board, from the head of the national bank, a lot really depends on how banks, the banking sector, andot the banking sector that is, this crisis is going through. i believe that there should be a very positive assessment of the activities of all people in the national bank, and first of all the head of the national bank, that we are not afraid to go to banks now, that the banking system is working, that there is an opportunity to make payments , that the banks give you positive feedback without problems, that the calculations are going on - this is absolutely the credit of the national bank and its chairman, because before the war there was no criticism of the national bank and of kirill shevchenko personally, what is happening and happened during the war, this indicates that job done i would say even on the contrary, let's be honest, mykhaylych, do you share this assessment of kirill shevchenko's work? well, i think that when talking about his er activity in the post, we should mention the previous er leader of a certain mali and how he left his post alluding to political pressure, an

bank. it will follow modern banking procedures and going through a bank, it's going to be superior then allowing cash to be passed down the line from the top of the chain of command to the bottom. no, we'll have a bank with like tronic payment systems that will help us in the battle against corruption. searcy. okay. do that is see since solely from that the set bank a levy dance? no, i fell off cuz i e. e, so let it ah, shoot. the po, care, add latter potassium. there's a trend. notice con, air pass epilepsy. now air pressing down because i did miss castille de la buck. the poker player was shook hands on mood and he took part in international tournaments all over the world. his estimated total winnings were reported and over $600000.00 us dollars followed financial dealings began in moscow, where he was studying at a moscow textile institute. he set up a money exchange business from his student dormitory. the business flourished, and millions of dollars soon started passing through funds h

bank. a prominent leader of the on group lyons den was among the victims israeli military and to nobliss on monday night, sparking protests, at least 5 people were killed in the city. another was killed now ramallah the u. s . as it continues to engage with the kremlin to bring home brittany greiner despite russian court rejecting our appeal against a 9 year prison sentence, the basketball was charged with drug possession after being detained a moscow at bought grinder apologize saying it was an honest mistake and describe the situation is very stressful. the prosecutor cool, the sentence fair. our white house correspondent, kimberly how kit has more out. the white house obviously disappointed with the decision of the russian court, the national security advisor jake sullivan releasing a statement saying that not only is the vibe administration maintaining that brittany criner is b wrongfully detained in russia. but they say this is under intolerable circumstances. and the proceedings that

mike, thanks. >>> mike santoli. >>> banks are a big part of today's jump after strong results from bank of america and bmy mellon spoke with brian moynihan what drove his results in the third quarter. listen >> as rates rise up our zero interest deposits a core part of our franchise in low-interest checking obviously more valuable where you saw the strong gain in nii not year over year but over a billion from second quarter. said over a billion in the fourth quarter bruut in a quart. earnings strush coming back. off a couple years during the pandemic. >> that's key. for more on bank of america earnings from wells fargo, increased estimates to street high b a bofa also his call biggest reaction up more than 6% that's the thing sensitivity on interest rates going higher that's what's working. right? >> yes, but not the complete story. look, it's showtime for bank of america, and act one looks great. it takes higher interest rates to show the strength of their deposit relationship a lot more sticky than a lot of people thought, and that helps the traditional banking revenues, but also take

look at the banks.is clear whether the level of load on them is that they do not lend to anyone . working banks undergo a very serious audit. as a rule, these are companies that have sufficient internal financial leverage to ensure construction with their own funds, at least the main volume of this construction, and they do not depend on the money of e-e buyers like these companies that today also mentioned the bank arkada ukrbud and so on, those who were building now account for cross-financing , that is, they started construction, they attracted the buyer's funds, they also started building for us we received a bunch of buildings , these companies will not have many it seems that after all, the first place will be in demand and will be used. the buyer is interested in credit programs, because these will be developers who actually, well, they are on time and on time, who build housing, which, after all, is of interest to ukrainians today. well, these companies will still attract the buyer. and this pro

