14 Burst results for "Bank Of Russia"
Cryptocurrency for Beginners: with Crypto Casey
"bank russia" Discussed on Cryptocurrency for Beginners: with Crypto Casey
"If long awaited Hinman emails were released. So what's in the SEC's Hinman emails? And do they really help ripple the emails about former SEC director William Hinman's 2018 speech saying Ethereum is not a security have been released. I think they are more helpful in showing the SEC doesn't deserve the benefit of the doubt for their current actions against crypto. It's only potential win in the court of public opinion. Austin Campbell, a managing partner at zero knowledge consulting said on Twitter. Meanwhile, Gabriel Shapiro, general counsel for Delphi Labs called the emails a nothing burger that revealed nothing new that would help ripples case. I'd love it if this helped ripples case, but it just doesn't tweeted Shapiro. Here's the deal. It would be great if ripple wins the case against the SEC because the US judicial system would likely use this outcome to judge other cases the SEC filed against other crypto entities, which would increase our chances at favorable outcomes. However, as we've discussed, the SEC is stalling, hoping Coinbase dies and gets acquired by their Wall Street cronies before finally releasing some clear framework that likely only their Wall Street cronies will be able to abide by all with the end goal of controlling access to and use of crypto and the US. Lame. Regardless, we still have people on our side that are pushing this issue. This week, US Senator revamps efforts for crypto regulations amid SEC lawsuits. The regulatory framework will allow individuals and companies to own and trade digital assets in the United States. In collaboration with Senator Christian Gillibrand, Cynthia Loomis has been engaged in a bipartisan initiative to propose extensive regulations for cryptocurrencies. The upcoming legislative effort is anticipated to make significant progress in Congress this year, providing a crucial framework for the rapidly evolving digital asset industry. So when it comes to people in the US government that are pro -crypto, we need to be aware of which ones will fight for pro -crypto policy and make sure we get politically active to support them and vote for them in crypto's most important election ever, the 2024 US presidential and congressional elections. And what's great is it only takes about 5 minutes to get politically active to support crypto, which you can check out how in this video guide by clicking on the link above. Cool. Are there more saving graces? Yes, possibly due to de -globalization and de -dollarization around the world at large, as this week China declares support for massive BRICS expansion as countries push to challenge the US dollar. BRICS is an acronym for Brazil, Russia, India, China, and South Africa. BRICS has made waves this year amid reports that the block is considering whether to launch its own gold -backed currency in an attempt to challenge the US dollar's status as the world's reserve currency. So yes, the more other powerful countries try and potentially successfully ditch the dollar, the harder it would be for the US to impose their central bank digital currency on everyone else. However, in the US we are still in trouble if they launch it. My only reservation about this that we've discussed before is that I would be surprised if the US government, in all of their wonderful displays of competence in tech, like literally every single one of their websites for example, look at these marvels, nothing short of impressive, I would be shocked if they were able to build and pull off the tech required to make a functional central bank digital currency without it breaking at some point, getting hacked, I mean their only hope would be to start using an existing one like USDC or similar but I don't know. These are just my random wild thoughts, let me know what you think in the comments below. As for the rest of the world, they are embracing crypto. This week Russian and Iranian crypto sectors are in cooperation talks. Russian and Iranian crypto and fintech industry group leaders have discussed ways the nations could use tokens to evade sanctions and facilitate trade, aka not use the dollar and certainly not a central bank digital currency version of it. Also this week, Esper Bank, Russia's biggest lender, to offer crypto asset trading this month. This exciting new phase in the bank's continuous foray into cryptocurrency is expected to take place in the coming weeks. In particular, the financial institution will soon permit customers to trade bitcoin and other cryptocurrencies. Bullish. So if the Fed ever manages to create a functioning CBDC, forces us all to use it, won't let us buy bitcoin, but still hasn't figured out how to control how we use our electricity, we can easily mine bitcoin for some passive income with this new product called the Heatbit Mini. The Heatbit Mini is Heatbit's second electric space heater that is actually 3 high end devices under one stylish hood. It's a space heater, an air purifier, and an easy to use bitcoin miner. Similar to how our computers generate heat when performing intense tasks, mining bitcoin creates warmth that the Heatbit Mini uses to heat our indoor home or office space. All the while, with its advanced HEPA and carbon filters, Heatbit Mini eliminates dust, smoke, pet fur, and allergens, putting out clean, fresh air. And at full power, it creates less than 40 decibels of noise, making it comfortably quiet. With its temperature, control energy uses, and cash out our bitcoin earnings to our own bitcoin wallets. So the Heatbit Mini can actually cover the cost of our electricity and definitely make us more money than a regular heater. So for a limited time using the link below, we can redeem their early bird offer and pre -order a Heatbit Mini for a nice discount off the retail price with a money back guarantee and be the first to receive the device in Q4 of this year. There have already been a ton of great reviews about their first Heatbit heater, so if we don't want to wait for the mini, we can buy a Heatbit right now for a 5 % discount using the link below. Awesome. If you would like to learn more about Tangem wallets and why they are a great alternative to Ledger devices and other wallets, check out this video. If you would like to finally have that eureka moment about how bitcoin works and why it can help us maintain complete control and ownership over some of our wealth, check out this video. And to pre -order a Heatbit Mini and redeem their early bird special, click on the link on the screen. Like and subscribe for more, be safe out there.
