35 Burst results for "Chengdu"
a16z
A highlight from The Worlds She Sees with Godmother of AI, Fei-Fei Li
"That just kind of changed me to this day. Physics is still, you know, first love. Learning is organic, learning is messy, learning is big data, learning is reinforcement, you know, trial and error. It took me two years of agony. It's hard to resist Stanford and Silicon Valley when AI was taking off. Not a single university today in America can train a chat GPT model, not even probably GPT. Sweet. The quest for artificial intelligence has spanned for decades, with the field really kicking off in the 1950s. Each era was marked by unique breakthroughs, and despite the recent flourish of advancements, the foundational work has long been underway by a cast of characters dedicated to pushing this frontier. One notable figure, some even referring to her as the grandmother of AI, is Fei -Fei Li, a professor of the computer science department at Stanford University and co -director of Stanford's Human -Centered AI Institute. And in today's episode, we have the pleasure of her joining Bio and Health founding partner Vijay Pandey to discuss her journey through the years, from uprooting as a teenager from Chengdu, China to Persephone, New Jersey, and barely speaking English at the time, all the way to building ImageNet, an instrumental project taking computer vision projects from tens of thousands of images to tens of millions. Throughout the episode, you'll also hear many of Fei -Fei's very human stories, like running a dry cleaning shop while she was at Princeton to her mother's role in allowing her to pursue physics, all of which helps to shape her vision for the very technology that she helped bring to life. Fei -Fei also just released her new book, The Worlds I See, that dives even deeper into her history and relationship with technology. You can find the link to that book in our show notes, and I can tell you as a daughter of two immigrants, this story really resonated. I hope it does for you too. And this episode comes from our sister podcast, BioEats World, so make sure to go check that out too. Let's dive in. As a reminder, the content here is for informational purposes only, should not be taken as legal, business, tax, or investment advice, or be used to evaluate any investment or security, and is not directed at any investors or potential investors in any A16Z fund. Please note that A16Z and its affiliates may also maintain investments in the companies discussed in this podcast. For more details, including a link to our investments, please see a16z .com slash disclosures.
Bloomberg Radio New York - Recording Feed
Monitor Show 07:00 08-11-2023 07:00
"659 on Wall Street. Stay with us. Bloomberg Surveillance with Tom Kean, Jonathan Farrow, and Lisa Abramowitz starts right now. Broadcasting 24 hours a day at Bloomberg .com and the Bloomberg Business Act, this is Bloomberg Radio. It's hard to see where this recession is going to come from. We're going to be in this three to five percent inflation environment for the next three to five years. I do think that there's probably a little bit more disinflation in the pipeline. I think it's appropriate for the Fed to take a pause here and see. I'm so convinced that inflation's going to get down to two percent on its own, with or without any help from the Fed. This is Bloomberg Surveillance with Tom Kean, Jonathan Farrow, and Lisa Abramowitz. Let's get you to the weekend. Live from New York City this morning. Good morning, good morning for our audience. Worldwide. Is that three? Yes, that was the third. This is Bloomberg Surveillance on TV and radio alongside Tom Kean and Lisa Abramowitz. I'm Jonathan Farrow. Plenty of feedback in the last five minutes. When I said the show was off the rails this week, this lit up. Only this week. Only this week. Only this week. It's always off the rails. Come on. I'm medicated. Harry's going to Germany. I'm medicated. Medicated. Is that what this is about? Your equity market right now is negative zero point one percent on the S &P 500. Again, we're talking about China. There's some of the recent data out there. Pretty difficult. It's a tough moment for that economy. The question we've all got, what can they do about it, Tom? What are they willing to do about it? A lot of hand wringing about what they're going to do, and the theme today for those overnight is a look of Beijing out to the cities, and the cities are not just the new Hong Kong and Beijing or Shanghai. It's a huge country out to Chengdu to make a generalization of it, of devolving debt tension out to the cities, and that will be, I think, the story point over weekend reading as well. John.
Bloomberg Radio New York
"chengdu" Discussed on Bloomberg Radio New York
"And it's almost ten 28 in sync went Hong Kong. I'm hustling. I'm in. Good morning. And I'm Brian Curtis. Thanks very much as looking at markets. Well, see if red numbers here led by some of the losses like 1.3% down for the nikkei and 1.2% down for the ASX 200. Hasland done. Well, to the headlines, Shana fortune land development is selling some of its key commercial property assets to a major state owned developer three units of China fortune land have signed agreements with China resources land holdings to transfer stakes and debt claims in four different project companies. The amount is ¥12.4 billion that's 1.8 billion U.S. dollars, combined, and that's according to a Shanghai stock exchange filing. Last year, China fortune land became the country's first developer to default during Beijing's campaign to curb rapid debt expansion in the sector, China fortune land is the first in the industry to release detailed plans to restructure a study $1.4 billion onshore debt as well as nearly $5 billion of offshore bonds. The sale is part of the defaulted private builder ramp up efforts to fund its debt restructuring. Hong Kong residents are reacting swiftly to China's relaxation of quarantine restrictions. They're flooding the Internet to search for flights to key mainland cities. Outbound searches for flights from Hong Kong to the mainland on trip dot com and sea trip jumped about 520% on Monday from the day before. The top 5 destinations were Shanghai, Beijing, Hangzhou, Chengdu and Nanjing. Search traffic up by more than 1000% for Shanghai, and 700, 18% for Beijing. Tourism related stock surged as a result after China's announcement on the relaxation rules. And Brian and cryptocurrency trader was arrested after being accused of rigging the mangled markets exchange. Abraham eisenberg allegedly attempted to steal a $110 million by manipulating the price of mango perpetual swaps with his two mango market accounts. Mankind perpetual swabs our futures that allow traders to keep positions open, a criminal complaint said all he needed was 20 minutes to push up the price of the swabs why a 1300% the technique used has been tied to other high profile attacks, have its finance, lost $34 million in 2020, while beanstalk was hit for a $182 million in April. Eisenberg later agreed to return $67 million to mango according to the complaint, he's now under arrest in Puerto Rico and his charge with fraud, by prosecutors in New York. Japan will make it easier for a cryptocurrency exchanges to list tokens. Is pressing ahead with plans to liberalize the industry, even after the failure of Sam bankman fried's digital empire. Documents say member companies will be able to list coins without going through a lengthy pre screening unless the tokens are new to Japan's market. The new rule is said to take effect immediately. Prime minister fumio Keisha does administration has made growing the web three market, a part of his economic policy and it's likely to change corporate taxes next year to further help crypto entrepreneurs. All right, the time is 30 minutes past the hour. Let's get to global news
TuneInPOC
"chengdu" Discussed on TuneInPOC
"CNN. I'm David Culver in Chengdu, China. And this is CNN. Hello
Bloomberg Radio New York
"chengdu" Discussed on Bloomberg Radio New York
"18,717. In the cash markets, the SX 200 is up about two tenths of 1%. The cost be down about a quarter of a percent. The Taiwan market is flat. The straights times index is up a little up about two tenths of 1%. There's a potential negative out there with more aggressive central banks, but there are a few positives too. We mentioned that Chengdu was reopening today with the lockdown lifted on that city of some 21 million people. We also had the sing tall reporting today that Hong Kong is weighing up scrapping the pre arrival PCR test and that would be supportive towards more people coming here. They already give you a PCR test and a rat test when you arrive here anyway and then the oriental daily yesterday reported that Hong Kong could roll out plans as soon as this week to end hotel quarantine for inbound travelers altogether. So that would all augur pretty well. But again, we're just not seeing too much here. The idea that higher interest rates is going to tamp down growth is very much in the market now. And equity prices are getting rationalized as we speak. Dolly N one 42 98, so just a little bit of strength there. The Euro is just above parity with the dollar, the yield on the ten year is at 3.44%. WTI picking up about 1% 85 94 a barrel and that's a checkup markets. Headline news now with Erica, herskowitz, and the Bloomberg news from Erica. Hey there, Brian. Well, Japanese officials ordered more
Bloomberg Radio New York
"chengdu" Discussed on Bloomberg Radio New York
