[000:00:00;00] the the, the this is in bustling business, you know, you can't afford to miss. i'm rachel blood in washington. coming up. china and russia are the hot topics as a group of 7 meats in london. so how well the top floors impact global pension moving forward slot oil prices rally and the new hope for economic recovery in the us in europe. will it be enough to offset the crisis hitting india and brazil that apple faces off against fortnight maker epic games in court and

a battle over anti trust violation, which is billions of dollars a day. we have to get to the let's get started. leaders from the southern most industrialized nations in the world are meeting in london this week to discuss global threats, the increasing power of china and continued calls to isolate russia. speaking at the 1st in person g 7 meeting since 2019 secretary of state, tony blinking said the goal is to balance countering the latest challenges without trying to contain beijing or to escalate tensions with moscow. we are focusing very much on, on russia's actions and what course it uses to take. present button's been very clear for a long time, including before he was president. that if russia chooses to act recklessly or aggressively will respond,

it is not our purpose to try to contain china or to hold china down. what we are trying to do is to uphold the international rules based order that our countries have invested so much in, over so many decades to the benefit. i would argue not just of our own citizens, but of people around the world, including by the way, china during the now discuss has been thus co host an investigative journalist, been swan now been. let's start with the issue of how the group of 7 plan to deal with the rise and growth of china. what do we know so far? yeah, it's kind of interesting because as you heard there the anthony lincoln, the secretary said, is really trying to kind of play both sides of this. right. he wants to come up as strong as per the bottom, the tempted to do the same thing strong on china. but at the same time, they don't want to upset china. because problems with china, certainly not problems in terms of trade or, or international or economic relation. so they're kind of playing this carefully.

so on one side you're saying to europe and to these other g 7 countries, that kind of the theme of their talks in china are the west is not over yet, or the west is not done yet. and that's kind of the thing that they're using. it sounds silly than me to say that they have a theme, but i guess they're using. and the idea here is that, hey, look, that would be the west still has a lot going for it were still strong. the problem is, is that none of these countries is doing anything, rachel, to actually decouple their dependency on china. they still need chinese products for just about everything. their economies are entirely dependent on china and increasingly in the world is becoming dependent on trying to building out infrastructure on the continent of africa and the continent of south america and island nations. so that's, and that's now starting to happen in europe as well. so as a result of all of that is the, are these g 7 countries actually able to stand up in kind of a china? we're not done. i think we are kind of done unless we dramatically changed the trajectory of where these countries are headed. yeah, that's an excellent point,

especially when they seem to be saying one thing, but then of course, doing another thing. now this summit is especially interesting because as we saw the tuesday morning session for the g 7 was focused on china. but the afternoon session was planned to be all about russia. what are the mean issues expected to be covered here? yeah, you've got so china, in the morning and now russia in the afternoon and the girl of the, the russian talk to, let's face that. i mean, they pretend it's about a lot of different things, you know, the 2016 interference in the election, which of course we all know was nonsense. the whole russia, a conspiracy continues to be a trope that's kind of brought out the truth. is it really all comes down to ukraine? that's what this discussion is about. they're talking about how do they keep russia from being aggressive with ukraine, having a military build up on the border with ukraine. and they're trying to make the, the very strong stance that the united states stands with ukraine, as you know, you know, the goal has been to, to really proper ukraine since these color revolutions that have taken place there

. and the goal, of course, is the united states has been to utilize ukraine for a lot of different purposes. and so they see ukraine is kind of the, the way of interfering with russia in a way that says, well, as long as the russians don't cause problems here, we want to have normal relations with them. but do you really because you have these, as i mentioned, these cover revolutions going on in ukraine for the last 2 years, that has been the source of a lot of controversy. yeah, so more of saying one thing and doing another thing. okay, now it may seem a little bit strange to our viewers, but with all that is going on in the world right now. why would an entire day of the senate some the g 7 summit rather be spent talking to other world leaders about 2 countries who are not at war with anyone? well, that's, yeah, that's a really good point. right. it, which is that the entire day was devoted to, let's all talk about the cool kids in the class or maybe the but troublesome kids. and i'm not even sure what, how they, how they define them. other than maybe the kids in the class that don't follow the