Bloomberg Radio New York
"bank russia" Discussed on Bloomberg Radio New York
"Record highs after the announcement the product is apples first major new degree since it began selling smart watches in 2015 the SEC has accused finance of engaging in a quote extensive web of deception and a calculated evasion of the law the US regulator also alleges that the crypto exchange misled investors about its trading calls to break down the claims in the SEC's suit the SEC alleging that the CEO and Binance itself well aware they were violating uh... securities laws and this is a theme that the SEC is using that they were operating in unregistered securities exchange and mishandling customer funds and misleading everyone along the way Bloomberg's Sue Keenan there Binance has called the complaint disappointing and says that it will defend the platform the Aussie dollar has jumped after the RBA surprised markets by raising its cash rate to twenty five basis points to four point one percent the highest since april twenty twelve commenting on the hike RBA Governor Philip Lowe says some further tightening of monetary policy may be required consensus was for the bank to hold steady in the light of slowing economic growth European Central Bank President Christine Lagarde says that inflation pressures remain powerful and borrowing costs will be raised further to tackle them speaking to EU lawmakers Lagarde reiterated that core price rises remain strong indicators of underlying inflationary pressures remain high and although some are showing signs of moderation there is no clear evidence that underlying inflation has peaked Lagarde's comments cement expectations for another interest rate hike at next week's meeting of the euro area's central bank Russia and Ukraine are reporting fierce battles along the war's front lines as anticipation mounts for Kiev's long -planned counter -offensive according to deputy defense minister Hana Malyar, Ukrainian forces have advanced around Bakhmut describing the eastern city as the epicenter of hostilities. However Moscow says its forces defeated new large -scale attack in the eastern Donetsk region on Monday. Speaking to Bloomberg former US Ukraine special negotiations representative for Kurt Volker says the counter -offensive is underway. People are looking for something that is different from what we will actually see. They're looking for some big movement of tanks rolling across these defensive lines. I think instead what we are seeing is Ukrainian attacks against Russia's logistics infrastructure, the fuel, the ammunition, the roads, the bridges, the rail lines. Monday's claims by Ukraine have been independently verified. Now to the UK technology companies are warning that Britain is losing business its idea. Bloomberg's Euan Potts reports. The UK is a broken economy for startups and risks falling behind in areas like AI and semiconductors. That's the warning from TechUK. The lobby group has almost a thousand members including giants like Apple and Amazon. It says Britain's policies need ...an an urgent overhaul. It calls current regulations both expensive and awkward. It follows on from Microsoft's criticism after the UK antitrust watchdog blocked its takeover of video game maker Activision Blizzard. TechUK's report underscores growing doubts over the UK's post Brexit attractiveness at at a time when homegrown companies including Arm are looking abroad for investment opportunities. In London I'm Euan Potts, Bloomberg Daybreak Europe. So those are our top stories on the program this morning. Some of the stories that have caught our eye today though have you noticed the lack of rain? I have. I think I have two passions and they're reflected in this chat which is gardening. I have definitely noticed the dry spell that London has been going through. It's been days, in fact three weeks. The 14th of May was the last time it rained in London. Yeah, it's amazing and the issue of course is it raises the red flag again. Are we going to get another brutal summer across Europe in terms of droughts and extremely dry conditions. In fact the Met isn't forecasting any rain for the capital until the 11th of June so still a few more days. Yeah okay which is good if you're sun a worshipper but less good when you're thinking about how the city is going to be able to sustain itself with particularly Yeah and hot my second weather. passion, money of course. I didn't want to say it I was like Caroline's passions, two weather and money. I joke but look family offices. I love this bit of data. KPMG and the recruitment firm Agris have basically the story. I've broken down how much money you can make in charge of one of these family offices. We know that they proliferated. You know they manage money for the wealthiest families in the world. Apparently 40 % of the IOs in US family offices earn at least a million dollars a year annually. But look at Europe it's only 6%. Wow I mean the difference is incredible and given the prevalence that We've seen of these kind of family offices rising up for so many big figures in finance. Very interesting to see how much those CIOs are being paid and those businesses as well. Another factor of the moving financial industry. Let's turn back to the big news from Apple launching what it sees as the next stage in devices. Spatial computing with the Vision Pro Mixed Reality headset. Apple expects to be able to sell about 900 ,000 units of its Vision Pro in the first year but at just under $3 ,500 a piece some investors are skeptical. We've got Bloomberg's Alex Webb with us to make sense of all of this for us. Let's talk about the technology itself. First Alex, seven years in the making. What is a Mixed Reality headset? Well you have virtual reality on one hand which is immersive. You are in a virtual world, computer in a game for instance. That's one piece. You have augmented reality which is where you have information proposed on your natural environment. Here's an image of the Eiffel Tower. It is however many hundred meters tall. Augmented reality. Bring the two together and you get mixed reality. So you actually have a headset which is it's a screen in front of your eyes. You're behind an actual display but it can also show you the outside and this is what this headset can do. Okay, three thousand four hundred ninety nine dollars. I mean I can only imagine that in the UK and Europe it's going to cost a little bit more than that if you get into sterling. Will consumers spend that kind of price tag? certainly I mean there will be some. The kind of three things to remember here are that in its first year which will be next year, it won't be this year, Apple only expects to sell in the order of nine hundred thousand of these, not massive in comparison to the sort of tens of of millions iPhones that it sells every year. Secondly, the way that it pitched this during presentation, the the first real use case it demonstrated was a commercial use case. It was showing it used in the enterprise. That is clearly for the target now because companies have deeper pockets than individuals do and maybe can readily more justify this. The third part then is the reaction to that which is investors were disappointed. At the moment that they showed that enterprise use case, the shares dropped off a cliff. They lost about $2 of the $183. So it's Apple hinting that investors need to be realistic about this. They're not expecting big numbers it seems anytime soon. So this is Apple pushing into a new space. There are others already there as it's arriving. Is this a big problem for Meta? In the short term it's actually like to help Meta right because it means that they go see this does have a case. use There are things it is cool it can be fun right and of course because Apple's not going to be coming out with this product until sometime next gives year Facebook Meta a year of runway. After that point when Apple not only comes to market with the product comes to market starts come to market with cheaper versions of the product you know Meta's headline headset is about $500 this is seven times more expensive than that. They can go oh well you know we still offering something which gives you some of that functionality. It will start to become a problem particularly as build developers apps and services for the Apple headset rather than for the That's Facebook one Apple's right. huge advantage it's got a massive ecosystem of developers building for the iPhone and plenty of others of its of its the rest of its hardware lineup essentially when if Apple is selling more than Meta is developers then are going to go would rather build for Apple than for Meta. Yeah okay really interesting Bloomberg's Alex Webb thank you so much for being with us on that lead Apple story. Up next a make or break vote for the CBI and Twitter ad sales tank. Now the paper review on Bloomberg Daybreak Europe.
