25 Burst results for "David Malpass"
AP News Radio
US nominates Ajay Banga for World Bank president
"The U.S. is nominating a former Mastercard CEO to head the World Bank. The move comes days after Trump appointee David malpass said he'll step down as world bag chief ten months before his term ends. After being criticized last year for seeming to cast doubt on global warming's causes, addressing climate change impacts at the world bag is a U.S. priority. The President Biden is nominating Ajay banga to be its leader, citing his experience with climate change and other challenges. The World Bank under intense pressure to do more in helping poor countries fight climate change, leading climate figures have urged the Biden administration to leverage El Paso's early departure into starting a bank overhaul. Sagar Meghani, Washington.
Bloomberg Radio New York
"david malpass" Discussed on Bloomberg Radio New York
"Going after the FBI, according to Bloomberg's Nathan Hager. According to a report from CNN, the bureau has been working in recent days to contain a militias incident on part of its network focused on child porn investigations in a statement the FBI says it is working to gain additional information, but it says the incident is isolated and contained. Sources say the attack involves the FBI's New York field office, that is one of the bureau's biggest and highest profile offices. In Washington, I'm Nathan Hager, Bloomberg radio. Another former member of excuse me, backing up the World Bank and International Monetary Fund planned to bring together financial leaders of the most impoverished nations and creditor countries that have lent them money Bloomberg's irv Chapman reports. The world's poorest countries have to transfer $62 billion a year in loan payments, World Bank president David malpass said, in a Bloomberg interview, our list is long of maybe 40 countries that are under severe pressure, prices are really high for food and for fertilizer and now interest rates are much higher. It also creates pressure on the budgets of the various governments, including their budgets for climate finance. Malpass said China was represented at a preliminary meeting. It has to be persuaded to join other creditors in modifying repayment obligations. In Washington nerve Chapman Bloomberg radio. And now back to that other story, another former member of Sam, bankman fried's inner circle, says he's pleading guilty to U.S. criminal charges related to the alleged multiyear fraud at collapsed crypto exchange FTX, nashad Singh's reportedly hammering out a deal with the Manhattan prosecution preparing fraud charges against him, agreement could involve cooperating with authorities and further isolating bankman freed who pleaded not guilty to an 8 count indictment. Global news 24 hours a day powered by more than 2700 journalists and analysts in over 100 countries. I'm Leslie lado, and this is Bloomberg. All right, Leslie, thank
Bloomberg Radio New York
"david malpass" Discussed on Bloomberg Radio New York
"Inflation drives prices up 12.4% year over year. This 80,000 ft² here. And we were very pleased when we were able to have the opportunity to obtain this property. That's Joe Schmidt, a supervisor of operations at the market basket chain in the northeast, and Illinois based aldean has opened about a 150 new U.S. stores in the past year. Their competition is other chains, Costco, BJs, and of course Amazon. A lot of times, logistically, it's just a matter of us coming to a community to give people the opportunity to come and shop with us. Trends that emerge during the pandemic are persisting, and McKinsey report shows the percentage of ecommerce grocery sales in the U.S. now in the low teens is expected to reach about 25% by 2030, and must do Bloomberg radio. And I'm Susanna Palmer in the Bloomberg newsroom, as we've been reporting, we're hearing president Joe Biden is set to name Jeff Sein says his next White House chief of staff on Monday. Science was the administration's former COVID-19 Tsar. Our source says zients will replace Ron klain, who is leaving the post in coming weeks. We're hearing claim will stay on at least through Biden's February 7th State of the Union address. Well, at a rally for women's rights in Tallahassee, Florida today, vice president Kamala Harris continued to hit back against GOP efforts to restrict abortion access nationwide, including new efforts to prevent women from accessing the medication if a pristine, a drug used in medication abortions and approved by the FDA for over 20 years. Members of our cabinet and our administration are now directed to identify barriers to access to prescription medication and to recommend actions to make sure that doctors can legally prescribe that pharmacies can dispense and that women can secure safe and effective medication. The head of the World Bank, David malpass, said today he's worried that a slowdown in the global economy this year could be long-lasting. Malpas, speaking on Sky News, said this period of slow growth for the world may last into 2023 and 24. Malpass said persistent inflation and a shortage of new investment were stumbling blocks. Germany has taken delivery of its third floating liquified natural gas terminal. Bloomberg's Charlie pellet has more on that. It is another step toward boosting fuel imports and replacing Russian supply. German energy company RWE says the first LNG cargo will reach the terminal at the end of this month. LNG has become the silver bullet for Germany in its hunt for new gas supplies after Moscow slashed flows. Charlie pellet, Bloomberg radio. The UK's grid operator has asked three coal fired power units to be ready to generate on Monday. As it seeks to boost electricity supplies during a cold snap. It's the first time this winter national grid PLC has needed to call on the reserve. The units are warming up and will be ready to generate electricity early Monday if needed. Demand is set to surge during a spell of freezing weather in the UK. Economic growth and
Bloomberg Radio New York
"david malpass" Discussed on Bloomberg Radio New York
"Is pretty much where it is in 2019. So but let's remember you're seeing evidence of housing prices going down. You're seeing evidence that new leases and rents are starting to trend down. So I'm just saying that I think you have to look overall and I'm not downplaying the importance of wages we all know that's a significant factor. What about women when it comes to employment? What about people of color? Black workers, Hispanic workers. Well, you know, right now there are hugely more, there are hundreds of thousands more black and Hispanic workers working now than before the pandemic hit. So the president says, as we've built back better, the unemployment rates actually lower than it was for black and Hispanic workers, and most importantly, the number of people working is even higher. Now, the fact that there's always a differential is an unfortunate inequity in our country and one that we're never going to celebrate, but I do think the overall numbers from, you know, if you judge when the pandemic started or the month before the pandemic shows significant progress on both the growth side and the return of to even lower unemployment numbers. Thanks to senior adviser to President Biden, gene sperling. Still to come this hour, the World Bank seeks to play a bigger role on climate change. I'll talk about it with the World Bank president David malpass, and I'll get his views on the prospects for a global recession. Coming up, I talk with Pennsylvania senator pat toomey about his greatest accomplishments as
Bloomberg Radio New York
"david malpass" Discussed on Bloomberg Radio New York
"Much where it is in 2019. So but let's remember you're seeing evidence of housing prices going down. You're seeing evidence that new leases and rents are starting to trend down. So I'm just saying that I think you have to look overall and I'm not downplaying the importance of wages we all know that's a significant factor. What about women when it comes to employment? What about people of color? Black workers, Hispanic workers. Well, you know, right now there are hugely more, there are hundreds of thousands more black and Hispanic workers working now than before the pandemic hit. You know, so the president says we've built back better. The unemployment rates actually lower than it was for black and Hispanic workers, and most importantly, the number of people working is even higher. Now, the fact that there's always a differential is an unfortunate inequity in our country and one that we're never going to celebrate. But I do think the overall numbers from, you know, if you judge when the pandemic started or the month before the pandemic shows significant progress on both the growth side and the return of to even lower unemployment numbers. Thanks to senior adviser to President Biden, gene sperling. Still to come this hour, the World Bank seeks to play a bigger role on climate change. I'll talk about it with the World Bank president David malpass, and I'll get his views on the prospects for a global recession. Coming up, I talk with Pennsylvania senator pat toomey about his greatest accomplishments
