Theyve known it for months they also know the senate will acquit and there is virtually 0 chance that the president will be removed from office and so the markets again have not responded to the negative way they havent really responded at all look at that and while politicians might lie. Numbers do not exactly and this is exactly what happened last friday when the parallel trader on trade deal was announced everybody expected the market to react as he said like i love the word political theater because thats what exactly what it is just like before us trade theater thats right we know we know what the outcome is going to be today theres not going to be any surprise and we know what the outcome will be one of the ultimate moves of the senate so the markets as youve said have already priced all of this and have a not exactly so its i actually dont understand why we have so much coverage when really its going to be a moot point all of this is just going to be thrown out ultimately thats where it goes so again we know that even as they debate this will ultimately by thursday will have an impeachment and it will go anywhere from the. Not really market moving thats right. French government and unions are facing up wednesday over the highly controversial Pension Reforms we are now 14 days into a crippling transport strike that has loved businesses damaged and commuters frustrated massive numbers of protesters took to the streets again on tuesday over the issue of french president emanuel macron pushing for a sweeping revamp of the Pension System french workers than unions do not want the change boom but correspondent Charles Dubinsky is in paris with the latest. Now were into its 3rd week frances public transport strike continues to paralyze paris and parts of the country unions claim that 1800000. 00 people headed out to the streets of france on tuesday in another day of nationwide strikes official government figures though suggest that it was far fewer they say around 615000. 00 what is clear though is that the proposed changes to pensions in france has put up many peoples backs and in addition to fears the pensions may be with the last in the future retailers are telling currently as a result of that strike action the union of hotel and restaurants are warning of a poor 2nd year running in the lead up to christmas it says that in parts of paris Hotel Bookings are down by around 60 percent compared to this time last year while restaurants are also being squeezed with a drop of around 30 to 50 percent in takings and as commuter christmas shoppers like straw going to get into paris with only skeleton Services Operational peak times retailers are feeling the pinch as well the Retail Federation protocol says its members have reported an hour. Bridge declining sales of 25 to 30 percent the french government is determined to press ahead with its reforms to the Pension Systems what it wants to do is to consolidate 40 different pensions many with some special benefits down into one universal system it says that this will be fairer and it will be more transparent now it also controversially wants to raise the age over time and from 62 to 64 unions argue that these changes will leave people working for longer and perhaps theyll end up with even less money now despite the continued strikes the government says it wont back down no either the unions say hey it looks like that awaiting to see who blinks 1st all the while businesses and families are suffering. The boom bust in paris. And joining us now to go deeper is the host of economic update Richard Wolfe richard thank you for being here so lets begin with this what do you make of the effort here by the french government to completely overhaul the Pension System you know the question the share that asked who will blink 1st will it be the government or will it be the unions. Well in terms of what the government is trying to do calling it a reform or calling it updating or im simplifying thats thats just p. R. What this is about is reducing the pensions of the french working class they are among the best in the world they have been for decades and mr mock thinks that he can get the support of the Business Community in france which he may well be able to do by cutting the pensions in order to cut taxes on business the usual right wing proposals and thats why the workers are out in strike it was only a matter of simple falling or putting 42. 00 systems into. One and there were guarantees that he wouldnt hurt the people then they wouldnt be going out on the streets so what you see is an attempt by the mass of people not to permit and this is the important point not to permit the reduction of tensions for people who have finished a lifetime of work remember pensions have come down in the United States in the last 20 years theyve come down in britain theyve come down in a number of other countries the french know exactly what is being planned my mark crawl for them and like the french do theyre not having it now the french government constantly claims that this new system will actually be fairer than the Current System and it seems like its a big claim to win popular approval but its not working according to all the these protests why is that. I believe there and you put your finger on it there youve got a problem weve just had over a year of the Yellow Vest Movement a Massive Movement of the french people not the french unions demanding that the inequality of their suffering and the faith the faith feeling they have its the best word i can think of that theyre being screwed by this government in a systematic way has meant that the government is not believed so when the government speaks