this is boom bust broadcasting around the globe and covering the world of business and finance an impact upon us all time daniel prieto and i'm christiane washington here's a life out on back today as one trade war begins to cool off the u.s. it's already looking for another fight back richard wolffe a standing by to break down the carrot top talk that the u.s. has brand up against the european union. unwinding of tensions has allowed china yet again on growing fell and most initiatives r.t. correspondent alison hello there well the unaccounted for for the major shipping. and dive right in. a 1st at the european central bank leads our global report today as i.m.f. managing director christine lagarde is nominated as e.c.b. president by the european council was the guard will be the 1st woman to hold the position and has previously ranks on lists of the most powerful women in the world

her tenure at the international monetary fund began after predecessor dominique strauss kahn resigned in disgrace with guards views on monetary matters are orthodox in line with her peers among managers of global financial institutions with the rule proving exception of her belated concession that significant debt relief relief would be required for greece's economy to recover his lead guard has previously served in french ministerial posts for trade agriculture and finance while the guard does not inherit the media crises that challenge her predecessor mario draghi the next president will have to manage disunity and acrimony within the eurozone as well as the festering global trade disputes of the trump era as the guard has repeatedly warned of the risks of those those fights presents to the global economy but the risk of her show up a decline in global growth. increased. and so did you a political. and disappointing long term growth prospect and you have

an economy. with a pretty clear message. chip maker broadcom is in advanced talks to acquire a systemic the security software vendor as it seeks just further expand into the more profitable software business broadcom forecasted earlier this year that china u.s. trade tensions and threat of a ban on doing business with pa way when not $2000000000.00 off of the company's sales this year currently 49 percent of its revenues come from china and this for right into software would help to diversify its business lines symantec comes with over $4000000000.00 in software sales and would deliver high cash on cash returns for broadcom symantec is also cheap and ripe for the picking with the sudden departure of c.e.o. richard hill on may 9th shares have slumped 33 percent last year on secular headwinds and this offer would be the lifeline for leaderless cement tick analysts speculate that the deal could be done in the 26 to 20 dollars per share range

representing at 815 percent premium to today's close and value semantic at $16.00 to $17300000000.00 no deal has been finalized yet but semantics shares have rose as much as 16 percent on wednesday while broadcom slipped 3.5 percent. now joining us for a bracing critical perspective on recent events in our global economy is professor richard wald and rattus of economics at the university of massachusetts amherst and the author of democracy at work richard welcome and we really want to start out with the e.c.b. and regarding our top story the nomination of christine legarde for the presidency of the central european bank so right now what do we need to know about her and what does this mean for the future of the eurozone at a time of significant tensions within the e.u. and with the u.s. . thank you 1st of all for having me let me respond about mrs lagarde she really is part of the power elite in europe the financial leaders the political

leaders she's been that in that position for many years so i wouldn't expect any dramatic shift or change from her taking the reins of the european central bank i think your other point is key they have a set of problems now that i wouldn't wish on anyone least of all her but here they are these are going to shape whatever it is she does the breakaway of great britain one way or another that's going on the disunity among the europeans the end of the regime of angela merkel in germany the war between the united states trade war with china the the need of the president of the united states to start beating up on europe now that he's finished with these tower of wars of mexico and canada china and india europe is in his crosshairs now it's a major theater but it disrupts their economy it changes their politics she has

a hard job ahead of or now professor wolf turning to the u.s. central bank president trump is set to nominate 2 new members for the board of governors of the federal reserve after his previous nominee stephen moore was forced to withdraw his candidacy over sexist comments 1st just a little bit of what president trump has. had to say about fed chair jerome powell he should have never raise the rates to the level that he raised i say we're not going to get pushed around by political he said you know i basically suggest you guys today so i'm not going to try to prove how tough he is because he's not going to get pushed around yeah here's a guy nobody ever heard of him before and now i made him and he wants to show how tough he is ok let him show have stuff he is use of and he said he's not doing a good job so no president trump has paired one orthodox choice the current chair of the st louis fed with judi shelton who in a blog post for the cato institute suggested that the us return to the gold standard what's going on here. well 1st of all as

a professional economist who works in this area i have a meaning no disrespect on a personal level for mr trump to think he can't do better than these people he has nominated these 4 is an insult to the intelligence of anybody who pays attention number one number 2 every single person he's nominated all 4 of them have one job to do which is made clear to them get interest rates lower that mr powell his nominee is willing to get that 3 back in september. of 2016 when he was running for president mr trump attack the then head of the federal reserve janet yellen for keeping or pushing interest rates low on the grounds that she was just doing that to help the democrats win that election well what in the world do you think he's doing now the hypocrite hypocrisy of it all is kind of mind blowing he wants lower rates not because the economy needs them not

