36 Burst results for "Finance Ministry"
The Crypto Overnighter
A highlight from 666:FTXs Multi-Front Legal War and Indias Crypto Tug-of-War
"Rockstar Energy punched, bringing a bold and unapologetic flavor packed with energy through a blend of B vitamins, guarana extract, and 240 milligrams of caffeine to fuel what's next. Rockstar Energy drink. Good evening and welcome to the Crypto Overnighter. I'm Nick Ademus and I will be your host as we take a look at the latest cryptocurrency news and analysis. So sit back, relax, and let's get started. And remember none of this is financial advice. And it's 10 pm pacific on a Monday, September 11th, 2023. Welcome back to the Crypto Overnighter where we have no sponsors, no hidden agendas, and no BS. But we do have the news so let's talk about that. Tonight we're diving into FTX's legal labyrinth involving a staggering 86 million dollars. Then we're shifting gears to India, Coinbase's hasty emails, government policy, and the central bank's digital aspirations. We've also got a bitcoin user who made a half million dollar mistake, a Hong Kong -based project revolutionizing decentralized identities, and the social media platform that's proving the naysayers wrong. Buckle up. Failed cryptocurrency exchange FTX is embroiled in legal battles on multiple fronts. The company filed a lawsuit against Layer Zero Labs to recover 86 million dollars transferred just before declaring bankruptcy. Layer Zero Labs accused FTX of making unsubstantiated claims in the lawsuit. FTX's bankruptcy filings have also revealed substantial payments to celebrities. The list includes nearly 750 ,000 to Shaquille O 'Neal, about 308 ,000 to Naomi Osaka, almost 206 ,000 to Trevor Lawrence, and about 271 ,000 to David Ortiz. These celebrities are now subject to lawsuits by FTX creditors. Layer Zero allegedly exploited FTX's sister company Alameda Research by demanding immediate repayment of a 45 million dollar loan. In exchange, Alameda transferred its entire 4 .92 percent equity stake in Layer Zero. The deal was considered highly favorable for Layer Zero. FTX also seeks to cancel prior agreements and recover 21 .37 million dollars that Layer Zero allegedly withdrew illegally. The company is exploring options to claw back funds paid to celebrities and sports teams to settle its debts. Now from my point of view, FTX's legal entanglements are a glaring example of the risks and volatility in the crypto space. The company's aggressive marketing strategy involving high -profile celebrities backfired spectacularly. It's a warning for investors and a point of concern for regulators. Layer Zero's alleged exploitation of Alameda Research's financial distress raises ethical questions. It also highlights the lack of oversight and the need for stringent regulations in the crypto industry. FTX's attempt to recover assets and cancel prior agreements could set a precedent for how companies in financial distress handle their obligations. It's a complex web of legal and financial maneuvers that could have far -reaching consequences. The unfolding drama reminds us of the dangers and rapid expansion without adequate risk management. It's the lesson for other crypto companies and a wake -up call for the industry at large. Lawsuits and bankruptcy are one thing but what happens when a crypto exchange throws a curveball to a whole country? Before we unravel this don't forget to hit that subscribe button to stay updated. Coinbase recently sent emails to some of its Indian users stating it would discontinue services for them after September 25th. The email urged users to withdraw their funds from the platform. The email was not sent to all Indian users but only to those who were found to be in violation of Coinbase's updated standards. This led to confusion and panic among Indian traders who took to social media to express their concerns. Coinbase clarified that the email was part of a routine review and was sent to users who no longer met their updated standards. The exchange also stated that this move does not affect users access to Coinbase cloud services. Coinbase entered the Indian market last year but faced several challenges including regulatory issues and the suspension of UPI support on the platform. The company also stopped onboarding new users from India earlier this year. Coinbase's actions come at a time when India is hosting the G20 summit where global cryptocurrency regulation is being discussed. The Indian government is also evaluating recommendations for regulating crypto assets. Despite these developments Coinbase remains committed to the Indian market and continues to offer its wallet services. The timing of this event and the ongoing G20 summit in India cannot be ignored. Is Coinbase feeling the heat from global regulatory discussions or is this a strategic move to tighten its user base and comply with evolving regulations? Either way the incident has sown seeds of distrust. Coinbase's selective email to certain Indian users also raises questions about transparency. What are these updated standards and why were only specific users targeted? It's a murky situation. Moreover the Indian government's stance on cryptocurrency is still unclear adding another layer of complexity to Coinbase's operations in the country. With the G20 summit discussing global crypto regulations Coinbase's actions might be a preemptive measure to avoid future complications. While Coinbase remains operational in India the incident calls out the vulnerabilities and uncertainties that come with centralized systems. Coinbase's recent actions in India have clearly caused a stir highlighting the tensions between centralized crypto platforms and regulatory ambiguity. But as we pivot from this snapshot of crypto's current standing in India let's widen the lens. Now we were just talking about the G20. It's not just the exchanges that are at a crossroads here. The Indian government itself is on the brink of setting the course for crypto's future and their decisions won't just affect the subcontinent. They're positioned to influence the global crypto landscape via their presidency of the G20. So from the individual worries of Coinbase users to the collective anxiety of the global crypto community we see that the issues are deeply interconnected. Both are waiting for India's next move which could either enhance financial freedom or tighten the government's grip. So here's what's going on more broadly speaking. India's finance ministry is set to decide its stance on crypto in the coming months. The country has been under scrutiny for harsh crypto regulations including taxes and anti -money laundering rules. However there is a shift towards possibly framing its own legislation, a first since early 2022. India is also working on a five -point crypto legislative framework. This includes advanced KYC for crypto companies, real -time proof of reserve audits, a uniform taxation policy, and possible authorized dealer status for crypto platforms under the Reserve Bank of India's guidelines.
Bloomberg Daybreak Asia
Fresh update on "finance ministry" discussed on Bloomberg Daybreak Asia
"Clock which has sped up the games they're now down four minutes from a year ago the average nine inning game two hours forty minutes as well so that of course is a factor according to baseball i'm dan sportsman that's your bloomberg world sports update back to you doug all right right danny thank you let's get to our guest mikio kumada is with us uh... mikio financial economist at lg t partners he joins from tokyo there's so much to talk about and there's a lot to unpack where china is concerned we can we can get that to that in a moment mikio but i want to begin with the yen a little pressure off the japanese currency day given the fact that u s yields in the new york session were down a bit but here we are at one forty nine thirty five there abouts is there a point where you think the end becomes week it's a foregone conclusion that the monetary authority in japan is got no choice but to intervene i uh... think hello by the way and uh... good morning uh... or uh... we actually did by the end recently uh... they uh... if you take a step back i mean largely is because we do think that origins uh... you know especially versus the u s but more generally against the major western economies uh... it's very difficult to time the exact peak but you know more or less repair uh... and we think that that the time uh... has come for the dlj to surprise us it's and pat you know typically the dlj moves when uh... people have basically given up uh... about a year ago and the narrative was that the dlj is under pressure to act they completely ignored it now everybody is positioned short the end if you look at there's data uh... so we're like two standard deviations short and if you look at that non speculative non -commercial uh... futures positionings uh... so you know people are positions against the n one -sided and that's particularly when the p o j historically at least has tended to surprise they've also shifted the tone a little bit in their domestic communication not necessarily in their official uh... you know press conferences and stuff but towards domestic public and ultimately they're you know answerable argument and the so i think generally the mood is that weekend weaknesses gone far enough uh... and it's time to do something about it uh... so we position with a slightly medium term you i admit uh... but yet we think the uh... the time is not far away out where at both the b us the finance ministry might act uh... to uh... stabilize the end mico overall when you look at the investing climate do you feel that this is uh... a great time in exciting time because there are opportunities on both the long and short side or do you think it's a time well it's a little bit of both i mean in our long only space uh... so we are an endowment there we basically on everything at all times uh... but and in the only space we are still defensively positioned that we are uncomfortable with a few things that are going on in the market uh... complacency about uh... policy rate outlook uh... meaning that you know people expect the fed to cut rates thanks here i don't see that happening as long as the economy is going as it is right right now uh... it's more of an overheating economy uh... rather than one that needs rate cuts uh... anytime soon and that's where the u s uh... and also you know valuations especially the enthusiasm that uh... may have gone a little bit ahead of itself the market is not very broadly rallying it's just concentrated uh... on a few names so these makes us all comfortable uh... in the hedge fund space yeah definitely there is opportunities there uh... as well as of course but that's a longer term view in uh... in in private markets there you just do your bottom -up analysis and you take a position and uh... you know allocate over time so uh... yeah overall defensive in the long only but but otherwise there's plenty plenty of opportunities out there including the end okay so you you see opportunity in the end i'm curious about whether you see opportunity in china how are you playing chinese assets well there is two sides of the coins there right uh... so we have an allocation to china it's not huge uh... but uh... we've decided to keep it because on a cyclical from a cyclical viewpoint i think the market has been a bit unfair to china i mean there are ten i have issues of a structural nature that like the property bubble but also the changing geopolitical or more more economic environment uh... and that's a structural issue that cannot be solved by cyclical stimulus measures that said on a cyclical front i sentiment is probably too bad uh... the recovery has been disappointing this year in china to relative people's initial expectations that we would see the pattern saw in the west post -covid repeat itself pent up demand people coming out of accounts and and all these restrictions uh... enjoying all the stimulus that they have received did you recall that none of that happened in china so the recovery has been disappointed the but so do you need a recovery so i think that there is a bit of a confusion going on between the structural and the cyclical thing the cyclical i'd actually not be that bad but then mikio does that mean you believe that they will spread out the pain for many years common that that could be a constraint yes that's a structural issue the problem they have they can solve only in two let's say paths by taking different two parts on the one extreme you could front load the pain essentially by putting you know Lehman brother type collapses happen or you could spread it out like Japan did in the past let's call it the japanese way by spraying it out through many years um and that will cost you growth so that's less painful you know in the short term but it's not a rosy outlook all right well Mikio it's always a pleasure thanks for taking time to chat with with us mikio kumada is a chief financial economist at LGT capital partners seems to be pretty optimistic about the outlook for china we're looking at a rally right now in hong and we'll go through the latest price action for you as we check markets that's moments away here on dba this is bloomberg on demand and in your podcast on the latest edition of the bloomberg surveillance podcast deutsche bank's chief u .s economist Matthew Lizetti I think it's certainly some slowing in the GDP deflator number shows some slowing there there i think as i as i look at the data it's important getting a full sense of the revisions take some some time here but when look you at what the revisions were to q two core
