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Dec 22, 2023
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haidi: what are the risks?to expect for core cp, but there is concern of the pivot does not happen, it may not last as long as what traders are hoping for, that rate cuts might not be as numerous as the markets are pricing in. garfield: there were plenty of risks on that front, and those are mostly bourne by the bond market. we have already seen how strongly equities can rally on the idea that rate hikes are over. and in particular on the significant shift down in benchmark treasury yields and global bond yields, which remain a key yardstick for how equity investors judge. if the fed does not cut further, that will hurt the bond market. we have six cuts next year priced in at the moment. the pain for the equities market will not be all that great i would argue because if the fed does, for example, only cut 75 basis points, that will mean the economy is holding up all right. that is consistent with something like the soft landing that the fed is ending for, and a soft landing for the economy. we have had a coupl
haidi: what are the risks?to expect for core cp, but there is concern of the pivot does not happen, it may not last as long as what traders are hoping for, that rate cuts might not be as numerous as the markets are pricing in. garfield: there were plenty of risks on that front, and those are mostly bourne by the bond market. we have already seen how strongly equities can rally on the idea that rate hikes are over. and in particular on the significant shift down in benchmark treasury yields and...
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Dec 3, 2023
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haidi: we see some prospects for gains. jerome powell says they are in no hurry to ease interest rates. we will get to the cash open, we are seeing futures in japan and hong kong pointing to early gains. the s&p closed higher, the highest since march of 2022. watching for further weakness when it comes to the dollar, one of the other big things we are watching or is evergrande, the golden dragon index slumping on friday. haidi: evergrande is facing the matter when annabelle joins us from hong kong. we could see a potential court order. >> that's important. evergrande is the world's most indebted developer. they have been trying to push through a restructuring plan, the hearing has been postponed a number of times but today is the day. judge said this is the time so evergrande needs to prove it has a concrete plan in place or likely liquidation. haidi: there have been so many issues. >> evergrande has so many different groups but it needs to satisfy. the view has shifted over time. we heard they are looking for controlled eq
haidi: we see some prospects for gains. jerome powell says they are in no hurry to ease interest rates. we will get to the cash open, we are seeing futures in japan and hong kong pointing to early gains. the s&p closed higher, the highest since march of 2022. watching for further weakness when it comes to the dollar, one of the other big things we are watching or is evergrande, the golden dragon index slumping on friday. haidi: evergrande is facing the matter when annabelle joins us from...
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Dec 12, 2023
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haidi: not expecting big bets.ns, looking for signaling from global central banks as to when we might see rate cuts and out of bank of japan going into next week. shery: so much speculation about where the boj is going that the volatility in the yen has been incredible. we had strength last week and we saw weakness as well. look at how we are coming online, the yen holding against the u.s. dollar as we saw it extend losses against u.s. dollar in new york session. last week's rally went too far and sources telling bloomberg's that officials see no need to scrap negative rates. headed toward a boj decision next week. the nikkei is up 1% and 10 year jgb is holding at .77%. november growth year-over-year the estimate was .1% but we are seeing prices decelerate. this is supporting the boj view that inflation is cooling. the kospi us up 4/10 of 1%. little change in the previous session of course we've seen more positive data out of south korea when it comes to trade numbers. the korean yuan holding ada 1350 level so are
haidi: not expecting big bets.ns, looking for signaling from global central banks as to when we might see rate cuts and out of bank of japan going into next week. shery: so much speculation about where the boj is going that the volatility in the yen has been incredible. we had strength last week and we saw weakness as well. look at how we are coming online, the yen holding against the u.s. dollar as we saw it extend losses against u.s. dollar in new york session. last week's rally went too far...
