biden: last night i was on the phone, for two straight hours with xi jinping. you all know as well as i do, these folks, it was a good conversation, i know him well, we spent a lot of time together over the years i was vice president. if we don't get moving they are going to eat our lunch. they have a major new initiative on the rail, they already have rail that can go 225 miles per hour with ease. they are working hard and i think we are going to have to do -- i think the automobile industry is already there and so is labor. they are working hard to try to move in a position where they end up being the source of a new way in which to power automobiles, they are going to and lest -- invest a lot of money. they are investing billions of dollars in dealing with a whole range of issues related to transportation and the environment. we have to step up. host: caller -- clyde prestowitz in those comments the president saying if we don't get moving china is going to eat our lunch. clyde: i agree with them. i would say china is eating our lunch. [laughter] we have a tr

joe biden holds his first talk with xi jinping as the u.s. president raises concerns over coercive and unfair economic practices. unicredit posts a bigger than expected fourth-quarter loss. commerce bank numbers hitting the tape right now. it is a busy day. 6:00 a.m. in london. 7:00 a.m. in frankfurt. we have had the numbers. how do they look, italian style? annmarie: an unexpected loss, bigger than expected. 1.18 billion euros is a loss and that's double what analysts were expecting and it's the final days of the current ceo, and as you say, a new man back in the game in banking. the question that many are asking about what kind of bank he is going to lead is whether or not he is going to be more open to acquisitions and one name that has been floating around is commerce bank. i bring that up because those numbers i know you have now. manus: absolutely. commerce bank loan loss provisions. this is the key thing for banks during this reporting see asian. -- season. at the top of your screen. commerce bank performed in the past three months. le

who had a two our phone call with president xi? joe biden. mike pompeo will tell us what that means. but first, the house impeachment managers percent of their final argument against former president trump today and they close their case by inventing a totally new and arbitrary standard of guilt. >> president trump's lack of remorse and refusal to take accountability during the attack shows his state of mind, it shows he intended the events of january 6th to happen, to sit back and watch and delight as insurrectionist's attack us. >> he reacted exactly the way someone would react if they were delighted. >> laura: that was just one example of their dramatic, olympic leaps in logic. they sliced together footage of trump talking about a g.o.p. house candidate body slamming a reporter in 2018 and then a scene from charlottesville a year earlier. >> any guy that can do a body slam, he's my guy. [shouting] [shouting "jews will not replace us"] >> laura: they would've gotten left out of any courtroom presented that as evidence. democrats have once a

to the whole world of especially on the xi jinping so i'm not surprised at all that biden is following the tougher stance and you can also see that under the obama years if you can compared with the obama. obama already said pivot to asia we focused more on asia and he didn't do much in his presidency and. now biden knows he doesn't he doesn't not only have to continue what obama was started with he has to be more tougher you know ok tyson against the backdrop of war to felix has just been saying there are a lot of commentators who are saying that relations between the 2 sides have plummeted to their worst level in many many years and of in a very long time is that scaremongering a result realistic i think there's some realism behind that i mean if you look at what happened in the united states in the trump years trump was clearly very hawkish on china used it a lot in his rhetoric but he at the same time negotiated the phase one trade deal which has not delivered the what was promised and has really stalled in the meantime we have the cove in 1000 crisis which has accelerated everythi

to the whole world of especially on the xi jinping so i'm not surprised at all that biden is following the tougher stance and you can also see that under the obama years if you can compared with the obama years he obama already said pivot to asia we focus more on asia and he didn't do much in his presidency and. now biden knows he doesn't he doesn't not only have to continue what obama was started with he has to be more tougher ok tyson against the backdrop of war to felix has just been saying there are a lot of commentators who are saying that relations between the 2 sides have plummeted to that worst level in many many years and of in a very long time is that scaremongering a result realistic i think there's some realism behind that i mean if you look at what happened in the united states in the trump years trump was clearly very hawkish on china used a lot in his rhetoric but he at the same time negotiated the phase one trade deal which has not delivered the what was promised and has really stalled in the meantime we have the cove in 1000 crisis which has accelerated everything a mo

