saudi arabia, as you know, is the world's biggest oil exporter. i aramco will extend his long-standing strategy of locking in demand for its crude. it made the same moves and the u.s. and japan and south korea. has to especially with the u.s. shale producer challenging its standings. there is also competition from russia, not to mention from the rest of the opec members. in short, this deal benefits both sides. both need a boost. a pretty symbiotic relationship. of that calling that selfies diplomacy. in the spotlight recently thatse of -- one mdb, scandal, has anything changed between them? haslinada: the selfie says it all. nothing seems to have changed. saudi king salman brought along avisit. malaysia rolled out the red carpet and gave the king a 21 gun salute. if anything, the visit symbolizes stronger bilateral ties. saudi arabia was dragged into the imdb scandal. as part of the trip going forward, king salman also plans to visit the rest of asia, indonesia, china, japan, where he intends to discuss common issues, though no details have been g

he is the head of wealth .anagement for abs security i know you cover saudi arabia. isit, this tour of asia for the saudi king, what has it brought? positives a very visit, and i think it shows that saudi arabia is really opening up to new opportunities, new perspectives. saudi arabia is transforming, going in the right direction. is movingtowards asia towards new partners, new highways and it is positive. yousef: where does that leave us in terms of the story in saudi arabia? we have the dollar strength throughout this program today. how will that impact the growth story their? story in saudih arabia is, it is happening because there is complete reform taking place in saudi arabia. there is a complete change in mentality taking place. so the plan that is coming forward will transform saudi arabia. we can even see it at the micro level. and last week in saudi arabia, speaking to companies, you can 24,000,going down to and switching off the lights at night when they leave the office. this might sound very small or silly, but this is an indicator of how saudi arabia is

i wondered were there specific websites for gay arab men, you know, within saudi arabia. audi government monitored the internet. i just thought how am i going to do it? >> hey, bill, what's with the beautiful bikini babes? >> and then i met bill, and that changed everything. >> research. i'm doing research. >> bill was one of the nurses who i worked with. one day i went to his apartment, and bill told me that he had a program that's called a vpn, which is a virtual protected network. >> get around the saudis. >> and stops the government from eavesdropping and every form of communication. >> you can access any website? >> yeah. >> and i asked him if he had a copy of it. and he did. and it was in disc. so he gave it to me. >> cheers. >> okay. >> i hadn't been with anyone for g new cars. you're smart. you already knew that. but it's also great for finding the perfect used car. you'll see what a fair price is, and you can connect with a truecar certified dealer. now you're even smarter. this is truecar. jack knocked over a candlestick, onto the shag carpeting... ...and his pan

saudi arabia is the world's biggest oil exporter. aramco with this investment will expand its long-standing strategy. at the same move in the u.s., japan, and south korea. it has to, with the u.s. shale producers fighting for the global market share. there is also competition from russia and the rest of the opec members. this deal benefits both sides. both the need a boost, a symbiotic relationship. >> exemplified with that selfie, diplomacy. the relationship between saudi arabia and malaysia. ,t has been falling recently that scandal. has anything changed between them? but twitter picture, the selfie, says it all. nothing seems to change. -- malaysiang rolled out the red carpet. a 21 gunhe king salute. if anything, the business symbolizes stronger ties. saudi arabia was dragged into db scandal, but he has denied any wrongdoing. visitolomon also plans to china, japan, where he intends to discuss common issues. no details have been given about the issues he will be bringing up. yousef: from our man in abu dhabi, the head of wealth mana

-saudi arabia relationship, they like trump. trump because he does not talk about human rights so they're not going to get that criticism domestically. they like trump because he does not like iran. it is a balancing that happens to a degree under the obama administration. they are not focusing as much on is the fact that people like steve bannon who play an outsize role in the administration believe the problem is global jihad. in that regard, the middle east and gulf arabs are part of the problem, not the solution. russians are more reliable as a near-term ally because they support judeo christianity. god for bid when we have terrorist attacks in this part of the world, you are going to have trump using that for his domestic base. while security here matters to the americans, much more important to the trump administration and how anti-islam plays for his popularity at home. i don't think the gulf in general appreciates that. yousef: let's dig back into our conversation. he is a ceo at capital. you have the geopolitics to cons