we are banking.are banking, stephen, on the fact that once the imf agreement is there, the imf will hold the lebanese government accountable. the reason we are seeking an imf deal is because we know that we need somebody to be on top of this government to put a work scope and to audit every three months how we're going to spend our monies. this is why we are seeking an imf work plan, not because the imf is only going to give us money, but the imf�*s will help us manage this money, will help us manage our economy, will help us manage our banking sector. so the imf�*s role is... in a couple of words, because we're almost out of time. in a couple of words, are you going to get a bailout deal with the imf in the next few days or weeks? after today's news, stephen, i'm very optimistic we will be heading towards an imf agreement. i wouldn't say in the next few days, but i would say we are getting very closer to that. it might be weeks, it might be a month, i'm not sure, but i'm very positive that we will b

banks you're probably going to see a rollover. that's just starting for european banks.he european banks you have more risks ahead. francine: thanks so much. the chief investment officer at equities. coming up, some of the beggest tech stocks tumble after trading. more on that next. this is bloomberg. ♪ francine: welcome back to the open, everyone. we're 23 minutes into the trading day. we opened the day about .4% lower. now .1% lower. the focus on some of the data upon thes. the big one in europe, the e.c.b. in the u.k., we found out whether there is a fiscal statement or not. disappointing earnings from some of the big names. we're so excited about all of the earnings. what are the key takeaways from yesterday's earnings? >> down about five percentage points for the year-on-year drag. tezing slowing demand for for p.c.'s and cloud. it is not that surprising. the global economy slowed for quite a while waiting to dom come through in some of the bigger tech stocks earns. francine: what is the latest? we have some of the big names. is there one name you find undee interes

time for the banks but most bank shares are down 20 or 30% year to date.tment banking in the earnings reports we have seen so far taking big hits across the board, deals have really declined. ipo offerings have declined. this is a very fascinating change at a time when many banks are saying they need to change with the times. back to you. >> that was su keenan in new york. let's look at equities. this is what we have. you have major currencies here against the all-powerful greenback. close your also checking on vietnam. the government is winding that dollar trading band. 5% versus 3%. we did see the dollar dropped to a record low last week. we have plenty more to come. this is bloomberg. ♪ and it's easier than ever to■ get your projects done right. inside, outside, big or small, angi helps you find the right so for whatever you need done. with angi, you can connect with and see ratings and reviews. just search or scroll to see upf on hundreds of projects. and when you book and pay throug you're covered by our happiness it's easy to make your home an a chec

the world bank leverages more than the other multilateral development banks. to give you one statistic, since its inception, the amount of cash paid into the ibrd, the bank portion of the world bank, is $20 billion. and the commitments that have been made from that are $820 billion. that is the combination made possible by the capital principally of the united states. it is also made possible by the earnings of the banks. as the bank earned over the years it was put into retained earnings and stop allowed more lending to be taken over time. we are looking at all of the techniques to expand the resources and we welcome that discussion that is ongoing. as far as ftr's come out engage with the imf on the beginning on those come up looking for solutions to the technical issues that block the use of ftr's on the balance sheet. >> we've got time for one more. the last question, please. >> thank you. i want to ask you about justice in india, an institution, and how -- this has affected poverty in the roles. >> thank you. notable in our recent poverty report was that

and going to go mastercard and bank of america. -- i am going to go to mastercard and bank of america. >> thanks very much. we are delighted to be here. for us, it is a natural outgrowth of our focus on sustainable, inclusive growth, particularly our commitment to financial inclusion. we are committed to bring in a billion individuals into the economy. we supported a $500 million effort in the united states with a big focus on small business there. i have to say when i worked in government we talked about public-private partnerships. most of the time it meant we wanted them to write a check. what i delight about the sufferer is eight is not just about writing the check. -- what i am delighted about with this effort is it is not just about writing a check. it is part of verse drive commission to support small businesses. mr. adeyemo: one of the things we are focused on at treasury is as we think about racial equity, how do we execute? execution does not only involve capital. but it involves what are we doing in terms of building capacity? i know that money matters in this is a place wh

