one percent so. we can all middle of the room sick. room in the real news room. later on. this is bone boss broadcasting around the world and covering the world of business and finance and the impact upon all of us i'm bart chilton in washington and we're so pleased that you are with us at the end of the week thanks for joining in going to be fun coming up today some believe the world bank is going the wrong way with

u.s. president donald trump's pick to lead the institution but what will come of it are to correspondent sara months as the loans us a hand to break it down plus crude oil costs are climbing but what are the consequences like you horner of simpler trading is back he's standing by to drill into the numbers and do less tax refund dollars mean more taxes are being paid by average americans for president of williamson the executive director of a coast guard tech center at american university joins us and he won't be withholding anything and later speaking of lest the embattled city of the c.e.o. les moonves scandal was bad enough but now there's insider trading allegations related to his departure legal journalist molly barrows from american lawyer joins us with that story all that in our aside but first we had right to some headlines let's go. and arrest on charges international corporate espionage leads our global report today. as

a chinese born former employee of soft drink giant coca-cola is accused of stealing trade secrets the wall street journal first reported the contents of an indictment . wrong by federal grand jury in tennessee including allegations that she used her position at a famed at the fan but when of a soft drink company to obtain trade secrets including the chemical recipes get this used for coating inside of cans for food and beverages the coke recipes in question are key because they did not use bio fence at all any or b p a those b.p.a. free coating formulas are valuable because b.p.a. has been found to be harmful to humans the u.s. department of justice national security lawyer said that in this case quote exemplifies the rob replicate and replace approach to technological development and alleges that ms you effectively solicited a reward for her spying from a chinese state program the program is called a thousand talents plan wow what

a story. and speaking of coke both coca-cola and pepsi co i've reported flat earnings meeting expectations coke was the first reported break the news that this year two thousand and twenty night would not be as good as last the news resulted in cote single toughest stock tumble yesterday since the great recession look at that drop there that five day chart for coke pepsi co which reported today said essentially the same thing as coke about twenty nineteen didn't look so good but look at their numbers coke essential broke the bad news to the market and it looks like pepsico was the beneficiary big time what a difference a day makes as they say both companies cited pressure on foreign exchange rates and increasing effective tax rate from eighteen point five percent to twenty one percent and increased investment in advertising as the drag downward on expected twenty nine thousand or so. we report extensively with our correspondent sara on. herbicide roundup made by chemical giant one santo now known by germany's bear

a.g. last year a plaintiff was awarded two hundred eighty nine million dollars after a california jury found his terminal cancer was a direct result of exposure to quite a greedy in roundup well now it appears cosco the multinational membership only warehouse club and the second largest retailer in the state's behind wal-mart has banned round up the aforementioned saramago to open joins us what do you make of this with regard to costco locations they have them all over the world is roundup going to be banned in the u.s. and around the world do we know well costco does have over seven hundred locations worldwide france spain over five hundred of those are in the united states i actually called a few costco's and that called the headquarters here in the u.s. where they confirmed that they will not be selling roundup now moms across america started the petition on change dot org went and got over eighty nine thousand signatures and they're also trying to inspire others like calling on costco lowe's

and home depot to stop selling the product we'll see if they follow suit we appreciate you following this story were so good out last year we're glad you happen to be here for something else oh hang right there sarah and this week president trump has picked his replacement to be the next president of the world bank a senior treasury official david wall post the choice has been widely criticized by many center is still with us has been looking into the story. being the agreement so far this was such a weird thing i've noticed it but i couldn't believe it was still going on that the world bank president gets picked by the u.s. and the i.m.f. president i guess gets picked by europe i mean how's that working out well bar at the world bank was founded in one nine hundred forty four the u.s. was the largest shareholder back then with thirty five percent so the original deal was that the united states will pick a president of the world bank let me just note that this year that percentage of stock from the you owned by the u.s. fell. just shy of sixteen percent so the agreement i mean times are different now