Bloomberg Radio New York
"david malpass" Discussed on Bloomberg Radio New York
"David west and we're all concerned about the effect of higher interest rates and a slowing economy perhaps. Certainly here in the United States, but let's be honest, the real effects are around the globe and many of those effects are felt and some of the less fortunate countries around the world. Welcome now, somebody who is responsible for trying to address that issue. He's David malpass, president of the World Bank. So David, it's great to have you in here. That's terrific. So give us your sense of what we are on the global economy right now. What are the prospects for a global recession, do you think? It's still a big risk and probably in 2023, we're going to see many countries in recession right now. We've got both the U.S. and China showing some signs of weakness in the numbers that are coming out. And so that's a big challenge for developing countries. I'm call it a crisis facing development because there's so many people in the world living in countries that aren't getting resources right now. They aren't getting capital. They aren't getting fertilizer to make food for next year. And that's a giant challenge. Well, you just injected something that I think, and that's the war in Ukraine. When it comes to fertilizer, because I know that's affecting it quite a bit. How big a factor in the risk that you describe is what's going on in Ukraine. That is big of the crops themselves coming out of Ukraine and some is coming out through the Black Sea, but the bigger issue is there was such a dependency on Russia for energy. And you know, to make fertilizer, you start with natural gas and go from there. And so the crop cycle is getting disrupted. There's a big realignment going on of energy toward Europe for this winter and even for next winter, so the contracts are extending out. And that just means that I'm afraid this is going to be a long slowdown for the developing world. The economic uncertainties and yes, pressures are not felt equally around the world. And your job is to look at the world overall. Where do you see the biggest crisis points coming up? There's not capital flowing into the developing world. Some of it is their own situations. And they can improve that with better policies. But a big chunk of it is the advanced economies are taking so much capital from the world store or pool of capital. They're doing that to fund the fiscal deficits to fund their COVID response. And now looking forward to try to get through these higher energy prices that are coming through. I think the solution if I can say is more production. And especially the advanced economies, they have the capital and the means to really ramp up production. And that's still the missing piece. That's not happening right now. But as an accountant, do they have as much capital as they used to, because we have central banks, Federal Reserve, ECB, BOE, all tightening now because of the risk of inflation. Is that putting even more pressure on that scarce capital? Capital is created by profit by people creating new things. So the central banks don't really stop that. And I think they could do more to encourage it, produce more capital in the world and make it grow faster. What they're doing is changing the interest rate. And I think interest rates have been kept at zero too long. So there's this long repricing that's going on of assets right now to reflect a more normal interest rate. So as a practical matter, the creation of capital does affect productivity because of investment and you discourage investment. Are there things that can or should be done right now to encourage investment to get the productivity so you have the more profits as you invest? Small businesses are key in this they create the jobs for young people to come in to bring people off the sidelines, you know, for the U.S., there's this problem of lack of participation in the labor force. Well, small businesses can fix that. But right now, the capital is going to the government and to big businesses. That's been the system for almost a decade now. And so I think that could change the government policy could be more oriented toward allowing production and especially small business production. And finally, David, give us a minute here on China, if you would, because we've seen a lot of disruption in China recently, it seems to be getting a little bit better because of the COVID-19 restrictions. But the China growth is slowing. That's right. So I don't know about better. I think they could use a recalibration, more targeting of their lockdowns, not such blanket lockdowns. They could be vaccinating the elderly. But China is really important. It's the world's second biggest economy and has lots of swing production, so at a time when the world is having an inflation problem, the best it'd be good if China began to produce more. And that means getting people off of the lockdowns. David, thank you so much for being with us. This World Bank president David malpass I'm delighted to say he's going to be staying with us in our second hour balance apart to continue the discussion to talk about climate change. In the meantime, we have word now that in fact they have enough votes to pass that bill in the
Bloomberg Radio New York
"david malpass" Discussed on Bloomberg Radio New York
"Resources are really important both for the climate crisis, but also for the financial crises affecting the developing countries. Here more of Bloomberg's conversation with World Bank president David malpass, a little later in the program. Futures this morning are on the rise S&P futures at 5 points straight ahead your latest local headlines plus check of sports and this is Bloomberg. Thank you, Karen. It's 5 33 on Wall Street 48° in Central Park. You still got that car fire southbound garden state Parkway exit one 71 and Michael Barr is here with more on what's going on in New York and around the world, Michael. Thank you very much, Nathan. There are other races being watched in the tri state area as well. In Connecticut, democratic governor Ned Lamont is up against Republican challenger Robert stefanowski, Lamont talked about the infrastructure Bill when he spoke to Bloomberg earlier. We got a hundred year old bridges and old roads, old rails. So this is a big deal for us. Every president seems to be talking about infrastructure. Biden's the first guy since Ike, as far as I can figure out, to really be serious about it. In the U.S. Senate, Democrat Richard blumenthal is up against Republican Leo livy. Speaker Nancy Pelosi is now speaking about how the brutal assault on her husband may affect your future in Congress. Pelosi in her first interview since the brutal hammer attack on her husband Paul acknowledged the CNN's Anderson Cooper the attack will impact her decision on her future in Congress without saying what the decision will be if she's no longer Speaker of the House. I have to say my decision will be affected about what happened last week or two
Bloomberg Radio New York
"david malpass" Discussed on Bloomberg Radio New York