because the rates are very high they're actually lower now than they usually are in history but what he wants is an artificial boost to the economy lower interest rates so that you get a kind of a quick i and that at least your postponed the downturn that everybody expects until after the election so he can then be in charge without being wiped out of the election by having a downturn occur this year or in the 1st half of next year and then to the trade tensions on monday the u.s. trade representative added another $89.00 products with annual imports were the about $4000000000.00 to a previous $121000000000.00 of imports on a tariff target list what do we need to know about this latest move. well i mean the the little information you might want to tell people about is that one of the items listed is scotch whiskey so that if you drink scotch or you know anyone who

does maybe you want to stock up because if he hits them with a tariff the cost of a scotch drink anywhere and everywhere will be going up this is political theater this is mr trump acting out what he thinks works for him positioning himself as a fighting for a better deal from the europeans the chinese the mexicans he's going to do better than his predecessors obama and so forth other than that it just makes those countries angry it makes those countries bigger it means people in those countries working in companies are going to look outside the united states for their future growth because it's too risky doing business in a country whose president is allowed to interfere in international in trade in a way no president has done in the last century son now on the u.s. china trade fight front some major names and i like tonic such as amazon dow

hewlett packard and microsoft are reportedly looking at moving production out of china so if you're a chinese decision maker how concerned should you be about this. well let's take a step back 2 things one mr trump promised that his attack on china would bring jobs to the united states if you look at all the news reports about electronics leaving china none of them not one is bringing jobs back to the united states they're going to leave china if they do and go to places like vietnam or thailand or taiwan and those other kinds of countries so the jobs problem is was pure b.s. number one number 2 years ago the chinese government understood because they said that publicly. that they were growing their economy as an exporter but that in the long run that's not state safe for them to do foreign markets can dry up and then

in 2008 when the world capitalist system crashed their foreign markets dried up since then they've been working hard to refocus their economy on domestic raising the wages of chinese workers so that they can buy back all the china produces all the trade war with the united states does is accelerate the program of focusing on the mystic development faster than it might otherwise have been done and professor will move mention the u.s. the current expansion has apparently set a new record of 121 months of growth what is the context you would put around that and what's the under the surface of that figure. well you know here i'm reminded of the old phrase busy the bigger they are the harder they fall we had a cataclysmic collapse of capitalism in 200-8910 that really was a doozy the 2nd worst collapse of capitalism after the great crash of the 1930 s.

it is not surprising that we have been coming back from a real collapse millions of unemployed millions of people lost their home tens of thousands of jobs disappeared and companies went belly up so we've had a recovery that's lasted longer than usual in part because it came out of a crash that was way worse than usual the average length of time for an upturn in capitalism is 4 to 7 months everywhere anywhere for 200 years we know we're due for one if you count from 2017 years the outside is 2017 so we're already 2 years beyond it we know we're going to get. one the only question is when because we haven't done anything since the last question to fundamentally change the american economy so that's the only reasonable exception

and that would give explains why you chris traits are being pushed around by trump because he's very afraid of what he knows is coming and wants to push it back. as always professor richard well thanks so much for your time. glad to be here. extreme climate events are rocking india's financial capital and putting severe strain on german roads and rails indian authorities say at least $27.00 people were killed after floodwaters caused 3 separate wall collapses in western india and after the finance capital of mumbai was nearly paralyzed a public holiday was declared in maharashtra state and authorities that buys residents to stay indoors last week india sensex rose as traders bought up futures particularly in the agriculture and energy sectors anticipating the heavy seasonal rains. meanwhile in europe a hellish heat wave is breaking all time records in germany authorities have had to take the relatively extreme measure of imposing speed limits of 10120 kilometers

per hour on stretches of the autobahn to mitigate damage in danger from likely buckling of concrete and asphalt from the extreme heat 3 lanes of the berlin ring road were closed and tourist rails buckled there germany's baltic coast in spain where wildfires now raging temperatures reached 44 degrees celsius or 111 degrees farenheit. time now for a quick break but hang here because when we return the unwinding trade tensions has allowed china to set their sights yet again on growing its bell and road initiative r t correspondent alex mahela visions on hand to sort through the major shipping venture and as we go to break here the numbers at the close.