"Tsunami warnings were issued Sunday after a 6.9 magnitude earthquake hit Taiwan, the quake, which hit rural southeastern Taiwan caused buildings to collapse, nearly a 110 soldiers were deployed to assist in disaster relief efforts. The Chinese mega city Chengdu will lift its COVID lockdown of the whole city Monday, resuming normal life for the first time since the lockdown was imposed on September 1st, according to a statement from local government, local residents still need to have at least one COVID test per week and negative results within 72 hours before entering public venues and taking public transportation, the city with 21 million people says that schools will resume in public venues such as restaurants and museums, can reopen. President Biden warned Russian president Vladimir Putin against using nuclear weapons in Ukraine in a 60 minutes segment on CBS, Putin earlier threatened to step up attacks on civilian targets as his ground invasion is repelled in northeast Ukraine. Biden also warned Chinese president Xi Jinping, it would be a gigantic mistake to violate sanctions imposed on Russia, but he did add there's been no indication that Beijing has provided weapons to Moscow. Biden and Chinese vice president Wang qishan were among many world leaders to view the coffin of Queen Elizabeth lying in state on Sunday. Final preparations are taking place for Monday state funeral at Westminster Abbey, and the European Union's executive arm proposed to spending $7.5 billion from its budget earmarked for Hungary over accusations of corruption and fraud, the European Commission released a statement Sunday proposing the suspension of the funding as part of its new power under its so called conditionality mechanism. The penalty would still need to be approved by the bloc's member state. Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts and more than a 120 countries, I'm Erica Hurst, it's this is Bloomberg, Brian back to you. Eric, thanks very much. 8 minutes here past the hour, our guest is James avante managing director and chief investment officer at center asset management. James, a debate has raged through the weekend about whether or not the FedEx story, the FedEx news, was company specific or a canary in the coal mine. Can we say it's both? Yes, absolutely. I think we are getting the indication with FedEx's announcement that we're going into the next D rating stage of the stock market. We are now moving away or compounding the de rating from interest rate increases and risk premiums increasing to now the EPS D rating stage where companies are going to in essence fess up that earnings are not going to be as strong as expected. You still have consensus S&P earnings positive for the fourth quarter and heading into 2023. So something's got to break here. And I think we're still early on in this bear market. Let's remember, we're only about 6 months and about 20 percentage points down from where the 50 day moving average across the 200 day moving average. And holding with the 2000 to 2002 analog, that time period where the 50 was below the 200 was almost two and three quarters years in the market was down 36%. And it's a lot of consistencies between now and back then. James, are you suggesting that the benchmarks are the member pricing and the recession then? No, not even close. I think you still have the D rating stage coming where earnings need to come down. I think one of the most useful exercises that we do is look at EPS trends and margins from a standard deviation perspective. And what that does is it highlights first off, companies are much more efficient than they've been over the course of history. But the abnormality of the positive standard deviation on earnings and margins over the last few years is starting to come down, particularly as productivity is starting to wane. James, how much of that has been skewed by the amount of share buybacks that have been taking place there? Well, I think buybacks are something that has distorted EPS and that's been a contributing factor. And unfortunately, the new tax regulations which you can put in place actually are net of issuance of securities that are going to be offered in terms of options. So to the extent where the government or the Congress could have done something genuinely curb in essence, the financial shenanigans that we see is simply just a transfer of wealth from shareholders to corporate executives. Unfortunately, they didn't take advantage of that. So the fed sort of missed this story last year. Does it look like they've missed it this year? Will this be a case for the fed of be careful what you wish for? Yeah, unfortunately the fed has created such an amount of volatility by keeping interest rates at zero and essentially
Bloomberg Radio New York
"chengdu" Discussed on Bloomberg Radio New York
"Support for a nationalist party held the right-wing opposition with one of the country's closest elections ever Anderson became Sweden's first female prime minister less than a year ago and led a historic bid to join NATO following Russia's invasion of Ukraine. And after two weeks of lockdown, officials in the Chinese city of Chengdu say they will begin easing curbs, 7 districts which will report no new COVID-19 cases will see life gradually returned to normal, 6 other districts will remain under lockdown and undergo another round of mass testing today, only 35 new cases were reported on Tuesday in the city of 21 million people. Global news 24 hours a day on air and on Bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries, and leann gerrans, this is Bloomberg, Stephen. Leon, thank you very much for that world president Xi and Vladimir Putin will meet face to face in Uzbekistan later. It's their first sit down sense a meeting in Beijing before the Winter Olympics and an agreement there would be quote no forbidden areas of cooperation. Joining us now for more on this meeting is Bloomberg's chief Asia economics correspondent and a good morning to you. Thanks for being with us. What are she and Putin hoping to get out of this meeting? Well, I think mostly for president Putin, it's a reminder that he's not isolated and it's a signal to the rest of the world. He's not as isolated as perhaps the western world might want to portray Russia to be China has stopped short of offering Russia to material support that it needs at least at least as far as is understood. So for example, they haven't been shipping weapons to Russia. It's been reported neither have been necessarily been helping Russia to scare to avoid sanctions per se, but nonetheless, China has played a form of a supporting role in all of this, certainly two way trade between both economies has increased over the year and Russia is leaning on China for sourcing more of its goods and more of its materials in a way that it wasn't. And by the way, you can also see the China's currency is becoming a useful release valve for Russian companies because they're starting to borrow by selling you on bonds under certain settle trade with China, Indiana currency as well. So it's important to say that all of the reporting so far is that China is stopping short of the material kind of sporty Russia might need in its invasion of Ukraine, but certainly on the rest of the margins they're offering broader support for Russia's economy. Yeah, I think that's really interesting. And so both nations though have issues at home, obviously Russia with the military defeats and setbacks in Ukraine, but China's got also concerns. The growth outlook looks less and less positive. Tell us about that ender. I mean, it is interesting. This is president Xi's first trip overseas since the pandemic began, and there is going to be under world stage ostensibly showing support for Russia. But in fact, as you mentioned, his own economy at home continues to weaken. We're going to get a lot of new data tomorrow, which is expected to show just how more things remain. We'll get retail sales tomorrow. We will get industrial output tomorrow and we will get fixed asset investment. And we all know what's going on. It is the mixture of the drought. It is the COVID zero restrictions. It is slowing exports. And of course, it has what's happened to housing market or all across China. It's all a dragon growth down economists now talking about growth of three and a half percent, which is extraordinary, only in March the governments had a target of around 5 and a half percent. Some economists even think it could be sub 3%. So there's no doubt that whatever message and signaling president Xi wants portraying the world stage when he does go for that photo opportunity present button. Back at home, the economy remains under severe pressure. Yeah, an interesting meeting that will be later in the context of the economic situation in China, as you say, we'll just hearing from Leander earlier as well, of course, that lockdown still in Chengdu also being one of the last, of course, is being watched very closely as well from the greater economic picture in China, Bloomberg's chief Asia economics correspondent and thank you very much for joining us with the details we will be watching of course for anything that comes out of that meeting of presents she and Putin today. Still ahead on Bloomberg daybreak, you're so the continent is preparing for winter, the EU energy commissioner county Simpson has been speaking to Bloomberg. She says that she expects European ministers to back the energy plan we'll hear from
Bloomberg Radio New York
"chengdu" Discussed on Bloomberg Radio New York
"Let's begin with energy stocks in many markets. They are trading higher right now in a Tokyo the entire group is up about 7 tenths of 1%. Crude oil in the New York session gained a little more than 1% as China is a mega city Chengdu prepares to begin easing some of those lockdown restrictions. Right now we're trading just under $89 a barrel better by about four tenths of 1% in the electronic session. The nikkei is up just a tenth of 1%. Interesting trade data for Japan for the month of August, exports up a little below estimates 22.1% year over year was the gain, but if you look at imports a gain of 49.9%, this reflects a yen weakness, it essentially inflated the value of commodity imports, things like crude oil, coal, even liquified natural gas, and speaking of a weaker yen, we are rebounding right now from a near 24 year low. There's a lot of speculation that the BOJ has preparing or at least laying the groundwork for a potential intervention to prop up the currency right now one 43 spot zero two against the greenback, the dollar is essentially flat, U.S. yield stable, a two year treasury at three 79. We did have the PPI data in the U.S. coming in. We're actually lower for the month of August for a second straight month. Ten year treasury three 41 tomorrow in the states will get August retail sales in Seoul, the Cosby up two tenths of 1% in Sydney, the ASX 200 better by about four tenths of 1%. We'll take another look at market action for you in about 15 minutes. For these Pellegrini next with a look at global news headlines, Denise. Thank you, Doug and Amtrak is halting more long haul trains starting tomorrow. That's ahead of that possible massive freight rail strike one last day to negotiate before the Friday deadline. Senate Republicans failing in their bid to
Bloomberg Radio New York
"chengdu" Discussed on Bloomberg Radio New York