absolutely, it is a preview to that, spreading the word about saudi arabia, ling ties to some of the dynamic region that the saudis have frankly neglected for 50 years —— building ties. it has been 50 years since the saudi king visited japan and indonesia. japan is a potentially large investor in that ipl, and is a significant buyer of oil. all of that makes this a worthwhile trip to be making. singapore, of course, would like to have saudi listing in singapore as well. japan's sharemarket has followed wall street to climb to levels that are extremely high. as you can see, it has not hit this level in more than a year. the japanese market following on wall street‘s lead after the dowjones rose well passed the 21,000 mark, as you can see, and the dollar rising on expectations the us federal reserve will raise us interest rates at its march meeting. the surge followed president trump‘s speech to congress outlining his agenda. the markets have been on a winning strea k markets have been on a winning streak since mr trump took office but former federal reserve chairman alan greenspan says

i want to turn to saudi arabia. they meet today, deputy crown prince, with the president of the white house. an interview here with a member of the royal family, interesting development here. >> we are more than ready to cooperate with the united states on countering isis in syria, in iraq, across the region. not just financially but the saudi government offered in the obama administration time to send troops into syria to fight isis. that was not met with enthusiasm by the obama administration. i think the offer remains on the table. >> bret: finances and troops turned down by the obama administration. welcome to five president trump, we are told. >> that sounds like something we have not heard about. this is not about isis. that's not the major issue. the major issue for the saudis, the existential issue, is iran and the way that america appeased it, fattened its economy. given life to hezbollah. apparently they had run out of money but is now flush with money. >> bret: they were fighting the houthis in yemen. >>

the knowledge we have created in the uaa -- uae needs to go in saudi arabia. d the knowledge we have acquired in the long-term care has places to grow in the saudi market. tracey: what are you looking at right now, could you borrow money in loan format? could you issue bonds? definitely, if you look at our balance sheet for the last two years, we have been very financially savvy. when we announced the 2015 strategy we are able to raise $825 billion with 100 business points in that market. we paid $560 billion and also paid $25 billion in equity from the global market. 50% debt. equity and a fixed income market is very interesting, we will look at it but at the same time we have someone who was to make sure there is proper leverage for equity to debt ratios maintained. the money should be used for acquiring assets. we are soliciting at more than 1000 that's and 400 bets are mature. the profits we will see in 2017 35-$50 million and have to get the benefits of this that we opened in 14 and 15. tracey: the newly installed ceo of nmc health, thank you for joining u

or american companies investing in saudi arabia that may be before wasn't there? i think it is a key thing that that has to be increasing the attractiveness to get american and foreign investors. the saudi government is working on that. investments and other fields, the saudi market is a huge market potentially. in terms of industries, other sectors. there would be a lot of opportunities for the americans .o invest the saudi's have a lot of investors. thes real investments in u.s. market. it is potentially a mutual benefit for americans and saudi's. >> still ahead, shares of dubai's holdings rose to a seven-year high on acquisition talks. >> you're watching the best of bloomberg markets middle east. shares surged the highest level since november 2009. >> this bike in the investment bank came after the chairman said he was in merger talks with a bigger entity. more from philippe they. >> this has been the focus of a lot of speculation. year, they by the major stake, they have been seeing costs, they are going to make it big again as it used to be in the past. now i

now for american companies, either with saudi investment over american companies invest in in saudi arabiaening to foreign investors is the key thing. i think the saudi government is working on that. potentially, the saudi market is a huge market -- potentially -- in terms of other sectors and ones that opens up, there will be a lot of investment opportunities and naturally the saudi people have a lot of u.s. investments. in theeal investments u.s. markets so it is potentially a mutual benefit. ahead, shares of dubai's schwa holdings rising to a seven-year high. little recap that next. ♪ ofyou are watching the best bloomberg markets: middle east. shares in shuaa holdings soaring. >> the spike in the dubai-based investment bank came after the chairman said he was emerging talks with a larger entities. has hadis a story that a lot of speculation since last year when abu dhabi financial group bought a major stake in shuaa. they have been saying they are going to implement a turnaround, that they are going to make them big again. ownedmpany was previously by an entity of the government of duba

i know this is the year it seems that saudi arabia is opening to investors and international capital kets. we also have saudi aramco looking to mix area how does this tie in? >> we are going to see aramco come into the market next year. group is also saying that the target is probably going to be next year. a very, very busy time for the stock markets, also the stock exchange itself will be closing next year. this all ties in with part of the big theme of what the government is trying to do. wring more foreign direct investment into diversify the exchange and open another stock exchange. we are going to see a lot of assets to bring foreign investors in. that point.p on we have seen significant invested interest in income. we just saw that bond of sale. do we expect the same thing to happen when it comes to these sorts of things? >> a huge question of course paying over these sales. none of these things have been done before. a flood of money has not, as quickly the saudi's have hoped. trying to change the rules to make the equity story more attractive. tracy: thanks so much. that is i