WTOP
"bank russia" Discussed on WTOP
"Has agreed to buy failed former rival Credit Suisse for $2 billion. IBM vice chairman Gary Cohn tells CBS the failure of that bank shows just how vulnerable the banking system appears to be. These bank runs now can happen in minutes. It's not like you're going to the bank anymore and you're standing in line at the front door and you can slow it down. You can't slow down digital banking. Russia's president has visited the Ukrainian city of mariupol illegally annexed by Russia last spring. The visit comes despite an arrest warrant from the International Criminal Court, Petro alenko says this will not happen again. The next time we can see a Putin in marijuana in International Criminal Court because it's a question about justice. The biggest crime of Russian troops. The ICC issued the arrest warrant for Putin Friday citing deportation of Ukrainian children to Russian territory. It feels like a politically charged prosecution here. As former vice president Mike Pence responding to former president Trump's post that he will be arrested Tuesday over hush money payments on ABC Pence also said he's not concerned about Trump's call for supporters to protest. The American people have a constitutional right to peaceably assume. Pence was the subject of violent protests January 6th when rioters stormed the capitol. Protests continue in France over new pension rules, there were violent clashes with police on the sidelines of several demonstrations and scores of people arrested last night in Paris police used
Bloomberg Radio New York
"bank russia" Discussed on Bloomberg Radio New York
"Macron deciding to forgo a parliamentary vote on the legislation, which is legal in France, protests the change have led to violent confrontations with police, as well as shrikes across the country, such as garbage not being collected in cities for over a week. France's generous pension system has come under scrutiny as a percentage of workers to retirees has continued to shrink. A Pakistani court has paved the way for former cricket star turned prime minister Imran Khan to be arrested. The court rejected Khan's petition to have his arrest warrants suspended, saying it was not justified by law earlier in the day the Lahore high court had suspended police action against Khan for one more day as supporters continued to block access to his home. Khan is facing allegations of failing to disclose funds obtained from sales of state gifts. Global news, 24 hours a day powered by more than 2700 journalists and analysts in over 120 countries, I'm Dan Schwartzman and this is Bloomberg, Rashad. All right, thanks very much, indeed for that. Dan just got some breaking news We've got clients of Schwab pulling some $8.8 billion from a prime that prime funds in something like three days will have more on that coming up. But let's have a look about what's been going on with SVB and more and we did hear earlier from the former chair of the FDIC Sheila bear. She discussed the American government's decision to guarantee deposits at Silicon Valley bank and signature bank with Katie greyfield and remain bostick. They said these banks were a systemic, you know, Silicon Valley is 200 billion signatures a 100 billion. Those are not systemic banks. In my view, and I think by saying they were systemic, I think increased hitters didn't reduce them. Now I know it was well intentioned and meant to be calming. So now the problem these bailouts is, look, everybody knows there's a $250,000 limit. It's on the teller windows. It's on the website. I mean, the FDA requires disclosures everywhere. And the problem is now you do these one off, so we've got Silicon Valley and signature they're running through depositors for bailed out. Now first Republicans getting a not a government bailout, but a bailout for the bank. So they're probably going to be from the fed to do that. Yeah. You know, who's next? You can't do these things and I want off basis. If there's a truly a problem with uninsured deposits running in the system, then they need to have a blanket guarantee. There's a process of streamlined processes to go to Congress and to provide that guarantee. For all banks, Russia deposits. Otherwise, you're going to create it. The ones that are not favored with the special status and protection are going to be in worse shape. Yeah, and we know this is going to be a political football, particularly when you consider the types of depositors that were at SVP. Yeah, when you're bailing out Peter Thiel and other folks who are already millionaires have not billionaires, it certainly raises a lot of questions. But just to put a point on what you just said here, the Biden administration kind of made it clear, at least in their words, that a lot of this money wasn't going to be coming out of basically from the taxpayer. That this was maybe going to be coming from private banks here. Do you think that that can that they can make good on that statement that promise? Well, they don't. For the one security bailed out, yeah, so when there's a systemic risk determination, there is a special process, any losses from that systemic risk determination, which is giving the authority to the FDIC to cover all the uninsured deposits. Those losses have to be covered with a special assessment that goes to all banks. So the irony is, you know, yes, Peter Thiel is getting his bailout, but community banks, or banks of all sizes pay into the special assessment. So yeah, it's not a taxpayer thing. It's a bank thing, but that concludes your community bank and that will probably increase your cost depending on how expensive this all gets. So and again, the irony is is that these are community banks. I was astonished to hear secretary Yellen today basically say community banks are going to be out of luck as I understood it. If you know if you're not systemic, you're not going to get protected. That kind of puts a big target on the forehead of community banks who, by the way, are still going to have to pay into this assessment to cover the uninsured deposits of the bigger ones that apparently the government now have used the systemic. Sheila, there's a lot to dig into here and to your point that what we've seen from signature SVB, all the S letter banks that we've seen so far, they weren't systemic, but when you think about if the regulators hadn't stepped in, the way they did over the past weekend, the contagion fears. I mean, assuming that we hadn't seen that backstop come through, the point could be made that this week would have been a lot worse than it was. Well, you never we still had can change and we still had problems. I could also argue that by making making this a systemic risk issue, they arguably made the problem worse. But no, I do think they should have followed the FDIC's normal procedures. This is what the FDIC had said it was going to do on Friday. Set up a bridge, put
Bloomberg Radio New York
"bank russia" Discussed on Bloomberg Radio New York
"List of 50 people who've done something important. Noteworthy inspiring are just fascinating. To talk about who's on this year's list and what they've done, my colleague Brett vegan joins me from New York. He spent months working on this list with reporters and editors around the world. Our second person we picked in our slim down list is in the finance category and it's dalip Singh. So Dolly of singing in February as a top national security adviser to The White House, really played a very central role in efforts to cut Russia off from the global financial system after Vladimir Putin invaded Ukraine basically was able to freeze more than half of Putin's $640 billion war chest. This, of course, is a really huge issue because I don't know that there's another event in this year that has had more far reaching global effects than in Russia's invasion of Ukraine. Absolutely not. And he really helped turn Russia into basically the most sanctioned nation on earth. The reporter who wrote about dalip Singh is Selena mozin, Bloomberg, senior Washington correspondent, and here's what she said. So Putin has built up something like $650 billion that he has stored through his Central Bank. In Europe in the U.S. and in other currencies. He was building that up so that he would make sure he had a pool of resources to keep funding his war in his invasion as soon as U.S. sanctions came down the pike. What he did not see coming were two things. The first one was that the U.S. and the group of 7 would have the audacity to sanction a G 20 Central Bank, Russia is still part of the G 20. To cut off a Central Bank from the global financial system of an economy that provides so much of our food and energy resources had the potential to shake global markets and they did shake global markets. It showed Russia that the U.S. and American allies are not afraid to stand up to him even if it's a little bit of self inflicted pain. And actually all of us saw that pain. We all experienced it. Through gas prices, gas prices went really high and added to inflation. It made all of our summer vacations more expensive and it was all to pay for the cost of pushing back against Putin in what some people saw could become World War three. The second thing that deletes things efforts contributed
Bloomberg Radio New York
"bank russia" Discussed on Bloomberg Radio New York
