trained on its chads well to discuss that i'm now i'm joined by stephen home and director of the global strategy law and professor of global health law and political science at york university professor hultman thank you very much for joining us from what i understand to be the privacy of your home that's right i mean so quarantine myself after the canadian government asked anyone returning to canada within the last 14 days to remain in their homes for the remainder of that 14 day period and the you told me before the recording that it's your 12th day in south quarantine and you seem to be doing pretty well yes yes i'm very lucky i have i can apartments i have family and friends who have been able to help and but it. take its toll in the sense that i'm used to being out and about so going to work and this is a new experience for. but one that i recognize how lucky i am given i have friends and family and supports that i know that from the very beginning of this al baker you've been. calling against overreaction and save your trip travel restrictions and then many policymakers including canada's

trying done is chad's well to discuss that i'm now joined by stephen hoffman director of the global strategy live and professor of global health law and political science at york university professor of health and think you very much for joining us from what i understand to be the privacy of your home that's right i mean so quarantine my so after the canadian government asked anyone returning to canada within the last 14 days to remain in their homes for the remainder of that 14 day period and the you told me before the recording that it's your 12th day in south quarantine and you seem to be doing pretty well yes yeah i'm very lucky i have heard apartments i have family and friends who have been able to help and but it. take its toll in the sense that i'm used to being out and about said going to work and this is a new experience for me but one that i recognize how lucky i am given i have friends and family and supports that i know that from the very beginning of this al baker you've been. calling against overreaction and save your trip travel restrictions and then many policymakers includin

and we have to help the world, help the world to drive coordinated global strategy. not shut ourselves off from the world. protecting the health and safety of the american people is the most important job of any president and unfortunately this virus laid bare the severe shortcomings of the current administration. public fears are being compounded by pervasive lack of trust in this president. fueled by adversarial relationships with the truth that it continues to have. our government's ability to respond effectively has been undermined by hollowing out our agencies and disparagement of science. and our ability to drive a global response is dramatically, dramatically undercut by the damage trump has done to our credibility and our relationships around the world. we have to get to work immediately to dig ourselves out of this hole. and that's why today i'm releasing a plan to combat and overcome the coronavirus. the full details of the plan, if you want to see them go to oebiden.com, where i lay out the immediate steps we have to take to deliver one decisive public hea

komal sri-kumar, president of komal sri-kumar global strategies.following this story with the coronavirus outbreak and its impact on different regions. macau having its 2020 gaming revenue forecast to 130 billion -- on the virus impact. we are talking about their 2020 gaming revenue forecast being taught in half. of course, we have seen macau casinos being closed for a number of days during this outbreak. already, we have seen 80% of casino gaming tables resuming operations, according to macau. but still, the impact on revenue forecast for gaming cut in half. more ahead on "bloomberg markets: asia." this is bloomberg. ♪ >> let's check in on how markets are trading in new zealand in the early part of the friday's session as we heard from the rbnz offering term loans to banks. .5%re seeing upside about when it comes to trading in kiwi equities. the kiwi dollar continuing to weaken as we had another day of a record high for the bloomberg dollar index. the kiwi aussie continuing to flirt with parity as well. ready strong gains. ♪ haidi: a very good mor

sri-kumark with komal , sri-kumar global strategies president and founder, joining us from l.a.. it is really hard to even give a prediction from the s&p. where do you land? going tothink there's be a lot more downgrade of earnings coming forth, especially because the weakness in the economy, the total shutdown of some sectors such as retail, restaurants, travel industry is not fully incorporated. when you do that, i think the impact you are going to have on earnings is going to be a lot more than what we have seen so far, and i think that is going to be very important in terms of valuations during the rest of the year. alix: you've been in the market for a long time. when you are going to look at some indicators as to where we are going to go, what are you looking at right now? komal: the part which i look at very closely, and you and guy spoke with mike a few minutes ago, the issues on the commercial paper market come of the difficulties that we have lastn repo, since september, i have been tweeting repeatedly that the repo market problems with the canary in the coal mine, and

been trained on his chads well to discuss that i'm now joined by stephen hoffman director of the global strategy lab and professor all the global house law and political science at york university professor hoffman think you very much for joining us from. what i understand to be the privacy of your home that's right i consult quarantine myself after the canadian government asked anyone returning to canada within the last 14 days to remain in their homes for the remainder of that 14 day period and the you told me before the recording that it's your 12th day in south quarantine and you seem to be doing pretty well yes yeah i'm very lucky i have i can apartments i have family and friends who have been able to help and but it's a. take it so.