issue on something important, i follow the middle eastern experts, follow that saudi arabia comes up a lot. this notion no one mentions audi arabia, i'm not sure this goes back to the question of where you get your news, where ou get your information, because everything i read, the word saudi arabia comes up president's when the travel ban was proposed, first hing most critics went right to, to say two obvious countries travel sing from the ban, saudi arabia and pakistan, the two countries all over the airwaves, the notion people don't talk about this suggests you need to scope of the kind of information you are taking in. sit am not -- i cannot here and tell you definitively about the politics of saudi rabia because then i would be violating for star trek fans, the prime directive of the is never to trespass into make pronouncement area of eone else's expertise. host: hank from south carolina on the independent line. good morning, hank. caller: good morning to y'all. i'm enjoying your show. sitting here thinking malaysian -- when the plane went down in the pacific weeks, we got nd al

a also have the family, it is gigantic group in saudi arabia. iness in so many different areas. they say they do intend to ipo part of their businesses. that could be a game changer for saud a -- saudi. clearly a lot of excitement about potential deals coming to market. i have to bring in the pessimism. as talk about what could not that optimism. this chart is the tadawul versus oil prices. end, they are starting to move in think while oil was collapsing over the past week or so. oil has since recovered it what could not be optimism here? we cannot forget we are in the middle east. we cannot forget it is all about oil at the end of the day. especially for saudi, which is the biggest stock market here in the region. if we do not see clarity in hows of the price of oil, much of a recovery we can see in the domestic economy this year? what exactly companies are going to consider, in terms of spending and capex along 2017, than the ipo activity when not be as intense as a lot of people are seeing at this moment. considering oil between 50 and 60. thi

. >>> the operators of the tokyo stock exchange have agreed t to strengthen ties with saudi arabia's stock market. japanese officials are keen for the world's largest oil company to list its shares in tokyo. japanese officials will offer technical advice how a company could list its stocks in multiple exchanges under the terms. >> we see this as the beginning of a long and prosperous relationship that without a doubt opens up new prospects. >> saudi aramco planned to go public next year, and its market cacapitalizationon is estimated around $2 trillion. executives are looking to offer its shares abroad in addition to the exchange in the saudi capital. they are said to be reviewing markets in europe and the u.s. as well as japan. officials in hong kong and singapore have also launched bids. >>> knockoffs of famous brands and other counterfeit products are a growing headache around the world and the middle east is no exception. nhk world's hideki nakayama looks at how authorities there are fighting back. >> reporter: saudi arabia, one of the world's largest exporters of crude oil. larg

. >>> japan and saudi arabia are building closer ties. japan has agreed to help support the gulf state as it tries to diversify its economy. king salmon is the first saudi monarch to visit japan in 46 years. he met prime minister shinzo abe in tokyo on monday. >> translator: we'd like to promote and strengthen relations with saudi arabia which is a key for stability in the middle east. >> translator: japan is a core partner in the fight against terrorism. we must deepen the concept of promoting serious dialogue between different religions and cultures with the international community. we need to strengthen the spirit of tolerance and coexistence. >> they agreed japanese investment and technical assistance could help reduce saudi arabia's depending on oil exports. abe asked saudi aramco be listed on the tokyo stock exchange. it would be one of the largest public offerings ever. they signed a cooperation deal, japan/saudi vision 2030. >>> good morning. toshiba will postpone its earnings report once again. get us up to speed. >> they are expe

there were two, saudi arabia is aggressive in its vetting who comes in we understand it. >> pretty good spin. exactly the kind of spin you would expect. from a senior saudi official whose country is not on the list. i think we will see this go back and forth. likely to end up playing out in the courts and the populace. i think this fight is far from over. >> bret: michael. >> i think it keeps going. the president of the united states has the right to conduct foreign affairs. congresses congress has given ht to set these policies. this is not the role of the judiciary. the person has the power is the president of the united states. >> bret: back to the chuck schumer back and forth on saudi arabia, the stark difference between the chuck schumer we saw after their first travel ban was very emotional about not letting people in the country in the chuck schumer we saw tonight who said saudi should be on the list. >> i mean, this is a festival of hypocrisy all around on all of the issues. you play the hand that embarrasses the other side. i agree the judicial issue is an important one. this i