but the agreement did say the u.s. would pick the president for the world bank and the european countries would make their choice for the international monetary fund now i want to say the long term standing norm is is just that the u.s. still holds the number one spot in voting power followed by japan china germany france the u.k. and then india but the us also has been a major donor all know not although not there are other dominant powers of put a lot of money into the world bank and this includes so the us that was number one for one point five trillion dollars germany just over one trillion followed by the u.k. france canada and japan with five hundred eighty two million look i'm all in favor of u.s. power i'm a proud american and everything but i mean geez you would think that one given this is a you know post world war two. and even though we still contribute a lot but it might be time to reassess is that what people are saying well that's why they are trying a lot there are

a lot of critics although also some supporters of trump's new pick because they said he's been he's not well suited for the job he's been very critical of the world bank which is something that a lot of critics are concerned about he's been critical especially with us china's coziness apparently the u.s. or the world bank has lent china over about two billion dollars annually now this makes a lot of people question why especially because china is the one of the two largest world's economies absolutely. the oka thank you so much sure appreciate you look at it. and turning to mexico president manuel lopez obrador on low has finally unveiled his plan to get state energy company p.b.x. back in the black the package of policy changes include infusions of cash and peanuts pension commitments new funds shifted from other accounts and reduction of p. max's tax obligations when to supported savings from on those efforts to. plug the

leaks and p. max's pipes are added in the company will have over five billion more dollars in resources the mexican peso fell by half a percent in currency markets on the news and p. max bond prices fell about one percent p. max by the way has struggled to keep production up and currently carries more than one hundred billion dollars in debt. and speaking of oil while have we seen prices move here discusses currencies and futures expert at simpler trading rajeev horner a writer great to see you again i haven't seen you in a while. thanks bart great to be back so i'm so excited because like all these stories that we've tried to cover it we've done a good job but i really wanted your take on a few things first before we get to those things do you have any comment on on law and the policies on energy so far it is new presidency there in mexico. his policy right now it's just been he's steadily campaigning he's got an approval rating of over eighty percent i think that the people of mexico are happy that he seems to be

facing the issues like the corruption like the stolen gasoline so they'll support him but that pemex downgrade by fitch and he's going on the attack instead of just looking at what they can do to address the issues i think this could be the first domino to fall to maybe start to make his public approval a little bit more wobbly so we'll see how he handles this right now that's why i wanted to ask you clay knew you have a great answer thank you so much all right so we also need to talk about a huge another issue brant crude which is traded at ice futures europe in london just a while ago i mean hour and a half ago or is something recent twenty nineteen high above sixty five dollars last i looked at it was sixty five fifty per barrel i mean what do you make of it and does it have anything to do with those reduce production numbers from opec from earlier in the week that we expected figures and they were even below those anticipated. the saudis have been overachieving they were looking at just over

ten to ten three million barrel production and that was the agreement to cut their production down to that level and they're somewhere around nine point eight a half million barrels per day even lower than the production of opec plus agreements that they had last month so that's helping but i think this has a lot to do also with what we're hearing from powell as of january fourth i think we're going to start to see a tick up in inflation i think we're seeing crude take up i think we're starting to see copper tick up so i'm actually looking. this is a very subtle macro shift in the u.s. it's going to make crude a whole lot more favorable to an uptrend raji what do you make of the whole venezuela circumstance. beyond the humanitarian crisis that's probably looming because the sanctions that we're looking at are much more iran like than probably even an initially perceived so fab one we found out that we're not only placing sanctions but there are tankers sitting offshore because p.d.s.a.