biden biden has inherited a divided and driven america from his previous answer donald trump meanwhile xi jinping china is both expensive and or foreign tarion its 2 rival systems apparently on collision course so want to the point we are asked by america again she's china struggle for suprema saying. well thanks very much for joining us here in the studio where my guests are searching some from de w.'s asia desk who believes china has the beans to become an even more influential international player but is the global north ready for a normal western leadership. also with us is fairly easy was written a number of books on china and worked there for many years as a correspondent he argues that america's tough stance on china could aggravate the conflict and make things more difficult for europe and a warm welcome to tyson vaska from the german council on foreign relations who says the bite have been astray she is set to turn to europe with new ideas about a common front on china so how will europe respond. thank you once again all 3 of you. being here today phyllis i'd like to begin with y

xi said hey, joe. we can crush hong kong. camps, but joe, that's our internal affairs. joe, we are glad you are going back in the paris climate accord because that allows to us keep polluting for another 10 years while the united states has to crackdown on businesses. [laughing]. then there are no coin dens. a bone joe threw to xi, we won't crackdown on your student spies anymore. -- they said china is some of the biggest users of american technology illegal. >> if hong kong is a domestic issue, what happens in hong kong is governed by an international treaty which xi managed to just tear up and treat hong kong no better than the people in the concentration camp. he seems to have been rewarded by nbc who now list china along with canada, britain and france and japan as annal lie. -- an ally. this is a tweet from joe biden. it's weird to find china locked in as a hard-core ally. >> this will be a difficult time. one great achievement of president trump was to transform the thinking on china from economic engagement. the idea o

president biden had to say. >> last night i was on the phone for two straight hours with president xi and you will know as well as i do these folks and we had a good conversation and i know him well and we spent a lot of time together over the years i was vice president. but you know, you don't get moving they will eat our lunch. they have major, major initiatives on rail and it can easily go 200 miles an hour and they are working very hard and i think we will have to do and i think the automobile industries are already there and so is labor and they're working very hard to try to move in a position where they end up being the source of a new way in which to power automobiles and they will invest money in billions of dollars in dealing with a whole range of issues that relate to transportation and environment and the whole other things. we have to step up. >> host: , those common saying' china will eat our lunch. >> guest: yeah, i agree with him. china is eating our lunch. we have a trade deficit with china ofit about $400 billion ad interestingly when we negotiated to bring china int

other part china became a much bigger rival not only 2 of us to the whole world of especially on the xi jinping so i'm not surprised at all that biden is following the tougher stance and you can also see that under the obama years if you can compared with the obama . obama already said pivot to asia we focused more on asia and he didn't do much in his presidency and. now biden knows he doesn't he doesn't not only have to continue what obama was started with he has to be more tougher ok tyson against the backdrop of war to felix has just been saying there are a lot of commentators who are saying that relations between the 2 sides have plummeted to that worst level in many many years and of in a very long time is that scaremongering a result realistic i think there's some realism behind that i mean if you look at what happened in the united states in the trump years trump was clearly very hawkish on china used it a lot in his rhetoric but he at the same time negotiated the phase one trade deal which has not delivered the what was promised and has really stalled in the meantime we have the

pandemic as well was talks about hong kong and allegations about rights abuses engine jang president xi stressed the need to avoid confrontation. u.k. researches say the coronavirus me sation 1st fund in kent could become the world's dominant strain it's already in more than 50 countries more news in 30 minutes i will see you very soon. in china and so. while it's a must sound exemption until maybe the shins yanno. how are you going to tell the american 1000000 people when you in a minute from bali's one of the focus. i leave it usually to go through it will be just put on hold a few. months and i usually. got it but do you go there with a little bit with a bit here doing. nothing while. i'm on the. grid don't know how to turn up the team towards a poll that came up. to me to tell my. depend on the other side salmond on that call for the us all. to go talk to your morsi. was out or you wish to push on or that's a little bit too full or putting some of the do something to fill more students in . what i want to the report of a bomb more been tendered in iowa. just about my mom. and if i h

but in 2011, and this is before xi jinping took over both party and presidency, in 2011, barack obamavery striking the words he used. "i absolutely believe that china's peaceful rise "is good for the world and it is good for america." that sounds very naive to many americans ears now. well, look, you make decisions at the time with the information available to you. and at that time, under the hu jintao administration, they were...simply had a different set of priorities. they were much more interested in integrating with asia, producing a stable co—op, more cooperative relationship with the united states. the kind of ambition, ingression, use of capabilities that xijinping adopted was simply different under hu jintao. so, at that particular time, the us strategy was still a combination of engage and hedge. and you've got to remember, in 2011, we had adopted at that time the asia pivot strategy, which is about hedging all of the risk of a stronger, more assertive china. so, even as he's talking about peaceful rise, he's building up alliances in the region. right. and you can pin a lot