there were two, saudi arabia is aggressive in its vetting who comes in we understand it. >> pretty goodpin. exactly the kind of spin you would expect. from a senior saudi official whose country is not on the list. i think we will see this go back and forth. likely to end up playing out in the courts and the populace. i think this fight is far from over. >> bret: michael. >> i think it keeps going. the president of the united states has the right to conduct foreign affairs. congresses congress has given ht to set these policies. this is not the role of the judiciary. the person has the power is the president of the united states. >> bret: back to the chuck schumer back and forth on saudi arabia, the stark difference between the chuck schumer we saw after their first travel ban was very emotional about not letting people in the country in the chuck schumer we saw tonight who said saudi should be on the list. >> i mean, this is a festival of hypocrisy all around on all of the issues. you play the hand that embarrasses the other side. i agree the judicial issue is an important one. this is

asoil is under pressure saudi arabia raises inputs. policyraps up its annual meeting and warns of external threats to the economy. a historic turning point in talks. it is 8:00 across the emirates. welcome to "bloomberg markets middle east." we are seeing some positioning right now. asian markets are largely in the red. take a look at the bloomberg. you can see the last column on equity markets are all in the red right now. the dollar index is reversing. we are seeing currencies across asia are gaining ground. the south korean won is gaining. commodities jumping after an industry report shows u.s. crude inventories decline last week. oil has been pretty volatile and it's been a wild ride for investors. yes, a roller coaster ride in oil markets for sure. we had a falling 2% yesterday after the report about saudi arabia lifting production it has since recovered and is up 1.43% today. a bit of whiplash and commodities markets. east,n the middle speaking of commodities, it is just under two hours away from the opening of the emirates marke

so confirmation of group b with saudi arabia and japan level on 13 points and australia three pointshance in fourth. staying with football the reigning women's world player of the year, carli lloyd, scored herfirst goal for her new english club manchester city on thursday night. the usa international and world cup winner scored the only goal of the game as city beat fortuna hjorring in the first leg of their european champions league quarter—final in denmark. lloyd joined city last month, initially until the end of super league's spring series in may. now to cricket and with india and australia level at 1—1 in their test series with one match to play, indian batsman cheteshwar pujara has had to step in and defend his captain virat kohli against a barrage of criticism from the australian media. he insists his outspoken skipper is one of the sports great ambassadors. but also says he regrets how the series has been dogged by controversy. the match is set to get under way on saturday as picturesque dharamsala hosts a test match for the first time. i think it's really sad to hear such co

how important is this for saudi arabia, this particular ipo, in terms of getting money in.have a real problem with oil revenues falling. it is very important, not only from the money side but psychologically it is important for sentiment within the saudi economy. a huge change and this is one of the big policy markers, i suppose, this is one of the big policy markers, isuppose, of this is one of the big policy markers, i suppose, of the new system that has been put in place for generating diversify and revenues. let's now talk about the story in the new york times or washington post online. it is pretty much everywhere as well, the situation with regards to devin nunes, who is the republican chairman of the house intelligence committee, now seen to be too close to president trump to be impartial when it comes to the investigation about the election campaign and russian involvement. it is an interesting article, i hadn't realised there are three house intelligence committee it investigations on going into russian involvement and if you are in the trump offers this story is n

>> many what we want to focus, the knowledge we have created needs to go in saudi arabia, specificallynity and fertility. the knowledge we have acquired in the long-term will help us to grow in the saudi market. >> in terms of funding expansion, what are you looking at? could you borrow money and loans, could you issue bonds? we have seen a lot of demand for fixed income assets recently. look at or balance sheet for the last few years, we have been financially savvy. announced the two dozen 15 strategy, we were able to raise ourselves in that market. -- we had tored pay millions of dollars. we have aons of -- 40% debt program. people are -- the balance street has -- cheat has acquiring debt. at the same time, the fixed income market as you mentioned are interesting. we will look at it. at the same time we are somebody who wants to make sure that there is proper leverage, equity to debt ratios maintained. the money should be used for acquiring assets. .e want to get a thousand bets 600 bets. in 2017 to be see guided has yet to get the benefit of that which you up and into the supporting

although the business environment in saudi arabia will improve. feel faster, but when we see the headline growth figures, they will be quite low. that is because of the dependence of saudi arabia on oil price --. oil prices are going up, great resentment, great for investment, but at the same time, saudi arabia will be cutting production of oil. cutting oil production as part of the opec agreement. when it comes to real growth, real headline growth, production is much more important than prices. the headline growth figures with a low because of the cut in production, but in actual fact the economy can be doing much better than what those figures would suggest. yousef: we have had quite a few skeptics. some have been skeptical about the execution risks. as you look to the efforts of the kingdom, what is your read on what they're doing right now. is it working? we'll was he the numbers get back up in the next year reduce? >> still the most important aspect will be the oil market .nd how oil prices adjust if we have oil prices adjusting higher than h

