ah ah, we're used to hearing, he will lead messaging about the importance of values. not everyone in the block agrees. in fact, a growing number of conservative and populous forces are speaking out against what subtle call brussels colonial outlook. conservatives and populace talk the language of family and culture. elite talk of values to create a european superstate the this is boom, but the wonder the show you can't afford to mit branch a bore. and i'm sure a woman's in washington coming up oil prices to a 6 year high,

straight ahead. we dive into the latest developments and the petro sector, and what it means to the future of opec then, is being called the single largest global ransomware attack on record. so how many companies have been impacted, and will hackers $5070000000.00 bitcoin ransom? they are demanding ads later. chinese ride hayley giant dd has seen its doc tag as it finds itself among a handful of us listed firms coming under fire from regulators in china with the pack show today. let's dive right in and we leave the program with the energy sector now over the weekend, you undoubtedly solving now viral videos of a ruptured gas pipeline in the gulf of mexico, which then flames boiling to the surface of waters west of mexico. you could have peninsula many describe what was seen in the footage as an eye of fire. so what happened? well, on friday, just after 5 am local time get started. taking from the pipeline,

operated by mexican state, run oil giant pemex, less than 6 hours later operation return to normal according to the company, which reported no injuries. the company which has had a history of accidents, said it is investigating the cause of the pipeline burst. meanwhile, oil prices surged tuesday as opec plus members called off monday, meeting intended to discuss lifting production cuts amid increased demand. as the world recovered from the coven, 1900. pandemic talks were called off after the united arab emirates refused to fall in line with the cartels proposal for increasing production. brent crude was over $77.00 per barrel. the highest level since 2018 while w t. i futures traded above $76.00 per barrel, their highest level in 6 years. a new ransomware attack on software vendor can say a has impacted between 81500 businesses around the world. because they provide software for about 40000 businesses. and according to the company,

hackers were able to penetrate a software update to a sophisticated cyber attack. security researchers said the attack may have been carried out by our evil, our russian cyber criminal group that the f. b, i has said was behind hacking of the world's largest meet processor j b s. back in make. this is scary. this is, it's not like the people are making 20000000 dollars year. not the does any wrong with people and they 20000000 dollars year, which i was one. but you know it's, these are people that they have small businesses. they employ 10 to 30 people. and this is serious for this is, this is like, oh my god, their customers are like, ok, we trust you for our i t. what's going on? well, the latest hack mean for the rammed up battle against ransomware attacks will. joining us now to discuss an investigative journalist benz swan. now ben, this is a massive attack and can say it is a business solution software. so do we know which companies were affected?

yeah, it's about, as you said, anywhere from $800.00 to $1500.00 companies across the world in sweden for instance, there's a grocery store chain there. they had about $800.00 stores that were effected as a result of it. that's one customer, but with many different stores, according to the company you heard from the ceo right there just a minute ago. he's saying a lot of this is like dental offices, libraries. they are performing i t solutions and he said for a lot of small businesses, so it's different than a lot of these other attacks. typically we see this kind of ransomware attack. you go after one big company, in this case, it went after a software provider. they were able to access an update in that software in order to, to shut down the i t in all these different businesses. and according to reports, there are 2 things happening. this group, we will r e v i l is like our evil essentially is reaching out specifically to the individual companies in part as well as to the larger software provider and trying

to get money from the software provider as well as the individual company. and now ben reports are indicating that the hacking group has demanded a $70000000.00 payment in bitcoin for decrypted tool to restore the businesses data . what do we know about that ransom that they're asking for? yeah so, so it is, it's, it's $70000000.00 which is a huge chunk of change obviously. but again, you have this, the software company. so they're saying, hey, we'll give you basically 11 decryption code that will unlock everything. and then separately they're going to the individual companies as they can find them and saying, well, for $20000.00 from you right out, we'll unlock it for just you and then the others will have to figure it out on their own. so there's kind of 2 things happening the same time. and again, this is liz and ransomware. we've talked about it a lot of michelle lately, and it's been in the news a lot lately. it's not going anywhere. we know that this is going to be kind of the new norm for a lot of these companies, but there are certain things are going to have to do in order to protect against this. in this case, as i mentioned, it was an unsecured software update. in other cases, it's

