we have a pack show this let's go and dive right in. with your global report today in the middle east where a dangerous situation is heating up after 2 oil tankers were reportedly attacked in the gulf of oman the u.s. navy it was a ploy immediately to assist the sea vessels as they were blazing their crews were evacuated the situation. of an attack on me 14 ships were attacked near for jerry row near the united in the united arab emirates an international must see the attacks as a state actor was likely at fault in that case this afternoon u.s. secretary mike pompei all announce a trumpet ministration believes iran is responsible for this attack iran has devolved denied involvement in this or the other attack the location of the strike is crucial as it is near the strait of hormuz an important choice choke point through which crude headed particularly to asian markets passes the attack has further significance as japanese prime minister shinzo abbay continues his visits with iranian leaders in tehran on the heels of the attack on this crucial region

oil part of already started to spike joining us now to further discuss the moves in the market is our producer site start. welcome saya what's going on today with the oil busy markets after these dramatic events well danny all the attacks under 2 tankers and off amman is certainly the main driver today given the refocus on tensions in the gulf as a result of this standoff between the u.s. and iran but this is actually a fairly modest reaction in the context of the oil market as we see it at the moment and that's because the macro environment is more about concerns of falling demand than it is actually about potential supply oil had been falling recently yes they've actually fell to a 5 month low with concerns on u.s. trade war concerns about slowing growth in various countries around the world and we still see all of those factors play today as those of macro factors haven't gone away so this move could have been a lot bigger and more significant but still it was enough to make. investors are

nervous now after the attack u.s. crude futures rebounded and the price for brant crude and that's the global mench bark surged over 4 percent to about $62.00 a barrel today now daniel prior to this crude oil prices had drifted lower in recent months as a huge surge in american production more than offset the effect of u.s. sanctions on oil producer countries like venezuela and iran and then the opec recently supplied curbs and just today opec cut its forecast for growth in world demand this year to 1140000 barrels a day and that was from a may as to met a 1210000 barrels now in its monthly report said that the revisions a largely reflected sluggish demand and danielle it's also worth mentioning that hollowed out of that saudi arabia's energy minister and now it's last week that and russia a very close to a deal that would extend production cuts to implemented at the start of the year

and that's due to expire at the end of this month and so we learned from this earlier but so our viewers why this. happened makes this so important to the world oil market when there's obviously has been a lot of recent tension in that region potentially posing a threat to global crude supplies the incident that occurred was near the strait of hormuz and that's the world's most sensitive oil production choice put chokepoint which roughly 35 percent of the world seaborne crude oil passes the strait of hormuz links golf of all mon and the persian gulf separating oman from its eastern neighbor iran and now although the strait of hormuz is deep enough to handle the biggest tankers out there distrait is only about 21 miles wide at its narrowest point and one of the scenarios it's in floated here as you know a concern is that since it is a choke point that there. has been a ledge may seek to close. is that even feasible once any of the current u.s.

naval presence in the region would make it extremely difficult for iran to choke off traffic in the strait of hormuz but iran has this treaty to depths to stage one offs attacks in vessels which would be enough to destroy the world or all the world oil markets but regarding today's attacks iran the headliner hardliners particularly there were guards are normally a lot smarter than international shipping lanes during a crucial diplomatic meeting or do producer sites i'm good thanks. and as many are pushing for a transition in global energy away from fossil fuels oil production in the u.s. has ramped up reaching new heights artie's alex mahela just following the story in toronto alex according to b.p. british petroleum testicle revealed world energy the u.s. is breaking records when it comes to pumping out oil what can you tell us. you know

last year alone on the daily amount of oil that was being pumped out was 2200000 barrels more than the year before that's 2200000 barrels a day that's enough to fuel the entire u.k. it's a massive amount of fuel it's the biggest search we've ever seen in any country in the world that that type of growth rate is absolutely massive and you know it so year over year we're looking at this and one looking at a global production in the u.s. anything that's gone up in production in this world in the past year has been all due to this u.s. surge in production now here's a map just to give you an idea of where this is happening this is the permian basin which covers a part of texas and you mexico i'm with say that this part of the u.s. is going to be for the next 10 years the part of the u.s. where the oil supply will mostly be coming from so it will be fueling this u.s. surge that we're seeing right now and alex with

a surge in domestic supply how is that affecting oil imports to the u.s. . well when the u.s. has oil that doesn't need oil from anybody else and we've seen that in the terms of a massive drop in imports and here check out this graph it gives you a great idea of what this actually looked like it looks like so according to the e.i.a. in august 2006 the u.s. has net imports of crude oil and petroleum products was over 13000000 barrels a day of oil. and then this past march that number was under 842000 barrels believe it or not so this graph takes you all the way. to 973 so you can see that drop is very vivid in the way that it's happened and alex with us production ramping up so high how what is the effect on global oil markets. well the global oil market so it's basically we're in a bear market right now so even with countries like what we were mentioned a little bit earlier in this whale up under sanctions by the u.s.

