aren't going to see more. you know world's big partners mug and conspiracy it's time to wake up to dig deeper to hit the stories that mainstream media refuses to tell more than ever we need to be smarter we need to stop slamming the door on the back and shouting past each other it's time for critical thinking it's time to fight for the middle for the truth the time is now for washington closely watching the hawks.

how do you hide this is cool in basra cast around the world and covering the world of business and finance of the impact on all of us i'm far too old in washington thank you for being on board we're sure glad that you coming up today we asked the question do crypto currencies impact the real economy and if so how boris rashard a managing director of f.b.i. consulting is standing by with the answer and the second largest aluminum company in the world who saw all and its majority owner russian all of our cola darragh pasta have been the subject of debate and discussion in the u.s. congress as a troubled ministration effort to relax economic sanctions alex mahela bitch has a story about what's going on and how the company has been impacted plus am l k y c and other acronyms may mess with some viewers minds today will take the mystery out of financial regulations and explain why they're there and what they do with.

marina baron obs of status consulting plus the world economic forum is taking place we get a report from anastasia churkin of who's there in davos switzerland and later leaner meaner and more connected robots to the more magnified risk legal journalist molly barrows takes a look all that directly ahead but first we get some headlines let's go. a find of more than five hundred million euros against global credit card company master card leads our report today as the european commission sanctions the company over a finding of an ai competitive practices the european union's competition commissioner marguerite best digger announced the enforcement action earlier today sanctioning master card by five hundred seventy three million euros or about six hundred fifty million dollars over the company's policy requiring banks to pay the higher of two possible fees for banks receiving cross border payments from the company ms vester told reporters quote by preventing merchants from shopping around for better conditions offered by banks and other member states master cards rules

artificially raise the cost of card payments harming consumers and retailers in the e.u. mastercard was eager to take the hit and move on saying in a statement that the settlement relates to historic practices only. meanwhile in france google has been five fined five hundred million euros by the national data protection commission the commission or c n l in its french acronym cited the u.s. based tech giant under europe general data protection law or g.d.p. are for failing to give consumers the information and means needed to make well informed choices on data privacy a spokesperson for google said the company is committed to meeting legal standards and consumer expectations and will review c n l's findings and recommendations to remedy the behavior which the regulator says continue to go on while a fine equivalent is a nearly fifty seven million dollars is the largest ever issued by c.n. i l under the g.d. . art falls well short of the full legal authority the g.d.p.

are allows for fines of up to four percent of the annual revenue of the firm provider waiting the walk. and we now ask the question do cryptocurrency is that we talk about software program do they really impact the real economy and if so how we are pleased to be joined by the managing director at f.t. i consulting whose career is bad word twenty years as a senior fixed incomes dratted just bontrager quantitive hedge fund manager and a litigation consultant expert boris rashard also worked at barclays in new york and has spent a lot of time on the new space and finance crypto currencies boris welcome thank you so much bart it's my tremendous pleasure to be here and i share some of my opinions they are well you're so we've we've talked offline on these issues over the time and it's always you're such a smart guy and fascinating so the boom busters are going to love this to start off with boris i mean how do you think kryptos impact if they do the real economy

they're sort of been seen as this you know red headed stepchild they're off their they're doing things but there's big bucks there do they impact the real economy the short answer they do and again you know my opinion is number one it's my personal opinions obviously so they may not necessarily get the same as f.b.i. or even employed by all those. i did those all the time in government in a law firm so that i understood your views only crip those do impact to really come out on the right and so they do they will continue to have increase the impact so far the impact is limited simply because there is so much more to do in the crypto space in terms of the security and scale ability and the discern decentralization of different different and that works so there are multiple channels by which crypt occurrences affect the real economy number one they create basically a system of peer to peer decentralized payment transactions so we're talking about you know kryptos eventually becoming an immediate. and method of payment they allow

more scalable faster and more secure transactions they have a potential to reduce the transaction cost and again the transaction costs are a duty of the foreign exchange or cross border transaction between the commercial entity so even between the individuals a big impact will common over a days coming through smart contracts again you know the basically pieces of code that allow people create different exit you different types of transactions buy and sell certain types of digital services we're talking about the rise of decentralized applications again applications that are hosted by different block chain networks i mean by my count it's by now it's more than twenty four hundred of those decentralize application hosted by different block chains and again those dabs they cover a lot of ground they cover gambling palling you know. entertainment entertainment in the heart of what you're saying you're talking about transaction fees on cross

