Current currencies continue to disrupt the payments space governments are waking up to the risks christiane managed to catch up with matthew walk to get his view on the future of regulation in the thin tech space so much content to fit in just 27 minutes can we do it just watch lets go to the 1st strike in more than 10 years by the United Auto Workers union leads our global report today as 46000 workers at General Motors bring production to a halt at 55. 00 plants across the United States the current contract between workers represented by the u. A. W. And bosses at g. M. Expired saturday night and the decision to axe to not to extend the previous agreement and extend instead strike was made by a unanimous vote of the u. A. W. Regional leaders u. A. W. Workers are determined to draw the line on wages Health Insurance Cost Increases and management exploitation of temp positions the action by u. A. W. Workers does not affect their status under. Existing collective bargaining agreements with the other 2 of the famed big 3 u. S. Automakers ford and chrysler g. M. Workers so any gains despite describe the work mood among workers youll hear another know. You say we gave. Our to keep this Company Running and now this company is making record profits theyre making now off our labor in they dont want to even give any bag what they want to continue to take and thats not right this betrayed. Experts say both sides will feel pain from a long strike u. A. W. Workers have a strike fund of 850000000. 00 from which they will receive 250. 00 in weekly strike wages meanwhile Industry Experts say g. M. Will lose about 50000000. 00 each day the strike goes on General Motors stock fell more than 3 and a half percent in monday morning trading. And there was a dramatic though expected turn in the legal drama surrounding part Purdue Pharma the corporate career creator of oxycontin the drug experts place at the center of the u. S. Opioid abuse addiction an overdose crisis on sunday night Purdue Pharma filed for chapter 11 bankruptcy protection to shield the staggering profits for more than 2600 pending suits still pending over produce role in creating and pushing the miraculously profitable drug a. P. Reporter Jeff Mulvihill conn commented on the legal state of play but now what happens is up to a bankruptcy judge. One of the major issues remaining for the bankruptcy judge sort out will be whether there are lawsuits against sac cleaners the family that owns the company can move ahead in state courts. Purdues chapter 11 filing includes an endorsement by the Corporate Board of the roughly 12000000000. 00 settlement between perdue and a coalition of at least 10 state attorneys general and a number of local and trouble governments that was announced last week however attorneys general from a majority of u. S. States have vocally declined to join that statement one of those declining agees Latisha James of new york on friday said her office has discovered roughly 1000000000 dollars in wire transfers by the cyclers produce founding family as james said in a statement quote while the sackler is continue to lowball victims and skirt they were responsible settlement we refuse to allow the family to misuse the courts in an effort to shield their financial misconduct. And joining us now to give us the latest installment of this Corporate Legal drama is molly barrows contributor at americas lawyer molly welcome back where does this bankruptcy filing lead perdue when it comes to the upcoming opioid trials. Well it looks like a Bankruptcy Court is going to be the ultimate deciding factor in that decision however as part of that more than 10000000000. 00 Settlement Agreement in principle that produce has announced the company has indeed filed for chapter 11 bankruptcy and that filing typically would remove pretty from test trial scheduled for next month for example in ohio but in those particular trials produce and the only plaintiffs in those cases so those trials will continue against other pharmaceutical companies and distributors now in general some lawsuits are allowed to go forward against companies who have filed for bankruptcy if the case is close to being resolved or if it will help determine how much a plaintiff is worth but normally when they file for bankruptcy theres a freeze in litigation against the company whats called an automatic stay while assets and debt are assessed and then claims are negotiated which brings us to a big concern that some have over this deal and that the value of produce assets and the sale of its global Drone Company they think its over estimated. And there where the settlement money may not come in which is why some state attorneys general opposed the settlement because they also want the company to admit wrongdoing which is something that they dont do in this agreement and they also want to hold members of the Sackler Family financially accountable tourneys generals have filed against them in particular so that is of course family as you know that controls pretty you made billions out the opioid sales and thats part of the reason why the settlement deal is only supported by about half the states that are suing purdue right and so we we know the. Attorneys general that do not want to be part of this agreement say the staked out their their position very well and the question is whether produce will be will be out of some of these lawsuits but whether theyre out of all of them does the do so does the revelation of these sort of wire transfers from james your new York Attorney general does that change the standing of those other cases that were already moving forward where do they stand after that and could could that cause the underlying agreement here the produce was pursuing to fall apart. Absolutely now how it affect those other cases individually im not sure if those individual judges would have to rule on that as far as the overriding determination of whether or not this settlement will be approved by the Court Whether or not the bankruptcy filing will be approved by the court when you have revelations like that im sure that is going to come into play if the attorneys are doing their jobs and want to bring those issues up to say hey you know we had some concerns that they perhaps are being entirely forthright about all of their holdings and their assets and then you have wire transfers like this which you know maybe theyll have a better explanation for it but in the meantime its certainly adds credence to their doubts that thats why some of these attorneys general did not want to get involved in that particular