"This is we get the breaking news out this morning for jobs so UK September the claimant count has risen by 25 and a half thousand between June and August employment has fallen a 109,000. The estimate was for a drop of a 160,000 in terms of the three month that wages, including bonuses they jumped 6% year on year, the estimate was for 5.9%. Look, we're going to unpack all of this data when it comes to a jobs with Chris gray for ManpowerGroup a UK. This of course is a pretty vital moment here in the UK with the fiscal plans from quasi quant we're expecting him possibly in parliament later on today. Let's also update you though on the markets away just from the breaking news numbers. There's also been quite dramatic moves in chip related stocks in Japan, South Korea and Taiwan, TSMC shares plunging 8.3% biggest decline on record after President Biden's measures against China in terms of exports of the tensions rising between the U.S. and China really throwing a spanner into those markets. They get two to 5 jobs 2.6% MSCI Asia Pacific index down 1.9% stock futures for Europe also thinking three tenths of 1% with hand massive bond market gyrations in terms of guilt continued to be worried about the fiscal plans of the government also U.S. yields now above 4%. So jumping close to 12 basis points now on the ten year treasury yield, CSI 300 interestingly in China though is up despite the idea that China is firmly sticking to the COVID zero policies at least according to newspaper reports, Bloomberg dollar spot index is stronger. Two tens of 1% and oil prices slip with the recessionary phrase globally. Those are the markets. And now onto our top stories this morning. The institute for fiscal studies says the Chancellor will need to find savings of at least 60 billion pounds if he's going to reach his target of getting public finances back under control. IFS deputy director Carl Emerson explains where spending could be cut. That means you've got to do some big action on things like working age benefits on perhaps investment spending by government and perhaps on day to day spending on public services outside of the NHS and defense. And none of that would be easy. The seriousness of Emerson's comments were underlined yesterday as 30 year guilt yields rose 33 basis points to 4.72%. That's despite a number of attempts by both government and the Bank of England to reassure rattled markets about the government's fiscal plans. Well, speaking of which, just baking on the Bloomberg terminal this morning, the Bank of England, red headline, says that it will widen the scope of daily guilt purchase operations saying the enhancement will be in effect from the 11th of October until the 14th, so that's this week, says that it will widen the scope of daily guilt buying operations. So yet further intervention into the markets. Now, more broadly though, the heads of the International Monetary Fund and World Bank say that the risk of a global recession is now rising with higher rates feeding through to the real economy, while bank president David malpass says that there's now a real danger of a worldwide contraction next year. The risk in the real danger of a world recession next year. The advanced economies are slowing in Europe, the debt levels for the developing countries are getting more and more burdensome. The rise in interest rates puts added weight on it. And inflation is still a major problem for everyone, but especially for the poor. Well, bank president David malpass comments were echoed yesterday by JPMorgan's CEO Jamie Dimon. He says serious headwinds are likely to push the U.S. and global economies into recession by the middle of next year. Well, Federal Reserve officials are sounding a note of caution as a Central Bank get set for a possible fourth, 75 basis point rate rise next month. Fed vice chairel bran says that previous increases are still working through the economy in a time of high global and financial uncertainty. In light of elevated global, economic and financial uncertainty moving forward deliberately and in a data dependent manner will enable us to learn how economic activity, employment, and inflation are adjusting to the cumulative tightening in order to inform our assessment of the path of the policy rate. That was the fed's vice chair law brainard who also warned that slowdowns elsewhere around the world could circle back to hit the U.S. economy. Meanwhile, Chicago fed president Charles Evans says policymakers need to quickly reach a level where officials are comfortable with pausing to reduce the risk of an overshoot. U.S. president Joe Biden has condemned what he calls the utter brutality of Russian missile strikes across Ukraine, the attacks mark a dangerous new escalation in the war, and include the first strikes on Kyiv in months, but Ukrainian president Vladimir zelensky says it only strengthens his people. Ukraine can not be intimidated, only united even more. Ukraine can not be stopped only convinced even more that terrorists must be neutralized, the Russian army specifically struck these blows precisely during the morning rush hour. This is a typical cherished tactic. Spoke as Vladimir Putin threatened additional strikes following Monday's blitz, which came a day after he accused Ukraine of carrying out an attack on a bridge
Bloomberg Radio New York
"david malpass" Discussed on Bloomberg Radio New York
"Over months, but over years. That's too bad investors look ahead. So if you can, if you can create the right environment, then there'll be a positive response from markets. You would see, for example, bind yields would go down even as equities went up in price. That would be a stabilization signal from markets. But that takes, I think, more production. And the systems that can actually produce more. And I think the central banks themselves can do use regulatory policy and also their bond policies better to encourage supply to central banks have fallen into this idea that they only affect demand. But in reality, the financial systems and the central banks have a massive impact on supply and investment. All right, so that was World Bank president David malpass, with Bloomberg's Kathleen Hayes, and we are talking with Bloomberg's Eric Martin, getting a preview of what to expect from the IMF World Bank meeting. And Eric, this is the sort of big picture policy that you were talking about. Can we expect to hear more of that? Absolutely. There's a really important conversation happening right now. Especially in the last couple of weeks, we saw last month the introduction in the United Kingdom of a tax plan by Chancellor of the exchequer quasi quartan and by prime minister Liz truss that essentially had elements of vast elements of tax cuts, particularly for top earners in the UK. And we saw a strong pushback and unusual criticism from the IMF questioning whether this kind of an untargeted fiscal stimulus makes sense at this time. But certainly, the interplay between monetary and fiscal policy will be front and center of the discussions about macroeconomics happening at these meetings. A lot going on, Eric, we're going to watch it all with you. Thanks so much. Thank you. Bloomberg's Eric Martin covers trade, IMF, the World Bank and more for
THE NEWS with Anthony Davis
"david malpass" Discussed on THE NEWS with Anthony Davis
"Coming up on 5 minute news. Four Ukraine regions to vote on joining Russia. World Bank's president changes direction on climate change. And Biden promises not to turn back on Puerto Rico. It's Friday September 23. I'm Anthony Davis. Four areas of Ukraine controlled by Russia and pro Moscow forces were preparing to hold referenda today on joining Russia, a move widely condemned by the west as illegitimate and a precursor to illegal annexation. Russian installed leaders on Tuesday announced plans for the votes, a challenge to the west that could sharply escalate the war. The results are seen as a foregone conclusion in favor of annexation and Ukraine and its allies have already made clear they will not recognize the results. Voting in the Luhansk Donetsk, kerson and zapor is a provinces representing around 15% of Ukrainian territory is due to run from today through Tuesday. Kyiv this month launched a counter offensive that has recaptured large swathes of territory 7 months after Russia invaded Ukraine and launched a war that has killed thousands displaced millions and damaged the global economy, the referenda had been discussed for months by pro Moscow authorities, but Ukraine's recent victories prompted a scramble by officials to schedule them, with Russian president Vladimir Putin also announcing this week a military draft to enlist 300,000 troops to fight in Ukraine, Moscow appears to be trying to regain the upper hand in the conflict. Ukraine says Russia intends to frame the referendum results as a sign of popular support and then use them as a pretext for annexation similar to its takeover of Crimea in 2014, which the international community has not recognized. Under pressure to resign for declining to say whether he accepts the scientific consensus on global warming, World Bank president David malpass said on Thursday, it was clear greenhouse gas emissions are causing climate change, and defended his record as bank chief. Malpas sought to restate his views in a note to staff and in a TV interview during which he was asked if he was a climate change denier. His views drew scrutiny after he refused to say during a public event this week, whether