border cruise action between each other or is what you're saying that the economy will lose that revenue transaction fees. smart contract fees i mean maybe you won't need the same sorts of title insurance as with when people are using block chain that's a little separate from crypto essentially using the new technology the really cami will be impacted let me ask you about whether or not kryptos are correlated some have said that you know the spot price of coin traded it seems to me or siebel or messing up the actual price of bitcoin being traded at a coin base or some place what do you think about whether or not they are tied or correlated with other asset classes. up until a certain point they were not correlated i mean if you look at some of us that this ticks you know two thousand and fifteen two thousand and sixteen the correlation between that's a bit quiet and equity index here in the states was negative minus four minus seven percent so fast. or to two thousand and eighteen the correlation has increased and

i guess the question that pops up in everybody's mind how will kryptos perform in a weakening economy or an economy that is vulnerable to macroeconomic risks we have seen increased correlation probably in the last quarter of two thousand and eighteen and it remains to be seen for example i ran a quick analysis the kryptos are have been impacted recently by the gyrations in the stock market they may have had also been more sensitive to the spikes in vix which is a fear factor d.c.b. only. implied volatility expected volatility so based on like some you know quick mathematics basically every time vix goes up by one point bitcoin loses about seventy two points in its price so it will remain to be seen how kryptos will perform in a weak economy where there are more macroeconomic shocks in the coming from europe or from china from the trade war so it remains to be seen we sure hope you'll come

back and continue to watch this with us boris rashard a managing director at f t i consulted thank you boris great everywhere my pleasure to be here thank you. a u.s. treasury department plan to relaxations against a russian all of garcon the world's second largest aluminum company are being opposed by democrats and some republicans on capitol hill not too far from here as it stand their numbers are not high enough to stop treasury secretary steven the new should and his supporters for moving forward with more we're joined by our teams alex mahela bichon toronto hey alex thank you for looking at this today what's the status of the administration's efforts to try and move to relax these economic sanctions against all of dera pasta in the company resolve. court interesting you're looking at one hundred thirty republicans breaking ranks with trump in the house and basically voted with

a bunch of democrats they wanted to watch this and keep the same chins up against both the all the guard and companies that he's involved in but the senate republicans had a little bit more power here so whatever the house wanted to do well it did not happen now you got to look at stephen minutiae here the treasury treasury secretary it appears that he ministration under him basically undersold what they were going to do to all of. the companies associated with including rizal the one that we're talking about the second biggest aluminum company in the world there's a home and these guys were hit this is bad but when you're looking at the measures they're saying the measures were tough but were they really there that's the big question here and there's two factors here according to the times when it comes to even plus which is one of the big companies that. it has a shares of him and its allies will own approximately fifty seven percent after all this goes down so they're losing power to move the questionable here and there also

this is a big one for him what they think about it he's a billionaire i mean all these sanctions i mean he's unaffected and this is actually going to work in his favor because he's going to have some debt paid off so he has a russian government a bank called v t v he owes them a lot of money so by transfer of shares worth roughly eight hundred million dollars to them well you know what he's going to be debt free there so this is working in his favor as sejanus do usually for people in power usually dig a little guys but it comes to all of guards and billionaires and politicians have meant much of the time they kind of go away and get away scot free yeah it was interesting i mean one of the criticisms i've been reading about is the administration really oversold the economic car maybe they're the ones administration to put these economic sanctions in place so i guess they have some little bit of editorializing but i think some republican members it seems there are a little bit upset by the how it was portrayed let me ask you though about rue sol about

a woman in the aluminum company how have the sanctions impacted them so far alex. well as we mentioned they're the second biggest aluminum company in the world after a chinese company that they lost that position a while ago and let's look at this graph i mean this basically tells you all about what's happening with the result so if you look at the one year graph yeah roussel took a hit actually a pretty big hit in april pretty massive hit and that's when all this information came out the sanctions were announced at the beginning of april two thousand and eighteen so the stock went down but you can see it's slowly going up but now let's go to another graph this the last six months and we see that this stock is actually climbing for the most part so our sanctions effective well look like they weren't as effective as some hoped they would be against reuss all and of course against the so-called all the dark yeah there is some question as to whether or not this sanctuary actually really put in place you saw that dip that you showed there alex but for the last six months as you showed and for the last month resells seems to be you know an impacted by the sanctions out by old age and drawn to thank you alex

thank you. and there's breaking labor news out of the united states as the thirty thousand strong united teachers of los angeles have ended the strike we told you about with a major victory the agreement between u.t. l.a. and the los angeles unified school district hands of teachers wins including smaller class sizes more support staff for students and a six percent pay raise u t l a rank and file are expected to vote to approve the agreement soon you t.l. president alex kudo pearl told reporters quote this is much more than just a narrow labor agreement it's a very broad compact around things that get at social justice educational justice and racial justice. and we're going to squeeze in a quick pause for promotional cause here but stick around because one we return marina baron obs of consulting joins us to demystify financial regulation and explain why i keep the rules of the road are in place and what they do plus on

a stock churkin. that the four of the world economic forum in davos switzerland should give us a report and little journalist molly barrows takes a look at the risk of the next generation of robots and as we go to break we've been hearing some early rumors that trade meeting in washington at the end of the month with chinese vice premier league who has been cancelled but there is some pushback from larry kudlow moments ago we'll be following that story and here are the numbers at the closing bell. join me every thursday on the alex salmond show and i'll be speaking to guests of the world of politics sport this i'm show business i'll see you then.

