of those in asia who aggressively hiked borrowing costs starting from 2021. earlier, i spoke to an oxford economist who explained how the latest data could influence the central bank. it is possible the bank of korea that aggressively raised interest rates, will cut back, but we don't think it's going to be just yet, especially given they are an inflation targeting bank, and even though inflation has been coming off, it is still above the 2% target, and i think the last one was 2.7%, but it has been declining... as you mentioned, inflation still at 2.7%, close to the 2% target but still not there yet, so why not wait until they actually manage to hit the 2% target? it's a tricky decision. the fact is they stopped raising rates when inflation was above 4%, which was double the target, and the textbook says that if an inflation targeting bank, and inflation is more than double the target, you raise interest rates. but they have come to the conclusion that the balance of risks has shifted. while they did want to curtail inflation, and inflationary expectations had to be kept in check, which i think they have succeeded in doing, the balance of risk now shifts to worries about growth and what that mean

it would be the first, i vietnam is been cutting and so is china but it is possible that the bank of koreae one of those aggressively raised interest rates but we do not think it's going to be just yet especially given their inflation targeting bank and it is still above target. they have a 2% target and 2.7%, it's been to client.— have a 296 target and 2.796, it's been to client.— been to client. and close to two point — been to client. and close to two point percent _ been to client. and close to two point percent target - been to client. and close to | two point percent target and so, why not wait until they actually managed to get a 2% target interview question about the fact is that raising rates of inflation was above li% which is double what the target was with the textbook says in the bank and it has been more than double what your target is and you raise interest rates but i think they've come to the conclusion that the balance shifted what they did want to cut inflation expectations, they had to be kept in check and they succeeded in doing this in the balance of these notions for

so the bank of korea will be kept on alert for the back of korea will keep its hawkish stance.alling inflation is driven by lower energy prices. we expect that it will go down further in july. but the inflationary pressure will push inflation up later this year at around 3%, so that it will keep the back of korea hawkish. but with the weaker growth outlook, the back of korea will hold today. kathleen: what are the balance of risks here? and how will that be ok governor communicate that? because growth is expected to pick up in some ways, but china's economy is not a done deal. there is disappointment there. the export numbers are not looking so good. what kind of message do you think the dok will give us after they hold? >> i think the bok will still give us a message that it is open to another hike, because as i told you before, they care about inflationary risks, after the low energy prices, the lower prices and the higher rates decrease that inflation will go up later this year. and also recently, there are signs that household credit is increasing. not only increasing, but

bank earnings are coming in as we kickstart this earnings season. >> all right. now let's get to annabelle to take a look at the age of trades. we are waiting for the bank of korea meeting. we have these cpi numbers in the u.s.. lots going on in china. what are you focused on? >> the main focus will be on the inflation of his. the moves we are staying in bond yields, it is that continue to retreat in coming at the front end of the curve. they are consolidating below that 140 level. level we are really watching is 111. we have not really cost about that in about a year. it tells us that story. it is all about the dollar retreat and the expectations around the fed as opposed to other major central banks. let's charge on. imagine china and the dollar weakness. we are seeing that back below that 7.2 level. there are other things at play. overnight it was the story of the meeting with china's top tech giants. we are seeing that china is really starting to turn around and boost his private sector. we have china futures. cliff they remained steadfast. they soften criticism of what the earlier called nato is observed reluctance. >> we will not waiver. our commitment eve

we're also watching the latest when it comes to bank of korea right now. ust released a statement when it comes to the inflation numbers that we got earlier. of course, remember, consumer prices rose 2.7% in june from the previous year, the least since september 2021. the coming out with a statement saying that they forecast cpi inflation to slow through july but then accelerate to 3% by year end to that 3% level. when it comes to the core inflation number, the bank of korea expects it to exceed forecasts. and this, of course, as we saw those numbers, excluding oil and agricultural prices rising 4.1%, the least since may 2022, third straight month of deceleration. so it seems the bank of korea policymakers are still pretty careful about the inflation outlook as inflation has eased for a fifth month in june. but that has bolster the case for the to hold policy rates steady again when they meet next week. but at the same time, they're being careful saying that inflation will accelerate to that 3% level by year end. right. let's take a look at some other headl

