because the protracted slowdown in the eurozone economy he's actually more marked than expected this is the 1st element. the 2nd element is the persistence and the persistence of downside reso trade nature by the geo political nature in the eurozone. and checking in on virtual currencies and the growing quest for regulation the french finance minister is reinforcing his government's hard line against facebook's plans to launch their own digital currency libra which specialists are eager to point out is not actually a crypto currency joining us now just doesn't tell is cryptocurrency analyst ben swan then it's good to have you here keeping the virtual currency beat hot while christie is on assignment so busy 1st of all ben let's just get to the basics here what did the french finance minister bruno lemaire have to say about libor he seemed to make a really sweeping statement of opposition to it. yeah he's very opposed to it

what's interesting about his statement is it was really focused specifically on libra and not on digital currencies or even the broader spectrum of crypto currencies that are out there and i think the reason for that is because as he gets into his statement he's really focused on facebook as an entity saying that all the asli you know france needs to have solver and monetary policies and protect their sovereign monetary supply we can talk about that a minute but he also specifically talked about facebook as an entity saying that the european union in france specifically has not been able to trust facebook in the past for the things that it says it would do versus what it's actually doing and so why would we trust facebook when it comes to currency i think there is you know obviously i'm going to disagree with him in terms of trying to outright ban crypto currencies but i think there's a valid point to be made there about the way things because conducted itself as a tech company if they were to apply the same kind of principled and business practices to their currency i think there would. major questions for

a lot of individuals and even governments to say can we really trust what you're doing and while france is visibly most visibly opposing libor others are notably cool to it as well the governor of the bank of england mark carney said he would engage libor with quote an open mind but not an open door is it time to question whether this project really will ever launch. well i think it's hard to say look i think at this point it will ultimately launch and i think the reason for that is because of the backing of the corporations the fortune 500 companies that are really powering libor and so what mark zuckerberg is very smartly done what libor has very smartly done is they've not made its wholly a facebook project but they have brought in these other fortune 500 companies which i in the past referred to as the legion of doom but i don't think it's necessarily a positive that all these fortune 500 companies there i think the real question daniel becomes who actually runs the world is it these governments that will have the ability to keep libor out or will these fortune $500.00 companies ultimately

say we're the ones who actually run the world we're the ones who run these countries and we will be the ones to push this project forward and i act the way to really do that is to give more ownership and stake even at times possibly to government into needs to be part of this liberal association we may see that very interesting cryptocurrency analysts spends one thanks so much for joining us daniel thanks. in trade war news the united states has reciprocated for china's recent announcement of some exemptions on terrorists for certain u.s. products u.s. president announced via twitter on one state evening that a 5 percent increase in tariffs on chinese imports that was set to take effect on october 1st will be delayed by 2 weeks mr trump also tweeted that the delay had been implemented at the. quest of chinese prime vice premier. just as

a gesture of goodwill and recognizing that october 1st is the anniversary of the founding of the modern people's republic of china treasury secretary stephen newton also discussed the scheduling symbolism. and this was an issue that october 1st had a big significance to them which was their 70th anniversary the vice premier asked us to delay it and the president agreed to that i would hope that china reciprocates but this wasn't done this was done as a goodwill gesture to the chinese despite the chinese flexibility and u.s. deference to a chinese patriotic holiday no breakthrough is expected when u.s. and chinese negotiators sit down again later this month ahead of higher level talks in october. and in another sign of ever being made to resolve the u.s. china trade fight bloomberg reports that china may resume purchases of u.s. agricultural products such as soy and pork as reported here

a 46 percent increase in the price of pork was a significant contributor to the most recent monthly inflation increase of 10 percent overall meanwhile chinese pork productivity has been decimated by the recurrence of an outbreak of swine fever joining us for an update on that growing regional problem in the state of transpacific ag trade generally is spread kaufman author of bet the farm how screwed stopped being food all come back fred. hi daniel now 1st of all fred on the trade fight do you think we will see much of a reprieve for u.s. farmers with this resumption of china the chinese ag purchases next week. listen that we don't know if it's a resumption or what we understand is that there is certain people in china who are taking a look at spot prices that doesn't necessarily mean they're going to resume buying at united states pork i mean ever since south america particularly brazil has been selling all the pork right from under our eyes because of our tariff you know we

don't know what's going to happen next i think what's going on is that president trump is very concerned about the market and he knows that any time there is a sense that we're going to have some sort of agreement and it looks like we're heading in the right direction the market goes up as it did today because of these rumors don't count on it and don't bet on it. and of course china has been a large and growing market for us going pork among other commodities losing the market or even a significant portion of it would be a gut punch for struggling u.s. farmers and president trump is by all reports keen to maintain his stronghold of support among rural white voters but the his desire to keep them happy seems to be in conflict with his compulsion to always be seen bending others to his will when the chinese seem to chime in above all 10 children will not be pushed around so what is your sense of how this growing economic crisis for u.s. farmers will play out politically when so many farm families are already on the edge. well that's the question that's that's the $60000.00 question right now is how much pain and suffering can u.s.