a lack of 2 factor authentication in some of the systems. so you're going to have to step up. if you're one of these companies, you gotta step up your security and preventative measures. you can't be lax about it because these groups are looking to make money this way. and we're certainly seeing more and more attacks. and like you said, they're hitting at the most vulnerable points for these companies. now some analysts are saying that they are surprised that this group are evil or re eval, asked for the ransomware to be paid in coin instead of a privacy coin like manero. so do we know why they have asked for bitcoin? yeah, typically they do ask for manero. i think the, the biggest re, we don't know the reason, but i would suspect the biggest reason that they ask for $70000000.00 getting $70000000.00 in narrows going to be a lot harder to access. right? because just the sheer supply of manero, the value of manero. where are you going to buy it from on the exchange is big point a lot easier to access. so my suspicion is if it was a smaller amount, or if they were targeting smaller companies, they would've gone with the privacy going like manero in this case because they're

asking for such a large amount. they've gone with a less private coin. like big point that seems to be the biggest reasonable well and been we've heard quite a bit, you know, after that the colonial pipeline happened. we had, you know, cybersecurity, experts on this show thing, look the fact that they paid the ransom. that meant we were going to see more instances just like that, and it seemed that's what we have seen. so did that particular cyber attack actually emboldened more? and that's why we've seen, you know, as we said, j b. s. and now this one. well, i don't know, it's emboldened more, i think, is emboldened a larger a larger attack. right. so meaning that if you, if you go after colonial pipeline and you're asked for $5000000.00 or $4000000.00 in big coin, whatever it is and they pay it. all of a sudden everybody says, well, maybe we shouldn't be doing the smaller attacks. but here's the thing, ransomware attacks and these kind of a big coin, yet fueled attack. and i don't want to call big white trucks. they're not, they, they pre de bitcoin, right?

but being paid in some kind of crypto, this has been going on for a long time and it happens on a regular basis to smaller entities by going after larger entities. it says if you're saying, let's go after the, well, let's go to the bigger entities that can pay more. and so that seems to be happening here. and by the way, in this case, the company has not said whether or not it's going to pay. it says it won't comment on whether or not is going to pay the truth is i'll probably wind up paying something. the question, and this is what i'm fascinated by the crypto guide, is how will that payment be made? will these hackers learn from the last one and refuse to have money sent to a 3rd party entity? like for instance, a coin base? if they haven't said to a coin base we know the f b, i can call that money back. if instead they send it to a private wallet, it would be different. yeah, it will certainly be interesting to see what happens. and if they pay up on that ransom, boom bust bend on. thank you for your time and insight on this one. thanks. good. and now we want to dive back into the oil industry, which we started the show. and so for more on that let's bring in octavio lorenzo

is the ceo of optimist. l l. c. octavio always the pleasure to have you here. and as we talk about, there's a lot going on with opec, and without an agreement on production cuts or ramping up production, that is to say, opec will keep oil production at its current levels, which means it will under supply the global market by about $2000000.00 barrels of oil per day can that lead to a $100.00 a barrel area and cause serious economic harm? well, i think it's clear that if they carry the current production levels, we're going to see a big increase in the oil price. now is it going to break through a $100.00 a barrel? quite possibly. better my back in 2008. we saw the price of oil break through $170.00 a barrel, so we can clean the have a lot of upward room in terms of oil prices. so if they, if they remain, and i think it's a very big if, if the remainder current production levels, we're going to see basically, oil prices spike a $100.00, i think is easily reachable. we might well go beyond a 100120. i didn't know how that will go. i think the sky is the limit there in

terms of where we could get an oil prices, if there is not an increase in production from opec in our tabio another player. and this has been the u. a. we see that there are a growing economic power in the opec cartel, even challenging saudi arabia for economic dominance of the region. but the u. a has also dropped tens that if they don't get a bigger slice of the pie in a bigger seat at the table, so to speak, they may actually leave the group entirely. what would that mean for a world oil supplies? well, i think the, you a sort of clustering for economic dominance in the air is a bit difficult to see. i mean that you might argue that there are economies some slightly better shape than the saudi arabian. they have a low budget deficit that may be slightly less dependent on oil than, than some years. so they have a more diversified economy overall. but i don't really think that they are going to dominate anytime soon for the foreseeable future. saudi arabia is going to continue to be the driving force in that part of the world. and that will change despite the fact that the, you a might like that to change in their favor. so what does that mean if there's,

