17 Burst results for "President Yun Suk Yo"
Bloomberg Radio New York
"president yun suk yo" Discussed on Bloomberg Radio New York
"In it's almost 9 29 a.m. in Hong Kong, I'm Michelle Jim Roscoe. And I'm Doug Krishna at the Bloomberg interactive broker studio in New York from the Bloomberg terminal, the PBOC has left the one year medium term lending facility rate at 2.75%, so unchanged where now seeing in terms of market reaction, higher equities on the mainland with the Shanghai composite up about a half of 1% and in Hong Kong hang sang rallying by about 1.4%. We also had some action undertaken earlier by the BOJ with a bank of Japan, reducing the amount of bond purchases that it was making today from an initial plan and as a result we are seeing a move lower in yield now across the curve in JGB with a ten year yielding just 20 basis points. Equities higher in the Tokyo session will have more on markets in a moment or two. Right now we'll update you on a few of this hour's top business stories. Well, thank you, Doug, and with U.S. CPI report behind us, there's always more data to look forward to and we'll get PPI and retail data, which we released tomorrow at 8 30 a.m. Wall Street time, Bloomberg's Michael McKee has a preview. Two more reports on producer prices and retail sales will help fed policymakers decide what still needs to be done to tame inflation and how quickly a week ago investors were arguing over whether the Central Bank should raise interest rates by a quarter or half percentage point. Throw in one banking crisis and some went so far as to predict rate cuts. The consumer price report showed prices are still rising, however. PPI will offer evidence of inflation in the pipeline and retail sales will show whether Americans still feel confident about spending money. The data should confirm at least a quarter point move from the fed next week, unless something happens again to the banks. Michael McKee Bloomberg daybreak Asia. We go to South Korea next, where the government will consider a reconsider a plan I should say to raise the minimum weekly work hour or the maximum weekly work hour to 69 hours. This is after a little bit of protest from generation MZ along with some of the millennials and even Gen Z members. They balked at this idea. You know, the current cap is at 52 hours. Many saw 69 as a level that could potentially destroy the healthy work life balance in South Korea. The move could be seen as a retreat for president Yun suk yo, who has backed some pro business policies, but keeping the support of younger voters, I think it's fair to say that seems clear. His conservative people power party will try to win a majority in parliamentary parliamentary elections in about a year. South Korea has been described as having had the most overworked country in Asia with employees logging an average of 1915 hours in 21. 2021 I should say. I'm tired. I don't know about you, Michelle. It's a lot of demographics in Korea to unpack these days, so I sympathize, Doug. But let's kick it over to global news headlines now with Dan schwarzman. Russia and the U.S. differ on how a drone ended up in the Black Sea, Dan schwarzman with more, Dan? Yeah, Michelle, a U.S. Air Force unmanned Reaper drone flying in international waters over the Black Sea was downed after two Russian Sukhoi 27 fighter jets intercepted the craft. Now The Pentagon claims that one of those jets struck the propeller that drone which caused the U.S. to bring the drone down in the sea. It has not been recovered yet. Russia has denied the contact was made between the crafts, but Russian ambassador to the U.S. anatoly antonov who was summoned to the State Department for an explanation says the country does not want a confrontation with the U.S. by Russia had informed that this space the drone was flying in was identified as a zone for their special military operation, Pentagon spokesman Brigadier general Patrick Ryder addressing the concerns. Several times before the collision, the SU 27s dump fuel on and flew in front of the MQ 9 in a reckless and unprofessional manner. This incident demonstrates a lack of competence in addition to being unsafe and unprofessional. More trouble for Atlanta based Norfolk Southern railroad, which is now being sued over a toxic toxic train derailment in Ohio, Bloomberg's Tom busby has more. The state of Ohio now suing railroad operator Norfolk Southern over what officials there call the quote entirely avoidable derailment and toxic chemical spill in east Palestinian on February 3rd, saying the railroad put profits ahead of the health safety and welfare of the community. The suit did not specify how much the state is seeking in damages, but any money recovered would go to pay for the cleanup and environmental damage caused by the release of a million gallons of hazardous materials, which polluted rivers and streams and upended the lives of residents and businesses. Thanks, Tom, more challenges for the Biden administration when it comes to securing the southern border as Panama reports a 450% surge in migrants coming across the country on their way to the U.S., Panamanian authorities say that in the first two months of the year, 49,000 migrants entered the country through Colombia after just 9000 entered during the same period last year. Most of those making the trip are from Haiti, Ecuador and Venezuela while close to 2200 Chinese nationals were also counted. LA district attorney George gascon announcing a felony charges following a two and a half year investigation into a COVID outbreak that killed 13 residents and a nurse at the Silverado senior living management facility. Gascon says this was all about money. We have evidence to support that the protocols were not followed due to financial considerations of a certain space from New York. Prosecutors alleged that a new resident was admitted back on March 19th of 2020 despite fat facility protocols limiting outside patients and visitors from entering the building and that Silverado did not test the patients for COVID. Global news 24 hours a day powered by more than 2700 journalists and analysts in
Bloomberg Radio New York
"president yun suk yo" Discussed on Bloomberg Radio New York
"Korean president Yun suk yo has strongly stated his intention of returning South Korea to nuclear power generation at Baxter with more from the Bloomberg newsroom in San Francisco, Eddie. Yeah, this is direct to move away from his previous administration Douglas June's comments at a summit in the United Arab Emirates is serving to underline its efforts to get to carbon neutral by 2050. He says returning to nuclear power generation will help the country get there. Now his address was a business as well as he wants to line up the UAE for lucrative maintenance contracts and also future contracts to develop nuclear power with them. Hong Kong's top judge has defended the independence of the judiciary amid international criticism of deteriorating legal freedoms under the national security law. Judge Andrew Chung says Hong Kong judges only rule according to the laws before them. He says they've avoided political and personal views clotting their judgments and should ignore any criticism that they have not. It is a federal holiday in the United States as an Asian celebrates the dream of Martin Luther King Jr. at a breakfast in Washington, D.C. this morning, president Joe Biden said sometimes you have to, well, look back basically to look forward. Doctor king's life and legacy in my view show us the way forward. We just have to look back, we got to be prepared. Yeah, he says, time for new decisions now. This is a time for choosing. But we choose democracy over autocracy or community over chaos, lower hate, these are the questions of our time. Also at the breakfast this morning, former House speaker Nancy Pelosi. We want people to survive. We want them to succeed. But what we want them to do is to have transformation in our society for them. And that's what doctor king talked about. Pelosi says sense of urgency to find doctor king's dream remains. UK teachers have joined nurses and plans to escalate their dispute with prime minister Rishi sunak, the two groups plan to strike in England and Wales next month as unions remain at loggerheads with the government over below inflation pay deals, and search teams have retrieved the flight data and cockpit voice recorders of the passenger jet that crashed in Nepal authorities believe all 72 people on board were killed. In San Francisco, I met Baxter. This is Bloomberg. All right, Douglas. All right, daddy, thank you right now we're looking at kind of mixed trading here in equities across the apac with an EK
Bloomberg Radio New York
"president yun suk yo" Discussed on Bloomberg Radio New York
"France is supporting its COVID policy. Japan holds its first joint air military exercise with India and worries about China's assertiveness. Japan, South Korea and the U.S. will hold trilateral defense talks. South Korean president Yun suk yo has a strongly stated his intention of returning the South Korean Peninsula to a nuclear power generation. U.S. climate envoy John Kerry says he's backing the UAE decision to appoint the CEO of a state run oil company to preside over the upcoming UN climate negotiations in Dubai. German defense minister Christine LeBron has resigned from Chancellor hola schulz's government, Hong Kong's top judiciary atop judge is defended the independence of the judiciary amid international criticism of deteriorating legal freedoms onto the national security law. UK teachers have joined nurses and plans to escalate their dispute with prime minister Rishi sunak, Elon Musk's trial on misleading tweets regarding financing for a buy out of Tesla in 2018 begins tomorrow. In San Francisco, I'm Ed Baxter, this is Bloomberg back to the Big Apple Doug. All right, Eddie, thank you well as we know the annual meeting of the World Economic Forum is underway in Davos Switzerland. It runs through Friday. That's where we caught up with Saudi minister of economy and planning Faisal Ali brahmin. Here he is in conversation with Bloomberg's Manus cranny. The fastest growing economy in the G 20. I call that swag. A lot is go has got to go very right this year for you to maintain that growth. Give me your own look for 2023. So a 100% Saudi Arabia is today without a doubt the global growth story. And when we look beyond the actual GDP numbers, we're expecting 8.5 for the last year, 3.1, the World Bank is expecting 3.7%. GDP growth, what we care about is actually our non oil GDP growth or nano activities and how much we detach from oil. So we're steadfast in our transformation. We have the fiscal discipline. We have the economic transformation tools and we're moving forward. And those are very worthy headlines, but was interest rates careering towards 5%, we've got Larry summers telling us get ready for a tumultuous year. Are you ready for a volatile year? Can it be kind of a year of two halves almost? Well, we know that the banks, especially in the U.S. and the ECB, they're trying to increase interest rates in order to control a bit of the inflation. We've seen that inflation hasn't gone as far as people are expecting. And we think there might be more hikes or keeping an eye on that. But still, in Saudi Arabia, we're back to the dollar, of course, but we're very much focused on delivering the transformation, the plans are moving forward. And we don't see that impacting the private sector. The PMI score for Saudi Arabia in December was above 56 for the G 20 average for the year where the largest. The heist. And you had the strongest jobs growth. In the non oil sector in 6 years. And the question that goes through my mind is high sustainable is that again this year, can we expect the same kind of growth in the non oil sector? Well, we've had very good numbers in terms of unemployment. Unemployment has gone down to 9.9. Female labor participation rate has gone up to 37% surpassing our target for 2030, which was 30%. We see even in male Saudi unemployment rates. It's the lowest ever recorded. So with that said, we still want to create more jobs and we want to even reach higher levels of
