17 Burst results for "Van Der Leyen"
Bloomberg Radio New York
"van der leyen" Discussed on Bloomberg Radio New York
"At the markets than with risk off in Asia, the Kai shin, a China services PMI, data rose, the strongest level since November 2020, but you still got the CSI 300 down four tenths of 1% the MSCI Asia Pacific index also selling off 8 tenths of 1%, looking at stock futures then this morning, we are down for Euro stock 50 futures also dropping four tenths of 1% for NASDAQ futures. Eroding something of a stellar first quarter for the NASDAQ, you also have government bonds rallying on the back of weaker than expected economic data. We get the U.S. non farm payrolls tomorrow gold a down just slightly this morning for tents of 1% but still near a 13 month high, and just in terms of bond yields this morning, U.S. benchmark yields on the ten year 23 20 a so down three basis points to year yields also dropping at three 74 right now, Stephen. Our top stories this morning, French president Emmanuel Macron, and EU commission president Ursula van der leyen meet Chinese leader Xi Jinping today, the parrot journalist of European leaders have made the trip to the world's second largest economy since the beginning of the Russian invasion of Ukraine. Speaking through a translator, Emmanuel Macron said, it's better to engage with the country than to cut them off. Talking directly to China about this conflict, the Russian aggression, what is at stake, the consequences for our Europe, the consequences for the near east and Middle East, as well as for the African continent and so many others. It means to try and engage them in a strategic relationship that may be more complex than what we would like. This is what I will discuss. You already understood that. Tomorrow in the day with the president, we will try to build in a way, engage China toward a shared responsibility for peace and stability. The French president's overtures come as Europe tries to balance trade and investment interests with China with finding a solution to Ukraine at a time of heightened tensions between Washington and Beijing. Meanwhile, in the U.S., House speaker Kevin McCarthy met with Taiwan's present, I ing Wen in a show of solidarity, ty said that it is no secret that peace and democracy are facing unprecedented challenges in her country, McCarthy told Bloomberg that bipartisanship is essential when talking to China. We've never spoken with one voice when it comes to China. We've gone from administration administration. So when I became speaker, we created a select committee and it had a 146 Democrats vote for it. You've watched Democrats and Republicans here together. I think that would even foster a stronger relationship with China because China would understand where our boundaries are. They won't worry about one party saying something. House speaker Kevin McCarthy there was talking to Bloomberg's Anne Marie horde in California. One area that he warned by partisan agreement was struggling with is the U.S. debt ceiling, which McCarthy says Wall Street should be worried about. Speaking of things, Wall Street should be worried about Cleveland fed president Loretta master says the Federal Reserve isn't planning rate cuts this year in an exclusive interview she told Bloomberg's Mike McKee the Central Bank has different priorities than the markets. We've seen periods where the markets have one view of what's going to happen in the economy and the fed has another view. And so I think we see things a little bit differently in terms of what the appropriate monetary policy is given where the economy is and where it's going. We certainly are focused on inflation and making sure that inflation gets back down to 2% over time. The Cleveland fed president's comments come after ADP data and the jolts report showed a softening in the U.S. labor market, Bloomberg ready on television with a full coverage of tomorrow's U.S. jobs reports released at one 30 p.m. London time. Now the Swiss government will cancel or cut the outstanding bonuses of top Credit Suisse executives under the plan board members will have all outstanding payments for 2022 scrapped, managers of one and two levels below the board will have their bonuses reduced by up to 50% the effects around a thousand Credit Suisse employees. Police in Scotland have released Peter merle Nicholas sturgeon's husband without charge last night he'd been detained as he was the former chief executive of the SMP in relation to an investigation into the party's finances. Scotland's new first minister Hamza Yusuf says the party wants to reassure voters. My first meeting as leader of the ADC on Saturday was to get the NEC to agree to a course of action around governance around transparency because people are do have questions about the party about transparency about a finances. That was Scotland's first minister, Hamza Yusuf, who succeeded Nicholas sturgeon last week, sturgeon said she had no prior knowledge of police Scotland's plans. The UK government has sought to distance itself from the confederation of British industry following allegations of sexual misconduct, sources tell Bloomberg that multiple departments of postponed meetings with Britain's biggest business lobby. Companies are also reviewing their membership of the lobby group which has appointed the law firm Fox Williams to investigate the allegations which initially resulted in Tony danker stepping aside as its director general last month. So is our top stories on the program this morning. Looking ahead to one of the big events that we're watching in the coming days, of course, we've had the confirmation of the dates of president Joe Biden's visit to Northern Ireland and to Ireland as well. This, of course, coming as this weekend marks 25 years since the signature of the good Friday peace agreement. This is going to be a big, week of events in Ireland next week. President Biden going to start in Northern Ireland, of course, focus there on the political situation. There are still no functioning parachain assembly. In storm and then moving on, he's going to make his big public speech in the west of Ireland at the town of balana and county Mayo where his ancestors are from that's where his big public event is going to be held. Big pump and ceremony we'll be talking a lot about this story, both here on daybreak, Europe and on our UK politics
Bloomberg Radio New York
"van der leyen" Discussed on Bloomberg Radio New York
"An update on global news next. Dan Schwartzman is in the Bloomberg newsroom deno. Doug and his first detailed response to February's Windsor framework detailing Northern Ireland's post Brexit arrangements, democratic unionist party leader Jeffrey Donaldson says the deal has made significant progress, but still needs some changes back in February, UK prime minister Rishi sunak and European Commission president Ursula van der leyen announced the deal had been reached, but Donaldson says more clarity as to how EU laws would affect Northern Irish businesses is needed. In a sign of strengthening ties between Europe and South America's two biggest economies, German Chancellor Olaf scholz has invited Brazil's president Lula da Silva for talks and a joint cabinet meeting in Berlin, sometime in the second half of this year. The talks are aimed to focus on closer cooperations between the two countries on issues such as trade, energy, climate protection, as well as raw materials, Schultz along with president Frank Walter steinmeier visited Brazil back in January. Global news 24 hours a day powered by more than 2700 journalists and analysts in over a 120 countries, I'm Dan Schwartzman and this is Bloomberg. Rich. Thanks very much for that Dan let us get to our next guest. It's all really about this story which emerged that the United States and a Russian fighter jet collided in apparently it was a U.S. surveillance drone, which was an international airspace above the Black Sea, which forced the American aircraft to crash the Jordan theme in his Bloomberg White House reporter. Jordan, thank you so much for joining us. Give us the details here first. That's right, U.S. officials are saying that this surveillance drone was encountered in their words unprofessionally and recklessly by Russian aircraft, military aircraft above the Black Sea. They dumped fuel on the drone and then essentially knocked it out of the sky. And it then crashed into the sea. Russian officials have acknowledged there was an encounter. They denied some of the U.S. officials claims. But the bottom line is that this is already a tense situation between the U.S. and Russia regarding the Ukraine war and this is really highlighting again in escalating some of those tensions. So we referred to it as a collision that you're saying that with more information it is actually a downing of a drone by a Russian jet. Yeah, that's what U.S. officials said today that the drone was down in the