now to discuss this issue and the outlook for well i'm now joined by richard swan from platts energy agency richard thank you very much for being with us so what do you make of this dispute of russia's receive the credit transfer was promised according to terms of contract what is it not receiving now. well there is at the heart of this dimitry a lack of clarity over the us but oil shipments from russia to china no one really knows exactly what the price is the contract is never been published let's not forget it does seem strange that what should be a simple commercial arrangement should have this discrepancy over really quite big sums of money so this is a highly unusual but this is an unusual pipeline it's not unusual project the role of trans if it comes in here is the pipeline company they don't own the oil at the start of the chain but they take delivery of it and push it all the way to the chinese border china seems to be lobbying and we're hearing they're kind of not happy with the price the implied price for the transport costs along the pipeline i think they think they shou

global oil director from platts agency whether you're talking about suzy a libyan or any other countries bahrain for that matter or oman even though people target the loading areas and even when they can the production areas there's more than enough supply out there of crude oil in the market right now so the supply demand scenario is actually fairly stable and also the kinds of production we're talking about losing right now libya is down by a hundred thousand barrels a day or so which are you are losing a million or so barrels a day of production and supply in a market that is eighty five or even ninety million barrels a day of supply because so much is so so far the impact is limited the question every one of the oil market is will saudi arabia have its own problems to worry about over the weekend so that that could change the picture dramatically both from current supply and demand and going forward as well soaring food prices are keeping the world central bank is worried as they try to get down inflation low crop stocks and poor weather conditions other key factors were just sending

russian basketball received a timely boost last week when david platt agreed to stay on as head coach of the national team for a man richard caught up with the man and self who was candid as ever in front of the camera. this season hasn't been a kind one for russian basketball but the country's representatives in the euro league say scan him key for the first hurdle this was to secure surprising for the omen had been one of the comes in the house over the last few years the black believes may have been unlucky from the standpoint of cisco is just amazing the amount of injuries and physical difficulties that they've had this year i don't know how you. how you can combat that how you can fight against that you know they lose the main players that they have that they've missed throughout the whole year particularly i'm talking about victor crap and social care of you know who are two of my guys from from the national team you know this is difficult to replace those guys and the other hand you've got to recognize the cesco was in the final fours and something that's never been done and wi

they have bug a global directive while at platts agency thank you so much for your comments and for your time. that's all we have time for this i'll be back next hour with an update stay with.

considering increasing production in order to compensate for finding out that in libya however they go from platts says no panic is not likely to do so. opec is talking about this issue as we speak and their view is that there's more than enough oil in the market to make up for everything we're missing from libya and more so their chances of increasing production are very small right now but they're keeping a close eye on things at the same time as well there's a lot of important news to watch over the weekend is a day of rage planned in saudi arabia for friday and i think the market be a very very concerned to see what happens there so opec is keeping his options open but they seem inclined not to do anything right now in terms of a risk premium but we were at ninety five dollars before all this kicked off two weeks ago so i think it's fair to say fifteen or twenty dollars is the kind of premium we're looking at right now for cordoba who knows where to go to. violence pans out in the next couple of days. all right let's move to the stock markets now russia negative not as up close for public holi

precious metals and platt anymore according to nationwide insurance. the there is a hacksaw, they can be in and out in minutes. repairs aren't cheap. >> most folks are forced to call their insurance companies as a result of the cost. kit sometimes be $1200 or $1500. >> the law taking affect in january requires recyclers to create a paper trail for the transactions. the place, date, converter owner's name, identification and vehicle license number. a signed statement of owner skmip a picture of the seller. the internet also offers ways to secure converters like this cat clamp lock. or there is this plan. >> just sort of junking around like there is video going around about how to hide your kids and hide your wife. i guess you've got to hide your catalytic converter. >> and you can make your car a tougher target for thieves. park in well-lighted areas, close to entrances of buildings and engrave your license plate number on the converter so it can be traced and purchase a vehicle security system. >> still to come tonight at 6:00, the young women from mar

. >> reporter: and this woman credits a large tree and a floor platt for saving her when the wave grabbed her she grabbed the tree and as the water washed around her she saw a floor mat and got on if, drifting to higher ground and safety. her daughter though like so many others washed away in the waves has not been found. tonight we have a remarkable story of survival to tell you about. two days now after the quake a military vessel rescued a 60- year-old floating nine miles out to a's he was clinging to the roof of his house waving a red flag. >> to try to save power rolling blackouts are in effect in japan. about two million housing are without power all together. >> we are live in tokoyy and are live on skype. >> reporter: hello. it is about 2:00 in the afternoon here on monday. we just got back into our hotel room. we experienced our first after shock just about four hours ago and i had a rental phone from japan, this was great because it started going crazy just a few seconds before the after shock. it has a quake alarm i set as soon as i got it so i had a few seconds warning but we

transnet is now in debt to ross nafta for oil that it purchased and live at the china richard swan from platts energy agency says it's unlikely this dispute will get out of hand. does seem strange that what should be a simple commercial arrangement should have this discrepancy over really quite big sums of money so this is a highly unusual but this is an unusual pipeline it's not unusual project the role of trans if it comes in here is the pipeline company they don't own the oil at the start of the chain but they take delivery of it and push it all the way to the chinese border china seems to be lobbying and we're hearing the kind of not happy with the price the implied price for the transport costs along the pipeline i think they think they should be paying a lower price than people who take the same oil but on russia's pacific coast when it comes out to cause meaning now again there's no clarity over exactly how these costs are calculated and is the price china paid is it pegged to the urals export price. or is it actually pegged to the new cause mino price and when does that switch happen.