"Good morning. Good morning, Federal Reserve vice chair layer brainard says the U.S. Central Bank will have to raise interest rates to restrictive levels as a Central Bank battles to bring inflation under control. Now that commitment to fight inflation from the fed comes as the ECB gets set to announce a likely three quarter point rate rise of its own later today, the last time that ECB did that was 1999. Now the odds of a 75 basis point mover at about 65% according to swaps tied to the meetings on Liz truss first week as UK prime minister the pound hit alone not seen since Margaret Thatcher's era, Sterling fell to $1.14 on Wednesday, the lowest level since 1985 and down 15% since the start of the year, the move is mostly driven by the U.S. currency strength, but also highlights the economic struggle trusses administration faces. And in Asia, the Chinese megacity of Chengdu extended a lockdown after COVID-19 cases increased. The 21 million person city has been closed for a week now, it reported a 116 local cases for Wednesday compared to one two one on Tuesday. Now this decision to prolong the lockdown shows China's commitment to COVID zero. Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than a 120 countries, I'm ado Tyra. This is Bloomberg, Caroline. Thank you so much for the roundup of news. Well, in fact, just breaking on the terminal sort of related to that China story. She has urged the Chinese government to boost support for smaller firms according to shinhwa so again, the kind of repercussions from China COVID and the lockdowns. Thank you so much. Let's move on though and talk about Apple, which yesterday launched new products, including the iPhone 14, plus this new Apple watch ultra at an event called far out 20s now for the key takeaways on all of these tech gadgets. And what they mean for the business, Bloomberg's Alex Webb is with us. Good to have you Alex. So let's talk about the devices first of all. The Apple watch, the airports, the iPhone 14. I mean, this is the over going into the big selling moment. What was new about the gadgets? I mean, the kind of surprise was not terribly much in the honesty. There was a new Apple watch which they called the Apple watch ultra, which is very much aimed at people who do extreme sports, marathon runners, people who go rock climbing, that sort of thing. It is tougher than the standard Apple watch. But the key with that is they're really coming after Garmin as while Apple watch is the biggest smartwatch in the world. It doesn't own the space above $500. Garmin is the biggest seller there, so it's tackling targeting that space. It is the biggest surprise of yesterday's event. They called it far out. That's because they introduced this feature which lets you in emergency circumstances with your iPhone. A message emergency services through a satellite. Now, how many people is that really going to affect very, very, very few. The fact that that was the kind of headline feature they were introducing says a lot about the extent of the upgrades. Well, yeah, I mean, I don't think it's terribly applicable. I suspect to anybody here in the UK, maybe if you're not or hopefully not, maybe if you're on a raft or something added out at sea, but yes, I suppose those cases though, where people get lost in the great California deserts, perhaps they are attention grabbing. Okay, what about the price of the gadgets though? There was a big headline that the prices weren't going up for U.S. customers, but actually when you translate, what you pay for an iPhone in Sterling when Euros is much more painful. It is and I actually often I don't know about you, but for British people going to the U.S. it's always a lot cheaper to buy those products in the U.S. because of the exchange rate. That was, though, a big takeaway that actually a, yes, it speaks to the fact that there was not a significant upgrade. So maybe they didn't feel they could justify a big price increase, but it may be certainly the street is looking at it as positive that the prices are pretty much been kept flat in the U.S.. That will perhaps drive sales in this inflationary context where normally they would have been increasing prices to maybe offset the lower volumes. Yeah, absolutely. I mean, the iPhone 14, it starts out that the starting price, 799 U.S. dollars here in the UK, it's 849 pounds. Meanwhile, tech equities just in terms of the share price, Apple share price is down this year, but then that's a board trend across tech. So what do we think about the share price going forward? Given a world of rising interest rates in the discount rate. It has been a real separation between the big tech stocks like Apple and Google and Amazon, which may be a little bit more resilient than the ones we're actually, there's been a flight away from the less quality stocks, right? Companies that actually maybe aren't even really tech at all. Of his names like peloton, they were darlings during the lockdown. People realized that he's not really tech per se. It's a kind of entertainment stock and actually if people have less time. So the big stocks that continue to be resilient, the likes of Apple, the other ones, it's less so and the valuations will come down commensurately. Okay, very interesting, Alex. Thanks so much for being with us. In the radio studio with us, Bloomberg's Alex Webb they're taking us through. That Apple product launch, of course, as we get into the big selling season. Coming up next on Bloomberg daybreak, Europe. We are going to talk about Russia and Ukraine after the comments from Vladimir Putin yesterday. Leonid bashed will be talking to us about the latest on the conflict what it means with Putin squeezing Europe in terms of the energy and gas supplies. European stocks at the moment pretty lackluster will waiting for the ECB decision.
Bloomberg Radio New York
"chengdu" Discussed on Bloomberg Radio New York
"This morning. Federal Reserve vice chair lael brainard says the U.S. Central Bank will have to raise interest rates to restrictive levels as the Central Bank battles to bring inflation under control. That commitment to fight inflation from the fed comes as the ECB gets set to announce a likely three quarter point rate rise of its own later today. The last time the ECB did that was 1999, now the odds of a 75 basis point move are about 65%, according to swaps tied to the meetings. On Liz trust's first week as UK prime minister the pound hit alone not seen since Margaret Thatcher's era, Sterling fell to $1.14 on Wednesday, the lowest level since 1985 and down 15% since the start of the year. The move is mostly driven by the U.S. currency strength, but also highlights the economic struggle trusses administration faces. And in Asia, the China megacity of Chengdu extended a lockdown after COVID cases increased. The 21 million person city has been closed for a week it reported a 116 local cases for Wednesday compared to a 121 on Tuesday. Now the decision to prolong the lockdown shows China's commitment to COVID zero, even as the cost of its growth. Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than a 120 countries. I'm a do no terror. This is Bloomberg. Steven. Thank you very much for that. Well, let's take a look at what's happening on currency markets for you this morning. Bloomberg daughter spot index up by two tenths of 1%. The Japanese yen had regained some very small strength I should say a little bit earlier after news that we've had to the bank of Japan was going to be holding a meeting at the ministry of finance course. This among the debate about what they are going to do about the weakness of the yen, which is trading just close to a 144 and the dollar now and we are seeing the Euro back below parity now. It had slightly nudged above that a little bit earlier on, but it is now just below parity down by two tenths of 1% cable now also don't below one 15 again as we see some strength returning to the dollar, but it is the issue of the king dollar that we want to talk about with our very own markets royalty Bloomberg's adventure world studio. Eddie, the pan tested Thatcher era lows against the dollar on Thursday, but just how much of that is a reaction to what's happening in the UK and how much of it is about the global picture. You've got to charge. Yeah, absolutely. So today we're looking at a chart of the Euro versus the dollar and the pound versus the dollar. And what we are seeing is that these two, these two have been very strongly correlated, right? When we see when we see the powered falling, they're also seeing the Euro falling, which tells us what's really happening in the world economy is not anything to do with any one of the individual other currencies. It's a fact that there is a bid for the dollar out there, and that makes sense because the U.S. has been aggressively raising rates. The U.S. economy is doing quite well and the dollar is the haven of last resort when you're seeing equities sell off. So I think when we're talking about these tattoo era lows in the pound, we shouldn't be confused by the fact that this is not really a problem that's the making of the UK. Well, there might be a UK or there might be a UK contribution to it, but there is a bigger global dynamic, as you mentioned, and that is the strength of the dollar. Interesting that back in the 80s we had world leaders coming together to try and do something about the strength of the dollar. We don't hear much of that right now. So if there is a strong dollar component to this then Eddie, what is the likely direction of travel from here? Yeah, so you're absolutely right. There are obviously local currency effects as well. But the power has been fairly steady against the Euro, I think. What we do see and I think for the dollar, the outlook is for more strength. I think it's hard to make the case that the momentum is going to run out just at this point. Momentum has been strong as a colleague John authors pointed out, you know, we're sitting significantly above its 200 day moving average. So the dollar is building on those gains and I think that probably continues, which probably suggests more and more downside for the pound. Well, we have been in the past, of course, been told that a strong pound can be bad for the UK economy. So shouldn't this be good news? You know what? On the one hand yes it is. For exporters, for a lot of things, it makes the UK more competitive, but here's the problem. We buy a lot of our natural gas, we load it by a lot of our energies we'd get all of our imports, we pay for in foreign countries. We pay for that in dollars. And if the pound is weakening, then when we see where we see when we see natural gas prices double in dollar terms, they've gone up even more in pound terms. So that is the problem for the UK economy, is that it also adds to that if inflationary effect. So I think it's a double edged short on the one hand, yes it is, it is good for our exporters. On the other, at the moment, that's probably not the sort of effect that the Bank of England wants to see. Yeah, thanks very much, Eddie Eddie van der belts are with the latest on the latest chart of his choosing and today around the pound and the Euro and the dollar and the bigger, more complicated global picture not all about the domestics of course. So yeah, really interesting to watch the pound dynamics do and the Bank of England, of course, are always keen to point out. It doesn't have a mandate to control the pound and yet the pound very clearly has an impact on inflation, Steven. Yes, certainly does, coming up next on the program will be looking at the latest market moving stories here in London in the London rush