international airspace. There was the Russian ambassador in Washington was recalled to sort of bid red the right act by U.S. officials. I know that message was communicated as well. To the Russian government in Moscow, unclear as to whether there will be further retaliation by U.S. forces, but no indication is given from the people we spoke to today, that's in the offing. What's Moscow saying and how they defending the action? Well, they're saying that the drone was flying in airspace that was designated, protected essentially under their quote unquote sexual military operation in Ukraine and that it shouldn't have been there. But that it actually just lost control on its own and crashed into the Black Sea. After this flyby by their military aircraft, but so this view lies in both the circumstances of the downing and also whether the drone was flying in international airspace. So the next step would be a rebuke, I suppose, from the U.S., will the U.S. call in, the Russian ambassador or something like that? Yes, that's apparently their plan. As of a few hours ago, not sure that's actually happened yet, but they were going to call in the Russian ambassador to Washington and also communicating message through their embassy in Moscow to the Kremlin. Just really emphasizing the deep, I suppose, or deepening rivalry between Moscow and Washington isn't it, and also, of course, it's all part of the whole sort of triumvirate of geopolitical polars I polls, I suppose. That's right. And highlights some of the escalation risks here. That in a hot war, these things can happen. And there's a danger that there are misconstrued and lead to further escalation. And that's what the U.S. has wanted to prevent this whole time. Their goal has been to enable Ukraine to prosecute the war against Russia, go to the same time not get embroiled itself. That's why they've declined to give certain weapons like S 16s and long range missiles, the keys, and so this incident is kind of an example of this type of situation that Washington would like to avoid. Jordan, thank you very much. Jordan Fabian, Bloomberg White
Bloomberg Radio New York
"van der leyen" Discussed on Bloomberg Radio New York
"We're like, get you more details of that as they come to hand. In the meantime, though, let's get a check of global news. And a report issued at the opening of China's national People's Congress is Taiwan's reunification with China remains a constant priority. It begs to score more. It is right, Paul, China has kept its language regarding Taiwan stable Bloomberg as John lieu earlier on daybreak Asia said, basically the same wording from last year, even though tensions have increased globally. Again, an emphasis on peaceful unification, there has been a lot of speculation that China is moving for the timeline for potentially some sort of military action when it comes to Taiwan. But we have heard from the new foreign minister, for example, saying it's baseless to think that China is moving forward that timeline. Now the report says that Beijing should promote the peaceful development of cross strait relations, advance the process of China's peaceful reunification. It goes on to say that China should adhere to the one China principle and take resolute steps to oppose. China is looking to boost defense spending significantly in the meantime. Annual report released at the NPC says the increase of 7.2% this year it says expected to rise to 225 billion this year with a focus on increasing tensions with the U.S. on a range of issues, including Taiwan. European Commission president Ursula van der leyen is calling for a separate justice tribute tribunal to a prosecute war crimes committed by Russia in Ukraine. The European Union is supported for the role of the International Criminal Court. We also believe that there needs to be a dedicated tribunal to prosecute Russia's crime of aggression. Yeah, and she says there's increasing evidence of summary executions, assault torture, and that not even children are being spared by the land, says the time to start is now, and senator Dan Sullivan on ABC has heard on Bloomberg says the Biden administration again is very, very slow to react. Every time there is a new weapon system that's been proposed, they oppose it. Think about it. High Mars stingers, tanks, patriots, Congress and a bipartisan way. Well, they've sent them only after being pressured by Congress. Yeah, the senator there with George Stephanopoulos says by the time the Biden administration acts many times, it is too late. Global news powered by more than 2700 journalists and analysts and over 120 countries in San Francisco, Ahmed Baxter, and this is Bloomberg. All right, thanks very much for that ad a little bit more detail on that deal between South Korea and Japan, the president Yun sukhyi will unveil more details on Monday in this related to Japanese firms, behavior during the 1910 to 45 colonization of South Korea so Japan, South Korea appearing to reach a deal
Bloomberg Radio New York
"van der leyen" Discussed on Bloomberg Radio New York
"Arise the annual report released at the opening of the national People's Congress, says an increase of 7.2% this year, China kept its language regarding Taiwan's stable saying China seeks a peaceful reunification Taiwan. European Commission president Ursula van der leyen is calling for a separate justice tribunal to prosecute war crimes committed by Russia in Ukraine. Meanwhile, the bloody battle for back moot continues the Russian effort being driven by the Wagner mercenary group, former Maryland governor Larry Hogan, says he will not run for president. He says a crowded field could get Donald Trump nominated, which would be a very bad thing for the party and for the country. Masako mori adviser to Japan's prime minister fumio Keisha says saying Japan will disappear without any action on births, he says the falling birth rate threatens to wreck the social safety net and economy and Pakistan has barred its television channels from airing former premier Imran Khan's speeches, says he's making baseless accusations and spreading hate speech. In San Francisco, I met Baxter, this is Bloomberg, our red back edge, Michelle. Thank you, Ed. The organization for economic cooperation and development has announced that it will open an office in Kyiv amid the ongoing war in Ukraine. Secretary general mathias corpsman says Russia will ultimately have to pay reparations to Ukraine and help it finance reconstruction. Here he is, speaking to Bloomberg's francine lacqua. The reconstruction is happening right now. I mean, on my visit to Kyiv, I had the opportunity to visit urban, which of course was a location where Russian forces attacked and destroyed a bridge destroyed much of the civil infrastructure water energy and other and what I was able to see was a completely new bridge that was just about completed. All of the water and energy infrastructure replies that fully functional. So what is very important to understand is that reconstruction, yes, I mean, of course, significant reconstruction will be required after the war, but reconstruction recovery and reform are happening in Ukraine right now as we speak and the government and the people of Ukraine are not waiting for the end of hostilities to continue to improve their country to rebuild and to look forward. Of course, but a lot of actually world leaders are also trying to put in place some kind of framework to of course this first money. This is certainly the case of the European Union. Also with a session to the member countries with a list of things that Ukraine needs to do to make sure that your part of the club. A lot of this will also be on how they manage, for example, graph or how they manage some of the corruption concerns. What have you seen on the ground? Well, look, I mean, firstly, the people of Ukraine have really impressed and inspired the world with their courage, their strength, their resilience in the face of this unprovoked unjustifiable and illegal war of aggression pursued against them by Russia. Now, despite this, and prior to the war getting underway the governing Ukraine was already very much on the right path, pursuing reforms pursuing efforts to modernize, including making sure that they've got the institutional arrangements in place, for example, to tackle corruption. Now, a while I was there this week, the government of Ukraine handed me a letter accepting our invitation for Ukraine to become part of the OECD working group on bribery in international business transactions. For example, as a participant, which is an important step towards full membership and important step towards making sure that all of the legislation policies and practices in Ukraine are consistent with the standards that are expected of a prospective member of the Ori CD. So the important point here again, this is another area where Ukraine is not waiting for the end of the war. Ukraine is taking steps now to reform and to modernize. So do you think we should? Do you support a seizure, for example, of Russian Central Bank assets to help pay for the Ukraine reconstruction specifically? Well, look, I'm not going to go into the specific measures. Clearly, sanctions have been implies and continue to evolve for some time now. I mean, the principle position is that Russia ultimately will have to pay reparations for the harm and the damage that they've done and to help with the reconstruction effort to help finance the reconstruction effort. The specific ways in which that is appropriately done is something that the international community has to work through together, of course, with the Ukraine. And I'm confident that that will continue to be progressed. That was Matthias Corman secretary general of the OECD. We've got world business headlines ahead