welcome back to worlds apart but steven hoffman director of the global strategy lab and professor of global health law and political science at york university professor holden just before the break we were talking about badgers that the governments can take and your point was that still travel bans perhaps a little bit on the excessive side and yet if we look at these 2 scenarios that the countries have taken so far and. but this it damaged the agency an area south korean china sonera you know the containment and the gradual decrease in the number of new cases and the european want where the freedom of movement was not restricted m.p.'s you know which ultimately led to over i think 5000 fatalities at this point of time in europe it seems that dead you know the more excessive from your point of view project call may ultimately save lives well i think to just to clarify i think the thing that has been saving lives is what we call social distancing so that's all the measures taken within countries to encourage people to maintain physical distance to make sure that we minimize the oppor

philipp lisibach, head of global equity strategy, credit suisse, thank you for joining us.s is bloomberg. ♪ tv just keeps getting better. how you watch it does too. this is xfinity x1. featuring the emmy award-winning voice remote. streaming services without changing passwords and input. live sports - with real-time stats and scores. access to the most 4k content. and your movies and shows to go. the best tv experience is the best tv value. xfinity x1. simple. easy. awesome. xfinity. the future of awesome. matt: welcome back to "bloomberg markets: european open." 30 minutes away from the start of what looks like it will be a very bad day for those long equities. 7%ures are down 6% to almost in paris as we get headlines that charles de gaulle may shut down terminal 3. those travel restrictions affecting many people. i was supposed to fly home to ohio saturday. i will not be doing that. who is going to pay for the financial loss? anna: one paris airport considering that. that is part of the story. restriction on travel coming through from the president overnight in the united

so embracing the suck strategy that us global strategy is the example of an empire like any other empire and then to have a soft landing with a successor. >> and by the way when president obama favored such manage decline paradoxically and then to execute the obama strategy president trump and president obama but the problem here is for the strategy that has to be very interested in doing that that the chinese don't want to do with the russians can't do i it. >> and i think the basic ambiguity and contradiction a president trumps thinking on one hand he wants america to be great also with the manage decline to make america great again you're trying to make america and denmark at best. >> the president wants the united states to get credit without doing the work. and that is the key to a failing strategy. my whole career i have worked for batter one - - better allies in the nato allies i would love to train the nato allies on - - trade them but i cannot find a better set of american allies and that leaves you with a choice does the united states challenge everybody better than they do or

talk about our friend arguably the most brilliant officer the navy has produced who has a global strategy for america not just the navy but why america needs the oceans. and intellectual is a man with spectacles on his nose and winter in his heart he is not a loving or giving person. but he does write and pursue the truth wherever it takes him and creates the naval war college the most important of all war colleges of military institutions so not a warm figure he is a miserable commander at sea he commands badly that he is smart. that make sure that is character. who else? this is a british admiral. he is jackie fisher at the turn of the last century. he comes into the british navy with cannons and by the time he commands the british navy has gone from wooden ships to steal holes moving on to oil long-range fire control platforms huge cannons and submarines are coming in an extraordinary innovator and also hugely egotistical the only one in the room that quintessential person has to show how smart he is the minute the door opens. this massive ego tied to the taste for innovation let's go

intellectually brilliant officer of the navy has produced in the 1880s, et '90s he produces a global strategy for america not just for the media why america needs the oceans. an intellectual is a man with spectacles on his nose and winter in his heart. he is not a loving giving person. the balance is not good, but what he does is think and write and hers pursue the truth. he creates a naval war college arguably the most important of all of our war colleges and institutions. so, not a warm figure he is a miserable commander at sea. but boy is he smart. again, that mixture in his character. here's one not many people know, he's a british admiral committee is a british admiral at the turn of the last century and what i like about jackie fisher is that he comes into the british navy plan there are sailing ships and can inspire the time he commands the british navy as they see lord it'a sea lordson promotingd muzzleloading cannons to steal homes done with cold, moved on to oil, long-range fire control platforms, huge cannons, sub marines are coming in. he's an extraordinary innovator and contempor