question to the central bank is the central bank going to do something about it. and in general, does the regulator worry about such a big difference, thank you, but indeed the spreads for the sale of the purchase of cash currency have increased. this reflects the fact that we are faced with serious restrictions on the flow of personal currencies into our country, and therefore here, uh, banks themselves set these spreads depending on how much currency citizens sell them. yes , how much are they willing to sell, uh, sell already, respectively, uh, back this currency. we, uh, are not going to interfere in this, because it allows us to balance the demand and supply of cash valu from the side of our citizens and businesses there. a the next question is online a tatyana voronova frank-media, please, tanya yes good afternoon. thanks for the opportunity to ask a question. and i have two of them, and in the first half of the year the banking system worked in the red. we remember those minus 1.5 trillion. but uh, as for the second half of the year, uh, we heard, including

banks and they do collapse. but it's their research that actually sure that it was the collapse of the banks that actually made the financial crisis was so easy played actually did. the research is extremely important in today's times where central banks play such an important role in actually ensuring that the economy is in the right shape. interesting because bernard, he took so many lessons from his scholarship on the great depression, then he had to respond himself to the financial crisis in 2008. but he did phase criticism, didn't he? for his relationship with those banks? absolutely did says, but like not if you see the recognition from nobel, i didn't know when society you see that there was like where you are coming from. he had study the great depression and he saw that there was, there were runs on the bank and that made the crisis even worse. and that's where he thought there was the time that somebody needed to protect the bank because banks are actually getting an important data about going to help

can it be the first bank? one you named can theoretically be removed, since the owners of this bank are under sanctions in almost the entire civilized world and in ukraine, that's why, according to my personal belief, in ukraine, he cannot own any business, and the shareholder who connected with the bloody dictator putin, i support you here, but what can customers of this bank expect, for example, citizens of ukraine who have deposits there and use loans, eh, will there be, eh, well, for example, a hundred percent guarantee that they will not be harmed consumers today, in the conditions of martial law, a one hundred percent guarantee of the deposits of individuals is provided by the deposit guarantee fund of individuals and i think that i am convinced that the depositors of the systemically important bank, which will be withdrawn according to the procedure provided for by this law, will not suffer in today's conditions, they are 100% protected. if we speak in general, then look at the impact of the withdrawal

>> well, it symbolizes the banks are world series ready game on for banks.n you see in the third quarter earnings you're likely to see over the next year, and that is really strong offense. banks are hitting home runs with their main street banking revenues, which are growing at the fastest pace in over 40 years over thet year but banks also have defense. you didn't see many errors from banks this quarter despite the enormous dislocation in stock and bond markets where are the big capital market shortfalls it might be elsewhere, and also credit losses at banks continue to amaze, and they're still close to all-time great levels and problem loans actually declined from the second quarter to the third quarter so banks are showing great offense, great defense the resiliency regulators imposed on them since the financial crisis is paying off and should likely continue to do so >> okay, so they went on a nice winning streak after, you know, losing a lot for a lot of years in terms of bank stock returns you agree with that, right >> it's been disappointing -- i'd s

and near banking circles about the possible candidacy for the position of the head of the national banke dismissal kirill shevchenko, well, there are many different, there are many different versions and candidates. it seems to me that we will soon see it, the only thing that seems to me is that it will not be a person from the current board of the national bank, rather than all this there will be one of the professional, well-known bankers, people who headed or are heading a commercial bank, er, and now a person. it seems to me that it is better to ask yakov vasyliovych himself, of course, but i at least i have not heard his last name among the candidates for this position during this day, well , according to yevhen, we would like to move on to the current situation with our glorious hryvnia and its glimmering exchange rate what do you think we should expect from the hryvnia in the next couple of weeks ? take and attract funds in such an amount that the hryvnia can be kept at, well , at least at 41-42, the only change that can be here is the transition of the return, more faithfully, t