president biden speaks to xi jin ping. the call comes amid tension over trade, technology and geopolitics. jay powell a push to deliver full employment. the fed chair warns the u.s. jobs market remains a long way from full recovery. what would normally be a massive traveling period for the lunar new year. we hear from the association of asia-pacific airlines. paul: a thin holiday session across asia. sophie: thin volumes expected. asx 200 opening flat this morning. gold elevated on the soft inflation we got from the u.s. and jp morgan's head of quantitative derivative strategy -- says they've entered an upswing phase of a new super cycle. copper hits an 8 year high. we are keeping an eye on miners. on the back of its earnings and on news that areis management has scrapped its takeover bid. shares falling 10% this morning. the biggest slide since june of last year. keeping an eye on oil. seeing gains stalling with crude falling this morning. 22 sign the rally may be overheating -- pointing to signs the rally may be overheat

he did do a little bit of a jab toward xi jinping when he said xi does not have a democratic, small dbody. he was just saying xi jinping is not an advocate of democracy. it will be interesting to see how this plays out as biden fleshes out his china policy. rishaad: i think he has had time and the occasion to talk to the president of malawi but this is another point of conversation. a phone call between secretary of state antony blinken and his chinese counterpart. believed, if i'm not mistaken, that was not one of the most smooth conversations. >> no, it was not. maybe biden gave the hard work to his secretary of state in that conversation on friday. they hit a lot of the contentious issues. a lot of them surrounding democracy. some human rights issues. they talked about tibet, taiwan, which china again reaffirming that is the redline. the one china policy, the united states cannot cross that. they also talked about myanmar. for china and beijing to take a similar approach that the international community has on myanmar and condemning the coup. again, we will have to see how this spi

president xi raises concerns over unfair economic practices. u.s. inflation adds to the debate over price pressures. jay powell calls for a push for jobs. and the eu rebuffs the u.k.'s calls to push the brexit, and says they need to honor what they made. good morning, everyone. another pack show. an idea of how abysmal uber is doing in the u.s. i am francine lacqua here in london. we dive into the state with william jackson, bridgepoint group managing partner. later, we talk with the iea's toril bosoni. now, let's talk to the market. a lot on jay powell, oil, also equity markets have been higher, recent gains, and implications of soft u.s. inflation data. the things we are watching, you can see pound 1.3816. let's get straight to the bloomberg first word news in london with leigh-ann gerrans. hi, leigh-ann. leigh-ann: good morning, francine. a violent mob raging through the u.s. capitol, videos showing with one calling for nancy pelosi. >> where are you, nancy? we are looking for you! ♪ nancy oh, nancy nancy ♪ where are you, nancy? leigh-ann: the si

to the whole world of especially on the xi jinping so i'm not surprised at all that biden is following the tougher stance and you can also see that under the obama years if you can compared with the obama. obama already said pivot to asia we focus more on asia and he didn't do much in his presidency and. now biden knows he doesn't he doesn't not only have to continue what obama was started with you has to be more tougher ok tyson against the backdrop of war to felix has just been saying there are a lot of commentators who are saying the relations between the 2 sides have plummeted to their worst level in many many years and of in a very long time is that scaremongering a result realistic i think there's some realism behind that i mean if you look at what happened in the united states in the trump years trump was clearly very hawkish on china used it a lot in his rhetoric but he at the same time negotiated the phase one trade deal which has not delivered the what was promised and. really stalled in the meantime we have the cove in 1000 crisis which has accelerated everything a more aggr

joe biden in 2019 and in the oval office after a 2 hour call with xi. back with our panel.g to deal with china judging by what they are saying early on compared to an aggressive policy by the trump administration? >> i am still trying to figure out whether china would eat our lunch. he said opposite things. in office less than a month and the highest priorities is to reverse an executive order by president trump requiring colleges and universities to disclose gifts from china and russia and iran. what is the argument against disclosure? why would you not want to know that china is donating money to educate our sons and daughters at the university? what is the harm in knowing. first month he decides to reverse that policy. >> bret: here's rubio on that. the fbi warned about china infiltrating american schools but biden withdrew the trump administration's policy. they responded by saying: they are saying it's under review. and the trump administration effort never made it to the finish line. they are reviewing everything. >> yes, it wasn't an executive order. it was a propose