another russia gave bombshell fizzles this time it was buzz feed this prompted the intercept to write beyond buzz feed the ten worst most embarrassing us media failures on the trump russia story as hatred for trump destroyed the profession of journalism. reflect there's someone else living inside of me or controlling my body. the byproduct of that drug is because like some peer pressure. because it will lead him into a zombie it's crazy. you know we don't have to do anything it's not our fault you know she's crazy and all that. appears traumatic. to get rid of.

welcome back one of the things we like to do a boom bust is to demystify finance it shouldn't be that people have you know the media or people on the program speaking economic tons and tons and there's certainly enough acronyms to drown nobody out there in that vein today we effort to simplify what some may consider some mind numbing acronyms but stay here because this is really important when we speak about regulation for example in the crystal space or throughout the regular financial sector these regulatory rules of the road are key for finance and here to help us demystify a couple of the acronyms are marina aronofsky of skeeters consulting marina welcome this is ok this is super fun to have you here we've known each other for a few years and you are an expert on this so thank you for being here and i thank

you so much for having me a part that's a great ok so let's talk first about this one it's a mel it's anti money laundering and people might have an idea about that but talk about what it is and what and why we have it in financial regulation well bart the i'm time money laundering rules and regulations will put in place to basically prevent the entry of duty my knee into a legal agreement human trafficking or weapons raids or some of that their right to withhold their we're just getting money oh exactly right but basically the process of washing my knees here when they get them from dirty to clean right and that's what we mean by identifying it as dirty but it does this process includes acquirement cold suspicious activity of poisoning which has proven to be quite ineffective tool for our regulators inside the united states for example in the past few years the f.b.i. successfully brought in press secured it several cases which originated from

a simple suspicious activity you push old it's the banks and. others that are required to do this they report this suspicious activity report and then regulators the f.b.i. or whatever take a look at it and they can consider what's going on absolutely the financial services companies must file it but in addition to that also cora dealers or for instance casino workers real estate agents mortgage issuers they also require to file for suspicious activity reports if you watch all the t.v. shows you know breaking bad really the other year where they're really trying to launder money with some small business it really is not doing gangbusters but that's how they get through it let's talk about another one marina let's talk about k y c another one of these acronyms tell us what k.y. c. is and why that's important well. is know your customer which came from quite a basic business idea where businesses sward equired to understand who their

clients really are employed if this process involves depending on the industry. basically businesses may asked you to provide a certain sort of identification sorry such as passports or driver's license but again it's this process is a very basic just to understand who are the client is so we know that those rules are required in the u.s. i know some of them are quoted in the e.u. but are these generally accepted principles throughout the financial world or around the planet will until a minute laundering rules and regulations are receiving more and more attention now the regulatory environment varies from country to country but until a money laundering issues are definitely a global of them country specific the one point i would like to make regardless of the differences or similarities or these regulations the regulators and the force

in force are so if off of these rules. talking to each other now and there are quite an established lines of communication which makes the regulation and enforcement of this particular issue a lot more efficient and effective real quick we've only got thirty seconds but should these regulations be put on in your view cryptocurrency well i think of crypto currency as a commodity so this circumstances surrounding the acquisition of crypto currency would definitely trigger on time money laundering rules and your clients today but going forward i hope to see something in this space as well we hope you'll continue to come back and explain more it's great to have your expertise marina. thank you this is fun right it's great fantastic thank you the world economic forum in davos switzerland is taking place there is usually a big buzz about who is attending and what they might say well this time not so

much our choose honest us your churkin of the story well davos is a household name a world renowned economic forum attended by political elites and business trendsetters every single year thousands of delegates from countries the world over attending hundreds of sessions as well as glitzy mixing and mingling events all this followed by crowds of journalists waiting to find out what the next biggest headline is going to be now interestingly this time around the big story is not just who is here but also who didn't make it this year because we see some key western participants sticking around at home to deal with domestic issues among those the u.s. president donald trump he counseled his trip to be able to stay home and try to deal with the longest government shutdown in u.s. history british prime minister theresa may is also nowhere to be seen in davos

