Progress on divesting Growth Continues ahead of schedule in the Permian Basin as it made Good Progress on divesting nonpoor assets Falling Oil Prices and oversupply continues to be a concern for assets following oil prices and oversupply continues to be a concern as exxon is exceptionally vulnerable to any slowdown in Global Growth as exxon is exceptionally vulnerable to any slowdown in Global Growth year to date exxon is flat as the entire Energy Sector is facing headwinds from higher production career to date exxon is flat as the entire Energy Sector is facing headwinds from higher production costs and weakness in refining. Costs and weakness in refining. Earlier this week the Asia Pacific Economic cooperation summit set for mid november and saw earlier this week the Asia Pacific Economic cooperation summit set for mid november and some. Chile was cancelled amid widespread protests in the nation due to its proposed was cancelled amid widespread protests in the nation due to its proposed increase in Public Transportation fares and what demonstrators call economic inequality and Public Transportation fares and what demonstrators call economic inequality news of the cancellation swept across the globe as it was anticipated that credibility news of the cancellations swept across the globe as it was anticipated that president s donald trump and she would sign phase one of the trade deal between the United States donald trump and she would sign phase one of the trade deal between the United States and china following these initial reports officials from both sides were quick to states and china following these initial reports officials from both sides were quick to dispute the prospects of such assignee in santiago but theres more to a dispute the prospects of such assignee in santiago but theres more to apec than a trade deal between china and the us and joining us now to discuss the impact of this apec than a trade deal between china and the u. S. And joining us now to discuss the impact of this cancellation and other unrest throughout latin america is economist a former ecuadorian said cancellation and the other unrest throughout latin america is economist a former Ecuadorian Central Bank official andres a ruse out of mexico city so 1st of all Bank Official andres a ruse out of mexico city. So andres 1st lets start off with the cancellation of the summit in chile how important is the apex lets start off with the cancellation of the summit in chile how important is the apec summit for latin american countries. Summit for latin american countries. Great thanks for having me well the apec cancellation in. Great thanks for having me well the apec cancellation in itself is it may not necessarily be a big deal for the whole of latin America Sells it may not necessarily be a big deal for the whole of latin america except by the fact that the agreements between the u. S. And china will probably take except by the fact that the agreements between the u. S. And china will probably take a while longer and let america is affected indirectly by that big a while longer and let america is affected indirectly by that because. Of the. Present treasurers and those of trade of faith but i think that i think also the conference of the parties for the environmental agreements has also been canceled also the conference of the parties for the environmental agreements has also been canceled and that is probably a bigger deal for the world in general because there is a lot and that is probably a bigger deal for the world in general because there is a lack of opportunity to reach an agreement there and something that we have to Pay Attention to of opportunity to reach an agreement there d and something that we have to Pay Attention to is the better. Find which is a soccer match is a big instance no doubt america which is a ok match the biggest in south and the middle to late 3rd of november in chile and that will take place on the heart of november in chile that will probably have. Chansons and terms of the proprietor tests. Now we touch on that on the surface of the of the on rest in. Which i just list largely due to a change in increase in simple Public Transit is a fact as as and many many protesters just as tight Overall Economic inequality so overall i just cannot predicate the quality current Economic Situation so couldnt and she didnt say break down the current Economic Situation and for us. Great for us. Great so the people are protesting that only because of a specific measures in terms of the club so the people are protesting that only because of a specific measures in terms of the public transport or the electricity costs that were recently undone but in general the transport or the electricity costs that were recently undone but in general because of economic inequality and what i would call political inequality so then are all because of economic inequality and what i would call political inequality so there in chile we have a crisis of Political Representation the roots of the year in chile we have a crisis of Political Representation the roots of these come from that we know should dictate to you more than 30 years ago pinochet drugs come from that we know should dictate to you more than 30 years ago pinochet drafted he wrote up a constitution for cheating the thats still in force rafted he wrote up a constitution for cheating the thats still in force and this constitution looks like an agreement between the i. M. F. And the chilean military and this constitution looks like an agreement between the i. M. F. And the chilean military i mean