the banks pay 27% and cororation to the banks. banks pay 2796 and corporation tax of 1996 _ to the banks. the banks pay 2796 and corporation tax of 1996 in _ to the banks. the banks pay 2796 and corporation tax of 1996 in the - to the banks. the banks pay 2796 and corporation tax of 1996 in the banks i corporation tax of 19% in the banks are of 8% and the tax, if the bank surcharge is not produced, they would effect be paying 43% and there would effect be paying 43% and there would be, it seems like if that happens injeremy hunt would be doing what you would expect to labour chancellor to do. and there is a windfall tax on oil and gas producers and there's a sunset clause in 2025 it is possible that were not in the 2025 but will be extended and really, though, how the prime ministerjustifies on the election promises she made when she won the majority in the conservative party, i think it is difficult to credit, i suppose you have to say that hunter said it and i and the nonexecutive chairman and after accepted —— i have to accept

person of the board , a lot really depends on the head of the national bank, and how banks, the bankingking sector , that is, it is going through this crisis. i believe that there should be a very positive assessment of the activities of all people in the national bank , and first of all the head of the national bank, that we are not afraid to go to banks now because the banking system it works because it is possible to make payments, that banks give you positive feedback without problems, that payments are made - this is absolutely honestly the credit of the national bank and its chairman, because it was not there before the war . during the war, this indicates that the work was done. i would say, even in contrast, let's be honest, mr. mykhailo, do you share this assessment of kirill shevchenko's work? well, i think that when talking about his work at the post, we should mention the previous one the head of some mali and how he resigned from his post hinting at political pressure and basically the beginning of his activity was thrown by shevchenko at the national bank. and the national

a days later, that check that you got paid with and deposited in your bank, it bounces. you did not know it. you get charged 15 bucks. it is wrong. it is unfair. it is illegal as well. listen to how it works. some of you know this from your everyday lives. you pay a bill, you double check your bank account to make sure before you write the check that you have enough in your account to cover it. you got the money, you go ahead and pay. it turns out, your balance was not up-to-date because your bank was loan processing other charges. by the time the bank gets the time to settling the transaction, you overcharge your account. your overcharge fee is $35 each time. it is not your fault. the bank screwed up. you had a positive balance when you paid the bill, it is just simply wrong. my administration is making sure it is illegal. today's action is going to save consumers money each year. that is a lot of money in people's pocket. the director shared this morning, his team was going further developing rules and guidance that will take credit card late fees and other banking fee

your forecasts. bank.ct because if there is an unlimited mission, then we can not contain either the infectious or other indicators, without a doubt. regarding foreign aid, i must say that as of today, a and statements and some actions from our international partners already emphasize that they are ready to help ukraine as much as it will be necessary for its victory. therefore, these statements can of course be interpreted in different ways, but the last ones are the infusion of funds to cover the state budget expenses there. not even talking about the help which military is going well, you know this, i spoke in warsaw yesterday at one of the conferences and now i am on the road, uh. i always start my speech by saying thank you to our international partners for all the help they provide ukraine is in a confrontation with our enemy, but look at the situation today, if you count from the beginning of february 24, the national bank has already issued 300 billion hryvnias, it affects inflation in ukraine, but

. -- goal of the bank. they know they are going to have to raise interest rates significantly, so he said himself policy is pulling in two directions. we know he is uncomfortable with the size of the bank's balance sheet and this is making that worse. tom: before we wrap this up, it was remarkable to see u.s. equities falling on the back of these comments from andrew bailey in d.c. yesterday. what does that tell you about the linkages between u.k. markets and broader global markets? kristine: we can all see that the world is watching the u.k. and perhaps taking lessons. this is what happens when you have fiscal policy going one way and monetary policy going the other, and all the uncertainty it creates when these institutions are u-turning on themselves. the imf has singled out the u.k. as this is how you should not navigate crisis. we heard from other chief economists say it's that clash between fiscal and monetary policy that the u.k. is going wrong at this juncture. i'm sure the world is watching. a coun