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Dec 15, 2023
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haidi: yeah.n janet yellen speaks in the next few minutes, she will be talking about highlighting investments under the biden administration, strengthening supply chains, deepening u.s. relationships abroad, and of course that is what we have been talking about, her renewed plans to visit china again in 2024, seeking to deepen these areas of cooperation, improve communication with beijing, even that fine balancing act of continuing to confront beijing over national security concerns and human rights concerns as well. it will be very interesting to hear from janet yellen today when she does speak, given just the precariousness we still see in this bilateral relationship. shery: we have heard analysts say perhaps secretary yellen has been playing the role of good cop in this u.s. china relationship because she has continued to keep meeting with lots of high-level officials. we know last month in san francisco she was already talking with the vice premier. when she visited beijing in july as well she
haidi: yeah.n janet yellen speaks in the next few minutes, she will be talking about highlighting investments under the biden administration, strengthening supply chains, deepening u.s. relationships abroad, and of course that is what we have been talking about, her renewed plans to visit china again in 2024, seeking to deepen these areas of cooperation, improve communication with beijing, even that fine balancing act of continuing to confront beijing over national security concerns and human...
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Dec 5, 2023
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haidi: breaking news. when we are expecting the hawkish hold from the governor, the deficit coming in at $158 million missing the estimate of three point 2 million aussie dollars. exports taking .6 percentage points from gdp and the estimate was for a contraction of .2%. we are getting more data as we fill out the picture as to the outlook for australia. the domestic price pressures have been more stubborn. and that has been acknowledged by the rba. on the other side of the improvement when it comes to terms of trade. the relationship with china and exuberance when it comes to the housing market recovery. shery: we are getting pmi numbers from several countries. we are seeing the japan pmi composite number falling into contraction territory of 49.6. talking about the final numbers for november being revised downwards. we were fading towards the 50 threshold for the preliminary number. we are in contraction territory. the pmi's services driven by pmi in japan as well slowing down to 50 point eight. still in
haidi: breaking news. when we are expecting the hawkish hold from the governor, the deficit coming in at $158 million missing the estimate of three point 2 million aussie dollars. exports taking .6 percentage points from gdp and the estimate was for a contraction of .2%. we are getting more data as we fill out the picture as to the outlook for australia. the domestic price pressures have been more stubborn. and that has been acknowledged by the rba. on the other side of the improvement when it...
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Dec 10, 2023
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haidi will watch of the pboc decision later this week as well. haidi: yes.busy week for central banks. joining us in the studio in sydney is right agile the global head of fx strategy at australian national bank. what are your expectations for the fed threading the needle on communications given how advanced market expectations already are? ray: i do not think the fed would want to give too much suchor to what is already priced into the market, what, 125 basis points of rate cuts. at the same time, we will need to see some watering down of the so-called tightening bonds. ripoll -- recall the last meeting where they thought about the extent to which policy might need to be further tightened. we might see a qualifier to that. maybe they will take a leaf out of the rba book and talk about whether furs are tightening is required. i am sure fed chair powell will still stress the fed's preparedness to raise rates further if necessary. i think there will be a lot a focus on to what extent the dot plot for 2024 has changed. there are expectations there will probably
haidi will watch of the pboc decision later this week as well. haidi: yes.busy week for central banks. joining us in the studio in sydney is right agile the global head of fx strategy at australian national bank. what are your expectations for the fed threading the needle on communications given how advanced market expectations already are? ray: i do not think the fed would want to give too much suchor to what is already priced into the market, what, 125 basis points of rate cuts. at the same...
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Dec 20, 2023
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haidi: yeah. and of course we continue to watch the fed speak in terms of how the markets are going to continue pushing ahead with this fed pivot expectation. the bank of philadelphia president saying yes, rates should come down but not immediately, saying it is important to lower rates, seen as being more supportive as i cut -- of a cut. it is more of a softer pushback against expectations of early 2024 cuts than some of his peers. let's get some more with garfield reynolds. we continue to watch that and this idea that the eagerness to stick a soft landing, that the fed, in terms of loosening financial conditions, may be making their own jobs harder. how does the market potential he navigate around that risk? garfield: mostly the market has been very focused the last couple of weeks on the idea that it is time to party because the fed has stopped taking the punch bowl away. mixing metaphors, there. but now we have reached the stage where some doubts have started to creep in at times. it is intere
haidi: yeah. and of course we continue to watch the fed speak in terms of how the markets are going to continue pushing ahead with this fed pivot expectation. the bank of philadelphia president saying yes, rates should come down but not immediately, saying it is important to lower rates, seen as being more supportive as i cut -- of a cut. it is more of a softer pushback against expectations of early 2024 cuts than some of his peers. let's get some more with garfield reynolds. we continue to...
