solitary confinement in the prison for terrorists await you know how it's a live person. i don't see him dying. and i. know what he's thinking. i. this is boom bust the one business show you can't afford to miss friendship or in washington coming up a major settlement has been made between goldman sachs and the malaysian government as part of the one m. scandal take a look at the latest plus the increased tensions between the united states and china are continued to affect world markets will go for a spin around the globe to see how markets ended the week and later

a series of blockbuster films have been delayed due to the pandemic we welcome in a movie industry expert to discuss what effect it will have on the bottom line we have a packed show today so let's dive right in. and a huge settlement today as u.s. investment bank goldman sachs has agreed to pay a $3900000000.00 settlement over malaysia's criminal probe into the multibillion $1.01 m d b scandal now the settlement could also help bring an end to the u.s. justice department's investigation into the same issue now the deal includes a $2500000000.00 cash payout by goldman and its guarantee to return at least 1400000000 dollars in proceeds from assets linked to the sovereign wealth fund one malaysia development b h d now malaysian and u.s. authorities estimate $4500000000.00 was stolen from one m.t.b. in an elaborate scheme that spanned the globe and implicated high level officials in the in the fun former malaysian prime minister najib razak goldman staff and

many others joining us now to discuss his boom bust co-host investigative journalist ben swan ben thank you for being here to break this all down let's start with helping the viewers understand what is one m d b. yeah it's a pretty complicated story but this is probably the easiest part to wrap your head around here which is this is. one malaysia d.b. or development b h c it was essentially the government's investment firm right which was set up to encourage outside development and investment into malaysia that's why it was set up was back in 2009 it was the then prime minister. who was in charge of this right and he actually was on that advisory board headed up the whole idea was we're going to bring investment into the country sounds good the problem is it didn't do that instead it was wound up creating massive amounts of debt running up about $12000000000.00 in debt brought almost no development into the country did things like you know try to buy a private power plants but again

a drop of debt and now what we've learned of course is that it was actually sitting off a huge amount of this money it was being misappropriated and going to elected officials and bankers at goldman sachs and now it was that investment fund that authorities say was the focus of massive amounts of pfeffer what can you tell us about that. a lot so essentially yeah when we say massive amounts of theft we're talking about about $4500000000.00 stolen out of this fund just that number alone is a stunning number right. $8000000000.00 is what originally flowed in $4500000000.00 was misappropriated going again to all kinds of government officials you know the prime minister himself was was a recipient of a gift of about 680 $1000000.00 which after he was removed from office in 2018 he says that well that was repaid it was given back the whole thing was just an

absolute disaster and essentially what we know is that this money flowed around the world it with to various people with high level connections people in china people in malaysia people in the united states in fact in a kind of a weird twist here apparently even the movie the wolf of wall street was fun. did with some of this money they had to return like $60000000.00 to this fund because it was misappropriated to create that movie i want to be i don't want to make light of the situation because you're seeing billions of dollars being defrauded but i want to point out an irony here a movie about wall street fraud was funded by defrauding the what m.t.b. flawed i mean it's very easy u.s. prosecutors have created at least 3 senior bankers from goldman sachs one of whom admitted to bribery now goldman helped the fund raise $6500000000.00 into bond offerings now earning itself around $600000000.00 in fees from that does this mean some jail time for any goldman executives yet certainly may there's one in

particular that he's the former southeast asian chairman his name is tim lester he pleaded guilty to u.s. charges of conspiring to launder money and admitted to bribing officials in malaysia as well as officials in the united arab emirates to get bond deals on behalf of goldman so we know that we also know that malaysia and the malaysian government file criminal charges against 3 different goldman units as a part of this they're accusing the bank of mis representing themselves to investors and misrepresenting where these one indeed the bond cells would go saying that they would be used for legitimate purposes with goldman knew that they wouldn't be so there certainly may be some jell time here and i think it would be it would be lack of a better term criminal for there to not be jealous i mean we're talking about a massive defrauding of an entire nation essentially that took place here through the in part goldman sachs and we know how much they loved a block of bankers i'm sorry if that's not the case with this settlement ben and