this is the risk of the independence of the national bank.he only thing we can fear now is that as a result of certain appointments this independence may decrease, and the influence of politicians on the work of the national bank will increase. for example, we can see this on the example of turkey, where erdogan took control the turkish central bank, as a result, is not pursuing the policy that should be pursued by an independent instruction, but the exact opposite, and as a result, inflation in turkey is already 83%, in ukraine during the war it is now 22%." further and with regard to international partners, for example, predecessor shevchenko always tried very hard to show himself as a person who cooperates with the international monetary fund and can withdraw money for ukraine . there is more help, more losses. really one main one of communicators, and shevchenko was still the person they were appointed to be. well, come on, the release of smolia disrupted our cooperation with the million currency fund for a very short time, and that's why

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and one knows because central banks are rating interest rates banks and are making increasing profits in 22. and so what we are asking the bank over the next few years is to provision so by retaining profits all around again, 3 months over a year. but they'll be able to spread out over several years so. so it's really minor on the side of banks to, to make sure the provision again and again this is about avoiding the next 3 years, ultimately very cost as we unfortunately currently see when coming events like the floods in germany last year happen. most of the rest comes to the government and ducks the men. i'll let them own finance watch. secretary general, thank you for our thoughts. thank you. and out of some of the other global business stories making news, a new report says changes and how we handle rubbish. could reduce methane emissions, separating organic materials, composing, and recycling could cut up to 313 percent of the greenhouse gas report from the global alliance for incinerator alternative urges better waste management as a key strategy to tackle climate change. boeing

today, during the war, we have a working banking system, the banks did not stop working for a single day , that is, there was not, let's say, there is not a single example in the world when such a full-scale war is going on that the banks worked as they did in ukraine precisely thanks to the professional action of the board of the national bank, the councils of the national bank we have controlled inflation today, we have a relatively stable ukrainian hryvnia, as a member of the board, i already work with the third head of the national bank. you have seen how the national bank has conducted its policy over the past 6 years reforming in the banking market itself, it reformed and became more and more professional . it should also be said that in the main directions, for example, monetary credit policy , e.e., currency and exchange rate policy, e.e., this is a question . this is already the board of the national bank of ukraine, the members of the board, as well as the members of the board, they are approved for the appropriate term. well, for example , there the members advised the nan

morgan private bank.e are early days into earnings season, but some of the numbers have been strong, whether it is u.s. banks, netflix as well, how does that lead your view on earnings resilience as we face up to recessionary risks? grace: resilience has been the key word we think about the last couple weeks whether it is u.s. jobs or cpi, the underlying message is that the economy is more resilient than many expected. that's positive for short-term growth but has pushed up a terminal rate across markets, so as we enter earnings season we are at a point where the market feels very pessimistic around that 3600 is where we think recession is baked in. earning so far have proven to underscore that story of resilience and specifically around the consumer, when we think about luxury goods reporting, some of the consumer staples companies as well as loan losses out of the banks. that does support a short-term rally in markets from pessimistic levels where it has been all about the multip le we want to pay for t

there are other multilateral development banks that i should be quick to point out, the world bank does a fifth of what all the other international financial institutions including the imf and all the development banks and a host of others, in fact, it is hard to keep count of how many, the world bank does 55% more than half of thethey 'y want to have four pages that are -- more pages that are heavily negotiated the takes a long time for staff. i would rather have the staff working on projects. as we think about coordination, you are right toward nate well with imf. part of that is the personal warmth but a lot of it is institutional overlap. the staff know each other, they work together and we want to build on that in the climate space but also very much in the development space. one challenge facing the world is poverty and median incomes are going down which is a giant reversal in development. we have education skills levels going down got -- not. not. we should call it a crisis facing development and address it as a core issue. >> you need more money from congress to help do that? i

