broadcasting around the world covering all aspects of business and finance and how it affects you this is boom bust i'm kristie i in washington d.c. coming up the state of u.s. trade is in the balance as white house officials attempt to hammer out a deal with china while the new nafta also faces an uncertain future economist richard wolfe joins us to discuss what is at stake plus details continue to emerge in the world when negotiations took fire oil giant and arco petroleum what will this mean for the two hundred fifty thousand acre of in the permian basin artie's haven't heard joins us to drill into the details and finally right here behind this live and over how to carry new drivers in new york city to new regulations that ford tried healing services to pay a living wage our correspondent alex mahela dish up behind the wheels to hear

a true story all that directly ahead but first let's have some headlines. made a twenty nine thousand leads are global report today as violence erupts in paris ahead of marches to commemorate international workers day clashes between protesters and police started well before the official march was set to begin a spokesperson for french president emanuel told the financial times that mr mcmullan ordered extreme firmness against disorder and violence in the masses on the streets were a mix of yellow bus movement style words union members and black bloc anarchists and while the yellow bus movement has clearly wane in recent weeks it's notable that the diverse marchers and protesters came out in such strength just a week after president unveiled a nineteen billion dollars set of economic proposals meant to pacify the movement those proposals followed mr monk. rounds much touted great national debate on

economics and french standards of living which clearly failed to satisfy many some protesters angrily cited the flood of donations from the wealthy elite to restore notre dame cathedral now totaling well over a billion dollars while the living standards and economic security are slipping for many. u.s. and chinese negotiators have wrapped up the latest round of trade talks in beijing with chinese vice premier expected to travel to washington for next week's session meanwhile the trump and ministrations new version of the north america free trade agreement which the president has labored to rebranded as the us mexico canada agreement or u.s. m.c.a. seems to be struggling to get off the ground here to discuss trade mayday and more is friend of the show and perth press r m rattus of economics at the university of massachusetts amherst richard wolfe welcome first thank you good to be here thank you first what is your take on may twenty one thousand and the bile and economic

tension still playing out in paris today. well i think that they prove something that is true for france but true for many other countries that the split between the five or ten percent at the top that are doing well and the mass of people that are having a harder and harder time is bubbling over you can't control it the french have dried everything all the dealing with the basic problem and i think it's a warning shot for european countries and yes for the western hemisphere true that these kinds of splits in france are not different from what's year and therefore what's coming here is being told by what you see there. now to us in china this trade war has dragged on for ever with tariffs on three hundred sixty billion dollars of each other's goods and now we seem to be in the final innings of it but we're start of stalemate over critical issues break it down for us what are the key points of the conflict now. well there are two sets of key points the first one you

might see associated with peter navarro and certain of those advisors to president trump they want to change the basic chinese economy so that it is more friendly to more receptive to the united states and they want basic changes in china along that line then there are others like secretary of the treasury minucci who really wants this tension to go away because it's interfering with international trade and he i think understands what the others don't which is that china has successfully outgrown the rest of the world for the last twenty years i was not about to change the situation and the system that is working so well for them so you've got a stalemate if you really want fundamental change if you don't if you want to put this pointless and dangerous tension behind you then you will make an agreement both sides will claim victory and we'll go on to the next crisis for mr trump to

focus on the china does seem to be taking steps to move the negotiation the law they said they plan to open at forty four trillion dollars financial sector to the world china announced that they will remove limits on ownership and local banks and scrap size requirements for foreign firms that operate on shore by opening its doors this will basically allow fresh funds to provide support for the banking industry that is currently under some pressure from a slowing economy but then again i would also welcome our competition how will this change the financial landscape in china. i don't think it will change very much that one of the virtues if you support them or the flaws if you criticize them but one of the things that the chinese have shown themselves able to do is to use the government closely together with the enterprises to get the kinds of economic adjustments they want they have already been opening their financial. sector maybe

now they'll do it a bit bigger a bit quicker but these are marginal adjustments that they'll make a mountain out of because if they need to show that they have a big result for these interminable debates but the reality is that the adjustments are marginal and it's a big step from making the agreement to actually working out the details international trade is full of these agreements that then get redone and redone because there are eight hundred ways around them the united states practices those the chinese do and that's why mostly this is a show game and not a real economic problem unless it spins out of control i heard them say that they were being very optimistic over the talks recently but we haven't seen any results i guess what does have to wait for more moving on to present trends after it's now to pass the us mexico canada agreement or the new nafta it seems to be stalled in congress the administration is now making the case that the u.s.