it has hyper provide position of public assets of public i mean it has hyper provide position of public assets of public services. And just one more example. Theyd own service is just one more example. Theyd own the copper exporting company could it go 75 percent of the profits of that copper exporting company could it go 75 percent of the profits of that company go directly to the military so without big company go directly to the military so with the big question is where are we seeing this economic inequality from because i am afaik has characterized question as where are we seeing this economic inequality from because i am africas characterizing chile as a high income country and right now theres only about 8 percent in chile as a high income country and right now theres only about 8 percent who are living below the poverty line and that is better than most latin american countries right now who are living below the poverty line and that is better than most latin american countries right now. Yeah indeed and. Yeah indeed i mean if you look at the structure of inequality in chile about sin if you look at the structure of inequality in chile about 30 percent of all of the income is earned by the one percent in the top 30 percent of all of the income is earned by the one percent in the top so that means the chilean rio g. D. P. Per capita if you so that means the chilean rio g. D. P. Per capita if you take d out the richest one percent is probably at the same as the lead to take d out the richest one percent is probably at the same as the latin american average or maybe even a little lower so this is probably the american average or maybe even a little lower so this is probably the most. Realistic picture of the situation of economic the the more realistic picture of the situation of Economic Development in chile another thing is that this very element in chile another thing is that this very new liberal constitution has been in place and in chile is now under a new liberal constitution that has been in place and in chile is now under review and it has an impact throughout the chilean economy look for example review and it has an impact throughout the chilean economy look for example one of the consequences of the apec cancellation in chile is the fact sample one of the consequences of the apec cancellation in chile is the fact that now there is low political will to approve chillis and here and now there is low political will to approve chillis and here in still the t. P. The Transpacific Partnership agreement the same agreement to the tepee the Transpacific Partnership agreement the same agreement that did not want to be ratified by the trumpet ministration so we see similar to that did not want to be ratified by the trumpet ministration so we see similar tenets here in the terms of how neo liberal globalisation has affected the structure and its here in the terms of how neo liberal globalisation has affected the structure of economic inequality in that the american countries as well of economic inequality in that the american countries as well now lets turn over to argentina on sunday we cite change in political lead now lets turn over to argentina on sunday we cite change in Political Leadership without often and outstaying president mary sue mccree so just this week you had a ship with Alberto Fernandez outstaying president mary sue mccree so just this week the u. S. Treasuries. Even the new chairman said the country should up hold its commitment to the terms of this treasury secretary steven the new chairman said the country should up hold its commitment to the terms of the 57000000000 dollars i. M. F. Loan so it should be noted that menuhin wasnt a 57000000000. 00 i. M. F. Loan so it should be noted that menuhin wasnt completely against the idea of renegotiating the deal for nandos and Cristina Fernandez de completely against the idea of renegotiating the deal for nandos and Cristina Fernandez de kirchner essentially ran on a platform opposite of the austerity measures imposed by the i. M. F. Essentially ran on a platform opposite of the austerity measures imposed by the i. M. F. Deal so how do you see this whole thing playing out. So how do you see this whole thing playing out. Look this has a judicial undertone that has to. Look this has a judicial undertone that has to be explored in the case of the team is that folds 20 years ago it was be explored in the case of the team is that folds 20 years ago it was basically against bondholders so wall street bondholders that connection basically against bondholders so wall street bondholders that can actually go to u. S. Or new york courts to enforce their deal thats what happened with my colleague go to a u. S. Or new york courts to enforce their deal thats what happened when michael finally conceded but in the case of the i am if its an International Organisation he certainly can see that but in the case of the i am if its an International Organisation and they have no way of trying to enforce. In any court whatsoever and they have no way of trying to enforce in any court whatsoever so for them then thats their have an upper hand and the i. M. F. Will probably even or so from then those that have an upper hand and the i. M. F. Will probably even if they dont. Reach an agreement with the finance this is they will probably unilaterally reason if they dont reach an agreement with the finance this is they will probably unilaterally restructure the debt in favor of argentina because they wouldnt tolerate the fact that a structure that in favor of argentina because they wouldnt