Bloomberg Radio New York
"van der leyen" Discussed on Bloomberg Radio New York
"A report issued at the opening of China's national People's Congress says Taiwan's reunification with China does remain a constant priority at Baxter has that during the rest of the global news. Yeah, not a surprise issue as you know, has been will be China kept its language regarding Taiwan's stable saying China seeks a peaceful reunification with Taiwan. Bloomberg Steven engels says basically the same wording from last year, even though tensions have increased. And lika John says the aims this year will be as well for the peaceful reunification with Taiwan. That is a long-standing goal. So it's not necessarily new verbiage. And the statement also says it should promote the peaceful development of cross strait relations and advance the process of China's peaceful reunification. It goes on to say China should adhere to the one China principle and take resolute steps to oppose Taiwan independence. Meanwhile, Beijing is looking to boost defense spending significantly the annual report released at the opening of the NPC, says an increase of 7.2% says expected to rise to $225 billion this year with a focus on increasing tensions with the U.S. and a range of issues including Taiwan. Just for the record, the U.S. spends more than any country on its military with a budget of 773 billion for the year, China remember increasing to 225 billion. European Commission president Ursula Vandelay and is calling for a separate justice tribunal to prosecute war crimes committed by Russia, she says in Ukraine. The European Union is supported for the role of the International Criminal Court. We also believe that there needs to be a dedicated tribunal to prosecute Russia's crime of aggression. And van der leyen says increasing evidence of a summary executions assault torture in the not even children are being spared. Russia must be held accountable for these horrific crimes and put in must be held accountable. We must do everything in our power to bring the perpetrators to justice. And von der leyen says it's now time to start the movement. And in the U.S., senator Dan Sullivan on ABC has heard here on Bloomberg says the Biden administration, again, is very slow to react to get aid to Ukraine. Every time there is a new weapon system that's been proposed, they oppose it, think about it high Mars stingers, tanks, patriots, Congress and a bipartisan. Well, they've sent them only after being pressured by Congress. Yeah, I'm talking with George Stephanopoulos says by the time the Biden administration acts many times it is too late. Investigators in Congress have seen classified reports coming out of the probes into whether COVID came out of the lab in Wuhan, but former FDA director Scott gottlieb on CBS has heard on Bloomberg says although it seems probably so we may never know and need to plan ahead now. There's a lot of things that happened around the labs in China, particularly the way in Wuhan, the Wuhan institute of virology that created sloppy conditions. They were doing high risk research and low level low security labs. They were doing risky research and gottlieb says actions should be taken now. Global news powered by more than 2700 journalists and analysts in over 120 countries in San Francisco, Ahmed Baxter, and this
Bloomberg Radio New York
"van der leyen" Discussed on Bloomberg Radio New York
"Global news. Big story in China is the change in the narrative on COVID zero. We've been talking about it all day at Baxter, what is the latest? Well, the latest is that the top government adviser saying that 80 to 90% of the population Doug will get COVID at some point. Bloomberg Stephen engel here. He says it's going to be inevitable for most of us to get infected. Once, at least, regardless of how the COVID fighting measures are adjusted. Now, this is a government adviser speaking in state media, essentially saying COVID, everyone's going to get it, 80, 90% of the country, it's inevitable. And that would be sacrilege just a few weeks ago. Yeah, Steven says the estimates are 60% of the population will get it before this current wave is through, although he says the cases will be much more mild in Hong Kong seems to be following suit. We're still gathering some details, but it looks like that outdoor mask mandate will be lifted, and they're talking about lifting, testing, requirements, as well. So we'll get more of that as it evolves. Our Russian president today says the threat of nuclear war in the world is rising Vladimir Putin stopping short of pledging not to use nuclear weapons first in a conflict saying Russians arsenal is a deterrent factor if in any kind of conflict. Now Russia says it will defend itself and its allies with all means necessary. Meanwhile, the European Union council is issued a new set of 9 sanction packages on Russia. It includes members of government European Union council president Ursula van der leyen saying financial institutions are included as well. We propose to introduce sanctions against three additional Russian banks. This includes a full transaction ban on the Russian regional development bank. To further dry out Putin's watches. Van der leyen saying Russia's proceeding in Ukraine with the highest amount of cruelty. And U.S. vice president Kamala Harris says despite the bickering in Congress, the U.S. will continue to fund more weapons for Ukraine. We will not be distracted by any
Bloomberg Radio New York
"van der leyen" Discussed on Bloomberg Radio New York
"It's 9 28, a.m. in Hong Kong, I'm Kathleen Hayes here, Bloomberg world headquarters in New York. And I'm Doug prisoner sitting alongside Kathleen as we watch the opening of the market in Hong Kong hang seng right out of the gate is up about 8 tenths of 1%. Other markets trading weaker, we have in Sydney, for example, the ASX 200 down about 7 tenths of 1%, some disappointing trade data for Australia, short while ago, we'll be talking about that momentarily. Right now, a few of the sowers top is in the stories. And we are going to take a look now at Chinese officials, finding the next GDP target may be too ambitious. Here's annabelle drawers with more. China is discussing a GDP target of around 5% next year. We're told some officials think that may be too high. But others support the idea as a way to help shift the focus of local government work away from COVID controls. Beijing's adopting a more pro growth stance after months of record COVID outbreaks and a property crisis. China's Politburo says it will seek a turnaround in the economy next year, and this will help boost market confidence. We're here China's GDP target will likely be discussed at the central economic work conference that usually takes place within a week of the Politburo's December meeting. The GDP goal itself is only disclosed at the annual legislative meeting in March. I'm Annabel rulers, Bloomberg daybreak Asia. The TikTok video platform has been banned on government issued devices in Texas that story from Bloomberg's Charlie pellet. It adds to a growing list of states that have done the same in the past week amid concern that consumer data collected by the social media app could be accessed by the Chinese government. Governor Greg Abbott ordered all state agencies to ban its officers and employees from downloading or using TikTok on government issued devices, including cell phones, tablets, and desktop computers. The announcement follows similar actions taken by South Carolina, Maryland and South Dakota in recent days. In New York, Charlie palette Bloomberg daybreak Asia. Federal prosecutors are investigating whether FTX founder Sam bankman freed and his hedge fund orchestrated trades in a way that led to the collapse of two cryptocurrencies. That's according to New York Times reporting. Prosecutors in Manhattan are examining the possibility that freed steered the prices of two interlinked currencies tear USD and Luna. The question is whether this was done to benefit entities he controlled, freed told The New York Times that he was quote