we are also watching the bank of korea as well for the decision. sidney futures looks to an upside of about .2% when we started to get into the start of cash trading in the next hour. personnel news crossing bloomberg now. bill evans, a chief economist after more than three decades at the bank is one of the market moving top economists in the country when it comes to people outside the rba that have the ability to shift market expectations. he is stepping down. lucy ellis, the chief economist at the rba itself, will be taking his place. that's interesting to me because it narrows down the scope for who will be next to be the rba governor if we do not see reappointment. lucy ellis was one of the names being suggested as a successor. >> she is taking another great job. u.s. treasury secretary janet yellen is apparently doing a great job herself wrapping up talks with chinese leaders in beijing saying she believes relations between the two countries are now on surer footing. let's bring in our chief north asian correspondent stephen engle in hong kong.

this as we got second quarter gdp numbers out of korea and ahead of the bank of korea's next meeting,ow just one month away. our global economics and policy editor kathleen hays is here with the latest. how to the gdp numbers stack up? kathleen: firmer than expected. let's take a look at a couple terminals because it puts it in perspective. let's look at the quarter over quarter number first because that is where we temporarily -- we saw the almost technical recession one month of negative growth on the gdp in korea. now that is completely in the past, it is back in the fourth quarter of the year. and you know -- notice now that's a year-over-year figure. let's start there of course because 09 person -- 0.9%, second quarter in a row is pretty good. it is not bad. with the drag on exports, yes the trade deficit did improve but korea's exports have been hit by the slow recovery in china. a bit of a slowdown. and of course, the 11th biggest economy in the world and fourth biggest exporter, so you see how important that is to them. if you look again at the quarter over quarter comparison

many of the asian central banks, that is where we expect bank of korea, bank of indonesia, we will be expecting a recount towards the end of the year. one of the things in the emerging-market is they have hiked the interest quite a lot during this cycle. they probably have a lot of cushion. even know we do not expect the fed to pause interest rates until 2024. i think emerging markets should be less severe in the previous round. shery: so you think asian central banks can afford to actually wait out the fed and will not have to move faster? we are seeing the downside pressure on those economies. south korea's gdp numbers are coming up this week as well. what can we expect in terms of how resilient these economies are and how much longer and a way to move the other way? qian: for example, bank of korea, we are expecting them to cut as early as october this year. bank of urea -- bank of korea holds in june and it comes with a left's -- less dovish stance. there is rising growth and financial stability risk. i think they are pondering went to start a cut they cannot afford to cut before

let's get you to the market open. >> we have got the rbnz, the bank of korea, it is all about the u.st that is due later wednesday and the expectation we are going to see that headline number coming in at 3.1 percent. ahead of that we have been watching those moves in the bond space, that january pricing given some economic indicators coming through indicating price purchases are starting to moderate in the u.s. economy. it has really been that story of dollar weakness starting to take hold. we are trading out around the lowest levels over the course of 2023 and off that we have seen the moves in the japanese yen and we are close to it hitting that 140 level. something to be tracking closely throughout the session today. a few weeks ago it was that story of 145, the risk of further intervention coming through from japanese government officials. part of it is traders exiting some of their positions in japanese equities. this morning the nikkei two to five higher but we do see it off around 4.5% from the month to date high it hit back on june 3. in terms of what else we are watching, th

start with the bank of korea because the bank of korea singled back in november when i interviewed -- for the first kai reed. his first interview when he became the governor of the bank of korea. and even back then, we pushed him on this question of, starting the cut rates and he said at the time, they are going to wait, they will cut rates immediately. korea's inflation rate is a lot lower, but even after that very positive inflation going down numbers came out last week, i believe it was last week or was it the week before. be ok put out a statement indicating that they don't expect to start moving their rates lower. it will be important messaging. there will be a press conference and we will get to it more. as for cpi, the numbers are going to come down according to the forecast, 4.0 to 3.1 on the headline. that's the energy prices. it's not the powerful number from a core from 5.3 taking out food and energy to 5.0. what will this mean for the fed, we will see. the traders are hoping and betting, don't you think that it will be better than expected, a more benign inflation report c