. ♪ >> last night, i was on the phone for two straight hours with xi jinping. know, as well as i do -- it's a good conversation. i know him well. we spent a lot of time over the years i was a vice president. but, you know, we don't get moving, they're going to eat our lunch. annmarie: president joe biden talking about his first phone call with xi jinping, saying china will "eat our lunch." comes as a broader strategy to advance interests of america first. no matter what strategy the u.s. and china pursue, my next guest says tensions between the two are only going to grow as competition intensifies. because it inevitable. joining me is kevin. his a former prime minister of australia. he served from 2007-2010, again in 2013. thank you for your time. i read your latest report. you said that the u.s. and china need to place guardrails on the relationship and manage strategic competition. what are the first steps of building that framework? kevin: well, i believe the initial telephone communication between president biden and xi jinping is the necessary first step,

he said there is no particular reason why he has not spoken with xi yet. vaccine developers are working on a new shot to fight the south african strain of coronavirus. early data suggested the current vaccine from astrazeneca and oxford university has limited impact on the mild disease caused by the variant. and that a new shot should be ready by autumn. a former u.s. secretary of state, george schultz, has died. he served under ronald reagan from more than six years and frequently clash with more ideological members of the administration. the ivy league educated economist was labor secretary before that, treasury secretary under richard nixon. he was 100 years old. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries, i'm ritika gupta. this is bloomberg. tom? tom: correlated, equities, bonds, currencies, commodities, accuray's -- equities continuing to lift. futures up 11, the vix does not give me much information right now. what does get me information is the rate mar

he also, he still not, there's been no hint as to who the successors of xi jinping would be. typically at this point we would know. so he's not going anywhere. i think the ball if you will is just as much in beijing's court to try to improve the relationship. and so i expect where as we will see some improvements, i don't expect any sort of reset at all. i think the tensions between the two countries are still very much of their and don't see any evidence that they are going to go away. >> globally as well i do wonder as well like if the rest of the world is wondering, seeing china rising and seeing the u.s., particularly having covid so forth, slowing down and his global leadership position. do you see the elections might have potentially change that, okay, biden is coming in? or do you think they look okay, xi jinping will be around for quite foreseeable future, what we've seen from the u.s. exercise in the moxley is not as strong as we think it is and is very volatile. who knows that trump will be back in 2024, with beijing as big brother. investment and following through

china's president has declared a complete victory in his government's campaign to stamp out public xi jinping made the announcement as a ceremony marking the country's accomplishments and commending role models its goal the beijing aim to achieve this year. according to the current criteria all 99000000 of the poor rural population are thrown out of poverty and 832 poverty stricken come to 728000 villages have been removed from public to list the region of what property has been addressed in the group of eradicating extreme poverty has been pushed and we have created another miracle that will go down in history and it's great to katrina you who joins us now from beijing katrina what's the chinese government claiming it's achieved and how is it done it. well at a ceremony today she. spoke in beijing and paid tribute to people he said who played a key role in fighting extreme poverty nationwide here in china and he says that over the last 4 decades the communist party has lifted about 770000000 people out of poverty and that's 10 years ahead of the united nations 2030 deadline now that

higher open after the dow closes at a record high >>> president biden and his chinese counter part xi jinping speaking by phone late last night. we have a live report from d.c. coming up on the contents of that call. >>> uber shares trading lower following the company's latest quarterly reports, this despite signs of improvement in its ride sharing business. >>> meanwhile, pot stocks soaring on heavy interest from those reddit traders, and a new report says microsoft made an approach to buy pinterest. it's thursday, february 11th, 2021, and you are watching "worldwide exchange" right here on cnbc. ♪ do you want to go slowly into the city, the snow is sparkling ♪ >> top of the morning, i'm dominic chu in for brian sullivan let's get right to where the markets are starting off futures are point to a high open dow jones higher by 65 points, record high yesterday. s&p 500 implied higher by eleven points and the nasdaq 60 at this state. green across the screen. on the treasury yield side of things, we're seeing a little bit of movement after the comments at the economic committee of new yo