Bloomberg Radio New York
"chengdu" Discussed on Bloomberg Radio New York
"Minutes away from the start of the trading session here in Europe, Wall Street futures also positive the S&P E minis are a third of 1% higher. On the currency markets, the Bloomberg dollar spot index weakening a little, the Japanese yen strengthened by a tenth of 1% after that news of an upcoming meeting between the bank of Japan and the ministry of finance there, the Euro also sang a little bit of return Stratton out back above parity just by a whisker. That is your Bloomberg radio business flash. Now here's a tira with today's top stories. Good morning Audrina. Morning federal river reserve vice chair lay your brainard says the U.S. Central Bank will have to raise interest rates to restrictive levels as a Central Bank, battles to bring inflation under control. That commitment to fight inflation from the fed comes as the ECB gets set to announce a likely three quarter point rate rise of its own later today. The last time the ECB did that was 1999. Now the odds of a 75 basis point move are about 65% according to swaps tied to the meetings on Liz truss's first week as UK prime minister, the pound hit a low, not seen since Margaret Thatcher's era, Sterling fell to $1.14 on Wednesday, the lowest level since 1985 and down 15% since the start of the year the move is mostly driven by the U.S. currency strength, but also highlights the economic struggle trusts administration faces, and in Asia, the Chinese megacity of Chengdu extended a lockdown after COVID-19 cases increased. The 21 million person city has been closed for a week. It reported a 116 local cases for Wednesday compared to a 121 on Tuesday now that decision to prolong the lockdown shows China's commitment to COVID zero, even as the cost of its growth. Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than a 120 countries armored duno Tyra. This is Bloomberg, Caroline. Thank you so much, edwina for that to round up of our top stories. Now, Vladimir Putin said yesterday that Moscow using the gas pipeline as an energy weapon that claim is, quote, nonsense, but all eyes are on the gas link now through Ukraine after Russia's move to shut down Nord stream, gas flows, which has left just this one a major pipeline linking Russia to Europe. This, of course, ahead of EU energy ministers meeting this Friday to hash out plans to deal with the dire situation, which may include a proposal to put a price cap on Russian gas. Joining us now to discuss is Caspian Conrad energy and markets economist at baranga partners, Caspian, welcome to the program. Thank you so much for being with us. Part of the supply of our Ukraine has already been knocked out, what are the risks in your view of it actually being cut off entirely by Putin? Huge risk. And I think there is an irony as you said in your opener, but actually one of the reasons that gas first started being curtailed is because Russia didn't want to pay the transit fees to Ukraine and ultimately fund the state government who they just declared war on, but we now are in this bizarre situation where the Ukraine transit route whilst it's down by a bit about 50% on last year is now the largest source of pipeline gas into Europe. As you suggest, that exposes that route not just to the physical risk of war, which has always been a risk throughout this engagement, but clearly Putin shown that he is intending now to use his political discretion effectively to force Gazprom to turn off that gas in order to meet his political and potentially military objectives. When we look at what the EU ministers are discussing, we have the draft plan from the commission published yesterday a levy on fossil fuel, producers, they are considering all the pros of the prices of Russian gas imports, what do you feel as being the most likely steps taken here and what sort of impact could that have on markets? I think the cap on Russian gas imports is an interesting one because that relationship between Russia and Europe is one of co dependence. There's a monopoly supplier, but also there's a monopsony consumer. And the consumer has been having the running really since the end of life. We gain the initiative and stop this market bargaining of escalating prices about 1000% up on the regional benchmark of gas relative to 2019, that quick COVID average. Now, Putin's clearly responded saying that would be market manipulation. And if you do that, we're just not going to send any gas at all. So that's an interesting brinkmanship to see who's going to come out of that negotiation more successfully. The Europeans hope that actually there's nowhere for the Russian gas to go. They can't pipe any more to China or India or turkey. They're flaring huge amounts of gas from their fields. Is that where it needs sustainable in the long term, especially with a fiscal position that the Russian state is under. There's the big questions. On the other side. Oh, sorry. I was just going to say one of the other issues. The EU is looking at intervention, a European governments are intervening both on the sort of household and business fund, but also in the market. So the issue of margin calls how severe do you think that is, you know, the warning about it being a Lehman moment and the intervention now that Europe is looking at in terms of energy suppliers and businesses, how
Bloomberg Radio New York
"chengdu" Discussed on Bloomberg Radio New York
"PMQs. The move by the government comes as the European Union prepares to ease the mounting stress in energy markets there caused by surging collateral requirements EU ministers are meeting in Brussels tomorrow to consider next steps to tackle the ongoing energy issue. The Chinese megacity of Chengdu extended a lockdown after COVID-19 cases increased, the 21 million person city has been closed for a week. It reported a 116 local cases for Wednesday compared to a 121 on Tuesday the decision to prolong the lockdown shows China's commitment to COVID zero even at the cost of its economic growth. Okay, there's a few of our top stories this morning now, let's look ahead to the rest of the day we've been both James Walcott and actually, do we have a few more details about when we get the package from our new prime minister? We do Caroline. There are three major stories in town and it's all go to them today. Liz trust is set to announce that economic intervention to cap energy bills at roughly 1130. And then there's other two stories you've been talking about. The ECB rate decision comes at one 15 p.m. London time, press conference by president Christine Lagarde, but I think the governor Christine the guard, God it was easy to be president, is one 45. And then you get U.S. jobless claims at one 30 p.m.. We are estimating those at 235,000, which is roughly the same as the previous month at 232, and after that fed chair Jerome Powell will speak at two 10 p.m.. Okay, James, our president of things to look forward to. Thanks very much. James Wilcox for that look ahead. Well, let's turn next to the latest news from Apple launching new products yesterday, but no pay rises for no price rises rather than in the U.S., at least Apple shares down 12% for the year part of a broader pullback for tech stocks, joining us for more on the gadgets and what they mean for Apple. We've got Bloomberg intelligence as media tech and telecoms analyst Matt blocks and good morning to you Matt. Let's talk about the device as far as Apple watch AirPods, iPhone 14, what's new? Yeah, I guess the newest thing is the new ultra watch, which is Apple making its first foray into the kind of premium service sports person, watch market, which is dominated at the moment by Garmin. So that was kind of quite significant move. Anticipated, but kind of really very big push from them there. And as you kind of said on the iPhone 14 really, they're kind of incremental upgrades. But aimed at the pro model, the kind of really super premium model. And they're all kind of incremental, which is what we've seen from Apple the last few years. The phones themselves don't look particularly different from the last ones, but there are some hardware and software upgrades that add features, I guess, some of the most significant ones this time. This emergency SOS feature, which uses satellite connectivity if you're out in the mountains. And that's something happens and in the U.S. the models will go to an E sim. So all those kind of little sim cards do you have to put in and out of your phone. If you're in the U.S., you won't have to do that anymore either and they've got this kind of new notch at the top which kind of changes shape depending on what you're doing whether you're answering a call or using Siri to search something. So lots of incremental features, but nothing kind of really a game changing. Yeah, the watch is back, really. Also, prices. So Apple sort of making this announcement that there wouldn't be any U.S. price increases. But actually, in Europe and the UK, these devices are incredibly expensive. There's a big kind of markup the iPhone 14 starts at $799. That's 849 pounds. I mean, in Europe, some reports that the kind of price differentials even bigger. So what about prices? Yeah, that's right. I think people were expecting Apple to put prices up across the board because of inflation everywhere I enabled them in the U.S. at the inflation running at 8.9%, but they kept the U.S. pricing for the iPhone the same. But that's not the case, as you say, in other countries. So if you look at the UK, for example, that iPhone pro models are a 150 pounds more expensive than the 13 iPhone 13 models they replace. So about a 16% price increase. This is pretty significant. And I think that's going to test people's resolve about whether they really need to have those new features that come with the phone or not. And obviously that's partly due to inflation and this partly because of the weakness of the pound and obviously seeing similar things in Europe too. Tech equities sensitive to interest rate rises, we haven't expected ECB hike today. Do you hawkish commentary from the fed as well? What does all that mean for Apple shares? Yeah, two and a half $1 trillion market cap that iPhone is about half of the revenue for this company and you will continue to be incredibly important for them. So I think the issue here is really whether this kind of changes the growth trajectory, there's a huge amount of forward growth expectation baked into that Apple share price and as we just had to wait and see whether they've done enough in a much tougher environment for the consumer, particularly in Europe to sustain those kind of shipment volumes they need to sustain that kind of revenue growth. Yeah, and just briefly looking forward to that. I mean, the fourth quarter is hugely important for sales, isn't it? So the projections of a are they very optimistic, what do they look like for going into the end of the year? I think they're kind of still reflecting the view that the consumer, the real bite on consumer spending hasn't really kicked in yet and won't kick in until next year. So I think they're kind of still pretty optimistic in terms of a strong sales cycle for Apple as you say with the iPhone 14 just launching an available from mid September really really important in terms of the phasing of