quickly will that be enough for the u.s. justice department to let the let the thing go 'd or will we consider you to investigate here in the united states so the u.s. justice department is actually kind of led the charge on this so kudos to them for doing that what's interesting about this though is the u.s. justice department has a policy of the centrally not what they like to call piling on right so if a nut. jurisdiction has already taken steps here obviously you have this you know multibillion dollar settlement that's come to they don't usually in their words pile on and force additional stuff now what may happen here is they're looking at still possibly the justice department getting another $2000000000.00 in a settlement from goldman but i would like to see as i think we you just alluded to is where the actual criminal charges are and people go into jail because that's what we rarely see we see lots of fines which don't make whole anybody governments just collect those fines and these guys still walk free so what i'd like to see is forget about the to go in additional fines that you're going to lobby against them and instead let's see some jail time boom bust co-host bents one we'll keep on this

story thank you so much for breaking it down you got it. and as we continue to see cases of covert 1000 in the us surging more than 150 prominent medical experts in the country are calling on political leaders to shut down the economy and start the process of containing the virus all over again the letter has been signed by public health professionals across the country including experts from the university of pennsylvania harvard northwestern university and yale in the document these experts right right now we are on a path to lose more than 200000 americans lives by november 1st yet in many states people can drink in bars get a haircut inside a restaurant get a tattoo get a massage and do a myriad of other normal pleasant but non essential activities they also lay out the provisions that should be taken to stop the spread of the virus which looked very similar to what major cities were doing at the beginning of the stay at home orders and lock downs at the pandemic the letter was sent to the trump

administration congressional leadership and state governors with all of this in mind let's go ahead and take a look at the spread of the virus with r.t. correspondent side to have a day or so where are we friday so iran right now more than 515500000 people around the world have wind i've been dying diagnosed it could be 19 but the good news is that so far at least $9600000.00 people have recovered so over 60 percent have recovered while more than $639000.00 people have died now in the u.s. there's been just $70000.00 cases in the last 24 hours at 24 percent increase from last week where there is a total number of confirmed cases over $4200000.00 and over 148000 deaths now i'm going to talk about the trend from the 10 most affected countries so i'm not just referring to total cases but countries that are seeing the most and new cases now the u.s.

of course is leading the less once again with $70000.00 cases just in the last 24 hours and. as 04 pm today john hopkins reported another 43000 cases and 650 new deaths so you can see the u.s. is just going higher and higher and there trend then is followed by brazil that's reported $58000.00 cases in the last 24 hours plus $1300.00 that so you see here in brazil also the trend is going higher and higher so obviously brazil is not headed in the right direction of the moment that i want to get to india that's reported more than 49000 fresh cases with 740 new deaths marking the biggest daily surge in infection in the country has seen so far so again india as we see the trend it's nowhere to flattening is just going higher and higher and i want to talk about south africa that's now the 4th highest number of new cases in the world with over 13000 cases in the last 24 hours now south africa was praised

that 1st for doing really well because you see back in april and may they hardly had any cases now all of a sudden there are all over 13000 so south africa is obviously not headed in the right direction now i want to talk about also latin america besides brazil that we already went over these there are 4 countries right here colombia that colombia has surpassed mexico followed by pru which is relatively doing better because if you take a look at peru back in july when they had had a huge spike in cases so they're doing relatively better and then we have chile that's back on the list and chile again is still doing better because they had a huge spike as well in june so these 4 latin american countries although they seem to be better at doing better than before they're all still headed into the wrong direction now in the middle east iran is one country that's constantly on this list

they've been up in march they surge they went back down again and april and then once again between may. and june day search and now they're kind of flattening a little bit but still they're seeing a steady amount of cases and the last 24 hours 2600 new cases now last thing i want to talk about kurdistan now that's really ballooned in cases since june as you can tell just like south africa they were kind of new joining this list of countries big new cases in april may why a lot of countries have thousands of cases that hardly any now all of a sudden in july they're saying over 3000 cases and that's because back since june when the quarantine measures eased in the country they it's it appears that they just didn't follow any social distancing rule so now that we're seeing spike in cases and also the world health organization has a list there kurdistan in a list of countries that can turn into

a potential hotspot brand. markets ended mixed this week as the world continues to monitor the spread of covert 1000 and increased tensions between the united states and china let's start in russia where the mo x. is up for the week started with a big gain early on with a nearly one percent increase monday by friday though the ruble had weakened ahead of the central banks expected $25.00 to $50.00 basis point cut on its key interest rate still not enough to erase the gains we saw earlier in the week moving to asia the shanghai composite it is down on the week tensions between the u.s. and china continues to flare up as china has ordered the u.s. to close its consulate in chengdu after the u.s. state department ordered china to close its consulate in houston texas investors remain cautious as the index closed nearly 4 percent lower on friday in hong kong $107.00 it followed a similar trend on u.s.