it has been a mixed week for currencies following the aftermath of the g. 20 let's take a look at some of the more significant moves the ruble over in russia rallied into g 20 but then quickly pared gains and then down as the trade tensions still simmer just below the surface in a recent no morgan stanley favors the ruble going into the summer as it has been the best performing developing market currency of the year so far over in china the c.n. why was flat against the dollar down marginally point 04 percent as it ran managed to hold onto its recent gains as optimism about a china u.s. trade deal offset exactly over domestic economic growth the c.n.i. is up 2.5 percent year to date and crumbs backing away from a terrible escalation has led analysts to speculate that there will be a currency component in any ultimate trade deal while markets initially took that to mean a one way bet a stronger yen as trump demanded increased u.s. export purchases strategists believe that too strong of a yen will make future currency diplomacy too awkward so ultimately expectations

for a strong yen will be partially driven by changing fortunes of a weakening dollar the initially fell point 7 percent going into g 20 but rebounded to nearly flat as the continued uncertainty in the markets drove investors to save haven currencies the iranian reality continued its freefall down another 1.8 percent against the dollar you really see the effects of the u.s. as a punitive sanctions as it has effectively cut off iran from most of the global economy forcing the government to scramble for foreign currency to pay for humanitarian goods inflation is skyrocketing as the riyadh drop $4.00 fold against the dollar in the last 18 months over in turkey the lyric traded flat against the dollar for a good part of the week but then slid 20 as the dollar gained however has been steadily c. gainey as a head fresh 2 month highs i get the u.k. pound as inflation is moderating to the lowest level in a year the indian rupee is down point 4 percent over the past week against the

dollar as we come into the all important monsoon season food and oil prices have climbed higher expectations for a near term rate cut has been unwound investors are now waiting for the new finance minister norm osman fireman's 1st union budget on july 5th to set the tone of india's monetary policy and finally bit coin flip from its highs of 13000 last week reached 10 k. and then quickly rebounded now rallying up over 4 percent for the day as a consolidated as the long term support levels now over to daniel for europe and the americas thanks kristie starting in the u.k. the pound sterling is down against the u.s. dollar over the past week and on tuesday more downward pressure developed as bank of england governor mark carney said the currently quote monetary policy is tighter than intended fuelling expectations of an interest rate cut mr carney also cited economic headwinds from the global trade tensions which he said have caused a sea change in the world economic outlook moving to the euro zone the euro also

down for the weak against the dollar a strong u.s. p.m.i. figure for the month of june the so-called trade truce with china reached at the g. 20 were significant contributors to that result moving over to the americas you typically troubled argentine peso is having an up week the argentine central bank on monday lowered to key interest rates but also lowered their money target for august to october those moves and finally the u.s. dollar gained against the euro over the past week on that trade truce i mentioned earlier but on wednesday it took a dip after president trying to tweet to the accusation that the e.u. and china were quote playing a currency manipulation game and said the u.s. might follow suit that is your global currency report for that week. welcome to max geysers financial survival guide. looking forward to a year without. yanks this is what happens to pensions in britain.

watched as a report. much of mushrooms news down to the contacts used in the wrong way kerry carried potential arms like any any psychoactive substances. but used in the right way they seem to have quite a. profound therapy to potential and quite a good safety protocol is well. if you will not obey the voice of the lord your god will be careful to do all these commandments and. then all these curses shall come upon you and overtake you. and then the white people just don't have property and therefore it must be returned to campaign if they get rid of whites only problems will go away.

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welcome back to your bank's restructuring efforts begin this month in a multi-billion dollar overhaul is a prepares to heavily cut back on its investment banking division the revamp is expected to cost the bank as much as 5 point $6000000000.00 as a plan to cut 20 percent of its workforce germany's largest lender plans to make most of these cuts outside of europe as the investment banking arm has struggled and failed to generate sustainable profits since the 2008 financial crisis analysts are expecting deutsche bank to report a loss for the full year meaning that that it will be in the red for 4 out of the last 5 years in order to finance the overall deutsche is seeking approval from regulators to lower the amount of capital that it is required to have on hand the bank is aiming for common equity tier one capital of capital ratio of 12.5 percent

which would free up $3500000000.00 euro as c.e.o. suing his decision not to raise fresh capital was to avoid diluting existing shareholders who have seen the stock sink to a rare low georgia has been under intensified scrutiny lately as state prosecutors investigate and raided 8 homes that clients suspected of using its regular subsidiary to avoid taxes and water money. and in 5 new mobile carrier vodafone has become the 2nd provider in the united kingdom to offer the much anticipated 5th generation that promises faster service but a phone service is going live in 7 u.k. cities which include london manchester glasgow birmingham. it's all liverpool and cardiff with plans to expand to 12 additional cities later in the year iii the country's number one mobile provider was 1st to launch 5 g. in 16 cities in may 2 other u.k. carriers are planning to roll out 5 g.