AP News Radio
Ukraine, IMF agree on $15.6 billion loan package
"The IMF and Ukraine have agreed on a new loan package to support the government's finances severely strained by Russia's invasion. The $15.6 billion deal is expected to leverage even more money by assuring other donors that Ukraine is following strong economic policies. The nation's finance ministry says the program will help to mobilize financing for Ukraine's international partners and ensure the path to post war reconstruction the government's running a huge budget deficit amid massively higher military spending, and is reliant on outside help the loan agreement also aims to support Ukraine's efforts to revamp its economy as part of its bid to join the EU. I'm Charles De Ledesma
Bloomberg Radio New York
"finance ministry" Discussed on Bloomberg Radio New York
"Podcast, a conversation with Carl Weinberg of high frequency economics. So the bangla Japan has work to do. The end of the fiscal year is now just a few weeks away, March 31st. And there are substantial capital losses on what I'll call the ultra long segment of the JGB market. The part where they haven't been trying to control the yield curve. So those yields are up about 70 basis points compared to where they were at the end of the last fiscal year. And that implies between 30 and ¥60 trillion worth of capital losses, which are big enough to wipe out the balance sheets of a lot of the institutions. So the bank of Japan and the finance ministry are going to be out there in size over the next few weeks buying up this asset encouraging by the asset they're going to move the market lower. They'll do it, but it will be quite a challenge for them. How close are they? And I don't mean to an absolute owning the bond market, but on a trendline or a glide path to owning the bond market, where is the bank of Japan? Maybe use a baseball analogy. Are they in the third inning or the 8th inning of buying every Bond that's issued in Japan? Well, at the short end of the Yale curve out to ten years, I think the number is about 65 to 70% of the market. And then at the ultra long end, they own a lot less because their target has been to control yields from overnight out to ten years. So they still have scope to buy at the ultra long end of the market. But yes, you're right. And bank of Japan governor designate ue to us said this in testimony the other day. The BOJ
Bloomberg Radio New York
"finance ministry" Discussed on Bloomberg Radio New York
"Surveillance podcast, a conversation with Carl Weinberg of high frequency economics. So the bangla Japan has work to do. The end of the fiscal year is now just a few weeks away, March 31st. And there are substantial capital losses on what I'll call the ultra long segment of the JGB market. The part where they haven't been trying to control the yield curve. So those yields are up about 70 basis points compared to where they were at the end of the last fiscal year. And that implies O between 30 and ¥60 trillion worth of capital losses, which are big enough to wipe out the balance sheets of a lot of the institutions. So the bank of Japan and the finance ministry are going to be out there in size over the next few weeks buying up this asset encouraging by the asset. They're going to move the market lower. They'll do it, but it will be quite a challenge for them. How close are they? And I don't mean to an absolute owning the bond market, but on a trendline or a glide path to owning the bond market, where is the bank of Japan? Maybe use a baseball analogy. Are they in the third inning or the 8th inning of buying every Bond that's issued in Japan? Well, at the short end of the yield curve out to ten years, I think the number is about 65 to 70% of the market. And then at the ultra long end, they own a lot less because their target has been to control yields from overnight out to ten years. So they still have scope to buy at the ultra long end of the market. But yes, you're right. And bank of Japan, governor designate ueda said this in testimony the other day. The BOJ can't buy
Bloomberg Radio New York
"finance ministry" Discussed on Bloomberg Radio New York
"Of the Bloomberg Savannah's podcast, a conversation with Carl Weinberg of high frequency economics. So the bangla Japan has work to do. The end of the fiscal year is now just a few weeks away, March 31st. And there are substantial capital losses on what I'll call the ultra long segment of the JGB market. The part where they haven't been trying to control the yield curve. So those yields are up about 70 basis points compared to where they were at the end of the last fiscal year. And that implies between 30 and ¥60 trillion worth of capital losses, which are big enough to wipe out the balance sheets of a lot of the institutions. So the bank of Japan and the finance ministry are going to be out there in size over the next few weeks buying up this asset encouraging by the asset. They're going to move the market lower. They'll do it, but it will be quite a challenge for them. How close are they? And I don't mean to an absolute owning the bond market, but on a trendline or a glide path to owning the bond market, where is the bank of Japan? Maybe use a baseball analogy. Are they in the third inning or the 8th inning of buying every Bond that's issued in Japan? Well, at the short end of the yield curve out to ten years, I think the number is about 65 to 70% of the market. And then at the ultra long end, they own a lot less because their target has been to control yields from overnight out to ten years. So they still have scope to buy at the ultra long end of the market. But yes, you're right. And bank of Japan governor designate you ate us, said this in testimony the other day. The BOJ can't buy bonds
Bloomberg Radio New York
"finance ministry" Discussed on Bloomberg Radio New York
"Podcast, a conversation with Carl Weinberg of high frequency economics. So the bang of Japan has work to do. The end of the fiscal year is now just a few weeks away, March 31st. And there are substantial capital losses on what I'll call the ultra long segment of the JGB market. The part where they haven't been trying to control the yield curve. So those yields are up about 70 basis points compared to where they were at the end of the last fiscal year. And that implies, oh, between 30 and ¥60 trillion worth of capital losses, which are big enough to wipe out the balance sheets of a lot of the institutions. So the bank of Japan and the finance ministry are going to be out there in size over the next few weeks buying up this asset encouraging by the asset they're going to move the market lower. They'll do it, but it will be quite a challenge for them. How close are they? And I don't mean to an absolute owning the bond market, but on a trendline or a glide path to owning the bond market, where is the bank of Japan? Maybe use a baseball analogy. Are they in the third inning or the 8th inning of buying every Bond that's issued in Japan? Well, at the short end of the yield curve, out to ten years, I think the number is about 65 to 70% of the market. And then at the ultra long end, they own a lot less because their target has been to control yields from overnight out to ten years. So they still have scope to buy at the ultra long end of the market. But yes, you're right. And bank of Japan governor designate UA does said this in testimony the other day. The BOJ can't buy bonds forever. Hear the full conversation on the latest edition of a Bloomberg surveillance podcast. Subscribe on Apple Spotify at anywhere else you get your podcasts. Plus, listen anytime on the Bloomberg business app in Bloomberg dot com. Your listening to Bloomberg businessweek with Carol messer and Tim steinbeck from Bloomberg radio. All right, so let's get back to our conversation with latanya map frat cheese, the presidency of global fund for women, which provides feminist funding for grassroots organizations around the world. Her new book, the everyday feminist, the key to sustainable social impact driving movements we need now more than ever. The tiny joined Bloomberg market senior editor Mike Regan and me and shared that almost anyone can contribute to the cause. These are ordinary women. I mean, of course, we love the jacintos and the Kamala's of the world who are, you know, stepping up in amazing ways and breaking the glass ceiling, but don't forget about the women who are the head of the PTA is the nurses who are taking care of your elderly parents. And pushing back. What's different about feminism outside the U.S. versus a developed country? Well, let me just say, I think that the word has gotten to be so taken out of context. I mean, feminist, you know, these are people who believe that men and women are equal and should be able to proceed likewise in our culture. But there is, you know, there is a sort of background to feminism, especially in the north, the global north. I mean, my grandmother, when I was little, told me she is no feminist. That's white, rich women who have time to think about gender all day. But yet in the book, you'll see she's probably one of the biggest feminists I know, who stand up when women are need to be stood up for. And so I think there's this new renaissance among feminism. So the word can now be used and business, it can be used in sports. It can be used in our homes in ways that I think we're just now getting again to get acquainted with the word. So I'm happy about that. So do we let the guys speak? Okay, go ahead
Bloomberg Radio New York
"finance ministry" Discussed on Bloomberg Radio New York
"The latest edition of the Bloomberg surveillance podcast, a conversation with Carl Weinberg of high frequency economics. So the bang of Japan has work to do. The end of the fiscal year is now just a few weeks away, March 31st. And there are substantial capital losses on what I'll call the ultra long segment of the JGB market. The part where they haven't been trying to control the yield curve. So those yields are up about 70 basis points compared to where they were at the end of the last fiscal year. And that implies between 30 and ¥60 trillion worth of capital losses, which are big enough to wipe out the balance sheets of a lot of the institutions. So the bank of Japan and the finance ministry are going to be out there in size over the next few weeks buying up this asset encouraging by the asset. They're going to move the market lower. They'll do it, but it will be quite a challenge for them. How close are they? And I don't mean to an absolute owning the bond market, but on a trendline or a glide path to owning the bond market, where is the bank of Japan? Maybe use a baseball analogy. Are they in the third inning or the 8th inning of buying every Bond that's issued in Japan? Well, at the short end of the yield curve out to ten years, I think the number is about 65 to 70% of the market. And then at the ultra long end, they own a lot less because their target has been to control yields from overnight out to ten years. So they still have scope to buy at the ultra long end of the market. But yes, you're right. And bank of Japan governor designate ueda said this in testimony
Bloomberg Radio New York
"finance ministry" Discussed on Bloomberg Radio New York
"Surveillance podcast, a conversation with Carl Weinberg of high frequency economics. So the bangla Japan has work to do. The end of the fiscal year is now just a few weeks away, March 31st. And there are substantial capital losses on what I'll call the ultra long segment of the JGB market. The part where they haven't been trying to control the yield curve. So those yields are up about 70 basis points compared to where they were at the end of the last fiscal year. And that implies between 30 and ¥60 trillion worth of capital losses, which are big enough to wipe out the balance sheets of a lot of the institutions. So the bank of Japan and the finance ministry are going to be out there in size over the next few weeks buying up this asset encouraging by the asset. They're going to move the market lower. They'll do it, but it will be quite a challenge for them. How close are they? And I don't mean to an absolute owning the bond market, but on a trendline or a glide path to owning the bond market, where is the bank of Japan? Maybe use a baseball analogy. Are they in the third inning or the 8th inning of buying every Bond that's issued in Japan? Well, at the short end of the yield curve out to ten years, I think the number is about 65 to 70% of the market. And then at the ultra long end, they own a lot less because their target has been to control yields from overnight out to ten years. So they still have scope to buy at the ultra long end of the market. But yes, you're right. And bank of Japan governor designate UA does said this in testimony the other day, the BOJ can't buy