china relations the index took a hit of 2.5 percent on friday afternoon alone text. took some losses with 10 cent tumbling more than 5 percent and ali baba was down more than 3 percent in japan the nikkei was which closed on friday for a holiday but ended the week in the red on similar sentiments railway shares really took a hit as coronavirus numbers continue to increase east japan railway fell 2.3 percent to a 7 year low west japan railway they fell 1.2 percent as well moving to india the sensex is up for the 6th straight week the s. and p. b.s.e. sensex gained 3 percent this week 8 of the 13 nifty companies that reported results so far have either be in or met expectations this despite the country's nearly 1300000 coronavirus cases in australia the a.s.x. closed slightly down for the week the index fell 1.6 percent on friday alone the big losses come from the financial sector and oil stocks in south africa the all

shares that is up for the week as the country's economy grapples with the cope at 19 pandemic the country's reserve bank cut its interest rates for the 5th time this year to 3.5 percent the central bank now predicts the economy will contract by 7.3 percent for the year even more than its previous estimate of 7 percent now let's move over to europe and the americas where we're seeing similar trends as investors are keeping an eye on those u.s. china relations starting in the u.k. where the footsie is down for the week despite its big increase in retail sales which jump what 13.9 percent u.s. china tensions are way on sentiment here the u.k. and europe also pushed back the deadline to reach an agreement over brecht's it to september now the german dax closed just slightly down for the week the german chip maker infinium saw a major losses as shares fell by more than 4 percent the french cac also down for the week the index fell 1 point one percent in early trading friday on that to protect u.s. china consulate move let's move across the atlantic to brazil where. it is in the

red for the week the rail slipped 1.5. percent against the u.s. dollar still the brazilian economic policy secretary said stimulus measures are helping the country's economic recovery and the forecasts to g.d.p. will have to be revised to better than expected very nice there in mexico that it's up for the week despite reporting a surge in coronavirus cases the index stayed positive the country's economy shrank 2.6 percent in may from april on thursday mexican president and dress meanwhile lopez obrador he announced plans to boost pensions of average workers in the private sector by about 40 percent moving to the u.s. all indices are down for the week the nasdaq the dow and the s. and p. plunged on friday as tensions between washington and beijing continue to flare the s. and p. had its 1st negative week after 3 consecutive weeks of gains the tech heavy nasdaq lost 1.3 percent after record runs and finally the t.s.a. is also down for the week investor sentiment weighed down once again by escalating

tensions between the u.s. and china tech sector stocks led the losses with 2.6 percent decline going into next week we're going to continue to monitor u.s. china relations as well as those coated 19 numbers and that is your global market watch. time now for a quick break but hang here because when we return several blockbuster films have been delayed due to the pandemic we welcome the movie industry expert to discuss what effect this will have on bottom line as we go to break here the numbers at the close. of the reflection of reality.

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her done. julian assange is in solitary confinement in the prison for terrorists await you know how it's a live person. i don't see him dying. and. that's what he's facing. welcome back and as we all know the covert 1000 pandemic has taken a toll across so many industries as social distancing remains necessary to splode the spread of the virus and the movie industry is no different since the start of

the pandemic movie theaters have been forced to shutter and production has grind to a halt on thursday disney announced several changes to its release calendar with this in mind the house of mouse decided to delay the release of their live action version of move on from its august 21st release date indefinitely while also pushing back the release of 3 untitled star wars films and several sequels in the avatar franchise by a year each the 3rd film in the latest spider-man series well that was also pushed back from july of 2021 to november in hopes that things have returned in normal at that point meanwhile earlier this week christopher nolan's next blockbuster target which was set for release july 17th or 1st of july 17th release has also been delayed indefinitely after it was intended to be the 1st big movie to run when theaters initially planned to reopen this summer if this all seems like small potatoes or maybe even the kids department so you remember this global box office revenue 429000 eclipse a record of $42000000000.00 so let's go ahead and take

a look at the industry and what this all means with paul de guerre b.n. he's a senior media analyst with com score paul it's a pleasure to have you on as always great to be here grant what we want to i mean this is just crazy stuff so what do you take away from these big delays that we're seeing and i just mentioned a few of them it seems like in the last 24 hours it is just continuing to roll down the line. i don't think we should be surprised at all by these movements of these big movies on the release calendar and obviously for some of these films having huge budgets these studios are having to make really tough choices do they delay or do they go straight to video on demand which some films have done the problem with that is for a movie like lawn work and where these other big blockbusters that have the enormous budgets you need the global movie theater box office to become profitable without that how do you earn back out money these are films that were originally