alfred mahan, the most intellectually brilliant officer the navy has produced, he produces a global strategy for america, not just the navy but why america needs the oceans. dostoevsky says an intellectual is a man with spectacles in his nose and winter in his heart. he's not a loving giving person. his life balance is not good. what he does is think and write and pursue the truth, he creates the naval war college, arguably the most important of all colleges and military educational institutions. not a warm sunny figure. he is a miserable commander at sea. he command a ship badly once but is he smart. the mixture that is character. here is one not many people know. this is a british admiral named jackie fisher, a british admiral at the turn of the last century. what i like about jackie fisher as he comes into the british navy when there are sailing ships in cannons. by the time he commands the british navy as both the lord it has gone from wooden ships, muzzle loaded canon to steal holes, moved on to all your, fire control platforms, huge cannons, submarines coming in, an extraordinary conte

the organization is implementing a global strategy to bring out clear outcomes, strong evidence and systemicearch to the humanitarian programs through collaborative partnerships through the public and private sectors. before he began this important work, he did other important work from 2007 to 2010, he was the foreign secretary of the united kingdom. he graduated from oxford in 1987 with a first class honors degree in p. pemplet, philosophy, politics and economics. got a masters in science from m. i.t. which he attend as a kennedy scholar. his relationships have earned him a reputation as one of the ablest, most creative public servant of our time and as an effected and passionate advocate poor rled -- world's people, i'm pleased to introduce to you mr. david millban. >> thank you very much, john. thank you, jake. good afternoon, ladies and gentlemen. ambassadors, excellencies. our hank you to usid partner, the office of foreign disaster assistance gives foreign aid a good name. it's a flexible entrepreneur committed partner of ours. and it's a nice link that they're also partners of yours.

>> we need a global strategy that is carried forward at the national level and local level, but it has to be tailored to where the realities of the outbreak is and what the challenges are. where you have very dense populations with rapid spread, you need more action than others. the pandemic can be best dealt with local reaction interrupting chains of transmission, supported by public health officials and government. to make sure we isolate people with disease on the basis of symptoms if we haven't gotten the test, that's the best way to get ahold of it. lockdowns help, but more than lockdowns we have to make certain that the basic protections of isolate, contact, quarantined contacts the best we can. if you take charge of some human activity, we will get ahold of the reality of living with covid-19 in our midst in the face of it. >> many folks in the u.s., many are under these stay at home recommendations, many are not. some governors have not issued them while mayors of cities have. so you have people living right next to each other, or in communities next to each other, and one is u

the organization isn't lamenting and a vicious global strategy to bring clear outcomes, strong evidence and systematic research to the humanitarian programs through collaborative partnerships with the public and private sectors. before he began this important work he did other important work from 2007-2010 and was the foreign actor terry of the united kingdom and graduated from oxford in 1987 were the first class honors degree and got a masters in political science in 1989 from mit which they intended as a kennedy scholar. this compliments have earned him a reputation and former president bill clinton words, is one of the ablest most corrective public servants of our time and as an effective and impassioned advocate for poor people i am pleased to reduce to you mr. david -- [applause] >> thank you very much, john. thank you, jake. good afternoon. ambassadors, excellencies. also thank you to usaid who you are partner and you are our partner. the office of foreign disaster systems gives foreign aid a good name and it's a flexible entrepreneurial committed partner of ours and it's a nice l

scientists and the resourcefulness of our people, and we have to help the world to drive coordinated global strategyshut ourselves off from the world. protecting the health and safety of the american people is the most important job of any president. unfortunately, this virus laid bare the severe shortcomings of the current administration. public fears are being compounded by a pervasive lack of trust in this president. fueled by adversary relationships with the truth that he continues to have. our government's ability to respond effectively has been undermined by hollowing out our agencies and disparagement of science, and our ability to drive a global response is dramatically, dramatically undercut by the damage trump has done to our credibility and our relationships around the world. we have to get to work immediately to dig ourselves out of this hole. that's why today i am releasing a plan to combat and overcome the coronavirus. the full details of the plan, if you want to see them, go to joe biden.com, where i lay out the immediate sense we have to take to deliver a decisive public health respo

yes the hopeful world hopeful world for dr ordered global strategy not showed herself or from the world protecting the health and safety are good people is the most important job the only person fortunately this virus laden very severe sure carries of the curlews duration public fears of being compounded more pervasive lack of trust in this president. why adversarial relationship with the truth that he continues to hear are good ability to respond effectively has been undermined when holding our agencies disparagement of solutions. and one quote about the practical side of the response in the us how is that going well the trump administration claims that it is going very well says president trump and his officials that insists that anybody who needs a test can get one that they are available well the figures do not bear out these assumptions for example on the central disease control website it makes very clear that over the past 4 days the number of tests conducted is exactly 0 that's right no tests conducted by the c.d.c. in the past 4 days in terms of public health labs throughout th