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Dec 4, 2023
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haidi: chief china economist.sia, this is bloomberg. ♪ a few years ago, i came to saona, they told me there's no electricity on the island. we always thought that whatever we did here would be an emblem of what small communities can achieve. trying to give a better life to people that don't have the means to do it. si mi papá estuviera vivo, sé que él tuviera orgulloso también de vivir de esta viviendo una vida como la que estamos viviendo ahora. es electricidad aquí es salud. ♪ shery: we are seeing major markets across asia gaining ground with the exception of japan. real estate and material stocks are leading the gains. south korea is one of the big gainers in today's session, recouping losses from friday but south korean stocks have been on a tear with four or five weeks of gains when it comes to the kospi in one sector gaining grounds is battery related stocks in south korea rising after the u.s. set limits on chinese content. citigroup and other brokers said the move can boost sentiment in the battery space.
haidi: chief china economist.sia, this is bloomberg. ♪ a few years ago, i came to saona, they told me there's no electricity on the island. we always thought that whatever we did here would be an emblem of what small communities can achieve. trying to give a better life to people that don't have the means to do it. si mi papá estuviera vivo, sé que él tuviera orgulloso también de vivir de esta viviendo una vida como la que estamos viviendo ahora. es electricidad aquí es salud. ♪ shery:...
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Dec 12, 2023
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haidi: and shery the u.n.eneral assembly has voted overwhelmingly to demand a cease-fire in gaza underscoring a sharp shift in sentiment of israel's war against moscow. let's get more from bloomberg's editor. we have seen these expressions of dissent before. the problem with the u.n., of course, is the veto prevents it from going further. >> absolutely. besides the united nations, we have seen individual countries and groups of countries come out and say that it's time for a strategic cease-fire to allow humanitarian aid into gaza and to increase that decrease the total of civilian suffering we see just about every day in the conflict. part of the point of view from the international community is that this is not just against israel's interest, it is in the interest of a more secure israel in the future, that in order to guarantee israel a safer position in the region, they need to be conducting this military campaign differently. shery: we heard from president biden saying that top leaders like jake sullivan
haidi: and shery the u.n.eneral assembly has voted overwhelmingly to demand a cease-fire in gaza underscoring a sharp shift in sentiment of israel's war against moscow. let's get more from bloomberg's editor. we have seen these expressions of dissent before. the problem with the u.n., of course, is the veto prevents it from going further. >> absolutely. besides the united nations, we have seen individual countries and groups of countries come out and say that it's time for a strategic...
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Dec 13, 2023
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haidi: yeah.ue to watch our markets across japan and korea open. also watching hedge funds and brokerages facing new requirements to clear more u.s. treasury trades in an overhaul of the $26 trillion market to require all transactions involving repurchase agreements to use clearinghouses. sec chair gary gensler told us the move will reduce risks. >> what we did today is one part of a set of reforms that we are looking at. but an important part of it, because it has to do with lowering risk in the system and the u.s. treasury markets. and to your question, there is a lot of borrowing, leverage in the treasury markets. bringing things into central clearing can address that in a number of ways. one is the clearing itself does something called multiparty netting, which lowers a lot of risk in the second -- system. second, they collect margin, they collect collateral against transactions. and right now a lot of the markets is operating and not collecting collateral or margin. >> lengthy icbc hack we sa
haidi: yeah.ue to watch our markets across japan and korea open. also watching hedge funds and brokerages facing new requirements to clear more u.s. treasury trades in an overhaul of the $26 trillion market to require all transactions involving repurchase agreements to use clearinghouses. sec chair gary gensler told us the move will reduce risks. >> what we did today is one part of a set of reforms that we are looking at. but an important part of it, because it has to do with lowering...