"By energy companies on the back of the current energy crisis. Germany has been impacted most by Russia's decision to orbit shut down gas deliveries through the Nord stream one pipeline. The pipeline was due to reopen on Saturday after maintenance, Bloomberg's David stringer says it will now remain closed. Gazprom, the Russian supplier has put forward an argument that there's yet another piece of maintenance that's required. But even the company involved in the company that would be carrying out that maintenance Siemens has said that there's no actual reason. There's no factual basis on which to justify them cutting off that flow of gas. So it does look like a deliberate move by Moscow just to use its ability to flex the energy supply to put pressure on Europe. And the German government is considering relaxing several of its core energy and environmental policies to mitigate the fallout. The OPEC plus coalition is looking at a different market than just a few months ago, we get more from Bloomberg's Susanna Palmer. The narrative that's dominated the last few months is pressure from key consumers such as the U.S. to lower the rate of inflation by ramping up supply. But that's shifting toward concerns about a global economic slowdown. Now the organization of petroleum exporting countries and its partners say an output cut could be necessary. OPEC plus meets Monday and amid all the uncertainty, they're widely expected to keep production steady, but OPEC plus delegates privately say all options are on the table. Susanna Palmer Bloomberg daybreak Asia. The Biden administration will allow Trump era tariffs on hundreds of billions of dollars of Chinese merchandise imports to continue. This, while it reviews the need for the duties, it comes after the administration received a formal request from businesses benefiting from them. This according to the office of the U.S. trade representative, U.S. law states that the tariffs automatically expire four years after they were imposed. July marked the four year anniversary of the first wave of the duties, and the duties cover goods including industrial imports such as microchips and chemicals, as well as consumer merchandise such as apparel and furniture. Let's get over and find out what is happening in these markets seeing Nelson weakness in the Nike Brian Curtis is in Hong Kong Brian. Yeah, it's an interesting day. We thought we'd see a lot more in the way of selling, but several of the equity markets are holding your own this morning. The ASX is up just gradually up a little under a tenth of 1%. The cost be as rallied about four tenths of 1% than EK is going the other direction. It's sliding 76 points or so down about a quarter of a percent. We're seeing you're a weakness and dollar strength. But as mentioned, pretty steady in the equity markets, the decline in the Euro might suggest that given the energy crisis, the ECB might be less aggressive on its upcoming rate hikes. And in terms of the Goldilocks jobs report, it was initially deemed positive for risk assets in the United States as it suggested that the fed might be able to continue its efforts to tame inflation without this leading to a recession, hiring was solid while wage growth moderated. But the report probably didn't do enough to signal any softening by the fed. Bloomberg economics says the risks are still tilted here toward a 75 basis point move. Australia's Central Bank is hoping that consumer demand will be strong enough there and help the economy and help it absorb rapid rate increases. All but two economists surveyed by Bloomberg say the RBA will raise its overnight cash rate target tomorrow by a half percentage point to 2.35%. It would be the fourth consecutive move of that size. By the Australian Central Bank. Russia's decision to curb gas deliveries through the Nord stream one pipeline will hurt in Asia, and that's one of the big stories it'll be interesting to see how European futures trade once they start. Dalyan won 40 three, the Euro at 99.21 U.S. cents the Aussie 67.91 U.S. cents. Yield on the ten years at 3.18%, the two year three 38, so the spread there 20 basis points and WTI crude has picked up one in two thirds percent, 88, 32, a barrel. Juliet back to you. Thank you, Brian. 35 minutes past the time
Bloomberg Radio New York
"bank russia" Discussed on Bloomberg Radio New York
"Message from the ad council. Take names and put into a portfolio consumer discretionary for us that that's too early. That is a little bit tough and particularly early hasn't really fallen. And I think that's got a long way to go. So yeah, absolutely. We've got quality proof that the portfolio. Okay, quality proof that portfolio Jim Bailey, thank you very much for being with us. Breaking news on sock gen. The numbers have to tape. Net loss. Let's just have a look at these Yusuf because the second quarter saw a net loss of 1.4 billion, the asthma for that loss was 2.26 to a materially better number. Now, in part, this is going to be driven by the loan loss provision which has come down. As well as let's see what they're saying about Russia. So the loan loss provision is coming down to 217 million. The estimate that was for 615. But it looks as if it's the rising rate environment and the investment bank, which is helping the profit beats and just looking at down at the top level use of in terms of global markets, 1.7 billion and the market depends on 1.4 8. Yeah, going into this, I mean, investors were mainly focused on the impact of the banks Russia exit, whether or not the consensus fully prices at their scope of potential surprise is what the folks at city were saying. The revenue line is at 7.07 billion. The market was looking for 6.43 billion. So just like you were saying about the narrow loss on the revenue side, it's a stronger beat. They're targeting an ROTE, so that's the return on tangible equity, of course, in 2025 of about 10%, 17 buys 11 holds, zero sales on the stock, quite a bullish setup as we count down to the opening later in Europe. And the investment bank, the finance and advisory business reported in 14% higher revenue, that's something different to what we saw from some of the others on the street in terms of UBS and Credit Suisse, et cetera, on the advisory side of the business. So in terms of breaking down, the global market is a significant beat 1.7 billion FIC trading, a good beat, 683. The market depends on 535. And equities, 833. So a monster beat all the way around in the investment bank and we catch up with the head of investment banking. Submit a group like he'll join me at 9 30 Dubai time. Let's see whether the bonuses will still be massive as he told me the last time. Let's go to Jules. She's standing by in Singapore with all the very latest jewels. Hey, Madison, what was your reacting to Nancy Pelosi's visit to Taiwan? And one thing that is not showing up on my GMM, but which we will be watching in about half an hour's time when China and Hong Kong markets resume is the rally that you're actually seeing in Chinese chip makers. So we've seen the likes of smack up by as much as 9% in Hong Kong as we continue to see the ongoing tension between the U.S. and China over Taiwan very much play out into some of the semiconductor stocks we know Nancy Pelosi expected to meet with Taiwan's TSMC. The tye X itself is down for a third session off by about two tenths of 1% and still seeing some weakness in the Taiwan dollar with that 30 level against the greenback. But elsewhere, it's kind of sanguine when you look at market action. I mentioned some of the rallying that you're seeing in the cheap makers. You've also seen Hong Kong in general look quite good in Japan's nikkei two two 5 is also higher. So a lot calmer than what we saw this time yesterday before. Nancy Pelosi had arrived in Taiwan and when it was still a speculated planned trip. But you mentioned earlier the dislocation you're seeing in bond markets after we had the fed very much indicated they are not done with fighting inflation and that's being flown out through into the bond markets here in Asia too. So yields spiking, have a look at Australia's two year yield up by almost 13 basis points also coming on the back of yesterday's RBA high ESA. Yeah, there's a bit of a speculation as to whether we're going to see Chinese authorities offload some of their holdings in U.S. treasuries as one of the responses to what they see as an interference in their part of the world. In the meantime, the soaring tensions between the U.S. and China could raise prospects for Korean shares. What's the story there? Yeah, this is a call coming through from society's general saying that these Taiwan troubles could be an opportunity for Korean stocks. Essentially what they're suggesting here is to take a short against Taiwanese stocks while buying South Korean stocks as a hedge so those South Korean ship makers instead. They're saying they see evidence of higher risk perception from geopolitical concerns on Taiwanese equities, which have already been pummeled so far this year because of the conflict in Ukraine too and concerns about what that meant with Russia's move into Ukraine and what it could potentially mean in terms of Beijing move on Taiwan as well. As you can see on my GTV chat, he had time on stock index lost about 25% this year in dollar terms. That is more than any market in the region and underperforming the South Korean cosplay which stock gen is suggesting could be a better trade on this play Manus. Thank you very much. To the oil market so watchers are waiting to see if the group will heed or snub present Biden's call to boost crude supplies. The U.S. leader is expecting further steps from the cartel to cool prices at the pump. Joining us now is vandana Hari CEO and founder of van dam insights. Good to have you with us. So Biden left Saudi Arabia with high with high expectations. You know what? We'll get. We'll get back to van der guest is where there's technical problems. Van dala. Good to have you with us. It's a very good morning to you. We're just setting a stage there for the OPEC plus meeting. The Americans laugh Saudi Arabia with that much expectation. I think bob mcnally says, his advisers leverage it high in confidence of further OPEC plus steps and if OPEC plus doesn't deliver. Well, they're going to have a lot of explaining today to do. Do you really think are you expecting any incremental or a material shift higher from OPEC plus at the end of today's business? Good morning. So the short answer to that is no manners. It's understandable why the expectations and hopes are high in the U.S.