Settlement Agreement but it is so very complicated because pretty isnt the only one thats basically being sued and these thousands of cases that are being filed from across the country so purdue. Ideally if you will for per. Dewar typically in a legal case like this where company has filed for bankruptcy they would be eliminated if their settlement is finalized but again its such a complex case theres no guarantee that that would happen even if the settlement is finalized and especially in light of what youre talking about with those transfers but the federal case in cleveland is going to go forward thats against other drug manufacturers to ship bidders pharmacies its still pending thats where all those lawsuits many in fact have been consolidated in that multi district litigation the judge in that case has also been pushing for a settlement so money can go directly to communities that need it for drug addiction related issues and treatment so he certified a plan that would allow every municipality nation to share the proceeds if a settlement is reached so in the meantime there is a lot riding on purdue. With this getting a settlement approved as well as their bankruptcy filing approved because this federal trial these 2 bellwether cases are scheduled to start in mid october with these 2 counties in ohio and right now it doesnt look like theyll be a part of that trial if it goes for if there are deals approved right still a lot more to this story molly barrows legal journalist and contributor americas lawyer thanks for your insight. All right thank you and in Oil Market News production was immediately cut in half one who beat yemeni militias successfully attach the cries oil field and cake processing facility using drones brant crude oil was up by almost 20 percent in one day trading on the news a 50 percent fall in saudi oil productivity would take roughly 5700000. 00 barrels or 5 percent of Global Supply off the market Industry Experts say it could be weeks before the saudis are able to restore production to targeted levels but even more concerning that the attacks make it clear that the saudis relatively under resourced regional adversaries can easily inflict major pain with inexpensive means the incident could also change fundamental risk assessments for the long rumored. Initial Public Offering of stock in saudi aramco widely expected to become the biggest i. P. O. Ever of all who the rebels from yemen directly claim responsibility for the attacks the Trump Administration made efforts to shift blame toward iran. And joining us now to help us get a handle on the explosive situation in there is Todd Bubba Horwitz chief strategist trading welcome back baba and i noted the bump in brant crude in the intro here but more broadly just give us a sketch how are prices going on this news in are they likely to keep rising. I dont daniel look at the end of the day you caught 1st of all you cut her short squeeze because of course there was a lot of people trying to sell oil into this and all the sudden we have this news which creates all this fear and panic and pushed at one point last night or was up over 8. 00 a barrel but from a Bigger Picture youre seeing the action is not all that bowlers because what we talk about is a formation which is known as backwardation todays oil october oil is trading 3. 00 over february or oil so prices are getting cheaper as you go in the future which means that everybody expects this situation to resolve itself and then oil resume what it was a year for which is actually had a lower and this could help the around go deal because of course it puts the price of Oil Much Higher which makes their value why or maybe maybe they set their own drones and who knows interesting so the way this plays out is that your colleagues in the market seem to think that in the long term the oil will be there theyll be the supply but in the in the medium term increase in the price actually helps. Well i think so i mean look theyre going there to break them valuation so we know that theyre going to back into production and certainly they can probably do it a lot faster than a couple weeks but if they dragged it out and held the prices are the reason they didnt go last year was because prices were too low so they didnt want to put it out as an i. P. O. Yet well now theyve got the high prices to go along with it again this formation is not polish by any means i doesnt mean it cant change to be bullish but there is still a go a lot of oil and a global slowdown the economy throughout the world and and that is not going to change because saudi arabias and i would compare this very much to what happened in the cattle markets a couple of weeks ago when the tyson fires came in and they had to wipe out and cattle went down limit twice in a row before resuming going back there and i think this is very much the same thing its an overreaction by traders by investors and the people that got. Quite short they were forced to panic and cover higher right and speaking of reactions what have been the official reactions from saudi arabia which is a opec member of course and the defacto leader in effect with russia in managing Global Energy supply would have been the official reactions from opec members opas opec as a group and russia to this incident. Well you know actually i havent heard much about that but i can say this that to me opec is nothing more than a phony organization that manipulated the price in for years held the United States hostage with the oil price and now that we are our own producers and actually were a net exporter and today were the biggest producer in the world to me opec is a worthless organization that does nothing but try to manipulate price to bring in more profits and more money and i put no stock in what they say i dont care what they say i will never even listen to one of the meetings especially now that they cannot hold busy the United States hostage thats a hard take why thats why you bring bubba here also Global Global town crier and u. S. President donald trump reacted to the attack among the other people reacting he says on twitter we know the culprit in this attack and then he makes this remarkable statement that the u. S. Is quote waiting to hear from the kingdom not being saudi arabia as to who they believe was the cause of this attack and one under what terms we would proceed now that seems like the strangest pronunciation of america 1st that ive heard yet did he really mean to say that the u. S. Is waiting for the saudi monarchy to tell the commander in chief where and how to deploy