Bloomberg Radio New York
"finance ministry" Discussed on Bloomberg Radio New York
"Podcast, a conversation with Carl Weinberg of high frequency economics. So the bangla Japan has work to do. The end of the fiscal year is now just a few weeks away, March 31st. And there are substantial capital losses on what I'll call the ultra long segment of the JGB market. The part where they haven't been trying to control the yield curve. So those yields are up about 70 basis points compared to where they were at the end of the last fiscal year. And that implies between 30 and ¥60 trillion worth of capital losses, which are big enough to wipe out the balance sheets of a lot of the institutions. So the bank of Japan and the finance ministry are going to be out there in size over the next few weeks buying up this asset encouraging by the asset. They're going to move the market lower. They'll do it, but it will be quite a challenge for them. How close are they? And I don't mean to an absolute owning the bond market, but on a trendline or a glide path to owning the bond market, where is the bank of Japan? Maybe use a baseball analogy. Are they in the third inning or the 8th inning of buying every Bond that's issued in Japan? Well, at the short end of the yield curve out to ten years, I think the number is about 65 to 70% of the market. And then at the ultra long end, they own a lot less because their target has been to control yields from overnight out to ten years. So they still have scope to buy at the ultra long end of the market. But yes, you're right. And bank of Japan governor designate ue to us said this in testimony the other day. The BOJ
Bloomberg Radio New York
"finance ministry" Discussed on Bloomberg Radio New York
"Surveillance podcast, a conversation with Carl Weinberg of high frequency economics. So the bangla Japan has work to do. The end of the fiscal year is now just a few weeks away, March 31st. And there are substantial capital losses on what I'll call the ultra long segment of the JGB market. The part where they haven't been trying to control the yield curve. So those yields are up about 70 basis points compared to where they were at the end of the last fiscal year. And that implies between 30 and ¥60 trillion worth of capital losses, which are big enough to wipe out the balance sheets of a lot of the institutions. So the bank of Japan and the finance ministry are going to be out there in size over the next few weeks buying up this asset encouraging by the asset. They're going to move the market lower. They'll do it, but it will be quite a challenge for them. How close are they? And I don't mean to an absolute owning the bond market, but on a trendline or a glide path to owning the bond market, where is the bank of Japan? Maybe use a baseball analogy. Are they in the third inning or the 8th inning of buying every Bond that's issued in Japan? Well, at the short end of the Yale curve out to ten years, I think the number is about 65 to 70% of the market. And then at the ultra long end, they own a lot less because their target has been to control guilds from overnight out to ten years. So they still have scope to buy at the ultra long end of the market. But yes, you're right. And bank of Japan, governor designate you ate us, said this in testimony the other day, the BOJ can't buy
Bloomberg Radio New York
"finance ministry" Discussed on Bloomberg Radio New York
"Podcast, a conversation with Carl Weinberg of high frequency economics. So the bangla Japan has work to do. The end of the fiscal year is now just a few weeks away, March 31st. And there are substantial capital losses on what I'll call the ultra long segment of the JGB market. The part where they haven't been trying to control the yield curve. So those yields are up about 70 basis points compared to where they were at the end of the last fiscal year. And that implies O between 30 and ¥60 trillion worth of capital losses, which are big enough to wipe out the balance sheets of a lot of the institutions. So the bank of Japan and the finance ministry are going to be out there in size over the next few weeks buying up this asset encouraging by the asset. They're going to move the market lower. They'll do it, but it will be quite a challenge for them. How close are they? And I don't mean to an absolute owning the bond market, but on a trendline or a glide path to owning the bond market, where is the bank of Japan? Maybe use a baseball analogy. Are they in the third inning or the 8th inning of buying every Bond that's issued in Japan? Well, at the short end of the yield curve, out to ten years, I think the number is about 65 to 70% of the market. And then at the ultra long end, they own a lot less because their target has been to control yields from overnight out to ten years. So they still have scope to buy at the ultra long end of the market. But yes, you're right. And bank of Japan governor designate ue to us said this in testimony the other day, the BOJ can't buy
Bloomberg Radio New York
"finance ministry" Discussed on Bloomberg Radio New York
"The latest edition of the Bloomberg surveillance podcast, a conversation with Carl Weinberg of high frequency economics. So the bang of Japan has work to do. The end of the fiscal year is now just a few weeks away, March 31st. And there are substantial capital losses on what I'll call the ultra long segment of the JGB market. The part where they haven't been trying to control the yield curve. So those yields are up about 70 basis points compared to where they were at the end of the last fiscal year. And that implies between 30 and ¥60 trillion worth of capital losses, which are big enough to wipe out the balance sheets of a lot of the institutions. So the bank of Japan and the finance ministry are going to be out there in size over the next few weeks buying up this asset encouraging by the asset. They're going to move the market lower. They'll do it, but it will be quite a challenge for them. How close are they? And I don't mean to an absolute owning the bond market, but on a trendline or a glide path to owning the bond market, where is the bank of Japan? Maybe use a baseball analogy. Are they in the third inning or the 8th inning of buying every Bond that's issued in Japan? Well, at the short end of the yield curve out to ten years, I think the number is about 65 to 70% of the market. And then at the ultra long end, they own a lot less because their target has been to control yields from overnight out to ten years. So they still have scope to buy at the ultra long end of the market. But yes, you're right. And bank of Japan, governor designate you ate us, said this in testimony the other day, the BOJ can't
Bloomberg Radio New York
"finance ministry" Discussed on Bloomberg Radio New York
"Oh, I don't think they crave that comparison one. But innovation. Okay, okay. I just feel like maybe the young people are getting there. I don't know. Great story again. Thank you, Carol. And it is the most read on the Bloomberg in the past 8 hours. Eric schatzker, editor at large, his editorial director for Bloomberg new economy joining us in studio. Check it out. At Bloomberg dot com and of course on the Bloomberg terminal, you are listening and watching Bloomberg radio. Bloomberg radio on demand and in your podcast feed. On the latest edition of the Bloomberg Savannah's podcast, a conversation with Carl Weinberg of high frequency economics. So the bangla Japan has work to do. The end of the fiscal year is now just a few weeks away, March 31st. And there are substantial capital losses on what I'll call the ultra long segment of the JGB market. The part where they haven't been trying to control the yield curve. So those yields are up about 70 basis points compared to where they were at the end of the last fiscal year. And that implies O between 30 and ¥60 trillion worth of capital losses, which are big enough to wipe out the balance sheets of a lot of the institutions. So the bank of Japan and the finance ministry are going to be out there in size over the next few weeks buying up this asset encouraging by the asset. They're going to move the market lower. They'll do it, but it will be quite a challenge for them. How close are they? And I don't mean to an absolute owning the bond market, but on a trendline or a glide path to owning the bond market, where is the bank of Japan? Maybe use a baseball analogy. Are they in the third inning or the 8th inning of buying every Bond that's issued in Japan? Well, at the short end of the yield curve out to ten years, I think the number is about 65 to 70% of the market. And then at the ultra long end, they own a lot less because their target has been to control yields from overnight out to ten years. So they still have scope to buy at the ultra long end of the market. But yes, you're right. And bank of Japan, governor designate you ate us, said this in testimony the other day. The BOJ
AP News Radio
Indian authorities accuse BBC of tax evasion after searches
"India's finance ministry has accused the BBC of tax evasion, saying it had not fully declared its income and profits from its operations in the country. Indian tax authorities ended three days of searches of the British broadcasters New Delhi and Mumbai offices on Thursday night officials say they found evidence indicating that tax has not been paid on certain remittances, which have not been disclosed as income in India by the foreign entities of the group, opposition political parties and other media organizations have criticized the searches as an attempt to intimidate the press, critics of prime minister Narendra
Finance Magnates
South Korea Revises DecadesOld Forex Transaction Rules
"8 p.m. Friday February 10th, 2023. South Korea revises decades old Forex transaction roles. LTP GT South Korea's financial authorities have settled to revise the country's foreign exchange. Transactions act that was introduced in 1999 following public outcry against. The limits of the policy, Korea times reports on Friday LTP GTL TPT as part of the revision, the outlet reports of the finance magnates dot com dick south Cary quad target qua bank quant rel quat follow quad South Korean government act has sanctioned 9. Securities firms licenses to engage in the business of currency exchange serving. Both corporate and individual customers. Initially, only four broker sapo's houses. We're permitted, and they were limited to serving corporate investors only dot LTP GTL TPG Korean times further reports that the move will help reduce the commission. Charged for money exchange as banks and securities brokerages compete for. Clients. LTP TLT PGT South Korea revises policy under four X transactions with the adjustment of the long-standing Forex rules also affects other areas. For instance, while South Koreans currently have to remit less than 50,000 a year in order to avoid submitting documentary evidence of the fund, starting. From June, they will be able to do the same for up to 100,000 a year. LTP GTL TGT furthermore, the revision also means that businesses in the country are. No longer limited to 30 million in terms of the amount of foreign currency. They can borrow without having to report it to the country's finance ministry. The amount has now been reviewed upwardly to 50 million. The change came in response to South Korean business owners desire to expand their global. Presence LTP GTL TPG T moreover, South Korean business organizations under the revised version. Of the policy are no longer required to file regular reports to the countries. Financial authorities about their overseas branches or stake of over ten and a foreign company they can now only feed the report once in a year. LTP GTL TPG South Korea embraces offshore firms in FX markets, meanwhile, finance magnates recently reported that South Korea is finance magnates dot com institutional for South Korea to aloe sure firms to participate times market score target cooperating quite real quick follow-up seeking to a travel tag the participation of. Offshore firms in its local Forex markets in order to meet up with global. Standards. The country also plans to attack rough clubs of finance magnates dot comfort South Korean watch Doug to investigate activity in local banks quote, target crop blank quad recoil follow quadro extend the running of its Forex markets will tag to 17. Hours a day in order to allow activities continue up to London apos business hours. LTP TLT PGT currently, only 54 certified local financial institutions, including banks and securities firms, are approved to participate in South Korea's. Interbank Forex market. However, the government intends to change this by. Permitting registered offshore firms with the exception of principal trading. Firms and hedge funds to engage in the country spot and Forex swap. Exchanges. LTP GT this article was written by Solomon Oladipo at WWW dot finance magnates dot com.