rest of us, right. and so how do we try to get them in line? i think that's a lot of what the talk about is, how do we influence as a block, as a group, in order to force china and russia to kind of fall back into line with the united states at the head of the table. the problem is, china and russia are not going to do that. they are working every single day along with other countries like brazil and india, and south africa to decouple themselves from the united states to detach from the us dollar as the world's reserve currency to move away from us sanctions that are used to club and beat other countries over the head around the world. and so that's all part of the chinese strategy. it's all part of the russian strategy. china and russia are not necessarily allies, but they certainly have the same point of view when it comes to these western powers like the united states. and so i think it's kind of self serving to say we're devoting an entire day to try to get these 2 countries back in line. i don't think that's going to happen. and definitely a lot of political posturing going on in london today. but it's one thank you for

your time and insight on this one. thank you. all private, his head a 7 week high. as the hope for agony mac recovery increases among the world's top oil consumers, the u. s. and china and restrictions are listed, but concerns still remain as india faces a continue crisis and opec plus plans to pull back on production costs. so joining me now to discuss the latest, our boom must be i. and david mckelvey, me, theo, of mckelvey, me financial group. david, let's start with you all futures in new york gain as much as 2 point one percent on tuesday, reaching the highest intra day level since mid march. is the demand recovery getting ahead of itself, considering the weakness we're still seeing in parts of asia, india, and brazil. if there's an element beyond supply and demand in, in use here, i think speculation at the foot and it's likely focused on inflation. so here's my case, investor is judge both micro macro concerns and speculation can fall into either of

those categories. micro aspects tied to the supply and demand fundamentals. and those are always important. but there's also the macro economic considerations and it would appear judging by the synchronicity of the moves higher in soft commodities, industrial commodities, oil silver, most the thing is we all time high set an iron ore and copper last week that speculation on an inflationary surprise is in motion and oil is to some degree caught up in the yellow suggested this week that rates may need to go higher because the economy is quote, unquote, running too hot. i think we need to translate that economic growth is not something that central bankers object to, but too much, inflation is raising interest rates helps curve the inflation issue. and that's where i think you see there a bit trapped. so speculation on higher oil prices includes the micro analysis, but i think we're also getting a bump from higher concerns on inflation. yeah, a lot of hope for recovery, but still a lot of moving parts there. now christy,

despite the gain and oil and the solid earnings beat by saudi ramco, it is reportedly still planning on selling its assets. why is that? well, thought ramco had highlighted that it plans to navigate the ongoing uncertainty by utilizing its balance sheet. it cited a 2020 being one of the most difficult to operate in. so essentially it plans on diversify some of its very rich and heavy oil acids. the company has like significant deals over the past few months. most recently in an announcement by crown prince mohammad been summoned to sell one percent of a ram go to a leading global energy company. now ramco has been and talked to grade cash from other asset sales as well, and please spinning out their pipeline unit. so by doing this, the oil, a giant hope to reduce dividend paid to the government and then to continue diversifying its economy. so it's less oil reliance. what a ramco doing essentially is strategically supporting the saudi economy. and the crown prince has been quite vague about the sales so far, but it could possibly go to

a chinese or indian entity in order to increase its access to for market the $75000000000.00. an annual dividend will actually stay in place until 2023, but may also be then be targeted towards more domestic investments later on. now thought ramco has been very supportive of the newly launch or week domestic partnership initiative programs, which will then enable it to be investment in the new study. private sector, with about $1.00 trillion dollars by 2030. so they're looking at their own profit specifically there. now when it comes to the u. s. david, we've talked a lot about inflation and that has been boosting up commodity prices. but now it looks like manufactures are facing shortages as a growing demand for housing, cars, electronics, and other goods run up against supply chain congestion. what is happening and is this the beginning of an inflation cycle in supply chain congestion is a contributing factor to particular prices. you've had to drive down and

inventories, slower production in 2020, which was a part of that. but there's other inflationary components that get factored as well . shipping costs just being one example. shipping container going back to china, was $1500.00 a year ago. it's $4000.00 today. gasoline is a buck higher this year from a year ago. this time. last year and again, those things get passed on to consumers. what makes inflation trends, either transitory or long term are 2 things. one policies which entrenched the trend, and i think our current that the g d p figure is, would argue for inflationary policies, which help alleviate the pressure of that debt. the 2nd thing is the consumer is begin to respond and they respond with behaviors which are self reinforcing to the inflation trends. so if consumers think that inflation is coming, they change their consumption patterns, they accelerate purchases and they put pressures on supplies even further. and that