not aware of any market manipulation and certainly never intended to engage in market manipulation. The investigation is in early stages and it's unclear prosecutors have determined any wrongdoing. Yeah, in New York trading today, Kathleen, I don't know whether you saw, but Bitcoin broke below 17 grand were trading at a 16 8 33 at the moment. Let's update global news next on DBA. In China, as we know, the government has changed the narrative on COVID zero at Baxter with the latest from a Bloomberg newsroom in San Francisco. Boy has it dug top government adviser fang shija saying that 80 to 90% of the population will get COVID at some point, Bloomberg's Steven engel here. He says it's going to be inevitable for most of us to get infected. Once, at least, regardless of how the COVID fighting measures are adjusted. Now, this is a government adviser speaking in state media, essentially saying COVID, everyone's going to get it, 80, 90% of the country, it's inevitable. That would be sacrilege just a few weeks ago. Yeah, Stephen says the estimate is that 60% of the population will get it before the current wave is through along. He says with the cases will be much more mild. Russian president today says the threat of nuclear war in the world is rising, Vladimir Putin has stopped short of pledging not to use nuclear weapons, though, first a conflict saying a Russian arsenal is deterrent factor in conflicts. Russia says it will defend itself and its allies with all means necessary. Meanwhile, the European Union council has issued a new set of 9 sanction packages on Russia. It includes members of the government, European Union council president Ursula van der leyen saying financial institutions will be involved in this one as well. We propose to introduce sanctions against three additional Russian banks. This includes a full transaction ban on the Russian regional development bank. To further dry out Putin's watches. Van der leyen say in the Russia's proceeding in Ukraine with the highest amount of cruelty and U.S. vice president Kamala Harris has despite the bickering in Congress, the U.S. will continue to fund more weapons in Ukraine. We will not be distracted by any partisan suggestion that it is anything other than a representation of who we are as Americans regardless of political party. Era says Ukraine will defend itself. And what is being characterized as an attempted coup Peru has a new president and Pedro Castillo is in custody. Bloomberg emerging markets correspondent sherry on reports Castillo attempted to dissolve parliament rather than be impeached. He made an 80 out of a 130 lawmakers who vote for impeaching him and this one without a debate that just counted the tally and impeached him. Yeah, so vice president Dina bell Arte has been now sworn in as president. In San Francisco, I'm Ed Baxter and this is Bloomberg, right Kathleen. And thanks so very much. So we're going to continue to follow the latest news out of China, and what it means for Chinese equities, what it means for Chinese bonds. What it means for the Chinese economy, how quickly knowing that many higher cases of COVID lie ahead of them will Chinese consumers come out and start spending again. This is a very big
Bloomberg Radio New York
"van der leyen" Discussed on Bloomberg Radio New York
"Most of the population will eventually get COVID. It backs to Scott more. It has to change, isn't it, Paul? The number that's being talked about now between about 80 and 90% of the total population. Fangshan has an adviser to China's center for disease control, says it is going to be inevitable regardless of how the COVID fighting measures are adjusted, so they may as well adjust. Bloomberg Stephen engel says this is a definite change in direction. Really speak to the change in narrative that you just mentioned because his comments that were quoted in the Chinese youth daily essentially would be sacrilege a few weeks ago as potentially undermining Xi Jinping's cornerstone policy on controlling the virus. How Fox has 60% of the population may be infected in the first wave, which we're in now, he says before the current curve flattens. He adds a virus has become pretty mild. Now, at U.S. Congress preparing to pass legislation revamping U.S. policy toward Taiwan and restricting government use of Chinese semiconductors, this has been a place in the must pass annual defense legislation. Saudi Arabia has rolled out the red carpet for China's president Xi Jinping, something that's being noticed by the Biden administration, which was in effect snubbed by the Saudis, about a month ago, former defense secretary and presidential chief of south Leon Panetta earlier on Bloomberg's balance of power said the U.S. should not be concerned about this, though. Saudi Arabia understands that it can't put its chips on one side or the other. And I think although they may meet with the reality is that Saudi Arabia depends a great deal on weapons systems on support from the United States. That's not going away. Now, he says it's a way of geopolitics, too. Peru has a new president's vice president Dina bull Arte has been sworn in after president Pedro Castillo's attempt to dissolve Congress before he was impeached. Bloomberg's emerging markets correspondent sherry Ann says the actions happen very, very quickly. Just hours ahead of this impeachment attempt, president Garcia came out and he actually said he will dissolve Congress. He called a curfew. He said he wanted to rewrite the constitution. So Congress lawmakers acted really fast. So now it's up to her to work together with her parliament which shows about a 113 members. European Union proposing additional packages of sanctions against Russia, EU council president Ursula van der leyen saying the first element includes 200 more Russian entities. This includes the Russian armed forces. As well as individual officers and defense industrial companies, but also members of the state tumor of the federation council, ministers, governors, and political parties among them. Von der leyen says that the EU will make Russia pay for its cruelty, and this on the same day the Russian president Vladimir Putin stopped short of pledging not to use nuclear weapons first in the conflict now Putin says Russia's nuclear arsenal is deterrent factor in conflicts and warrants at the threat of nuclear war in the world is rising. In San Francisco, Ahmed Baxter, this is Bloomberg Douglas. All right, Eddie, thank you. Joanne feeny is with us as our guest a Joanne is partner also portfolio manager at advisers capital management. She joins us from outside New York City on the western shore of the Hudson River. Joanne, thanks for being with us. We're talking a lot about an impending recession, I guess if there is a bright spot here, it comes from JPMorgan. The firm is expecting it to be shallow and short lived. What do you think we're going to be dealing with in 2023? Well, Doug, it's awfully hard to predict when we haven't even really entered that recession yet. If we do, the U.S. is in a strange situation with very tight labor markets that is shortages of labor and classically a recession is when you get a lot of unemployed people. Now we may end up there. We may very well because the fed has a lot of work to do. To reduce those inflationary pressures and bring us back to its 2% target. But at this point, I think it's a bit early to call how long and deep the recession is going to be from the strength of the labor market. That does suggest a shorter and shallower recession. So barring new information to the contrary, that's probably not a bad way to approach investing for 2023, but there's a lot of risks out there in the world, and we've seen how badly those risks can disturb markets. Yeah, I know you think inflation may have peaked, but you also say just then that the fed has a lot of work to do to get that inflation rate back to target, and when we say work, we mean more right increases, so what do you see the funds rate peaking up? What do you think it's likely the funds rate's going to hit 5% and it's going to stay there for a while because it is going to be hard to bring that inflation back to target. And the fed has signaled pretty clearly that it's going to wait to see concrete evidence of a decline in inflationary pressures. And we are seeing some signs that some of the transitory impacts are coming out. I mean, look at use prices. We're reported again today. They were down sparkly year over year. And that happened for a few months. So that's helping. But the challenge for the more persistent inflation is the tight labor market is the pressure on wages to continue to grow. And they're growing at a pretty fast pace. And that is going to directly feed into one of the biggest segments of the U.S. economy, which is the services segment. So are you still favoring equities? I mean, if you had to put capital to work, you're looking at stocks as opposed to