wants payment first and their freight of not being paid and so we're seeing the u.s. apply apply a more iran like sanction they've asked india not to buy oil from venezuela we're seeing high compliance so what i'm going to see is just that that pressure on oil is going to basically right now probably bankrupt but duros administration they want to where they want them to run out of cash and that's why i say it's a it's a humanitarian crisis in the making but it is really i think what the goal is to get. in into power meter out raji horner a simpler trading what a delight to have you back on the program thank you so much rajeev sure appreciate it have a great week and. thank you my friend. and it's time now for a weekly market wrap up and we start as we like to do at the russia moscow exchange

rather it rush at the mo x. and the hoax actually up as was the shanghai in shanghai the shanghai composite and by the way the shans and we don't have the show and then we usually don't do that but that's also up at the nikkei two twenty five have a tough start to the week but ended up being up on the week and down in hong kong at the hang saying there it was down but i want to stop here real briefly for a programming note the hong kong block change week is an early march and next week the c.e.o. of that jawan levy is going to be with us from next change and he's sponsoring next change is sponsoring it's going to be a blast we're actually going to bring the program to hong kong that first week in march so we look forward to that back to the chart australia the a.s.x. three hundred down in sydney up despite some losses this week inlining mining company giant rio tinto a lot of you know and then b. h. p.

group also down as is the financial sector by the way but strong down days stop today with three of four big banks in australia ending on a positive note and in india a sense. in mumbai the bombay stock exchange down and then down for the year heading into those elections we tell you about coming up in just a couple of months in south africa the all shares was up and then moving to europe i want to talk about europe just a little bit there is news out of the e.u. that the gross domestic product grew it two percent in the core point two percent rather in the fourth quarter and that's the same as q three and ties the lowest since q two of twenty four tane germany as we've told you. the program slowed and italy actually has gone into recession the twenty eighteen euro zone g.d.p. stood at one point eight percent and in the markets here at the french cac the cac forty up the german dax and buyer member we were talking earlier about month

santo the whole round up thing and costco well buyer edgy up for the week and up here today but down year over year and the u.k. footsie like the cac forty up for the week up for the year but down for the entire year over year and in colombia down at the coal kept up as was the ivo best in brazil and up in canada at the ts sex it's in the it up and the u.s. and by the way we've talked about the possibility of a government shutdown in the states while congress has passed and president trump has signed a bill to continue funding so there will not be a shutdown markets reacted favorably to that news both at nasdaq and the new york stock exchange they're up for the day big time as you'll see in a moment the numbers for the day and up for the week and that's your weekly market wrap up for this time time now for a quick break but hang here because when we return did the trump tax cut law

torpedoed tax refunds for average americans professor donald william some of the executive director of the coast guard tax center at american university joins us to discuss plus if the embattled c.b.s. c.e.o. les moonves scandal wasn't bad enough now there's insider trading allegations related to his departure legal journalist molly barrows from america's lawyer joins us with that story as we go to break here are those daily numbers i promised you at the closing bell from new york we'll be back in a flash. the . united states does that all the time it always tries to influence elections when people who are running who are friendly to the united states are running against

people who are unfriendly we certainly did that all through central america and south america for many many years we know that these efforts are made repeatedly there not criminal every intelligence agency in the world she's a part of its function to make sure that election turnout favorably to the country . she'll be a v.m. . still dependent model for most. of that didn't. own up to me today. or the here now with jamie as

a one quarter it's. now at the height of the. hill i don't know what that matter i see let him make the point i mean for the on the marriage will have been closer here not because of me as. welcome back last time we spoke about iron ore and the valet brazilian mining company well today eight employees of the company including two executives have

been arrested all rested in the investigation of the collapse of that dam which led to brazil's deadliest mine disaster ever the floodwater of mud and mining waste killed at least one hundred sixty six people and many more more than one hundred well more than one hundred are still missing earlier this week reuters revealed an internal company report that rated the risk of collapse for the failed them at twice the acceptable limit and warned about the risks from nine other dams owned by the company those dams as we've told you about before have been close yesterday belay c.e.o. . offended many when he told brazilian legislators that ole is quote a jewel he's a brazilian jewel and quote cannot be condemned for an accident that happened in one of its dams even though it was such a big tragedy what have you. and there is some rough news in the right hailing sector as china's d.d. reportedly plans to cut staff of fifteen percent unnamed sources familiar with the