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Dec 6, 2023
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haidi. haidi: valuations are not a catalyst.might be looking out for? lianting: not a whole lot. as we discussed, the third might have been postponed to next year so we are looking at the central economic work conference that may be coming up in the next few weeks. we don't know the exact date yet but what is expected to be discussed is the economic agenda , potential gdp target, and the potential monetary and fiscal support that will be coming out of the central government. but again, as david was talking about, you know, without the kind of recovery that -- in the property sector, that has been reflected in actual economic data and that is really not going to change the sentiment among investors which right now, as we see, are very very pessimistic right now. -- very, very pessimistic right now. haidi: the latest on what to expect from china. we do have an alert on argentina right now. we are getting the latest nominees when it comes to argentina's cabinet from javier millie. we are learning he has appointed santiago as the ce
haidi. haidi: valuations are not a catalyst.might be looking out for? lianting: not a whole lot. as we discussed, the third might have been postponed to next year so we are looking at the central economic work conference that may be coming up in the next few weeks. we don't know the exact date yet but what is expected to be discussed is the economic agenda , potential gdp target, and the potential monetary and fiscal support that will be coming out of the central government. but again, as david...
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Dec 7, 2023
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haidi: who has the most to lose?ield, a month before voting starts, how is it shaping up? >> ron desantis is the candidate with the most to lose here. he came into the race with the most money and with the most optimism he could be the one who would beat trump. early in the spring he was holding well. he's only lost ground since then. now he is struggling to be able to keep that second-place spot. nikki haley is on his heels and the early voting stage -- in the early voting stage, he's upholding even in the top three. this could be a story of someone who comes in early with a lot of money but ultimately is not able to capture the republican base. haidi: laura davidson and washington, are correctional growth -- in washington, our congressional reporter. we're looking ahead to taiwan's high-stakes presidential election next month as well. you can hear from the three candidates and get insights into the key issues on bloomberg's "taiwan decides," a special report. catch that saturday at 8 a.m. in hong kong, 7 p.m. frida
haidi: who has the most to lose?ield, a month before voting starts, how is it shaping up? >> ron desantis is the candidate with the most to lose here. he came into the race with the most money and with the most optimism he could be the one who would beat trump. early in the spring he was holding well. he's only lost ground since then. now he is struggling to be able to keep that second-place spot. nikki haley is on his heels and the early voting stage -- in the early voting stage, he's...
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Dec 10, 2023
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haidi: yeah.t a steeper than expected fall when it comes to consumer and producer prices for november heightening deflation fears. at the same time, we will talk about the fact china's top leaders pledged to strengthen physical support and support of economic progress. the politburo said monetary policy will be stepped up appropriately. the chief asia pacific correspondent joins us. alysia, no doubt you have been watching closely the messaging from the politburo. what do you make of that against the backdrop of data that shows more weakness than perhaps a lot of us were expecting? alicia: well, i would not read so much a stimulus out of the statements because it says to me that china is increasingly wary of too much of anything international. i think the idea of having a big stimulus and additional debt putting about a time when celebrate china is something that i think it's clearly not in the cards. on the other hand, i think on the monetary side they are aware they will have more room thanks to
haidi: yeah.t a steeper than expected fall when it comes to consumer and producer prices for november heightening deflation fears. at the same time, we will talk about the fact china's top leaders pledged to strengthen physical support and support of economic progress. the politburo said monetary policy will be stepped up appropriately. the chief asia pacific correspondent joins us. alysia, no doubt you have been watching closely the messaging from the politburo. what do you make of that...
