked him to eliminate him yeah thank you ali and steve you know we have looked at growth in the kingdom and they've done ok but it's certainly suffered with lower oil prices recently and you've spoken before about the effort to sort of try and diffuse the reliance upon petroleum i mean forty two percent of the g.d.p. in the kingdom is from these petroleum reserves they've got the second largest reserves in the world but how are they trying to expand their revenues and their businesses steve well for instance a vision to twenty thirty which is what the prince's been begun almost as a distraction to what he's been doing with the crackdown it's an entertainment

industry that's just springing up all over saudi arabia movie theaters cirque de soleil a big park with six flags franchise inside it all kinds of comedy clubs and and street fairs which is very unusual in saudi arabia he's trying to appeal to the millennial one third of the millennial in the country are unemployed they've seen because of what's happened with the price of oil they've seen government subsidies cut down and now they're seeing. a lot of money is going to subsidize this new entertainment industry so although he's trying to appeal to millenniums who may have been out of the country and have come back and want the same kind of you know entertainment value with the or in. saudi arabia so to speak the other olds who depend on the subsidies who are very religious they're not happy they're saying why should our money be cut and now you subsidizing this entertainment industry and by the way you know we're while hobbyists and we don't really like the scantily clad people on these risque kind of movies so it's a it's

a real quandary for the prince but that's something he's trying to do but again i agree with everything your other guest said i don't think they'll be any kind of made big action by trump or this administration you know they detained the lebanese prime minister not too long ago and this administration of ours really didn't say anything and i think they're too valuable in the view of the administration to do anything rash or brash we've both if you're in the inside steve walz we're going ali ahmed ahmed ali thank you so much for being with us we're glad you joined us thank you guys thank you. the south african mining sector is historic luster seems to be fading some of the earth largest reserves of precious metals including palladium platinum and of course gold lie under south african soil as well as iron diamonds in your rainy i'm in the one nine hundred seventy s. and mining produced one fifth of the south african gross domestic product and the

rush to capture diamonds and gold this intra goal to the history of white colonialism in south africa now mining reportedly accounts for less than eight percent of south africa's g.d.p. today the wall street journal reports that the three largest south african gold mining firms lost a combined total of four hundred fifty three million dollars last year weighed down by a forty percent drop in the price of gold from a peak of over eight hundred dollars per ounce in august of twenty eleven the deep very deep mine shafts were mostly evacuated in the apartheid era and now bring materials up those shaft is really increasingly difficult and logistical challenge while wage and safety policies have failed to adapt making profits extremely elusive. time out for a quick break but hang here because when we return we head to the e.u. to paris to take a look at efforts to move businesses including big banks and others from london to paris in light of brecht's it and later christiane counterpart x.

tells us about her new novel and compelling krypto initiative as we go to break here are the numbers at the closing bell a bad day on the big board for south africa as gold which we just discussed closed down for the day back into play. washington's ambassador to nato threatens to take out russian missiles and the u.s. interior secretary threatens a naval blockade of russia is the trump doctrine finally revealed.

what holds his hands to. put themselves on the line to get accepted or rejected. so when you want to be president one should. want to. have two going to be close to see what will befall three in the morning can't be good. i'm interested always in the waters in the house. that first sip. this is crude oil. so they need to actually physically hold it out of the ground you would have well well well well well. there's a lot of money with the oil and with that comes. a lot of a lot of people from all over the country. if you don't make

a hundred thousand dollars a year. as a minimum there is an issue. here in india. they work all sixteen hours a day it's hard work will work it's not easy work and so they want to relieve their stress and how do they relieve their stress these men moved back out like he's a man that comfort these men that. people have been murdered up here people can raise their massive drug issues up here give a boom you have everything else that comes along with money. welcome back brazilian voters yesterday pushed far right presidential candidate arab oleson narrow to the brink of victory on the first round of national elections