scientists and the resourcefulness of our people and we have to help the world to drive coordinated global strategy. not shut ourselves off from the world. protecting the health and safety of the american people is the most important job of any president. and unfortunately, this virus laid bare the severe shortcomings of the current administration. public fears are being compounded by pervasive lack of trust in this president. fueled by adversary relationships with the truth that he continues to have. our government's ability to respond effectively has been undermined by hollowing out our agencies and disparagement of science. and our ability to drive a global response is dramatically, dramatically undercut by the damage trump has done to our credibility and our relationships around the world. we have to get to work immediately to dig ourselves out of this hole. and that's why today i'm releasing a plan to combat and overcome the coronavirus. the full details of the plan to go -- if you want to see them go to joe biden.com where i lay out the immediate steps we have to take to deliver, one, decisiv

joining me now is an economic adviser at silver crest management and the managing director of global macro strategyadvisers ben, patrick, thank you for joining me today ben i'm going to start with you. we may have a lot of viewers tuning in right now that are feeling a bit anxious, a bit nervous, unsure about how to put all of this together what is your advice for an investor watching here this morning? >> it's obviously anxious and anxiety to hear in the markets but i do want to say, though, that the collapse we're seeing in bond yields and oil prices is reflective of the two die nynam of the outbreak and italy and what happened with oil plus. there may be relief in the future you don't want to react on the markets. we don't know how far and steep the drop will be when the market opens. so i say watch what the bond market is doing. when you see someone selling out in the lower yields there may be recovery in the future. >> we're watching what's going on in the equity markets we know the fed is watching too. they gave us a surprise rate cut. they're going to be meeting again. what should they do, i

to me ahmad global head of currency strategy and market research at affix t.m. thank you for joining us on the program today. turkey's president is in brussels in a bid to find a compromise to the unfolding migrant crisis at the greek turkish border the visit comes amid a deepening diplomatic standoff between ankara and athens that's left tens of thousands stranded at the frontier peter oliver has the details. potentially combative meeting with the turkish president mr de wine later on monday. what we're expecting to hear from the line after this meeting is pretty much what we've heard from her as she heads into it she's been saying that turkey must take back the refugees and migrants it told were able to cross its border and try and enter into the european union and that there was a real need for action from ankara to deescalate the situation finding a solution to this situation should we cry or if we leaving the pressure that is put on the fortune and ensuring that the individual rights to ask for asylum is respected and it requires supporting both greece and

schaffrik is the head of global macro strategies. we are thrilled to have you here. peter: good morning. single macrothe theme you think is important? peter: in my mind, that they question is -- what is the market currency pricing in terms of development for the corona crisis? the way that i see it, sort of speaking to a lot of people, what the speed is putting out, i think we have all digested that there is going to be a significant drop in economic activity. it does not really matter how big it is. we just know it is big. what we have no handle on is what is the one debbie other. i think the market is in playing we are following the chinese playbook, that we will shut everything down after about three weeks, the case numbers drop off, and after two or three months, we reopen. ,r, according to your president maybe even earlier than that. if that is a two-sided assumption, i think that is a downside to the risk assets in particular. target,you have a macro and, folks, there is also research out there this weekend, a wide opinion, but peter, that general statement, i

global price war. mplx is down within 20%. joining us is jay jacobs, head of research and strategy at global x management.ver $2 billion in management and owned lpm x. it would be great to get your thoughts. war or theprice global demand issue, what is getting worse for you at this moment? >> it is being impacted from both sides and that is the biggest issue. on one hand, you have people not traveling around the world. airline usage of fuel is about 5% of oil demand. people are not driving as much so that is half of oil demand. you cut off the supply, that is a major issue. on the other hand you have saudi arabia and russia pumping as much as they can. why is a two factor reason oil prices are being hurt so dramatically. $21.76 a barrel. russia enough for and saudi arabia to have a conversation? >> this has less to do with them having a conversation and the other opec members that will feel the pain. if you look at other producers like nigeria, libya, countries like brazil that are in the opec+, they are going to feel the pain. costsave higher baseline of extracting energy. forceddi strategy has the other