u. S. Forces. Well i think that basically what hes saying is that hed like to know what their views are i know how this all happened and where it came from i mean certainly you know it isnt that it is not clear that it was iran i dont know if it was or wasnt so i think youd like to hear their views are and word all came from and i think that of course i believe that President Trump and United States is always ready to react and take care of business but they do not want to overreact to react too quickly in case theres more to the story which based on that we havent really heard that it is 100 percent around yet there may be a lot more of the story before its all said and done right and bob as far as the outlook here i think you kind of got to this earlier you said in the futures markets oil is already going down in the. It seems to be this wisdom in the markets that can reduce all this information to a prediction in the form of a price so it sounds like your you and your colleagues think that this will not escalate into into greater military confrontation based on the futures here. It can but again based on the prices today when 1 february for example is 3. 00 cheaper than october oil that is backwards that is known as a formation called backwardation which does not necessarily that means that prices should be going lower now they could go higher bit longer but just look back at july 24th team we had the exact same information very similar action or oil when it got cut in half by 50 percent and im not like your 50 percent but i am looking for once this resolves for all to go significantly lower from here interesting expert insight from Todd Horowitz chief strategist about the trading thanks as always thanks dan. Time now for a quick pause for the promotional cause but stay tuned because just on the other side of the break as currencies continue to disrupt the payment space governments are beginning to take notice kristie i managed to catch up with matthew ross akam block to get his view of the future bring elation in the fin tech space and as we go to break here are the market numbers at the close. They all see themselves as dying swans in their dreams. But only one in the senate will make it to the top of. The. Ready to give them a chance to die on stage if its. Not even broken wing ditto. For generations at the risk you see it but they switch into his own o. T. So what weve got to do is identify the threats that we have its crazy to let it be an arms race off and spearing Dramatic Development only mostly im going to resist i dont see how that strategy will be successful very critical time to sit down and talk. But if she warn you and i do the dishes at the bottom or those g. s new speeches see me. In the news i mean that is where that information ball. A lot of you will see as it bites about 2 kids each other both hard. As in the. Cabinet 5 days doing. An english lady a thing people who simply. Include in total. Welcome back the United States Justice Department has charged 3 members of j. P. Morgans Precious Metals trading team with running an 8 year scheme to manipulate markets and defraud customers michael know at a manhattan director at morgan and the head of global Precious Metals of the firm was charged along with 2 others greg smith and christopher jordan both of whom were once titled as j. P. Morgan executive directors the indictment claims the traders were engaged in quote widespread spoofing market manipulation and fraud while on the morgan Metals Trading team which along with a h. S. B. C. Largely controls the global flow of silver and gold trades the 3 allegedly would place deceptive orders for gold silver platinum and palladium futures and then cancel them before final execution and in attempt to quote create liquidity and drive prices toward orders they wanted to execute on the other on the opposite side of the market in the past year or 2 other former members of j. P. G. Ps Metal Trading team have pleaded guilty to similar charges. And chinas industrial output grew at its slowest rate in 17 and a half years as ongoing trade war between washington and beijing rages on industrial output saw growth of just 4. 4 percent in august a year over year the sly industrial growth was only 4. 8 percent Chinese Premier League has shown tried to temper concern over the economic slowdown saying it is very difficult for chinas economy to maintain growth at 6 percent or more due to the International Trade tensions and the high point at which growth started speaking with Russian Media while in moscow for 3 days of trade talks with russian Prime Minister Dmitri Medvedev mr li said of the situation for china to maintain growth of 6 percent or more is very difficult against the current drought backdrop of a complicated International Situation and a relatively high base and this rate is at the forefront. And the worlds leading economies. Boom bust zone kristie i may still be on assignment but we have plenty of stellar content for her coverage invest asia in singapore kristie had a chance to catch up with matthew ross cofounder and chairman of block to discuss being on the forefront of the crypto wave 10 years ago the 2 also discussed the future of the cryptocurrency space space especially when it comes to regulation in the wake of facebooks announcement of their Virtual Currency libra and what his company blog has in the works. So you 1st got to the entire. Investment thesis back in the day when you didnt really know what this emerging technology was and you didnt really know what it could grow into yeah i mean back then i mean some of the dinners i had with. Some that really kind of adopters and builders of this space a lot of us didnt know what we were doing where this was going to take all of them and we knew there was something there this was something novel that that. Developed. 9 page white paper and the more you kind of unpack that. You knew was going to change things you know money without governments or banks not that you know crazy libertarian or something but having that dimension or that that opportunity to control your wealth and then. Kind of transpose that identity and this new web 3 and other things that are. Going to offshoots of. Vision is pretty pretty cool to be a part of so where do you see this industry going now that weve spent 10 years in this space and weve seen it like this digital internet 3. 