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Dec 6, 2023
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haidi: are you hearing there will be more stimulus?e see it and we see the latest announcement, huge stimulus might not be necessary. they projected around 5%. haidi: there have been issue surrounds live. is this a short-term issue? jakob: long-term issue is the world needs more copper. we need to have copper. the challenges, it's not that easy to find. there will be a long-term challenge and then there might be a short-term issue, i don't know much more, i hope the best for the company. haidi: let's talk about, and day. -- m&a. do you see more of that next year? jakob: not too much because there is so much we can improve on and if we do big m&a, it's dictated by the acquisition. we finalize the transaction ongoing into recyclables. it's a bigger acquisition but it increases aluminum by 30%, so strategically it's an important acquisition. haidi: i wanted to ask you about future-facing metals. we were talking about tv. jakob: we are building one and trying to open another one, over the long term it's a given that the price will be volat
haidi: are you hearing there will be more stimulus?e see it and we see the latest announcement, huge stimulus might not be necessary. they projected around 5%. haidi: there have been issue surrounds live. is this a short-term issue? jakob: long-term issue is the world needs more copper. we need to have copper. the challenges, it's not that easy to find. there will be a long-term challenge and then there might be a short-term issue, i don't know much more, i hope the best for the company. haidi:...
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Dec 7, 2023
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haidi: are they -- the fed's attention. . haidi: are they overpricing that? traders have been also swift in pushing that aside. stuart: so there's been some moderation in fed speak but the pivot by some of the notable hops including christopher waller last week or the week before, it speaks volumes and some of the jawboning that we have seen more recently about the fed taking policy decisions meeting by meeting and really trying to walk back the number of cuts that are currently priced in is really an attendant -- attempt to keep financial conditions from loosening even more than they already have. we have seen the 10 year yield retreat pretty notably since october. if financial conditions continue loosening, the fed will have more work to do. the jawboning that we have seen recently is an attempt to reign in the financial conditions loosening so the fed can cut as much as is priced and we think the fed will cut by over 100 basis points in 2024. it's going to be difficult for the fed to suggest that when it releases its economic productions -- projections wed
haidi: are they -- the fed's attention. . haidi: are they overpricing that? traders have been also swift in pushing that aside. stuart: so there's been some moderation in fed speak but the pivot by some of the notable hops including christopher waller last week or the week before, it speaks volumes and some of the jawboning that we have seen more recently about the fed taking policy decisions meeting by meeting and really trying to walk back the number of cuts that are currently priced in is...
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Dec 19, 2023
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haidi: the rbnz has been at the forefront of rate hikes.e potential risk that more needs to be done. some of that comes from immigration. we have seen immigration reform measures announced here. is that something you are considering? >> we're are in a place where we have had 129,000 net migration to new zealand in the last year. i daresay it is not sustainable ultimately. we want to make sure our immigration levels are consistent with their economic agenda but also we have the infrastructure to support it. new zealand also had a government that increased government spending by 80%, that hired 15,000 were bureaucrats and delivered -- collected $100 million a day more in tax and you delivered more -- it has driven domestic inflation, which raised interest rates, slowed our economy, and rose unemployment. my government is going to be incredibly focused on dealing with the number one job, to tackle inflation and get it below 3% again. so we have a single-minded focus on doing that. if we can lower inflation, we lower the interest rates, keep pe
haidi: the rbnz has been at the forefront of rate hikes.e potential risk that more needs to be done. some of that comes from immigration. we have seen immigration reform measures announced here. is that something you are considering? >> we're are in a place where we have had 129,000 net migration to new zealand in the last year. i daresay it is not sustainable ultimately. we want to make sure our immigration levels are consistent with their economic agenda but also we have the...
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Dec 7, 2023
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1803 where slaves beat them all and declared its independence. it took france until 1825 to recognize haidy's independence. this came only after paris sent 12 warships and haiti to repay france for its lost revenue and property, meaning the slaves and their labor. up until that time, no country would treat with haiti. the french demanded the astronomical amount of 150 million gold franks. it took haiti until 1947 to pay this crippling debt. this prevented haiti from having funds to invest its own country because of financial pressure to pay. france, haiti got a loan from the united states. 1914, the us sent soldiers to collect what they called the debt, invaded haiti and went directly to haiti's national bank and walked out with $5000 in gold, packed in wooden boxes. the gold was vault of wall street tank within days. the us then occupied haiti for 19 years and left in name in 1934. since that time there has been cous, assassinations and... interference of western governments as was international organizations. in 2003, the president of haiti at the time, jean. steid, demanded that france rep
1803 where slaves beat them all and declared its independence. it took france until 1825 to recognize haidy's independence. this came only after paris sent 12 warships and haiti to repay france for its lost revenue and property, meaning the slaves and their labor. up until that time, no country would treat with haiti. the french demanded the astronomical amount of 150 million gold franks. it took haiti until 1947 to pay this crippling debt. this prevented haiti from having funds to invest its...