if there's no production costs? so if some like you actually basically leaves opec altogether, well, i think we'll see the market flooded with oil. the price of oil will collapse over or will go much, much lower than currently is. and eventually you inside the rape and other opec members will come back to the table, try and fix that. so we might see a d h teacher in that direction with the big increase in oil production, a big learning and the price. but that's not something any of the oh pick members wants a you or he doesn't want that. saudi arabia doesn't want that. and they will know this is sort of post trigger on the part of the you are you basically saying, if you don't give me what i want, i'm going to blow up the world. so i think they'll find some sort of combination of the you either come some, some sort of compromise will out say face, but we'll still have this production cuts in place by the end of july operating august sometime. and octavio russia is also very concerned about high oil prices, and they don't need as high of an oil price as a saudi arabia or the u. a to show a profit. russia has been more hawkish, shotwell production increases as they fear that they will actually lose market share to other producers. saudi arabia, on the other hand,

is it worried about losing market share? as you just mentioned, they're already raising prices for oil to all of their customers. in europe, the u. s. and asia. so what, what higher oil prices mean for russia in the situation? well, i think we can just say that for us or overall, it's a positive. russia is a very big oil producer. i mean, the oil accounts, about 10 percent that called me over all, but about 30 percent of the russian governments federal budget. so it's a very important overall in the running of the russian economy in the running of the russian government. so they like more or less to see high old prices, but the question is how you get to the high oil prices? is it through production costs? it is through some other means is it through an increase browser that that is really the key issue. so they're afraid of basically losing overall revenues and if prices run away, but their production stays very low, they often will using market share throughout the place and they don't want to see that. so they would like to see high or low prices. it's very good for the move all the comically in terms the budget, however, they want to have the right production levels to get this. so i think russia is

gonna be very much in favor increasing production. we see a big surge and demand for oil on, on the way they're going to want to take a long shot and increase the production the same time and quickly i have it before we go. do you see them working out this opec scenario in the next week or 2 to, to come to an agreement? i strongly suspect they will if you look at what happened and we'll prices today, basically the down quite sharply. i think overall the market is expecting that to see that occur. so i think this is a bit a sort of pushing back and forth shoving back and forth between saudi arabia and the u. a. and eventually they'll come to some sort of arrangement and some sort of accommodation. and i think that will probably have initial order. and if they don't, well, there's gonna be fireworks is going to be interesting to watch. we'll see a sky roxanne oil price potentially in the clamps octavia, mirandi of optimist. l. l. c. thank you so much for your help us today. thank you. and the fight over whether social media giants should be given legal immunity for the content posted by their users is heating up around the world. in hong kong

sites like twitter and facebook have joined a coalition of tech and social media firms that are threatening to cut off their services altogether. they are responding to proposed legislation aimed at changing the way these sites handle harmful content. they argued the language is too vague and broad. they also said it's unfair to hold local staff responsible if they're overseas based companies do not remove content on their platform as authority is required and it doesn't stop their twitter is also facing pressure in india, where the country's government is alleging the platform refused to comply with this new i t regulations, that's according to a new court filing from india. as i t ministry, which says that as a result of twitter is noncompliance, it has lost its legal immunity in the country. this all stems from a complaint filed by one user regarding defamatory post on the platform, who reported that twitter did not follow the new law and remove those post as

required. and rachel, this is interesting because we've heard so much of this in the united states over the last several years, at least the last 5 years of what responsibility do these social media giants have? are they publishers? are they content creators? or are they a forum for users to say whatever they, what so it's interesting to see how this is playing out in india had specifically they have specifically made the point that look, you got to say that you adhere to american laws. well, that doesn't fly in india because we're a separate country, right? and it is interesting to see how they are now trying to create new laws to deal with this data security, especially in cases where you're talking about sites that have this harmful content . i mean, we know facebook, twitter, they've been called out for allowing extreme is content on their platform. so then you have these other countries trying to decide how do we deal with that? how do we address it? and then you have sites like facebook and twitter to say ok, we may just pull our services from your platform all together. if in your country,