also narrow came in first with more than forty six percent of the vote short of the fifty percent needed to avoid a runoff in the second round mr ball so narrow will face fernando died of the workers' party mr had died as a replacement candidate for the brazilian left where former president lula da silva was barred from the ballot by brazilian courts he is in jail as you may recall mr howard has campaigned on the slogan it is. a dud though he is considered to be on the the right flank of the workers' party and has sought to privately assure investors that he will be not an adversary while some investors would love to see the right when others are wary of balsa narrows temperament this second round of voting on sunday october twenty eighth will test mr dodd's appeal to moderation against mr bollen arrows full frontal assault on people of color l g b t communities and the poor. and us labor news there has been

a rare defeat in a vote among rank and file workers represented by the teamsters on a united parcel service contract indorsed by union leadership the tentative agreement to rejected by fifty four percent of those casting votes that would have set terms of work for roughly two hundred fifty five thousand workers at u.p.s. as package delivery and u.p.s. freight over ninety two thousand votes were cast the vote no campaign was backed by teamsters for a democratic union associated with the teamsters united faction that almost opposed president james hoffa jr back in twenty six leadership elect. and over the weekend the u.s. senate confirmed president trump's pick of brett kavanaugh as a new supreme court justice as a federal judge mr cavanagh demonstrated support for business and the financial sector in opposition to expanded supervisory regulation and against labor the ninth new justice on the high court in the highest court the us has a lifetime appointment and is seen as

a pivotal person who may dramatically shift decades of precedent on matters ranging from women's reproductive rights civil rights gun laws and changes in the balance of power within the u.s. government with more authority placed in the executive branch and presidency including but not limited to the ability of the president to not be subject to subpoena the senate confirmation vote which came after a testy judiciary hearing related to allegations of sexual assault with mr cavanaugh was a youth past neurally by a vote of fifty to forty eight. and now our chief correspondent charlie dubinsky tells us how francis effort to poach business from london once the u.k. is no longer part of the european union has charlotte and paris. as the powerless move to show revs into action president matt corn is using it to make inroads into

luring business is away from the u.k. in the wake of breaks it his latest steer is towards the car making sector he's understood to have wined and dined top executives promising them a more business friendly fronts so as he shifts up a gear let's have a look at some of the charm of fences. so far. london has long been you talked financial center but that could be a little awkward when the u.k. is no longer part of the e.u. and if there's one thing that might call the former rothschild investment bank a news a thing or two about it's this sector one more big group paris europe last estimates three and a half thousand jobs from the finance and banking sector were transferred to the french capital from london others have suggested it could be more like ten thousand and in the longer term up to seventy five thousand bankers could end up relocating paris will no doubt welcome them all with open arms government has already been

greasing the way by ending the wealth tax on financial assets placing a flat tax on capital income and giving french lessons in london to bankers and their families it's also promised to reduce red tape in the sector since taking office seventeen months ago mark corn has made a number of pit stops around the globe notably in countries such as india where he boldly declared that he wanted fronts to supplant the u.k. as new delhi's partner of choice in europe but it's not all going to plan only this year a french advertising campaign urging british business owners to vote with their feet and to move to france was banned by the london transport authority being too provocative and his government has been accused by some. as being predatory when it comes to breaks it that was denied by one mistake he said it was all about making

fronts more attractive all in the framework of competition. show that to you can ski the boom bust in paris. and we always enjoy it when cripps krypto and banking expert christie i joined us on the program the other day we sat down and i asked her about counterpart x where she is a co-founder her response is about what they are doing is not only novel and innovative but they're also doing something ilo we're bringing transparency to the over the counter markets i first asked her to explain what counterpart does. all right well i guess the best way to answer that question is what made us create counterpart x. the problem with is that we are actually a hedge fund and when we started this all of our investors gave us a lot of currency and they want to ask him first and decline into a theorem into all these all coins the problem was how do we convert two million five million ten million dollars worth of currency and to crypto currency while the

only way to do that really is to go o.t.c. and so you call that o.t.c. broker and they give you a quote they give you a spread they charge a fee five percent for forty million dollars transaction that's astronomical you call up another broker and they called you a difference but you called a third broker you get a different feel entirely so that makes it a very inefficient process having to call three four five brokers to find the best quote the best rate to get the best deal and for us it was really frustrating and being formally on the sell side i really don't like getting cheated on a bad deal so that's what made us create counterpart acts as a platform to make o.t.c. trading much more transparent than what it is today the market is very transparent you see all the volumes and prices and time and everything is time stamped but for o.t.c. trading no one currently knows how much volume goes on behind the markets no one knows the price is that all these deals are executed every single deal is individually negotiated and every single. takes maybe days or weeks to actually execute so we streamlined that entire process by making the entire o.t.c.