tolerate the fact that argentina would default on an International Organization like the m. F. They still her didnt you know would default on an International Organization like the m. F. They still have a difficult job to overturn everything that that mike Lee Administration did that korea have a difficult job to overturn everything that that mike Lee Administration did that created the economic crisis for most of argentinas population but now that we see the economic crisis for most of argentinas population but now that we see that some of the ways that theyre going to deal with this with the final magli admitting that some of the ways that theyre going to deal with this with the final magli administration measures after the 1st round of votes almost 2 months ago measures after the 1st round of votes almost 2 months ago mike lee started to do most of his privatize asian and lift mike lee started to do most of his privatize asian and liberal reforms and that is probably the same tenet of what is going to happen for a Structural Reforms and that is probably the same tenet of what is going to happen for a strongly founded on capital controls Exchange Controls price controls wrongly founded on capital controls Exchange Controls price controls and an increase in public spending to basically solve the economic crisis and an increase in public spending to basically solve the economic crisis for the majority of a genteelness population so weve witnessed a beverage says for the majority of urgency in this population so weve witnessed a bit of a reprieve. In ecuador with the government essentially halting their plans to end fuel subsidies how to prevent ecuador with the government essentially halting their plans to end fuel subsidies however it appears to be expected that another similar plan will be put into place near in the near future however it appears to be expected that another similar plan will be put into place new in the near future so where are we right now in ecuador are. There so where are we right now in ecuador. Well just yesterday or presented. Well just yesterday ecuador presented its budget for 2020 for the next fiscal year and a d budget for 2020 for the next fiscal year and in that budget there is a reduction in fuel subsidies not but in that budget there is a reduction in fuel subsidies not by the amount that the government one to 2 months ago by the amount that the government wanted to a month ago but by probably approximately half of that amount so it shows that but probably approximately half of that amount so it shows that the government is continuing with its policy the measures have not been taken yet the government is continuing with its policy the measures have not been taken yet but the announcement has already been done so i expect there to be a remote the announcement has already been done so i expect there to be a renewed wave of protests because at the same time in there are we have emerged huge wave of protests because at the same time in there we have an emergency law that has been sent by the president by president moore and a law that has been sent by the president by president to know that its basic. A tax and financial deregulation law that is its basically a tax and financial deregulation law that if it is approved in the terms that was sent by the Minute Ministry i predicted that in the 1st approved in the terms that was sent by the minute minister i predicted that in the 1st semester in the 1st half of 22 in the quarter well have a financial crisis a minister in the 1st half of 22 in the quarter will have a financial crisis very similar to that that argentina had only rice is very similar to that that argentina had only about a year ago or a few months ago a lot of moving pieces to keep track of a year ago or a few months ago a lot of moving pieces to keep track of economist and former Ecuadorian Central Bank official under the roost thank you so much for being here economist and former Ecuadorian Central Bank official under as a ruse thank you so much for being here. Amid a massive reorganization plan. Amid a massive reorganization plan Deutsche Bank on friday announced it had promoted fabrizio come belly chief transfer Deutsche Bank on friday announced it had promoted fabrizio compelling chief transformation officer mr kemp who has been with Deutsche Bank for 15 years while over summation officer mr kemp who has been with Deutsche Bank for 15 years will oversee the banks plans to cut more than 18000 jobs worldwide and dispose of to see the banks plans to cut more than 18000. 00 jobs worldwide and dispose of 20 percent of total assets by 2020 the restructuring of management within the bank on the percent of total assets by 2020 the restructuring of management within the bank comes days after germanys largest lender led down investors with weak 3rd quarter earnings comes days after germanys largest lender led down investors with weak 3rd quarter earnings which. Cause their stock to dip by 8 percent in the 3rd quarter of 2019 which caused their stock to dip by 8 percent in the 3rd quarter of 290324 key business areas where deutsche reported a decline in revenue 3 of 4 key business areas were reported a decline in revenue the bank issued a statement regarding the reorganization saying with the creation of the new the bank issued a statement regarding the reorganization saying with the creation of the new transformation and Human Resources function Deutsche Bank aimed to drive forward its most q transformation and Human Resources function Deutsche Bank aims to drive forward its most come come pretense