he believes fossil fuel burning is warming the planet. I'm not a denier malpas said, it's clear that greenhouse gas emissions are coming from man-made sources, including fossil fuels, methane, the agricultural uses, the industrial uses, so we're working hard to change that, he said. Malpass has long faced criticism from climate advocates who renewed calls on president Joe Biden to replace him. His remarks are the climate event hosted by The New York Times on Tuesday, also rekindled concerns about the bank's lack of a deadline to stop funding fossil fuels. Speaking on stage during a panel on climate finance, malpas was asked several times whether he believed the man-made burning of fossil fuels is rapidly and dangerously warming the planet. He tried to Dodge the question before saying, I don't even know, I'm not a scientist. The president of the United States, the largest World Bank shareholder, traditionally nominates World Bank president, subject to confirmation by the bank's board. Former president Donald Trump nominated malpas to a 5 year term in 2019. Last year, over 70 non governmental organizations jointly called for malpas to be replaced, citing a lack of action. President Joe Biden said on Thursday that the full force of the federal government is ready to help Puerto Rico recover from the devastation of hurricane Fiona, while Bermuda and Canada's Atlantic provinces prepare for a major blast from the category four storm, speaking at a briefing with federal emergency management agency officials in New York, Biden said we're all in this together. Biden noted that hundreds of fema and other federal officials are already on the ground in Puerto Rico, where Fiona caused an island wide blackout. More than 60% of power customers remained without energy on Thursday, and a third of customers were without water and local officials admitted they could not say when service would be fully restored. Biden said his message to the people of Puerto Rico who are still hurting from hurricane Maria 5 years ago is we're with you. We're not going to walk away. That seemed to draw a contrast with former president Donald Trump, who was widely accused of an inadequate response to Maria, which left some Puerto Ricans without power for 11 months. The hurricane was expected to still be at category four force overnight when it passed close to Bermuda, where authorities opened shelters and announced schools and offices would be closed today. It was expected to still be a large and dangerously potent storm when it reaches Canada's Atlantic provinces likely later this evening as a post tropical cyclone..
Bloomberg Radio New York
"david malpass" Discussed on Bloomberg Radio New York
"To three 37 and on the equity market features negative again, two tenths of 1%. Seemingly an understandably, no big moves, Tom, going into Sherman powder, about an hour and 11 minutes away. What we did right now are going to digress with two questions. One to the present, one of the past and then John and Lisa will pick it up with David malpass. He is of course the president of the World Bank at far more than that on the high ground at bear Stearns economics for many years. First, mister malpass, we need to go to the immediacy. You arrive injured on set because you cited a grizzly bear in jellystone park like yesterday. Did you have to run from the very John farron he's a grizzly bear briefing right now? I was in Yellowstone park. It's incredible. This is incredible behind us. And I have to say, I watched Colombo, I grew up on Columbo. We finally got a TV. And so that last question is the claim. What would be your last question? I'm not supposed to run from a bear because the bear is going to win that. So there you go. There's news you can use. I want to go to the history of data now pass. It's their sterns with Alan Meltzer, and I sat on this lawn with a professor from Carnegie Mellon and he defended the integrity of the fed in the crisis of O 7 O 8 and O 9. What does the chairman need to say today to reaffirm the integrity of the fat in the confidence is really important stagflation is hard to get out of and the fed as it's raising interest rates is fighting uphill with the friction in the global system. It'd be one thing if people looked at it and could see to the other side and say, oh, I'm going to make new investments in produce a lot more. But that doesn't seem to be what the world is doing. So you're getting that reduction in demand as the rate hikes go through. But not getting commensurate supply increases. I think that's where the focus needs to be both for the for the central banks and especially the United States. This is the biggest economy. So how can it produce a lot more of everything? At a time when the prices are high. So what are the blockages that are keeping production from going higher? David, you just used the S word. Is that what this is? Stagflation. A steak place means higher inflation than you want in lower growth and clearly we have that. Years later in history books, they'll maybe market as we hope a short period, but my worry and deep worry for developing countries and for people in lower income levels is
Bloomberg Radio New York
"david malpass" Discussed on Bloomberg Radio New York
"Good morning. It's 9 30 here in Hong Kong Monday morning. Of course if that wasn't too obvious, I'm David and Les, thank you for joining us. And I'm Doug prisoner at the Bloomberg interactive broker studio in New York. We have trading underway now in the cash market in Hong Kong hang seng up nearly 1.4% right out of the gay chenghai composite is higher by about a half of 1%. We're standing by for industrial profit state at for the mainland, we'll have that to you as soon as we get it. Right now, a few of the sours top business stories. Yeah, we'll get you started here with the fed and the move to tighten financial conditions here. Essentially includes reducing its balance sheet, of course, and the World Bank president. David malpass says that a runoff can actually help free up capital to boost production in the U.S. economy. And he also told CBS it could help the U.S. avoid a recession. On the Bond side, reducing the bond portfolio would return more money to banks. All of the money being used to hold the bond portfolio comes from banks. And if they had more, they could lend and also the non bank sector of the U.S. economy. That's one of the most innovative. And it could put more money into the supply chain. And that's, of course, is the World Bank president David malpass and CBS face the nation, heard earlier on Bloomberg, while pass also said that it will be very difficult for some countries to avoid a recession. We had some analysis from Goldman Sachs over the weekend the firm now sees signs of consumer belt tightening and how that may hurt. Corporate profits we have more from Bloomberg's Denise Pellegrini. High inflation and declining asset prices are weighing on household finances, according to Goldman strategists and the group led by David kostin sites, record low consumer sentiment and ballooning inventory at some large retailers as well at another concern used car prices down 6% this year, signaling a possible drop in overall vehicle demand as a result of all this Goldman expects the S&P to end the year at 4300, lower than the median target compiled by Bloomberg, Goldman says though, the wealthy are more insulated from inflation and demand for stocks as state surprisingly strong. Denise Pellegrini Bloomberg degradation. Right, China is offering subsidies for purchases of new energy vehicles and that's certainly a group of stocks we're tracking as we open up of course here in Hong Kong and up into Chinese mainland. It is another attempt by local authorities to boost a slowing economy. The financial aid provider will range from about 8000 to RMB 10,000, China's local commerce bureau says it will go to qualified buyers who scrap or resell. Cars own for more than a year. Last week, state television reported that China's central government was considering extending those tax exemptions on new energy car purchases to eventually and hopefully boost the auto sector. In April, not a single car was sold in Shanghai as a result of COVID lockdowns there. 