Bloomberg Radio New York
"finance ministry" Discussed on Bloomberg Radio New York
"65 cents a barrel, and that's your Bloomberg radio business flash Stephen. Leon, thank you so much. Well, we are of course following the latest out of the bank of Japan as we have had that press conference from haruka Corona that's just wrapped up in the past few minutes. Of course, after this move by the bank of Japan to ease its yield curve control now allowing the ten year yield to go as high as 0.5% as we're just hearing from the arm we've already had a jump in yields it's at 0.4% that ten year yield at the moment. Interesting to hear some of the headlines out of that press conference though is saying that today's move is not a race high key says that he doesn't think that further widening of the yield band is needed or that there is no adjustment of easing insight without a CPI goal inside and he said they doesn't see need for revising the joint statement for now of course that agreement between the Japanese finance ministry and the bank of Japan being referred to their pioneer Gordon's chief economist Simon French is just arrived in studio for hot off the heels of being on Bloomberg television. Good morning to you. Very good morning. Great to have you with us. What do you make of the bank of Japan moves today? Well, if you think that this is an isolated move from the bank of Japan, then there's not a lot to see here. We're actually as governor Croatia is trying to say in the press conference, there is no change in policy, but if you think that this is a sign of more to come in terms of the stresses of maintaining yield curve control on the tenure at 0%, then this is quite a moment. So to some extent, we need to see the data evolve from here is governor Corona right that the current above target inflation has not entrenched itself in the Japanese economy and is not going to lead to a sustained return to 2%. If he's right, this can be an isolated move and it isn't very material. If, however, he is wrong and, you know, look there have been plenty of central bankers and economists around the world over the last 18 months who've been wrong on inflation. Surely not. Yes. I have hate to break it to your current contributor included. Then you have to say, you know, this is quite a moment for not just the Japanese economy, but for funding of capital markets around the world. It certainly seems like the markets are betting on their being further easing despite Corona pushing back on the idea of who's right. Well, look, I look at what is going on in Japan this morning as a real test of how much if you like latent instability, we've generated in capital markets over the last 12, 13 years as a result of zero interest rate policies, $36 trillion worth of quantitative easing of which the BOJ has been the single biggest contributor. Who is right, I think the question is not so much who is right on monetary policy. But who might be right in markets on financial stability here? How is exit from SERP? Zero interest rate policy, going to manifest itself in, if you're like, unearthing the skeletons that hide in the cupboard of the global economy. How are he corridor says he doesn't see the need to revise the joint statement, the agreement with the finance ministry now, surely this is opening the door, though, to changes for changes to be made down the line. Well, it is, of course, we have a change of governor at the bank of Japan in April, maybe he's preparing the ground for potentially quite a advantageously for his successor to unveil a new regime, but I think look at governor Corona more than perhaps any other Central Bank in the world is acutely aware of his impact on financial conditions he will know that today's comments will be taken as a tightening of financial conditions. It has tightened financial conditions based on the movement of yields, JGBs, and the yen. But he will want to establish if you like a pathway to a further policy move, and he wasn't going to do it in the week before Christmas. I know in Japan and Christmas is not the big holiday it is in the west. But with thin volumes on global markets, I don't think he was ever going to follow up a policy tweak, even if he's not claiming to policy move with a change in the mandate. It's not quite a winter of discontent here in the UK, but we all see in the government taking a particularly hard line on any public sector pay rises. What's your view on that? Is it something they would ever be able to afford or justify? Of course they can afford it. Let's not fall into the trap of the being unable to afford it. These are political choices. They're always political choices if you have a sovereign currency, you can access debt capital markets in your own currency, then the constraint is a political one. It is a judgment of the impact it will have on broader macroeconomic variables bomb borrowing on core inflation. But it is a political judgment. It isn't unaffordable. That narrative is discredited and I don't think we should give it any more time this morning. Is there a way out do you think for when the government is looking at the challenges of inflation going into next year? Is there any kind of immediate prospect that things are going to get significantly better? Although we are seeing a trend at least as we heard meaningfully coming down according to Andrew Bailey. Yeah, yes. So categorically things can get better. The inconvenient truth for Andrew Bailey and Jeremy hunt, where she sunk, there's a key custodians of UK macroeconomic policy, is those factors are almost entirely outside their control. So they will be based on events in probably in Beijing and in Moscow over the next 12 months. And that is an uncomfortable place for a macroeconomic policymaker when their pathway to it doesn't matter whether it's public sector, industrial disputes, it doesn't matter whether it's inflation, the various funding requirements of the UK public sector, all of these things when they are outside your control, there is a there is a dance they merry dams you have to play with the media in the public. Which doesn't try and doesn't leave them with the conclusion that you're powerless despite your very grandiose titles. Well, thank you so much. Pam you're Gordon chief Conway Simon French for joining us here in the studio. Now let's get some more on today's top stories from Jan guerin's. Alex good morning to you and thank you as we've been hearing bank of Japan, governor haruki Cora has shock markets by doubling a cap on ten year bond yields allowing them to rise to around 0.5%. That is up from the previous limit of 0.25%, the Central Bank says the move will enhance a sustainability of its monetary easing that many economists see it as paving the way for possible policy normalization. And I just want to clear up something over decades people have stood by the biscuit tin, agonizing, which is the best to dunk in their tea. I now have the answer, the most dunk able biscuit according to experts is the hope knob and this is in the crisprs. Experts, it's in the Christmas issue of the British medical journal and it has broken down which biscuits are the best to dunk and it says that the op biscuit like a hobnob has the best structural integrity from the BMJ. There we are. That's all I wanted to say. Leon guerin's thank you very much for our top stories and biscuit news. On the program this morning, coming up next, we'll
Bloomberg Radio New York
"finance ministry" Discussed on Bloomberg Radio New York
"Let's turn to South Korea now. The debt crisis there has become a cautionary tale as the arrow of easy money ends. So what lessons did South Korean policymakers and government officials learn? Bloomberg's Kathleen Hayes traveled there to find out. Legoland Korea 70 miles east of Seoul was built with government backing, part of a plan to draw tours to the area and create new businesses, new jobs in a region where the old industries like mining and farming have gradually disappeared. One saddled with debt from the Pyeongchang Winter Olympics four years ago. One of the province's hardest hit by the pandemic as virus outbreaks kept tourists away. Legoland is attracting many tourists and guests into the city. I think the latest noise will go away eventually, once the place attracts more people and contributes a lot to the local community and economy. In September, province was thrust into the limelight when it decided not to meet an obligation to repay the loan to finance the construction of the theme park. That triggered the most severe credit market meltdown in Korea since the 2009 financial crisis. Swift action by the government helped stabilize a sell off, even so, officials continued to watch for fault lines, especially in the beleaguered housing market. To mitigate the rising of housing price in the market, this is somewhat welcomed, but the more important thing is the speed of market corrections, speed over the normalization of how we think prices. So we want to stop landing of the housing price. And it's slowly linked to the trade market. The finance ministry and bank of Korea then took further steps to shore up the housing market, announcing new measures on the same day career reported its biggest monthly drop in housing prices in nearly a decade. I don't think we'll be a contagion situation like say they all EM crisis, you know, the 90s, for example, but I think the elements are very similar in other geographies, for example. I think that these type of revenge, again, are driven by the tightening cycle. Now
Bloomberg Radio New York
"finance ministry" Discussed on Bloomberg Radio New York
"To giving a dean in Dubai. This survey we're seeing the growth tremors that have snapped the stock rally and specifically we're looking at the worst first half of the year since the Nixon air on the S&P 500 mini looking to extend some of those declines by about a third of 1%. Going into earnings season is really all about UBS. They put out a note that they're saying, you know what? We're a little bit more optimistic on what the numbers are going to show. They're expecting U.S. earnings to be estimates by 7% in the second quarter. I'm looking here at the U.S. tens as well, relative haven playing bonds is back. Global yields dropping from multiyear highs down 12 basis points on Wednesday. There's an angst that's ripping through commodities. And this is the energy chart that tells that story. Brent has lost about 10% in 7 sessions. The market's live team saying the recession alarm bells are getting louder and will likely leave the key $100 a barrel market risk. This is the technical level that's in focus approaching the lower end of the trendline, and that is down about 16% from last week's high. I want to stay with the commodity seam though and talk about copper, a finger on the pulse of global economic momentum, tumbling to a 15 month slow, this recession angst that's mounting and we're breaking back around the $8600 Mark. You've got the escalating macro concerns on the one hand, and then you've got the lofty stockpiles in China. This is a double burden for a very important metal in the wider commodity complex. Let's get back to the broader markets in Asia though. All the colors and angles, tools, has it all from our Singapore studio tools. Yeah, all of the colors of the rainbow today, so