farmers in the midwest take how much pain and suffering can iowa poor farmers take the fact of the matter is last year pork exports to china were up all across the globe except in the united states where they're down 2 percent in brazil just last year they're up almost a 3rd and so once again we're just seeing pain upon pain and now that we have 100000000 fewer. or poor in china fewer swine you know what they just do not need as much soybean imported right and so the fact that they're saying well maybe we'll imports and soybean no they're not we'll never get those markets back it's very unfortunate and back on pork if you're a carnivore you probably love toward china certainly does we know that enough so that there are official government stockpiles of the meat we know about the inflation impacts which may have convinced local governments covering a population of 130000000 people to start balling out some of their reserves of frozen pork now my question is are we on the verge of seeing this factor of pork

prices start to have some interactive feedback if that's what the other act aspects of the chinese economy and is there any sign of progress in the regional fight against swine fever across southeast asia. well those are a number of questions 1st of all the consumer price index in china used to be a lot more closely tied to pork it was about 10 percent of the consumer price index it is now down to about 2 percent so sometimes pork goes 1st sometimes the consumer price index goes 1st so although they are tied they're not as tightly linked as they used to be that gives china a little bit of leeway this weekend is one of chinese china's great festivals as they're made autumn festival and traditionally every family in china is going to eat meat and when chinese say eating meat that means eating pork and that is why china has found it necessary to release you know millions of tons of pork from their reserve how much reserve they have is of course

a state secret no but nobody really knows but that's what's going on right now is that they're releasing some of the reserve particularly in guangzhou out so that people can have their pork this weekend and they can have their mooncake festival as per usual training pork reserves as a matter of national security that seems like a pretty sound policy. and finally on deployed of u.s. farmers again we learned this week that the number of americans refuse see the snap benefits still known better known to many as food stamps declined by 6700000 since january 2017 spending on the program was $26000000000.00 lower than $29000.00 versus 2016 and the white house wants to drive that number even further down by restricting eligibility increasing paperwork are we seeing declines in snap spending start to snap overall demand and will these future cuts have an economically significant impact. well i think it's a i think it's a big problem and every start talking about cutting snap benefits that kind of want to what for our most vulnerable people for children for old people for disabled

people for veterans day they need that that monthly hit for their for their food and so i thought i really do think that talk about cutting these benefits is really just political there is there is no good and valid economic reason for any of this fred kaufman author of bet the farm thanks so much for joining us. thank you daniel . time now for a quick pause but stay tuned because right after the break. the matter what we say to them because they don't care they don't care about my son's life they don't care about anybody's life except their pocket that's all they care about you know the slap and. the billions of dollars isn't going to stop. her do pharma has reached a tentative settlement in the expanding opioid epidemic but residents of affected areas are skeptical about the solution. contributed to america's lawyers standing by to break down the latest moves in the crisis. to singapore where christie managed to catch up with way to the c.f.o. of the finance exchange to give us an industry outlook on the such are and as we go

to break here are today's market numbers at the close. to become eternal we have to become

a party of robots mutants you know we have to become creatures like. iraq and there are no roads or superhero movies. then i don't see them and i don't want to be aggrieved i'm. joined by everything on the ballot. simon sure and i'll be speaking to yes of the world of politics or business i'm show business i'll see that. the. world. is. going to do. with.

