covering the world of business and finance and the impact upon all of us you me the guy behind the tree everybody i'm part children washington we're glad you're on board coming up today we talk trade both north american and global trade with lori wallach the director of public citizens global trade watch she's standing by and we take a long look at sony the japanese media electronics and entertainment multinational with which some say has many opportunities to once again rise to the top of innovation the c.e.o. of straw mark to work toward which joins us for that plus some say the indian banking and related non-bank lending system seems to be teetering on the brink of potential disaster correspondent rachel blevins helps us understand the circumstances all that ahead but first we had some headlines let's go. and the latest data breach to hit the tech sector it has been revealed that google kept a major shift curity flaws secret since the spring of this year to avoid damage to their brand and attention from regulators how's that working out for you the story

first reported by the wall street journal affected hundreds of thousands of users of google plus some may be surprised to learn that google plus as that many users as a company's suppose an answer to facebook never seem to find its place in social media in the wake of the breach parent company alphabet has disabled the risky features of google plus that mimicked facebook offensive effectively pulling the plug on the initiative first launched back in twenty eleven earlier today bloomberg reported that noted an outspoken privacy advocate john has prospered germany's official data protection commissioner will investigate the breach the revelation of the matter comes that especially in the opportune time for google which today launched a new phone the pixel three which many won't buy. and there is renewed attention to renewable energy in the wake of monday's dire warnings from the united nations global panel on climate change and there's merger news in that regard energy for a a s. denmark has announced that they will purchase one hundred percent equity in

deep water when there's a major us bass player in renewable energy for five hundred ten million dollars deepwater has touted their development of a three point three gigawatt of electrical generating capacity in a variety of wind projects along the mid to upper atlantic coast of the united states a gigawatt by the way equals one billion watts anough the power seven hundred thousand homes using eleven thousand kilowatts of ours or said saw the complimentary value of deep waters assets in combination with oersted rights to develop five point five gigawatts of capacity off the coast of maryland and new jersey or said also says that they will build a two point by two a six i'm sorry they will build to six megawatt wind turbines in the state of virginia. and the truck administration is signaling that they are unwilling to negotiate with china at an upcoming g twenty summit in late november in buenos ariz unless their chinese counterparts arrive ready to offer concessions

officials from the office of u.s. treasury secretary stephen the newton have signaled their hardline approach to reporters at the south china morning post and financial times publicly telegraphing their position well in advance while treasury officials indicated they are open to bilateral meetings with chinese diplomats at the joint international monetary fund world bank g twenty meeting which begins this thursday in indonesia they are not ready to discuss trade disputes we now move to discuss trade and we start with the north at letter north american free trade agreement then we move beyond to other trade tensions in the world and to do so i could be more pleased to have with us someone i work with two long ago to probably say twenty five years ago were at the house of representative lori wallach the director of public citizens global energy global trade watch thank you for being here laurie my pleasure so since we worked on these things the w. two you know and everything which was so much fun you've been toiling in the trenches and on the top of these really key issues. first tell us about nafta

clinton administration initiative north american free trade agreement set the stage for us what was the good the bad and the uglies of nafta the original nafta so george bush the first negotiate it and signed it then clinton inherited it worked very hard to pass it so is a bipartisan made in america model of trade and the sad thing is the critics are right at this point there are a million certified by the government now after job losses it's nationwide it's not just the rust belt one of the largest concentrations of lost jobs in el paso texas it's nationwide we've seen wages pushed down because nafta made it easier to outsource jobs to mexico's low wages and wages there are down because nafta had no labor standards so mexican wages are now forty percent lower than coastal china manufacturing wages no kid crazy crazy and on top of all of that we've seen in

those corporate tribunals and then crossed mexico by the way or is it just in that we're dora's every point you know wages median real wages in mexico are down since nafta and manufacturing wages now are forty percent lower manufacturing across the country are forty percent lower real minimum wages are fourteen percent lower than they were in real terms before nafta it's bad it's really bad and then on top of that we've seen those corporate tribunals that evan was worried about the time now after passed and i wouldn't raise joe these investor state tribunals do we want multinational companies having all these extra rights and people said you're being paranoid don't worry well hundreds of millions of dollars have been paid out in these attacks where foreign corporations can skirt our courts and they can get unlimited taxpayer money for attacks in our domestic laws because they violate their nafta privileges toxic spans energy policies water rules timber rules.