because it is a bit of a mixed session, we do have a pretty flat momentum on the regional benchmark indexes. We continue to weigh up these recessionary fears with what is happening domestically as well. And you can see Hong Kong is an outperformer. This is on reports that the incoming chief executive John Lee may be looking to ease some of the very strict COVID restrictions and look to opening up the border with the mainland. You can see though that Japanese market is under a little bit of pressure while the yen gains. Now this is after we heard from Japan's exit Forex, Zara, if you will, commenting a little bit of an upside to the Japanese yen we heard from takahiko nakao, the former head of currency policy at the finance ministry saying that the possibility of Japan intervening to stem the yen's slide can't be ruled out. Still seeing Bond speed, you're seeing that reflected in the Australian bomb market with yields there continuing to slide. This is traders start to really price out the move of an aggressive rate hike from the RBA at the next meeting. And when it comes to Central Bank decisions, there's a couple in the region today. Let's have a look at my GTV chart. We know that countries and central bankers grappling here with inflation and we are expecting the Philippines to further tighten detain their inflationary concerns while Indonesia is expected to provide clarity on the timing of its interest rate lift off, but likely to hold steady today. Indonesia is still very much seeking evidence of demand lead price pressures, but we are expecting to see a quarter point increase coming through from the Central Bank in the Philippines Yusuf. Yep, we'll see what we get then from the monetary authorities there. Thank you very much, Jules for the moment. So Jay Powell has given his most explicit knowledge with yet that steep rate hikes could tip the U.S. economy into a recession. It was questioned by the Senate banking committee. Do you agree with respect to the interest rates go too high too fast that it could drive us into a recession? Certainly a possibility. It's not our intended outcome at all, but it's certainly a possibility. And frankly, the events of the last few months around the world have made it more difficult for us to achieve what we want, which is 2% inflation and still a strong labor market. Let's get more with Bloomberg's the chief Asia economics correspondent and the current. And so this was a very long testimony. I mean, I had dinner, I went to the gym, finished a couple of calls, and all throughout the chapel was in on the background, and I tuned in here and there. But how serious was the morning that we got from him? I think it's an acknowledgment of the use of in terms of what everybody else is saying. Really, how can you pull off a soft landing or avoid a recession given the pace of interest rate hikes that you're pushing through and he has now said basically he's put it on the record, looked at it, it's going to be very challenging. Of course, you then get into a whole debate over whether how deep or how shallow that recession might be. On the other hand though, chair Powell did make the point that the alternative to not jacking up rates in the face inflation would be to risk longer term inflation expectations, getting better into the economy. And of course, that would mean longer term economic damage. She also had an interesting line of attack that complicating his job is the global picture. He didn't name them, but obviously you've got the Chinese slowdown, you've got the energy and food crisis globally from the Russia Ukraine, Russia invasion of Ukraine. So he was trying to massage or nuance his message that if there is a recession in the U.S., it will be just because of the fed, there are global factors that play to I mean, here's the thing. So the fed kind of is leading the way and that puts pressure on some of Asia's central banks to follow suit. I mean, obviously different considerations. What's standing out to you? Well, you're right, you said for me to textbook one O one would say, if the fed is going in one direction, emerging economy central banks, especially in Asia, have to follow suit. We are seeing it's not a divergence, something of a slower pace of hikes here. Obviously, China is not hiking. That's a different story alligator. That's the world's biggest emerging economy number one. But number two regionally, we're seeing the likes of the Philippines. They would probably hike today, but that's mostly an inflation story. They're not necessarily feeling compelled to match what the fed is doing. And Indonesia is meeting today also their Central Bank, and they're expected to stay on the whole, thinking there is that there's more of a focus on the slowing on the growth story. It needs more support. Let's focus on inflation, even though the currency is weaker. And that does speak to the idea that emerging Asia at least seems to be following its own path in response to the fair sure they are under pressure to raise interest rates, of course, they are, but they're not yet going into pace at the fed is and they haven't signaled that they will be anytime soon. And thank you very much for the thoughtful analysis that's in the current in Hong Kong. Well, let's get back to the energy markets because oil has retweeted along with other key commodities as concerns over the global economic slowdown intensifies. Let's head out to our reporter Stevenson in Singapore. Stephen, I fully appreciate that the energy markets don't always make sense. In terms of how pricing structures ultimately get reflected in exchanges, the current price does not match up with the rhetoric of short supply and high demand. What's going on? Yeah, absolutely. I mean, I think there are a lot of traders who are scratching their head. I don't think folks expected the oil market to react. So strongly, but now we're here. People are worried about a recession. And quite frankly, that's probably going to likely keep driving down prices until they do realize that they're just isn't enough oil in
Bloomberg Radio New York
"finance ministry" Discussed on Bloomberg Radio New York
"From Bloomberg zip headquarters here in London I'm Caroline Hepburn with this Bloomberg radio business flash so European stocks this morning up by four tenths of 1% this extra Dax gaining 7 tenths of 1% Banks and insurers the biggest gainers now in terms of European trading bonds continue to sink after Jerome Powell's hawkish comments Goldman Sachs now sees two 50 basis point hikes in May and June the entire U.S. yield curve moving higher significant flattening in terms of yields right now U.S. yields on the ten year 2.34% are by 5 basis points here in Europe also bonds dropping yields on the German ten year at 50 basis points also up by three basis points this morning Russia saying this morning according to the finance ministry that they have paid the $66 million Euro bond coupon in full as for other markets that we're watching the Japanese yen hit a 6 year low against the U.S. dollar this morning at one 2042 so softer 8 tenths of 1% The Bloomberg dollar spot index is stronger a tenth of 1% this year morning the Euro trading at one ten as for oil markets given that we are close to a month into the war in Ukraine We reverse the gaze that we saw earlier and we traded a little softer breakthrough now at a 115 34 down two tenths of 1% WTI crude features also dropping 1.2% this morning and the gold spot price at 1926 That is your Bloomberg radio business flash with all the latest data Now here's Bloomberg's Hannah George with all of today's top stories good morning Good morning Caroline Thank you President Biden has warned that Russia could be weighing a cyberattack against the U.S. Biden pointed to intelligence suggesting that Moscow is exploring options for potential hacks which could be prompted by frustration over sanctions and the progress of the war in Ukraine He's urging businesses to enhance their defenses adding that most of America's critical infrastructure is run by the private sector Several EU countries are pushing for a 5th round of sanctions on Russia in retaliation for its invasion of Ukraine That could include a ban on purchasing Russian oil The Kremlin says such a ban would have a profound effect on the global crude market and hit the continent hardest oil rose for a fourth day on the news And demand for preto monges coffee and food fell slightly in London's finance and shopping districts last week That's ending several weeks of growth for the Bloomberg's pret index The downturn reflects an upturn in COVID infections in the UK which are at the highest level since January but the city in canary wharf are still near a pandemic higher 80% 86% of pre COVID sales suggesting the bank of lunch hour is returning to normal 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 Hannah Georges this is Bloomberg Caroline lunch on you Yes as long as it's also me having to come into contact with COVID but it's not just cases in the UK It's also France and Germany and Austria and lots of places in Europe are seeing COVID cases going up The fourth jab is being rolled out to older people here in the UK That's starting from this week and get you appointments So yeah we're still do have to think about COVID Yeah I think we forgot to talk about it for a little while but I made the mistake earlier or probably the right decision of looking at the government figures and I can just see that cases going up going towards that 5th wave we don't really want it do we but it's there 607,000 cases in the last 7 days in the UK as of yesterday So 36.8% rise It's going up fast And I was one of them I can say from personal experience it's certainly as an over it's where I've been for the past week or so Oh dear Okay so we have to think about COVID too Thanks so much Hannah George with our top stories this morning Let's cross over to our colleagues over in the U.S. We're getting ready for Bloomberg daybreak Check in with John Tucker Good morning John Hope you are healthy and well What's ahead on your program though Yeah I was just going to say it the other day It's such a nice day I went out to go to my favorite Irish pub haven't been there in so long Saint paddy's day don't tell me Well not even saint patty's day even before that I have to admit But you know what I went there It's no longer there The devastation on the economic front here just locally from fewer workers being in the city It's just really unprecedented in my lifetime I think at least anyway That's sort of the anecdotal here on this front As far as the stories we're covering AP reporting the Ukrainian president zelensky prepared to discuss a commitment from Ukraine not to seek NATO membership in exchange for a ceasefire Also ahead of this week's European summit some division of potential embargo on Russian oil we'll get an update from Bloomberg executive editor on the international government Rosalind mathison President Biden as you heard says Russia's use of a hypersonic weapon that indicates Vladimir Putin growing more desperate also warning of cyberattacks Joe Matheson host a Bloomberg sound on He's going to join us from Washington this morning And we'll also take a look at the confirmation hearing for judge gate Brown Jackson It hasn't been a great time for bonds Jerome.