Bloomberg Radio New York
"president yun suk yo" Discussed on Bloomberg Radio New York
"Host of challenges. It's happening ten 30 a.m. in New York, 1130 p.m. if you're watching in Hong Kong. Let's get back to this part of the world because the United Arab Emirates plans to invest $30 billion in hydrogen projects at South Korea. The investments were announced during a state visit by president Yun suk yo that is the first time that the South Korean leader visits in the two established relations all the way back four decades ago Kubernetes has more on this. So Simone, do we have any idea what shape these investments could take? Well, I think the overall theme here is trying to reforge the relationship and already strong relationship between South Korea and the UAE to account for a new future where climate change is very important. And so these investments we understand, at least in the hydrogen space, going to come around production, transmission, and storage. And in an editorial president expressed the depth essentially of these relationships between the UAE and South Korea, as well as other gulf countries, he said that 30% roughly of the construction contracts that Korean companies get from abroad are from the Middle East region and that more than 50% of the country's oil at this point comes from the gulf specifically. There were also some mentions, however, of nuclear power plants of solar energy, those things could be at a target for investments between these two countries as well. But this very important, we're seeing the UAE going to host cop 28 later this year as it looks to expand its investment ties with countries that it hasn't always had the most major business in. So here we see the diplomatic angle. We see the investment angle coming together with these announcements. Over the weekend. And then across the gulf and Iran, the execution of a former government official is having a ripple effect in the UK. What's happening there? And former deputy defense minister in Iran, Ali Reza akbari, the state mizan announcing his execution on Saturday. And this likely to add to animosity between the UK and Iran because we saw a bunch of major rejections condemnations of this coming from the likes of Rishi sunak, the prime minister in the UK, as well as James cleverly the foreign secretary. And the accusation here was that Akbar was a member of MI 6 and working with UK intelligence. The telegraph also adding to this idea of animosity between these two countries reporting that the UK is reconsidering its support for a return to the 2015 nuclear deal. That is the deal that allowed Iranian oil to be sold widely on the open markets. Mostly this deal not being considered very optimistic prospects, but if the UK reconsiders it supports its support, I mean that pretty much could be a nail in the coffin forever getting back to reviving that deal. Absolutely. And then to markets, we've got a new inflation data out from the region from Saudi Arabia, 3.3%. That's the highest in quite some time. Yeah, and we also just in the last hour or so saw new inflation data coming in from a Qatar as well, 5.9%. That pretty much on par with September and that's the highest in a very long time leading the gulf, essentially, and in terms of the strongest inflation numbers, but also looking at new inflation data coming out of Israel 5.8% year on year price growth in the month of December. And that's particularly notable because Israel has much more control over its monetary policy and has embarked on a very aggressive program of rate hikes, but we're not seeing the number come down yet. The real test of this, according to bank of Israel governor, I'm your own likely to come in March. She said inflation is going to remain high through February and then we're going to start to see it falling. You told that to us earlier this month and early January, we're also going to get some GDP data out from Israel today, watch that because bank had probably saying we're not likely to see any growth in the fourth quarter. We'll see what impact the rate hikes are having on that underlying growth. Yeah, the governor is a good friend and I wish more central bankers would take the initiative to address the public beyond just the United States and Europe. So kudos to him, Simone, thank you for that Simone foxman there in Doha. Now let's get to the Egyptian pound, the still world's worst performer this year and measures of short term historical volatility. Well, they're showing that the swings are the most extreme globally. Now, there are signs that the foreign exchange market may be stabilizing, let's examine what cross acid opportunities may exist, joining us now is the head of equity research at telomeres. In moments of extreme dislocations, there are rise, unusually interesting opportunities, usually at incrementally higher risk. How does that apply to Egypt? Well, I think it's a fair question. I mean, if you look at the last year you've seen almost a 50% devaluation, but you're also seeing the establishment of an IMF program, you've seen a lot of commitments bilaterally from the GCC. So we pull back from the worst of the crisis. The question is, where do you look for opportunity in that? If you look at equities, they are a little bit cheap relative to history, but there are a couple of things that concern me. Number one, you look at earnings growth consensus earnings growth this year. It's flat. It's plus 15% for next year. That looks pretty aggressive, given the sort of moves we've seen in the currency and the challenges for growth overall. You look at valuation, equity market offers you about a 4% dividend yield. However, if you look at the bond market in local currency on ten year bonds, you can get 18% in Euro bonds. You can get 11%. So if we had to dip a toe in Egypt, it would be much more on the Bond side rather than equities. The other thing that worries me is we're not out of the Woods as yet. We've still got a negative real interest rate of negative 5%. We've had a big devaluation, which means there's more imported inflation along the way. And we still don't know if we've actually moved to a fully flexible currency regime, or this is just another round of step changes. How contingent are some of your views on Egypt on the country easing their grip in terms of the authorities grip, the military's grip on the economy. This has been a sticking point in the past. It's clearly come up in these IMF discussions. Hopeful are you that they can move along with the well, I think the proof of this is that the IMF has mentioned this in 2015, 2018, and again in this latest program, what are the guarantees that Egypt does this? Well, think of it this way. The more bilateral assistance Egypt gets from the GCC, the less it needs to worry about those sort of things around structural reform. That is not good news for an equity investor who wants a long-term growth and wants it driven by the private sector. Just in terms of building on what you're just talking about, taking it with a bit of a bigger emerging market angle, your research makes clear that you see a two sides to the EM story. We want to sort of the larger EMs and some of the smaller EMs. What are the particular dynamics that could define performance this year? Well, when you think of emerging markets, there are really two categories that are almost two different asset classes. You have the big 7 China, Taiwan, Korea, Brazil, Saudi, South Africa, and those are in combination about 80% of the MSCI
Bloomberg Radio New York
"president yun suk yo" Discussed on Bloomberg Radio New York
"In Hong Kong. I'm vonnie Quinn. And I Brian Curtis trading is underway throughout most of the region, the opening numbers in Hong Kong include a rally in the Hans index of about four tenths of 1%. A modest rebound in tech shares here too. We did see this story in the Financial Times and I'll get to this in more detail in our media segment coming up, but China is moving to take golden shares and local units of Alibaba and Tencent is part of a broader story where the government has snapped up some shares in other companies like it has done recently at ByteDance. The TikTok owner, that's something we'll take a closer look at. We'll get to the markets in about ten minutes or so, but now Bonnie and I will look at the top stories. Right, and of course, this was one of the stories that we've been waiting for all week market participants and market watchers the fed, on track now to downshift a smaller rate hikes following a further cooling in U.S. inflation. Though it's likely to keep hiking until price pressures show more definitive signs of slowing. Richmond fed president Tom barkin spoke after today's data release. Now, with forward looking real rates, positive across the curve, and therefore our feet unequivocally on the brakes. It just makes sense to steer more deliberately as we work to bring inflation down. Meantime, Philadelphia fed chief, Patrick Harper said rate hikes of a quarter percentage point will be appropriate going forward. His St. Louis colleague Jim bullard said that he favors front loading policy moves to get rates above 5% as soon as possible. With the U.S. Central Bank's benchmark right now at 4.3%, market participants expect a quarter point rate hike at the fed's next meeting. Well, China is likely to show another record trade surplus for last year and that's even though exports contracted from October. More from Bloomberg's Ivan Mann. A survey of economists expects a surplus to have widened to $876 billion in 2022, even so, China's trade performance has been under pressure. Both