Bloomberg Radio New York
"bank russia" Discussed on Bloomberg Radio New York
"Push back against the notion that they could pivot away from Titanic saying the battle against inflation is far from over. OPEC plus meets later. Traders wait to see whether the group will heed or snub the U.S. calls to boost supplies. All right, earnings are a deal from closely to general this hour. Investors are eager for an update on the impact of the bank's Russia exit. When she's gone 8 a.m. across the Emirates, one welcome to the show I manage granny in Dubai. And I'm used to the invited alongside you We have to admit that as investors continue to weigh U.S. China tensions, especially with Taiwan being the focal point, that there's a level of resilience in these equity markets. Looking here at the rundown on the futures we're seeing a little bit of that resilience getting priced in overnight stocks were marginally lower, but on par when you look at some of the big calls, I'm looking at a note out from UBS group, they're saying it's hard to see any meaningful upside in equities right now. Bank of America strategy that the July stocks rebound was actually a bear market rally. We have downside surprises from Airbnb and AMD. We've got for earnings later in the day from booking Moderna BMW and infineon. I want to flip the board and get some of the outflows as we begin to understand the magnitude of some of the dislocations and capital flows. This is a story of a net rolling 12 month outflows from Taiwanese stocks. It's top $30 billion moments ago the Taiwan Central Bank said that they're not concerned about these outflows. They're not concerned about the Taiwan dollar. But what we are seeing is we're seeing capital move into havens like the dollar because yes, we're taking a bit of a moment to take a breath on the Bloomberg dollar index. But the fed fueled gains with policymakers, silencing the chatter about a possible moderation interest rate hikes. Leading to this first update in 5, the best days since July 11 at the moment on the Bloomberg dollar index, we are seeing just a little bit of downside. And that's going to be something to watch to the remainder of the day management. Well, an explosion in the bond markets, that's where the real risk was. There may not have been any malevolent forces at play because of Nancy Pelosi touching down in terms of market reaction. But the bond markets exploded, the 6th biggest explosion higher in yields on record and the tenure and the fed are far from finished bullard makes the .3 75 4% is where he wants to see rates that's probably where we need to go to. Let's have a quick check at the bond markets and you are seeing yields move this morning. Loretta master saying she needs compelling evidence Yusuf before she's prepared to curb the position that they have at the fed. Liquidity is the worst since 2020. Let me just show you what's going on with the real you the explosion in nominal yields takes you into real yield zone in the 5 and the ten year tenor. Real use popping back into positive territory. Let's have a look at the GTV in the library there in terms of the real yield. 5 and tens are moving. What does that do to the risk narrative? It's OPEC day, as I said, you're off a 5 month low Goldman's expect a modest supply hike from OPEC plus. Let's have a look at the oil prices. We were definitely never so slightly when I arrived at the office at 5 a.m. in terms of the oil market was still in negative territory. And more says 80 bucks is on the way for WTI the mid 80s and brand will trade at the 80 level by the end of the year. By the way, the busiest shipping lane in the world. 88% of the largest containers pass through Taiwan and that has ramifications for a left hand tail rig risk to global supply chains. Juliet Sally is in Singapore. She's been tracking Pelosi and the markets two for one. Good morning, G's. Yeah, indeed, manner. And certainly we're seeing weakness in Taiwan, which you can see reflected there at the bottom of the screen falling for a third session as we see this unease and as Taiwan has also retaliated against China's moves in the Taiwan strait. But as you can see across the rest of our risk assets here in Asia, they're pretty good and in fact we've actually been seeing quite a bit of stabilization coming through in markets too. Hong Kong certainly leading the gains, where we have been seeing some weakness in some nervousness is in some of the shipping stocks some of the airline stocks too. And this is after China warned airlines operating in Asia to avoid flying in areas around Taiwan, where it is conducting these military exercises. When it comes to the overall China picture look we're still on watch about the property sector was let's put the board and have a look at my GTV, which is actually showing that China's CSI 300, which we were kind of touching on yesterday is very much nearing that correction now. So down around 10% from its June peak. So this is, I guess, the kind of other key factor that investors here in Asia are watching out for, whether or not this market has become too frothy, and of course the ongoing concerns in the property sector Manus. Jews, thank you very much. So the U.S. has speaker Nancy Pelosi has become the highest ranking American politician to visit Taiwan in a quarter of a century. She spoke during the last hour. Today our delegation of which I'm very proud came to Taiwan to make unequivocally clear. We will not abandon our commitment to Taiwan, and we will proud of our enduring friendship. And see Pelosi, she we're going to go live to Nancy Pelosi. She is having a second press conference. Let's listen in. Our president of the republic, doctor tying went to make her remarks. Yes, I like
Bloomberg Radio New York
"bank russia" Discussed on Bloomberg Radio New York
"Com on newsstands and on the Bloomberg terminal It's about how to punish Russian Vladimir Putin and how the world has turned to finance making it into a weapon of war with the Russian Central Bank really becoming the main target Tim Yeah Matt's story Matt boesler story that is is featured in the new issue of Bloomberg businessweek magazine It's available now on newsstands on the Bloomberg and at Bloomberg dot com slash business week It's a really really important story It's a really important issue to cover is incredibly powerful Joel Weber joins us as the editor of Bloomberg business We keep joining us now on the access line from Brooklyn Joel It's fair to say that the moves that we've seen from the European Union the United States a handful of America's allies in Asia in the last 7 days or so have been pretty unprecedented Totally unprecedented and even just the about face that Germany on its own happened That unwinds more than 50 years 60 years of policy And all because of obviously Putin's aggression in Ukraine The idea that we kind of set out here was that we really never seen the financial system turned into a weapon And with the intent of obviously crippling Russia and making Russia pull back and clearly already even we've seen that that strategy may have some limitations But even the nature of where it's gotten us to is in a couple of years of just unprecedented unprecedented unprecedented here we are yet again using the word unprecedented So Matt talked to us about how it's come to pass and people who study this stuff what did you learn from reporting it up Yeah so I think one of the keys to understanding what's going on here is looking at the history of central banks can actually help you understand this a little bit right Because central banks going back to their beginning really have been heavily involved in war finance A lot of them were set up basically for the express purpose of financing wars And so what we have here is a situation in which we are bringing down the hammer on a Central Bank Russia's Central Bank and a really unprecedented way for a country of Russia's size and importance in the global economy And so if you think of the Central Bank as being kind of a key mechanism through which countries have sort of always financed wars it helps explain why the west is going after Russia's Central Bank and why that is so significant So obviously the story in Russia over the last several years has been one where they have been building up foreign exchange reserves to the tune of hundreds of billions of dollars kind of salting them away for a quote unquote rainy day or in this case a military conflict And they thought those reserves were going to be there And be able to be utilized to kind of insulate themselves from the fallout of the blowback if