33 passed the hours, Brian Curtis joins us to check on market action. I don't know where you want to begin with, but boy, this rally that we're seeing in many markets across the pack rim feels like it's got some momentum behind it. Well, yeah, I mean, we had so much momentum to the downside that you could still probably say last week plus this Monday is still part of a relief to those downside moves that we saw. Let's just take a quick look at industrial profits in China here. Now particularly good numbers down 6.5% year on year for companies industrial profits in China. A little bit better number when you look year to date year on year up 1%, but still nothing that would be really encouraging for equity investors are yet. We do see equities rally. Let's look at some of the inputs. So we had a strong week last week by U.S. stocks and a very strong finish. We had to sell off in commodities, so natural gas, wheat cotton nickel, others down about 15 to 30%, the change in price of some of these commodities can impact CPI, and this could have implications for fed policies. So there's that. However, the fed is actually still very hawkish, and so are other countries policymakers, South Korea and Australia see their inflation problems only getting worse from here. We heard from Australian treasure Jim Chalmers and South Korea's KBS news says that souls economic chief sees inflation, hitting 6% in June, that would be the highest level in more than two decades. Still, you have some investors that might be playing off the opening up in China. And Bloomberg has its early indicators report that we do once a month. The economy did show some improvement in June with these COVID restrictions of being eased, but it's still muted in terms of the overall outlook, but it's based on 8 early indicators for the month and the overall gauge returned to what would you call the neutral level after deteriorating for two straight months. So that may be a little bit positive if you think that once China opens up even further if that's the direction they go. Oh, plus also the president saying that he backed a 5 and a half or around 5 and a half percent GDP target for this year that might encourage some investors. So the equities are rallying the nikkei up more than 1%, the ASX up at 1.8%. You got the cost be up 1.7% in the tye X in Taiwan. Up 1.9%. That's a wrap of markets, David and Doug to you. Yep, bolts are out. Let's get an update now what happened over the weekend, G 7 meeting there and let's
Bloomberg Radio New York
"david malpass" Discussed on Bloomberg Radio New York
"Good morning, everyone. I was just staring outside my window. It was raining earlier. It seems like the sun's come out about 60 minutes. Ahead of the open here in Hong Kong and up in the Chinese mainland, I'm David English. Good morning. Hi, everybody. I'm Brian Curtis in Hong Kong as well, and Hank sing index futures are higher by about 9 tenths of a percent. Looks like still more of a relief rally across equity markets, most of the futures contracts are higher and the cash markets are performing pretty well. Still recession fears there and a drop in oil prices this morning down about 1.8%. We'll get to markets with Doug prisoner in a few moments. David. Yeah, well it's not like the fed now and just an update here of many things that we're tracking this Monday morning. So the feds move to tighten financial conditions includes reducing its balance sheet in a World Bank president David malpass says that the runoff can help free up capital to boost production in the U.S. economy. And he told CBS it could help the U.S. avoid a recession. On the Bond side, reducing the bond portfolio would return more money to banks. All of the money being used to hold the bond portfolio comes from banks. And if they had more, they could lend and also the non bank sector of the U.S. economy. That's one of the most innovative. And it could put more money into the supply chain. That's the World Bank president David malpass, he was speaking on CBS, this faith in Asian, heard earlier, of course, in Bloomberg, Namath has also said that it will be very difficult for some countries to avoid a recession. So Goldman Sachs is trying to connect the dots here on perhaps these recession fears. Eventually herding corporate profits, they see consumer built tightening out there and we get that story from Bloomberg's Denise Pellegrini. High inflation and declining asset prices are weighing on household finances, according to Goldman strategists and the group led by David kosten sites, record low consumer sentiment and ballooning inventory at some large retailers as well, and another concern used car prices down 6% this year, signaling a possible drop in overall vehicle demand. As a result of all this Goldman expects the S&P to end the year at 4300, lower than the median target compiled by Bloomberg, Goldman says though, the wealthy are more insulated from inflation and demand for stocks has stayed surprisingly strong. Denise Pellegrini Bloomberg deprecation. Right, when these Chinese markets open up will be tracking shares of new energy vehicles very closely. That's after China is basically said it was offering subsidies for purchases of such. It's another attempt by local authorities
Bloomberg Radio New York
"david malpass" Discussed on Bloomberg Radio New York
"It is just gone 6 30 in the morning right here in Hong Kong and in Singapore, it's at 6 30 in the evening on Wall Street and Richard salami. And I'm Brian Curtis looking at markets in the Asia Pacific. It looks like it's setting up as a pretty solid day today futures contracts are all higher. Doug's been talking about how it looks like the fed's actions are having an effect, but the other side of that coin is something expressed by Goldman Sachs, which is that the belt tightening by consumers may hurt stock prices. It will hurt profits at corporates. And we'll get you that story coming up in a few moments in our world business headlines. And we'll also get to the markets with Doug in a few moments, risha. All right, well, we're looking at the Federal Reserve, of course, and how some moves to tighten financial conditions also include reducing its balance sheet now the World Bank president David malpas says that that runoff can help to free up capital to boost production in the U.S. economy telling CBS that it could help the U.S. actually do avoid a recession. On the Bond side, reducing the bond portfolio would return more money to banks. All of the money being used to hold the bond portfolio comes from banks. And if they had more, they could lend and also the non bank sector of the U.S. economy. That's one of the most innovative. And it could put more money into the supply chain. Well, that was, of course, the World Bank president David malpass on CBS is face the nation heard earlier on Bloomberg mountain pass also saying that it would be very difficult for some countries to avoid recession. So let's get to that research by Goldman Sachs saying that the consumer built tightening will hurt corporate profits the story from Bloomberg's Denise Pellegrini. High inflation and declining asset prices are weighing on household finances, according to Goldman strategists and the group led by David costan sites, record low consumer sentiment and ballooning inventory at some large retailers as well, and another concern used car prices down 6% this year, signaling a possible drop in overall vehicle demand. As a result of all this Goldman expects the S&P to end the year at 4300, lower than the median target compiled by Bloomberg, Goldman says though, the wealthy are more insulated from inflation and demand for stocks as state surprisingly
Bloomberg Radio New York
"david malpass" Discussed on Bloomberg Radio New York