bank of last resort, i am putting — your bank of last resort, i am putting a _ your bank of last resortre is £65 billion, i_ putting a flow on this, there is £65 billion, i am — putting a flow on this, there is £65 billion, lam printing it and putting _ billion, lam printing it and putting it in. good thing, to put the flow— putting it in. good thing, to put the flow in, the market stabilised lry the flow in, the market stabilised by the _ the flow in, the market stabilised by the end of the day the dollar had weakened _ by the end of the day the dollar had weakened a bit and sterling had increased. the downside is, if you io increased. the downside is, if you go and _ increased. the downside is, if you go and print— increased. the downside is, if you go and print £65 billion of money, which _ go and print £65 billion of money, which is _ go and print £65 billion of money, which is what they did, it is of its own, _ which is what they did, it is of its own, inflationary. you are putting more _ own, inflationary. you are putting more money in the market and that money— more money in the

bank tax? is a surcharge already, but further taxation as a result of the new administration, we heard from the prime minister yesterday about tough choices. andrew: clearly the government's have to going to look very closely where it needs to go to fund the future. to your question, one should reflect upon the fact that the banking sector already does pay a premium rate of tax. and it is important that the banking sector is robust because it will be both a big delivery agent for getting the economy going, well-capitalized banks is important. and although profitability has improved, it is after a period of very low profitability, we are scarcely back to covering the costs of our capital. so i'm sure the government will factor that into the cost of their thinking. anna: i was talking to the cfo at santander making a similar point, they are not covering the cost of capital in europe. is that how the government should think about it? andrew: i think they have got to be mindful of business making s

what happens to the bank? we want to see now is as the management is sure and decisive on the restructuring that they give the bank a new branding, new direction. that is the foundation i would say to keep talent and attract new talent. this will take time. i'm pretty sure the bleeding will continue for a while longer. the reputation is back. and probably not the best atmosphere to work there. the first thing we want to see is give the bank direction and confidence and then you can build up talent again. francine: thank you so much. i am losing my voice because i am so excited about some of the news stories. that was our senior reporter. coming up, jeremy hunt rips up the script scrapping most of the controversial economic program. we will bring you the details. and this is bloomberg. ♪ tom: welcome back to the open. 53 minutes into the trading day and there are gains across the benchmark. futures into the u.s. pointing up, 1.6%. nasdaq futures adding with the futures looking up by 1.8%. given what is happenin

the banking sector is the mechanism by which central banks work.uy: we will hear from the banks next friday. what does the wrecking ball do to bcp's? >> we are at 250 over german bunds. we are talking spreads now. 300 basis point spread than 500 basis point spread. they need to be sacrificed by the ecb to make sure inflation in the union is somehow brought under control. guy: it's going to be a tough challenge. thank you. now we are getting the press conference from ursula von der leyen hundred on the issue of -- she is saying they will offer more details for the gas cap over the next few weeks. it does feel like we are fault -- far apart. that is the closing press conference in prague. you can follow along on the bloomberg terminal. this is bloomberg. ♪ guy: this is what european equity markets look like. the ftse is the outperformer today. you have names like astrazeneca and gsk rising sharply. it's energy and pharmaceutical stocks helping out the london market which is just shy of 7000. everything needs to be currency adjusted when it comes to t

, but in a nearby building on bank street. reminding that kyrylo shevchenko headed the national bank after the then head of the nbu , yakiv smolii, wrote a resignation letter in the summer of 2020. he then directly said that he had done it was because of systematic political pressure that the state leadership asked him to pour money into the economy. resignations, cooperation with the imf has been suspended for one and a half years. this may now be affected by the resignation of the head of the nbu, are there any risks of losing the independence of the national bank? well, how did it happen that after the head of the nbu wrote a statement about his resignation , sap and nabu announced suspicions against him, let's talk about it further with us in touch: dmytro boyarchuk , executive director of the center for social and economic research, case ukraine, good evening, good evening. i would like to add that president volodymyr zelenskyy introduced a draft to the parliament this evening the resolution on the appointment of andriy p