german, ranking member platts, member quigly and member cummings committee for having us today. over the last decade we've seen an explosion in the size and complexity of our capital markets exponential increases, and fleeting volume, brokers dillinger thousands of trades in a few seconds instead of maybe 100 trades per day, high-speed computer trading strategies, fragmentation of creating away from the exchanges in the dark pools 24/7 globalist stock trading. we've seen investment products become so complex that the sophisticated traders who trade them at least fully understand what they are. and scary systemic risk that threatens the recurring crises. now after the crash, we see many investors pulling out and staying out of stocks and mutual funds. investors are still scared and sidelined with their decimated 401k. investor perceptions are critical. these people will be unwilling to continue to risk the capitol or other capital again if wall street's cop on the beat becomes a call on furlough. last summer and the depth of the worst financial crisis in 80 years, congress recogn

platts for five minutes. >> thank you, mr. chairman. i certainly think all three of the witnesses. great to have all of you. mr. davis, with all respect, i want to say mr. chairman, great to have you back as well. >> whetted out. keep letting it out. >> your insights are certainly very helpful to us and i want to commend senator coburn are having sponsored legislation to result in this report in the important work of the gao and now following through on the assignment. and really what i see is the beginning of the process, the first of what will be opiate daylight between gao, this committee and support work. and tom come you touched on a perfect sustainability that we all just talked about these things, but then we follow through. and when you are chairman and now chairman ice, had the privilege of chairing the subcommittee on government organization efficiency and the nature of management. i assure you we will do our best as a subcommittee to sustain this effort from the legislative side and working with all the parties. on a specific issue, when you think about within the report

platts for five minutes. >> thank you, mr. chairman. i certainly think all three of the witnses. great to have all of you. mr. davis, with all respect, i want to say mr. chairman, reat to have you back as well. >> whetted out. keep letting it out. >> your insights are certainly very helpful to us and i want to commend senator coburn are having sponsored legislation to result in this report in the important work of the gao and now following through on the assignment. and really what i see is the beginning of the process, the first of what will be opiate daylight between gao, this committee and support work. and tom come you touched on a perfect sustainability that we all just talked about these things, but then we follow throu. and when you are chairman and now chairman ice, had the privilege of chairing the subcommittee on government organization efficiency and the nature of management. i assure you we will do our best as a subcommittee to sustain this effort from the legislative side and working with all the parties. on a specific issue, when you think about within the report, w

platts for five minutes. >> thank you, mr. chairman. i certainly think all three of the witnesses. great to have all of you. mr. davis, with all respect, i want to say mr. chairman, great to have you back as well. >> whetted out. keep letting it out. >> your insights are certainly very helpful to us and i want to commend senator coburn are having sponsored legislation to result in this report in the important work of the gao and now following through on the assignment. and really what i see is the beginning of the process, the first of what will be opiate daylight between gao, this committee and support work. and tom come you touched on a perfect sustainability that we all just talked about these things, but then we follow through. and when you are chairman and now chairman ice, had the privilege of chairing the subcommittee on government organization efficiency and the nature of management. i assure you we will do our best as a subcommittee to sustain this effort from the legislative side and working with all the parties. on a specific issue, when you think about within the report

chairman, and i soon will be joined by chairman platts as well. i'd like to thank our witnesses for their time today and their contributions. as we all know, in december of 2008 bernard madoff was arrested for running the largest ponzi scheme in american history. losses from madoff's fraud have been estimated at $18 billion, devastating the savings of many americans. we all know the sec missed madoff despite being tipped off on several occasions. although no regulatory agency should be expected to be perfect, a failure of this magnitude is, clearly, unacceptable. how did this happen? be many have blamed the sec's outdated technology which is woefully behind what the fan firms are using, the silo problem which prevents coordination among the sec's many offices. another culprit that has been cited is the sec's work force which some argue includes too many lawyers and not enough industry veterans. and we've all heard about the employee union's pornography instead of doing their jobs. all merit oversight from these two subcommittees. we have also hear

chairman platts, ranking member quigley, ranking member towns, members of the two subcommittees, it really is an honor to be invited to testify in the operation of the securities and exchange commission today. it's a matter of great interest and importance to me personally because for most of my career i was an employee of the sec. for 20 of those years i served as the commission's secretary which was one of those unusual positions that afforded me a rare opportunity to participate firsthand in virtually every aspect of the commission's responsibilities. i retired from the commission in january of 2006, and in the five intervening years, i've really been fortunate. i've served as a technical adviser to a variety of securities commissions in the governments and emerging market countries, and i've also had the opportunity to speak and write about financial regulation in the u.s. in 2008 the center for capital market competitiveness at the u.s. chamber of commerce invited me to conduct a study and write a report on how to improve the efficiency and effectiveness of the sec. i wrote this study