she's staying back in the u.k. because she has brought it. in her hands something she has to sort out and fast french president emmanuel in my clue is also not here staying back home to deal with the yellow vests movement demanding that they be listened to but with these leaders not being here questions are being asked about whether or not something more global with globalization being the topic is going to be able to be achieved here on the ground with the russian leader also not coming as well as his indian counterpart and the leader of china having sent his vice president but still there's lots to look out for this week we know that the german chancellor angela merkel is here israeli prime minister benjamin netanyahu the one who is seen as highly controversial brazilian president is also making attendance this is part of his first international tour and of course lots and lots of business meetings and

representatives trendsetters are getting together here in davos to discuss their latest affair so certainly a very busy couple of days ahead and we will be here watching all of those developments reporting for boom bust and especially churkin out from davos in switzerland. and if you thought the world of the terminator and on old was only in the movies studies on industrial robots show they could pose a threat to more connected the more connected they become with each other and the internet legal journalist molly barrows contributor with america's lawyer joins us now with more hey molly how you doing. great part i couldn't be better because we have you on the program again now we've had in our household one of those robots that does your carpets around the house and that's fine although i'm

not sure it works very well but yeah exactly but i don't want that shipping that information off on the internet or something what's the issue here molly. well it's fascinating of course when i first event to my first thought was terminator and all these robots being connected and you know we're getting organized to do harm to the human race but it's not so much that i think it's more humans working through these robots to do harm to other humans in the form of cyber security so as factories become smarter if you will and more and more of these industrial robots are going to work and whether it's automotive or aerospace or hospitals basically they're becoming more and more connected to the internet internet and that's where the real risk is they pose a risk when it comes to cyber security so when these robots were initially introduced they were isolated they might have just been programmed by one person within these places and now as they become smarter and smarter become more and more connected to the internet that's where the real danger is because they're not

necessarily set up for anti-virus software or they're not set up for even basic security and so a lot of these robots need to be upgraded when it comes to privacy when it comes to security because somebody can access the robot not only change its behavior but through that robot if it's connected to the internet and to the company's other networks they can then go back door if you will to the other parts of the company and potentially cause problem whether it's ransomware you name it so the robot can pose a danger to people within the factory with a robot to death essentially make an unsafe products so it is a real concern because more and more factories are using these robots in fact the federation for i think it's called the federation international federation of active robots expect to have over two and a half million of these industrial robots working around the world by this year so it is a real concern i didn't know there was a federation. either for or about robots but the whole you're always full of great details so i'm always what can companies do about this. well they better get on

their i t. phones for a while and they said that usually these robots are sort of overseen by company executives and maybe some folks in the i.t. department who may not necessarily be looking at these robots as a cyber security risk and they say you're going to change the way you think you're going to have to make it not only part of your business plan but also cyber security your robots and make sure that that is being addressed as well and then they have some other. suggestions too it's hard to find people that can actually work on these robots because it is a developing business so if you want to have somebody who can repair that's one thing but somebody to come in and help make it secure is an entirely different thing so in another way it's almost a niche market if it's if somebody can come in and repair these robots and make them safer against cyber security that they can almost write their own pay check so it's going to be interesting to see if anybody gets into that the other part that could make it a little bit difficult for hackers is that you know whether if it's your smartphone they want to hack then it's easy to get your you know

a smart phone yourself and figure out work somewhere its own abilities are these industrial robots cost tens of thousands of dollars and beyond so if you're a hacker just starting out wide and rework or rewire hack into a robot it's going to be a little more difficult to find one but you know where there's a will there's a way both interesting informative and a little bit scary molly molly barrows contributor at american lawyer thank you so much molly great to see you. thank you and that's it for this time thanks for being on board you can catch boom bust on direct t.v. channel three twenty one dish network channel two a day or as always hit us up at youtube dot com slash boom bust are two so long for now see effects on. the country has gone into a non mystic fever just want to thank you and we got to hit the road and get out

the traveling across america to find what makes america take the charlatans the genius of the place the central american hero this is it we've come to a point around which element is gone so we always are on the bridge of something. called gun culture is really important because. we're starting last with is going to headed east into the swamp we're going into the belly of the bee i think i want to leave now doesn't do any more ground on the earth it may be completely different but in the mystery. we settled for the past couple of years from the track and head to that these islands the plastic but the reality is there may still be a sharon and his cabinet in this fine lair of micro plastics mine still very.

the biggest thing that i am a child he is that we've never had an empty trophy please. like the contents of the something of an albatross. people obviously come and they just throw them into the water as disposal it may not be harmful for that little to. it's one fragment but once it makes its way up the chain it's getting to levels.

in. which president accusing the u.s. pilots is also. told of relations between the two countries. the founder of american news outlet buzz feed known for its sensational scoops reportedly faked other people's identities in order to spread misinformation. and ultra-orthodox in israel is being sued for removing billboards featuring women . and kind of as envoy to the us complains that his citizens.