taxpayers end up footing the bill for these things right exactly and a top of forking over all this money to foreign corporations we see the law as weak and so the things our families rely on to be healthy and safe then your mind. well up from those individual is very bad news it's been bad news so if we now fast forward to the last couple years and the president trump and what he's been trying to do on nafta first of all give me your take on what you think i mean you obviously thought that there could be some good done did you think he was going to do it and what do you think he's done so far so obviously nafta is ongoing damage has to be stopped we can't continue more jobs are being outsourced to mexico every week more of those corporate attacks are being filed so something had to be done and many a president has promised to renegotiate when trump announced he was i think everyone would be to really skeptical it was going to do anything but get worse. but the guy

he picked to be his trade representative is a guy named robert who we've all known for a very long time who is a guy who has despite being a very conservative republican been a longtime critic of those corporate tribunals and of the race to the bottom in wages and the nafta incentives to outsource jobs so the white house is there actually got to it and he has in the first really there's a text of this nafta two point zero he has tried to address some of those issues so what i would say is this ain't the transformative replacement of the entire corporate rigged trade agenda about it white high is or this guy he picked the top trade official has some good ideas and so like just friends this is the most important on done piece of business with now but it's related to the china situation in the end the u.s. worker cannot compete if there's a race to the bottom where people in another country are making in mexico a buck fifty an hour at the identical tire plant that work. in the u.s.

and topeka kansas get twenty eight bucks an hour and same product for the same auto companies you cannot have that so if in the now after we negotiation for instance the labor standards get in force and raised up if what the china negotiations were able to stop the cheating where the combination of ridiculously low wages subsidies and products king dumped on us or stopped we could see improvements it's a work in progress unbelievably great information thank you so much that's lori wallach the director of public citizens global trade mark thank you for being here so great to see you. and updating a story we told you about last time that is now moving markets in brazil investors are reacting favorably to the strong first place showing by far right presidential candidate are abolished a narrow in sunday's first round of elections mr balsa narrower now has an intangible aura of likely winner and has named investor darling paulo guede as who

favors privatization pension cuts and budget austerity as an economic advisor across the board brazilian stock market index rose four point six percent on monday and the gains of continued in today's trading shares of the state company state's oil company petrol boss rose over eight percent and in currency markets a brazilian reale gained over two percent versus the dollar yesterday hitting a two month high. time now for a quick break but hang here because when we return our t. correspondent rachel blevins helps us understand the dire circumstances surrounding the indian banking and related non-bank lending system which some say is teetering on the edge of disaster plus later we take a long look at the japanese media electronics and entertainment multinational sony which some say has opportunities to once again rise to the top of innovation the c.e.o. strong mark henry ford which joins us and as we go to break here are the numbers at

the closing bell the nasdaq is the only stock exchange on the big board posting a green arrow today a day with little movement up or down we'll be back in a flash. when a loved one is murder it's natural to seek the death penalty for the murder i would prefer it be in the death penalty just because they think that's the fair thing the right thing research shows that for every nine executions one convict is found innocent the idea that we were executing innocent people was terrifying to smooth the present and that we want even many of the those families want the death penalty to be abolished. the death penalty here is because that's what murder victims'

families what that's going to give them peace that's going to give them justice and we come in saying. not quite enough we've been through this this isn't the way. seemed wrong. but all well. just don't. let me. get to see. is the. answer. and it. will. when some find themselves worlds apart. she says of the common ground.

welcome back a huge explosion occurred yesterday in st john new brunswick canada at the nation's largest refinery owned by irving oil ltd none of the fourteen hundred workers were injured in the big blast at a facility which produces three hundred twenty thousand barrels of oil each day most of the plant's production is exploited to the northwest united states futures prices for gasoline rose on the news by four percent yesterday and it remained at the elevated levels in today's trading and other hydrocarbon and disaster related news an oil spill off the coast of the french island of corsica has taken place after a tunisian shipping freighter crashed into a cypress bestial which was anchored italian and french civil and military personnel are working to contain six hundred thousand tons of fuel which spilled into the mediterranean sea and an investigation related to maritime pollution is

underway by french authorities. and in advance of this week's i.m.f. world bank g twenty meeting which we mentioned earlier the i.m.f. latest world economic outlook has revised global growth projections downward the i.m.f. now says they expect overall global activity to increase by three point seven percent down from a previous forecast of three point nine percent the report warns. again it's what they named as protectionist policies telling the u.k. guardian quote the world will be more poorer and more dangerous if current trends continue taking a closer look the i.m.f. revised growth forecast for the dated emerging economies also downward to four point seven percent after previous predictions were as high as five point one percent one reaction to the report and its revised growth forecasts appeared to include the fall in london's footsie one hundred twenty six month low. and we now turn to india's financial sector and take

a look at banking and related non-bank lending system which some say is teetering on the edge of disaster for more years or to correspondent rachel rachel now in india some are concerned that the banking system is in trouble and could go south soon but others believe it may already be there now so it started with the announcement that india's national company law tribunal would be appointing a new board at infrastructure leasing and financial services ltd or i allan f. asked after the group missed several debt repayment deadlines a report from financial times noted that the group has accumulated more than twelve point six billion dollars in debt and that quote it's a major presence in india's emerging corporate debt market has sparked fears for the fast growing non-bank lenders that ever lived heavily on short term funding once the news broke shares in the companies listed entities rose by their daily