the chinese belton road initiative is a global development strategy adopted by the chinese government in 2013. it involves instra -- infrastructure development and investment in nearly 70 countries and international organizations in asia, europe, and africa. to date, according to morgan stanley's estimate the belton road has committed more than $200 billion with estimates that china may invest up to $1.3 trillion by 2027. $ er estimates are closer to 40 trillion. the plan can make assistance difficult or unworkable for developing countries as it has opaque financing terms. china simply doesn't report on this lending in any systematic way and there's no evidence that china is adopting international transparency standards from the multilateral development banks or engages in best practices to prevent debt traps, corruption or poor construction outcomes. china needs to be held accountable to ensure that it's not taking advantage of vulnerable economies in these countries. in my view the world bank, the inch m.f., must know the terms and conditions of opaque chinese lending, what those en

the infinite bond buying from global central banks upending bond buying strategies. of rate strategy. great to have you with us. give us your take on how all of this monetary policy action, not to mention fiscal action as well, is affecting the bond markets. >> thanks for having me on. i think this entire situation, more from being a supply shock to a demand shock to a market functioning issue, i think last week, there were days when equities were underperforming and treasury yields were rising. the fed i think came in very strongly. by the end of tomorrow, they would have already surpassed what they did in qe2. qe2, which lasted nine months was about $600 billion. i think the fed is telling us clearly that they want market functioning to come back to normalcy, but at least in the treasury market, you have to stop there, and over time, that will create tension. they have been very flexible and very proactive. i think that is bringing normalcy somewhat to the treasury market. treasury rates are somewhat in flux because there's going to be a record amount of increase i

economies in the world, including the emerging economies to tackle the coronavirus, you need a global strategyategy restricted to the advanced economy and concentrating on central bank and on markets it's a global issue. >> jean-claude trichet, we have to leave it there. i thank you for your time. a lot going on in the market today. thank you. sarah, back to you >>> i will send it to phil lebeau in washington with the ceos meeting at the white house. >> the ceos just arrive. the meeting starts in a few minutes. this meeting is about the ability of the airlines to trace contents of passengers as they try to contain the avenatti outbreak we also had a chance to talk with the ceo end zone abos, a, to travel now and b, so many are told not to go on the road here's what they had to say. >> coming from someone like me, no one will listen but, yes, we have to get those facts out to other people. >> as people again change their travel plans and it obviously has an impact on demand. we're prepared for that. that's fine. we'll live through that. it's not true economic demand. that's again related to a s

who told us that the president of global strategies he joins us once again he's the chief investmentjoins us with a look at the stocks that have the greatest upside potential once the market bottoms with k to both of you. we have to start with you. when you called interest rates being between 7.5% and 1% not only did we give you grief we had no idea we were going to be there so rapidly here you are the same week that you called that what do you think? >> i didn't expect it to go down so swiftly and i think in terms of the shot fall we owe it all to a bad move by the federal reserve and press conference by fed chairman powell. we can almost certainly bank on the misqueues and timings. essentially the fed said they were cutting but didn't think it would effectively put an end to any of the problems for the market but they thought he had to do it anyway. and that kind of a press conference was a major factor. it happened so sharply in a few minutes that it's all due to the fed as the chairman. >> i was going to say look at the economic impact in a place like china and italy that just an

scientists and the resourcefulness of or people and we have to help the world to drive a coordinated global strategy. not shut ourselves off from the world. protecting the health and safety of the american people is the most important job of any president and unfortunately, this virus laid bare the severe shortcomings of the current administration. public fears are being compounded by pervasive lack of trust in this president, fueled by adversarial relationships with the truth that he continues to have. our government's ability to respond effectively has been undermined by hollowing out our agencies and disparagement of science, and our ability to drive a global response is dramatically, dramatically undercut by the damage trump has done to our credibility and our relationships around the world. we have to get to work immediately to dig ourselves out of this hole, and that's why today, i'm releasing a plan to combat and overcome the coronavirus. the full details of the plan, you want to see them, go to joebiden.com, where i lay out the immediate steps we have to take to deliver, one, decisive health