"Given tangible asset crisis versus intangible asset financial instrument crisis like what we saw in 1998 Well I think certainly liquidity is different in terms of at least Russia's Central Bank reserves And I think that begins to affect other countries as well And then ultimately it affects investors attitude You know momentum which is the valid alpha generator meaning those that follow momentum types of trends have done very well over the past ten or 20 years as markets have moved up Momentum is now of course shifted the other way And so an investor has to be cautious of this ever increasing trend of higher and higher prices and buying the dips because momentum is going the other way And so I think financially that's a key consideration relative to what you mentioned with things Bill you've had a history of bold bets throughout your career What's your boldest bet right now at this moment Very few You know I'm doing I'm doing arbitrage Corporate buyouts by Microsoft and Google you know Google announced one just the other day I'm content to take four to 5% Actually my biggest bet has taken place over the last year I did very well and have done very well in gas pipelines partnerships there aren't too many of them but they yield 8 to 9% and their tax deferred check your tax consultant But they've gone up as the fangs and high players have gone down And so in the last 6 to 12 months have been very good to my foundation No girl it's good to see you Thank you so much congratulations on the essays within your book And of course a wonderful new text as well from Bill gross I'm still standing at least So we've got to get back to this crisis and the good news I guess to say today how do I frame it Lisa a pause in the gloom we've seen over the last number of days At least in markets There still is a huge humanitarian issue There have been some humanitarian corridors opened up so that people can leave I know Kyiv is actually evacuating some individuals as well We've seen reporting from that There still is a feeling in markets that they are subject to incredible volatility And I'll point to this WTI is falling more than 5% so far on the session It's the biggest year to date decline And this comes after the incredible whipsawing action we have seen unprecedented intraday volatility not just in oil but in wheat and obviously in nickel as we saw over at the LMA earlier this week I'm going to give a tilt to Charles over at Nomura There's been some real good writing on how ranges change in crisis and Lisa and radio I'm using my hands close together You have narrow ranges You're suffering And then all of a sudden they're wider ranges and it's certainly what we're observing across the commodities I'll be honest I thought David malpass of the World Bank was riveting The immediacy of the food crisis I would agree and talking with the Egyptian authorities to figure out how much corn they have stored how much wheat they have stored It reminds you of biblical days almost this idea of the reality of our world coming back to bite a highly financialized market How much we see the distortions that have gotten away from the need to eat the need to go places and other sort of basic physical needs I do have to say that Tom the financialization that we've seen in the commodity market really coming to a four right now Well the financialization is there but at the end like in the nickel thing the other day it is about the underlying and it'll be amazing to see and again we will call upon will Kennedy and our wonderful commodities team worldwide on this Javier blass and oil but there's so many other people helping out in the metals in the sauce as well Speaking of that we haven't mentioned a corn with a positive print goes away from what we see weed I think with a little bit of a pullback.
Bloomberg Radio New York
"david malpass" Discussed on Bloomberg Radio New York
"As the world responds The Russia situation right now doesn't look like it will be it will be it will be a temporary one It's a longer lasting set of problems for the world in interacting with Russia on oil on wheat on basic minerals and there need to be supplies elsewhere You just touched on a bigger broader question David and I wonder if we can finish there please The risk of a increase in escalation and increase in nationalism How do we prevent that from happening I don't think it's very hard to do that People live in nations and they feel nationalistic and they feel patriotic for their nation What we need to do I think is have a rule of law that's really meaningful In the 80s and 90s I talked a lot about constitutional law for Latin America It was having severe problems forming democracies and it matters a lot what your original statutes are and how you can implement those So worldwide if we keep pushing on transparency on rule of law on people finding ways to resolve disputes without fighting that I think is the way forward unfortunately there arise authoritarian leaders that don't do that World Bank is in the middle of trying to have good governance for countries as we work with them Devin malpas always wonderful to catch up with you sir It's been too long David malpass there the president of the World Bank The risk of nationalism the protectionism that comes with it the royces report We've talked about all morning China asking refinements the whole April gasoline and diesel exports Tom You wonder who's next and on one dinner The World Bank here I would say with the United Nations on a Rome Italy have just been absolutely superb on the science of food We forget John the absolute miracle we've seen on food costs I mean the United States with all of our prosperity in the 40 years from 1960 to 2000 the drop in the percent of that we spent on food was jaw dropping John in the United States and it's an even greater miracle in some of the poor countries And they say you had that veiled threat from the Russians this morning from the president's spokesman Russia may rethink energy commitments after the sanctions And what that is doing is leading a lot of countries to envision a world without the ties to Russia that they once had and what will replace that as we heard from David malpass It would take a while to unravel an unpack all of that.
WNYC 93.9 FM
"david malpass" Discussed on WNYC 93.9 FM
"Grow just over 4% It's a lot slower than rip roarin 2021 where the global economy grew 5 and a half percent World Bank says that by next year 2023 economies and the richer world will ever race what was lost during pandemic but that's not true in emerging markets and developing countries Here to talk about the implications for global inequality is the president of the World Bank David malpass Thank you for joining us Happy to be on David So one headline from this if you're listening in the developed world is that growth here in 2022 should be strong not rip roaring 2021 levels but strong enough so that maybe by next year 2023 the richer countries will have I think reverse the effects of pandemic on the economy That's right So that's good There is a recovery going on but the challenge is that for developing countries and especially for the poorer countries it's not much of a recovery One of the ways to think about it is on a per CAPiTA basis They're doing about one tenth as much of a recovery as the advanced economies So that's a big challenge in terms of food security in terms of security and physical security Governments are having big challenges holding things together because of the pressure This despite the fact that the year just completed growth looks on paper fairly strong in those lower income countries There was a recovery but I think what a lot of people are feeling is not much of a recovery from where they were pre COVID And two factors make that worse the inflation hurts people at the bottom the most And then there's the prospect of interest rate hikes in the advanced economies And so that puts further strain We should explain right Because when interest rates go up in the developed world it makes the interest rates you could get as an international investor by investing in emerging markets for instance a little less attractive So capital sometimes flows away from the poorer countries when interest rates are higher say in the U.S. That's right and it's worse than that If there's a 25 basis point hike in the advanced economies there might often be a 50 or 100 basis point in developing countries It's harder for them to keep up And that looks like it's going to intensify in 2022 holding them back So just about every country had to borrow a lot to get through the worst of the pandemic but that's especially true in lower income countries And that burden of debt in an environment of rising interest rates is going to be a very tough burden That's right many of them are financing themselves at the short end of the curve So as interest rates go up it hits them very quickly And so that puts immense strains on the short end of credit markets That's exactly the spot where small businesses need to borrow So this inequality problem I'm afraid is going to keep getting larger not smaller And swirling over this entire discussion is something that is not just an economic but a public health issue getting vaccines to every place in the world rich or poor has to be part of addressing the widening inequality that you're talking about Vaccines are critical so we're trying as hard as we can to get the shipments into the developing countries and then get them deployed actual shots in arms We've made some progress on that but not nearly enough David malpass president of the World Bank speaking about his global economic prospects the freshest data there Thank you so much Thank you More of our conversation there can be streamed from marketplace dot org Let's do the numbers.