it doesn't matter that oil is being pumped out from the united states of america and the crude prices are also meant to mention the brant crude the $61.00 yesterday over $62.00 today that's mostly because of what happened in iran but still we're looking at low prices some analysts are even afraid that the prices might drop to $40.00 so this type of manipulation when you're telling stories about ships getting sunk that are carrying oil in the strait of hormuz obviously they're going to pump up oil prices a little bit maybe that's what they want done we don't know what the situation there is 100 percent for sure but the way it looks like right now there is some manipulation going on as there always is with oil and the fact of the batter is that the world is decreasing its use of oil so this is also the flip side of the coin so when the world makes less plastic which a lot of people want to make less plastic we see the damage that it's done on the face of this planet when the world starts using less oil while the demand is down

the supply however in the states is up so much so that there is tons in reserve and when we have oil in reserve that can start to be in issue now for we also mentioned the opec nations before the opec prices are need to be changed around of these countries are saying that demand has gone down and with the demand down means that they're like making less money but where is the big thing what is the really the catalyst here that's making these prices drop and that's the 2 biggest economies in the world are in a tariff war which is china and the u.s. and when there's a something like that happening every economy is going to feel it and industry like oil is definitely going to be hit. great global round up from r t correspondent alex mchale of edge thanks for joining us. activists concerned with preserving australia's great barrier reef and human civilisation are raising alarms after officials in the state of queensland gave a final approval for the carmichael thermal coal mining projects the go ahead for adani enterprises of india to begin work to open the opens the door to 6 additional

mines in the galley galilee basin to extract an estimated 8 to 10000000 tons of coal annually for use in indian power plants climate activists are pushing to leave the carbon based fuel in the ground to make meeting the goals of the got para climate said harris climate agreement feasible and avoid the most catastrophic of traffic effects of human induced climate change australia's famed great barrier reef has already suffered an 89 percent loss of new coral growth due to ocean warming and acidification. and germany's auction for 5 g. spectrum came to a close one stay after raising nearly 6600000000 euros in a 4 way battle between 3 german telecom mainstays and one newcomer the auction lasted a record 12 weeks the successful bidders were deutsche telekom who spent 2200000000 euros vodafone which spent 1900000000 euros telefonica ponied up 1400000000 and a one in one drill it's

a mobile startup run by billionaire ralph dahmer muff spent 1100000000 euros to make a play in the german bubble game across the board the providers involved in the auction were unhappy with the inflated price of the auction and said the high prices would hinder their development of 5 g. technology trilobites saw their stock price shoot up nearly 10 percent on the news but has since leveled out. so i'm now for a quick break but hang here because when we return as a trans-pacific trade fight continues it's having impact on stocks on both sides of the ocean goup of the institute for china america studies. on hand to repeat the harsh rhetoric and get to the numbers later if the 2 trade war weighed heavily on china another lincoln to take the law making against the last all swine sports of why paul it's above the training joins us to see how china plans to get through tough times ahead and as we go to break here are the numbers of the close.

officer. who had to get up off the ground after begin to pay down. on the sounds of. a grown man with misleading essentially. twisted away from the officer. the obvious or did they kind of lunge for the weapon once missed and then when it happened on 3 swung at the observations didn't

hit him i never saw any contact between the 2 any kind went back to where they were so the officers back here there try again 15 feet apart at this point and that's when the officer saw his gun and tree. we are in a strange situation where everybody is making a lot of noise about military action against iran but nobody in the part of that alliance actually wants to do it there's no desire for it and so do you hope that iran makes a mistake and somehow and then does it some kind of confrontation and then the iranians will be forced to come to the table you know begging for some kind of solution on american terms but you know i think that is dreaming that's a pine tree. shots seemed wrong but old rules just don't call. any call to

get to shape out just to become educated and engagement equals betrayal. when so many find themselves worlds apart. just to look for common ground. $3200.00 miners in chile have voted to strike against could delco the world's largest carp and largest copper producing company after contract talks broke down workers at the chukchi come out of mine which produces about 450000 tons of copper annually voted to begin their strike on friday after could delco responded to the demands on health care costs and pensions with an offer of a 1.2 percent raise and a one time benefits package of about $20000.00 to delco management insisted that