bank of america is expecting to unanimously hold. they are saying that disinflation trend has taken hold in korea. june we saw the cpi falling below that 3% level. other factors telling us that we are starting to seep rise pressures -- see price pressures easy. the focus we have at bank of america's that yield differential between the bok at the fed, at 175 basis points. that is the widest that has been in more than a decade. that is why they expect that pressure to remain on the bok given that yield gap in the pressure it is putting on the korean won. haidi: what is the view when it comes to bloomberg intelligence? >> they are also concerned about that yield gap as well. they are pointing to factors around high household debt. the risk of price gains that they could start to re-accelerate, if they were to start cutting rates to soon. bloomberg intelligence team expecting the bok to hold rates tight. they are also expecting in the messaging to be really important, what comes out tomorrow. they say the governor could flagged the possibility of another hike. the expectation is we will see a hold int

from central banks other than the bank of japan across the world is weak prepared to do more extraordinary tightening. i think that is the message both the bank of koreand reserve make of new zealand are going to say. stand ready for more tightening. do not go buying bonds with both hands of the way some of you have been doing. be very careful about sending equities to the moon, because none of this settles in with central banks that are still focused, overwhelmingly, on killing inflation on -- and the growth part of their mandate is not at all on the radar now. >> our chief rates correspondent for asia contributor garfield reynolds. come up -- coming up, a look at new zealand's ambitious free-trade agreement with the eu. slashing tariffs on exports to the block. ahead of that we talk markets tragedy with boca capital partners as u.s. wage growth top estimates keeping the fed on track for further rate hikes. analysis is coming up next. this is bloomberg. this is bloomberg. colorado. we just got an order from dinosaur, colorado. start an easy to build, powerful website for free with a partner that always puts you first. start for free at godaddy.com 76

action from the government of south korea, published to the speaker of the parliament, the honorable speaker of the islamic council, the layers of the dispute between the central bank of iran and the government of south korea will be submitted to arbitration to perform legal formalities, and after the approval of the bill by the representatives and approval in the iranian guardian council he officially complains to the south korean government to the international arbitration authority provided in the text of the oil sales contracts, a complaint that they say has been fruitful in the past. national and exports against the government of bahrain, in which the iranian side won in both cases, and the court and the arbitration court did not accept the foreign party's references to the us sanctions. permits have been issued from the national portal. these permits have a unique id and were issued completely offline. the elementary school applied for the use of god's cream . i was full of words. the answer was simple . farting is the biggest difference that ratio in the past, you don't need a business license. you can get paper inquiries from various bodies and organization

of countries including south korea this week. what are your expectations? katrina: our expectation is we will see headline inflation in korea continue to trend down, but let's not forget the bank of korea was the first major central bank in the asia-pacific to really move. they were the first to get on the tightening bandwagon. so, they are a little more further along than other central banks. like here in australia, you know, they have started to move a bit later than others. shery: what a different picture it is for china facing disinflationary threats, right? tell us about where the economy is and what we are expecting from pmi numbers. katrina: our expectation is china's manufacturing pmi will remain at 49 in july. that is really the combination of the domestic economic recovery continuing to disappoint, as well as ongoing weakness in offshore markets, particularly, the u.s. and europe area i mean, the u.s. and europe, you know, they had a lot of monetary tightening that has been delivered to them, so, it is to be expected that a domestic demand picture is weak and flowing through into weakness in manufacturing conditions. china is more broadly benefiting and will continue

action from the government of south korea, published to the speaker of the parliament, the honorable speaker of the islamic council, the layers of the dispute between the central bankiran and the government of south korea will be submitted to arbitration to perform legal formalities, and after the approval of this bill by the representatives and approval in the guardian council of iran he is officially suing the south korean government to the international arbitration authority provided for in the text of the oil sales contracts. what do they say about the examples in the past that have been fruitful? i can refer to the case of the iran gas storage company and the french sefer kess company , or the case of the national banks. and export against the government of bahrain, which the iranian side won in both cases , and the court and the arbitration court did not accept the foreign party's references to the us sanctions , sadat shabiri of the sda news agency reported that the canadian museum's global network has reduced the rainfall in canada and caused the farmers to learn about water scarcity. and ranchers in this country have to deal with problems, it has caused th

