but for the global economy and really more than a decade out of the 2000 financial crisis u.s. is already looking the part of its eyes it's made major mortgage finance giant enough regulatory authority miles that word one this one has a hearing today to for exam the proposals and what this could mean for the future of housing in the united states got to our children let's go dive right in. the people's bank of china announced on friday that it will cut the required reserve ratio for all commercial banks by 50 but this would essentially free up $126000000000.00 of liquid capital that could then be used to increase lending support consumption and boost business investments this move came after the glop them announced earlier this week its intention to increase economic stimulus measures as china faces increasing headwinds and met the escalating trade war this is the strongest loosening signal from any policy meeting year to date and these measures should provide the support to the real economy and reduce the risk of a dramatic slowdown in the 2nd half this move was certainly antagonized especially

since the p.b.'s c. indicated recently that they are wary a larger scale easing measures and have so far refrained from cutting benchmark interest rates meanwhile just when the 2 sides have agreed to resume trade talks treasury secretary minutiae and has been quietly pushing the i.m.f. and independent body to endorse its view that china is a currency manipulator this is happening just one week after the i.m.f. found china's army to be fairly valued with no evidence of manipulation sneaky this move by the us the i.m.s. largest shareholder is putting new pressure on the institution at it undergoes a sensitive leadership transition following christine legarde departure menuhin is backing georgieva the world bank's chief exec to replace legard. who has a close relationship with nugent could be installed at the i.m.f. as early as october at which point surely renew its efforts to end. hard to address

beijing's currency policy trade war with china is now threatening to draw one of the global economies neutral umpires into the fray the i.m.f. the bank daddy of all banks is supposedly independent but are they really the us treasury was supposed to be independent yet they got bullied into trump's agenda the fed is supposedly an independent government agency yet powell bowed to political pressure and now finds himself playing defense this is worrisome if there's supposedly independent bodies are so easily influenced. and one of the world's biggest credit rating agencies fish downgraded the hong kong sovereign rating on friday as protests and riots continue inflicting long lasting damage to international perceptions of equality and fairness of hong of hong kong's rule of law and its business environment fitch unexpectedly dropped the bombshell by downgrading the city's rating one notch from a double a plus to double a on the city's outlook from stable to negative this

could have serious implications for the borrowing costs of companies and the government this is hong kong's 1st downgrade by fitch since 1995 but leader kerry lamb hit back to defend hong kong disputed the downgrade saying that nothing has undermined the one country 2 systems and that the protests have not affected hong kong's core competitiveness you know the as well as 2 other waiting agencies in movies are american companies and there are question beijing's growing influence on hong kong. in today's episode of the bride the drama the ben build to block a no deal break that has passed the house of lords without amendment the bill is now set to become law after the formality of the queen's assent to the measure is officially attained on monday in response prime minister boris johnson who on thursday said that he would rather be dead in a ditch than request an extension of bragg's that notably declined to reprise of rhetorical display of defiance and. terminations on

a visit to aberdeenshire in scotland mr johnson whose political and diplomatic standing seems to decline almost 5 hour insisted that he could solicit a new deal on bags from the european union by powers of persuasion few outside of mr johnson's inner circle seem to share mr johnson's life confidence in his diplomatic capabilities the pound sterling took a fall of point 2 percent against the dollar in early trading while leaders of parliamentary opposition reportedly huddled to determine a common strategy labor leader jeremy corbyn is said to settle on a position that no general election should be called until a bendel under an extension of bragg's that past october 31st is secure. and joining us now to offer her perspective on all of this is holy ford which a board member of the british merican business as usual come back you'll be glad to hear. the ben bill boring the new deal briggs it seems to become law on monday barring an extraordinary break with president. say that the bill is procedurally

bulletproof as it passed with nor moments presuming regular legislative order will the prime minister comply with the ben bill if and when it becomes law well you know as he mentioned you know he's already declared that he'd rather be dead in the ditch than go and cruel to brussels to request an extension and of course what the hilary benn bill stipulates is that he will have to go to back to brussels and request about a 3 month extension till the end of january which he does not want to do and actually there's been fears that he won't comply in fact hilary benn was quoted as saying you know we either have a law and the rule of law or we don't so we actually can just ignore this and not actually accept it i think what's a very interesting point is that while this bill would force johnson not to be able to force through a no deal breaks it actually forces polymer to come up with some kind of solution and they have none so it begs the question what is their solution for the dithering as he was quoted in saying in aberdeenshire is that you know. it costs the u.k.