and ca well boost the u.s. economy by sixty eight billion dollars and add one hundred seventy six thousand jobs what it actually and how sell. i don't believe so i think this is the exact same hyping that on the other side the democrats under clinton did when nafta was first passed big promises of wonderful gains to get the things signed so you can claim that you have done a great thing what happened recently was that the mexican government agreed to make some new rules to protect workers that was missing from all that had been discussed before but the a.f.l.-cio and the democratic party want more they want real guarantees that these are not just agreements signed but really will be enforced and that the funds in the personnel there are going to do what they promise there's no guarantee at this point nothing is built. and and so the democrats are saying

until that's done we're not going to sign off and without the democrats in the house of representatives they'll be no new agreement because they have to agree to it and they don't under these circumstances how can the next truly guarantee that i now they are saying that these changes are truly insufficient but what more can actually do to show that they mean business well they could i stablish for example a whole new department with the personnel in the funding to inspect to make sure that workers are paid properly that workers are recruited properly that they are protected on the job with all kinds of benefits that they've been wanting for years and that the american side wants to make sure are there and you know there's a selfish part of all of this if you provide proper conditions for workers in mexico then they will stay there because they have the jobs and the safety and the security they need if you don't they will continue to try to come to the united

states so the irony is what the democrats are doing is another way of dealing with the immigration problem but without the cruelty and the horror that we have seen in the way that the trump administration has handled it. thank you so much for richard wolffe professor of emirates at the of economics at the university of massachusetts amherst. onto the earnings beat apple reporter earnings for q two twenty nine hundred tuesday outpacing wall street expectations apple reported their revenue at fifty eight billion which slightly outpace the fifty seven point three billion forecasts they also saw earnings of two dollars and forty six cents per share bt estimates by ten cents i phone revenue was as thirty one billion down seventeen point three percent year over year but that has been expected due to issues with sales in china

revenue from apple services which include app sales grew to eleven point four five billion a growth of sixteen point two percent during that earnings call apple announced that they would be repatriating nearly two hundred eighty five billion dollars that had been held overseas and pay a one time tax payment of thirty eight billion on the cash following the news the stock spiked more than four percent the can just over two hundred forty thousand dollars per share. from one tech giant to another facebook unveiled overhaul of new social network on tuesday the announcement included moves to reposition itself into a private messaging and e-commerce sector in an attempt to tap into new revenue sources with a new redesign of their app they have shifted the focus away from their signature timeline feature and deciding their messaging app online marketplace and video on demand features one of the biggest headlines coming out of facebook's annual f eight conference was a new secret crush option for facebook dating with

a new feature users can select up to nine friends they want to show interest in if this were to happen you would receive a notification saying a friend has added you as a secret crush if two people select each other it would reveal. the names of both users facebook c.e.o. mark zuckerberg said of the new feature as a world gets bigger and more connected we need that sense of intimacy more than ever that's why i believe that the future is private this is the next chapter for our services. time now for a quick break but hang here because when we return details continue to emerge in the world when negotiating to acquire or oil giant anadarko petroleum what will this mean for the two hundred fifty thousand acres in the permian basin. haven't joined us to drill into the details and finally rise here but he may live and have stopped hiring new drivers in new york city due to new regulations that forced ride hailing companies to pay

a living wage correspondent alex mahela vege behind the wheel to steer us through this story. and as we go to break here the numbers at the clubs. is that. you get a shot at a looks funny you know we often see this woman you know. like she was drinking and that's. where we will use it. even though. there's a little aspects that are now we're going to discuss the subject matter there's no

interest to us because they're still brings. therefore we try to something for them stimulate job to see. no use in the world. on the water. totally. not. your ego to. move for you. know. they can come and blow our brains out at any given time if we can't really do anything actually america is the only country in the world where you can kill

people outside of war and legally get away with. all the fire crawls stillbirth all the trouble here's three failed to point it's hollow fly to k.k.k. what exists because america wanted to exist they had the biggest terrorist group to ever operate in this country and they're dead to me they're worse off than the people who destroyed the world trade centers are those grow white. white. white. welcome back to boom bust updating a labor action we reported last week a strike at scandinavian airlines was left unresolved after weekend talks aimed at

reaching a settlement a persistent dispute is now causing more rounds of fly cancellations bringing the total number of affected passengers above three hundred thousand in a statement earlier this week as a as management said. we deeply regret that our customers are affected by the ongoing pilot strike when s.a.'s now cancels flight on monday and tuesday adding the strike has affected sixty one thousand passengers on monday when six hundred fifty seven flights were cancelled across ghana navia on tuesday forty nine thousand passengers and five hundred forty six departures were affected labor and management were scheduled to meet today and also to settle the strike with hopes of restoring regular service for thursday afternoon going into the talks and f.a.'s both person and norway official mediator at the talks expressed optimism about reaching a new agreement. flying from oslo back to washington the us federal reserve open market committee is wrapping up a two day meeting and they have as expected left interest rates steady that