0 weve seen this evolution of privacy centric points and now people back she valuing privacy one before we just took it for granted. Do you see this is an industry involving into probably for the next decade great question and some ways i want to like force that other models like you know. For like the microwave from the automobiles like it takes 10 years to get 10 percent and then another 10 years the other 90 percent i dont know of crypto is going to follow that same flight path that i think is it takes longer in certain ways. I think the fact that its money the medium of money and Peoples Trust factors and regulation and a lot of the beginnings of crypto were kind of weird so i think that timeline might stretch out a little bit but i think its. Its challenging a lot of different models money identity privacy and security of your data. And so that takes time to unpack being you know not really in the early internet and early cloud in the early genres attack you kind of feel like youre in the right place at the right time but some of the timing elements are a little unknown and so i think building and leaning into this is the right thing to do. I love whats happened with facebook getting regulators around the world to set up a little straighter in their chair and actually Pay Attention to this space. And i think that has also made other Big Tech Companies and other big Financial Institutions really think hard about developing their compass for crypto absolutely and before we get into like all the fancy things that some pop up i cant think we need to actually build a very Solid Foundation and for enterprise to actually get involved into it which is what i understand blocked us so i can tell us a little bit more about that so we build infrastructure for tokenize networks so theres theres elements of law change where people want to track and trace you know some cabbage going from a to b. We dont do that we build the infrastructure for tokenize networks so for the theory and then new layers whether its distributed computer storage etc and so. We build the infrastructure to make it easier to manage so nodes. Analytics wallets and then on the other side of block we also build new tokenize networks so we built to your earlier this year we launched farah blog and were really excited our next project which is titan which is software for minors its software from meyer thats fascinating because now it seems like youre decentralizing everything price you have decentralized storage we sell like a big boom there are a lot of actually tokens getting into that trying to make computing a lot cheaper much more formal for a big enterprise us where do you see this entire industry shifting why do we see like decentralized everything to supply supply chain decent life storage centralized i think so i think its like i i its decentralized the same time its more of like a Digital Cooperative like youre getting. Resources organized and contributed to a particular network and then you share in the benefit of that network as a participant so so i think. That tac and then the go to market are have 2 different dimensions to it thats like the tech is one thing to build it and some projects are realizing how hard it is to build the centralized networks and then the other piece which is a different muscle set for entrepreneurs building these systems is the go to market how to get adoption how to get through put how to get like some velocity on these networks and were still the early phase of that you know were. Still generally very speculative ballgame right now and thats and thats ok people of all its all speculation and trading but thats speculation the treating the financing of these projects is very necessary right now and i think over the near term well see more of these bochy and so show throughput and value coming through so what do you think its necessary in order for there to actually be mass adoption for a big point to actually take its place as additional gold i think more adoption i mean there is depending on what side of crypto twitter yano i get off 0 or have some exposure. And they are 10 years into this big ball game you would think wed be able to buy coffee with bitcoin at this point and its still about the case so i think getting more exposure and getting this in peoples portfolios is a great start and thats more of the kind of Investment Asset Management side versus the use utility remittance and payments but i think some of those go hand in hand to going to get. Capital into the ecosystem and have that finance a lot of the innovations and use cases that that we all want to see if ironic because thats where you truly see frictionless payments are right now the biggest bottleneck of frictionless payment is actually getting into the Digital Assets in the 1st bias no exactly i think as i thank you so much for being here and. Thats it for those you could always catch boom bust on youtube dot com slash boom bust r. T. See you next on. Thousands of american men and women choose to serve in the countrys military and the decision that has shot. Every thing came to a complete. The day the time is right to be instructed you know told to shut up theyd kill me and i see how it destroyed my life any screamed at me and he made me come in the gram my own arm and he raped me with his birth you know if you take into account that women dont report because of the extreme retaliation its probably somewhere near about half a 1000000 women have now been sexually assaulted in the us military rape is a very very traumatizing tat happen but ive never seen trauma like ive seen from women who are veterans who have suffered military sexual trauma reporting rape is more likely to get the victim punished than the offender and almost 10 year career which. Very invested in and i gave her a sex offender who has not even wanted justice or put on the registry so some plan is sharing power and violence male sexual predators for the large part of target whoever is there to prey upon whether thats men or women. Join me everything on me i like simon chill and ill be speaking to us of the world of politics. Im show business ill see you that. Doesnt look. Like this lets look for. This hours headlines story a leading hong kong activist per person to appeal to congress in washington. To monitor the territorys autonomy from china so that it can continue to get economic privileges from the us. The curse of socalled liberal racism democratic president ial candidate joe biden in hot water after he lectured south African Americans on their current skill. On israel holds on unprecedented repeats the parliamentary election to decide the fate of Prime Minister binyamin netanyahu. Been lending his weight to the campaign
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