bonds right now? Well, it really depends on the client. I mean, we do have some clients who are entirely in bonds. It depends on their position in life. It depends on their risk tolerance. But for the long term, we still like equity. And it isn't because the market is particularly cheap. It isn't. It's about in line with long-term historical evaluations. But there are stocks within the market that can deliver a very attractive dividend yield. And that's one way for our clients to ride out some of the down traps we're seeing in stock prices. Because if they can fund their cash flow needs out of dividends, then they can not have to sell a stock to raise that cash. And they can ride this out. And, you know, for folks that have a longer term view, we are finding some stocks that are particularly attractive here that have gone down way too much. It's as if the market thinks there will be no growth ever again. And we do know that recessions are temporary. So where do you go to get some dividends in 2023? Well, there's a number of things to do here. You want to build some defense into the portfolio, the defense against some of the risks that are out there. And so Pence defense companies often are good. Like Lockheed Martin, two and a half percent yield or Raytheon a little bit below that. But then beyond that healthcare is a very attractive sector, even through
Bloomberg Radio New York
"van der leyen" Discussed on Bloomberg Radio New York
"It's 7 30 a.m. in Hong Kong. I'm Kathleen Hayes. And I'm Doug prisoner we're coming to from the Bloomberg interactive, broke a studio in New York at the top of the hour, we'll have trading in a Tokyo and in Seoul and in about two hours time, the action will begin in Hong Kong and Shanghai right now. We've got trading in Australia, a little bit of weakness, but there was a big downdraft in equity prices today in the states. I'll take a closer look at that after Kathleen and I update you on a few of the Sarah's top business stories. And a very big story in the next few hours, a decision today from the reserve bank of Australia, Doug and I have just weighed in on what we think it's all about. So now let's listen to Bloomberg's annabelle jewelers. See what she has to say. There was a bank of Australia is likely to hike rates by 25 basis points in today's meeting. October inflation was weaker than expected and economic data has softened. But Bloomberg economics says that's unlikely to get in the way of the potential rate hike. Looking beyond we're told that the RBA's next move will be a smaller 15 basis point increase in February. That'll take the cash rate to a peak of 3.25%, but there's another chance that another hike may not be necessary even inflation risks continue to ease. We get the RBA decision later at 1130 a.m., Hong Kong time. I'm annabelle drawers, Bloomberg daybreak, Asia. And I'm seeing a little bit of weakness now in the Aussie dollar against the green back down about 1.3%, 67 zero two U.S. cents. Let's move to the trade war story, the U.S. and the European union are weighing new tariffs on Chinese steel and aluminum. The aim here is to help fight carbon emissions and global over capacity. Now we are told this idea is at an initial phase. It's not yet been formally proposed. The tariff plan would likely deepen divisions between Beijing and Washington. These two sides have been working as we know together on climate change. The question is, could this be the flying in the ointment? It's unclear what legal authority the Biden administration would use to implement these new tariffs. We are hearing that the question is still being worked out internally and in talks with the European Union as well. Well, here's another story with China and its links to Brazil. China ramping up imports of Brazilian corn to replace imports of the more expensive U.S. grain, four vessels loaded with Brazilian corn are currently on its way to China, according to shipping agency alfama agencia maritima, we're told that 5 more should sail to China soon. Ship us to date already exceed 280,000 tons just a month after the first cargo Brazilian corn headed to China. Brazilia, Brazil, exported a record 6 million tons of corn in November, bringing the year to date total to 38 million tons, almost twice as much as Brazil's ship last year in paddock. Maybe it's kind of good to see some global trade that still happening and growing. Definitely, and particularly as it relates to agricultural commodities. Let's check global news here on DBA. Taiwan is going to be receiving and increasing number of U.S. patriot missiles at Baxter with more from the Bloomberg newsroom in San Francisco, Eddie. Yeah, and it's intriguing Doug on how they're working this. These are the new ones and the package looks to be $882 million for potentially 100 patriots. The State Department says the proposal was made under the provisions of a 2010 sail to the island, so technically it is not new, but it's classified as an enhancement to the earlier deal. At the time of that deal, infuriated Beijing and the U.S. pulled back. Well, the deal is due to be published in the congressional record tomorrow and looks very much to be moving forward. China's president Xi Jinping appears to have confirmed the pivot away from COVID zero while not directly addressing it. He says the protests were basically young, frustrated, young people, and then said the omicron variant is more mild, so Bloomberg cherry on says the pattern here is very clear. Well, we're seeing now is more of these local governments trying to adhere to COVID restrictions being rolled back. So we saw some of the biggest cities like Shanghai which remember had a two month grueling lockdown actually scrapping PCR testing requirements to enter most public venues. Same thing for Hangzhou, which is home to Alibaba, same thing for Shenzhen Dahlia and some of those big names in big cities. Now sherry says probably no formal rollback until April though, U.S. CDC is seeing triple democ, it calls it CDC director doctor Rochelle Walensky says people are getting fewer flu vaccines. Internally, for some of these higher risk groups like children and adults over 65 and pregnant people, we are seeing lower rates of vaccination compared to this time last year. Yeah, she says shot fatigue is real, but this could be a very bad year. India's prime minister Narendra Modi's party looks set to retain power in a key state of Gujarat, exit polls indicate strong support that could have returned him to office for a third term. Asian and European carmakers expressing concern about the Biden inflation reduction axe elimination of the 7500 tax credit for cars whose batteries are made outside the U.S., EU commission president Ursula van der leyen says strong reaction, but does this mean that we will engage in a costly trade war with the United States in the middle of an actual war? This is not in our interest. And nor in the interest of the Americans, and it would harm global innovation too. This comes at a time when President Biden as well is trying to encourage EV purchase but definitely favors Asian or European manufactured. Donald Trump plans to hold a so called tella rally this evening for Herschel Walker in Georgia, party leaders there and asked him to stay away from in person events, fearing it would hurt walker's chances. Walker's four Senate seems to have lost some steam and the thinking may have changed to one of, well, let's see how this thing works. In San Francisco, I'm Ed Baxter, this is Bloomberg, Kathleen. Well, thank you so much. That's going to be a very interesting election result. An important perhaps for the political balance in the United States coming up on the show. We're going to be talking macro Federal Reserve. What is coming up just week after next for that rate decision? And we're going to be watching for the reserve bank of Australia's decision as well. Keep it right here. This is daybreak Asia and this is Bloomberg. Next week, inflation and the fed are front and center. Something for Wall Street to talk about. Tune in for the latest read on inflation. Tuesday the 13th at 8 30. How does this report change the fed speak and join us for coverage of the fed decision? Wednesday the 14th starting at one 30. It seems like a 50 basis point rate hike is being locked in. Inflation in focus. Look at this move in the
Bloomberg Radio New York
"van der leyen" Discussed on Bloomberg Radio New York
