this is boom bust broadcasting around the world and 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 shelton 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 an 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 nation.

global panel on climate change and there's merger news in that regard energy for a s of 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 work you house representative lori wallach the director of public citizen's global energy global trade watch thank you for being here lori 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 a clinton administration initiative the 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 were the dora's everyplace real 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 don't 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. as they violate

their nafta privileges toxic spans energy policies water rules timber rules zoning 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 you know is a very slow already developed 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 this corporate tax 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 a really skeptical it was going to do anything but get worse except 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 this 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 that got launched with now but in some respects it's better than the original now after in some key respects it's worse and probably the most important thing which is making sure that the labor standards in the agreement which are bad there are actually enforced. they mean something

that is still a work in progress right now pretty good on paper not forcible will not stop outsourcing of jobs so that companies can pay workers allow us to dump their toxins and bring the products here so right now the text as it is if it went to congress would be something you would want to support but there is an opportunity right now still because congress has to write the implementing bill to actually get the enforcement and when you talk about this you know that back in the day folks weren't so worried about these cases this is really is it the dispute settlement progress and what has changed in that to make it a little bit better you could use a little bit yeah absolutely so rigidly you know people wouldn't believe it because they couldn't imagine weight trade agreement has rules that foreign corporations skirt our courts ignore our laws raid our tax dollars because they claim rights they haven't a trade agreement have been violated because they have to fall busy zoning rules or

can't come toxins what you're crazy lady that can't be in there and now several hundred million dollars worth of oh yes it was in there as taxpayers have paid in those laws have gotten sacked later what's in the nafta two point zero which is real progress is that whole system with respect to canada is just whacked in three years what after the agreement goes into effect it just goes away which is great because that would mean ninety two percent of the entire exposure of the u.s. has right now under nafta for these corporate tax would just go away with respect to mexico the system is replaced with this with an approach that is at least has some of the key things progressives have demanded so some of the most outrageous corporate rights that have been the ones used by these tribunals to order payments on totally legitimate laws those have just been cut out of the text and the only thing. compensation for now is direct expression the government takes your house

for roads doesn't give you money so that seems ok and then what's called post establishment discrimination which means if you're in there and then they pass a law to stick it to the foreigner then you can get a review of that but some of the really most obnoxious things about the us are taken out like a nighest the ass the investor or the foreign investor can go on the one with the court i want to follow the law so going to this tribe you know why under this new system you must go to the domestic court and you must exhaust your remedies there or spend two and a half years trying before you can even go for the other review so there are some improvements it's a great summary and so remind you laurie of why are so much loved learning from you and more death penalty for the murder i would prefer and it be in the death penalty just because i 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 is terrifying there's just no way that doesn't mean that we're even many of the times families want the death penalty to be abolished the reason we have to keep the death penalty here is because that's what murder victims' families want that's going to give them peace that's going to give them justice and we come in and say. not quite enough we've been through this this isn't the way. one else so it's seemed wrong. why don't we all just don't call. me. yet to say proud disdain comes to educate and in detroit equals betrayal. when something a find themselves worlds apart we choose to look for common ground.

max kaiser one more of my guide to financial survival this is. a device used by professional galley legs to earn money. that's right these has funds are simply not accountable and will just. totally destabilize the global economy you need to protect yourself and get informed. 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 the 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 against what they designate 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 alan

a fast 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 mum by stock exchange the stocks of non-bank lenders also rose strongly with the on housing financing gaining seventeen percent outward of last almost half of its value in just a week. 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's infrastructure by using a complex adept field 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 boles 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 alan a fast appeared to have a great credit ratings up until august of this year one group and ditties began missing that repayment deadlines and because of the groups to default accounts count for a three percent indian corporate bond issuance is sparking a wave of redemption from debt focus mutual funds as a result news of the i alan s. s. default cause a drop in the level of confidence and festers have been india's ratings agencies

with many questioning whether there are more ties between the agencies and some of the country's largest financial group 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 bar. rachel that so interesting and we love covering india particularly these problematic issues that we see are merging we just want to make sure that everybody's eyes are on the ball and particularly with. us 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 f.x. that looks 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 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 that 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 and india in the coming months former regulator says more transparency. better markets artie's ritual weapons thanks for that report rachel. 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 recovering from the great depression of the one nine hundred thirty s. analyst at sky 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 more precisely 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 and 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 a 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 hillary thank you so much for being here is going to out on a 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 listening to it all that i don't yeah i

know you were do you were born in the mid eighty's but i love those things and they really were they were the first time that you could have music that with portable brought with you you couldn't do it the old eight track to the the walkman was a big deal but where do we see this company going now their stock is certainly you know it was shooting up gangbusters then in the two thousand when some of their patents i guess ran out. the trinity tronics trick they had some some stalls trading now is fifty seven fifty eight bucks like something like that up twenty dollars year over year up ten dollars on the year but give us a little bit more detail about the fumbles that they've been having in recent years we're totally right bob i mean everybody talked about their walkman and you always know you've made it what actually is that right now becomes an adjective i mean people are using it as a noun an adjective everything i want to so it was huge and in the eighty's they actually in the last decade lost about eight point eight billion and they had to let go of thirty five thousand employees so for japanese culture i mean that's just gosling i mean that doesn't really happen in japan so they were basically

a failing company what's happening now is that you're she is the new c.e.o. he's a c.f.o. an interesting trend actually a lot of global companies have the c f o's be coming the c.e.o.'s because it has to do with restructuring so he got rid of the via the personal computers that wasn't doing by well batteries chemicals everything that was sort of abstract he has consolidated restructured and now they're in the black for the first time in about a decade i remember i'm not sure how long ago it was two thousand and twelve thirteen somewhere in there that the consumer electronics portion of sony was making less money than the studios the not only the hollywood studio but the music and entertainment business yes that's that is that shifted now i would say that twenty three percent of their revenue comes from actually twenty three percent of the seventy five billion in revenue comes from play station and then sixteen billion comes from the movies and the entertainment the music part of that business yes and so i mean the movies have been great they've got spider-man and equalizer

equalizer to some i want to words to hustle americans of spider-man's been on the playstation and that actually i think was in like something like three days sold out i mean astronomical success globally actually supposed to like spite about as well being this is leaders that are playing these games so they're coming out with . and i'm just curious about this they're coming out with a new playstation playstation four and you know you need this console and i just wonder i mean people don't do it but people seem to be playing games on smartphones not console's is this a smart move for smartphones or for sony well first i'm glad you're not playing those games but you're focused on what we need to do here but i would say actually it is because it's faster period the processing power of a console is just wasted period there's actually no competition at all and the other big aspect of course the playstation like the competition x.-box and the more nimble nintendo we is that they're able to people are able to play games with other

people and so if you have a group of people that are all going to huddle around a small phone but these teenagers and young people this is what they're doing they will gather and they'll play one of these games they've got a headset song without headsets even with headsets people can play across the globe so yes the processing power is faster period it's foster with a console and of course it's on the big screen people play it on their flat screen t.v. makes a complete difference a console is very important to that that demographic yes. mark thank you so much hilary oh well sure appreciate it. and that's it for this time thanks for joining you could catch you tube you can catch us on youtube dot com slash boom bust artie thanks very much see you next time. what politicians do. they put themselves on the lawn they get accepted or rejected

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to you in the world's chemical weapons watchdog others to discuss funding of a new power the o.p.c. given the low it's at the guilty parties now couldn't do that before but russia slams the movers in their legitimate initiative. and from this is accused of allowing.