global and domestic demand are softening, and within China, activity has been disrupted by rising COVID infections. Bloomberg economics sees exports sliding 9.7% in December after an 8.9% drop in November, imports are also likely to have fallen, but low base from last year should prevent the figure from looking even worse. The trade data is out later today. In Hong Kong, I'm Yvonne ma'am, Bloomberg, Deborah, Asia. And Bosch is spending around a $1 billion to make electric vehicle components in China. It's looking to benefit more from the country as it shifts away from the combustion engine. Bosch is extending its bed on China, even as the German government has warned against over reliance on the country. The company plans to build a facility in suzhou in China's jiangsu province to develop automated driving technology for local carmakers. Bosch said, this is an important step on the way to future mobility in the world's largest car market. The bank of Korea has raised its benchmark interest rate today in what could be the final act of its year and a half tightening cycle. The Central Bank lifted the 7 day repurchase rate by 25 basis points to 3.5%. We'll have more on that coming up. The time now coming up on 32 minutes past the hour, it's time for world news. Japan's prime minister fumio kishida had spent the early part of his day in Canada to learn more about what he was doing there. Let's get to head Baxter in 9 60 newsroom in San Francisco. I guess not a big secret, but interesting nonetheless. Yeah, exactly right. And the Canadian statement really really says it all as a Russia's nuclear threats over Ukraine resonate deeply with kishida, who made that a key topic of his talks today in Canada, case you is from Hiroshima and made it very clear as dramatic fears in the use of nuclear weapons by Russia or by China and that he is very worried about the fact that they tend to be cozying up at this point. Now he is in the U.S. now for meetings tomorrow, including Joe Biden and the National Security Council spokesman John Kirby says a very important message is going to come out. We modernize the alliance by announcing that attacks two from and within space could lead to the invocation of article 5 of the U.S. Japan security treaty. Which would be a full defense of each other. Now South Korea, president Yun suk yo says the ROK could develop its own nuclear weapons or ask the U.S. to redeploy on the Peninsula, Kirby says the policy is no. Republic of Korea has made clear that they are not seeking nuclear weapons. But what we are going to see jointly together with them are improvements in extended deterrence capabilities. Yeah, Kirby says no nukes on the Korean Peninsula. Congressman George Santos should not count on any top secret clearance anytime soon, and that is a word this morning from House speaker Kevin McCarthy. He's got a long way to go to earn trust. Yeah, I'm McCarthy says he will not effort to keep him off of committees, but does not foresee placing him anywhere where he'd have access to classified data. But House minority leader Hakeem Jeffries says Santos should not even be in the house. Received and connived his way into Congress. And it's now the responsibility of House Republicans to do something about it. He says he has shown himself to be a total fraud. And U.S. attorney general Merrick Garland has adopted a special counsel to appoint the investigation into the Biden documents Garland is named Robert herr, former U.S. attorney from Maryland, Garland says there was one set of documents, and then a second found later. The documents bearing classification markings were identified at the office of the Penn Biden center for diplomacy and global engagement located in Washington, D.C.
Bloomberg Radio New York
"president yun suk yo" Discussed on Bloomberg Radio New York
"Appointed a special counsel to oversee the investigation into the documents found into what were Joe Biden's personal office and home. At Baxter has global news from the 9 60 newsroom in San Francisco. Ed? Yeah, exactly right, Brian Garland has named Robert herr, former U.S. attorney for Maryland saying that he will carry out the investigation in an impartial way. Garland says a documents Mark classified were first found at the pen of Biden center in Washington, D.C.. That office was not authorized for storage of classified documents. The prosecutor was also advised that those documents had been secured in an archives facility. Now, a second document singular was founded Biden's residence in Delaware all related to his time as vice president, Garland says the appointment authorizes the investigation into whether any private citizen may have had access to classified documents. This appointment underscores for the public, the department's commitment to both independence and accountability in particularly sensitive matters. And to making decisions indisputably guided only by the facts and the law A Bloomberg's neck wadham says the next step. Okay, what did they contain? Because a lot of the conversation around the documents at Mar-a-Lago with president Trump was that these were highly sensitive national security documents. They could have exposed U.S. sources and methods. They could have had insight into all sorts of issues around North Korea's nuclear program, for example. So that's really where the scrutiny is going to come. Yeah, Nick says the attorney general's statements were clearly aimed at trying to show that the Department of Justice carries out its job in an independent and even handed fashion. After meeting with Canada's Justin Trudeau today, the main topic being his fear of nuclear weapons, Japan's prime minister fumio Keisha will meet with U.S. president Joe Biden tomorrow. NSC spokesman John Kirby says there will be things coming out of it from our perspective. The message is absolutely clear. Japan is stepping up and doing so in lockstep with the United States, our investment in our alliances. I was paying huge dividends and we look forward to celebrating that tomorrow. Kirby also says a pack to codify an agreement for an article 5 which would involve mutual military assistance. Meanwhile, South Korean president Yun suk yo says the ROK could develop its own nuclear weapons or could ask the U.S. to redeploy on the Peninsula, Kirby says the U.S. does not want that in any way, shape or form. The United States remains committed, President Biden remains committed to the complete denuclearization of the Peninsula. And that hasn't changed. Yeah, he says that that will jointly happen improvements in nuclear deterrence capabilities instead. New Jersey's governor Phil Murphy in a state of the state message said residents can expect significant tax cuts even after passage of the stage $2 billion property tax repaid pro excuse me rebate program last year. He tells Bloomberg's David Weston on balance of power that 14 or 15 cuts already have gone through for the middle class for seniors for families, and he says there are more to come. In San Francisco, I'm Ed Baxter, this is Bloomberg back to Hong Kong, right? Yeah, thanks very much. 9 minutes past the hour, our guest Vishnu varathan. Head of economics and strategy at Mizuho bank, boy, do we need some strategy today, Vishnu. So the bears can still make the case that inflation is too high. Yet the bulls can make the case that inflation is coming down. So you would think that it's almost still a standoff, but then you look at the yield on the tenure, it dropped quite a bit. The dollar dropped quite a bit. The market seemed to see something in this. What did you see in it? I think the markets are not wrong in recognizing that investment sustained deceleration in inflation coming through not just in fuel and call goods, but also the stage may be set for rentals to soften. But I think what they forget is that even in the most recent speeches, fetch AirPower has looking at cost services, ex shelter. And that remains sticky. So the censure is that directionally markets are not wrong, but the extent of optimism about the fact that appears to be overdone and the unwarranted financial conditions loosening point out in the last 20 minutes is the case to double down on debt. So this is what markets must look up for in terms of jobs. So in terms of what the next moves are, Vishnu, 25, 50, and for how long does the fed stay where it goes? I mean, there are a few ways to skin this cat. A move that's 50 maybe somewhat too aggressive. So it looks likely that the fed would step down to 25, but then emphasize that they are far from done and there's a series of 25 basis point moves left in case just in case this exuberant market assumes that after 25 is a hold or worse still cut in the second half. The fed will try to do that to the extent to which that message is absorbed in accepted by markets. I think that remains the key point here. I expect fed policymakers to start scolding us now because of the easier conditions. At least the St. Louis fed president James bullard didn't really scold people. He just said that he'd like to get it up quickly to more than 5%. I mean, I suppose if he asked him, I don't know if it was asked this, but he'd probably say, well, let's just use 75 of the next meeting and get it done. But does that seem like that is something that could be consensus at some point in the fed? I think the certainly the hawkish spectrum might see a case for either maintaining a 50 or adding more hawkish tones, but I think one giveaway at the last press conference was that J Paul said, you know, moving in smaller increments to feel their way around an approach of peak, maybe a lot more prudent in this case. So it appears that the step down to 25 might have more hands on board, but the messaging around it is going to be quite fraught. And I think you make a very good point. I mean, it's not just James polar, but kashkari and a host of other fat members have chimed in on rates likely to be above 5% in contrast to what market sub pricing in. The log to get your thoughts on Japan's ten year yield reaching the Central Bank's new ceiling at 53 basis points now up three basis points and whether the BOJ will actually do something sooner rather than later. That's a really good question. So the census, there is every case for BOJ governor grodd resistance, given that his messaging the last time around was that the widening of the bands is a one off calibration and it shouldn't be read as a continuing process, the other aspect of this that could change is you could get the different reference points of the yield curve. And all, and a bigger case for the DoJ to move out of negative rates, which has actually been detrimental for Japanese banks. So here it's got a suite of tools, but I think it's messaging on a dovish position. That will probably not change market store may have a small leverage on the game than the BOJ at
Bloomberg Radio New York