"Go to Washington D.C. with Nancy Lyons and ants. Thanks, Tim. NASA will try again after scrubbing today's launch attempt for its big new new rocket there were technical glitches that forced today's postponement, including an inability to chill down one of its main engines for a safe flight. NASA administrator Bill Nelson says technical problems are always expected on test flights. We are stressing and testing this rocket in the spacecraft in a way that you would never do it with the human crew on board. That's the purpose of a test flight. Nelson says you don't want to quote light the candle until the rocket is ready to go. Friday is the next possible launch window. Well, we've been talking about it here on Bloomberg, the European Union is planning urgent action to try to dampen soaring energy prices. Commission president Ursula van der leyen says, it's time to reform the electricity market. The skyrocketing electricity prices are now exposing for different reasons. The limitations of our current electricity market design wanderlei and says the current system was developed under completely different circumstances and completely different purposes. Many EU countries are calling for a price cap and a meeting to discuss options is now set for September 9th. The Justice Department says a filter team has completed its review of documents taken from Mar-a-Lago, and is identified a limited set of materials that potentially contain attorney client privileged information. Former president Trump has asked a judge to appoint an outside reviewer to see if any of the materials could be covered by executive privilege. Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700
Bloomberg Radio New York
"van der leyen" Discussed on Bloomberg Radio New York
"The last 30 minutes or so, Tom, the headline Europe preparing for a winter without Russian gas. I'm an America Ursula van der leyen and Brussels always important, but never more so now, and there's nuances here, John frankly, you know him better than me. What I know is I got to correlate it move on the screen of a screen to change about 40 minutes ago. They're proposing something that we reported yesterday a 15% cut in gas consumption on the supply concerned time. And it's quickly become the base case for the European Commission. Maybe this is the prudent response for policymakers to prepare for the worst. They're saying the full cutoff of Russian gas is the most likely scenario. And some this goes into an ECB meeting tomorrow. We've said this repeatedly through this week so far over the last month. What a tough call they've got to make at that Central Bank. And is that a call? It's called plural. The interest rate mumbo jumbo there. I don't really pay attention to and I know 50 beeps is in place. It really in play, John. They say it's in play. According to our recordings. I'm so, you know, we're going to have it come out tomorrow, but all I want to know is this Germany and Spain on the same page is Germany in a fractured Italy, our fancy LaCroix reporting from there this morning, are they on the same page? I don't think they are John. Unless the only good news out there this morning, the Italian ten year debt is getting a decent lunch. 11 basis points on an Italian ten year to three 21, the spread between Italy and Germany right now in and around 200 basis points. Kayleigh prime minister Mario Draghi is holding on to that title. Prime minister, just about. Yeah, and what did you say earlier? Maybe it's job to monitor spreads. It has been its job so far this week. That's for sure. Well, and it's a job he is doing. The question is, is he going to continue the job of prime minister past today? Because he said he does think that the coalition can rebuild. The question is, will it rebuild? I believe there's a confidence vote at 1 p.m., so it'll be interesting to see how that develops, but whatever happens politically in Italy, they used to be has no control over and yet that's something that they're going to have to consider when they're making these policy decisions. You'd have to thank this is a factor in earnings, wouldn't you? You and I have discussed there a few times right now. Week of European economy won and then two, you've got this FX story. It's not going anywhere. It's a double whammy for these multinational companies because on the one hand, you have slowing growth in Europe, which could hit demand, therefore, revenue is lower. And then whatever that revenue figure is, you get hit with the FX headwinds coming down the other way, which is why we've seen warnings from the likes of IBM, which reported yesterday, guidance missing because of the dollar Microsoft has warned about it will look for clues next week, but I have a feeling that's going to be one of the most common themes as we get deeper into this earnings season. I wish I had some big tech next week. Netflix this morning up by more than 6%. We were looking for a 2 million subscriber loss. We got a 1 million subscriber loss that gives you an idea of how low the bar was and the Netflix just about skipped over it. Futures right now down a little more than a tenth of 1% are whipped through the price action for you. On the NASDAQ, we are dead flat now. Unchanged almost at negative 0.04%. You'll still coming in 5 basis points two 96, 89 on a ten year. There's your Euro move, it's subtle, but it's there with down a third of 1% a week a Euro one zero one 91 and Katy just briefly crude down a little more than 1%. One or two, 85. Yep, still a triple digits though. Obviously way lower than we've seen of the highs of the year, but still were north of a $100 a barrel on oil. Now, of course, that is one portion of cost going higher, but also the cost to buy a home is higher now that mortgage rates have risen with the Federal Reserve hiking. Those interest rates. So how much is that reflecting in existing home sales? We will get that data at 10 a.m. Eastern Time following disappointments on both home builders sentiment and building permits yesterday, which fell about 2% month on month really speaks to a cooling in the once really hot housing market as the fed looks to tighten things in this economy. That at 11 a.m. Eastern Time over in the UK, we will get the final tour 8 ballot announced. Basically, who is going to be up against Rishi sunak in the battle to be the next party leader and prime minister. Right now it looks like Liz trust actually is gaining momentum out overdue penny more done, but of course there are implications to the U.S. UK economy considering Liz trust would like to cut taxes. Then finally, after the bell talking of a low bar going into earnings Tesla will be reporting and it's down 30% year to date. A lot of headwinds this company is facing on the supply side specifically China, which is hampered production at its Shanghai factory. So what does the outlook look like in the second half? Considering the COVID zero policy in China John isn't necessarily going anywhere. No, it's locked down on lockdown off and then you've got this lone boycott as well that we need to stay on top off too in China Kelly. Thank you. Do you want to guess now it's Jim piano president of Bianco research, Jim, you know, the recent theme. Don't even know if it's recent. It's been going on for months. Faith the inflation story fade the inflation story. Jimmy, you pushing back against that. Yeah, I am this year's people that are calling for inflation peaked our last year's people that called inflation transitory. And it goes to a broader theme in the market that there's a very difficult understanding of what inflation is. Look, the chairman was right. We've understand now what little we understand about inflation and the same thing applies to Wall Street and the story continues that inflation is a problem. And it's going to stay a problem. And those that think, it might have peaked at 9.1. I am kind of on the fence on that, but more to the point, it isn't going to come down anytime soon. And the fed's going to have no choice but to stay aggressive. And the last thing is, I still think that all the talk about whether we're in a recession and I happen to think we are. Right. Is of secondary importance. What's a primary importance is inflation. If it doesn't come down the fed's not going to stop and a recession, I don't think it's going to stop them. Jim Bianco, your beloved cubs are going back to the 1970s and their level of mediocrity through the baseball season in the 70s. We were all nominal. You allude in your research note to the idea of nominal inflation analysis, nominal GDP analysis, the nominal analysis of corporate revenues in a new inflation world, discuss that. Yeah, so a lot of people talking about whether or not we're having a recession or asking the question, well if we created 370,000 jobs, how can we have a recession if we've got a bunch of positive economic reports? How can we have a recession? The answer is not whether or not it's positive or negative, is it faster than the inflation rate. And the answer for a lot of this is no, it's not, and that's why the first quarter GDP was negative. And that's why you're hearing more and more calls, including the Atlanta fed GDP. For the second quarter GDP to be negative. Yes, on a nominal basis, it will have expanded. It just won't beat the inflation rate and that gives you negative real growth and that is the very definition of a recession. Well, as we talk about, you think the U.S.