Bloomberg Radio New York
"finance ministry" Discussed on Bloomberg Radio New York
"Scum and traders and simply spit them out like a fly that accidentally flew into the mouth spit them out I am convinced that such a natural and necessary cleansing of society will only strengthen our country Putin accused the west of wanting to destroy Russia and this morning Russia's finance ministry said a $117 million interest payment due on $2 bonds had been made to Citibank in London Well Nathan another major story that we're watching this morning is the continued reaction to the fed's liftoff on interest rates and Bloomberg's John Tucker joins us live with the latest John Karen stock and bond investors had completely different reactions to the fed's quarter point rate increase Stocks rallied bonds sold off the 5 ten year treasury yield curve inverted for the first time since early 2020 That's a recessionary signal at Guggenheim partners chief investment officer Scott miner isn't all that impressed with how the fed is tackling inflation I think that the fed has largely abandoned monetary orthodoxy It's trying to be too cute And how it's managing this Guggenheim Scott minerd says they are in an inflation panic The Central Bank also published forecasts from the authorities various officials the so called dot plot that indicated a steeper hiking path than before Live in New York I'm John Tucker Bloomberg daybreak Thank you John Interest rates are also in focus in Europe Let's get that story live with Bloomberg's UN pots Good morning Ewan Good morning Nathan and Karen The Bank of England was the first major Central Bank to tighten policy after the pandemic And today committee members look all but certain to hike rates for a third successive time If they do that would take the UK benchmark back to its pre COVID level as the bank battles soaring inflation That decision at 8 a.m. Eastern Time live in London I'm Ewan prods been big daybreak All right you and thank you about turning to the markets now stocks in Asia jumped once again on a surge in Chinese technology shares We get the recap from Bloomberg Surely it's selling in Singapore Good morning Juliet Good morning Nathan and Karen China's effort to stabilize markets or the hang seng index posted its best two day gain since 1998 The hang seng tech index added to Wednesday's dizzying 22% gain However the index is still down more than 50% from its February 2021 peak owing to a yearlong crackdown on the sector The lift in Hong Kong and Chinese equity saw the MSCI Asia Pacific index rise over 3% And the yen hovered near a 6 year low boosting the nikkei two two 5 by three and a half percent That was its best two day gain since April 2020 in Singapore Juliette Sally Bloomberg daybreak All right Juliet thank you Despite the recent pullback one Wall Street firm says oil prices are heading a lot higher Let's get that storyline from Bloomberg's we need a young good morning Good morning Nathan Morgan Stanley is raising its Brent oil price forecast for the third quarter from a $100 to a $120 a barrel Analysts there are citing tighter supply demand balances worldwide Morgan Stanley says the U.S. import ban and self sanctioning in Europe mean Russian crude production will drop by 1 million barrels a day which will be visible from April onwards Analysts are raising their estimate for 2023 from $95 to a $100 a barrel live in New York I'm ranita young Bloomberg daybreak We need to thanks right now Flirting with a $100 a barrel trading at $99 44 cents Brent is at a $102 65 Straight ahead your latest local headlines and a check of sports this is Bloomberg And it's now 6 O 7 on Wall Street still dealing with some fog this morning 45° in.
Bloomberg Radio New York
"finance ministry" Discussed on Bloomberg Radio New York
"The FDP might find it easier to tie in with the CDU and CSU So where on earth does that leave us in coalition talks And that is the heart of the matter right there You have these two smaller parties both of which at this point are needed in order to form a majority in the bundestag and their preferred partner one wants to say to you one wants the SPD So who ultimately wins out there The fact that they're going to have these initial talks with one another suggests that they're going to try to find some of that common ground You may remember that four years ago when America was trying to form her government she actually tried to get the greens and the FTP into government with her before she ultimately ended up in another government with the social Democrats And in that particular instance the greens and FTP they couldn't agree and that option was blown up So they seem to both want to be in government this time around I think that they feel that after not going into government in the four years ago that their voters really are expecting them to be part of the next government So they're going to have to somehow try to find common ground on issues that they care about in order to then move forward with potential discussions with either the SPD or the CDU And just briefly Chad what do you think that the election means in terms of tax and spending What do investors have to think about And also about the climate agenda because that came to the fore in campaigning The climate agenda is at the top of mind for Germans And so whoever is in government you definitely are going to see that push forward The greens will most likely be in any government and this is their absolute number one priority The FDP they are fiscally conservative They want to rein in the budgets once again And if they are in the government they will fight to have the finance ministry so you're likely to see fiscal restraint in the next government That's a good to speak to you really good to get your perspective Almost joining us with the latest on the German electoral picture Yeah well let's move on from the election in Germany to the fuel shortages here in the UK the government taking emergency measures to try to resolve the crisis You can not be unaware of it They're given the amount of presses out over the weekend Britain will temporarily drop a competition rules to allow.
Freakonomics Radio
Lebanon PM-designate steps down amid impasse over gov’t formation
"Lebanon's prime minister designate, has resigned less than a month after his appointment is at home See reports from Beirut He's stepping down amid a deadlock over forming a new government in the small, crisis ridden country. Prime minister designate most of a deep attempts to form an independent cabinet drew the ire of political parties and Hezbollah. They demanded the finance Ministry be assigned to a Shiite candidate of their choice. Deep been endorsed by a majority of political parties, as well as French President Emmanuel Macron. Cronus pressured Lebanon to form a government quickly in order to unlock international aid required to bail the country out of a severe economic crisis. Deep was designated in the wake of a massive explosion in Beirut sport. That explosion caused by almost 3000 times of ammonium nitrate cause popular anger and Lebanon after it was revealed many of Lebanon's politicians knew about the unsafely stored material for years. And did nothing.
Monocle 24: Midori House
Canada Finance Minister Quits Post Amid Charity Scandal
"Look at a chapter of political tunnels. Now here in Canada where yesterday the country's finance. Minister Bill More No. Long one of the prime minister's closest political allies resigned it follows lingering ethics scandal that has surrounded Trudeau's government for some time by this stage well, today a little earlier prime to treat. That Christie Freeland Canada's deputy prime minister would replace bill more now at the finance ministry becoming the first woman to hold that post Donyell. The murmurings around bill more knows future had been simmering hearing the Canadian Press for several days. By the time, his resignation announcement came last night. What's your reaction to? What is yet another high profile resignation from Shudo's cabinets in the five years of says since he took office. Yeah, quite a quite another big controversy four Trudeau in the middle of summer I think you know off the bat whatever reason the liberals are given. Four giving for more knows exit here is a messy one that. It was said that he wouldn't be seeking election. Again, we'll be looking for other opportunities. We know that he'll be looking to helm the AC, which is a great post for him perhaps in a good career move. But at the end of the day, this comes down to. Another sticky situation for the prime minister that really threatens to derail the progress that they've made in. The coronavirus crisis namely their popularity with Canadians. But once again, another distraction for the prime, which raises questions about the ship he sailing and him as the captain let's say. This begs the question of whether Mr Trudeau is simply impossible to work with. Now this is just another controversy that comes only a week Tomasz after we spoke about the last controversy involving. The Governor General Julie Pie itch and the toxic workplace she's been accused of creating butts. The liberals the government to appoint a successor in Canada's first governor of the Bank of Canada and Christina Freelance who held the interesting post of Deputy Prime Minister and not a lot of Canadians were used to to that role before Justin Trudeau but she is his most senior cabinet minister and and now most trusted ally. But that group of People Tomasz as you know is is getting shorter as the months go on. It's seeming time and again, like Trudeau is is just a very tough guy to work with and when he doesn't get his way, well, you get run out of town we should also point out that. Bill, more know. Perhaps. Put. His foot in it and didn't help the situation on on the fact that he wasn't agreeing with the prime minister but we can set that aside they didn't handle that well but also a big controversy besides this is this we charity, of course where. He and his family and the Finance Minister and Bill Maher. Now both have personal and family ties to this charity and should have recused themselves. I don't think that. The, the picture, four Canadians by I think that picture. is becoming more and more for. Canadians. Like. An elite privilege class squabbling over not being able to work together and I think that really does not play well, obviously trudeau lost. His majority after the last election and who knows where it's it's going from here because it doesn't seem like he's going to be able to keep some of his top ministers around for very long?