"president yun suk yo" Discussed on Bloomberg Radio New York
"Thank you, Paul, president Xi, talk publicly for the first time about spontaneous protests that came in China from its COVID zero policies. She says tough challenges remain in China's fight against COVID-19, but says that the country has prevailed. He says the country is now in a new phase, adapted from science. Health authorities in Guangzhou saying that the COVID outbreak is peaked with a daily number of patients that ever clinics declining since December 23rd. Ukraine has struck back at Russian military facilities in the eastern part of the nation killing 63 Russian troops there. Meanwhile, Japan says over the weekend it scrambled jet fighters and dispatched aircraft and warships to keep tabs on China's fleet of a carrier and 5 warships that conducted naval maneuvers and flight operations in the Pacific. South Korean president Yun suk yo says his government wants the U.S. to take on a greater role in managing nuclear weapons on the Peninsula. He said he went on to say that the U.S. stands has been quite positive on that. But president Joe Biden then returning to The White House told reporters he's not discussing joint nuclear exercises with South Korea at this time. Now, South Korea says it was a problem with the way the question was asked of Biden and now again The White House says it's preparing a clarification. In San Francisco, I'm Ed Baxter. This is Bloomberg, back to Sydney Paul. All right, thanks very much, Ed. We're joined now by Andy Karan, Bloomberg, chief Asia, economics correspondent to talk about some of the data that we've had out of China in the past a few days. And just in the past few minutes, in fact, we've had taishin manufacturing PMI numbers and just really reinforcing this narrative that China's economies got a few problems right now that reading 49 we get the anticipated a wind might we expect this to turn around. Well, it appears that the hit from the exit of COVID zero as being a bigger on the economic side than was anticipated. Obviously the public health stories number one poll, but on the economic metrics, the PMIs over the weekend showed huge hit to the service aside in particular, the biggest fall since February 2020 when, of course, the pandemic was just getting going. So by all accounts, when you consider that economy was already weak going into this period of exiting from COVID zero due to the real estate slump due to weakening concern of demand and consumer caution. Now we have, of course, the confusion going ongoing as the disease spreads, clearly the economy is in something of a whole. The big question is, though, when China does pass the peak of this current outbreak, does the economy start getting on its feet again? Do people start spending and traveling again? In which case, a lot of economists say there will be something of a reopening dividend for China. In terms of spending and traveling again, we are just a couple of weeks away now from the lunar new year holiday. What sort of impact might we expect from that, even if it is a short lived one? Well, I think, again, we have to look at the public health side of it to begin with obviously this is going to be a huge migration. It's the biggest holiday of the year in China. Some experts are saying you probably see the disease spread to the regional and rural areas would of course all knock on consequences that will have on regional hospital networks and all the rest of it. So that's number one. Depending then how that goes, obviously, that doesn't lend itself to sort of animal spirits in consumer spending, but if we reach a point where the disease is peaking across China and there's a view that China is exiting on the other side of them, that's where the economic story will come into play. That's where it's going to be a lot of scrutiny then on our consumer spending again, artists are traveling again, so anecdotes from our own colleagues in Beijing that the city there seems to be coming back to life slowly as people go out to restaurants and that kind of thing. That would be critical for the domestic China story in terms of people moving around spending more and then the spillover story. If Chinese tourists start travel again, if Chinese students start to travel again and a Chinese business people start to go overseas, that's where you might start to see something of a regional spillover in some sectors from China's reopening. In terms of growth, we've had a few rather grim forecasts from the IMF mentioned director crystallin Georgia pointing out that the U.S., the EU, China all slowing simultaneously recession is something that we do not really associate with China and it's a stunning growth rate, and of course the recession defined as two consecutive quarters of negative growth, but give us some context here. What does a severe slowdown in China look like in terms of growth? Well, there are some analysts, for example, the beige book that came out recently making the point that perhaps China's economy contracted in the fourth quarter, we certainly know the pressure has been on the employment sector. Unemployment ticking up. We know, of course, what's happening in services and consumers. And throw in the real estate slope, there's no doubt China's economy is in certainly something of a whole, whether or not it falls into recession becomes a little bit of an academic debate or academic exercise in terms of what defines recessions in emerging economies anyway. But the point is, though, I think most people when they're looking at China's economy are saying, yes, slump, that's kind of well understood. But what happens with say two months from now, three months from now, when the exiting of COVID zero really starts to kick in and the economy starts to get back on its feet, return to some kind of normality. People are more thinking about what China had recovery for 72nd half of the year than he had done a recession with globally though. We know, of course, Europe, the kingdom of economies there are under pressure because of the energy crisis due to the ongoing war in Ukraine. That's hampering activity. The U.S., some debate that the might escape recession, but of course at the very least they are certainly slowing down. All right, Santa Clara and Bloomberg chief Asia economics correspondent thanks so much for joining us and this is Bloomberg
Bloomberg Radio New York
"president yun suk yo" Discussed on Bloomberg Radio New York
"Self imposed deadline. 6 minutes past the hour as we update global news, we'll do that next here on DBA. We begin in China where president Xi Jinping is claiming victory over COVID while at the same time saying there is still a tough road ahead at Baxter with more from a Bloomberg newsroom in San Francisco, Eddie. Yeah, I guess they make sense together, don't they, Doug, president Xi alluding publicly for the first time about spontaneous protests that came from his COVID zero policies, but first, as Doug said, claiming some victory. With extraordinary efforts, China has prevailed over unprecedented difficulties and challenges, and it has not been an easy journey for anyone. We have now entered a new phase of COVID response where tough challenges remain. And Bloomberg Sean Lou and Beijing says it's important that the president acknowledge the difficulties, though. Ultimately, the president saying, we will achieve victory in this process. So try to drop up support for the way that China is exiting COVID, saying that what the country is doing is scientific and appropriate. And so you try to accomplish two things both acknowledging the pay, but also trying to instill some confidence in the country's ability to get through it. Yeah, now she said that tough challenges remain as John said in China's fight against COVID, but says the nation's strategy now has to be optimized to protect people's lives and minimize economic costs, both at the same time. She says the country has put people first all along and put life first all along and now his prevailed. Hong Kong is targeting January 8th at the earliest date to start resuming quarantine free travel with China. South Korean president Yun suk yo says that his government wants the U.S. to take on a greater role in managing nuclear weapons on the Peninsula. Bloomberg saw metro says Yun has always been hard line, but he has always been having that stern approach against North Korea. And he has went further to ask the U.S. to have a bigger role in managing the nuclear assets on the Korean Peninsula. Meanwhile, the U.S. saw the president, Joe Biden returning to The White House, told reporters he is not discussing joint nuclear exercises with South Korea at the time. Now, South Korea has come out with another message saying that the problem was the way the question was asked of Biden, so it's all about words, and The White House is preparing a clarification. So we'll wait for that. Japan says over the weekend it scrambled jet fighters and dispatched aircraft and warships to keep tabs on China's fleet of carrier and 5 warships that has conducted naval maneuvers and slight operations in the Pacific. And hundreds of thousands of Northern California businesses and homeowners are rushing to clean up the messages and damage from the weekend's atmospheric river storm, sylvan mishima bracket, who was the owner of retiro restaurant in San Francisco, says people in the neighborhood there were forced to swim literally swim as the water came into his restaurant. And at a certain point it was clear that
Bloomberg Radio New York
"president yun suk yo" Discussed on Bloomberg Radio New York