limit on the month by stock exchange the stocks of non-bank lenders also rose strongly with the on housing financing gaining seventeen percent accurate of last almost half of its value in just a week fast has gained a reputation as one of india's the biggest corporate entities over the last three decades but it plans to create an investment boom in india is in for sure. by using a complex adept fold structure has now backfired and as a result investors who previously relied on india's state owned banks are now selling both bonds and equities in fear of a collapse the shares prices of india bulls housing finance which is one of the country's a largest mortgage lenders has fallen by twenty two percent in the last month serving as a sign of a much broader decline in the indian stock market shares in the housing development of finance corporation have also fallen by ten percent in the last month i am

appeared to have a great credit ratings up until august of this year one group and duties began this thing that repayment deadlines and because of the groups of default accounts home for a third repurchase and indian corporate bond issuance is sparking a wave of redemptions from debt focused mutual funds as a result news of the i alan fs default causing a drop in the level of confidence investors have in india's ratings agencies with many questioning whether there are more ties between the agencies and some of the country's largest financial groups so at this point it remains to be seen what will occur but this issue is one that both the public and investors around the world will be watching closely bart. rachel that so interesting and we love covering india particularly these problematic issues that we see are merging we don't want

to make sure that everybody's eyes are on the ball and particularly with. you talk about transparency and i'm just curious about the rating agencies and the lack of confidence that's taking place over there absolutely so that's created a lot of problems because before it was assumed that these rating a ratings agencies were trustworthy but now that this is happened we have our eye on a fast. it looked like it was an agency that had great ratings on the surface and i was actually surprised to learn that the government owns a third of the shares in this company so that's what made it possible for it to look like everything was great but then once they started missing their payment deadlines and the public started figuring out that these ratings they weren't actually accurate now they are really questioning the transparency of these agencies i want to check i want to question more on the relationship between the rating agencies and some of these banks and the non-bank lending institutions

because that of course was a major problem in the u.s. back in two thousand and eight where they're just essentially bought and paid for the rating agency i'm not saying that's a case that india but we are going to question more one more question for you rachel what sort of the next thing which we're looking at earnings report or is there some sort of shoe to drop in the future over there well now are really going to be looking because now that india's government has taken over and said it is going to replace the entire board at this group it could mean that that could happen to other financial institutions so it could be one of those things where this leads to a new age of transparency among these major financial groups or it could mean that it could just result in a lot of government involvement so we'll see the impact that this has been india in the coming months former regulators to this board france purdie the better markets are richard weapons thanks for that report rachel here.

and there is major news out of the u.k. they've made a revealing comparison between the u.k.'s recovery from the two thousand and eight financial crash in the united states recovery from the great depression of the one nine hundred thirty s. and almost it's scary news compared the u.k.'s growth in the ten years since the great crash of two thousand and eight to the us ten years. after the start of the great depression and found that the u.k.'s recovery was slower than that of the united states were for slice of the u.k.'s economy is now ten point eight percent larger than it was in two thousand and eight this compares to a higher figure of twelve point six percent u.s. growth in the ten years following the stock market crash of one nine hundred twenty nine the fabled firm sony the japanese multinational electronics media a multi-faceted company has been making progress in recent years after being in the driver's seat of innovation for decades what is sony's business history and partial

demise and can the company not just crawl out of the hole they've been in but can they compete with the largest of the large companies out there today we look at and are joined by our friend c.e.o. of strong market were ford hellery thank you so much for being here is good but on pleasure so i remember these you know so many trinitron color t.v. and then the walkman in particular but my wife and i we still have romance the notion of romantic times with those walkman and listen i want all of that either yeah i know you wanted to you were born in the mid eighty's but i love those things and they really were they were the first on that you could have music that with portable brought with you you couldn't do it with the old eight direct to the walkman was a big deal. this is. so easy to actually physically get out of there and you would have well well.

there's a lot of money and with that comes. a lot of a lot of people from all over the country. you don't make a hundred thousand dollars a year. there's an issue. they were all such a hard. worst oil workers not these. and so they want to relieve their stress of how do they relieve their stress these men need that outlet these men believe that comfort these many. 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. you as a sign explaining to this idea of the u.s. dollar reserve currency empire they've built over

a post world war two era where everyone gets the debts of america and pays homage to america china russia iran africa good name and they're all saying no we want markets close up in a complex markopolos up we want to go for it we want to trade directly bilaterally we don't want to be part of the globalization anymore. we must not you know you will. know that. it is going to go to. the t.d. you can. look at least.