didn't put them on the list because he had hotels there. >> bret: they say that visa checking in saudi arabia is adequate enough. the six countries don't have that. >> why do more terrorists coming from saudi than other countries? >> are you saying they should be on the list? >> every country ought to be vetted. i think they did a poor job of it in general. we should tighten up everywhere. >> bret: you use words when talking about the trump administration, president trump and russia. you used the words collusion and coordination. what you really mean is conspiracy, aiding and abetting, both of which are crimes. are you alleging president trump or his campaign committed a crime? >> what i am saying is that not that there was a conspiracy. there are enough questionable acts. we saw what happened with flynn, to have a full and thorough impartial investigation. putin, in my opinion, is an evil man. he's a bully. if there is potential there was collusion, people should know about it. i'm not saying there is. i am saying there ought to be an investigation. the justice department should appoint a sp

you won't get a chance to see this because literally crossing now, new headlines from saudi arabia. t to be raising supplies in the national oil market and the visit was implying opec cuts. they didn't say anything about the second half at least not yet. for the second quarter, yes -- >> they have opened the door of the aunt june because they see high u.s. inventories which is a warning sign the cuts have been taken as much of the market as they had hoped. mark: that brings us nicely to the next 24 hours where we have a couple of inventory reports. what a they going to tell us? >> it has been interesting because for a long time we have been complaining the oil markets have been really boring in the last week or so that has stopped happening. wes afternoon around 4:30, get initial inventory numbers for api, the american petroleum is it but those are industry seekers that the market uses to guess what the next big figure is going to be. that comes tomorrow at 10:30 from the eia. they have been living market substantially. mark: it is interesting, because in only a matter of weeks, ther

saudi arabia has told opec it reversing one, third of the cuts introduced in january. ll on speculation the kingdom has lost patience with producers who are lagging to meet their promised cuts. saudi data shows it is cutting data more than required. it is in talks to return to the corporate bond market next week in what would be its first major offering since the omissions scandal. it also shows the company is trying to draw a line under the crisis, which has led to billions of dollars in fines. vw was typically the biggest issuer of corporate debt in europe through 2015. >> i do hope so. we have made good progress. but, let's face it. there is still action pending and quite a number of disputes and investigations going on by the authities that are .mportant to our image we have to regain trust. that requires a lot of work. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. >> how the asian markets are shaping up, 24 hours away from the fed decision. gearing up fore that fed decision. the dollar

the shareholder of course is the government of saudi arabia. preparing itself for a listed saudi aramco. both processes are on track. happen in set to 2018. course, as some of these milestones are achieved, we will make those announcements. >> how about that listing? can we assume new york will be one of those that is listed? china?ondon? min. al-falih: it is premature. we have not done our evaluation yet. this was a very delicate multifaceted evaluation from very deliberate, and in due course you will know. specifically what do you look for? that seems like a tough decision. what are you seeking when you designed what to list? min. al-falih: we want to optimize the interest of the kingdom of saudi arabia. kathleen: saudi premier estimated the potential of this ipo at $2 trillion. what do you make of that? what do you think it is worth? min. al-falih: the markets will ultimately determine what the real value is of saudi aramco. i can tell you it is a great company. freight -- great company, great resources that many investors would benefit by.

important players but not the likes of saudi arabia and by not the likes of saudi arabia and by no means—— i'm an. what did we expect from the meeting and what did we get? -- oman. it was the second time they met and it was established in january two compliant with the clubs agreed in november and december —— to comply with. the effectiveness and the power of this committee is as yet unclear. discussions had as to whether or not they extend the cuts from the currentjune deadline for another six months. the thinking is they probably will, that was the sentiment we got from the meeting, but it's a consideration at this point that they can't give you any ha rd point that they can't give you any hard responses? absolutely. they look to measure whether or not compliance is being in line with what was anticipated by each of the member states, and they looked at independent sources to verify if people have been keeping in check with what they promised they would deliver —— they look at. as yet it's not certain what power or authority this committee has to really determine the ultimate decision,