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Dec 6, 2023
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still trying to punish haidy today? well, it is interesting right to to say that for such a country that for a country that is so small, um, and for a country that seems insignificant, the us really spends a lot of time and money trying to control it, and so we have to think about for example, the fact that even after independence which you had was constant um aff by the french, by the british, but the us, the us occupied haiti from 1915 to 1934, which is the longest, one of the longest occupations in the region. very brutal, in fact the us um practiced its first aerial bombing campaigns in haiti um during that occupation um the us has the fourth largest embassy in haiti um um and you have to so you're saying well haiti so why does it have the fourth largest embacy why in 2003 did france us and canada meet in ottawa if you um your listeners look up the ottawa initiative we met in ottawa basically coming up with a plan to remove the democraticly. the president of haiti, which which plan, the plan succeeded in february 20
still trying to punish haidy today? well, it is interesting right to to say that for such a country that for a country that is so small, um, and for a country that seems insignificant, the us really spends a lot of time and money trying to control it, and so we have to think about for example, the fact that even after independence which you had was constant um aff by the french, by the british, but the us, the us occupied haiti from 1915 to 1934, which is the longest, one of the longest...
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Dec 6, 2023
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lizzy: that was the rio tinto ceo speaking to haidi stroud-watts.to stay with commodities because it is the subject of today's big take on the terminal. russia's income from oil experts is greater -- exports is greater than before the invasion of ukraine. the failure of the west sanctions are available to read about in this big take and joining me now is one of its authors. oil strategist julian lee. tell me how the price cut policy has evolved since its original implementation. >> the price cap was introduced as a way to limit some of the effects of what were at the time proposed european sanctions, which would have banned outright the use of western ships and western services for the movement of russian oil. the u.s. in particular was very concerned at the time that that would lead to a very rapid and significant reduction in volumes of oil available worldwide. would send prices soaring. and that would filter through to gasoline prices at the pump and everything else. they came up with this idea that those ships and those services would still be a
lizzy: that was the rio tinto ceo speaking to haidi stroud-watts.to stay with commodities because it is the subject of today's big take on the terminal. russia's income from oil experts is greater -- exports is greater than before the invasion of ukraine. the failure of the west sanctions are available to read about in this big take and joining me now is one of its authors. oil strategist julian lee. tell me how the price cut policy has evolved since its original implementation. >> the...
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Dec 20, 2023
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out the wind -- he spoke to haidi about his plans for the economy and for regional security. >> obviouslye will look at that through the course of the next year. we've always been open to exploring if there's an opportunity for new zealand, we are very open to considering it. >> do you think you will be taken a tougher position? >> are position is pretty clear and consistent, we have a large trading relationship with china but we also have a long-standing relationship that's been in place for 50 years. what we do is consistent with concerns of differences that we may have with china in terms of different values that we may have, but also it's a really it's maintained as well. >> is the more leverage now that we do see the serious economic slowdown in china? >> new zealand is a country of 5 million people, we are a trading country, and we need to have -- we have an important relationship here in australia but we see a world of huge opportunity in southeast asia. the message is very clear that new zealand is under new management. we want to build relationships with everybody and we obviousl
out the wind -- he spoke to haidi about his plans for the economy and for regional security. >> obviouslye will look at that through the course of the next year. we've always been open to exploring if there's an opportunity for new zealand, we are very open to considering it. >> do you think you will be taken a tougher position? >> are position is pretty clear and consistent, we have a large trading relationship with china but we also have a long-standing relationship that's...