Bloomberg Radio New York
"van der leyen" Discussed on Bloomberg Radio New York
"Business flash. Thank you so much, Charlie pellet. Well, the war in Ukraine continues in the east as Russian forces appear to be grinding down their Ukrainian opposition and places like Donetsk. The question is, where are we right now as there are reports now that perhaps not only are the Ukrainians running short on ammunition, but maybe the U.S. and our Western Allies are running short on ammunition to send them as well. For a report on the war in Ukraine, we turn now to Melinda herring of the Atlantic council where she is deputy director of the Eurasia center. So Melinda, thanks so much for being with us. What do we know about what's really going on on the ground out in the east? Thanks for having me back. It's great to be with you, David. So what you said is right. Russia has taken part of the dawn boss and there's two provinces in the Donbass. And they've taken Luhansk and now they're trying for danet. There's a bit of a pause right now in the fighting. The Russian side is taking a bit of a breather, but they're expected to come back hard and to try to take the rest of Donetsk oblast, but it won't be easy. Ukrainian forces have really dug in their very well heavily fortified. But just to zoom out a little bit, you're right that Ukrainians are outmanned and outgunned. If you ask military experts or a ratio, they will say that it's ten to one in terms of fires Russian to Ukrainian ten shells on the Russian side to one Ukrainian. It's some reports say that the Ukrainian side is still short on artillery. The U.S. keeps sending more and more. There is a bit of good news, though, the Ukrainians have received 8 of these high Mars systems. These are the big rocket launching systems, and they've praised them to disguise the Ukrainian side says that they are hitting Russian depots beyond the front lines and The White House has just pledged to send four more of those systems. So one of the things we've learned about the high Mars is that's what's really essential to hitting the supply lines behind the Russian lines rather than on the front lines as it were. Do we have the capability to send over what needs to be sent until now it's been thought, well, maybe we're just not doing as much as we could. But as I say, I'm reading now in the press that maybe we don't have that much of a stockpile. So that's a great question. We have more that we can send, but there are concerns that our stocks are a growing thinner and thinner. So I think the question is, are we producing enough? And that's a question that Europe needs to ask as well. And I think the answer is probably no. But we have more that we can be sending another concern to David. I just got back from Europe and talking to some Ukrainian parliamentarians is the state of railways, the state of bridges and state of roads. So if these, if the infrastructure isn't maintained, these artillery shells and the heavy weapon systems won't be able to be transported. So it's not enough to just focus on heavy weapons. The infrastructure has to be in place as well. Well, that takes us to a broader point here. I wanted to ask about and that is the rebuilding of Ukraine. We've been focused on the war and the conflict, and that certainly seems to be going on for quite a while. But I know that bob zellick, the former World Bank president, former United States trade representative has written a piece saying, it's time to start talking about something like a Marshall plan to rebuild as you just said infrastructure, but a lot of things in Ukraine have been destroyed. Yeah, that's right. I just got back from lugano, Switzerland, and there was a big reform conference there over the 4th of July. And the government, the Ukrainian government presented its plan or Ursula van der leyen was there the Swiss president was there and the government came out Ukrainian government came out and said that there have been $750 billion in damages and they need 1 trillion to rebuild. So it's an enormous price tag. They hope to hit up there's $300 billion in Russian reserves. In foreign exchange that they're hoping to hit up, but there's some legal challenges with that. But they're looking for pledges and they think it's not too soon to begin this conversation. I think they're right that we should begin it, but let's not be fooled. The war is still heavy. And it's going to be a long, hard slog. And the big question to me is how long can each side hold out? So there are reports that Russia is taking guys out of prison with combat experience because they don't have enough, they don't have enough soldiers who are capable. And the Ukrainian side also has experienced heavy losses. They've admitted that they're losing 200 men a day, 200 men and women in the Ukrainian side is having to rely more on its territorial defense units and these defense units are not well trained. So that obviously raises the broader question. What is the strategic objective? We know what president Putin's was at the beginning. It seems to have been modified at least for the time being. Some not to try to take the entire country. But what is Ukraine's strategic objective? And what should ours be by ours? I mean, the United States NATO other allies. Sure, that's the big question. So I politely disagree. So Putin has not changed his aims. He's changed the strategy after he got his butt kicked in Kyiv and had to withdraw to the east. But if you talk to people who follow all the discussions and even his public speeches, he still wants to destroy Ukraine and he's going to make another attempt to take Kyiv. It's only a matter of time. You know, if his supply lines and everything else holds out, he's not done. He hasn't given up that idea. So what is Ukraine in Ukraine's interest? Ukraine needs to hold out as long as it can. So it can get a decent deal at the negotiating table. They want to push their Ukrainian forces out. Defense minister reznikoff is going around saying that he has 1 million 1 million soldiers to take to retake the south that 1 million is total of the whole Ukrainian army plus territorial defense units plus police plus a National Guard. So he doesn't have a million to retake the south. That's a bit of an exaggeration. But the Ukrainians are considering trying to push back and take the south and that's really important to get the economy growing again. Dude, we haven't talked about this, but Russia has choked all of Ukraine's ports and there's something like more than 20 million tons of grain that needs to be exported now. The UNDP says that Ukrainians 9 out of ten Ukrainians are going to be poor by Christmas if the war grinds on. In terms of Washington's interests, look, Washington and President Biden, I think have made
Bloomberg Radio New York
"van der leyen" Discussed on Bloomberg Radio New York
"His surrender the station now reports that Andrew Abdullah failed to show up for the arranged handoff President Biden is heading home after his final meeting in Tokyo with the leaders of what's being called the quad India Australia and Japan The others made a brief opening statement The United States must and will be strong steady and enduring partner in the indo Pacific and also as long as Russia continues the war The United States will work with our partners to help be the global response President did not mention the motivating factor that created the quad China answering a shouted question afterward he said the policy toward Taiwan has not changed at all When he said he would defend Taiwan militarily In Washington or Chapman Bloomberg radio Russia's aggression must be a strategic failure the words of European Commission president Ursula van der leyen as she addressed the World Economic Forum today and she says Ukraine needs immediate financial help now It's about pensions it's about salaries It's about the basic services that have to be provided And therefore we have proposed a €10 billion macro financial assistance it is the largest package of macro financial assistance ever conceived by the European Union for third country Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts and more than a 120 countries I'm Erica Hurst Kuwait and this is Bloomberg So as you graduate and head out into the world there's only one thing that you need to know Hi this is Jamie from progressive Yeah I can talk now Progressive protects a 24/7 So tell me what happened Oh I'm sorry gene Can.
Bloomberg Radio New York
"van der leyen" Discussed on Bloomberg Radio New York
"Its own aggression Its own war and then do everything that we can do to establish peace Meanwhile the U.S. and the European Union as well as the group of 7 are coordinating on a fresh round of sanctions on Russia including a U.S. ban on investment in the country and an EU halt to call imports Let's get to Bloomberg spruce einhorn I mean Bruce they keep finding new layers before going to the ultimate destination that would choke off the jugular that are referred to at the top of the show which is Russian oil and gas exports that amount to something in excess of a €1 billion a day Yes so we are expecting that the U.S. will be announcing more sanctions today Jen Psaki President Biden's press secretary Said that they'll likely target Russian financial institutions state owned enterprises Russian government officials Russian government officials family members a U.S. official tell Bloomberg that was will include president Putin's two daughters And that the EU will likely match many of these sanctions that the U.S. is announcing Now Ursula of underlay and said that the EU will be looking to ban coal Russian coal but not Russian gas they'll start discussing banning Russian oil imports so coal is at the bottom of the list in terms of most important to European countries that are importing things from Russia Much more sensitive much more difficult will be going after Russian oil and in particular Russian gas imports So but at least van der leyen says that they're going to start talking about oil One other thing to be aware of is the list of companies that are announcing withdrawals from Russia suspension of their business in Russia keeps on growing the latest we now have as Intel which said that it is suspending all of its business operations in the country British thank you very much for the very latest News flow Let's get to your first word Headlines from around the world due to tally is.