Bloomberg Radio New York
"chengdu" Discussed on Bloomberg Radio New York
"California is once again asking for cooperation as a declares a power grid emergency. Meanwhile, Senate majority leader Chuck Schumer is seeking a vote on the marriage equality bill. We have more from Bloomberg's Erica herz COVID. Rich after making it through the worst of the heat wave without calling for blackouts Tuesday night, California is once again declaring a power grid emergency today. Governor Gavin Newsom in a statement posted on Twitter urged residents to conserve electricity saying the state is headed into the worst part of the heat wave. After 4 p.m. in particular, 4 p.m., please turn your thermostat up to 78° or higher and avoid to the extent possible using any really large appliances. California is asking residents and businesses to reduce power consumption until 9 p.m. local time tonight with excessive heat warnings continuing to stretch from the Oregon border across the state and into neighboring Nevada and Arizona, which is driving up demand for power to run AC. Meanwhile, after its summer recess last month, Congress is back in session and one of the first orders of business for senator majority leader Chuck Schumer is to seek a vote on a marriage equality Bill in coming weeks, regardless of whether or not there's enough Republican support to pass it. A vote will happen. A vote on marriage equality will happen on the Senate floor in the coming weeks, and I hope there will be ten Republicans to support it. The bill supporters want it past as stand-alone legislation rather than attaching it to a must pass government funding bill that needs to be finished by the end of the month. The January 6th committee told a U.S. district judge today, Donald Trump's former chief of staff Mark Meadows must comply with a subpoena, which Meadows sued to block in order to avoid testifying. Today's hearing underscores how the committee investigating the capitol attack is still trying to get testimony from people who are close to Trump at the time, Trump directed Meadows and other officials not to comply with subpoenas on the grounds of executive privilege. And the Chinese megacity of Chengdu has extended its lockdown in order to curb the spread of COVID-19 after the capital city reported a 121 cases yesterday. Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than a 120 countries. I'm Erica Hurst Kuwait. This is Bloomberg. Brian back to you. All right, thanks very much, Erica, coming up on 38 minutes past the hour it's time for world sports. Dan schwarzman joins us so down in Americans run at the U.S. open continues. It is magical to say the least Brian, but American Frances tiafoe has
Bloomberg Radio New York
"chengdu" Discussed on Bloomberg Radio New York
"Or the national news with Nathan Hayward. Paul a document related to a foreign government's nuclear capabilities is reportedly among the records seized from former president Donald Trump's home at Mar-a-Lago last month. That's according to The Washington Post. Nuclear nonproliferation expert Joseph surrender says, these kinds of documents are some of the most secret of secret records. There was a document of this level that I needed to store. It would be in a locked safe. And if I had to transfer it to somebody, a special courier would have to come and take it and put it in a locked bag to transport it. Joe sir, and he is founder of the nuclear nonproliferation group plow shares fund. Former Trump adviser Steve Bannon supposed effort to raise money for a border wall may now have him facing criminal charges. Sources tell Bloomberg news planning will abandon will turn himself in tomorrow on a state indictment in New York. Former president Trump pardoned Bannon on federal charges related to his we build the wall effort, but that part doesn't cover state charges. China is extending the lockdown in most of its southwestern mega city of Chengdu starting tomorrow in a WeChat statement, the city government says it will try its best to achieve zero COVID cases there within a week. Here in the U.S., New York governor Kathy hochul just lifted the mask mandate for shelters in New York City subways, speaking at a New York City health center, the governor says masks are now encouraged, but optional on the rails. And Republicans are coming out against new COVID aid in the next spending bill aimed at keeping the federal government from shutting down at the end of this month. Number three Senate Republican John thune says The White House request isn't necessary. He says Republicans oppose both COVID and monkeypox funds though they're still looking at the details on a two Ukraine. Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts more than a 120 countries. This is Bloomberg. And JIT, New Jersey institute of technology makes innovation happen. The university helped biomedical engineering professor Tara Alvarez launch a startup that may revolutionize vision therapy. Our startup through NG it is called ocular motor technology. We create virtual reality, vision therapy in a head mounted display. So it's gaming and basically sugarcoating the therapy so that children and young adolescents don't even realize they're doing therapy. To accomplish this, we need biomedical engineers, which are here in on GIT campus, a computer scientist, artists, people that are into story development, and then we are collaborating with a lot of the large pediatric medical centers. This idea of a startup culture is extremely important to not just nj IT and the national science foundation, but also to the U.S. as a societal whole. And JIT, New Jersey institute of technology. Learn more at NJ IT dot EDU. Not completing high school is more of a social thing than it was an academic thing. I came out in the 11th grade. Nobody was embracing you. The kids were cruel. It was very difficult to be gay. Even though all these years have passed, I still had that longing to have my diploma. The hard part was determining that I was going to do it. But I definitely didn't do it alone. At age 30, with the help of her mentor, Carissa finished her high school diploma. I have a mentor, Maria. She convinced me to continue my education and finish what I started to
Bloomberg Radio New York
"chengdu" Discussed on Bloomberg Radio New York
"Business flash, so hugely difficult days in markets with stocks and bonds both tumbling, Bloomberg global aggregate total return index is more than 20% below in the 2021 peak in terms of bond yields then this morning we're totally flat on the ten year at three 25. This also as we see Asian stocks in line for another really bad week they're worse since June, MSCI Asia Pacific index drops half of 1%. The currency markets are also pretty fascinating. The dollars consolidating their record high suffering a little bit this morning. Barely a tenth of 1%. The Euro though gets some relief. So up to tens of 1%, but we're still well below parity. The Japanese yen has weakened 20% since the fed's first rate hike so the Japanese yen spot price now above one 41 40 34, this though as stock futures are higher for Europe 1.1% S&P 500 and NASDAQ futures though both are in the red this morning. Brent crude higher also, along with WTI more than 2% up as we expect this morning, the U.S. jobs data out, of course, later today two 198,000 for the non farm payroll is the survey expectation. That is open in big radio business slash. Now here's Liang Jones with more on our top story. Good morning Leigh Anne. Caroline good morning to you and thank you. Global bonds have entered their first bear market in a generation as soaring inflation and steep interest rate rises end of four decade bull run, the Bloomberg index of government and investment grade corporate bonds has now fallen more than 20% below its 2021 peak, one U.S. measure of the classic 60 40 portfolio is down around 15% so far this year and is on track for its worst annual performance since 2008. In the U.S., the fed still has more work to do before inflation is under control that is what Federal Reserve bank of Atlanta president Rafael bostic told students at Georgia Tech with data pointing to a resilient consumer and high labor demand markets are watching U.S. job numbers which are out later today to see if they could push the fed into a third 75 basis point hike and China's southwestern city of Chengdu has entered a lockdown that was yesterday with no information on when those restrictions would actually lift. Chengdu is the fourth mega city to fall prey to Xi Jinping's COVID zero policy after finding over 1000 cases in the last ten days. It's 21 million residents were told about those restrictions to 6 hours before the lockdown actually began. Bloomberg economics says the measures would deal another major blow to an economy that's faced mounting pressure in recent months. Global news 24 hours a day on air and on Bloomberg quicktake, powered by more than 2700 journalists and analysts in 120 countries, I'm leann gerrans, this is Bloomberg, Stephen. Leon, thank you very much for that. Now, let's get back to the energy story here in Europe. The German economy minister Robert habeck is sending more pessimistic about gas supplies from Russia's Europe waits to see if flows from Gazprom via the main pipeline Nord stream come back online tomorrow after the current three days of maintenance. The European Commission plan, meanwhile, for intervening in para markets begins to take shape that's ahead of an emergency meeting of EU ministers next week. For more on all of that, let's bring in Bloomberg's paragas and renewables editor, Rachel Morrison, Rachel, good morning to you. Let's start with this European Commission plan then what ideas is the commission looking at? Well, what they are looking at are is mainly a price cap. So that's not the same kind of price cap that we talk about in the UK. It's the price cap in the wholesale market. So trying to keep done through