i am very mindful that xi jinping stein is not without problems of its owned. there are however, a growing number of areas in which xi jinping's china is a formal authoritarian adversary. strengthening its capabilities to sell intellectual property, we present some people and bully's neighbors and expand its global reach and build influence in american society. for cia, that will be intensified focus and urgency. continually strengthening the already impressive audrey of china specialists and expanding his language skills and aligning personnel and resource allocations for the long haul and employingan a whole of eight and two seat approach to the operational and political challenges of this crucial threat read another priority it connected to the competition with china is technology. the revolution in technology and rapid advances in fields like artificial intelligence are transforming the ways we live, work, fight and compete. cia has a rich tradition of sick .cia will need to relentlessly sharpen its capability to understand how rivals use cyber and other te

president joe biden speaking to china's xi jinping. the first time they've had a conversation since he entered the white house. let's get to what they discussed. karen, what do we know so far? karen: this is a highly anticipated call. at this point, there don't appear to have been any real surprises. what they said echoed what has already been touched on. the white house released a short readout saying biden has raised his concern about china's economic practices along with human rights abuses. he said he had expressed misgivings about restrictions on freedoms in hong kong, and china's increasingly assertive actions in the region. the tone of the readout, biden wished xi a happy lunar new year and said he was committed to practical engagement where it advances the interest of the american people and its allies. chinese state media has also released some comments, saying only that they have discussed important international and regional issues. we are waiting to see if there's going to be any more from the chinese side so we can get mor

biden did take a jab at xi. he said, xi doesn't have a democratic bone in his body.ve, we have been hearing from within china today as well after extensive consultation, we finally got anti-monopoly rules. how is this going to alter the landscape for china's internet giants? stephen: you've already seen the first domino topple last week. you saw one company suing another company on the grounds of monopolistic or less monopolistic behavior. you saw bytedance suing tencent for blocking -- the domestic counter part to tiktok from wechat. that is going to go through the courts. under this new anti-monopoly law, which we had to scrap rules in november. now they have been formalized. and the monopoly watchdog says the new rules take effect immediately. that announcement coming out yesterday, sunday in beijing, that basically these new rules will prevent the sharing of sensitive consumer data. we all know that companies like alibaba and tencent have -- and companies and services within their ecosystem and of course they are sharing information. so, i guess the anti-monopoly

the president earlier today said he spoke to president xi of china for two hours last night. but the readout that was issued by the white house does not mention any discussion of the situation in burma or trade between the two countries. were those topics as well as the origin of covid-19 discussed? and if so, what was said? >> well, was a lengthy call, as you noted and as the president noted this noted. modern day historians can certainly confirm that there are few presidents who came into this job with more on a history of engaging with chinese leadership. the president -- the readout we released last night was also quite robust and comprehensive about the range of issues that were covered during that call. i'm not going to have additional readouts to provide from here. but i can outline for you kind of where we are in our -- the status of our relationship and our efforts as it relates to china. the president wants to lead with a clear and compelling affirmative u.s. policy agenda, take steps to strengthen our own economy. that is a primary focus of his. that means getting

joe biden had a phone call with xi jinping. he spoke with xi about what is called unfair and coercive economic practices. the european union has rebuffed to the u.k.'s call to reset their post-brexit relationship. the block says the british need to honor the promises it made on northern ireland as part of the divorce deal. the u.k. has asked to delay the implementation of border checks. in japan, prime minister you sure mori will resign. following the remarks that demean women,. there has been growing criticism that adding more women would cause more global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries, talking. i am ritika gupta. tom: the data is pretty quiet. equities lift up, a bull market after the tesla bitcoin pullback yesterday afternoon. the vix up 21.70, just won't reset to where it is supposed to be. i know jeff you -- i know geoffrey yu -- i will get to the chart in a moment. other than that, it goes sterling. i cannot ago -- i ca

president biden under fire while speaking about his recent phone call with president xi jinping duringhe chinese atrocities against the uighur population as different norms, recently maria spoke to former secretary of state mike pompeo to get his take on the administration china policy. >> they want to do think this is a quite nation and a little bit a different system but goodness gracious what is the fuss about, the truth of the matter there trying to wipe out an entire people indeterminate was genocide and the kinds of things that are happening we haven't seen since the 1930s since the massive human rights abuses, it's terrible you talk to some of these women who have been so greatly impacted by the forced abortions and it breaks your heart. and you have prison abiding go out and say he talked initiation pink and xi jinping gets it, maybe she should pick gets a fact that this administration is going going to talk about this and raise it because i have to talk about this rather than take action, we did more than that we declare the genocide intake should people who are responsible fo