"That as you get up now up to speed with global news. Let's get over to San Francisco. It baxters there. Thank you rich, China's public is showing mixed emotions about COVID zero sudden and China lifting the last of the COVID curbs inbound travelers no longer be subject to quarantine from January 8th outbound traveler plans surge as well. China's announced it will require tests for visitors from China. Taiwan has announced it is extending its compulsory military service to one year from the current four months threat from China. It says, South Korea's president, Yun suk yo, calling for a stronger air defenses and high-tech stealth drones, while apologizing for failing to shoot down North Korean drones as they flew into the zone over the weekend. North Korea leader, meanwhile, Kim Jong-un has set new goals for, as he puts it bolstering up self reliance of the fence capability, the entire state of New York is under federal weather declaration and emergency. Parts of the U.S. northeast are being asked to cut back power consumption as natural gas supplies dwindle. Southwest Airlines still way off its game trying to get back to speed result of the massive storms and potentially inadequacies of its systems, joining us live as Bloomberg's Leon island, earlier in the day Leo, thank you so much for joining us, by the way. Earlier in the day, we were getting reports that are still canceling about two thirds of its flights today. Do you know where they're making much progress whatsoever? They said that they really are hoping to get back up to speed over the next couple of days, but it may take through the new year. To get back, Southwest has had a lot of problems because unlike the rest of the airlines in the U.S., it doesn't use a hub and spoke system instead, it has planes that sort of hopscotch from one place to the next. So if one leg ends up canceled, they would have to cancel all of the subsequent legs for that plane. And it has resulted in a lot of delays as many as 60 and 70% of their flights have had to be canceled. Yeah, and now much of it is the business model, as you say, that hopscotching, but there are some other inadequacies in southwest have talked about in the Department of Justice saying it's going to investigate what are they saying are those inadequacies? Yes, one of them has to do with the legacy system they have to tell cruise where they are expected. It's a phone system that requires them to call in and it got so overwhelmed with the number of changes that they were trying to make over the weekend. That people actually couldn't call in and get their assignments. So they said that they apologized for the problems with that. They said they're working on updating the system. But as you mentioned, the Department of Transportation has called the disruption on acceptable and has said that they're going to do an investigation into why Southwest had such widespread problems. Yeah. Now, even The White House, a President Biden has spoken up. He says that he'll hold the airlines accountable. Don't know what The White House can do, but the Department of Transportation could make them morph their business system, could it? It can impose fines. It can also one of the things that they're going to look at is the adequacy of Southwest customer service plan. That's the thing that it has to have in place to sort of help travelers when there are disruptions and things. One thing that the Department of Transportation is considering right now is an expanded refund rule, which would require airlines to give a lot more refunds in cases of cancellation even for weather. There have been a lot of members of Congress who are pushing for that. So they could end up requiring them to refund a lot of these consumers who they sort of stranded in various places. Yeah, and just on the lines, do we know in the columns what this is going to do to Q four profits? There was a Citibank analysis this morning that said that they think it might have an impact of three to 5% on Q four. Wow. All right. Hey Leah, thank you so much for your time. Really, really appreciate it. That is a Bloomberg Leon island. She is Bloomberg and I trust reporter. In San Francisco, I'm Ed Baxter, this is Bloomberg.
Bloomberg Radio New York
"president yun suk yo" Discussed on Bloomberg Radio New York
"Been elected president of Brazil going back to lead the government, the question now is whether incumbent jair Bolsonaro will accept the razor thin vote. South Korean president Yun suk yo has declared a period of national mourning in the wake of the Halloween disaster over the weekend, at least 153 people dead in the crush. U.S. House speaker Nancy Pelosi says her husband Paul is making progress in the hospital after surgery for a fractured skull when a man attacked him and their San Francisco home. FBI has issued a warning about the possibility of a lone wolf type incident like this on politicians and election officials in the next two weeks. Residents of Macau are in the process of taking mandatory rapid COVID tests. It says three new cases have been detected and Russia suspended the agreement to export grain out of Ukraine. It is paused any movement of ships out of the area. In San Francisco, I'm at Baxter. This is Bloomberg. All right, Paul. All right, thanks very much. I guess this half hour is Katrina L senior economist at moody's analytics and Katrina here with me in Sydney and of course the big macro event in Australia this week. The RBA, making its decision tomorrow, it did surprise us last month with that 25 basis point increase smaller than a lot of people were expecting. Are we going to get the same again? Is this the path ahead now? Yeah, our expectation is that we will see another 25 basis point hike from the reserve bank of Australia this week. They have really slowed down the pace of hiking. I mean, at the end of the day, they've already delivered a cumulative 250 basis points worth of hikes, which is a huge amount and I think what they're doing now is slowing it down and seeing how consumers and businesses and the broader economy starts to digest those earlier rate hikes because it's a huge amount. And so it will take time for the full effect to materialize. I mean, the labor market is still incredibly tight. It's not just a supply side inflation story in Australia, domestic demand is hot and they're waiting for that to cool and so they will continue to hike at that slower pace until they see that that slower domestic demand filter through. We are expecting inflation in Australia to peak not until the end of the year and just below 8%, so we're not through it yet, so why are these smaller increases as the RBI to risk here of making another era? I mean earlier they said they wouldn't hike until 2024, yet here we are. I mean, that's a good question. And I think it really does come back to the fact that monetary policy does take time to fully materialize in the economy. I mean, we've already seen that the housing market has probably been the most responsive sector to the hiking and now it will take time for those other areas to slow
Bloomberg Radio New York
"president yun suk yo" Discussed on Bloomberg Radio New York
"Declared the winner by the Brazilian electoral court. Lula is making his accepted speech right now and Bloomberg São Paulo bureau chief Julia lita here on Bloomberg day break Asia says jair Bolsonaro's actions now are going to be very key moving forward for both the nation and for the globe. That is correct. And that is the $1 million question. Will he concede he did say on Friday he would accept the results of the election, whoever won more votes won the election. But he has been mentioning or has been complaining about alleged fraud or alleged problems with the election for the past few years. So we really need to wait for him to say something and concede or contest the results. Now the issues will sound very familiar to U.S. voters economy, guns, religion, and social media. South Korean president Yun suk yo has declared a period of national mourning in the wake of the Halloween disaster over the weekend. Officials say as of now the death toll stands at at least 153 and are just saying dozens of people injured. Now Bloomberg's yuko Lee says a majority of those who died were women. Yeah, Ali, the most of the most of the crowd crush happened is really narrow. It's only 11 feet wide and it could be probably fit 5 to 6 adults. Typically, but it seems like there were too many people there as they try to, as they try to celebrate the first Halloween since the pandemic related restrictions were lifted for the first time in three years. And the president union says investigators will carry out of the tailed investigation into what happened. A major KPop concert has been canceled and as I say how the nation in a state of mourning. Russia has suspended the agreement export grain out of Ukraine and is paused any movement of ships out of the area. U.S. president Joe Biden announcing the announcement calling a purely outrageous said it would increase global starvation. U.S. House speaker Nancy Pelosi says her husband Paul is making progress in the hospital after surgery for a fractured skull when a man attacked him and their San Francisco home. The district attorney Brooke Jenkins says Pelosi's ability to make a cell call was the difference between life and death. It was lifesaving that he was able to access his phone and make that call. Yeah, and so he is getting better. The FBI's issued a warning about the possibility of lone wolf type incidents like this on politicians and election officials for the next two weeks. Leading up to and after the election. Residents of Macau are in the process of taking mandatory rapid COVID tests that says three new cases have been detected and it's closed down a casino the testing itself over a period of three days. Hong Kong observatory has raised the typhoon signal to number one as a severe tropical storm now is edging closer to the city residents being asked to take note for the latest weather conditions in the region of course, and at least 60 people are dead after a bridge collapse in western India, local news reports say hundreds of people were on a suspension bridge in Morgantown when it collapsed along with the 60 confirmed dead more are missing. In San Francisco, I met Baxter. This is Bloomberg back to Sydney. Paul. All right, thanks very much. We're joined this half hour by Katrina L senior economist at moody's analytics and Katrina we heard there earlier a lot of Central Bank action this week, I want to start with the fed. 75 basis points seems pretty baked in at this meeting, but we heard in the news there, possibly we've got peak rates at 5 and a half percent in the U.S., where do you see things topping out and when? So we're expecting, as you say, the 75 basis point hike this week is pretty set in and then after that we'll get a 50 basis point hike likely in December and then we will slow it down to 25 basis points thereafter for a few months. At this point, I mean, beyond this week's meeting, it really is going to be data dependent particularly what happens with U.S. labor market data and also of course that inflation print. I mean, we're still seeing in the U.S. that while the labor market has lost a little bit of momentum, it's still incredibly hot and that's causing a lot of discomfort for the fed because they're really trying to take the wind out of those demand side pressures. I mean, the supply side pressures are easing a little bit, but it's the demand side that's really being problematic. I mean, wage growth, for instance, is still incredibly high running at around 5%. And they really would like to bring that down to more about it a three and a half percent range. And so there's quite still a lot of work to do. And so it will be interesting to see how the labor market really responds as those earlier hikes really start to materialize and eventually take the take the heat out of the labor market over the coming months. Yeah, those jobs numbers due on Friday and we still have companies complaining about workers shortages, but you mentioned CPI as well. It's talk about that side of things. It's still running. Very