pursuit of debt collection rights from south korea with an official company from the government of this country, the president by approving the bill to refer the dispute between the central bank of iran and the government of south korea to international arbitration , the president sent it to the speaker of the parliament for the implementation of legal formalities . the jcpoa was withdrawn and he has considered more sanctions for iran, but he told the company that if you need iranian oil in this business , he got an 180-day exemption through south korea's exemption, and during this period, nearly three hundred and fifty thousand barrels of oil were miscalculated every day when buying and paying on time. for about 5 years, iran has been trying to bring this property back to iran through negotiation and discussion, but the zakir tool with the koreans has not worked. respected sda reporter, around the winter of the past year, journalists also had the idea of ​​suing the government. south korea was brought up and followed up on the scandal south korean authorities are repeatedly paying their debt to iran, the same amount as the seventh amount of foreign ministry dollars, they do

follow-up to get south korea tickets to the official complaint from the government of this country, the president, by approving the bill to implement the dispute between the central bank of iran and the government of south korea , presented it to the speaker of the parliament for the implementation of legal procedures . in this bill, a complaint against south korea will be opened in international arbitration authorities the united states withdrew from the jcpoa and has considered more sanctions for iran, but told the partner that if you need iranian oil in this business , it got an 180-day exemption from the sanctions on south korea, and during this period , nearly 350,000 barrels of oil and condensates are delivered every day. it is a good customer to buy gas from iran khurram was miscalculated on time for payment. iran has been trying to return this property to the muslims through negotiation and dialogue for about 5 years, but the negotiation tool with the koreans has not worked . respected journalists of sedava and sima, around the winter of the past year , journalists also sada international news agency. and sima raised the idea of ​​suing the south korean govern

markets being able to stay put on the rates or reducing rates in the months to come where the bank of korea might be the first one who will kick it off in q3. and from an investment point of view that is what makes us more positive. yvonne: how do you square that then with a china macro situation where we are seeing intense pressure when it comes to high-yield bonds, the property sector feeling the liquidity concerns and risks out there? can you still have a positive em outlook even with china slowing down? >> in our point of view emerging markets itself, emerging markets itself, even if slowing china, we are -- emerging markets counts toward 70% of the gdp growth this year. the growth engine asia remains also with slowing china. headwinds are to remain but we see with the stronger fundamentals in emerging markets asia, as soon headwinds received, asia will be earlier to rebound compared to the u.s. and european markets. the positioning is very heavy especially in the u.s. market which is why we diversify toward emerging markets where we seal a valuation -- where we see a lower valuation in

the bank of korea potentially having more of a reason to keep its policy tight going forward. some of these bets when it comes to the be ok easing have started to be repriced. we have seen the yuan snapping the three days of gains. quite a it of weakness after a downgrade to economic growth forecasts. shery: take a look at how u.s. futures are trading. this after u.s. stocks and treasuries fell on the wall street session. they did pare back some of the losses. the s&p 500's may. the surprisingly strong private hiring data. also we had data showing the services sector expanded in june at the fastest pace in four months. we had treasury yields rising across the curve. talking with a two-year rate climbing above 5% at one point. the 10 year topping 4%. the highest level for the first time since march. oil at the moment seeing a little bit of upside. saudi arabia raising its crude prices for asia, europe and the u.s. it was the broader risk off sentiment. what will the fed do? will they have to continue to tighten? we continue to beat expectations. this is the u.s. economic price

legal pursuit of debt collection from south korea with an official complaint against the government of this country. president by approving the bill referring the dispute between the central bank of iran and the government of south korea to international arbitration for the implementation of legal formalities to the speaker of the parliament after the approval of this bill in the parliament, the complaint case against south korea will be opened in the international arbitration authorities. he has considered more sanctions for iran, but he told the company that if you need iranian oil in this business , he got an 180-day exemption from south korea's exemption, and during this period , that customer bought nearly 350,000 barrels of oil and gas condensate from iran every day. well, the time of purchase and payment on time was miscalculated since about 5 years before, he tried to bring back the muslims through negotiation and dialogue, but the means of negotiation with the koreans did not work, and dear sed and sima, in the winter of the past year, journalists also raised the idea of ​​doubting the south korean government in sed and sima. regarding the repeated bad manners of the

south korea, with the official complaint of the government of this country, the video clip against the president, with the approval of the bill to refer the dispute between the central bank of iran and the government of south korea to international arbitration , i sent it to the speaker of the parliament for the implementation of legal formalities. south korea is open to international arbitration authorities. in may 2017, the united states withdrew from the jcpoa and considered more sanctions for iran, but told the company that if you need iranian oil , it exempted south korea from the sanctions in this business, and during this period, almost every day to 350 thousand barrels of oil and gas condensate from iran the buyer, the customer, bought the tree and paid on time. he has been trying to return the property to the muslims for about 5 years. sed and sima news agency raised the idea of ​​suing the south korean government and followed up on the repeated rudeness of the south korean officials to pay the debt to iran in the same amount of 7 dollars. add another example 17 gonbad construction from sedav and sima news agency, according to the clauses of iran's oil sales con