plan say t.v. executives internally disclosed today their plans to dismiss two thousand employees out of a total global workforce of thirteen thousand the executives also reportedly said they will shift resources toward efforts to improve safety boom busters will recall d.d. was officially admonished and fined by chinese regulators last year after the murder of the murder of two d.d. writers by their driver ago. and we now move to do a deeper dive on a story we told you about briefly the other day with regard to taxes and the impact of the new tax law in the states to help us out we are pleased to once again be joined by professor donald williamson the executive director of the co god tech center of american university here in washington d.c. as always he will not be withholding anything on our tax discussion sorry about that professor but thank you. for being with us we are so appreciative so. the report was that from the i.r.s. that refunds are down and that but the treasury department says hold on for

a minute this is just early in the game hold your horses the numbers aren't in but it leads us to ask whether or not our refunds down because there wasn't as much withheld or are they down or refunds down because there's not as many deductions in the new packs bill what are your thoughts because these early returns are those that probably are taxpayers claiming the standard deduction and claiming no other deductions at all my my two cents would be indeed it is because of the reduction in withholding that the refunds are down we'll just have to wait for later returns examine them to see what the impact of the refund is on them but over eighty five percent of americans this year will claim the standard deduction and claim no other deductions at all you know i just remembered something and you may rue the day you told me this you brought in i think the first time we met professor a little sheet you said this is what the new tax form can look like and you had it i don't know if it was reduced but you had it on something like this it was not

reduced it wasn't it is that what people are actually using a postcard now but again over ninety one percent of the tax returns in this country are being filed electronically so the form that i showed you no one is really filing themselves but we see the form has been simplified with certain extent there's lots of schedules are you know we used to be on the form itself there are a lot of schedules that been added but basically the. show be i was pretty incredulous about it so i'm glad to know that it's worked out even if the schedules are separate so let me ask you i mean here we are more than a year after the law was passed and we're still trying to figure out really what it means do you have any clearer view of what you think who you think rather are the winners and losers in. thing in the short run but i think we most people in this country are indeed winners the tax rates are lower and the amount of taxable income so they'll pay less tax however in the longer run i know in the long run we're all

dead but our children and our grandchildren will have to pay the piper us the made that the tax bill cost between one point five in two trillion dollars that's serious money who's going to pay that we're not paying it today and it has to be paid some day now ultimately maybe the government just prints the money but that might even be worse because that means inflation and i just don't know what's in store for our children and our grandchildren well you may have sort of answered one other question i wanted to ask you but let me phrase it maybe you can embellish your give a little texture so here i mean look markets were crazy good last year a lot of a lot of the you know get up and go was in part said to be due to this tax bill but we had a g.d.p. in twenty seventeen of two point seven percent and now they're talking about maybe we'll get to three percent now despite the claims on the campaign it's going to be six seven eight i don't know the billion percent but was the two trillion dollars worth getting maybe two or three points of a tenth of

a percent what do you think you've answered your own question on that part clearly no i don't know whether this country would have grown even two point seven percent equal to the twenty seventeen growth rate so i cannot judge whether this tax bill created a three percent rate or something more something less but it two trillion dollars as you pointed out that's a lot of money for this tax bill and we'll just have to wait and see if it plays out always so great to have you on professor thank you so much not only of the coast guard center at american university preaching your time. and c.b.s. shareholders have filed a lawsuit against former chairman and chief executive les moonves as well as other c.b.s. executives over allegations of get this insider trading violation of those s.c.c. was laws and suspicious stock sales the suit says they sold off hundreds of