Bloomberg Radio New York
"david malpass" Discussed on Bloomberg Radio New York
"Down 7/10 percent. I think I need say no more about what happened in the Senate run offs last evening still waiting for complete results. Well speaking about all that today with genies A No. We also have the view from Washington with our own. Josh Wingrove on Carl Weinberg will take us through ramifications for the economy first, that's gotta Bloomberg Business Flash from Greg Harris. Investors poured into financial assets money that benefit from a stronger economy after Democrats looked set to take control of Congress, potentially unleashing a torrent of federal spending to revive growth, World Bank President David Malpass tells Bloomberg pandemic is exacerbating global economic equality. You can see it every day for people are our worst hit by the global recession, the shutdowns Andre pandemic itself, so they feel the brunt of that on then. The second part is that the advanced economies have been doing stimulus programs that cut that concentrate on people that already have assets. That's the central bank purchases, but it's also the fiscal stimulus from the From the Treasury Department's Take a look at the markets. Now the S and P ease up a quarter of a percent of nine. The Dow's of 8/10 of a percent of 250 the NASDAQ's down 8/10 of a percent down 100 won the 10 year. Is down. 26 30 seconds with the yellow 1.4%, West Texas Intermediate crude's up 2/10 of 1% of 50 or three a barrel comics goals down 1.1%. 1931 80 announced the gallery in 103 23 of the euro dollar 23 await the British found a dollar 35 77, the number of employees and U. S businesses unexpectedly declined for the month of December for the first time since April. Underscoring the immediate economic impact of mountain coronavirus cases across the country. That's a Bloomberg business Flash Bloomberg markets is on Bonnie Clan Impulse with great care. Thank you so much..
AP News Radio
World Bank approves $12B to finance virus vaccines, care
"The World Bank has approved a twelve billion dollar package in financing to help developing countries buy and distribute coronavirus vaccines tests and treatments the initiative aims to support the vaccination of up to one billion people the multi billion dollar fund is part of a wider World Bank group package of up to one hundred sixty billion to help developing countries fight the cobit nineteen pandemic the group's president David Malpass says the plan is to extend and expand a far struck approach to address because of the emergency so the developing countries have banned and equal access to vaccines I'm Charles Taylor this month
AP News Radio
World Bank approves $12B to finance virus vaccines, care
"The World Bank has approved a twelve billion dollar package in financing to help developing countries buy and distribute coronavirus vaccines tests and treatments the initiative aims to support the vaccination of up to one billion people the multi billion dollar fund is part of a wider World Bank group package of up to one hundred sixty billion to help developing countries fight the cobit nineteen pandemic the group's president David Malpass says the plan is to extend and expand a far struck approach to address because of the emergency so the developing countries have banned and equal access to vaccines I'm Charles Taylor this month
Marketplace with Kai Ryssdal
Is America's debt unsustainable?
"Yes there. Is that big speech tonight. Up on Capitol Hill. President trump gives his state of the Union address. Democrats on one side of the Aisle Republicans of course on the other. I am town though not for that but for conversation I had this morning at the bipartisan policy. Center with Janet Yellen late of the Federal Reserve. Also David Malpass the president of the World Bank to people who keep close eye and have some thoughts on the global economy. And I started off with when I grant she was a softball question. Describe for me this this macroeconomic moment where are we thank softball slow growth but that leads to all sorts of conversation conversation we recently did our global economic prospects when moored so the bank does twice a year a thick report. I'm growth and it. It's looking looking at twenty two point. Five percent real growth some of the developing countries especially chime in a little bit India running above that average but but then the US in our forecast was consensus at one point eight percent. Europe is down at one percent only in Japan at point. Seven seven percent so they dragged down the average. So that gives you a sense of what's going on in the world that you've got to get some of the big countries going in order to get people toward prosperity Janet. Let me ask you this question. Then where are the drivers of growth. I mean if as the World Bank says the United States is going to grow at one point eight percent this year. Are we helping so growth. In the United States this year is likely to be slower earth in it was last year and the year before but likely the US economy is still going to grow at its potential or maybe even a little bit higher which in the senses all the expected especially given how tight the Labor for market is with the lowest on employment rate in fifty years so it shouldn't be surprising to see growth in the United States around two percent cent. We've had globally. We global growth is a drag on the US and the US growing slower of course is a a drag on the global economy but the driver of growth for the US and in many many more developed countries. This is true that the main driver is the consumer the US consumer is strong enough to think propel in the United States State's growth at a trend like pace which is not inappropriate given it means will continue to have a very tight labor market. Maybe it'll even tightened further but don't sorry wait. Let me just follow up really quickly. Don't you worry about consumers getting tired because it's been years now that everybody from you on down amount has been saying consumers there the thing. How much longer can that happen well? Consumer spending is in line with income growth. If if you can trust the current situation with what we saw before the crisis in the run-up to the crisis consumer spending was also the driver but it was debt-fuelled we had a lot of people using their homes like piggy banks. The saving rate had been declining to exceptionally very low levels. We've been through a very tough period in the United States in which consumers who've worked off debt and the labor market's market's been performing exceptionally well. We still have about one hundred eighty thousand jobs a month and wage gains are moderate but have picked picked up some and so don't see the consumer spending that's carrying this economy is based on very weak foundations. It's it's based on solid growth of income. I see it as sustainable dividend. I Apologize Weaving said. That's fine. Just picking up on some of those points. The misery index is way down and so that gives if you look at what drives people going forward and businesses to create a new businesses. As is people have confidence in the economy. So remember the old misery index the some of the unemployment rate and the inflation rate as the as the unemployment appointment rate has gone down the participation rate has gone up so I get all that and that's all good and I appreciate the indicators but but let me pick up on on something you said Janet which was that the US economy is growing about its potential one point eight. Maybe two percent. Is it troubling to know on that. The potential of the American economy is present It is troubling to percent I. It's something his been long anticipated so it's not an enormous surprise. Part of it reflects a slowdown in labor force growth. We have an aging population list immigration. The the second piece of it is productivity growth and it is depressing or of concern that not only in the United States but in most most developed countries were simply seeing slower productivity growth than his been the average partly I think it reflects sluggish investment spending part of it reflects slowdown in the pace of educational attainment in the United States. But most important just the pace of technological change seems like it's declined and there really is no agreement mint on the reasoning. But of course it's tremendous. It's a tremendous concern. I say this mostly just A. I guess there's probably thought bubbles out out there but it's not at all encouraging a former Fischer says I dunno truth God and we'll get back to that in a very quick topic since you both have brought it up the recession and the response the crisis next time because of course there's another recession coming. This expansion is long in the tooth although it does not As we all know died of old age corona virus