hot. Where do you sense we are? We near the end of the beginning in terms of the inflation flight or the beginning of the end. I mean, that's really the question that everyone's asking. I mean, I would say that we have already likely passed the peak in U.S. headline inflation. And we will see that gradual cooling. And that's the key point to note it. It's gradual cooling. We're not suddenly kind of past the point where inflation is really elevated and beyond comfort levels. It's going to gradually cool. And it's really highly uncertain how quickly it's going to cool down. But I think that the consensus is that it's going to be a gradual slowdown and if as a consequence, then the U.S. has to enter a session, then I mean so be it. But it's certainly the risk that the feds indicated that they're willing to take at this point. Yeah, let's talk about that risk. Do you think it is receding or is possible probable as it ever was? I mean, I think risks that the U.S. will actually enter a recession next year only creeping higher. I don't think that they're receding by any means. I mean, the fact that in a November meeting we're still getting a 75 basis point hike from the Federal Reserve clearly signals that growth is the secondary concern for them at this point. So the fact that they are clearly signaling that inflation is the fight that they are really prioritizing. It means that a recession risk in the U.S. is certainly still elevated next year. Yeah, there's plenty of Central Bank action this week over. We've got the Bank of England as well. We've not got a lot of time left in this part of the program, but I guess Bank of England policymakers must be casting an envious eye across the Atlantic compared to the problems they have. Yeah, I mean, you definitely wouldn't want to be a central banker or a policy maker in the UK at this point, but I think again a 75 basis
WNYC 93.9 FM
"president yun suk yo" Discussed on WNYC 93.9 FM
"Die with this context, we debate the question, is it time to end qualified immunity for cops? All this and more coming up on intelligence squared U.S.. First, the news. I'm Stuart mcintosh with the BBC News, hello. Halloween revelry is in the South Korean capital soul have ended in tragedy with about a 150 people crushed to death, as many more were injured in the accident with many young women among the victims. The local fire chief said almost all the deaths had occurred in one narrow alley in itaewon of popular entertainment district, the BBC's and Jana gadgil has the latest. Many of those injured are in a very serious condition and receiving emergency treatment. Many of the dead. We now know to be women in their 20s So very young women. But officials have also said that the scene is chaotic, and so they're still trying to figure out the exact number of people who have died and who are injured. But makeshift more has been set up very near to the scene, bodies are also being sent to local hospitals and to a local gym to be identified. There are a 140 ambulances in the area taking victims and taking injured people to hospitals. After holding an emergency meeting, South Korea's president Yun suk yo has ordered a task force to be set up to help treat the injured. He's also launched an investigation into the cause of the stampede. Several world leaders have expressed their condolences, the British prime minister and French president said their thoughts are with the people of South Korea. The EU chief diplomat, josep borrell, said he was deeply saddened. President Biden has said Russia's decision to pull out of a deal that allows vital grain exports from Ukraine is purely outrageous. He said there was no reason for Moscow to halt the scheme, which aims to ease the global food crisis caused by the conflict. Russia said it suspending participation in the UN brokered agreement in response to a drone attack on Russian ships in occupied Crimea. The spokesman for the UN secretary general, Stefan durik, called for the preservation of the agreement, saying all parties must refrain from any action which would imperil it. You know, this is a time of to sort of have nerves of steel. We are trying to overcome the challenges that we're facing to get these very important humanitarian projects and humanitarian efforts back on track. We're determined to continue with these efforts on which millions of people around the world depend on. Ukraine's foreign minister said Moscow was using a false pretext to block the grain corridor and accused it of playing hunger games. Protests have continued in Iran on Saturday with videos showing demonstrators in the Kurdish town of marivan, starting fires on the streets, the security forces responded with gunfire. There are also reports of protests in at least one other city. The head of the powerful revolutionary guards had earlier told Iranians to end the wave of unrest that followed the death in police custody of a young Kurdish woman. You listening to the latest world news. Coming to you from the BBC. And from the newsroom here at WNYC, I'm Tiffany Hansen in New York. Today, New York marks a grim anniversary a decade since the devastation of hurricane sandy. In Staten Island, the borough hardest hit by the storm elected officials and residents gathered this morning at Miller field to commemorate the 24 lives lost in attendance or borough president. Who read aloud the names of the dead and mayor Adams who gave a speech emphasizing community. Adams said quote, New York City is America's city, but Staten Island is the core of that. He said the borough is the symbol of what is great about this country. In total, hurricane sandy resulted in the deaths of 44 New Yorkers in $19 billion in damages. And registered voters eager to cast their ballot in the general election. We're able to do so starting today. There's a midterm election and sweeping implications in the balance of power in Washington on the ballot in November. And New Yorkers get to vote for their next governor. The incumbent Democrat governor Cathy hogle is vying for her first full gubernatorial term, congressman Lee zelden is challenging her on the Republican side. Paul Arthur Miller, a 67 year old actor and writer showed up at the polls in Lower Manhattan today with a few issues on his mind, cost of living, the environment and abortion rights. In other words, women's
Bloomberg Radio New York
"president yun suk yo" Discussed on Bloomberg Radio New York
"And the Chinese government had set a date for the start of the Communist Party's Congress got more on that story and others from the Bloomberg newsroom. Doug. Hey Paul, this date is October 16th. Mark your calendar, this event will bring president Xi Jinping a step closer to a third term in power. Here's Bloomberg Stephen engel. It's a highly secretive affair with the biggest secret, not a secret at all. And that is going to be Xi Jinping, securing that third term. The biggest question is, who will be the men who will be placed underneath him? Now the party is also saying it will conduct an in depth analysis of the international and domestic situation, and it will review the past 5 years and push forward with the goal of common prosperity. Taiwan soldiers fired shots to ward off civilian drones. These drones were flying near offshore islands controlled by Taipei near the Chinese coastline, Taiwan's government did not identify the drones as having come from China, although it said the drones retreated in the direction of the Chinese city of xi'an men. The drone flights follow news yesterday on the Biden administration preparing to sell $1.1 billion in missiles and radar technology to support Taiwan. It would be the largest such transfer in nearly two years. Arizona governor Doug ducey arrived on in Taiwan on Tuesday, his focus, wooing suppliers for a new chip plant being built in his state for Taiwan semi duces office he will then travel to soul later this week for a meeting with South Korean president Yun suk yo, as well as business leaders in South Korea, now in the states, President Biden today touted gun safety and policing measures in eastern Pennsylvania, and he assailed Republicans for joining in the rhetorical attacks on the FBI. But now it's sickening to see the new attacks and the FBI threatening life was law enforcement agents and their families for simply carrying out the law and doing their job. Now since the FBI search of Donald Trump's Florida residents, his most Ardent supporters in Congress have levied sharp criticism of the FBI or even called for its funding to be cut. Meantime, Donald Trump is bringing on a former Florida solicitor general to lead his legal defense over the probe into those sensitive documents stored at Mar-a-Lago. The hiring of Chris kies comes as Trump is seeking a third party review of the material seized. Mikhail Gorbachev has died, the as the leader of the Soviet Union, Gorbachev shook up his country's political and economic system, it led to the collapse of the communist superpower and the end of the Cold War, the state run news agency tass, cited Moscow's central clinical hospital saying his death followed a severe and prolonged illness, Mikhail Gorbachev was 91. Global news 24 hours a day on air and on Bloomberg quicktake, I'm the prisoner in New York. Brian. All right, thanks very much Doug. 22 minutes before the top of the hour it's time for sports. With Dan schwarzman Dan Chelsea suffering a pretty shocking loss against Southampton. Yeah
TIME's Top Stories
"president yun suk yo" Discussed on TIME's Top Stories