they were to take a step like this And what we're learning over the last week or so is that's not the case because those reserves are largely held in places like the United States and Europe and basically those jurisdictions have flipped the switch and said you don't have access to these anymore Well that's what's really cool There's some great stuff and you reference Bloomberg opinion columnist Matt Levine What's interesting is it's not just about building up reserves and it being an entry in the accounting ledger of the Russian Central Bank It is about those global relationships that the Russian Central Bank had and the Russia as a country had with the rest of the world that ultimately really are mattering right now Yeah it's really interesting to kind of step back from all of the news flow and get a little philosophical here on the nature of money right Because we're getting another amazing object lesson in exactly that week right So you can think of politics almost as a spectrum between people who think of money as a social relationship that is basically defined by who is willing to accept that money versus on the other end of the spectrum people who think of money more as a thing right Like the commodity standard the gold like something that you possess that you can then utilize as you see fit And this is just another example kind of on a global scale of that social character and money where it really does depend on the person on the other side of the transaction being willing to accept it And so once again we're getting a real lesson in that Hey man I want to go back to what you said about salting some of that money away over the last few years in order to build these reserves I'm wondering how that exacerbates the hit to Russia's economy that this takes because that money wasn't then put back into the Russian economy That's right Yeah So that is the tradeoff here that they have made I mean you could be bringing in all of this money from exports of your natural resources and one thing you could be doing would be to be reinvesting that money into your economy growing your economy Building out your consumer base and your industry and so on and so forth and really modernizing and that's something that has been a problem for Russia because another aspect of this that we're seeing is now some of these export controls that are being put in place against them They import a lot of the really high-tech necessities like things like computer chips and so on and so forth that they need to continue upgrading their military Well now the U.S. and Europe is slapping bans on exports of that technology to Russia and it's really closing doors for them in terms of what they are going to be able to do going forward We're now doing the same with high-tech oil and gas exports that they would need to continue upgrading their energy sector And so that's going to be a big problem for them And president Vladimir Putin is kind of saying well this is an opportunity for us to now increase our resiliency in our self reliance by actually developing some of those capabilities on our own but it might be too little too late Well incredible story and there's an incredible series of stories that make up the cover story this week in Bloomberg businessweek magazine highly recommend that you check them all out That story and the others certainly the magazine on newsstands on the Bloomberg and at Bloomberg dot com also in our weekend show Our thanks to Matt bosler our fed reporter here at Bloomberg along with the editor of business week Joel Weber March is women's history month and every day this month we are celebrating significant moments in women's history Now with.
Bloomberg Radio New York
"bank russia" Discussed on Bloomberg Radio New York
"Bloomberg news joins us here and it goes to that issue Matt was just mentioning some of these Russian oligarchs are really starting to feel the economic pain here from some of these sanctions We're seeing stories of confiscated yachts and I'm thinking about some of the property that they own in the West End of London Stephanie thanks so much for joining us here What did you find in your reporting on these oligarchs Well the most interesting thing is that London has been a magnet for Russian wealth for decades And so the UK is in a prime position to impose punishing sanctions that will be felt most acutely But it has so far been a bit lackluster when it comes to sanctions compared to the European Union which has slapped penalties on three times as many oligarchs as the UK has So at the moment we've seen some Russian billionaires like Roman Abramovich the owner of Chelsea football club looking to get out of his assets in the UK Fearful that sanctions could be coming And I think that is the real concern is unless the UK acts quickly there may not be anything left to sanction by the time they get around to it And I think their concern is they need to make these sanctions watertight The UK foreign secretary Liz truss has said she's drawing up a hit list but a sanctions to put on oligarchs but that she has received letters from lawyers saying that they will challenge the moves So there's clearly more room to move Joe Biden the Biden administration is going to announce additional sanctions targeting oligarchs later today There's a lot more to be done in this space By the way is Abramovich I'll admit to being a Chelsea fan When I lived in London and I was in a muse house right behind he bought like half of Eaton square and I lived in a garage behind one of his palatial mansions Is he a different story than the rest Because I just noticed yesterday he says he's going to sell the club but he's also going to donate the proceeds to people hurt by the Ukrainian war Yeah it was a really interesting move that he made I think he was facing difficult to be selling it Because people were worried about potentially being caught out if he was sanctioned in the middle of a deal I think the way he structured it by agreeing to put the net proceeds into a charitable foundation to benefit victims of the war in Ukraine makes that an easier deal both in terms of reputation for the buyers for potential buyers to swell open And either way he loses the wealth right He loses the asset because he's going to get rid of it and I mean ostensibly and I am just a cynical as the next journalist right But especially when it comes to these charitable trust that's super billionaires build But ostensibly that money is not going to come to him Right I mean he did say in a statement yesterday that it's never been about money for him It's always been about passion for the game And you have to believe that to some degree given how much money he has pumped into the club So I think it makes him look good It makes him look like he is he cares about what's going on at the same time He reported his spokesman told us at Bloomberg that he had been asked by the Ukrainian government to help try to broker peace talks So he's apparently involved in that as well But that also makes him look good but at the same time it raises questions Well if he says he's not close to the Kremlin then why is he in a position to broker a peace talk And a lot of them you point out that a number of them are trying to paint themselves As you would expect in a better light right Saying that they're against the war in Ukraine and calling out Russia if not Putin personally Well the only no one's called out Putin personally and very few have called out Russia specifically If you look carefully at the statements they've called for peace They have not called for Russia to end the war And the only two oligarchs that have done that are makeup Friedman and Peter avin the two billionaires behind alpha bank Russia's largest privately held bank And they did that in a statement test where they called on Russia to end the war but stopped short of specifically singling out Putin to do so So it's a very difficult situation within Russia the climate is There's a real crackdown on protest at any questioning of the Kremlin's move Russia has called this a special operation not a war They have shut down independent media It's a very difficult environment for them to be calling out Russia to end the war but I think that is the thing we need to be watching for once you have oligarchs and companies calling on Russia specifically and hopefully Putin to stop the aggression then you might see the shift really happening and the effect of the sanctions coming through All right Stephanie thank you so much for joining us We really appreciate a fantastic story Stephanie baker senior writer.