this year 3 will launch their service in august and 2 will have an offering before the end of 2019 in the u.k. all of the mobile providers use fall way equipment in their 5 g. infrastructure despite concerns over alleged spying. china's choice in dollar belt and road initiative is moving full steam ahead in both china and its partners are benefiting it's only been a few years since the modern day silk road project was announced and already trading investments are up with some looking to get even deeper into the game alex may have joins us from toronto with more alex let's start with china where hearing remote areas of the country are experiencing a boom as part of the b r i what can you tell us. what china's northwest province of gansu is reporting that belton road project is just it's booming there a day that's a given their economy a major boost when you say remote and try to the province of 26000000 people have easily someplace else that's a lot but it truly is remote it's closer up to the moment goalie and border but

here let's take a look at this map this will give you a better idea of this whole built in road idea and what it looks like so in this situation belt and road means belt it means roads and actually roads means shipping routes the project currently spans over 71 countries and there are in 3 continents that being asia europe and africa and gansu as you can see if they are in china is on one of these trade routes which makes it a perfect place to be so when you consider belton road covers how the earth's population a quarter of the g.d.p. you know gansu is in the money right now the 1st few months that we saw trade happening with delton wrote going through that area 6.7 percent increase in trade and belt accounted for over half of all foreign trade in that province just a sudden boom in this area gansa borders mongolia so let's mention it's in the north and of course it's trade has grown with mongolia and the pack the group of

asian countries that are working together so 23.3 percent up in growth with trade to mongolia and get this 50.4 percent with nations now just imagine this is just the beginning of this it's only been going on for a few years to. 1049 supposed to be the completion date so regions like this are going to benefit tremendously in china and of course countries like mongolia a very remote nation itself when you're right on this new 21st century silk road it's a good thing it seems johnson also known for its tremendous coal production exports as well so now when you consider the road 1 or marine time routes in this case in the news is a benefactor of the bell and road the country which has seen heavy investment from china is now working on a way to further investments from china but to cut liability what's their plan. absolutely so the president of indonesia met with president xi of china and they were pushing this forward basically to. increase investment into indonesia

indonesia right now is not seeing as much benefit as other nations and they would like to see more from this belt and road project so the country offered $91000000000.00 in investment to china to sort of sweeten the deal say come on china come to our nation and what they're hoping for is that china gives out loans to private companies so instead of going through the government which would have liability then if it screws up so loads this way private companies in indonesia would we be working directly with a fund that's a belt of road funded infrastructure fund that would be backed of course by china now we know that there is a lot of investment in indonesia from china already we know there's a $6000000000.00 high speed rail that's being built as well as a fact a hydroelectric plant. a little bit of controversy over that. electric plant simply because it is known to be a habitat of a type of a range of 10 they're saying that they're not really pushing these animals out

others are saying they are so of course i mean we're talking about a project that's spans the globe and when you have something like that while you're going to have a few bumps in the road hopefully nothing's happening to those poor animals but did you just say you know what they want to push forward with china. of course any investment is welcome or as you correspondent alex may hilditch thank you for joining us. thank you. the island which was used in promotional materials for the failed fire festival is now up for sale for $11800000.00 saddlebag k. is not the location of the actual event but rather what was used in a promo video featuring the likes of kendall jenner and bella the island getaway which boasts 7 beaches a main house and several cottages sits on $35.00 acres and is only accessible by boat the 2017 debacle the music festival promised

a luxury experience but concert goers were shocked to arrive to a construction site on exuma island with pop up tents cheese sandwiches and a lack of working bathrooms the festival was co-founded by rapper job role and entrepreneur billy mcparland the latter of which was sentenced to 6 years in prison for fraud and fined $26000000.00. i certainly don't want to go on that island having that reputation but maybe it'll come out as a bargain no it's going all the bad memories i don't think it was $11000000.00 that big of a bargain but you knows maybe there's a buyer out there could be that's if by this time you can catch boom bust on direct t.v. channel $321.00 dish network. or put a t.v. the free t.v. out channel to 79 or is always said it's up at youtube dot com slash. see you next time i.

ga in public especially the younger generation got fed up with that i was sort of just because i will sort of just they failed with the democratic reforms the very worst. economic reforms there as well and when so russian chromed is sitting in the chair all day but parliament german parliament of georgia it's made people simply mad to know because then everyone realizes this government has failed with everything and now they allowed some russian combest to take seat of the chair of the board in poland parliament where you're going to be pretty independent was actually declare. as we speak large organize care of in our on the march to the united states. and then 70 and a player coming african. you know. this

is a virtual invasion of our country we're so far bigger than anything we see. that i'm at the end i thought of him and i'm going to get our no 4 nothing up on the farm and i thought. you know it's going to stop this in. a nice powerful. is you know do is you know we're going to see a more liberal goes you know to see the show for players for to open.

up. a little bit on a. little bit. and is paying his 1st visit to italy since 2015 to meet with the country's leaders and the with the. force one way germany's in the grip. but it's also sparked a mini prime way. and around warns the u.s. not to start a fire if it can't handle the consequences after trying for the islamic republic not supplied with fire by increasing its uranium enrichment. they know what to do with you know with the airplane with them i think they're playing with fire for the us to do to correct this mistake washington is afraid of the word fire. and russia

is the friends.