if they don't like the way the other change, as always, there's a much larger conversation here and i'm sure we will have it further on boom bus, but time now for a quick break. and when we come back, after taking on ride hailing giant d d, chinese regulated have that their sites on several other us with the firm will bring in the details with some expert analysis. as we go to break here, the number, the close the special summer solutions edition with mac and stacy. and today we welcome home professor b. again. he's the author of debunking economic and the author of a brand new instance classic available for pre order. right now. the new economics a manifest

ah, today industries prefers millions of euros in the today regulations. i will be all about making money. i think it's about the corporation international markets import export. do you imagine the number of the diseases that are in every family today? it's, you know, due to new viruses or new microbes, that's not true. so it is due to environmental on either the momentum much hello. yes, accumulate. got on the come in today. mostly they don't allow us. the food industry is that it will create more jobs. it will create more value added, it will create more. so i don't see why we shouldn't also fight for the interests of the industry that we have regulation. we want the regulation as the industry.

and if we don't behave then yes, that's fine. ah me . china is launching a new technology crackdown in the name of cyber security. it started when beijing announced it was suspending the ride share out dd global on sunday after raise $4400000000.00 for it's i p o. on the new york stock exchange, the cyberspace administration of china then confirmed it is taking action against 3 more tech firms. that includes subsidiaries of the out full truck alliance, which went public in new york last month, as well as an online recruitment platform backed by penson and listed on the nasdaq . so how big of an impact will this crack down have and why is it targeting these companies to go further in depth on this?

let's bring in boom, bus, co host, christy i and john of the miami herbert business school. kristi, let's start with you here. we saw that dd stock tumbled nearly 23 percent in early trading on tuesday. they say they have stopped adding new year to new users and will comply with beijing. but how big of a hit is this to the newly listed company? well, it is quite a bit especially to the reputation after announcing that they're basically de listing the app 2 days after the essentially i p o. and they have now come out saying that this will most likely have an adverse impact on its revenue within china. so the company and overall reported a net income of about 837000000 in the 1st quarter of 2021. but the growth in its core market had already become slow down practically in china. so it has been extended into other fields from car repairs, grocery delivery, and a $100000000.00 into researching autonomy, driving technology. so in terms of its diverse revenue mix, it's doing fine,

but now it looks like they have to spend a critical amount of time and energy and money into satisfying the csp and complying with the review regarding user data. and so the bare issues that you touched on earlier on the show is whether these actions will kind of mark this new direction for regulatory crackdown and on user data and privacy. and if that will discourage other chinese tech firms from now listing overseas. so it also shows that the tension between china and us kind of spilling over into the capital market . now, chinese firms won't want to list in the u. s. for fear that they're going to be targeted. and us investors will now food uncertainty is betting on us list. the chinese thing, because while you do have a huge part that china is a growing tech, the he meant that has a ton of r and d coming coming in. you'd kind of don't want to get caught up in the regulatory uncertainty of it all. and d quotes, we know that china has been cracking down on concerns related to data security. and they've really been cracking down on chinese run enterprise over the last month and

a half or so. so how did these specific tech firms get on their radar? things spread so well at one level, what we have here is something similar to what we have in the european union and the united states, which is if you like cyber nationalism, it's, it's all about data as security, the privacy of consumer data, monopolistic practices on the part of tech companies, but more than that in the china case is that but shiner of c, g ping does not really want chinese companies to be global 1st and chinese 2nd, they want chinese companies to be for china. and what we're seeing in this particular case as a, a very direct message being sent to a company, which interestingly as not cold d d, it's listed as