the just. me she's on. down to. the. police if you use the police reports for the way. welcome back there is major news today on the economic resolution of the us opioid abuse addiction and overdose crisis produced pharma the famed corporate holder of the of the patent for oxycontin the drug that largely launched the current crisis has reached a tentative settlement with a coalition of local one tribe or go tribal governments that sued purdue pharma

pennsylvania attorney general josh appear and was among those vocally declining to join the settlements in a statement mr shapiro said this apparent settlement is a slap in the face to everyone who has had to bury a loved one due to this family's destruction and greed. it allows the sackler family to walk away billionaires and admit no wrongdoing was killed as landmark legal moments and it immensely profitable american tragedy is molly barrows a contributor to america's lawyer molly welcome back 1st of all just give the basics what are the details of this settlement the pennsylvania attorney general notably declined to partake of. the details are still coming out that some of the exact particulars are not yet known but according to the new york times the company and its owners the billionaire family the sacked lawyers have reached a tentative agreement to settle thousands of those municipal and state lawsuits purdue another pharmaceutical companies face from across the country we don't know

the exact amount but it is expected to be the largest ever paid out by an opioid manufacturer again the specific still being decided in hammered out but it will include we're told perdue filing for chapter 11 bankruptcy and dissolving the company entirely a new company would then be formed daniel that would continue selling oxy cod and other medicines medicines but the profits would then go to pay the plaintiffs now the company has made billions as you know off opioid based pin killers especially signature drugs like oxy cotton and under this settlement purdue would also reportedly donate drugs for treatment of addiction and overdose and the sackler family would be out of pocket $3000000000.00 in cash over the next 7 years what the deal does not include is an admission of wrongdoing and if it is approved purdue would not face trial in ohio next month which would be the 1st federal trial over this opioid crisis so those are the bare basics that we know so far of this tentative proposed settlement agreement daniel right and usually the enticement for

agreement with a big payout is that at least you can settle whatever you know toward surratt issue when the suit if this goes through is this the end of it for purdue does this give them some certainty for the future that they. did this up. i think that that would be the hope i think because these talks have been going on for years before these opioid cases started making it to trial of course we saw one of the 1st state cases in oklahoma you saw that murders there so it's no big surprise that this tentative settlement has been negotiated if you will but it definitely does not mean the end to produce legal troubles the majority of state attorneys general who filed against perdue including as you said pennsylvania new york massachusetts north carolina they've denounced this deal they are determined to recover big money from purdue to compensate for what communities and governments have spent on their own out of their own budgets and creating treatment care enforcement all related to the opioid addiction epidemic so the settlement must

still be approved by produce board and a judge must still sign off on any bankruptcy filing that is part of that so the outstanding lawsuits may pose a problem these attorneys general who don't want to go along with this deal as you mentioned there are other states that have signed off on it including florida texas tennessee they say that they need the money to help provide lifesaving resources and that ultimately they believe that this will result in the secular family losing their pharmaceutical business but these other state attorneys generals they're not buying that at all they say this is not enough as you heard from pennsylvania that . if this bankruptcy filing is approved it would stay litigation that the company is facing but not from the ones that are agreeing to the settlement so they would still face it from attorneys general and even states as we speak are continuing to file because they see the vulnerability coming out of oklahoma so it's going to continue to be an ongoing process daniel but it looks like it's the beginning of what could be a pretty big settlement lemoore a good bit of looks like there will still be more legal legal wrangling glad we

have all the boroughs contributor joe america's lawyer to help us out thanks for. thanks daniel. and now we want to go back to christiane in singapore where she managed to catch up with ways you the c.f.o. buying its finance which is one of the largest crypto currency exchanges in the world has recently been making moves in the sector to expand the presence of digital currencies and so figure out regulation in the space. so i'm here sitting here the way it's all c.f.o. of finance one of the greatest exchanges currencies and i've told you i'm a big fan been there since i 1st launched 2 years ago. you guys have made tremendous progress so the past 2 years even though we're just saying it feels like it's been a decade in a really long time what has been your biggest challenge over the past 2 years and what are you guys struggling with now in terms of regulatory compliance i mean i

think so since i've been joined by my primary focus is actually dealing with regulatory compliance and then as well as basically building up all of our businesses around the world for example we launched our singapore exchange here. you know and i think. april of this year and it's been growing really nicely and we are under the supervision of a singapore. is basically working with a financial service provider regulator in singapore so i think. my challenge personally has actually more been a just dealing with complexity of regulation in different parts of the world just basically you know country by country the regulatory framework is different. given that we have a global reach of global coverage in our users you know in over a 150 countries around the world it's a certain degree we have to figure out how to navigate that but i do think that. we

are still a technology company and that sort of. covers i think some financial services aspects of it. so ultimately. our our our customers are basically in our users are the ones that we're servicing so i think as long as they're happy you know they vote with their money so a lot of that goes into the philosophy in terms of how we're building the project how we're building by nansen what kind of products and features that we launch and today is also a very exciting day for you guys because you guys had a big partnership with access can you tell us more about that yet so we've been working on that for a bit of quite a bit of time and i currently have their p.x. us dollars they will coin that that's a regulated us dollars they will point sits under the regulatory supervision of new york d.f.s. and and with sort of the same structure we're basically launching the finance u.s. dollars they will probably be u.s.d. and and sort of the thinking behind that is. right now you know 99.9 percent of the