xi jinping said if they do not cooperate, they risk disaster. when it comes to key differences, we're seeing biden return to multi-laterallism, working with friends and allies, as well as a focus on investing at home, especially high technology to boost america's competitiveness. biden is doing a sweeping review when it comes to china. the tariffs are remaining in place for now. >> thank you for your reporting. >>> eight minutes past the hour. there's no greater offense than saying sorry. how the man on trial is reacting to the impeachment trial. cnn is live from west palm beach next. do you have a life insurance policy you no longer need? now you can sell your policy, even a term policy, for an immediate cash payment. call coventry direct to learn more. we thought we had planned carefully for our retirement. but we quickly realized that we needed a way to supplement our income. our friends sold their policy to help pay for their medical bills and that got me thinking. maybe selling our policy could help with our retirement. i'm skeptical, so i

xi reportedly willing to work with the united states on combating covid-19. inferring global economy hour arse the president established a pentagon task force to review the u.s. strategy towards china. and executive hold htion now held by chinese authorities as apartment of a probe into high profile corruption. shared personal data collected by ten cent social media app we chat with one of the country's former top law enforcement officials. he was identified as a company vice president in a 2018 statement by a local municipal government ten cent has never held a senior executive position in the company or managerial post. case managers meanwhile presenting, quote, previously unseen security footage on day one of former president trump's second impeachment trial house remembers relying on words of rye yoarts who claim they acted under president trump's direction and day two under which trump team has 16 hours to rebut other the course of two days. the world health organization now claiming they were at least 90 people hospitalized with covid like symptoms in 2

tonight joe biden had a phone call with president xi of china.according to the white house readout. beijing's coercive and the unfair practices, human rights abuses and increasingly assertive action in the region including toward taiwan were raised. but here is what the chinese state tv said about it. china xi tells biden, u.s. biden cooperation is the only correct choice for china. and the united states. i don't remember president xi having that same kind of in your face reaction with president trump. who obviously had a different posture himself toward china. >> right. we kept china at arm's length because we saw them as the greatest national security threat. the concern to be fearful of is there are folks in this administration and the democrats on the capitol hill that have prospered from and partnered with china. have been in bed with china. some cases figuratively and some cases literally. it's hard to expect them to be tough on china if they got rich off of china. >> laura: are you specifically referencing the c.i.a. director, the biden c.

other part china became a much bigger rival not only 2 of us to the whole world of especially on the xi jinping so i'm not surprised at all that biden is following the tougher stance and you can also see that under the obama years if you can compared with the obama . obama already said pivot to asia we focused more on asia and he didn't do much in his presidency. now biden knows he doesn't he doesn't not only have to continue what the obama war started view has to be more tougher ok tyson against the backdrop of war to fix is just been saying there are a lot of commentators who are saying the relations between the 2 sides have plummeted to that worst level in many many years and of in a very long time is that scaremongering a result realistic i think there's some realism behind that i mean if you look at what happened in the united states in the trump yours trump was clearly very hawkish on china used it a lot in his rhetoric but he at the same time negotiated the phase one trade deal which has not delivered the what was promised and has really stalled in the meantime we have the cove i

chinese president xi jinping in beijing.g victory in the decade-long war on extreme poverty that happened last year. let's get the first word news with vonnie quinn in new york. vonnie: president biden is directing his administration to direct semiconductor production, resuming u.s. supply chains. the issue was threatening to harm growth as biden seeks to rebuild and economy battled by the coronavirus. some automakers are cutting workers due to the shortfall, and unions are raising the alarm about the prospect of layoffs. pres. biden: we need to make sure these supply chains are secure and reliable. i have directed senior officials to identify solutions to this semi conductor shortfall. vonnie: a potential battle is brewing in new zealand is brewing in new zealand as the government demands policymakers take -- into account when citing policy. they have been against the move, which was suggested in december. they tried to cool the rampant property market. the overall mandate for financial stability of employment remains the s

joe biden holds his first call with xi jinping as u.s. president and raises concern over coercive and unfair economic actresses and it's another big day for bank earnings. unicredit posts bigger than expected fourth-quarter loss. commerce bank warrants revenue is likely to shrink this year. we will speak with thcfo shortl. i want to quickly bring you royal dutch shell earnings coming across the ticker as we speak. we are seeing the company say it expects to retain its near-term annual cash of 19 to $22 billion so the question is one that we put often to -- and they plan to maintain underlying operating expenses of no more than $35 billion as well and shell is confirming that total oil production peaked in 2019. we are going to get more from the ceo, ben van burden, in a few minutes. you don't want to miss that conversation after 8:00 a.m. london time. anna. anna: we will get to that conversation later in the program. astrazeneca numbers breaking this morning so let's get to those. in terms of the bottom line, we have q4 core eps at 1.07,