d d global and it operates in 16 other countries. apart from the united states, there's only room for one global celebrity from china, and that is she g, ping, and other c o founders who want to be famous internationally. they better think again chris, the i, what's your response to that? because this crackdown seem to be a to chinese companies that have been going public listing here in the united states, but to didn't quote this point. do you think china what these companies to be chinese 1st then global 2nd? what do you make that? why i think these pros are meant to be an annoyance that i hang out not meant to completely stop chinese from actually appealing overseas. i think that it's more so the cac trying to flex and actually trying to make a point to make these companies actually think twice and think about the user protection and data privacy rather than to completely hold it because you as

capital as us capital is on monday and the u. s. global capital market is still one of the top in the world. so to, to completely isolate chinese tech companies from fundraising, america, that is a very dumb move to mix. so i think the common thread between all these 3 companies is obviously that they very, very recently listed in the us and between the u. as in china, there is this rising, touching your husband to deal with chinese companies from the u. s. exchanges in 3 years. unless the 2 governments can actually region information sharing agreement, and i think that's the key that would allow the u. s. regulator to actually inspect these listed chinese companies. financial records when fraud is defected. so i think the fees the appears to be concerned that these big tech companies, they hold very sensitive user information that could hold a national security risk if it falls into the wrong hands, including perhaps the us intelligence agencies. so in terms of db, doubtfully has the most detail travel information on individuals among large internet earth. and they appear to have the ability to conduct big data analysis on

the behaviors and habits. a very important hiring people, everybody uses d d. so the c a c is taking a closer look at how it manages is consumer data. in case there is an escalation in terms of information wars. yeah, and we're definitely seeing that cracked on coming from both sides. now dean quality, we know that being path a new data security law to govern how companies collect, store, and use data. they pass that just last month and it is set to go into effect in september. so is this likely just the beginning of their crackdown and the name of national security? while there are some chinese companies? notably, for example by do, which has listed on the us exchange. and so essentially the google of china and transcend another chinese company that is a stream li, successful and prone on these companies. they're ceos are very low profile

and they are very much focused on the china market and they co operate. if that's the right word with beijing on these matters, when there's a problem that these companies have with the cyber space administration or the national intelligence system in china, they collaborate quietly behind the scenes and they don't get find they don't get penalized. heavily, as has been the case here, this company dd global was allegedly warned 3 months ago that there would be a problem. and they went ahead nevertheless, with the i p o. and if you go ahead in the face of administrative advice in china to do otherwise, you'll get to pay a price. and that's what we're seeing immediately come out of the government's response today. excellent points to consider here. boom bus. co host,

christy i and dean john college of the miami, herbert business school. thank you both for your time. give and finally getting up and bumble is taking a step out of the online world, the well into the real one. the company which both the ability for women to make the 1st move in dating will open a space in new york city later this month, where people can meet up for dates, bumble brew, which is being done in partnership with pass. well, jones will feature an 80 seat dining room cocktail bar and a patio reach and intelligence inspired menu. at this time, there doesn't appear to have a direct hi in with the app for making reservations or arranging dates at this location. but if successful, we can imagine that they will be on the table, but it does raise a question here. because rachel, i have this question. are online dating apps intended for those who don't want to make connections with people in real life? you would think so,

and i want to know are women also lifted to make the 1st move when they go into the bar? and how is it different from just your average bar? we will definitely keep up with that for this. i will see you next time to buzz me i i ah to don't to leave this notion over to me. he said, when she gets home ready to love me, she knew she wouldn't be

a little girl. but what i can do me to teach julia. totally different. but she's she's really pushing you see was your new best for me was upset for me and lasted with metro. okay. she yeah, she felt that i've always been dealing with that, but i knew the new new new which is what is the new i see executable couple was quite up when i got to pull it up. when that got moved up and i will use me

so what we've got to do is identify the threats that we have. it's crazy going from taishan. let it be an arms race is on often very dramatic development. 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 to the news

. ah, or is johnson unveiled plans to scrub almost all the restrictions in england and claims his vaccination policy book, the number of infections is still rising. meanwhile frontline was battling that place, celebrate the initiative 73rd anniversary without a much debated rise. so they did get a metal from the queen. i think that was a real stuff in the face. and i want to make sure that these kind of been in depth, confronting serving things of health, palm in belgium. margaret, go to extremes in a fight for i thought him, well, 30 think they both be blackmailed. ah.