even if it is saying in a particular case something thats true theyre lost they have lost this struggle that despite all of the inconveniences that your reporter spoke about in transport the reality is that the polls are Crystal Clear the majority of people even the majority of people who say theyve been inconvenienced understand why this is being done and are on the sides of people who dont want to see their pensions cut down to the point you know you brought up the yellow bus of the yellow of us movement which seems to be somewhat in some ways of coalescing with this movement by the unions a lot of the yellow issues began with higher taxes and people were angry about that mace basically meaning were having to pay more meanwhile on the pension side youre getting less and its not that youre getting Less Government handouts youre getting less of your own money thats been set aside your own labor that youve put in right so it seems like the overwhelming kind of feeling coming from the french president microphone is that on 1. 00 side youre going to pay more youre going to get less and you should just be happy about it because ultimately its better for everyone how is he so out of touch do you think with the french people on this. Again i think he doesnt understand that unlike in britain then unlike in the United States the crash of the capitalist system back into thigh. As an 8 or 9 turns of french people who are naturally critical of the government and of big business into a solid group of people who dont believe what the people running the society tell them youre absolutely right to go back to the beginning of yellow this let me remind everyone mr mccraw said of raising taxes on fuel because im committed to improving the ecology and the french people said theres a 100 ways to improve the ecology youre not making as pay for it we have a very rich upper class in this country gold get the money from them since mr mugg grow bases himself politically on those people he didnt but he lost the people there and now that the unions and the yellow vests have come together he is in no position to regain the trust hes lost and millions continue to go out into the streets to protest Richard Wolffe host of economic update thank you for your insight. Thank you. We work is struggling to stay alive and reduce its massive cash burn operations in light of its epic failed i. P. O. And manisha range a 1750000000. 00 letter of credit with Goldman Sachs that is in the process of being syndicated this credit lifeline as part of soft banks 9500000000. 00 bailout which is not expected to be finished until the 1st quarter of 2020 until then we work will have to reduce its 700000000. 00 per quarter cash burn rate in order to stretch funds and free up restricted cash now in light of we work family or that too many people signaled the peak of the unicorn i. P. O. Bubble chinese competitor you commune formally known as your work is gearing up for a new york i. P. O. You commune is trying to biggest Coworking Company and seeks to raise 100000000. 00 with a valuation at 2600000000. 00 while bankers are questioning its decision to file so soon. After we work since i asked are you coming in claims to have monetized the business better than we work this remains to be seen as you come in is still profitable and burns about 47000000 in operating cost per quarter you communist trying for the 1st all chinese i. P. O. Process in the u. S. After Credit Suisse citi group and bank of america also are said have defected over concerns regarding valuations instead the lead underwriters for this i. P. O. Target by january of 2020 include high Toll International securities and china renaissance securities. Well the troubled ministration is finalizing a set of rules to limit exports of Sophisticated Technology to china these include products like quantum computing 3 d. Printing technologies and Transistor Technology used to manufacture semiconductors the rules are said to address specific National Security issues as the administration continues to accuse china of purchasing since it gives us technologies with quote clear military applications china has issued its stance on this. Move china firmly opposes the us generalizing the concept of our National Security and abusing export control measures to meddle in obstruct normal business cooperation exchanges between enterprises we urge the u. S. To do something conducive to china us mutual trust and cooperation instead of the other way around the United States may think that by restricting the export of Cutting Edge Technology to china they can thwart chinese scientific and technological innovation and contain chinas development and progress which. Was tensions on the surface of the trade war seem to normalize the real war the Technology War continues to escalate just beneath the surface the us continues to battle on multiple fronts in this brewing war with china in addition to limiting purchases it continues to pressure germany to bar while away from its Telecom Network but germany its not really interested in doing that they have delayed until next year a decision on security rules that would essentially shut while way out if it goes into effect thats a big if benny why wait. With years of delays and billions of dollars in cost a lot in 5. 00 g. Networks for that country thats why its probably very unlikely thats going to happen time now for a quick break but hang in there because when we come back a bankruptcy judge has agreed to what 24000000000. 