the level of gas so that that can then lead to lower power prices. That is not a popular idea with everyone. But it seems to be the main idea under discussion. So there's also windfall taxes because obviously when you cap a price, there's a gap that needs to be paid. So that's one of the biggest questions of who will pay will it be government will it be the EU, how will any measure be funded? Because as you say, there's really the speed with which this is being hammered out and the urgency is becoming quite severe. It's going to happen in weeks. And so all of this is being discussed ahead of this meeting. Where perhaps we'll get some more clarity. Germany sounding much more pessimistic, though, and taking sort of further measures. Yes, Germany seems to throughout this crisis has been having that view, but not as you mentioned the economy minister Robert habeck is saying not to depend on Russian flows of gas at all that we should just not count on it. And also we've heard from sources in Germany that there's going to be further shutdowns on the Nord stream pipeline. So it does seem that this kind of maintenance and what happens with gas flows will be a way for Russia to keep Europe guessing all winter, which I think makes you understand the position of why he says let's just assume more disruption because it's very likely. Rachel here in the UK Boris Johnson announcing a 700 million pound investment in the nuclear plant size whale sea. Now that's not something that's going to help energy prices right now, but how important to announcement is that in terms of the UK's future supply for energy yes, Boris Johnson this is all about his legacy. He had wanted to bring forward a big nuclear infrastructure investment. And so in almost his last few days, he made this announcement. And the amount of money isn't that much in terms of the huge nuclear project that may cost 20 to 30 billion pounds. But it will allow EDS to developer to get private money involved in the project, which is really what they need. So it's quite controversial in the UK because nuclear costs a lot and takes a long time. But if it can be built and it will be reliable, it could be a good backup to all the renewable energy that we're also building in the UK. Yeah, let's see if it's actually taken forwards by the next prime minister and sizewell sees been well under debate for many years. Thank you so much, Rachel, for being with us. It's been a big power gas and renewables editor Rachel Morrison they're taking
Bloomberg Radio New York
"chengdu" Discussed on Bloomberg Radio New York
"Doctor daddy, 20 seconds. Are you still thinking about COVID? Are you thinking about the next virus that really takes us down? Just very quickly. Still thinking about COVID, I think it's a little too early to think about the next virus, but yeah, I think we'll have to see what the future holds. Fingers crossed. Doctor David dowdy, over at Johns Hopkins Bloomberg school of public health and infectious disease epidemiology. All right, let's go to Washington D.C. world and national news. Nancy Lyon just standing by hey Nancy. Thanks, Tim. We are waiting to find out if a Florida judge will appoint a special master to review the documents that were taken from former president Trump's Mar-a-Lago home. Trump's legal team says it would allow for personal information to be separated from the materials and returned. But the Justice Department says the appointment of an independent inspector could compromise national security. In a move that could affect supply chains globally, China has shut down the city of Chengdu because of COVID of a COVID-19 outbreak, Bloomberg's and the current says, it's a city that plays a large role in commerce. It's a reasonably important industrial hope, it's known for auto production electronics production, makes up about 2% of GDP also popular with tourists by the way. It is very popular panda sanctuary over there. And it speaks to the idea that China is just so determined. It's not letting go yet of this COVID zero strategy. Bloomberg's and current Chengdu has seen 900 COVID cases in ten days. A danger of another kind is brought UN inspectors to the zapper Asia nuclear power plant, Rafael grassi, the head of the International Atomic Energy Agency, says they are concerned about the stability of the plant as fighting rages around it. He'd like inspectors to stay a while. I am going
Bloomberg Radio New York
"chengdu" Discussed on Bloomberg Radio New York
"A megawatt hour on the European benchmark Dutch TTF Dan, 9.6% yesterday so we'll be watching that closely as it opens up for trading today. That's your Bloomberg radio business flash. Now here's the young garands with more on what's going on around the world. Steven, thank you Britain's will face the biggest squeeze on living standards in a century unless the government delivers ten so billions of pounds of additional support that's according to the resolution foundation it found real disposable incomes will fall 10% over two years as soaring energy bills drive inflation while into double digits. The think tank is urging the government to raise welfare benefits in line with inflation in October, the research piles pressure on whoever is named leader of the Conservative Party and also the next prime minister on Monday. Now the Chinese city of Chengdu has locked down its 21 million residents forbidding them to leave their homes and less in special circumstances. It's the biggest city to be locked down since Shanghai's bruising two month crisis earlier this year as China continues as COVID zero battle the country's vast western region has until now to largely has largely been untouched by a coronavirus and in top corporate news that Credit Suisse board heads into key meetings in Singapore this week with members split over the magnitude of cuts at its troubled investment bank, sources tell us that one camp including former city deal maker Michael Klein has pushed back against an aggressive downsizing, others are said to want more extensive cuts and update is due with third quarter earnings, which are coming in late October. Global news 24 hours a day on air and on Bloomberg quicktake, powered by more than 2700 journalists and analysts in both and 120 countries. I'm leann guerin's, this is Bloomberg, Caroline. Thank you so much, Leigh anger and with our top stories this morning so that resolution foundation report that Leanne mentioned on the biggest shock to living standards in the UK in a century. Well, it's a prospect that the think tank calls, quote, frankly, terrifying. They expect a 10% fall in real disposable incomes over two years as energy bills in Britain's saw. Joining us now is Mike brewer, the chief economist at the resolution foundation Mike, thank you so much for being with us. Who is being worst hit by the energy crisis, tell us more about the calculations you've made on living standards. Yes, of course. I think that the main thing I'll report does is show what happens when because of the duration of the cost of living crisis. I think quite a lot of people are talking about this as if it's a blip this year, or we've just got just got to get through this winter. But most economists expect that high inflation is going to be with us for at least another 1218 months. And it's the duration of that cost of living crisis. It's basically a two, two and a half year of near double digit inflation. It's that that's just going to eat into household living standards. So that's what's leading us to the forecast that typical bespoke typical incomes will fall by 10% once you account for the impact of inflation. So what should the government be doing about this? Liz truss, FrontRunner has become prime minister, ruled out tax increases, so no windfall tax and energy firms to help with a big spending package. Is that a tenable position? Well, the government, whoever is the new prime minister, has got two challenges. But the first challenge is to get us through the winter. We know what the price cap is for October the December and we have some very scary predictions of how high energy prices could go in January. And they're just not sustainable. There's just no way households, low income households will be able to cope. We'll be able to heat their homes at those prices. So I think despite what Liz trust says about being keen to cut taxes, she is going to have to do something direct to keep the price of energy down. And she's probably going to have to provide additional support to low income households. So come on, you can't solve the problem. So Mike. Liz trusts, if she does become prime ministers as is widely expected on Monday, next week or in the next fortnight, she's going to have to come out with a mini budget. What would satisfy you what would disappoint you in the next fortnight if she says I'm going to do this on household incomes? Well, we're asking first of all for her to tackle energy prices this winter. So we think she has to do something to keep the price charged to households down below below the off gym energy price cap. At secondly, we'd like her to make sure that welfare benefits and the state pension go up in line with inflation as is the usual as is the usual custom and practice. But welfare benefits and social security benefits have been lagging behind inflation as inflation has risen so rapidly. And so we want them to support the government to confirm in October that definitely next year they will go out by 10% in line with the current rate of inflation. So when you say tackle energy prices, does that are you saying that as being in terms of extra help for households or is it kind of intervening structurally in the electricity market to bring down how much people are paying per unit? I think it has to be the second of those. I think the government has to intervene to stop households from facing the cost, the true cost of energy. And the reason I say that is because there is so much variation in the amount of energy that households need. If you just give households an extra income transfer, which is governments currently doing, or if you just give us a fixed amount of their bills, it's just not going to go far enough for the large households or for households who are renting some poorly insulated drafty flat from a landlord who's not kept the property up to date. There's such large variation in energy needs. The only way you can address that directly, we think is by tackling the cost of energy, the households are paying. Okay, put a price tag on that. Yeah, it's very high. So the Labor Party is the opposition party suggested freezing energy prices at their current level, that would cost 36 billion pounds just for this winter, and if you carried it on for the year ahead, which almost certainly would need to, then you're getting close to a hundreds of billion pounds. Just getting towards a sort of COVID era level of intervention in the economy. But we do think, though, that we think that what black intervention is needed, but we don't think that every household in the UK needs to see a large cut in their energy bills. Somehow sold will be able to cope with this much better than others. And so we've had suggested that if the government does want to substantially cut the price of energy faced by households, then it should look to offset some of the cost with increases in taxes, particularly on better off households who don't need the support as much as lower middle income households do. Seed want to see that intervention in the electricity market coupled with an increase in tax on higher incomes above what sort of income thresholds. Well, the precise details depend on exactly how generous the government wants to be with energy prices. But yes, we're saying this for two reasons. First of all, as we've just discussed, substantially reducing the price of energy faced by households will cost many tens of billions of pounds, many hundreds of billion pounds. And that's going to put a burden on the treasury. And at some point, that is going to have to be