Bloomberg Radio New York
"van der leyen" Discussed on Bloomberg Radio New York
"Hour Well as Brian was mentioning there almost all of Shanghai is under some form of lockdown now Let's get over to San Francisco Ed Baxter has global news Yeah some form is right rich Shanghai's 25 million residents and Bloomberg's Ivan man reports west is unlocked out The east never out We saw who she going to their side the lockdowns as a western part on Friday and parts of pudong the eastern part are still under some tight movement restrictions despite having that lockdown that being lifted on Friday as well That's because those have people that tend to positive I've been sent and been put on this compulsory central quarantine or even monitored at makeshift facilities and around the city You also have anyone living in a building with a COVID case that has to stay put Ivan says the government is saying go hard go strong and China will get back to COVID zero Hong Kong residents meanwhile being asked to take COVID rapid antigen tests for three straight days April 8th through tenth chief executive Carrie lam says the voluntary exercise does not replace authorities plan for a mandatory to mass testing She says the government will distribute service kits to all households South Korea plans to ease some of its social distancing rules starting today continuing with the country's gradual opening as it emerges from its worst surge today Ukraine president Vladimir zelensky says atrocities in the perpetrated by Russian troops include torture beheadings and mass graves He's asking for an international probe of them And he says not just Vladimir Putin all the military commanders everyone who gave instructions and orders should be punished on CBS has heard here on Bloomberg says Russian troops are repositioning and focusing now on the east and the south of Ukraine And some European Union governments are pushing for the block to quickly impose new sanctions in reaction to the reports that and the video the EU commission president Ursula van der leyen has warned China to try and help rather than hinder We expect China if not supporting the sanctions At least to do everything not to interfere in any kind Also on that point we were very clear This during the EU China summit And the story that will not go away Will Smith at the Oscars Denzel Washington has spoken out saying that he went to talk with Smith after the Chris Rock slap So what did he tell him When the devil comes at you maybe it's because you're trying to do something right And for whatever reason the devil got all of them That of that circumstance It sounds like a new action thriller In San Francisco Ahmed Baxter This is Bloomberg All right Doug Thank you Eddie Let's get to Dan Schwartzman as we look at global.
Bloomberg Radio New York
"van der leyen" Discussed on Bloomberg Radio New York
"C dot com slash IMS Stocks higher at the open the S&P 500 up 6 10% or 24 points at 42 84 Dow Jones Industrial Average up 6 10% or 212 points at 33,393 And the NASDAQ's up 7 tenths percent or 95 points at 13,230 Ten year treasury down 5 30 seconds the yield 2% that yield on the two year 1.73% 9 X crude oil is up 1% or a dollar three at a $107 5 cents a barrel Comic school done one and a half percent or $30 30 cents at 1970 announced the Euro one 9 9 two against the dollar the yen had one 16.91 Tom and creedy Thanks so much Karen Greatly appreciate that This morning is mister Macron speaking at Versailles with the Ursula van der leyen and others I do want to point out the vice president of the United States one hour before the president is speaking after Poland yesterday in Romania and vice president Harris with flags attended against the yellow brocade wall is speaking there of the allies and of the moment We haven't really covered it in this hour but I will just flat out state military and humanitarian news flow from Ukraine this morning is ominous Right now we're going to move on pretty good to in for Paul Sweeney and joining us now is the name I know from so far I knew you when it was cans of food at Barclays and Lehman It was like food analysis It was a few years ago Ivy Jack joins us now with north star And yes how did that equity research but truly expert on the pulse the ebb and flow of ESG Ivy ESG has had a really rough month Is ESG damage to the concept What's a state of ESG given the gyrations of oil in the shock to portfolio management I don't think it's damaged as a concept I mean I want to step back and say that I think what we are now seeing are two kind of broad trends First I think ESG is still for most funds just a marketing ploy And so yesterday I saw the news come from Bloomberg that said that several large asset managers had funds that had some companies that are considered to be some of the worst actors in terms of human rights abuses So there's that issue In terms of returns you know Tom I think this is you have to think the long term look We are in the midst of an environmental crisis And so while yes there are some investors who will say you know what You're missing an opportunity to make money right now I would say as a socially responsible investor we're looking over the long term And we're saying look this is not good for the planet This is not good for people And why would you want to benefit from a crisis such as this Okay And folks you heard the IV Jack I used to know the clear talk that's been spelled but at Harvard and all that and all of a sudden she shot it was like okay she's very blunt in abrupt You said ESG is a marketing ploy What are the best practices of ESG to get us away from what all including so much of Bloomberg news feels is a marketing ploy Well I think one thing that has to be done is that firms have to be very clear about what they mean when they say ESG So what is it specifically that you're looking at when you're doing research on firms And so first I'm going to assume that you're actually doing research in that you're also looking into firms So that's number one So I think I don't know that that's happening So number one you need to do the research You need to do the digging to find out who are the suppliers Is there genocide in the supply chain You've got to do that research Two I think you need to be very clear and upfront with your clients and tell them specifically what it is you're looking for So that when things go awry you can say okay well I have an ESG fund but is this something my fund should have been addressing And it's not So I think we need more transparency in terms of what exactly ESG means And what funds are actually doing when they say they employ ESG Ivy I was just in Houston speaking with some of the folks in the oil sector And something that struck me was in this conversation about ramping up production versus the Biden administration's kind of clean energy agenda A lot of people were saying why are these two things mutually exclusive Why can't they be done in tandem What does it take on Wall Street Are these two things mutually exclusive No I think they have to be done in tandem Look this is a very complex problem And there are no simple answers And we have to understand that our economy depends on fossil fuel in order to grow So while over the long term yes we do need to be focused on more renewable solutions and limiting fossil fuel but you've got to realize this is a transition that can take decades So it's not something that's going to happen overnight And so yes Rudy you're right We've got to continue unfortunately to produce fossil fuel in the meantime but we also should have a long-term plan to move away I want to pause the show and you know how I feel about international women's day I'm like okay it's an event It's like you know buy some flowers and chocolates I didn't get anything You pee yeah You people at north star basically invented this The only one I can think about front like you is Sally krawcheck years ago at Stanford Bernstein How is the Julie goodridge experiment doing You mean you went into Jamaica plain you set up in Boston with north star asset management How's the experiment going where north star did while others talked It's going fabulous And we have I think done some great work And as a result we are being rewarded in terms of the feedback that we currently get from our clients which I think is most important for us because we want to make sure we are giving our clients first class service and also there's an education part helping to educate them about this space and bringing them along But in addition to that I think a lot of these funds we are growing Despite the kind of ebbs and flows as you mentioned with energy I think we are entering a space where there's more of an appetite for more values aligned investing So I think we're doing great And I think the last thing I'll say is I think these days you've got to be the mission You know you can't just say that you're about these things You have to be in And I think.
Bloomberg Radio New York
"van der leyen" Discussed on Bloomberg Radio New York
"The hour no progress in the foreign ministers talks between Ukraine and Russia today At Baxter has that story in the global news from the 9 60 news from its San Francisco Ed Yeah Brian it was the first talks between Sergei Lavrov and Dimitrov Coppola says totally unacceptable to mans from Russia They will continue their aggression until Ukraine meets their demands And the list of those demands is a surrender And this is why it's not why it is not acceptable to us Yeah he says he asked for humanitarian ceasefire to clear parts of the country He says it appears only Vladimir Putin can make that decision Meanwhile reports said nearly half of the population has left Kyiv and mayor of mirepoix in the south Vladimir Kali shinko says that the civilian casualties are absolutely heartbreaking The most unbearable casualties are the children Children are dying by the dozen snout at home and their houses or in the roasted Yeah meanwhile there's a threat that Russia may use chemical weapons U.S. CIA director bill burns I don't believe he can wall off indefinitely Russians from the truth especially as realities began to puncture that bubble the realities have killed and wounded coming home and increasing number The realities of the economic consequences for ordinary Russians Yeah burns says so far reports of chemicals of being used EU leaders met today EU commission president Ursula van der leyen sent the major takeaway We will rethink energy We have to get.