the world bank is anxious _ needs. the world bank is anxious that _ needs.orld bank is - anxious that people don'tjust look at short—term solutions. what we need to do is not put restrictions on trade fertiliser, so as a starting point. second, use of fertiliser that is out there much more efficiently, and third, how do you invest in new and different kinds of fertilisers? ., ., , ,, fertilisers? organisations like the world bank— fertilisers? organisations like the world bank are _ fertilisers? organisations like the world bank are focused i fertilisers? organisations like | the world bank are focused on increasing supply. what is also needed is more private finance being brought into the fertiliser market. according to the new president of the international fund for internationalfund for agricultural development. investment is a key issue from the international community, the international community, the public and private sector. what we have seen over many years that we have not invested enoughin years that we have not invested enough in local production

regarding his bank, the bankrupt vvb-bank.arding vat reimbursement to his agrarian companies, what is wrong with him will be well, if we were just talking about mr. akhmetov, this is a story about 2020, the second year of destruction from the war, then the story with mr. bakhmatyuk is a very past life from the banking crisis of 14-15 years, which is just coming to its logical conclusion, i will not take it say who is right and who is wrong, of course, it is only a court of law, and the sentence will be handed down, but since that time, which is mentioned in the 17th year, which is said, ukraine has done a lot of quality things in terms of vat reimbursement since 2017 year it worked automatically, the system reimbursed vat refunds. we received much more information about the transparency of who will receive what amounts and what amounts. this does not mean that vat works completely well, but we are moving in the right direction. thank you, mr. mykhailo. oleg bakhmatyuk of the trial of himself and his companies, and let's see wh

the piggy bank of a bank is its net worth.are fewer dollars in the piggy bank, it cannot grow earnings as much. look at the possibility of increased loan losses, old money having to go into loan-loss reserves and number three, more money having to be put in the piggy bank. stress our earnings which i think means that there is a big increase and you are seeing bank stock prices and it is overdone. haidi: we continued to be riveted. by the developments at credit suisse. have begun the asset process management sale. do you think they can achieve this strategic turnaround? >> i have no doubt about their ability to turn around. i do not think it is difficult to turn around a troubled bank. it happens over and over again. we stop the bank from lending and you increase gathering and you shifted the bad loans into what is called a bad bank. you selloff some assets and number five, you get a big helping hand from the central bank in switzerland, the swiss national bank, and therefore it may take two years but you turn the bank around.

banks.t about the terms? maria: they are changing those terms from the 23rd and they want the banks to stop the arbitration. to do that, they are also reinstating a number of voluntary basis windows for early repayment. as you know, when you change terms retroactively, that could open the way for litigation and legal risks. christine lagarde acknowledged this but she says there is also difficult in the rose that to truax's -- and in her view the move is justified. francine: maria tadeo from brussels fresh off the plane from frankfurt. still with us, we have talked so much this week about global yields that sometimes we lose our voice, still with us is natasha ebtehadj, portfolio manager at columbia threadneedle . when you look at the ecb, is there a concern that the market wants them to be dovish? we are always expecting them to be dovish and that this will not come so we will still see a lot of focus on bonds and equities? natasha: you're completely right. most of this year, we are asking i

the banks are in focus. deutsche bank up 1.13%. our clays out today as well with credit suisse tomorrow. that's what we've been waiting for. the gold market is interesting as well. a story of the bloomberg earlier talking abut the fact the new government in rome is considering a 10 billion euro package to support the consumer and business in italy. with what's happening in the debt market. not really reacting to that significantly. it looks like money held over from the draghi era, maybe the fiscal stress for next year. the treasure -- trading. alix: it looks like we are turning around in the u.s.. the nasdaq 100 still in negative territory because of google as well as microsoft. microsoft at one point falling at the most since march of 2020. you are looking at texas instruments as well. disappointing quarterly forecast. concerns about the weakness in the semi-space that's now spreading to electronics like areas in the industrial market. broader weakness in tact. the two year yield, yields are down by five basis points. you saw yie