market transparent and i think you know the answer but real quickly why is there why the o.t.c. why over the counter is the only place that you can do this big conversion to crypto assume it's because there's no liquidity or not enough liquidity on the other exchanges around the world the problem is always the quitting because on the exchanges it's primarily dominated by we tell traders who are only trading like one two maybe five big clients at a time but we're actually dealing with institutional who are demanding like ten million dollars worth of their clients fifty million dollars with a big client per trade so that makes it like very impractical to go through a market where you're good you're going to be buying big incrementally hire and so what you what to do is bring transparency to the o.t.c. the over the counter market in the crypto space right now so i think the regulators are actually like this because right now as you know they're trying to o.t.c. market is very untransparent all of these deals are cut on a telegram on slack on like even skype sometimes so no one really knows about these

deals and they're very informal and done in the cryptocurrency industry because there is zero. what we're trying to do right now is we're kind of we're trying to standardize the entire process or brain big buyers and big sellers together at the same time at a mutual location every single day in an online forum in order to conduct their deals in a very transparent way so everybody knows exactly what type of volume is out there and at what type of price and so big buyers and sellers can meet. how can you standardize by yourself or you just standardize it your products but are there others how is this working to standardize in the entire o.t.c. space where actually bringing on board a lot of current o.t.c. players on tar platform so that they can actually transact with each other we're actually lowering their own fees because currently when you're trying to make a transaction you call up an o.t.c. bowker saying. i want to sell forty million dollars worth of decline that o.t.c. broker will get back to you in probably about

a week because that guy needs to go out and talk to another o.t.c. broker and say hey do you have someone willing to buy forty million dollars of million dollars worth of coins from me so they actually did it go in the background and try to find someone else so by bringing everyone together washing streamline the entire process by helping them out chris do you have basic principles or sort of guidepost rules as it were things that you hope to abide by as much as you. so what we're doing is we're kind of copying what we have done in the institutional equities market or doing in the form of a very open and transparent auction traditionally a reverse dutch auction and where are you in the business development of counterpart x. we are going to be launching a beta version of our platform this summer of this year maybe january. right now we are currently are to have massive demand from buyers we're trying to. gather a lot of sellers we have an order for four hundred million dollars worth of decline

that's actually why we came we wanted to hurry up with the development of the platform because the seller really needs to liquidate and they want to liquidate a very fair prices and by doing this we're gathering a lot of progress on to like be able to eat and digest this order and what are the biggest challenges that you have a conversion here converting others is that a big one. that i think our biggest challenge will be pushback from some of the o.t.c. is who have been making a lot of money by charging these have very high spreads so right now we have a lot of o.t.c. who love what we're doing because we're making their entire lives easier for making them easier to find their counterpart days hence our name or making it easier to find their car parties that are for them to fulfill the orders from their clients however however we also have a lot of pushback from some o.t.c. is they don't like it because what we're doing or actually reducing their. it because now they can't charge five percent per order anymore kristie where do you

see yourself you envision out twelve months or a couple years ago where do you see yourself that well what we want to do is we also want to build our own exchange as well so by making by making this entire o.t.c. process easier or graduating we're graduating people from into cryptocurrency so we're hoping that by doing this weekend we can accelerate the liquidity of cryptocurrency well as a whole. that was crypto in banking expert christy are the co-founder of counterpart x. so we are pleased and honored to call a friend of boom bust and that is it for this time thanks for being with us you can catch boom bust on directv.