Bloomberg Radio New York
"bank russia" Discussed on Bloomberg Radio New York
"Russia from the global economy piece by piece day by day and week by week More than a hundred Russian individuals and entities have been targeted Joe Biden is also ramping up sanctions The president said the U.S. would sanction Russia's largest lenders spur bank and for other financial institutions that represent around $1 trillion in assets We've cut off Russia's largest bank a bank that holds more than one third of Russia's banking assets by itself Cut it off from the U.S. financial system And today we're also blocking four more major banks That means every asset they have in America will be frozen The U.S. will also cut Russia off from semiconductors and other advanced technology crucial to the military but the sanctions stop short of sanctioning the energy sector or blocking Moscow from the international payment system swift And EU leaders also agreed to new sanctions on Moscow that will target 70% of the Russian banking market The European Commission president Ursula von der leyen has outlined the fresh penalties It is built up 5 pillar export controls and the ban of export financing and finally Visa policy So to say the leaders also discussed even stronger measures such as cutting off Russia's swift access Elsewhere French president Emmanuel Macron said he had a Frank direct and quick conversation with Vladimir Putin at the request of Ukrainian leader Vladimir zelensky Global news 24 hours a day on air and Don Bloomberg quick take Powered by more than 2700 journalists and analysts in more than a 120 countries I'm Hannah George this is Bloomberg Caroline Thank you so much Hannah for all the details Let's talk about the market reaction then Asian stocks and European futures pointing higher while U.S. contracts dip oil back up above a $100 a barrel for breakthrough with more on the markets let's bring in Bloomberg's cross asset editor Joanna of singer What kind of trades are people talking about making then today the day after this seismic change in Europe Right Caroline so as you say it's somewhat risk on today but that's with the broader picture of people still being extremely cautious So invesco for instance is saying people should diversify given the added volatility So across asset classes and amundi is saying just keep your hedges in place they also say not to overreact if something looks really dramatic but to keep the hedges Goldman suggests that oil related currencies could be helped That's Canadian dollar Colombian peso Mexican peso in Malaysian ringgit for instance Okay so markets largely shrugging off war I mean as our colleague Mark cudmore wrote this morning rather sobering war tends to be a buying moment sadly How does China factor into markets amid the Russia Ukraine situation Yeah it's not necessarily the first place you would think of but it has been a focal point of course in Asia It will be but many people are recommending it as a haven that's unlikely to be as affected by the conflict as other things would be and also the PBOC's injection of a net $46 billion of liquidity support this morning helped boost the mood of the markets overall But a Bloomberg index of early indicators for February is showing the economy staying soft and the property sector is still of course having trouble So it remains to be seen if China can actually fulfill all of these investor hopes because a lot of people are turning to it right now Yeah indeed thanks so much Joanna for that Joanne oster Jeff real-time market commentary and analysis check out markets live on your Bloomberg terminal And now I want to turn our attention to the latest in terms of what is happening on the ground So we've had the market reaction to the conflict between Russia and Ukraine Let's speak to Jake ruditsky who is in Moscow for us this morning Jake what is the latest Russia has attacked Ukraine from three sides There are now fears that the capital Kyiv which is currently under attack could fall That's right Russia is really doing a shock and awe operation here And there have been reports from the west that they think Kyiv could fall within hours the foreign minister said that the capital has been hit with horrific rocket strikes and overnight the president below the landscape It gave an address to the nation where he was looking slightly disheveled and said that he and his family are Russia's top targets My gosh indeed I saw the images of him He also appealed for more help for Ukraine Will anything be forthcoming What does all of this mean for Ukrainians Well you know it seems like everything is moving so quickly now that it's not really clear what more help could even be I mean there's the sanctions that the U.S. has been imposing have already been announced looks like the EU sanctions will stick pretty close to what the U.S. has announced So they're hitting the hitting a lot of banks They've hit a lot of individuals They're stopping short of sanctioning swift which is a way of banks for banks to communicate and transfer money But I think that's all that's coming for Ukraine There's not going to be any military interventions from NATO countries for sure And obviously the Ukrainian army is no match for the Russian army They're outgunned They're out manned The Russian army is well way way more financed So it seems like it's only a matter of time before Russia has completely occupied Ukraine and destroyed its military capacity Jake yes And on Ukrainians in particular the U.S. has said that it would take Ukrainian refugees talking of the sanctions though what is the response from Moscow how seriously do they take this How much might it hit the Russian economy Well the thing about sanctions is they're not an instant solution So there's something that it takes time and the pain from sanctions Accumulates over time So the Russians feel like they're prepared Certainly the west telegraphed its plans that it was going to hit Russia with some severe economic sanctions When in the run up to this war so Russia right now as they say they have a plan the Central Bank has said that it's going to intervene and help support some of the sanctions banks Russia's biggest banks have all been hit with various degrees of sanctions including BTB the country's number two bank has had its assets all frozen in the UK the U.S. and abroad So swift left out in that case That was also considered one of the most severe forms of punishment but the road to Russia's energy market has been left open somewhat Right so I think there was a lot of concern in Europe especially if they go after swift There would be a lot of knock on effects and a lot of European banks would get hurt from those sanctions And so for now they've taken them off the table Now that's not saying that further down the road if this conflict kind of continues to escalate that they couldn't be reinstated but certainly in the near term it doesn't look like swift will be targeted And President Biden are talking about this is a dangerous moment for all of Europe and in fact Europe waking up this morning now to the fact that the capital of what had been considered a free and independent nation may be overrun by a Russian forces by Vladimir Putin This is a huge change isn't it for Europe now to have to try to deal with Yeah well I think.
Bloomberg Radio New York
"bank russia" Discussed on Bloomberg Radio New York
"Banks Is that really on the table for next year Well situation as you know it's very complex and very sensitive It is all depends on whether Russia will invade Ukraine or not But definitely sanctions are on the table from the UN from the U.S. and definitely there's going to be much more severe sanctions than the one which we have seen in 2014 So definitely these sanctions could be very painful and harmful for the Russian economy And that in the 2022 will be the year where we will be very much focused on what's happening what is the geopolitical situation in the region and what certain sections will be measured will be introduced against economic and most notably banks So okay let's do the banks for a second Obviously the country's banks will be impacted What is the contagion risk there Walk me through how the money trail works and how sanctions would work Yes So it's first of all we don't know yet exactly what we introduced but that was never talked about the sanctions on the backing federal introduced And one of the measures that has been already discussed a couple of years ago in 2014 actually it was disconnecting by Russian banks on the swift payment system So swift balances and international payment systems which banks internationally use to send money message et cetera So it's very important when the Russia is selling some of the good to the foreign countries Banks have to facilitate dependent values Of course if you introduce this measures on Russian banks of course they won't be able to do all those transactions but the contagion is risk that a lot of other bands Western European banks American banks they won't be able to facilitate payments as well And so how will you pay for gas and oil which is the biggest product for the Russia right So that's one of the big problems And that can be a little very difficult situation for not only Russian banks but for international players The other the other measure that is being I was going to say but before you move on to that what banks we talk about Which ones would be most exposed in hell Well it's difficult to name a huge bank right The way I was looking at this I just was looking okay who is the biggest trading partner for Russia for Russia And our partner on trial to the biggest one we look at the U.S. and you look at the turbine that are so you can assume that banks in this region in this country is probably they do business a lot of business and then transactions and payments to refraction new Russian bank combined over there So you could consider that one of some of America and big German banks could be exposed In terms of exposure of foreign bank Russia the biggest one is to come from the Europe and this is from rifles and Austin and Rajasthan from and from a unique credit And these are the biggest bands that have biggest exposure that they operate in the country and they have the retail corporate corporate center operation over there So what are some of what's the likelihood of something like this actually going down I mean it feels like you know what The allies would have a lot to say about that to the U.S. at this happened Absolutely I think that probability is not very high at the moment I think it was already said in 2014 I think it would have very significant Russia economy I think what we've decided for introducing Russia the payment system of product would be like 5% of Russian GDP It was by one of the Russian ministry So it would have massive impact on Russian economy Iran actually good examples it was introduced in 2012 There was a massive drop in the revenue from oil and from hydro carrots So we definitely see some similar But we must remember the gradual different player globally This is the biggest oil producer one of the biggest exporters right And we need to actually accelerate we are definitely in the crisis of gaslight had a higher carbon the prices are going up There's a demand which is which is an issue The supply is very important which is coming from Russia So it is very sensitive to and it's not so simple to have to know introducing sanctions and cutoff Russian banks from food system because at the end of the day it's not going to be the oligarchs or someone who is actually responsible for the job issues It would be just a regular And you can't just want to do They want to start regular Russia of color not a responsibility for what's happening with the geopolitical situation All right Thomas thanks a lot Thomas natal Bloomberg intelligence emerging at Europe at banks senior analyst it's going to be pretty interesting as we go into 2022 That is this week's edition a Bloomberg intelligence on Bloomberg radio providing in depth research and data on 2000 companies and a 130 industries and remember you can access Bloomberg intelligence through BI go on the terminal I'm Alex Steele It is 57 minutes past.