in conclusion, my job as a bank regulator is to high-risk to banking and the financial system.ith crypto, looking for skeumorphisms can help in that endeavor. until crypto matures, we need to be careful and cautious in how we allow tradfi and crypto to interact. some argue bring crypto into the regulatory perimeter would help tame it. it depends. later today i will provide remarks to harvard law school in the program on international financial systems. i will explore this topic in more detail and argue from an approach that utilizes guardrails. in the meantime, and looking forward to the q&a. thank you. >> thank you so very much for that really engaging conversation. always when i talk to you evidence of the different and we challenge each other. i did not know the word skeumorphism so i had to look it up to familiarize myself. one other note for the audience, we have in the back the latham lounge where you can talk. this is a big open space, particularly around the coffee areas and interests. if you want to talk with colleagues or network and catch up, feel free to do so in th

the national bank now qualitatively monitors the activities of any bank if alpha bank significantly violatedor example, such standards that recognize i think that the national bank has made a decision in advance, so i am not ready to tell you clearly right now whether it will be necessary for the capitalization of alpha bank, as in the case of the state bank, or not. carried out by a1, but what is it in the ukrainian banking system? i will say it again as a citizen. it seems to me that it is not quite right when a bank whose shareholders are under sanctions all over the world is operating due to the fact that they are close to vladimir putin, the aggressor who responsible for the murder of ukrainians and the war in ukraine, mr. andrii, just a couple of minutes ago, we spoke with the people's deputy oleg dunda, the representative of the monopolicy of the monomajority, the head of the committee on construction and design, he expressed some doubt that it would be possible to monetize the confiscated movable and immovable property of russian enterprises normally. in ukraine, in particular, it is

and the banks even got money gone through the bank. you're not gonna, they're not gonna make money anyway. alex, so you're saying that the economy needs to be driven, not just from the top, but from the bottom and the middle to i think it is denisa. so sorry about my work up. the truth is that years of sterility the pandemic. and now of course, the highest inflation in 40 years and most certainly the highest amongst g 7 countries. mean people are very, very reluctant to part with their cash. battling this economic downturn for the government will most certainly be an uphill struggle in the months and years to come or to discuss all of this on join from london by offi sterling, the research director and chief economist at new economics foundation. think tank off. thank you. very much indeed for being with us within a few hours of this policy being revealed, it was already being criticized by investors. the list appears to be getting longer . is this likely to work how much like gamble is this particularly financially for this trust? wel

it withdrawing restrictions imposed by banks. it was a toy nun, imposed by banks. it was a toy gun, someone could have - imposed by banks. it was a toy gun, someone could have had| imposed by banks. it was a toy| gun, someone could have had a heart attack or pulled their own gun. you accept you put people at risk? translation: even if that — people at risk? translation: even if that did _ people at risk? translation: even if that did happen, - people at risk? translation: even if that did happen, it - even if that did happen, it would be the banks to blame and not me. i apologise to all the people are frightened, but how does that compare to the despair, anger and grief i feel every day, knowing my sister is dying. every day, knowing my sister is d inc. ., , every day, knowing my sister is d in. _ ., , ., every day, knowing my sister is dying. people raiding banks to retrieve their _ dying. people raiding banks to retrieve their own _ dying. people raiding banks to retrieve their own money - dying. people raiding banks to retrieve their own money is i retrieve thei

bank now seeking help from food bank-— a food bank now seeking help from food banks.e will be back— food banks. thank you, sabine, we will be back with _ food banks. thank you, sabine, we will be back with you _ food banks. thank you, sabine, we will be back with you more - food banks. thank you, sabine, we will be back with you more for- food banks. thank you, sabine, we| will be back with you more for more a little bit later but let's talk about the politics of it because the government has pledged to link pensions to inflation but the issue of what is going to happen with benefits still hasn't been resolved and that is likely to go on. here's our political correspondent leila nathoo on the other cost of living issues facing the government. after having announced a series of tax cuts funded by borrowing, the government is now having to look at ways to find savings to convince the markets its plans are credible. now, one thing the prime minister seems to have her eye on is the benefits bill. she has so far refused to commit to raising benefits in line with inflation.