Silicon Valley Insider with Keith Koo
Japan records trade deficit in January amid growth fears
"Night Japan recorded a trade deficit for the month of January's exports declined amid worries about the spread of that new virus the Japanese finance ministry says the trade deficit for last month totaled twelve billion dollars that marked the third straight month of a trade deficit for the world's third largest economy the ministry know suppose Japan's exports and imports to China fell in January exports and imports to the U. S. also fell for the
BBC Newshour
China cuts some tariffs to boost trade and take heat out of pork prices
"China is to cut import tariffs on hundreds of products from the beginning of next month the finance ministry said the goods range from frozen pork and have a cadre to semi conductors in paper the roof is expected to benefit many of Beijing's trading partners as well as Chinese consumers John John is China's minister of commerce this is a way around here we all see the world economy under pressure and unilateralism gaining momentum we are among the world's most important economies by further opening up trade and investment with one another on a greater scale we can contribute to world stability correspondents say trade with other countries is particularly important for China during its trade war with the United States world news from the BBC
Morning Edition
China to waive tariffs on some US soybeans, pork in goodwill gesture
"China says it will issue terror of waivers to some shipments of American pork and soybeans and PR Semele Feng says the move comes amid ongoing efforts by the trump administration to reach a trade deal with Beijing China's finance ministry said American pork and soybeans others could apply for terror flavors but didn't say the quantity of shipments involved American soybeans import Kevin subject to an extra twenty five percent tariff since last July but an ongoing swine flu epidemic has decimated China's pick hurts by as much as forty percent causing prices to skyrocket president trump says trade talks with China or in his words moving right
First Light
China will waive import tariffs for some US soybeans and pork
"Maybe some good news for farmers as China says it will waive import tariffs for some soy beans and pork originating in the United States China's finance ministry said this morning the terror of waivers being implemented are based on applications by individual firms for US soybeans and park the statement did not specify the exact quantities of the imported products on which the relevant waivers will be applied
BBC World Service
El Salvador creates OAS-backed anti-corruption commission
"El Salvador is setting up an independent commission to tackle corruption president tonight the KLA said that was popular demand for the body which is modeled on the U. N. back commission in neighboring Guatemala Mr McKay said he would create a special department in the police and the finance ministry to recover money embezzled from taxpayers ants to investigate businesses that evade taxes the Guatemalan commission has now been expelled from the country but before it was forced to end its investigations it has prosecuted a former president and vice
FT World Weekly
South Africa graft inquiry exposes ANC divisions
"Today. We're looking at South Africa and its battle against corruption which took a dramatic turn this week with former president Jacob Zuma a cool to testify before commission of inquiry joining me on the line from Johannesburg is correspondent jobs of cultural and here in the studio Africa editor David Pilling David Festival. Could you give us the background. This inquiry is into this idea of state capture. The role of some businessmen called Gupta's. How's it come to this will for a long time? There's been this notion of state capture which is really South African phrase or it's become a kind of Motif in South Africa really a term that denotes mass corruption the hollowing out of some some of South Africa's most important institutions in the idea that they've been kind of sold to the highest bidder including the family mentioned the Gupta's who are very close to Jacob Zuma when he was president this in the sense of the moment that everyone's been waiting for this has been ongoing testimony from from various people who are involved her accused or who have evidence but this is really the man who is said to be at the sense of the Fulcrum the man who innocence is alleged to have sold the presidency and really sent South Africa which was already having many difficulties really kind of sense it on a very difficult path of low growth corruption loss of faith in the A._N._C.. An government and therefore a lot hangs on this inquiry doesn't it I mean it's not just just about making sure that justice was dumb to some extent the hopes of President Obama poser to correct the course of South Africa to some extent today hang on this inquiry working out to some extent. Yes I mean I think there are two things I mean one. Is this idea that the people who were involved should be punished. Jacob Zuma has been doging what some people would say as justice what he would say as persecution for moving a decade those who think that Zimmer is guilty those who think that he is at the center of something that is corroded the whole South African dream think that unless he somehow punished then we won't be able to move on then there's also cost the kind of evidence that is presented the evidence that is needed to root out corruption from within the A._N._C. and it goes very deep according to most accounts and evidence. That's really needed for Sir. I'm opposed to get a grip on the party and turn it in the direction that he has claimed he wants to turn it into in his electioneering so Joseph this week the commissioner of inquiry weaker very important state with presence Zuma Call to testify how did that go started with classic Jacob Zuma Very Rivera performance as he opened his testimony and gave his side of the story and he said free. Anything's Fussy his enemies in the African National Congress auspice they are saying all of these things about the <unk> because foreign spy agencies which he didn't name but were to be the C._I._A.. Enough is instructed students <unk> and finish off. He said people trying to kill him. People have sent suicide bombers <unk> after him people trying to poison him so it's very dramatic but since then and the days the photoed he's deflated a bit as we've got into the nuts and bolts of enquiries questioning the inquiry has put to him specific allegations civilisation exits. You told them to lie about the Gupta's Minister Zet made this claim and immune response has been. I don't know I can't remember right and this conspiratorial stuff that he's used. Is there a ready audience written South Africa. Do you think many people will be listening to him and does he still have a financial support quarter. Can maybe prevent him being brought down bonus outside Africa and in most of the population. This does sound absolutely match. He's going back to allegations that date from the nineteen ninety s that the A._n._C. was infiltrated by foreign spies. Zoom himself was a former spy master in the A._N._C.. He claims to have lists of enemies. Were spies. It does sound like it comes from <unk> but there is an audience in G._N._C.. It's not big but it is exists. People do believe there is outside interference in South African and A._N._C. Politics and by that narrative that this position imposed by external forces Suma has not named but in terms of picking away at the credibility of inquiry picking away at the credibility of Roma pauses cleanup effort it works to create that kind of disinformation and David would there are people think within the N._C.. Whose face the tied up with Jacob Zuma so they're not necessarily people who believe in him? I'm sure there are in the wider population especially in KwaZulu Natal but within the A._N._C. There are people who depend on Zuma's version of events prevailing because otherwise otherwise the next nothing. That's quite important because you've got this fight within the A._N._C. and remember Ramaphosa only just won the presidency so you have this fight between these different elements and they've not been able to root out by any means all the the people who were pretty much involved in state capture. Some of them still hold high office if you look at the A._N._C. Network throughout the provinces of South Africa the kind of riddled with people who somehow benefited from a lot of what was going on and so there's a lot of steak and they're able to fight back to some extent on them. They've been able to chuck allegations the Finance Minister Probably Gordon and so on well. That's exactly right. I mean you have this kind of war of words and his war of parallel realities. It's important to note that there is very clear documentation mutation the backs up a lot of these allegations even though some of the investigative services were themselves compromise for example the protects the general to Lee Metal Seller came out with a report with names dates places the Financial Times itself reported reported a story where the then finance minister was offered a bag of money to take over the finance ministry and do various things that would have been off benefit to people connected to this sort of state capture network so I mean there's quite a few smoking guns there. But there's also the possibility especially I think in the world that we live in today of a counterfactual narrative that can be built up and if people arrested in that narrative than it's easy to believe it if their fortunes if their jobs depend on it then of course they'll believe John Beckett right and Joseph how is in broader terms the Ramaphosa effort to write South Africa to put it back on the right track. How's it going eighteen months ago? I think people would have been talking about remote Pouria about this sense that just a mere fact of having someone else in the presidency would unleash foreign investment and bring back South African companies to invest her as well that is not going well the economy's gutting with recession and they're very bad numbers at the beginning of this year. It's GonNa take a long time just because of the extent of the role just to take one example Eskan depowered monopoly which generates navy one of the country's electricity has just been for band patch of quite severe blackouts which obviously done the economy no favours as Davis had that is a smoking gun. One of the biggest intensive corruption under Zuma's rule but Ramaphosa team has been very very slow hello to restructure and s gone back honor bell fitting so that sense of urgency that was there a year and a half ago or Zuma was removed from power than dissipating and is that because the President Ramaphosa of the obstacles faces are larger than he imagined I mean how bad was the situation. He inherited actually we can go back to something. A former minister said at the inquiry about state capture itself which is don't over zoom denies denies it during make it all about Jacob Zuma. This was a much bigger network. The one president that are much more alleged perpetrators than the Gupta's so to route that out of the A._N._C. will be a bigot. It doesn't involve solve the tax collection agency the National Prosecutor even the public protect to David mentions had four against Corruption Zuma Bat has allegedly been captured by the quote unquote fightback so so it's not like things going on one way towards reform. It's a real conducting institutional fight so yes. It's not what about Jacob Zuma legacy so let's just finish by looking at the future both of the A._N._C. itself twelve and of South Africa. David background is that it's known about a battle within the end see the N._C.. The Positive Liberation the Party of Mandela has been losing popularity in their arrivals. Do you think this is an away a last chance for the Nancy and if they fail walk replaces them I think in says it is a less chance I mean you've seen its popularity slide. I think they won't fifty seven percent in this election fifty seven fifty eight and it would have been much lower had not been for the remedy fauria affect that Joseph referred to there is disillusion in the A._n._C. as a kind of typical liberation party which of course it never was seen as it was seen as this great transformer of the Rainbow Nation but it's unfortunately in many people's is gone on the way of other post-independence liberation movements got a monopoly on power and therefore abused its power. The one thing you're saying is that the South African economy which had been growing before Jacob Zuma five and six percents a year at least giving. Some room to do some of the social changes that the A._N._C. has promised to do an is the legacy of apartheid that does need to be addressed but with no growth with recession. There's just nothing to play with and in the end I think unless unless the A._N._C. can sought out its internal divisions standouts corruption at least to a certain extent and get the economy moving again then we will proceed at one pacer another in one direction that will be that the A._N._C.'s majority will old slipped below fifty percents. We'll move into coalition government. I didn't think we'RE GONNA lose the A._N._C. and power for quite a long time but you can see the A._N._C.'s total monopoly on power fading and in some people's eyes that would be no bad thing but some of the political forces I mean there are liberal democratic forces but they're also more left wing nationalist forces led by me and someone who might profit they're both you know there's a party to the right of the A._N._C. which believes in much more free market liberal economy of vessel but might be recognizable say in Europe but there's also a policy that basically says that the Liberation Movement in one thousand nine hundred four has been betrayed that is rallying around questions like nationalization of land or expropriation of land or that compensation because the the truth of South Africa the big truth that's looking behind all of this is that the disparity of income between the largely white population but with now black middle classes prospered on the one side and then a great divide with the rest of the black population that has really been left behind in his almost as far behind as it was under apartheid. That's the background and that's the social pressure that is behind a lot of this in which the A._N._C. in internal struggles in its moral corrosion is really unable to address and Joseph to finish the time I was in South Africa one did hear this phrase state capture but also some people muttering about state failure the sense that if this couldn't be turn round South Africa was really quite serious trouble and it statuses is the most advanced economy in Africa was under threat as we speak the army has been deployed in South Africa's Western Cape Aware Capetown is because of crime being so bad in townships around South Africa's second city not so as indicates for failure buses capture. I think that's a fad point to make state. Capture focused on major state companies focused on the Finance Ministry the very top of the state intensive allegedly the diverting resources to people Gupta's but from below rivers issues Davis has just been talking about basic service to the water at Trinity. I mentioned Eskom. Thurs indicates is old flagging as well. I I mean look at the end of the day of roughly infrastructure is miles edge of many countries on the continent on remains sir but this sense of urgency that was eighteen months ago about undoing nor anything capture but also bringing economic stagnation to an end Indorama poser that message has lost a bit amid the continued inflicting in the A._N._C. so that risk of failure stood