I does that distress you at all in terms of global economic shock. I mean you were just in Hong Kong. You're you're feeling fine. We should say so far. You know so it's been three routes all it's quite a. Are you worried about that. I mean honestly well of course it is a potential attention influence on the global economy. It seems certain to have a significant effect at least for quarter to one Chinese growth and China's such a significant piece of the global economy. That's bound to have spillovers. Economists of look did what's happened with past episodes like the SARS virus or the mayor's virus but we don't know where this is going and I mean to. My mind is clearly a source of uncertainty and risk to the global outlook of the World Bank's position. So they'll be lowering of forecasts for at least the first as part of twenty twenty in part due to China in part due to the supply chains to give you an example. A lot of Chinese goods come out to the rest of the world in the belly of aircraft that are carrying passengers so as you cut down on passenger flights you need to adjust the supply chains in in order to get the goods out to make the products that the whole world economy is operating on a positive side that I bring out is the different science science. That's available this time then. The SARS SARS was two thousand to two thousand and three China released the virus this time and quickly released the virus so we have some hope that science response will shorten the full life cycle of this crisis. It's also true though that China's more integrated into the global economy. So that's you know. The transmission vector completely different correct. Devin malpass there. The president of the World Bank. Also Janet Yellen Ellen at mead past chair of the Federal
Morning Edition
Trump to choose Treasury's Malpass to lead World Bank
"York, President Trump has decided on who he'd like to head the World Bank. A critic of the Bank, David Malpass this according to Reuters and other published reports marketplace's Nancy Marshall Ganz on the line from Washington. Nancy good morning and who's Mr. Malpas. Well, right now, he's under secretary for international affairs at the treasury department. He used to be chief economist at Bear Stearns before its collapse in the financial crisis. He's generally skeptical of. The international institutions for one thing. He for one thing he says the World Bank's should stop lending money to China because he says China is now wealthy enough to stand on its own. He says China doesn't need low interest World Bank loans. He also thinks salaries at the World Bank or too high. And given that we will we expect him to do at the Bank itself. Well, he apparently wants the World Bank to focus more of its lending on the poorest developing countries over the past few years when the World Bank asked its member countries for more money map is initially argue against increasing the US contribution the treasury department did end up agreeing to the increase, but only after the World Bank promised to cut back on lending to China and start to rain in salaries and Nancy short answer for us. What is the World Bank? Good question. It is an international Bank that provides low interest loans and grants to poorer countries. One of its goals is ending poverty with no more than three percent of the world's population living unless than a dollar ninety day by the end of the decade. Now, the US has traditionally chosen the president of the World Bank. But mouse would need to be approved by the bank's executive board. And he could face some
Bloomberg Best
Elon Musk, SEC and Harvey Pitt discussed on Bloomberg Best
"I'm Bryan Curtis in San Francisco let's get you, this hour's top business stories and the markets China says vice commerce, minister one show one will be traveling. To the United States for trade talks later this month it would be the first official exchange since earlier negotiations, broke
Carles Puigdemont, fugitive ex-Catalan leader, detained by German police
"Sunday mnuchin said we expect to sign that agreement soon the uk government will direct facebook google twitter and other tech companies to simplify their data management policies for consumers this after disclosures about recent breaches and all that according to the sunday times matt hancock the uk digital culture and media secretary told the newspaper that those digital powerhouses were failing to provide users with clear and concise terms and conditions for how personal data is used his goal is to get the information onto one page police detained former catalan president carl's pushed him on as he crossed into germany from denmark his lawyer said today puji demont was attempt to return to belgium after a visit to finland a spanish supreme court judge on friday reactivated an international arrest warrant for puigdemont who fled to belgium in october he faces charges of rebellion for holding an illegal referendum and seeking to split from spain people familiar with the matter say uber technologies has reached an agreement to sell its southeast asian ride hailing business to rival grab the people said the agreement which includes all of uber's operations in southeast asia as well as it's in the region gives uber a stake of between twenty five and thirty percent in the new combined business the deal marks uber's operational exit from yet another major market after selling its business in china and russia global news twenty four hours a day powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries i'm susanna palmer this is bloomberg bloomberg best bloomberg best is about the insight and the context we get from our guests it's a great way to catch up on some of the stories you might have missed on the bloomberg stories you're not going to find in any other news organization bloomberg best bloomberg's best stories of the week powered by twenty seven hundred journalists and analysts in more than one hundred twenty countries around the world i'm ed baxter on this edition of bloomberg best david malpass discusses us economic ties with china markets are simply not reciprocal in the sense that there's not an ability for other countries to work in china the way china works elsewhere plus epa administrator scott pruitt discusses california's role in setting automotive emissions regulations california is not.
Washington DC Cherry Blossom Festival Delayed
"Eighteen year old louis is a bit of a clean freak whatever he has his hands full of food like tomatoes other snacks he walks upright like a human in order to keep his food and his hands clean rather than the typical gorilla which leans forward on his knuckles michael stern a curator of primates and small mammals at the zoo said workers had to install a fire hose over a mud puddle in the yard the nearly five hundred pound six foot tall primate crosses like a tight rope in order to avoid getting dirty i'm john stolnis the start of the twentieth eighteen national cherry blossom festival in washington dc is being pushed back organizers say they're moving the date to march twentyfifth because the march for our lives rally as expecting big crowds on the twenty fourth the national park service has the peak bloom of the cherry blossoms is expected to begin on march twenty seven i'm ann cates and i'm susanna palmer from bloomberg world headquarters the wall street journal reports china has named ye gang deputy governor at the people's bank of china to run at central bank ye would replace joe show chuan who steered the institution through the global financial crisis overhauled monetary policy tools and oversaw the allocation of the one to reserve currency status during his record fifteen year term a top treasury department officials said today that the trump administration ended decade old economic talks with china because it believes china is moving backward on opening its markets to foreign competition david malpass treasury's undersecretary for international affairs said the administration is disappointed with china's reversal from market liberalisation treasury secretary steven mnuchin faces a potentially cool reception tomorrow from global policymakers who are upset at president donald trump's steep tariffs on steel and aluminum imports the group of twenty summit of finance ministers and central bankers will convene this week in buenos aires a federal appeals court has thrown out a three year old rule to limit the number of robocalls we hear more on that from bloomberg joan doniger a unanimous opinion from the federal appeals court in washington dc role the federal communications commission's 2015 rule was too broad the court says the regulation could subject ordinary calls from any conventional smartphone to coverage under rules barring junk calls the rule was passed under democratic leadership of the fcc in the.