a $1000000000.00 a month for this dithering all this delaying that's what's happening now the prime minister seems to still want to go into a general election which he said that he doesn't want but the government still says that they will try again to past election bill on monday the last general election was in 2017 while the bright referendum was in 2016 so my question per a tweet along these same lines is if you think that the u.k. public may have changed their minds about which party they support since 2017 why shouldn't there be a referendum on bragg's that which the people last weighed in on even longer ago well the question actually begs why should we ever have any kind of referendum if the leaders are not going to actually hear talk of 04 i mean that's the issue 201617 point 4000000 people voted for bracks it they're not here in 2 and they're like oh well try again vote again vote again so actually they've already voted for those 3 and the issue is the elite has not adhere to it and it's about as ridiculous as saying well people didn't like the fact that trump was elected in

2016 let's have another election that's how ridiculous it is right in on this question of election we talked to former member of the scottish parliament tommy sheridan who highlighted some of the issues he thinks are being effectively scuppered by the bracks a debate and he was quite fired up about that let's listen to some of that. we've got. we've got and then secure economy we've got workers a 1000000 of them are good trucks we've got will fiercely that has been cut to the cool we've got 100 and 23rd families in temporary accommodation some of the big. shipping containers one of the richest short gold nations in the planet and yet we have kids living in mid to shipping containers those problems are real and they have to be addressed corben want the tories and he wants to introduce a labor government. so hillary in light of what time you said my question is is the

u.k. in danger of a protracted distraction from the basics of governing and managing the economy for the common good by the management was done yes absolutely of course and i agree with tommy i mean look education the police force the national health service none of it's actually been addressed in fact just now just recently has come back with a sort of a bill and has basically proposed that austerity will come to an end basically by over 13000000000 pounds to react to infuse into the british economy why for the exactly the reasons that tommy said this is being a ridiculous distraction again the point is that leaders should have appeared to what the british public elected by 17400000 people in 2016 breaks it and they have not so exactly what it is distracted from every other agenda and has resulted in business uncertainty and in manufacturing uncertainty this is why there's a mess because they won't do what the electorate wanted so now there's also

disputes within parties so the entire thing is basically a mass are we seeing not just a crisis within the individual parties but in also the basic institutions and the structure of the u.k.'s political economy now actually what i would say kristie is the answer is yes it's a mess but i would quote churchill democracy is not a good form of government better though than all the other forms of a tried and this is what democratic dissent results in and you've got democratic dissent i would say on steroids my final parting words are look i think this is a redefinition of nations like in the us you look at the cross party lines it's no longer democrats and republicans and in the u.k. a general election is not going to be labor versus conservatives you know why because a lot of the labor workers they're the ones that have been hurt to the greatest extent by all the e.u. regulations and it's the elites who historically were of course tory voters is the elites who are seeing their luxury goods become so pricey and boris johnson is actually trying to push through something that would give business certainty and bring back manufacturing to the. the u.k.

that is a workers issue so what i think you're seeing is a redefinition in both the u.s. and the u.k. of politics as we knew it interesting times are good to have expert insight and guidance from henry ford rich board member of the british merican business association joining us. shortened trading week in the us to start off september as liquidity returns back to the market after the summer low let's take a look to see how the equities ended up over in moscow the mo x. traded up as president putin reiterated that developing the far east is an absolute priority he emphasized opening up the northern sea route as an international court or for increased trade and strengthening cooperation with india for mining and military over in shanghai the markets rallied up 3.6 percent as china agreed to meet it with the u.s. in early october for another round of negotiations that services p.m.i.

rose while new export business has dropped suggesting that domestic demand was stronger than foreign demand while the market remained optimistic for continued trade talks no one is holding their breath for a resolution that china cabinet signaled a reduction in the amount of funds bank need to hold in reserves and this is meant to reduce the real cost of borrowing and further stimulate the market to cushion the slowdown expected in the 2nd half down in hong kong the hang seng rebounded strong on the back of the news that the city's controversial extradition bill has been fully withdrawn main then traders who took big bets and poured money over and on to hang say were rewarded as the market recovered over 4 percent for the week the hang say is now trading near the lowest price to book multiple since the late 2016 over in japan the nikkei bust the highest level since august and shares closed at the highest in more than a month as investors breathed a sigh of relief that trade talks between china and the u.s. will resume and we also have positive developments out of britain and hong kong as

well the yen has backed off of their 8 month high against the dollar helping to boost major exporters over in india the sensex fell almost one percent reversing earlier games as sluggish economic growth kept investors cautious the government announced that they would cut taxes on hybrid cars. giving a boost to the auto sector finance and banking stocks though were among the top losers as the rupee fell further to close at the lowest level in more than 7 months due to the continued foreign fund outflows down in australia the a.s.x. had a volatile week as shares struggled to break higher midweek and then up marginally we don't mistake economic data and trade concerns heightened fears of a slowdown in global economic growth australia's economy grew at the slowest pace in a decade last quarter as consumers went on strike for more monetary and fiscal stimulus finally the all shares over in south africa traded up as the world economic forum africa kicked off on wednesday the 1st item on the agenda was to strengthen the