Bloomberg Radio New York
"chengdu" Discussed on Bloomberg Radio New York
"Liz Charles the bookmakers favorite to succeed Boris Johnson has ruled out introducing any new taxes if she becomes the UK's next prime minister. At the final Conservative Party leadership hustings trust also said that she would not introduce any new windfall taxes on the energy sector, the results of the election will be announced on Monday. Cleveland Federal Reserve president Loretta master has joined the chorus of U.S. policymakers doubling down on high rates. Although master remained vague on the size of the move coming next month, she sees rates staying high all through 2023. My currency is that we necessary necessary to move the fed funds rate up to somewhat above 4% by early next year and hold it there. I do not anticipate the fed cutting the fed funds rate target next year. That's Cleveland Federal Reserve president Loretta master speaking to the Dayton area Chamber of Commerce. Well, August was a brutal month for every asset class from stocks to bonds and commodities as central banks around the globe stepped up their fights against inflation with warnings for Morgan Stanley's Mike Wilson about U.S. stock indexes not yet seeing their lows for the year and veteran investor Jeremy grantham talking about worst circumference stocks. There was a 2.2% drop in treasuries, a 3.9% decline in commodities and a 4.2% slide in the S&P 500 here in the UK, August saw the biggest sell off in years for the pound, gilts, and corporate bonds. The Chinese city of Chengdu has locked down its 21 million residents forbidding them to leave their homes except in special circumstances from Beijing, Bloomberg's John Liu reports. It is the biggest city to be locked down since Shanghai's bruising two month crisis earlier this year, as China continues its COVID zero battle. The country's vast western region has until now been largely untouched by the coronavirus. Mass testing for the entire population will begin this evening, with the residents to stay home unless there are exceptional reasons, such as medical emergencies, families can send one person out each day for groceries while anyone seeking to leave the city must show a COVID test within the last 24 hours. In Beijing, I'm Jian Liu, Bloomberg daybreak Europe. Meanwhile, Britain is supporting America's plan to cap the price of Russian oil the US Treasury secretary Janet Yellen says that she is optimistic that substantial progress has been made towards the G seven's plan, oil has extended its longest losing streak since 2020, his Bloomberg's Charlie pellet reporting. Yellen's remarks came during a joint briefing with Chancellor of the exchequer nadim zahawi. She said the war in Ukraine has raised energy prices globally and the cap is an important tool to reduce some. Zahawi says the UK is confident that the cap will deliver, but more needs to be done, including getting more nations to endorse the plan, he added that India, turkey, South Africa, and Norway are key to the plan. The U.S. has proposed a price cap on Russian oil to limit cash flows to president Vladimir Putin's war effort against Ukraine. In New York, Charlie palette Bloomberg daybreak Europe. Meanwhile, OPEC plus ministers are due to meet on Monday to decide on production policy so that another aspect of the energy markets and those are our top stories this morning. This is Bloomberg
Bloomberg Radio New York
"chengdu" Discussed on Bloomberg Radio New York
"Thanks Joseph Russian president Vladimir Putin says he'll talk to Alexander Lukashenko about gas flows to the EU after the Belarusian leader threatened to interrupt supplies in the face of more EU sanctions Putin added that there's nothing good in Lukashenko's threats and any disruption in gas supplies would threaten the country's relationship as transit partners Pipelines crossing Belarus are owned by Russia's gas prom Germany is being battered by a fourth COVID wave amid low vaccination rates in its eastern states The nation will reportedly put as many as 12,000 troops on standby to help stretch to health clinics and speed the rollout of booster vaccines Outgoing Chancellor Angela Merkel and social Democrat Olaf schulz are set to hold a video conference with state leaders this week Sources say the Biden administration has rejected a plan by Intel to increase production in China over security concerns The world's largest chip maker had proposed using a factory in Chengdu China to manufacture the silicon wafers The production could have been online by the end of next year but U.S. officials strongly discouraged the move Hackers compromise the FBI's external email system on Saturday The spam House project which tracks spam and related cyber threats So the hackers sent out tens of thousands of emails from an FBI account warning of a possible cyberattack The hackers staged two campaigns but no malware was attached to the emails The FBI says it's aware of the incident And Airbus expects the pandemic's hit to aircraft sales is only a temporary setback with replacement planes tied to reducing carbon emissions driving demand Airbus unveiled its first long-term market outlook in two years ahead of the Dubai air show and says it expects purchases of more than 39,000 new aircraft by 2040 That number is little changed from its 2019 forecast Global news 24 hours a day on air and on Bloomberg quick take powered by more than 2700 journalists and analysts in more than 120 countries I'm Simone foxman This is Bloomberg Is that interested to see what other projections you hear from the Dubai airshow later today Oh absolutely Although the initial indication is that we might not get the kind of big blockbuster orders that we've seen in many of the air shows over the last ten years we're going to get them in any case some of the interviews though and flesh out what exactly some of the important names are doing at the Dubai air show tomorrow Here are conversations with the Emirates president Tim Clark We have the budget carrier side of things with the CEOs of fly to buy And then also get sort of a macro feel on traffic and sort of the global recovery with to buy airports and Airbus as well Here's a bit of a preview of what's coming up though on this program Cracks appear in the world's biggest bond market as the fed.
AP News Radio
Southwest China Earthquake Collapses Homes, Kills at Least 3
"An earthquake in southwest China was damaged at least thirty five buildings and killed at least three people Chinese state media says that the quake in Szechuan destroyed homes besides the deaths dozens have been injured the magnitude six quake struck in the early morning and was around six miles deep with an epicentre around one hundred twenty miles southeast of Chengdu the provincial capital rescue workers have been going door to door in heavy rain searching for people in damaged homes with well because distributing mooncakes a traditional treat for next week's mid autumn festival and all the food at shelters I'm Charles the last month
League Rundown: A league of Legends Esports Podcast
Riot Games Announces Host Cities for 2021 LoL World Championships
"We know now that there will be a multi city tour for world's twenty twenty one. It was announced. We've got shanghai qingdao wuhan chengdu and shenzhen will all be hosting shanzen specifically for the finals itself. Maybe the semi finals. But i think it's just the finals shang do for the semi's pretty awesome That we're gonna be getting once again giant venues it's going to be in china Like we already knew there. They've got mostly the handle on the coronavirus. As it exists now fingers crossed. It stays that way. It seems just you know. Vaccine distribution is hitting a peak in a lot of different countries. Not quite game. They're in a lot of other ones. But china and the population centers themselves seem to be a pretty good spot so far
Monocle 24: The Briefing
China Sends 25 Warplanes Into Taiwan's Air Defense Zone, Taipei Says
"Is very far from unheard of for chinese military aircraft to buzzed the skies around the time on yesterday. However the people's liberation army air force stepped such provocations up a notch. Twenty-five chinese jets a record number into taiwan's air defense identification zone. This hefty squadron included eighteen of china's chengdu j ten fighters and four nuclear capable h six k bombers taiwan's air force scrambled their own planes to shoot the intruders off. But it seems reasonable to suppose that they will be back on. Joined with more on this by isabel hilton. Ceo at china dialogue isabelle twenty. Five aircraft is a fairly significant gesture by china. But this kind of stunt in itself isn't unusual is. How often do they do this. Well particularly this year. They'd been doing it a quite lot. They've been doing it. You know several times a week in recent times and its its military chest beating over fairly unpleasant kind I don't think it means that an invasion is imminent but it certainly it. It has a lot of advantages from the chinese perspective. It keeps the population on edge. It forces the china. The taiwanese air force to respond in some way they got so tired of scrambling a late last year that they decided that they would just monitor from the ground but again you know if you step the pressure up again then then scrambling has to happen. So it it. It's a long campaign of attrition and it's also testing the biden administration so there's a lot of probing testing and chest-beating beating happening at the moment.