his saudi arabia still in complaints? -- is saudi arabia still in complaints?a: saudi arabia is in compliance. the rest of the world has to look at that and say if the saudis are not going to carry me, do i have to do more? scarlet: four others reversed the production cuts they have made? tina: we have people who are not complying. iraq and russia have not been in hearing to the letter of the agreement, more like the spirit of it so far. this puts more pressure on them to do so. and it sends a message to the markets. this gives a warning that the floor they thought was there may not always be there. joe: looking at the chart on the bloomberg and i think you brought in last time we talked showing this sort of resurgent u.s. production in drilling to the bar chart is the u.s. oil rigs. the yellow chart is crude oil inventory. weakness we are seeing in oil -- is everyone chalking it up to supply? any demand side to the element here? tina: there is a demand side. the president is going to detroit tomorrow and people are talking about him taking off fuel economy sta

to sue the saudi arabia government. president obama veto ad that and coming gress overturned that. >> rockefeller pass away he was 101. david rockefeller was last surviving grabbed some of john d. rockefeller who created america's first billionaire. >> president trump says he's the reason that former 49ers 1/4 being back can't get a job. the president said the free agent has not been signed yet because nfl doesn't want a nasty tweet from him. he took a knee during the national anthem this gear and started protest in august in response to police involved shootings of black men and women when he opted out of contract he said he would stop kneeling during the national anthem. >> and meanwhile, president trump called for de funding which created sesame street. since the 80s mr. trump was depicted as grump a grochowskiy and greedy monster. no word if this is why he want to cut funding. president trulp is not the first president to want tonight eliminate public broadcasting fund. >> and finally it was once lost and now it's f

saudi arabia says supply cuts may be extended if necessary.bs will be needed to sustain the stockpiles, that do remain above the five-year average. he thinks markets are not confident on the outlook. it listen. >> our objective in doing what we do is really the fundamentals. saudi arabia is driven by bringing supply and demand and to balance, encouraging investment flows, and making sure that global underpinnings, which had been in a glut situation are back to where they should be in terms of long-term averages. eyesis where i have my focused on. managed, wesily would have to monitor too many variables here. the fundamentals have significantly improved over the last few months. prices will fluctuate up and down. there are other factors into play like speculators and financial investors, currencies. fundamentals, i am quite satisfied we are going in the right direction. also, my colleagues from oil-producing nations have been cooperating with us quite nicely. and i think we are satisfied that we are on track. and a daily or weekly fluctuations

. $5 billion in renewable energy and saudi arabia's efforts to reduce its reliance on oil. s some context about how much money they are really willing to put into green investment. >> good morning. that's right. saudi aramco is looking to invest in new technologies across the board, so they have investc funds that will in new technologies beyond their regular oil and gas business, which is mainly saudi arabia-based. allocating, they are $5 billion for projects outside the kingdom. more broadly, the country itself is looking for a renewable energy investment plan of $30 billion to $50 billion and bring on 10 gigawatts of solar and wind power by 2023. that would be a fifth of what they have now, so a big increase in power capacity there to meet demand. david: let's talk about timing. it makes sense and looks good on paper, so why didn't they do it earlier? >> it makes sense now as prices have come down. the cost of solar panels has come down. there is huge capacity and the market, almost overcapacity, and they have gotten better about making them more efficient. saudi arabia h

saudi arabia is still competing iran,heir age-old rival, for market share in the pacific rim. a tight market, but opec and saudi is trying to preserve their own market share. alix: thank you so much stephen short, -- stephen schork. you have saudis lowering the price they sell oil for in asia. you do that when there is not enough demand. david: the lesson to take away from that is the marginal cost of extracting a barrel of oil in the united states will determine the cost, ultimately. alix: now you have the middle east trying to play catch-up. fascinating conversation. saudi arabia pumping 10 million barrels of oil a day in february. andrew sheets, morgan stanley cross asset strategist. this is bloomberg. ♪ >> a possible successor to the governor resigned from the bank of england as theresa may kept the green light to exit the european union. officials begin their two-day meeting despite the snow. hikes over the next three years up for grabs. 14 million without insurance, a 20% rise in premiums. the republican health care plan, republican governors fight back. the u.k.day in pa

modernization facilities to allow them to do that work with ground vehicles within the kingdom of saudi arabia to make sure it supports the 2030, what ation.re calling saudi-iz jen: what has been learned from the deployment of the saudi national guard to the border of yemen -- can you talk about what they have learned and how that is shaping modernization and training going forward? >> great question. currently they have one brigade of the border from the saudi na second brigade that has gone in. they are called the prince turkey brigade. brigade justrst came back. when the first brigade came back, the lessons they were able to gather and give to the next regain going and was focused on maintenance and medical training. we took the information this last summer about when we were preparing the next brigade to go in, and intensified the efforts. also the medical training, to ensure something were to occur, the soldiers knew someone was there, capable, ready to take care of them. expect tomight we saudi arabia in terms of foreign military sales from the u.s. in the coming year or two? what do you