continent's unity by creating the world's largest free trade area the auto industry also got a boost when it was announced that as much as $60000000000.00 could be invested in south african vehicle market within the next 5 years now danielle for the rest of europe and america thanks kristie starting as we do impose with the cac the cac 40 in next is up for the week close to a one month high at the end of trading on friday automaker peugeot was up nearly 3 percent on the final trading day of this week in frankfurt is also up for the weekend matching the comics performance but also hitting a one month high after gaining more than half a point on friday across the channel to the u.k. the footsie is also up for the week but this week also marked the end of an era as the u.k. retailer marks and spencer fell out of the $4100.00 index for the 1st time since the index was started in 1904 shares have lost about 40 percent of their value this year moving to the americas in brazil that is also for the week despite all the

recent international drama around president balls and morrow unfortunately the brazilian economy minister revised all that on thursday by seconding mr bolton i was insult of france's 1st lady not a good looking 21000 and not good for business. in mexico mexico mexico also for the week and moving to north america in the homestretch all 3 of the u.s. exchanges on our border for the week writing this week's burst of what now passes for optimism on the u.s. china trade fight and finally in toronto. for the week our final green arrow on the board for this week on thursday the legal panel business on that got a little bigger with canopy rivers company announcing their approval for listing class a shares on the those shares on will start trading as of september 9th and this is been your weekly global stock market wrap. time now for a quick break but hang here because when we return barely more than

a decade out from the financial meltdown of 2008 the u.s. is already looking to privatizing public mortgage finance giants international regulatory attorney miles edward lend us a hand today to break down the calls and what this could mean for the future of housing in the u.s. and as we go to break here's a number close. sachets tries to make sure that the british at the bill of it will.

stop the show so you'll see dentist face to face so i push what i shall. sit down and look what you've seen in our best teacher for a moment now portrush i. want to go to the source of your might your bone structure be. it there mr ellsworth supporters are still with them to the spirit of full days they seem to be arguable that it's a studio actually the 1st person to be vocal or should step up and spit it. expressed. the world is driven by shaped by.

military thinks. we dare to ask. during the great depression which are old enough to remember that it was most of the family were unemployed working class there wasn't it was bed you know much worse objectively than today but there was an expectation that things were going to get better. there was a real sense of hopefulness there isn't today today's america where shape by the turn principles of concentration of wealth and power. reduced democracy attack solo do. engineer a lunch menu structure. and other prints according to.

one side of the bridge. it's what you put word to the. shirt. will switch which is dedicated to increasing virtue of just. one of the most influential intellectuals of our time speaks about the modern civilization of the america. but chairman powell on friday claimed that company's investment decisions were affected by the trade war between china and the united states during his r.

marks in switzerland powell said i think it is the case that uncertainty around trade policy is causing some companies to hold back now on investments we've been hearing quite a bit about uncertainty so for businesses to particularly make longer term investments in plants or equipment or software they want some certainty that the demand will be there the comments come as the fed weighs what to do with interest rates later this month the u.s. central bank previously cut interest rates by $25.00 bits in july powell added that he does not see the belief that the u.s. is headed towards a recession meanwhile the u.s. bureau of labor statistics announced at the monthly job numbers on friday in august job growth continued at a feeble pace with non-farm payrolls increasing by only 130000 supplemented by the hiring of temporary census workers ahead of the 20 twentieth's survey the unemployment rate stayed steady at 3.7 percent. the trump administration has. thrown their support behind the idea of privatizing mortgage giants fannie mae and

freddie mac. the chew companies which guarantee roughly half of the u.s. mortgage market have been under government control since the financial crisis of 2008 u.s. treasury secretary steven nugent said in a statement regarding the recommendation that quote an effective and efficient federal housing finance system will also meaningfully contribute to the continued economic growth under this administration portions of the plan for privatization will require approval from the u.s. congress and joining us now to discuss this and a host of regulatory issues is international regulatory attorney myles words miles welcome back. thank you 1st of all let's get your take on this u.s. housing news walk us through the concerns that regulators and public interest advocacy groups might have with these changes from the trumpet ministration to these cornerstone institutions of the u.s. housing market fannie mae and freddie mac. . sure let's start out by explaining who they are they're both government sponsored entities which means that they're somewhat private operating under the auspices of

the federal housing finance agency and what they do simply is fannie mae buys mortgages from commercial banks pretty mad buys mortgages from thrifts they securitized them into mortgage backed securities and they sell them to the market and that's a wonderful thing it's quite profitable and the government has done quite well since 2008 with this model the situation is that if you privatized it certain mortgages that would be available concerts to consumers may not be there and it may shift the landscape of the mortgage backed securities market what it may also do and this is what regulators and consumer advocates are very very concerned about we may revert back to a situation of 2008 where if there is a less government intervention and oversight we may have a situation. where subprime were non-conforming loans are sold as part of these