intended for theaters and thus we're giving huge budget excuse me huge budgets to work with so that's become a real problem and i think every release counter right now should be written with a pencil not a pen because these released state changes are coming fast and furious and i think will continue to do so and now you know when you talk about christopher nolan said it obviously he has been a very specific that he wants it to be shown in theaters he doesn't think it's a b. o. d. movie he makes movies with the intent to give you the full right and really at the same time the warner brothers said look we have no interest in putting this on h.b.o. max we have no interest in releasing a video day we're going to wait and see how things happen and how you actually saw this also in the last couple of weeks with tom hanks produced film gray has which a greyhound yeah which was pushed directly to apple t.v. and what was interesting about that was tom hanks' came out and basically said look

i'm not really happy about this but you know the distributor said we're going to sell it to apple and we'll do it that way as so this is also going to be a case by case situation as far as movies we may see comedies and children's movies but probably not these big blockbusters exactly right i think when you talk about christopher nolan he's probably the only person who loves the movie theater more than i do and that big screen experience. and i don't think warner brothers who is known as a studio for supporting filmmakers like stanley kubrick howdy jank and clint eastwood bradley cooper so they are really going to stick with christopher nolan he wants that the actual experience for the movie go work we just don't know when that's going to be and it's also about capacity look there are theaters open around the world just at a much more limited amount of screens available and then once theaters do open they're going to be at reduced capacity so it's profit how can you make a profit with limited capacity but that's also where you're seeing

a film like theorise 9 and of course universal release trolls were or in other movies the and others they went straight to premium video on demand and that's what like you said earlier it's a case by case basis but yeah even tom hanks his movies we know all of them on the big screen but there are some hard choices having to be made right now which films go to the big screen which films migrate to the small screen and now as we move to ensure their go this is a more than $40000000000.00 a year industry worldwide with all the loss or a revenue from 2020 will this cause any production houses or distributors to actually go under or are they in pretty good shape as they kind of know how to work around this. i think for the production side of the business there's going to be huge challenges because how do you make a movie which is usually a collaborative in person kind of experience how do you make movies in that environment but these are very creative people on that side of the ledger they can

figure this out and i think can make that part of that work but then you have the exhibition and distribute our distribution exhibition side of the business with the actual film side needing that product wanting it but not being able in most cases to exhibit or show those movies and create a real conundrum for the industry because it's difficult to sustain a brick and mortar business over time when you're paying lease payments and you don't have money coming in that's obviously a problem financially i think the silver lining here is that people want to go to the movie theater or have that big screen experience and that's being played out at the drive in theater around the world where we're seeing people though they have all this content at home getting in their cars going they feel safe within that vehicle and going to see a big screen movie with other people just not in a movie theater but i think theaters will come back we just don't know when these are decisions that are really for the theaters to decide they're beholden to local

and state federal and country wide protocols that dictate whether or not a movie theater can actually open if you can't open you can't show movie and that's a problem i know and paul i want to follow up on something we talked about a couple months ago when we had you audit we continue to see these delays in releases and production essentially shut down are we concerned about running out of premium content that we need i mean if you look at i mean netflix is still related give me a great popcorn films like the old guard that came out recently but i mean are we have actually going to the point where hey we don't have anything in the line anymore because we don't make anything new. well that's a great question because this not only affects the big screen that the actual movie experience but the small screen content is content so you need to create that both for whether it be a streaming service or intended for the movie theater so that's a really big question as i said earlier i think that creatives can to get this out

it's called the magic for a reason but definitely not being able to go out and shoot in a traditional method or their traditional way definitely puts a damper on things but these are folks that will rise to the occasion and make that happen because people want to work in the industry the creative side and the leaders in streaming services alike want on tend to show as you said premium brand new great content can't just slip by archival of their titles a long haul to get ready and of comes calling thank you so much for brave i love having you on the show great to be her brand any time i'll be there. and that's it for this time you can catch a bus automat on the brand new portable t.v. app of ala blog smartphones and tablets with the google play and apple app store by searching for portable t.v. or you can find on brand new or newer models of samsung smart t.v.'s as well as roku devices or simply check out portable t.v. see you next time.

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