ultimately contributes to an increase in cost as well. so this is, this is, i think what we have in motion today. we, we, we will see inflation play out again. the federal reserve says it's transitory. it's here today. it will be gone tomorrow. i think what we're seeing is what i described by the average consumer saying night. i don't think it is in their beginning to buy. so yes, receipts of supply chains as well. what's difficult here is you can't shut down inflation in the traditional way that you, what raising rates in this environment is very dangerous. we have one of the biggest bubbles in the history of the financial markets in the bond market. and you can't raise rates that much as me give you one example. if you raise rates, let's say the normalized to 3 and a half percent here in the united states. our government, it just that that we owe the u. s. government owes you'd be talking about

a trillion dollars in interest only, which would be the equivalent to say 20 percent of our total budget. and if the rates were to to go any higher than, say, 3 and a half percent, you're talking about a very, very challenging financial circumstance, both for the u. s. government, but also for corporation. so if we see inflation stay, there is nothing they can do to fight it. they don't have the tools that definitely a lot of take there, especially when it comes to the messaging. now, christie, before we go, i want to bring in opec, and their share of india is oil imports which fell to the lowest point and at least 2 decades as purchases fell to a 6 year. lo, what's happening there? or they have bought more us and canadian oil at the expense of that of africa and the middle east, which reduced purchases from opec nations, about $2800000.00 barrels per day. so it seems like india refiners, their diverse, to find that purchase is to boost margin and after it's been a decade, but they had copied their plans, deposits cheaper, tougher cou,

great. and now gets to reap the benefits. so now they can refine heavy, sour canadian fans oil rather than being purely relied on the lights, sweet, middle eastern crude. and also india is the 3rd largest crude importer and consumer . they plan to kill further its imports from us in africa. falling saudi arabia's decision to raise the official oil selling price of shipment to asian may, and the action by saudi was largely conceived as a retaliation to india's plan to cut who'd invoice from here. so the money government has asked about the kingdom to increase convection as it will reduce the demand and lower prices. india has complained heavily earlier in the you're saying that high prices have been hurting the developing country, especially in the economic recovery from cold in 1900. however, so far study has been quote on diplomatic excellent points to consider here. christy i gave in, mckelvey. thank you both for your time. thank you for your time now for a quick break. but when we come back for night creator, epic games takes the apple the core adding to the continued campaign using the tech

giant of anti trust violations. we'll discuss next. and as we go to break here at the numbers at the close, the me oh yeah, the, the little issue the pick up by may your question. birth new question. number at star. and endless as the and bring you all inside

depth and lift your eyes to all that remain in question. no, i the read read i turned on the tv about the world and what's happening around me. i see shields on the screen last every day because the fate lose narrative had he said many goals for bills, enough with farm after bob brick by brick, global is the make him i have plenty of fit in the war. what i've found a network that question more rate based civil strife, climate change will be a live solid may stream wants to do with keep us why, why so you can't keep

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r t the why there is moving ahead with plans to file for fall at the approval of its cobra vaccine, which would give the drug maker the freedom to market the shot directly to consumers, meanwhile, the f. b a is also deciding whether to approve the vaccine for children and many parents are not on board. are cheese trinity child that has the latest, including another group of americans opting out of the vaccine. today, vaccinations for teens and children on the horizon. the us food and drug administration set to authorize emergency use of the pfizer vaccine for an elective ages 12 to 15. as early as next week. a move that would make some middle and all high schoolers eligible to get vaccinated in the us. something experts say would be a big step and raising immunity levels across the country. pfizer recently

announcing the trial results showing the vaccine is highly effective for that age group, possibly even more than for adult. according to pfizer at the end of march, a clinical trial involving $226012.00. the 15 year olds showed 100 percent efficacy and as well tolerated, the f d. a. now reviewing that data, if it's approved, the centers for disease control and prevention would hold an emergency needing an issue. recommendations. the announcement comes as health officials are worried, vaccine hesitancy could make reaching heard immunity in the u. s. difficult if not impossible. their concerns now amplified as new data indicates children in this country represent 22 percent of new cases reported in this past week alone. according to the cdc, the average number of cobra, 1900 vaccines given per day in the u. s. l. 27 percent from a high of 3260000 on april 11th to 2370000 last tuesday. a shocking report by the washington post found that the number of police officers getting vaccinated is lower or about the same as the general public in las vegas. 39

percent of the employ police officers in the metropolitan police department have received at least one dose compared to them more than 50 percent of eligible adults nationwide. meantime, in atlanta, 36 percent of sworn officers have been vaccinated while ohio's largest police force the columbus division. i'm near 28 percent of those employed reported receiving a shot. and despite a massive effort by the pentagon to promote safety and efficacy of cobra, 1900 vaccines. the us military's opt out rate is about 33 percent, while nearly 40 percent of us. some are our declining coven vaccinations. reporting in new york. trinity chavez. r. t the battle is on. epic games is now facing off against apple in court. months after its viral game fortnight was removed from the app store, while apple argues in, epic violated its policies in the name of increasing its profits. epic is arguing that this case is about holding apple accountable for