edmund shing, global head of equity strategy at b.n.p. paribas., airlines around the world announced measures to counter violence pain -- virus pain. grounds 80% of planes. more on that coming up. this is bloomberg. ♪ anna: welcome back. this is what we are seeing in futures right now in european equity markets expecting things to go higher by the start of the trading day. by no means making up for recent losses, but maybe the ecb and the no limit strategy, the new "whatever it takes," will have an impact on stocks. given margin calls and redemption requests from clients as we just talked about with edmund shing. let's go to bond markets, which seems to see a real read across from what the ecb is doing. yields dropping, a welcome sign for the ecb no doubt after what it did last night, the plan to buy further assets in the euro zone. including and that greek government debt, a big change from previously. as a result, we see greek 10-year bonds dropping 108 basis points to 2.6%. that's the trend of things around the euro zone right now, as we see th

global development strategy much more inclusive and much more sustainable and to make climate change the priority that has always been that is the u.n. 6 general and 20 caetera speaking to our diplomatic editor james bays well as we outlined earlier spain has suffered its worst day yet of the coronavirus pandemic let's hear now from paul brennan who takes a look at the situation there and across here. it's a very a char hospital in madrid coronavirus patients now occupy almost every available space there are beds for 80 patients at this unit as many as 280 people at a time of being treated here and that means chairs trolleys and even floors will have to do is putting unsustainable pressure on spain's medical staff 14 percent of whom have themselves become infected. you are afraid for yourself and you are afraid of bringing the virus home because of your family to hear the most of us we are emotionally overwhelmed because we are spending more time at work and working doubly hard because the patients are scattered throughout the hospital. spain has now joined its early and surpassing c

what happened to all those challengers to the dollars crown with jamil akhmed he's the global head of currency strategy and market research at f.x. t.m. he joins us via skype from london good to have you with us jimi so this crisis is shown it's just been a lot of talk about the dollar ending it's still the world's current reserve currency of choice right absolutely yes listen the dollars not only remains to it just was a game of the dollar is on the line. has been on the guy and for extreme long time it dominates all of the serving under an. this is being something that's in been in play for close to a century now since 4 times and we still do 2030 years away from anybody being able to say that they could challenge a dollar yes some currency segment 8 progress but the dollar still funded every white globally for so many different reasons and we just look at the dollar performance over the past week we had the dollar strengthened by close to 5 percent on a weekly basis that's it strongest performances 2000 and currencies such as the british pound as a result that all of domination plunged the love was

but testing is a key part of the strategy globally.ou have heard the director general emphasized and you have hurt us emphasize the need to do testing and do this strategically, making sure you are focusing on suspect cases and you are testing your contacts who develop symptoms. these are fundamental actions that need to be part of a comprehensive approach. seen in several countries the effectiveness of these measures in terms of a reduction in cases. we have also seen in a number of countries they are looking for additional cases through existing respiratory disease systems. looking at their influenza-like illness surveillance systems. several countries are looking at individuals who have respiratory diseases show up through those surveillance systems to test for covid-19 to see if the virus is circulating. we are gaining good insight from those countries to find out how many are positive. it seems to be low in several countries who are doing this. it is a comprehensive approach we need all countries to take, outlining through testing

state was convicted by new york court last month the allegations helped to spark the global need to movement strategies high court has delayed a final verdict on an appeal by roman catholic cardinal george pell who is fighting to overturn his conviction for sexual abuse 78 year old former archbishop of melbourne is serving a 6 year jail sentence for molesting 2 choir boys in the 1990 s. hell is the highest ranking catholic church official ever convicted of child sex crimes the news continues here on al-jazeera after a inside story stay with us. 2 of the biggest problems facing and they all the endemic corruption. we listen so if you replace china's enemy of the with that's really vendors we meet with newsmakers and the stories the back to 0. zeroing the plant full bladder may have putin new legislation paves the way for him to be president for life putin argues staying in power after his term ends will be good for russia but how convinced are his critics this is inside story. hello again i'm james pays he's russia's longest serving leader since the soviet dictator joseph stalin and if you're a russian

it we have continue to prioritize investments and food security, to feed the future the global water strategy as well, nutrition priority countries and resilience focused countries. all of those tools come together in terms of how work we are thinking about it, in the transformation process, we have legally launched a new bureau for resilience and food security, recognizing that food security is not simply a matter of providing food steel dust. it is also building some of the resilience to help community withstand future shock. plus, on top of it, the greatest opportunities in most parts of the world for economic growth or surging economically in the food insecurity area. if you don't get food insecurity right, it is very difficult to go very far into providing opportunities for young people. so, in the transformation process were elevating it and making sure that brazilians goes along with food security. conservation, biodiversity, you and i assure a great passion. i am a big supporter of the car pay program, which is our longest and largest biodiversity program as well as the delta program.