Bloomberg Daybreak: Europe
Trump says he'll meet with China's Xi amid intensifying trade fight
"Let's talk about the US China trade issue because the United States is reading new tariffs against China. Even as President Trump says that he will meet Xi Jinping next month g twenty meeting. The trade representative's office has released a list of about three hundred billion dollars in put us to be taxed now off to China impose its own retaliatory duties on US goods Trump warns Beijing not to go too far in retaliation. But says that he still optimist about toolbox. They've got back from China. Well, let you know about three or four weeks whether or not it was successful. You never really know. Right. But I have a feeling it's going to be very successful. So for more on this. Let's go live to Beijing weapon begs China. Correspondent Tom MacKenzie is standing by to give us the details on China's retaliatory actions. Yes. So we've been waiting for a few days for the countermeasures that China have promised on last night. Beijing time they came through. So what they going to do is taking the retirement tree times. They already had place in place on sixty billion dollars worth of goods from the previous round, and they just going to raise those levees to between twenty and twenty five percent. And these are products they import from the US, including things like agricultural products, of course, as well as energy, so liquefied natural gas. These are going to kick in from June. The first interestingly, what China didn't do was impose tariffs on US made auto something they suspended back in December often that g twenty meeting between president and President Trump, and they also have yet to cancel a pledge by about seven million tonnes of US soybeans. Well, so they're knock. I mean, those are the probably the hardest hitting measures that could've taken. They're not gonna do that. Are they prepared to put those tears on? If the Trump administration goes ahead and taxes. The rest of the goods that it imports from China. So certainly the view is that they want to take proportional response. So that they can keep these talks going forward with of course, the hope that they can get some kind of resolution in the next few weeks. Even if the odds of that seemed to have changed and the chances seem to a full in in the last few days. So they want to have the key that toolkit that and they have additional measures that they can put in place. So they can do that counsel, for example of US soybean purchases. And of course, they can reimpose those tariffs on US. They haven't done that yet. But certainly the fear was there in the markets yesterday. Looking at the auto stocks listed in the US and particularly country companies like tesla would be very badly hit, of course, other missions. They can take non-tariff barriers so just making life much more difficult for US corporations operating here. And then there was the global times, which is a nationalistic state kind of Bank newspaper tabloid suggesting that maybe being discussed in the holes of power. Hey was a settling down of US treasuries. Now every single analysts that we speak to says that is very very unlikely. Indeed. So they may just be part of the psychological. Operation cyclops between the two countries. Essentially, something we've been looking at whether or not they can devalue the UN a paper newspaper back by the central Bank came out today and said, look, we should not expect significant weakening of the Chinese currency. And in fact, the off show an-and show you is up slightly today. Yeah. I was just looking at that as she CSI three hundred this up three tenths of one percent. Just briefly. How's it playing out in the Chinese markets? So yeah, today's being relatively stable part of that will be down. No doubt to the comments by President Trump saying that he feels that there's going to be a resolution in the next three to four weeks. Of course, many looking ahead to that g twenty meeting between president Xi and President Trump with many hoping that that will lead to some kind of resolution, but really the focus is on what the policy response is going to be. So the C weighing in today to suggest that a radical be value of the currency isn't going to be happening. That's prove something supportive, but we all looking certainly for those additional measures that many economists now expect to see from the central Bank and from the finance ministry, particularly to. Support domestic
Weekend Edition Saturday
G7 countries to simulate cross-border cyber attack next month: France
"For the first time g seven countries plan to simulate cross-border cyber attacks on financial institutions with the aim of exposing weak spots. Jake Sakano reports at currency seven president France says the exercises will take place next month, the simulated cyber attack were roll out over three days and target twenty four financial institutions, according to Natalie oh fell from the Bank of France, the European Central Bank and the Bank of England have already tested their systems independently. But this is the first cross-border simulation among g seven nations. Officials hope the exercise will expose risks and weak spots at central banks market authorities and finance ministries. According to a recent study by the financial sector accounts for nineteen percent of cyber attacks making it the most common target. French finance minister Bruno said cyber threats are proof that g seven countries need more multilateral
Bloomberg Surveillance
German bank merger crumbles as Deutsche Bank tie-up talks with Commerzbank end
"Let's start with the main event. A big story this morning, Deutsche Bank and Commerzbank. The talks are Hoover. I want to bring in Bloomberg's Matt Miller to get up. To speed on the end of merger talks. What broken well Berlin has been against this really from from day one with the exception of the finance ministry, Olaf Scholtz and his deputy your cookies were really the driving force behind these talks to begin with. But as soon as people started talking about thirty to forty thousand job cuts as a result. It just was it just was a bad look for everybody here and Anglo miracle and the rest of the and the rest of the powerful politicians in the capital fought against it. So from Deutsche Bank perspective, it was just at least what they said this morning, it just proved to be too expensive and too complex to pull off. But from a political perspective, it just wasn't gonna fly so coma. Spanked potentially have got other downspouts we've seen in the news. I and cheer interested. We've seen in the news several reports that only credit is said to be interested as well. Where does it leave? What you back, man. Yeah. I actually asked. To the CFO James von Moltke this today because obviously by stepping out of the running to buy Commerce Bank. They leave themselves open to competition in the future. If someone else comes in buys Commerce Bank. They can get big in Germany, listen to what on mulkey told me. Yes, we do envisage over time that industry consolidation will take place in Europe, and the dodger bunk wants to be part of that the timing and the specific form of that obviously remains to be seen. We've talked a lot about doing our homework to continue executing on our plans executing on the restructuring of the company and the improvement in our shareholder returns. So not only did they discuss the facts that Commerce Bank could become really serious competition. If they get taken over by European competitor. They do want to stay in the consolidation of European banks going forward just not right now
Bloomberg Daybreak: Asia
Trump takes blame for violence by far-right group
"Getting a recommendation by staffers, not to slap the currency manipulator label on on China. Now, it seems to have withered a bit. Why I think that the reason is that both sides? They don't want to show some kind of weakness before these can incoming negotiation. But I have the feeding that definitely both sides. They want to really go again on trade, topics. So we shouldn't beat that to pessimistic about this one. So anyway, I think although they try to create some noise because they want to. We can see opera hand in this incoming negotiation. But definitely renegotiated is coming. Yeah. That currency manipulated tag. I find that interesting because President Trump did coal China a currency manipulator back in August. But when the treasury department, doesn't it's it's over different. Can you explain that distinction for some why it matters the things is of if you want to label a country as a mint currency manipulator, they need to satisfy some creteria, but will in Chinese case only securitarian, maybe only one of them can be as can be meat. So in that case from the technical point. I also from a point of the finance ministry. I think there's no reason to label China, I says Carusi manipulator best why'd the US. The US finest mistreat have different views with President Trump from pets. Well, President Trump's point because he have trying to push China to to a sap too old. There are are they find the China US, a kind of a depreciation of the charissa to offset this inactive impact. He's maybe he's not satisfied with that one. So we mentioned that we saw better data doesn't seem that the tariffs. So far have had much of an impact twenty seconds. Yeah. I think that this one already show some impact either Greek level because of this ex- Poulter is a us. A lot of the marital offset the impact. So we have the very big impact. Right. And a lotta this might have been to try
Armstrong and Getty
Moscow says Russian woman arrested in US mistreated in jail
"Flex fires as well. Moscow claims, a Russian woman arrested in the United States on charges of acting as an unregistered foreign agent for Russia is being mistreated in jail, Russian foreign ministry. Spokeswoman Maria. Zara Cova told reporters today that Maria Boutin ah, is being kept in solitary confinement and a cold Sal in Washington DC czar. Her claimed the prison officials are interrupting Boutin asleep, not feeding her properly and not letting her breathe fresh air czar Cova describing Boutin 'as treatment in jail as complete law, NIST lawlessness, and urging the international human rights community to intervene Bettina was arrested this month, and she awaits trial on charges of conspiracy and acting as an unregistered foreign agent for Russia. Prosecutors have accused her of using sex and deception to forge influential connections. She's pleaded not guilty. China's government announcing a sixty billion dollar list of US goods, including coffee. Honey and, industrial chemicals for. Retaliation if. Washington goes ahead with its latest tariff threat China's, finance ministry is accusing the Trump administration of damaging the global economy after proposing. To impose twenty-five percent duties on two hundred billion, dollars worth of Chinese products in a dispute over Beijing's technology policy and the judge and Paul manafort's financial fraud trial has, gone after, prosecutors several times this week for highlighting President Trump's former campaign chairman's lifestyle judge, LSU has some sharp wet often cuts lawyers down to size says it's not a crime to. Be rich the Manafort case centers on his consulting work for wealthy Ukranian. Clients and whether he. Fraudulently hid millions from banks and the IRS we'll check your, traffic next.
Bloomberg Daybreak: Asia
Eight Percent, Seven Percent and Five Percent discussed on Bloomberg Daybreak: Asia
"Us right now this hour's top business stories of micron technology plunged more than five percent in the us session that is afterward a chinese court temporarily banned micron from selling its chips in china microns talent as rival umc says the patient ruling in its favour blocks micron from selling twentysix products in china bloomberg's ian king says this includes microns dynamic random access memory and flash memory products from the us perspective the market here investors in my doc tehran something on this magnitude is not what they want to be reading about micro and says it hasn't been served with the injunction and what comment until it does so you mentioned the weakness in micron stock that helped drag the philadelphia semiconductor index the socks down by one point eight percent also week during the us session where shares in tesla down more than seven percent that's after an analyst over at bernstein is suck inaki this is tony sock inaki he questioned the automakers claimed that the model threes made on a tent covered production line were of the same quality as those made inside the plant he also says that reservations this would be for new orders for the vehicle that would be for the model three maybe slightly down well it looks like cryptocurrencies pretty much getting outlawed in india at least fennell is bloomberg's ramy inocencio reports the country's supreme court is supporting the move india's top court has refused to overturn a temporary central bank rule banning lenders from dealing in crypto currencies a public interest litigation brought by virtual trading platforms had been challenging that ban the high court's move means financial institutions have until the end of this week to exit these operations india's financial regulator is defending its turf when it comes to managing electronic money and also trying to cut off an avenue for crimes using digital coins the finance ministry is studying the issue before releasing its final ruling ramy inocencio bloomberg daybreak asia as the us china trade war looms if you can call it that maybe we're just about that the trade war level yet or right now chinese government bonds have outperformed other sovereigns at the fringe of the crisis that story from bloomberg's david ingles in this case it helps to be near the epicenter rather than out of the fringes chinese and south korean notes are rising as the jumping protectionism rattles the two countries stock markets the flight to safety has bolstered government debt that in china's case it's actually ushered in more dovish monetary policy also a big help in contrast of indonesia india and the philippines are somewhat removed from the turbulence but the currency weakness and those countries has actually pressured their debt in hong kong i'm david ingles bloomberg daybreak asia of course there was a pullback off a us stokes ahead of the independence day holiday and we are seeing a little bit of weakness coming through in asia to let's get all the latest who bryan curtis in hong kong brian all right thanks very much juliette we'll just start off with the malaysian authorities charging former leader najah razaaq with criminal beach.