decision to take no action is still newsworthy as the fed policymakers signaled no rise in rates in the foreseeable near term and effectively rejected allowed demands from president donald trump for a rate cut mr trump has been publicly disparaging fed chairman jerome powell on twitter and then person over the past rate increases in april the wall street journal reported that mr trump told mr powell i guess i'm stuck with you. meanwhile mr trump has suffered another setback in his push to take control of the fed's policy levers as the candidacy of economic commentator stephen moore for the fed board seems to be doomed prior to being formally nominated republican senators have been stepping away from mr moore after a series of massaging mystic comments and gaz in mr moore's commentary and personal financial troubles have come to light the thinking of mr moore's prospects follow

similar embarrassment around mr trump's previous pick for the fed board herman cain who also withdrew from consideration over past sexual harassment scandal. the oil. industry is for facing a rare bidding war as chevron and occidental are gearing up to fight for anadarko petroleum and arco holds an impressive portfolio of two hundred fifty thousand acres in the permian basin a lucrative shale assets roughly one third of total u.s. oil production comes from the permian making the outcome of this merger a very high stakes battle there is a limited amount of assets so there is a real fear of missing out and a cost of opportunity both chevron and occidental see tremendous cost cutting synergies with anadarko saving up to one billion dollars a year here to give us the latest is r t producer saya tab engineer now chevron is the second largest american oil companies second only to exxon mobil and is more than five times bigger than occidental so this really doesn't look like

a fair fight but now warm buffett decides to get involved and is committing ten billion dollars and preferred stock why is buffett supporting occidental in this takeover well chrissy this is really no longer occidental versus trevor on this deal is now considered a chevron versus warren buffett so why is buffett so interested in this deal well buffett's company berkshire hathaway owns northern natural gas and that's the nation's largest interstate natural gas pipeline system and by. into a possible combine occidental and darko berkshire is making a big bet on u.s. shelves since both companies have a holdings in the permian basis now occidental oxy as they call it and industry reportedly may seek to sale and darko stake in pipeline affiliated western mainstream midstream partners as part of the ten billion dollars plan asset sales that would be part of the anadarko deal also buffett's commitment to invest ten

billion dollars in oxy to finance to end a darker deal is a classic move by buffett highly favorable to him and costly to the company now the structure of the deal is actually very similar to a profitable transactions that buffett's company did with goldman sachs and during the two thousand and eight financial crisis now it's very rare for buffett to participate in any bidding war for any company that's just not his style the last time he did do was in twenty sixteen supporting quicken loans dot tried on successfully to buy yahoo internet assets in another reason that buffett company is interested in getting involved in his deal well kristie is that berkshire has actually relatively limited investment in oil and gas stocks and energy is actually less than one percent of common stock of its common stock portfolio the second smallest sector assuming oxy berkshire will have an attractive investment in oil

and gas and the preferred stock will bring eight hundred million of tax advantages dividends to berkshire every year and i can not redeem the preferred stock for ten years now that's a long time christie morris preferred stocks sold in the open market are actually redeemable after just five years now in the market doesn't seem to really like this deal today the broader market is. down a percent t. rowe price is a key shareholder of oxy and he came out saying that he does not approve of this deal citing thing if it. in execution risk and dangerously increasing its financial leverage does this signal a wider discontentment a mound oxys shareholders well earlier this week on monday and darko already agreed to start negotiations with oxy saying its bid may pretentiously be superior to chevron's existing deal to buy and darko for thirty three billion in cash and stock now buffett's ten billion cash investment provides you with flexibility and even increased their offer and even though anadarko has previously expressed reservation

about the risk of us having to get any deal voted through by its shareholders oxy can now use the majority of the berkshire investment to add cash to its bid and room or the requirement for a vote so even though t. rowe price has shown great concern over the deal and that he might vote against a deal in the board of oxys upcoming shareholder meeting this might not even need to go through a vote since a ten million cash investment for buffett would avoid that. however and our goals for right now is still recommending chevron despite the occidentals bid being alive and dollars higher per share now they see more synergies with chevron and they see less risk as well so how do you expect this entire bidding war to actually play out because chevron refuses to overpay and that's right chevron does refuse to overpay and let's not forget chevron is a huge company if they really wanted to purchase in

a dark hole of the wood and if they wanted increased a bit there would so all in all if chevron want to take over they would but they're just sitting and they're just waiting to see what happens and just the last thing to remember is that if the deal does not go through and it would have to pay chevron one billion dollars for the deal not going through. thank you so much those r.t. america producers haven't. giving drivers a living wage is causing problems for ride hailing apps lift and over the two farms have stopped on board a new drivers in new york citing rules introduced by the city's taxi and limousine commission which raises minimum wage for drivers with more we're joined by r t is alex mahela vetch alex tell us what's happening on to these companies that are known for getting a vehicle to you and a click of an app why are these minimum wage regulations the new york