Pod Save the World
"bank russia" Discussed on Pod Save the World
"Ago. That the brand of islam that saudi arabia is pushing out into the world very conservative very intolerant brand it forbes the building blocks of a lot of these extremist ideologies and if you really want to have a counterterrorism strategy. Can't be so heavily. Reliant on military force whether it be through conventional means afghanistan or more targeted means like drones. You've got to ask yourself what is driving. All of these individuals. These young men into the terrorist fold and have a strategy that gets at the root cause and the because it's not just poverty. The root cause is also a the way in which islam is perverted by many of these groups in the us. I would argue has still -tated that anyways so even as we're managing those Those ongoing issues You mentioned that kind of opportunity in ending the war to focus on on a different agenda in the world and that's what present biden focused on a lot. Today talked about china. He talked about He talked about climate change But part of what. I think lesson. You highlight math. Ghanistan is america. Can't do everything in the world and we can't control events beyond What is realistic in the world. What would you like to see kind of be the post. We're in a verna postpones. Nine eleven chapter for turning the pager. What is that agenda. What are the what are the issues. You think the united states needs to be prioritizing. The world as we are winding down The big chunks of the warren tear. I i think china and russia celebrate when we are so hyper focused on conventional are threats to the united states of what i would like to see is a complete reorientation of the tools that we present to an american president. So the only thing so that we are allowed to do things other than deploy brigades and sell arms and so you know when you look at a country like china. They are winning friends around the world not necessarily through security partnerships but through economic partnerships there development bank is ten times the size of the development bank. Russia is undermining democracy. This massive propaganda effort. They're spending similarly probably.
FinTech Insider
"bank russia" Discussed on FinTech Insider
"Know A variety of other Revenue streets the can be grown from these. And i think that's where perhaps financial services so stuck with the again. Nick many as we lead deposits that actually the the adjacent services. You can do great things on your. You only have to look at what term new google and facebook them without platforms and say well. That's great for people searching things but people buying things that's a whole different tested commission around which rewards offers you affiliate fees can really be developed under chad west. The resolute has spoken about the direction going with that which is great friend customers and great for the business model Exciting actually but that clarity of purpose of incredible stuff and they spice and you've tabatabai Areas that you say customers valuing looking to thinking. Actually who's doing this really well so predominant vs. Yeah as jason said. I would say that russia's actually very vibrant super obscene and unlike a lot of other countries a lot of these ecosystems crops are actually coming out to financial services companies. So take off being one example. Spare bank Russia's largest bank being the other example building ecosystem around with customer base and i think function of the fact that the the the bank's financial services companies realized very early on bet if they wanted to compete for the customers time customers attention. It will need to build tech capabilities in digital capabilities. Rush also offers a lot of talent and so from the very beginning. We weren't technology company with a banking licence. Spare bank very early on in their journey realized that you know the build out this digital capability and so they've been able to hire lots of radio talent that actually ends up building these products and services. And then you have the tech companies that are also coming into the space from different angles. So you've got next coming in from a surge a taxi you've got mail argue coming in from the social media so you're actually seeing it come from many different parts and i think at the end of the day boils down to the corporate. Dna talent you can. You can bring in to actually develop those services. It doesn't necessarily matter as much which service who come from so just in the last at nine hundred zero seconds. So do you think egypt the soup. Up every ounce liliana so before before neri comes with the the it definitely is tinkle of bilton. I'm gonna say no the note the way people think about it chilly. The era of an infamous supermodel. Kate what you can do anything on my app. Just don't think fits. I think like social media where you might use facebook Family linked in tokyo professional a twitter to the world that were particular context the had within that app. Especially because it's difficult to fit too many says his in too many things in one app without being confused. So i think that the we all going to see aggregation around the titular customer comtex Is not going to be an app for pocket money and then apfel group spending those bellone within something said size. But he's not going to be. You know the infamous supermarket narrate. I think it will be spectrum depending on the region so again i think the one you'll have asian example where everything is concentrated route of very really apps and in the west light bed would be that it will be more fragmented around various use cases that people have cost to using in russia. I think it will be something in. And that's why we're betting on a super focused on financial lifestyle but not necessarily something that will cover everything and went back to actually these panels become really connected when you heard about sara and dan token about really being clear on that customer expectation. You guys have really touched on that purpose. The alignment of talent culture behavior. You wanna drive within the organization but very much organized crystal context Great so thank you bugs at enjoyed that naturally so i don't think it's fair either I thought i was just waiting to see where where we going. And it's good to get a different perspective so thank you both really appreciate your views so with then gonna jump into the third panel. So thanks jason. Thanks so that further ado and this is something that. I'm really quite interested in today. Is we're going to invite david back. And janine who. I work within my innovate finance rolex late so to have as always engineering to give us their perspectives on water or will be the new business models This is something. I think we grapple with a little bit. So i'm interested in. Both of your views are on on. What is coming will becoming. And football's lenses on. Not as we drive this so gene you want to kick us off this absolutely and lou. I think it's great to see. I think it's it's it's a tough one. And i was thinking about how to answer this but when i looked to see essentially what's on the horizon in terms of new business models. I feel like they evolve either because there's a pain point or a specific challenge which leads to market demand in the industry or There is really a convergence of two different sectors and then they're affiliated data sets that come together as well so if you take that essentially starting point i think that in the coming months and years we will most definitely see a lot of new changes around a new business models around the idea financial health and financial wellness particularly in a postcode environment. I think we haven't for example really seen the use of big data and ai be fully harnessed when it comes to lending decisions were insured tech as well and then on the flip side of that in terms both of a pain point but also of two sectors essentially converging. I think there is a real opportunity right now to look at the role..