millions of dollars ahead of that sexual resonance scandal that forced mr moonves to step down from c.b.s. legal journalist molly barrows contributor with america's lawyers here now with more hey molly i mean are all those folks being accused of insider trading. no there is actually a variety of charges and there but according to this class action lawsuit a number of the top dogs with c.b.s. collectively sold more than three point four million shares of that stock worth about two hundred million a little over and it happened during a time the suit says when c.b.s. knew that the me was asking about the sexual abuse and harassment allegations against moonves the suit says moonves sold stock valued at more than one hundred fifty five million between june two thousand and seventeen and may of two thousand and eighteen that was before the company revealed in july that it was going to investigate moonves over those allegations and then of course and as resigned later that september last september all shareholders bringing this lawsuit say the timing

and the amount of the sales make it quote unusual and suspicious and demonstrate a motive to commit fraud. only moonves acting c.e.o. joe in yellow chief accounting officer lawrence lighting and former communications chief joe swartz are accused of insider trading this lawsuit but there are other allegations look i mean it's as you say legal journalist molly burrows there are allegations that this is point but boy you just think that people that are in these high level positions one of the major media companies in the world not just in the states that they would not just know this stuff but they would be so diligent about not dealing with the mr moonves or any of the c.b.s. employees responded to those allegations. they have it before i get to the reaction i'll just little bit about what you talked about there some of these other allegations in fact are against the c.b.s. board members and sherry redstone who's a vice chair of c.b.s.

and president of the national colden company that is c.b.s. as majority shareholder well going to your point that lawsuit alleges that they could have done a better job policing the whole work environment there c.b.s. that they didn't disclose this pattern company wide pattern and practice of sexual harassment which created this culture of fear in this hostile work environment that put the company at risk leading to executive stepping down and basically not being able to do a better job of protecting the company's assets when they knew this scandal was coming and they didn't give anybody ample warning so a spokesman for moonves told variety that he denies any wrongdoing of course says f.e.c. filings this is what's so interesting also show that some of his sales were made under a rule ten b. five one plan which sets out a regular schedule of stock sales and under those plans the insider gives up direct control in order to avoid liability of insider trading claims so that is going to be it sounds like his possible defense i wasn't in control of my shared stock it was on the schedule of my shares of that stock i should say and c.b.s.

also said in a statement that it wouldn't be appropriate to comment on ongoing litigation however they say they have been in compliance with the law so there's maybe a little bit of an indication of what their defense is going to be part that's why you're a great legal journalist molly burrows contributor america voice thank you all a great weekend. if you can start. and last time on the broadcast we spoke about drones being used in the media and other industries and i mention that there are banned in certain places like here in washington d.c. and some other cities and it sensitive places like airports you may recall a drone shut down stansted and also gatwick airport both near london in december well earlier today as if on cue the third largest airport in the world in dubai was shut down for half an hour due to what is called the on of the authorized drone activity drones are in a lot within five miles of the de by international airport the perceptions in all the perpetrators rather in all three of these instances have not been located and

it appears that there's no contrail sorry for that. and that's it for this time we hope you'll be back again thanks for being on board you could always catch boom bust at you tube dot com slash boom bust artie you have a great weekend see it next time. you know this one ties in my town don't assume. that you could still move to see it on the plaza slipped out to. the field in the distance hey this is what the look like and i know this town and i think. this is the only thing that we do is music because everybody gets a use wait. for

this kind of this book is what it was given at the time the. what i see is this is the that's the. good politicians do something. to put themselves on the line to get accepted or rejected. so when you want to be president or injury. or somehow want to. have to go right to be cross this is what before three in the morning can't be good . i'm interested always in the water using the power. they said.

when lawmakers manufactured consent instilled into the public wealth. when the right wing closest project themselves. with the financial merry go round to listen to the one percent. to ignore middle of the room signal. room dream real news is really the world. crashes and sit downs of the fourteenth weekend of the yellow vests protests as hundreds gather in paris against president fox song where cross was happening in the french capital the other day. u.s. vice president mike pence called on european.