president joe biden has spoken with chinese leader xi jinping for the 1st time since taking office 07 o'clock is live for us in hong kong now sara any more details emerging as to what both leaders spoke about that. well of course this is the much anticipated phone call you might recall that when joe biden became president xi jinping was one of the last world leaders to congratulate him when he sent that in a message as opposed to a phone call so we do believe this is the 1st phone call between the 2 world leaders and analysts are hoping this phone call may be the 1st step in mending the severed ties and damage relations we've seen between the 2 particularly under the donald trump administration now a release from the white house has details some of the content of that conversation from joe biden side biden shared his greetings as well as his well wishers on the eve of china's biggest holiday celebration that starts tomorrow that's the lunar new year he also affirmed the u.s. as priority is to protect the american people sovereignty and prosperity and preserve a free indo-pacific regio

war against the extreme poverty alys destitution being measured what does the announcement mean for xi jinping his legacy and the global economy this is inside story. hello and welcome to the show i'm sam is a than ending extreme poverty has been a key initiative of the chinese president since he came to power in 2012 almost a decade later she jinping says his country has achieved a historic miracle is government says over an 8 year period nearly 100000000 people have been lifted out of destitution but critics are questioning china's bol for measuring poverty and the sustainability of the project it's also been controversy around the timing of the announcement the country says it has been victorious over coronavirus and is preparing to lay out its plans for medium term growth next week that's while the pandemic is expected to push 150000000 people into extreme poverty globally this year and the communist party is getting prepared to celebrate its 100th anniversary president g. jing ping is upbeat. should i love looking back with my great historic achievements in eliminating absolute po

about the uighurs, talks about hong kong, talks about things domestically, what's the response from xi're at a point where, you know, the rhetoric and calling out china's actions, really the most egregious human rights atrocities so far this century, is really important to call those things out, but it's also important to back up rhetoric with actions. and so i was glad to hear that president biden, this is very much on his mind, his readout of his phone call that he did with president xi he also mentioned that they talked about it. but to date, there's only been one leader who has taken concrete actions to really punish china over what is happening with the uighurs, and that was president trump. the trump administration going all the way back to 2019 began putting in place export controls, human rights global magnitsky act sanctions and then, of course, at the end of president bush's term, the secretary of state -- president trump's term, secretary pompeo made that statement about genocide. no other leaders around the world have taken concrete steps yet. so we'll have to see whether t

xi: tech in general is a longer-term theme for us.he current inflation concerns have raised concerns for tech equities. a lot of that is driven by the expectation of a larger stimulus or relief package. and the progress in vaccine rollout. tech in general -- you have to be selective with what kind of tech especially in this post-covid world and the digital transformation. some tech is a keeper for the longer term. host: your prediction that cases are falling, normal social activity by the third quarter. does that not seem somewhat optimistic with a lot of risk factors given the unevenness of the rollout and the efficacy of the new variants? xi: new covid cases are falling sharply and we expect the resumption of normal activity by 2022. it is going to be uneven and you are right on that. but we feel that the stimulus is going to bring the economy back to its pre-covid levels. the bigger package would boost gdp growth. we are looking at it lifting. and faster economic growth will translate into higher earnings growth. as s&p 500 compani

that is part of the read-out we received following the first conversation between president xi and mr. biden whose administration is also looking at adding possible new tar g*eted restrictions on certain sensitive technology exports to china. white house statement saying that biden raised concerns about beijing's coercive and unfair economic practices as well. we are also told that biden pressed xi on the crackdown in hong kong, human rights abuses against uighurs and actions towards taiwan. part of a day that saw biden take his tough talk on china from the white house across the poe tomorrow act. >> president biden: i believe force should be a tool of last resort not first. >> he was at the pentagon detailing a defense department task force that will conduct a review of his administration's strategy toward china amid mounting tensions in the pacific >> president biden: the task force will draw on experts in the department to provide within the next few months recommendations to senator austin on key priorities and decision points so we can chart a strong path forward on china-related