david: saudi arabia -- yousef: saudi arabia's credit rating has been cut by one level. the kingdom's rating was reduced to a plus on par with moody's rating. >> the primary reason is the impact on finances on oil prices. you look at the fiscal balance, there was a deficit of almost 18% gdp. an enormous fiscal challenge. the government has a plan to address that. we think the deficit will be much lower this year, less than 10% of gdp. is risingment debt with the deterioration of us -- of oil prices. the outlook is now stable. does this cast more doubts on the reform agenda? cutting state subsidies, cutting state spending, or does that plan help improve the long-term? >> if the plans as we understand them were implemented in full, saudi arabia would be transformed considerably. there will be difficulty implementing them in full. there is going to be a restructuring of the economy, probably not to the degree the government would like. an ambitious agenda. it is a medium to long-term agenda, not something that can be fixed in a year, two years. generate rabbit sector employ

comments out of saudi arabia giving support to the oil price.g moving to the upside as well, one dissenting voice is ready tohe doe raise interest rates, but it is the cologneafter after that fed rate hike has dissipated. haidi: that's right. unwound,tement being yields pushed back up again. a bit of aia, catalyst as we go into the end of the week. we are 30 minutes away from the open. sophia is taking a look at how the markets are tracking. we are seeing gains in markets such as taiwan, japanese do have stocks and dragging on the region, the nikkei 225 falling by .3%, away to down by automakers as the yen heads for its steepest advance in three weeks and we await the outcome of the g-20 talks today. korea, theocus on kospi up .1%, extending gains for a second day. cosmetics, duty-free store operators, and other china-link consumer stocks are in a relief rally as tensions between south korea and china over the missile issue are seen to have peaked. -- of the climbers today profit-taking. region,at the wider energy stocks leading gains in asia. t

does have influence over saudi arabia come and not just over saudi arabia, but also the continuationf this war for the weapons that it sells to them and to the adjustable support against the saudi-led coalition in the terms of refueling and targets as well. peopleorrying for those and campaigners who have been trying to prevent the cell -- sale of weapons. there are indications those weapons may be sold under commercial terms rather than under military, which also been does not attach the same and use issues with them. there is not so much scrutiny with the use of those weapons in a warlike yemen. that is also deeply concerning. we are now at a stage where the attempt should be made to deescalate the conflict, all indications are now that the war in yemen will be escalated by the activities of u.s. government. nermeen: one last, very quickly, as we said in our introduction, there have been more airstrikes carried out since the start of 2017 then there were in all of 2016. but you pointed out in a recent interview there were more run strikes in yememen over the spse were inurs then th

saudi arabia has been shouldering most of the cuts.ed to look at compliance levels from the other members. 91% according to the iea when it comes to opec. arguably a decent report card. and thee becomes russia non-opec group. that is only 41%. possibly as high as 67%. backdropat against the where you have more oil coming into the market. look at what is happening with u.s. crude inventories. this tells the story. one is u.s. crude inventory. still at the highest seasonal level in over three decades. countering the oil, the other line that opec is trying to get out of the market. there's a lot at stake. oil bulls are not looking for any silver linings. they are looking for hard, tangible, meaningful data that actually says this plan is working. matt: what might an extension look like here, yousef? that decision is going to come in may. the work here is going to lay the groundwork for that. one issue is going to be the russian pledge to live up to its commitment. saudi arabia publicly prodded russia for not doing that. before the deal wa

saudi arabia has reversed about a third of the oil production cuts it made in january. i's told opec they cut more than 10 million barrels a day last month. they are still cutting output by more than is required by the cartels agreement. 24 oil producers agreed to cut production to try to clear the crude surplus. the northeastern united states is being hammered by a storm that could leave over a foot and a half of snow in some places. a blizzard warning has been canceled for new york city, but it still in effect for areas to the north and west. airlines have canceled more than 5000 flights. aboveground subway service was shut down, so was bus service in new jersey and parts of connecticut. day.l news 24 hours a this is bloomberg. up, -- looking to extend its reach beyond television. the streaming giant plans to release 30 films this year. this is bloomberg. ♪ mark: live from london in new york, i mark barton. vonnie: and i am vonnie quinn, this is the european close. netflix plans to release about 30 movies this year. us.lyn highs joins how does it intend to pay for thes