"Kim Jong-un threatens to use nuclear weapons and potential military conflicts with the U.S. and South Korea by hung Jin Kim, Associated Press, Seoul, South Korea. North Korean leader Kim Jong-un warned he's ready to use his nuclear weapons and potential military conflicts with the United States and South Korea, state media said Thursday, as he unleashed fiery rhetoric against rivals, he says, are pushing the Korean Peninsula to the brink of war. Kim's speech to war veterans on the 69th anniversary of the end of the 1950 53 Korean War was apparently meant to boost internal unity in the impoverished country amid pandemic related economic difficulties. While Kim has increasingly threatened his rivals with nuclear weapons, it's unlikely that he would use them first against the superior militaries of the U.S. and its allies, observers say. Our armed forces are completely prepared to respond to any crisis. And our country's nuclear award deterrent is also ready to mobilize its absolute power dutifully, exactly, and swiftly in accordance with its mission. Kim said in Wednesday's speech, according to the official Korean central news agency. He accused the United States of demonizing North Korea to justify its hostile policies. Kim said regular U.S. South Korea military trails that he claims target the north highlight U.S. double standards, and gangster like aspects, because it brands North Korea's routine military activities and apparent reference to its missile tests as provocations or threats. Kim also alleged the new South Korean government of president Yun suk yo is led by confrontation maniacs and gangsters who have gone further than previous South Korean conservative governments. Since taking office in May, the union government has moved to strengthen souls military alliance with the United States, and bolster its own capacity to neutralize North Korean nuclear threats, including a preemptive strike capability. Talking about military action against our nation, which possesses absolute weapons that they fear the most is preposterous, and is very dangerous, suicidal action, Kim said. Such a dangerous attempt will be immediately punished by our powerful strength and the Yun sukul government and his military will be annihilated. South Korea expressed deep regret over Kim's threat and said it maintains a readiness to cope with any provocation by North Korea in a powerful effective manner, in a statement read by spokesperson Kong in soon, June's presidential national security office said South Korea will safeguard its national security and citizens safety based on a solid alliance with the United States. It urged North Korea to return to talks to take steps toward denuclearization. Earlier Thursday, South Korea's defense ministry repeated its earlier position that it's been boosting its military capacity and joint defense posture with the United States to cope with escalating North Korean nuclear threats. In April, Kim said North Korea could preemptively use nuclear weapons if threatened, saying they would never be confined to the single mission of war deterrent. Kim's military has also test launched nuclear capable missiles that place both the U.S. mainland and South Korea within striking distance. U.S. and South Korean officials have repeatedly said in the past few months that North Korea is ready to conduct its first nuclear test in 5 years. Kim is seeking greater public support, as his country's economy has been battered by pandemic related border shutdowns. U.S. led sanctions, and his own mismanagement. In May, North Korea also admitted to its first COVID-19 outbreak, though the scale of illness and death is widely disputed in a country that lacks the modern medical capacity to handle it. Kim's rhetoric inflates external threats to justify his militarily focused and economically struggling regime, said leif Eric easley, a professor at ay university and soul. North Korea's nuclear and missile programs are in violation of international law, but chem tries to depict his destabilizing arms buildup as a righteous effort at self defense. Experts say North Korea will likely intensify its threats against the U.S. and South Korea as the allies prepared to expand summertime exercises in recent years, the South Korean and U.S. Military have canceled, or downsized some of their regular exercises due to concerns about COVID-19 and to support now stalled U.S. led diplomacy aimed at convincing North Korea to give up its nuclear program in return for economic and political benefits. During Wednesday's speech, Kim said his government recently set tasks to improve its military capability more speedily to respond to military pressure campaigns by its enemies, suggesting that he intends to go ahead with an expected nuclear test. But Chong Chong Chong at the private sea Zhong institute in South Korea said North Korea won't likely conduct its nuclear test before China, its major ally, and biggest aid benefactor holds its Communist Party convention in the autumn. He said China worries that a North Korean nuclear test could give the United States a justification to boost its security partnerships with its allies that it could use to check Chinese influence in the region. North Korea recently said it is moving to overcome the COVID-19 outbreak amid plummeting fever cases, but experts say it's unclear if the country can lift its strict restrictions soon because it could face a viral resurgence later this year. During Wednesday's event, chem, veterans and others did not wear masks, state media photos showed. On Thursday, North Korea reported 11 fever cases, a huge drop from the peak of about 400,000 a day in May. North Korea has rejected U.S. and South Korean offers for medical relief items. It has also said it won't return to talks with the United States unless it first abandons its hostile policies on the north. In an apparent reference to U.S. led sanctions and U.S. South Korean military drills. This episode was brought to you by mint mobile. Hate your phone bill? Yeah, most people do. Except mint mobile customers. They get premium wireless for just 15 bucks a month. With unlimited talk, text, and high-speed data on the nation's largest 5G network. What's the catch? There is none. Keep your phone, your number, and all your precious contacts. Including those you'd rather forget. To get your new plan for just 15 bucks a month, go to mint mobile dot com slash tech.
Bloomberg Radio New York
"president yun suk yo" Discussed on Bloomberg Radio New York
"Christopher wray says China is the biggest cyber hacker in the world by far It backs to has the details from San Francisco Ed Yeah nicely said by far ray says their program is ambitious and continues growing They've stolen more American personal and corporate data than all nations combined And they've shown no sign of tempering their ambition and their aggression Ray says while they deny it the evidence is absolute Biden administration official signaling they prepared to take a tough stance and forcing a ban on imported goods from China's Xinjiang region Unless companies provide clear evidence the goods are free a forest labor Hong Kong backpedaling on its home quarantine policy is variants are flaring This one of the toughest COVID zero measures and it's going back into effect those people who test positive and are not severely sick as well as their close contacts will be sent to facilities like penny's bay Shanghai has reported out the fewest COVID case numbers and three months as it ends mandatory home isolation 15 new infections day to day Meanwhile it faces weeks if not months of slow recovery until economic activity fully bounces back Authorities cite labor shortages and consumer confidence The EU says China will take advantage of Russia's energy dilemma European commissioner valdes de brancas I'm sorry Don brocks keys on Bloomberg today saying Russia selling at huge discounts making lots of emphasis to increasing supplies to China But what we are seeing and especially in a situation of Russia's weaknesses with China China is going to take a good advantage of this and it's not going to be very advantageous deals for Russia Yeah meanwhile Moscow is calling the new weapons and escalation will only make the war longer it says the U.S. sending more specific on the missile systems it is sending two Ukraine The undersecretary of defense doctor Colin kahl says systems called himars can travel 48 miles This system will provide Ukraine with additional precision in targeting at range The Ukrainians have given us assurances that they will use this system for defensive purposes only And call says it will take several weeks to get the Ukrainians fully trained and Secretary of State Antony Blinken saying today that the war may last for a long time We can't predict How this is going to play out when this is going to play out As best we can assess right now we are still looking at many months of conflict Blinken says the best of the U.S. can do is make sure Ukraine is prepared to repel any invasion and Bloomberg's reporting South Korea's new president Yun suk yos Conservative Party is on track to take at least ten of 17 major election posts as the counting continues today And Elon Musk has a back front and center where he demands to be has demanded that Tesla staff stop in quotes phoning it in and get back in the office at least 40 hours a week Bloomberg's reporting that may sound tone deaf to workforces especially in California as well as it may scare the be jabbers out of Twitter's workforce which is a pretty much working remotely And you know it's hard to work high-tech when you have no big adders In San Francisco I'm at Baxter This is Bloomberg our Juliet Thank you so much Ed Let's get to our guest homo bag is managing director and chief economist at DBS bank group research here joins us on the line from Singapore time I was going to talk to you we heard these kind of pretty dire warnings that there's a hurricane coming from JPMorgan Chase CEO Jamie Dimon Are you preparing for a storm are you bracing yourself I think we are bracing ourselves but not necessarily for a storm but a slowdown or a sharp one rather would feel like a storm because we've had a pretty decent turnaround from the depth of the COVID crisis and expectations were 2022 was going to be a good year between reopening and decent exports and tourists coming back to Asia So if all of those things disappoint it is going to be a jarring set of outcome given the expectations which were fairly constructive and the view was we will be able to handle the federate hikes this year but not a deal at all and there are dark clouds in the horizon And that is also looming into these concerns those dark clouds about what we're seeing in the bond market We saw the 5 versus ten year sector going back into inversion We know we saw the twos tens in inversion earlier in the year How long before the yield curve fully inverts and what does that mean for other asset classes The yield curve flattening sharply I think is more of a worry for us than the output inversion because the whole progress from a decently steep curve to a very flat curve itself is telling you that expectations are fed rate hike to be sustainable is dimming and the view that the economic cycle will be prolonged itself is being challenged So whether two stems go into slightly negative territory you are just very very flat to us are the things you see in things Sharp inversion in our view is unlikely given that the rate hike cycle is very in its early phase So you can't really have a massive sharpened version because you can price basis points of rate hikes Every cuts given that there hasn't been equivalent to the amount of hikes yet But the points that were being discussed in your show earlier that the strong dollar our interest rate and persistent inflation are three major headwinds both for corporate earnings as well as for consumer expectations are not U.S. specific developments anymore Here in Asia also we are seeing how those becoming jittery being upset about the cost of food prices and fuel prices And they will strike exactly the same way that the U.S. consumers are likely to strike which is not by a lot more stuff However the difference is we think our relative basis U.S..