The Tennis Podcast
Olympics Re-Lived: 2008 Beijing
"Beijing Olympics of the first Olympics I watched extensively I vividly remember be home doing what she did in. Athens. But for sort of wall-to-wall coverage, it was Beijing for me and I just remember the venues being really cool. The bird's nest, the aquatic center looking futuristic and yeah I just lapped it up. Do. You remember the dramas at the opening ceremony. That's kind of a rule about a conic moments matt. I think that is the conic moment isn't it from Beijing? Yeah well, I would say you same bolt is the I call. Of this the sport yes I'm going. Non You talked about venues and several. Yes opening ceremony iconic moment. Yeah. They also remember all the re. There were lots of theories about the pollution in Beijing and that being there's always some sort of controversy drama in the lead-up. Olympic. Some sort of reason that's being peddled in the media may be completely legit often is about why the Olympics is going to be a massive massive failure. In Rio none of us were ready. We didn't get that with London twenty twelve here. I'm sure in other countries they did everybody was sort of united in positively about the Olympics but in Beijing was the pollution because the the factory I mean everywhere in China in factories in urban areas in China and they were well first they relocated. I know from personal experience, they relocated a lot of the most polluting factories from Beijing to other parts of the country in particular to Ching de. meaning that on my visits to Chengdu roundabout that time it felt like my throat was burning every time I stepped outside because the pollution in the smoke was so bad. In fact, the final of the champions tour event. that. I attended in D. had to be halted because nobody could see the ball. But In Beijing I mean the police was was far less bad than fit but they hid seeded the clouds in order to make it rain in the lead up to the Olympics to clear the air they were controlling the weather. Can come here and do that. Yeah. No, I remember thinking what if it's that easy to make it not reign. Why we faffing around with you know? All the time.
Larry Elder
US closes consulate in Chengdu, China, after Houston order
"Authorities have taken control of the former U. S. Consulate in the Chinese city of Chengdu after it was ordered closed in retaliation for a U. S. Ordered a vacate The Chinese consulate in Houston forced closure of the Chinese Consulate in Houston and China's order in response to shutter the U. S consulate in Chengdu mark a new low point in ties between the world's largest economies. That can't easily be smoothed over China's foreign minister issued a brief notice the same competent authorities entered through the front entrance and took over the premises off the U. S. Diplomats close it at 10 AM The years alleged that the Houston consulate was a nest of Chinese spies who tried to steal data from facilities in Texas. China, said the allegations were militias slander. I'm serious Shockley
America First with Sebastian Gorka
Chinese Authorities Take Control of U.S. Consulate in Chengdu
"Chinese authorities have taken control of the former U. S. Consulate in the Chinese city of Chengdu after it was ordered closed in retaliation for a U. S. Border vacate the Chinese consulate in Houston, the forced closure of the Chinese Consulate in Houston and China's order in response to shutter the U. S consulate in Chengdu. Mark a new low point in ties between the world's largest economies that can't easily be smoothed over China's foreign minister issued a brief notices saying competent authorities entered through the front entrance and took over the premises off to use. Diplomats close it at 10 AM three years alleged that the Houston consulate was a nest of Chinese spies. You try to steal data from facilities in Texas. China, said the allegations were militias slander. I'm serious.
South Florida's First News with Jimmy Cefalo
China takes over closed U.S. Consulate in Chengdu
"Tensions with China worry investors Thie American flag over the United States consulate in the Chinese city of Chengdu was lowered over the weekend. It was a symbolic moment that marked the worsening relationship between Washington and
News, Traffic and Weather
China takes over closed U.S. Consulate in Chengdu
"S. China tensions after tit for tat diplomatic closings American diplomats have vacated the consulate in the southwestern Chinese city of Chengdu as Chinese authorities took control of the premises, which was ordered to close amid rising tensions between the global powers. It follows a US order earlier last week to shut the Chinese consulate in Houston over claims of spying. A statement from the State Department said it was disappointed with the Chinese government's decision, saying it was at the center of our relations with the people in western China, including to bet for 35 years. Tensions have been escalating between Beijing and Washington on a number of fronts, including trade, the pandemic and human rights. Brit Clinic
BBC World Service
US closes consulate in Chengdu, China, after Houston order
"China's falling Ministry says the American consulate and the southwestern city of Chengdu has been closed down. It's the latest move in a growing diplomatic row between the two countries as Stephen McDonald now reports Paging ordered The post closed in response to China's consulate in Houston being forced to shot last week, The U. S State Department said the order was made to protect American intellectual property and the private information of Americans. China's Foreign Ministry responded that US staff in the chill new consulate had undermined China's security tensions between Beijing and Washington of increased considerably in recent months on multiple fronts. Including the Corona virus, alleged human rights abuses in Xinjiang and Tibet, the South China Sea as well as trade and Hong Kong's controversial new state security law.
Coast to Coast AM with George Noory
U.S. law enforcement officials forcibly entered Chinese consulate in Houston on Friday
"Big trouble in Little China. Tensions between the U. S and China rise over recent embassy and closures and especially in the Houston area there at the consulate on Montrose. Little Bart Fox's Kitty Logan has the latest Chinese government ordered the U. S consulate in Chengdu in China to close on Saturday. Staff inside appear to be preparing to leave the building amid a Chinese media reports. They have 72 hours to get out. China had bean threatening to respond to the closure of its continent in Houston on this appears to be a direct reaction to that. Resident. Trump had ordered the histamine considerate to shut by late Friday afternoon. Soon after that deadline, a door was forced open by U. S law enforcement officials. The US government says this building was being used for espionage. It's alleged Chinese agents were trying to steal medical research in Texas Thie US indicted two Chinese nationals earlier this week for trying to steal covert 19 vaccine research.
Afternoon News with Tom Glasgow and Elisa Jaffe
China orders US consulate in Chengdu to cease operations in retaliation for Houston closure
"Has ordered the U. S to close its consulate in the western city of Chengdu, ratcheting up a diplomatic conflict at a time when relations have sung to their lowest level in decades. The move in response to the Trump administration's order. For Beijing closed its consulate in Houston.
John Williams
China Orders U.S. to Shut Chengdu Consulate, Retaliating for Houston
"The United States to shut down its consulate, the city of Chengdu. The order comes out of the U. S. Ordered the Chinese consulate in Houston shut down from administration is accused Chinese agents are trying to steal medical and other research in Texas.
Arizona's Morning News
China Orders U.S. to Shut Chengdu Consulate, Retaliating for Houston
"Chinese consulate in Houston to shut down, China says it's revoking the license for the U. S. Consulate general in Chengdu, which is in this Out western part of the country. Chengdu is also an officially designated sister city of Phoenix.
The World and Everything In It
Chinese consulate in Houston ordered to close by US
"China ordered the United States on Friday to close its consulate in the western city of Chengdu that in response to the trump administration's order this week for Beijing to close its consulate in Houston US intelligence officials say the Houston consulate was really a front for Chinese espionage operations in the United. States something China Denies Anna Statements. The Chinese Foreign Ministry said the measure taken by China is a legitimate unnecessary response to the unjustified act by the United States.
News, Traffic and Weather
China orders U.S. to close a consulate in tit-for-tat
"Tit for tat. China ordered the U. S to close its consulate in Chengdu, western China, after the U. S ordered Beijing to close the Chinese consulate in Houston for trying to steal Cove in 19 vaccine
Red Eye Radio
China Orders US Consulate In Chengdu Closed After Houston Closure
"Has ordered the U. S the clothes it's consulate in the western city of Chengdu. In an increasingly diplomatic conflict. Michaels has the order followed the US closure of the Chinese consulate in Houston. The Chinese Foreign Ministry appealed to Washington to reverse what it called an erroneous decision. The Trump Administration on Tuesday order the Houston consulate to close within 72 hours, it alleged Chinese agents tried to steal data from facilities in Texas, including the Texas saying and medical system. The United States has an embassy in Beijing and consulates and five other mainland cities and a consulate in Hong Kong. Chinese territory.