mortgage backed securities and we find ourselves really circling back to a situation similar to the financial crisis of 2008 now the mike how one of the center for responsible lending told n.p.r. on this move that for the working class americans c who want to buy a house they could make a much more difficult to get a mortgage and make the mortgage much more expensive so how much will characterize and quantify the effects of this change on the affordability of buy a home in the u.s. . it will affect it because certain mortgage products will become less attractive to whoever ends up owning and running freddie mac. and fannie mae and it could actually be the same organization so what the beauty of a government that sponsor entity is is that they look at putting the interests of the consumers 1st and profitability less so there's going to be tighter restrictions for consumers to obtain mortgages and there's going to be

a less product available for them because whoever the new owners private owners of these organizations are they're looking at the bottom line and they want to make sure whatever product they have out there. is going to be worthwhile and that's going to trickle down to the thrifts and commercial banks making sure that whatever mortgages they sell to to whoever is a private owner of this organization is attractive to them so it will have an impact on it definitely now miles i want to get your take on 2 of the problems i've read in some of the reporting on this which is one these 2 g.s. he's now siphon all of their profits to the government and as i understand it would continue to do so under this plan and 2 they're also going to be really private companies again they would be billions of capital to work with and they were wiped out when they became directly controlled so. how would they solve these 2 sort of logistical problems of basic finance if they want to make these really independent

. yeah and those are good points to you know the 1st point is it's absolutely true we've seen it before under the obama administration where they siphoned off profits from both organizations basically to stimulate the economy prior to an election year so that absolutely has been happening similar to what's happening with social security now what the new capitalization is going to look like is going to be extraordinarily difficult to see but you're right on target by saying that there will be a loss of capitalization i believe that the best approach would be is only to have congress involved in the process but the president should have appointed a committee of both private and public officials who could really struck sure what the new entity is going to look like but we are going to be faced with both situations that that piggy bank is no longer going to be available for either the

president or congress to siphon off and use it for other situations as i mentioned before like obamacare now shifting over the technology big tech regulation is not going away as an issue in the u.s. and new york attorney general leticia james said in her investigation with her colleagues of facebook so while a similar separate probe by the state's a.g. into google will be announced next monday according to the wall street journal the possibility for finding antitrust issues here seems almost unlimited so is this a slam dunk for the agencies are where the market power of those monopolistic practices have been built far enough to push back on the investigators. i think it's would be a very difficult road for states to pursue a i trust. especially for an organization that not only operates nationally but internationally it's much easier if that entity is just confined to the state so in order to really succeed on a day and i trust violation one you have to prove that there is a monopoly and 2 you have to prove that their business practices really extended

that monopoly and even though they may be able to do it the big question is what's the relief going to be. the goal of and i trust regulation all the way back to the sherman their trust act of the 890 s. is really to break up the entities create several other entities to really free of competition and give consumers more choices i can't imagine the state of new york breaking up facebook and what are they going to say we're only going to break it up for new york consumers so i think what's going to happen here is putting pressure on facebook having them become a little bit more prieur in the way they conduct business and also i think what they're looking for is political gain and maybe some unit of fines as well international regulatory turning miles edwards always welcome your insight thanks for joining us thank you. american semiconductor manufacturer of qualcomm announced

friday it will implement its 5 g. technology into the 6 and 7 series processors and not just the state of the art series 8 chats the move by qualcomm opens up the doors for consumers to have the opportunity to buy more moderately priced 5 g. capability phone currently if you want to 5 g. equipped phone in the u.s. it was such a back at least $1300.00 for samsung's galaxy s 10 plus 5 g 4 galaxy is no plus 5 g. these new 5 processors will be used and smart phones made by up 0 real me read me feeble motorola nokia and l.g. qualcomm said that the new less expensive phones should have more store shelves in the 2nd half of 2020. and that's it for this time you can always catch boom bust on you tube dot com slash boom bust archie see you next time.

i. ready ready ready am sure to stop it for continuing to grow. i just never know very good about the idea of bringing children into the world because i didn't feel like things were in very good shape that a life was just going to be a lot of software programs. there's no reason the more. you take things that are to me the. movie is a myth something else that. everybody's scared to talk to that is certifiable is truly dependent on us addressing this issue and if we can even talk about it every

chance even have a conversation or that it then. we're in trouble ready . so we've got to do is identify the threats that we have it's crazy. let it be an arms race off and spearing dramatic developments only personally i'm going to resist i don't see how that strategy will be successful very critical time time to sit down and talk.

breaking news step towards bringing relations towards a normal. state department confirms it.