WTOP
"president yun suk yo" Discussed on WTOP
"Point was down more than 600 points wound up with a gain of more than 8 points CBS News business analyst Joe schlesinger The main concern right now is with inflation near 40 year highs and the Federal Reserve hiking interest rates The late rally does not diminish those worries the Dow had its 8th straight losing week the first time that's happened since 1923 Steve utter man CBS News Do you can't blame residents of gay lord Michigan for feeling shell shocked The northern Michigan town was hit hard by a rare tornado late on Friday at least one person was killed dozens more were injured governor Gretchen Whitmer Support this community support our first responders and make sure that we do everything we can to rebuild I've declared a state of emergency in response to the tornado President Biden has been meeting with South Korea's president Yun suk yo during his second day there A pair of just finished talking to reporters Would like to leave my head but much of this country is having a pre summer heat wave CBS News meteorologist David Parkinson You're talking about record temperatures more than 60 of them up and down the eastern seaboard from as far south as South Carolina and North Carolina and as far north as New Hampshire It's known as title 42 pandemic related restrictions.
Monocle 24: The Briefing
"president yun suk yo" Discussed on Monocle 24: The Briefing
"Basic level of agreement, but obviously there are differences between individual countries. We know that Hungary, for instance, has been reluctant to provide any weaponry to Ukraine, Germany has been hesitant, although he is now coming forward with more sophisticated weapon supplies. So there are some nuances of differences undoubtedly as you'd expect when there's so many members of NATO up to 30 members. But nonetheless, I think overall they are very united in recognizing that Russia is the aggressor and that this battle is important for the whole of Europe, not just for Ukraine, and that it should provide Ukraine with as much weaponry as it can to defeat Putin's more limited aim, which is to seize control of the entire east of the country and the land bridge to Crimea. Russia's foreign minister Sergei Lavrov has warned of a third World War over Ukraine. How seriously should this warning be taken or do you think it's just a destruction? Well, I think it's a sign of some desperation from the Russian side. I mean, they haven't achieved anything of what they wanted. They've failed very poorly either their power and status and this war was all about Russia's power and status has been damaged in a number of different ways. Their troops have performed very poorly. They've lost a lot of military personnel and also equipment. They've lost their black sea fleet leader in the mosque. So their status has been very much hit. So I think this is a sign of desperation because they realize that they're actually not winning this war even in the more limited aims that they've set themselves in the sort of timescale that they wanted. Having said that, clearly, the west does need to be careful and avoid the risk of escalation. And that's why they haven't been providing fighter aircraft or indeed NATO, boots on the ground in Ukraine. You mentioned Russia's desperation. I'm wondering, does that give us any idea of how this conflicts may end one day? I think, I mean, there was no good outcome from this conflict. I think we have to be very clear with that. I think the most likely outcome in my view at the moment is that Russia will eventually succeed in subduing Ukrainian military forces in the east and taking most of the Donbass land and indeed a marriot poll which gives them the bridgehead to Crimea and then president Putin will sit down and say, okay, now let's negotiate about the future of the rest of Ukraine, its neutrality membership of NATO, the European Union, et cetera. And president zelensky at that point will come under significant external pressure probably from turkey maybe from France and Germany to conclude what in my view would be a bad and not sustainable in the long term peace agreement. But I think that is probably the most likely outcome at this stage. That was the UK's former ambassador to the UN sir Mark lyell grant. Thank you so much for your insights. And now here is Monaco's garo to rebel with the days. Are the new set lies. Thanks, Marcus. The North Korean leader Kim Jong-un has told the military parade in Pyongyang that he will continue to boost his country's nuclear arsenal. Kim's remarks are widely seen as an attempt to force the United States to remove crippling economic sanctions. The International Monetary Fund has said that Sri Lanka must tighten monetary policy raise taxes and adopt flexible exchange rates in order to address its debt crisis. Sri Lanka is seeking IMF support in a bid to deal with its worst economic crisis in 70 years. A new opinion poll for the Australian newspapers suggest the country's liberal prime minister Scott Morrison is struggling to close the gap on the Labor Party ahead of next month's general election. The poll shows labor has around a 6 point lead over the liberals. And Italy has signed a decree that will enable its heritage protection task force to operate overseas following a request from UNESCO. You can find out much more about the so called blue helmets of culture by heading to monocle dot com for slash minute. Those are the days headlines back to you Marcus. Thanks. Now a senior delegation from South Korea has been holding talks with Japan's prime minister former kishida. It comes as the Asian powerhouses attempt to begin the process of resolving their long-standing differences. I'm joined for more on this by Monaco's Tokyo bureau chief and Asia, to Fiona Wilson, Fiona good evening to you how optimistic are you about the relations between two nations, good, gradually improve. Well, Marcus, basically they couldn't get any worse. They pretty much been in the deep freeze, as we know. On the Moon Jae-in, who's the outgoing South Korean president, many issues kept rearing their head during that time. And it seems like the incoming president Yun suk yo, I wouldn't overstate his pro japaneseness, but he's much more willing to mend ties and he can see the bigger picture, which is in a regional way that Japan and South Korea really need to get along. Obviously we have indeed discussed the troubled relationship between these two countries in the past, but could you recap? What are the main issues? Well, I mean, there are several actually. You know, the key thing that it always comes back to is the historical relationship. Japan was in charge of the Korean Peninsula 1910 to 1945. And a lot of the issues that are coming up to date still relate to that time. Has Japan paid sufficient compensation for workers who were forced to work during that period. The issue of comfort women this Japanese military brothel system have they been compensated. There aren't many left now, but still issues there. Now, Japan felt that has been resolved and there was a big signing of a treaty there in 2015 between Shinzo Abe and park guenter, who was a predecessor of Moon Jae-in. And then it seems that it wasn't resolved as far as South Korea was concerned and all those issues have come up again. So as it was the Japanese side very frosty relations, they were pretty furious at that 2015 had really pretty much been torn up. And they're now talking this week about a reset. Let's go back to 2015. So very positive noises from both sides. Fumio kishida the Japanese prime minister said, after this meeting with the incoming president delegation who are here for talks, he said it's needed more than ever. This good relationship between Japan and South Korea and also the U.S. and Japan, South Korea. This trilateral relationship is really essential for the region. So if you're another countryside now in talks, but to which extent are all those issues reflected on the street level, when you speak to people in Tokyo, for example, what do they tell you about? What they think about the relations between Tokyo and Seoul. I think the reality is that it's probably a slightly more contentious issue in South Korea. I think in Japan, you know, that people, it's not talked about that much. There are other issues. Yes, you've got the historical issues. You've got this issue over takashima doctor as it's called in South Korea. These islets that are controlled by South Korea. That's a contentious issue. It's a touchy subject for the far right in Japan. Most people really are not that interested and probably don't know that much about it. I think in terms of trade, there are issues in Japan's bureau put restrictions on materials for semiconductors to South Korea. There are very many issues, but I think the reality is that in Japan, those very sensitive issues about history are not really relevant. Not to say they are absolutely relevant in South Korea. So it's quite difficult for yuan, the incoming president. He has to be quite careful. Yes, he wants to be conciliatory. And he certainly has waived an olive branch in Japan's direction by sending this delegation. But he has to be careful at home that he's not being seen to be too conciliatory. And I think the other thing you have to consider is that President Biden is coming to this part of the world in the matter of weeks. So I think both sides would like to show the U.S..