what has saudi arabia done to stop the threat of isis? >> saudi arabia has done a lot.e been the target of isis, one of the countries isis has over the last three years targeted the most, working with the united states over the last two years and will continue to work further with the united states and other countries around the world to truly eradicate isis and end what they have been doing in the region but also around the world. maria: what about your colleagues in the middle east, who is funding isis right now? >> an interesting question. they do receive funding from various sources. we have been working along with the united states and other countries to stop any funding going to isis. we believe with the us and other countries been successful and more with the united states to end what is going on. maria: important to hear from you the public wants to know what kind of relationship the us and saudi arabia are looking to have. what about the qatari's, are they funding isis? >> don't know if they are funding isis. i don't believe there are. and other countries on, a

saudi arabia indicated to opec that its production had increased to just over 10 million barrels per day in february. that was a little more than in january but the saudis said, it was in its agreement with opec. the market brushed the comments aside. and oil barely budged. so the market clearly believes there are cracks in the saudi commitment to cut oil production. now, that adds to the long list of crude's troubles. it is a growing number of u.s. rigs drilling for oil. we have higher crude oil and now prospect of a rate like might take it higher. that would almost certainly hurt oil prices. so oil stocks are getting hit hard again. exxonmobil hit a 52-week low. much is prigtd on oil trading closer to $60, not $47 where it is now. another headache for the saudis and that's aramco. they want to take it public next year. that may be the biggest ipo ever. they were expecting it to be worth more than $2 trillion. with oil dropping, it could be worth a lot less. seen in this light, it might make sense if they start to question the point. continuing production costs. at the new york stock

right out. >>> leading the news, hundreds of families of 9/11 victims filed a lawsuit against saudi arabia seeking monetary damages. they claim the saudi government paid for funding through al qaeda camps and transport weapons, people and money around the world. this type of lawsuit was prohibited until congress passed a new law. >> president obama vetoed the law, he let americans sue saudi arabia fearing it would open the door for foreigners to sue the u.s. >>> asking for the public's help in finding an allegedly kidnapped student who hasn't been seen in a week. they released the last known image of her prior to her disappearance. they believe she was kidnapped by her 50-year-old teacher, tad cummings. the girl's father, pleading for her safe return. >> please come back. we can't live without you. >> police are saying it's rare for a whole week to go by after an amber alert without credible sightings. they are asking the public to check campgrounds for them. >>> the mystery behind the super bowl jerseys belonging to tom brady. it's been solved. >>> plus, the details of this plane crash an

yousef: we have fresh economic indicators out of saudi arabia. in :00 a.m. across the emirates.n hong david ingles kong. closing up for the run stake. -- lunch break. traders will head back to the desks and 30 minutes. have a look at this chart.

northern saudi arabia intojordan will stop some thunder have developed and some flooding in places.thwards into iraq, potentially kuwait, but things turning a little bit dry in northern saudi arabia. some high pressure in the mediterranean, bringing fine weather here. heavy rain and very strong winds on the british isles and into ireland as well. more of that to come towards the end of the week. back home on thursday, pretty rough to start off with. strong winds across the country, early rain across england and wales. gradually, the rain will clear away through the afternoon. we should see plenty of sunshine, and strong winds will make it feel quite cool. you can see a full uk weather forecast right here in about half an hour. hello, i'm ros atkins, this is outside source. francois fillon is one of the main contenders in the frencch presidential election. today he said he'll be placed under investigation by a frenchjudge — but that he won't stand down. translation: i will not give up, i will not withdraw, take you to the end. it is democracy being challenged. a special extended repo

as china tries to diversify its energy supply chain, saudi arabia is another source. nd so the saudis want to die loot the influence from iran, and the chinese want to diversify their energy supply chain. whether it is a toy or a medical device, 3d printers are capable of august creating anything. they have become increasingly important in manufacturing and many other industries due to their diverse of —— their versatility. the sector is growing at 26% a year. timothy mcdonald recently visited a 3—d printing factory in singapore. there is lots of excitement around 3-d there is lots of excitement around 3—d printing. it is supposed to be the next big thing in medicine, manufacturing, and design. but does it really live up to the hype? is it good for something more than printing a simple toys like this one? for more, we speak to this man from the 3—d printing association in hong kong. what can you tell us about this model? this is one of the models that we have that allows us to come —— allow children to build their own components to former model. the printer prints all