a long history of anti trust violations. game developer argued in court that apple has a brick by brick, built its app store into a wall of the garden, meant to extract fees from developers who want access to apples. 1000000000 i phone users. so joining me now to go further and up on this topic, eleanor fox professor of law at the new york university school of law. now professor epic games is launching a truly unprecedented challenge against apple. right now. what do you see as a company overall goal with this last high res? so i just want to say a disclaimer at the start, which i've done some work for epic. so what i see with goal is simply for epic to get fair access to apple's operating system. it's not even asking for damages, it's simply asking for an injunction. so it once apple to change its behavior to let it get on the up to give it

a fair payment or let him use his own payment system for the premium changes that would import night. yeah, those truly is a case where we're watching epic games take on a massive tech giant here. and when we're looking at apple, it accounts for around 27 percent of the smartphone market. and for developers, the only way to get their product on an iphone is of course to go through the app store. now apple's response to criticism over the required use of it's in our purchase system, along with the charge of a 30 percent commission, has been to say that's the price you pay for the security and the prestige of being part of the apple community. so how are those claims viewed in an anti trust case? right, so it's really interesting how they're viewed in the united states because the united states antitrust law does not say it's illegal to charge to higher price.

and one of the thing the echo is saying is that what ethic is complaining about. so ethic is claiming, approve strategies and conduct are anti competitive. and that conduct is building the world garden not reading for the payment system. and of course, is that kind of pushes up or allows apple to charge this 30 percent see. yeah, and it's been interesting to see how epic has approached this case because their strategy has been to use past messages from apple employees to argue that it was attacked giant goal to become a monopoly. and that it has use anti competitive practices. but then apple says that those measures were to those messages rather were taken out of context. so what kind of evidence is the court likely looking for in this case, to establish whether or not apple is guilty of those accusations? right, so the document document can be very incriminating,

that they're not the whole story and do suggests there has to be other evidence. so watch $2.00 is there has to be evidence that apple has monopolies power. and 2nd is there has to be evidence that what apple is doing is, and the competitive practice or evidence that it's a monopoly. what epic wants to show is that consumers that know good alternative. and what they're going to show is, once people are on apple system, they want to be able to access the epic port now that cetera, right from apple, they don't want to have to go to another store. so you don't want to go to a console. it's not a good alternative, so what epis will be no good alternative except to go through apple and the apple really does have a monopoly power. and they will say the fact that apple can charge that 30 percent

premium shows that apple has monopoly power. and we're saying, where is the 2nd part about what does that competitive? and i'll just say one thing here, which is the u. s. trust doesn't make it to easy for ethic. because the under us that the trust law, a lot of slack is given to a firm that makes the system to use it the way it wants to. and basically says it doesn't have a duty to do to deal with it inspires the suppliers or to be kind of the buyers and suppliers. so this can look very unfair. it is very unfair. and whether the line is coating competitive act, it's another thing that just epics prepared to prove it, but it's not just really easy. yeah. okay. we got about 20 seconds here before we go. i just wanted to ask you, do you think that we will continue to see cases like this being brought against apple when it comes to these anti trust accusations?

i think we will and we're seeing them all over the world and all over the rest of the world. it's kind of easier to prove claims. and so apple might just have to pull into line because of you and other courses around the world. yeah, certainly we will continue to follow this case closely. professor elinor fox, thank you so much for your time and for your insight today. thanks a lot, rachel. that's all for now. you can catch boom bus on demand by downloading the portable tv app for your apple or android device. we'll see you here next time. and as always, don't forget to question more. me, ah, hi folks, jo. name is here and if you're on medicare, this is important. you're now entitled to eliminate, co pays and get dental care dentures, eyeglasses,

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they'll burn your face all down and the video more added by the hour is free. it's free. go, go, get it portable tv, the hello there. i'm manila chan you're watching in questions broadcasting. from r t america national news headquarters in washington dc. here tonight, the top story. first up, a calamity of contradiction. g 7 powers meeting to counter china and russia, while at the same time, hoping that build stronger ties with both countries are panel wave it. and then venezuelan president nicholas madura really thing, half a dozen american prisoners in the country. could this act of mercy be a step towards renew relations with washington? we've got details next. and finally, researchers in china isolate special types of bacteria that can break down to