their offer was serious responsible and realistic the company cited competition from china as limiting what they could offer workers the mind and the harsh outcome a desert is the largest open pit copper mine on earth and codelco produces produces about one 3rd of the global copper supply. and in other south american metals news the bolivian government says it will build at least 14 new plants within 5 years as part of the so large a uni project the bolivian deputy energy minister said state lithium company y l b will partner with companies from china and germany on the new plants which will produce lithium hydroxide boric acid and sodium bromates lithium is a surprise commodity in the century for its role in batteries from cell phones to power plants the bolivian government says 70 percent of the world's total lithium supply is in that you need to posit the deputy minister said the uni plan will ultimately include $41.00 facilities to be built by 2030. and the chinese commerce

ministry says the growth of u.s. investment in china is slowing and that the lingering tariff and trade fight could cause a recession in the united states here to discuss that and all things china's saurabh group to the senior specialist in asia pacific international relations at the institute for trying to america studies welcome back thank you now 1st let's get your reaction to. chinese commerce ministry ministry data show u.s. investment in china growing by 7 percent. from january to may of this year versus 16.3 percent growth in the 1st 5 months comparably 2018 is that a credible statistic and how significant would that decline be if it verified i think it's a credible statistic i think it's consistent with trends because of the trade war there has been people are in wait and watch more they're not making the investments but in spite of that there isn't even crease if there's growth not as good as last

year and what that does show is that people expect that perhaps the street book war will be resolved and certainly that the 2 economies are not good about to decouple in time soon and so there is sort of apprehension but nobody's panicking and yes nobody is panicking and the expectation is that this will not be will not be prolonged frankly and moving from statistics to statements a congress ministry spokesperson told a press conference on thursday there will be no winner in the trade war which could cause a recession in the united states and global economies how likely is a recession in the united states in the near term and how would the trade fight how much of a contribution would the trade fight had made to that outcome good point. in terms of it's hard to predict recessions and it's a good it's a dangerous place to go but i would say that there will probably be softening at least in the u.s. economy it has been on

a sugar high bottle but sugar will begin to dissipate and the point that is being emphasized i think out here is that if there is extreme market waller to lety if there's extreme very negative sentiment that could make trends which are not very optimistic get worse than they are and it could push the global economy i would say into some form of a down. turn. by itself i would say that the trade war will not put either the chinese economy or the u.s. economy into a recession it's not of that magnitude but it can be that straw which could break the camel's back if it really came down to it and very unstable a state owned chinese bank the bank of communications international says the wine is going to fall below 7 to the dollar within 3 months what would the effect of the fall be and how significant is it that a state of wine and city is is making this production it's it's it's it's it's it's

fairly important that and consequential that a state alone entity is saying so and i would say that the chinese people's bank governor has sent signals in this direction but what the the point of the chinese our central bank and the monetary authorities are trying to get across is that we are not going to defend an artificial currency value we want stability and we will manage the value of the one and even as the one falls so be it but we don't want it to be very volatile and this certainly don't want 7 to be a number which speculators can attack and so that's the impression they're giving that yes it could fall but we've all we will manage it and it's not that we're looking for great great depreciation in its value. and on currency issues the treasury secretary of the united states mr nugent has accused china of having a policy of letting the one fall to blunt the effect of the trade fied of trade

fight with the us is a possible scenario. both yes and no let's get to yes yes because the tariff at this point of time 10 percent gone going to go to 25 percent on $200000000000.00 of chinese exports and any depreciation obviously in nullifies the value of their tariff depreciation so yes there's a point in that regard but. we have to look at it from the slaughter perspective china is transitioning from being an export led economy frankly it's current account balance in the current in the in the most recent currency report that the treasury put out it used to be 10 percent of g.d.p. in 22009 it's 0.4 percent of g.d.p. china doesn't look for exports or growth woods economy anymore and frankly with regard to the currency china wants that currency to have secular appreciation because it is want it wants to internationalize that currency and it wants it to become its store of value internationally and to harden the currency you want its

graduate rates not its depreciation rate and i want to get your take on this big name in asian commerce only barbour's reportedly pursuing a secondary starke listing in hong kong the could raise $20000000000.00 quickly what would be the advantage for them of that secondary listing the advantage would be that they would not be held hostage to their to the to the capital that the obtain through u.s. capital markets there's already sentiment and movement frankly of the political level to trade to to to to soften those links and try to ensure that there's far greater due diligence and perhaps even prohibit chinese companies from there are $150.00 plus chinese companies which of which are listed on the on the main u.s. stock exchanges and there is some degree of threat in terms of how they can capture or is better to do it in a different jurisdiction perhaps excellent insights as always thanks for joining us on q. . and sticking with china boom busters no we have been following the swine fever