money in the world are still in and we need as many sort of conversion possibilities and it was possible and the stable coin is actually $1.00 of a critical feature that act as that gateway but also act as a sort of i would say then sort of like a very critical as part of the trading ecosystem as well in terms of its frictionless the nature of these and we just sort of feel so so i think it's very important for abidance for us to have our own u.s. dollar stable point but also in a regulated proper compliant form so i think that was very important for us to launch that partnership with taxes do you see any trends i now that are going into the industry right now for example there was a big trend of security and privacy and then that was a big thing and then there was the rise of securitized ties to oil real estate or whatever and then there was this big phase about identity tokens coming on like do

you see any trends in the market right now. i think one of the trends is actually something that we started we launched finance was our exchange tokens or exchange platform tokens i think. and you're seeing the last 6 months at least a lot of other major exchanges have launched their own exchange tokens and then utilizing that as a way to engage their own community and to sort of like adopting the burn that can and so i think all of that were created by us so i think so i think you know for us you know we're just seeing the industry catching up with what we're trying what we did and what we are trying to do but i think going forward you know one of the things that we're launching right now is our business future is product so i think . given the sort of the dominance of bitcoin trading i think in the in the foreseeable future at least you know the derivatives business as a whole in terms of margins in terms of futures and even options and even i think

you know leverage tokens. very you know i think that will be something that you're going to see more activities so right now what category do you think is financed like gravity and why do you guys focus mostly on retail guys are institutional on marcel on the trading guys i think in a way what we're trying to do is still trying to drive more massive adoption because right now if you look at the overall crypto market in terms of active users etc you know ownership maybe 5xw2cw people around the world we want to grow that 10 x. to a 1000000000 people and i think the only way to do that is basically drive more use cases in the real world and this is where i think we launched our venus project think of it as a libra for regional regional libra or industry specifically because i think the idea of having a governing council of individuals or groups organizations or even governments or age or agencies come together and the like it's within our interest to basically

have our own. i think that that idea itself is going to drive traditional companies and even users of the. services are residents of somebodies countries to basically comment on to that single currency. the governing council has its own potential we're basically trying to promote. and basically come together and basically try to drive adoption and leveraging the technology to really change the way their own money moves around so i think that's something that we hope to drive as the industry leader. you know how do we can. that's really exciting and i'm so interested to hear more about mean especially since. i think that facebook is here since really secure our data privacy and i don't see how we can trust them with our wallet or our credit card information so.

i think it's more about how to make it more open yeah because i think. you know the public that's sort of the most public form but i think on the other hand you have sort of like the private. and. public which is the facebook one but i think. you know there's going to be somewhere in the middle but it's not just sort of like you have the facebook bieber organization. 30 organizations ever has to pay $10000000.00 and then they're going to have. i mean that's a very exclusive organization that goes against sort of like the idea of currency in the 1st place so i think for us to sort of like not just large concentrated. all the people and all the money in the world should be distributed circles that actually serve different purposes different and different industries thank you so much.

there are growing indications the west's anti russia's stance may be softening a case in point is the recent visit of francis' top diplomat and defense minister or take for example the new york times editorial calling on trump to better relations with the kremlin as a way to block china an important question remains can moscow trust the west anymore. well you know that they were kind of adopted because we were called pirates for so long. i mean they're in the small boats next to the hard pool of ships and it's. not. the little self to be told fish already 90 percent of the

dot and it won't recover. qantas fifteen's coops 75 tonnes they do it several times a day with the big fleets you know you get an idea for an ocean. we have to understand we can still use to just. be within this oh he is going to go out. i'm doing this because i want the future world to the future can generations to have and enjoy the ocean we have. with the whole make this manufacture consent instant of public wealth. in the room

in clusters and protect themselves. in the climate larry you're a. the woman. doing all middle of the room sing. oh. mom.

is great the safety in quality is so important to europeans when choosing toys for their kids we're really proud of our products and we actually care about what your children play with so i'm hoping the high quality and price would attract more customers even now exports a constantly growing. clear

message to donald trump in an exclusive interview given to the us president to rethink his decision to. find themselves accused of. classic british children's t.v. gets fired from his job over diversity. it is friday evening it's.