00 settlement for p. G. Any what it means for the victims of californias northern wildfires and as we go to break here are the numbers at the close. The partisan impeachment process against donald trump continues apace the framers of the constitution warned impeachment of the chief executive was an extreme remedy are the democrats and the Corporate Media trivializing the impeachment process are they attempting to short circuit democracy itself. Means being in some ways similar. The traditional jewish family that its another would you from a doing it is a verb and. Keep peace in the flexible physically studios are to cure that and so on and jews were the 1st modern because that was their specialization. Chrysler has signed a merger agreeing that with pay go p. S. A. A deal that would potentially create the worlds 4th largest automaker some analysts say the 47000000000. 00 deal has the potential to reshape the global Auto Industry with more were joined by our. So alex tell us about this merger. We have the tally of american automaker Fiat Chrysler joining up with p. S. A. Better known for their brands such as peugeot and citroen of course its a French Company this is for a few reasons that these 2 companies are merging together they hope that the merger will help them deal with Global Industry needs at this point which include making more fuel efficient cars as well as making electric cars moving away from gasoline as well as the challenge of just simply that theres a downturn in car sales so putting these 2 forces together should give them a little bit more strength moving forward now the combined goal of the 2 companies is to sell 8700000000 vehicles annually thats pretty much what theyre doing now when you take the 2 companies and put them together they have the capacity to build 14000000. 00 cars but just under 9000000. 00 mark is what theyre looking at if they do manage to get that they will be the 4th largest automaker one maker in the world after volkswagen toyota and renault. Nice and now theyre marked advantages for this merger are as bent should 1st of all demanding a new emissions rules that are coming out they can move that forward and 2nd of all just basically the technology so that these 2 things are actually what he is hoping to gain from p. S. A. As for p. S. A. The big thing that theyre going to get here is the fact that they get into the American Market with iconic brands like jeep so its a win win situation for both you know you can sell a lot of dodge ram pickup and sarah in the us and they can pay for a lot of stuff with that you know a lot of folks are obviously excited about this deal but one of the problems with this is when you do merge 2 Companies Like this obviously the goal right is to eliminate redundancy and so that could be a Sticking Point here right. Well thats one Sticking Point theres a couple of Sticking Points here were going to go to the finance minister heres a quote from him i think is pretty much sums up the real Major Concerns here so the government while comes this alliance and will continue to closely monitor the impact in terms of Development Investment and employment now employment is really the big one here so as you can imagine here we have an Italian American company so rome is concerned about this paris is concerned because of p. S. A. Which is a French Company and obviously auto workers unions are concerned as well when you take this combined workforce were looking at 400000 jobs on the line here so obviously theres a lot of people that are involved in this and a job cuts are something that somebody is all of the companies are always concerned about governments even more so so thats a big deal also we have to look at the Development Side of things so this is one of those situations where theyre thinking you know what 2 minds or 2 heads are better than one putting this all this effort and all those power into one place from these 2 baths of companies is a good thing in the sense that they could tackle the green vehicle thing they can tackle the autonomy vehicle issues that we have right now as well as comic 70 we know that more and more vehicles are becoming connected to a grid for traffic. Etc just for the autonomys vehicle aspect of it all as well now this process of obtaining 1st of all getting through regulatory requirements and that shareholder approvals are going to take place between 12 and 15 months according to people on the inside also they have to pick a new name for this company and that should be coming up within the next few months as well all right r. T. Correspondent alex my hell of a church thank you very much. Thank you. Federal bankruptcy judge has approved 2 settlements totaling 24500000000. 00 offered by california p. G. And e. That settlement will go to victims of Northern California wildfires and to Insurance Companies that have already paid out damage claims a settlement of 13500000000 is designated to compensate the wildfire victims another 11000000000 or so will go to the insurers but there is a bigger issue here for p. G. And e. Because the action by the judge improves the utilities bid to exit bankruptcy proceedings before a june 30th 2020 deadline that deadline is when the utility will become eligible for a state financed Wildfire Fund the judge also a lot of civil suit to move forward this suit is being brought by the victims of the december 2016 ghost ship fire which killed 36 people the trial was when we determine though who is at fault here p. G. And e. s bankruptcy plan still faces opposition from california governor Gavin Newsome who wants the company to be restructured he also wants a whole new board of directors so separately p. G. And e. Has also reached a proposed one point 7000000000. 00 settlement with state regulators over wildfires are you confused that its a lot of money being handed out it started by