epidemic that is wreaking havoc throughout asia but mostly affecting china demick asco it's with no end in sight china has experienced an uptick in inflation to 2.7 percent in may mostly on the back of increased prices in fresh fruit and pork pork itself has seen a 20 percent spike as a breeding herd for the world's number one pork producer has fallen. by 24 percent joining us now to break down how this is affecting the pork market does todd baba horowitz c.e.o. of baba trading baba thanks for joining us. now what is the african swine fever outbreak doing to pork prices worldwide. well worldwide it is not doing a heck of a lot actually i mean actually today the price actually broke down and we may be in there break down and hog prices here jus july august went below 84 which is the 1st time in quite a while and they've been holding support so since the initial burst when we got up

to $100.00 we're now continuing to fall lower and you know china is even though it's china but smith they own smithfield food is one of the biggest pork producers in the world which is here so again we're seeing here much lower prices so the only effect is what's happening directly in china through their own supply but anything that's that's important in that sense around the world is still coming down in price here from the original big rally that we had up interesting now earlier this week we reported that china's port reading stocks were doing very well as the country is expected to lose at least 20 percent of the population by the end of the year from the calling that's necessary to prevent disease from spreading with us being seen as one of the worst animal epidemics in history can we expect this trend to continue. you know what i think actually the based on what i'm seeing and based on the price action i think the p.t. virus in 2014 was worse you know we're we're about 50 percent lower in price

than we were in 14 when we had that p.v. virus they couldn't find a reason to how to halt it and i think that's a big thing saying because we were up in the $1.30 level for hawgs back then so again i think when i look at the price of my action which is really all i can look at it tells me that there is no problem and we know that just they should period of august very quick i mean you know they give birth quickly so is it once they can get it under control they can rebuild very fast and american producers missing out an opportunity on this wave due to the ongoing trade dispute with china to fill that market vacancy. well you know again i think that you know we had not a big problem getting rid of stuff and we had a big burst and prices and for this time of year were at higher than normal prices anyways so i think that that the hog farmers have done quite ok in this market certainly we'd like to have the trade stuff don we'd like to have

a good deal going forward and i'm sure it would even be better for everybody but i don't see a major amount of damage based on again going back to price action which is all i can really base it on i don't see major problems and a lot of the hawg producers i talked to are not having major issues either and you said the prices are holding a falling here in the united states could it be that that that's a cause a result of that port that would have sloshed to new markets and china being held back because of the trade fight and holding down the price here. it could be but again remember if they're hungry and they want to eat you know one thing we know about food and commodities if there's a big enough demand ok they're going to pay the price if they need to so if they really needed it they would pay the price and they would pay the tariff they get it there because people want to eat food and i think that's one of the big things that we seem to forget it just like what we've seen we're having in the grain markets

right now even though we're having this terrible trade war grains if exploded higher so i get it always comes back to a supply demand action and when the world needs supply that you know over oversupply that prices are going to lower under why they're going to go higher always insightful on pork markets and other commodities will get to meet let's meet next time you hear the horowitz c.e.o. bubba trading thanks for your time. thank you very much. and sometimes the best way to learn is a lesson is through shame but east west market an independent grocery store in vancouver british columbia canada has taken to shame in an attempt to stop customers from using environmentally unfriendly plastic bags they started off charging $0.05 for the use of a plastic bag as they tried to get customers to reuse use reusable cloth bags but when the fee for bags didn't get their desired results they turned to shame printing their bags with embarrassing logos on the sides in hopes that the logos

would include the likes of colon care co-op or into the weird adult video importing them would deter customers from polluting the planet with awful plastic bags while a customer reaction has been mixed some now are going to the store just for the silly bags collectible trash but that's it for this time you can catch boom bust on direct t.v. channel 321 dish network channel 280 or streaming 247 on pluto t.v. 3 free t.v. channel 132 or as always it is up at youtube dot com slash 2 must r.t. so you next time. after a breakdown in negotiations presidents trump and she may soon again meet to hash out a trade deal the stakes couldn't be higher both sides need

a perceived win failure could witness the global economy divided into rival blocks and a dual internet world. play . play. play. play.

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the crew of one of the oil tank is damaged in a suspected attack in the gulf of oman say they were hit by flying projectiles apparently contradicting u.s. claims that the iranians planted a mine on the 1st so. also has hit back the american allegation accusing the us of resorting to sabotage the plane missing. a u.k. court will hold a hearing on whether to extradite using this songe to the us where the whistleblower could face up to 175 years in prison and tech giants are accused of silencing speech they don't like that after you tube removed the video project their attesting taking the way so.