a concern to them. well if the rules kicked in just in february so this is relatively new so that what the problem is a minimum wage commands more money being paid to these individually contracted workers now none of these people the driver who are left are deemed as employees they are deemed as contract workers so these companies have been able to get away with a lot of things like not paying for health care not paying for any type of insurance etc etc each one of these as i mentioned is a contracted worker so now with this minimum wage will kicking in with the city of new york is saying that is that these people should be paid about seven thousand dollars an hour just to make the difference with the minimum range wage being fifteen dollars an hour that's the official wage they need about seventeen or taxes in expenses to earn that equivalent of seventeen dollars so obviously this this can be costly to both and lift it it's something that they rely on is this whole contractor thing and for their business obviously this just gets more expensive so

they're saying it's not a good thing so now when it comes to over it's had its share of issues including this one and that can be good for a company that's about to i.p.l. what can you tell us. we know that it was probably an i.p.o. within the next couple weeks of valuation they're saying around one hundred or ten billion dollars i should say one hundred billion dollars i was correct the first time when you want to get on the market and you want to get a lot of money anything that follows you that is not necessarily good and that some bad news that you've had in the past well it's again it can affect your bottom line and that's what's happening here what we're seeing is that these drivers are because of these benefits that they want except for if they were to actually become true employees that would put a big dating and hoover and there's a possibility they give if these jurisdictions start saying that hey this is what you have to do this one of those things is up in the air we also know that they've had discrimination suits sexual assault suits their organizations were even saying that. they were stealing trade secrets as well as bribery accused of many many

things we saw live to which just i.p.o. to march twenty eighth very similar company as you know their stock dropped seventeen percent since then so that was a quick drop her off the asli a much bigger company so this stock i mean a lot of people were looking forward to this coming out on the market we know that the demand is very very high but when you have so much of a history that's not negative necessarily positive this could do harm to which direction we're going to see one that stock actually goes to market as that's not just new york city where companies like o'barr facing challenges how are things looking around the well fed than. well let's look again specifically because they are the big guys they're the big players so here's a world map this gives you a sort of idea of where we were operates european countries are right they do allow to operate but they're considered a transportation company so they have to play by transportation company rules but there's jurisdictions such as ball garia and birds are banned out completely in the czech republic burnell which is the second largest city and no denmark suspended

and we have france and there are cheaper services services. pop it's currently banned we even know that there was a two point three euro two point three million euro lawsuit in netherlands that they lost to be lost so we're looking at that we were looking at places like neverland and japan they're talking about actually partnering with license companies that do taxis in little services so this whole thing that we know is uber can change as it grows and we know that actually is going to go into different they want to go into different directions such as trucking and transportation so is the stock going to be worth it it could be but they have a lot of hurdles to cross and then something like that's happening in new york city that's one of the big hurdles. correspondent allison i have this thank you so much . thank you. that said by this time you can catch a boom bust on direct t.v.

it can operate twenty one dish that wire channel to eighty or streaming twenty four seven and put a t.v. the brain t.v. out channel one thirty two are as always had a youtube dot com flash boom bust r t c n x time. my seven years doing drugs my nephews was still in drugs my sister just with doing drugs it was like an epidemic of drug abuse america's public enemy number one in the united states is drug abuse he started going after the users in the prison population who are we started treating sick people people who are addicted to these drugs like criminals while i was on the hill. then the war on drugs was on the stand there are countless numbers of people who are in prison for.

certain sins for minor minor offenders in the drug trade it's a lot watching your children grow up and miss you in waves and say bye daddy as you're walking out of a business it's just it doesn't get easier. this is this is a stick from the water bottle found in the stomach of the fish the brand is spawns of the coca-cola company which sells millions of bottles of soda every day the idea was that let's tell consumers they're the bad ones they're the litter bugs are throwing us away industry should be blamed for all this waste the company has long promised to reuse the plastic. that soon. their plastic. stay on your phones at a special projects funded. on the line your best bet is. the end of a footy team but fun now the mountains of moist only grow higher.

position to fulfil for a period of sort of full schedule to flourish but if. you're doing what you know will be well to the minute that it was no i go to the. loser because it's a field. goal of a good leader of a team you know that all you want so with that they're going to bring in the management of that said wilbur still it was gut feeling almost all. of them but well it was pretty good growing closer to grow but you're still too much because you hope i'm going to be on but i come. here to your room if you're lonely you don't need to answer a storm here so i'm i look down from moods are bears are doing the clue trick of crafters smirk or.

may day celebrations are drowned out across europe instead marred by mass rallies violence and arrests. the u.s. attorney general tacit price to the senate democrats accuse him of misleading the public on the media report. and we could exonerate julian a son just sentenced to fifty weeks in prison in the u.k. for skipping bail back in two thousand and twelve when he claimed asylum they at the door and embassy.