the bank of korea held its key rate study, even though it's inflation rate continues to make its way wer. they are concerned prices will rise again. japan has been such a star, but korea has been left behind. pooja: i think it is precisely what you said, that korea has been left behind. it is still reasonably valued. korea is very geared toward a global recovery. as you see slowdowns in the u.s. and the fed hopefully pausing, you are going to see that appetite for risk assets pay in korea. korea is set up for a rebound. haidi: pooja, great to chat with you as always. pooja malik, partner at nipun capital. german or so -- terminal subscribers, go to db go. customize settings to get the news on industries and assets you care about. this is bloomberg. ♪ fabulous surroundings... but everyone's looking at their phones for financial insights from merrill. is he hailing a ride to the concert hall? no. he's making sure his portfolio and retirement plans work in harmony. they want to adopt a child and build a new home. so they're talking numbers with their merrill adviser. she's not researchin

members of the new york convention. layers of difference between the central bank of iran and the government of south korea submitted to arbitration for legal formalities, and after the approval of the bill by the representatives and approval in iran's guardian council , they will officially complain to the south korean government to the international arbitration authority provided in the text of the oil sales contracts. its examples have been successful in the past , i would like to point out the case of iran gas storage company and france's sefere kess company, or the case of national banks and exports against the government of bahrain, in which the iranian side won in both cases, and the court and arbitration tribunal cited the foreign party's american sanctions he did not accept the post of sadat shabiri of the radio and television news agency. the month of muharram in the vandarzan camp started with this message in the cyberspace. those who did not wear black said that the goal was to normalize muharram . they had boycotted muharram. muharram this year has reached the stage of insulting the shia imams

the pursuit of debt collection rights from south korea with an official company from the government of this country. the president approved the bill to refer the dispute between the central bank iran and the government of south korea sent it to the speaker of the parliament for the implementation of legal formalities . taken but he told the company that if you need iran's oil in this trade , he got an exemption for 180 days through south korea's exemption, and during this period, every day, 350,000 barrels of oil and gas condensates from iran, a good buyer , a good customer, were considered to pay the debt on time . for about 5 years, he has been trying to bring back the muslims through negotiation and dialogue, but the tool with the koreans has not worked . respected sda journalists, around the winter of last year , the journalists of sda and sima international news agency also had the idea of ​​suing the south korean government. they brought up and followed up on the frequent rudeness of south korean officials are paying their debt to iran, the same amount as the seventh dollar. doesn't the ministry of foreign affairs intend to claim the rights of the iranian nation with an

by approving the bill to refer the dispute between the central bank of iran and the government of south korea to international arbitration, the anti-president clip country sent it to the speaker of the parliament for the implementation of legal formalities. in 1997, the united states withdrew from the jcpoa and has considered more sanctions for iran, but on the condition that it said that if you need iranian oil in this trade , it got an exemption for 180 days through south korea's exemption, and during this period , nearly 350,000 barrels per day. i buy oil and gas condensate from iran, my good customer buying and paying on time was miscalculated. iran has been trying for about 5 years to open this muslim account through negotiations and discussions, but the tool with the koreans has not worked. respected reporter of sed and sima, in the winter of the past year , journalists also they brought up the idea of ​​suing the south korean government and followed up on the repeated dishonesty of the south korean authorities in paying their debt to iran, which is the seventh amount of dollars of the

by approving the bill to refer the dispute between the central bank of iran and the government of south korea to international arbitration , the president of the country initiated the implementation of legal formalities.

it says to clear the west bank of the groups. north korea's lead, a conjunction has hosted russians defense minister, and a chinese delegation, and shown gang the outcomes. first high level visitors since the close of 19 pandemic. the gad, he showed off north korea's military arsenal, including band ballistic missiles. russia has launched a new wave of air strikes across ukraine. cave says it's forces and deceptive. 36 cruise missiles or the keys khaki and to the pro port facilities in odessa, but also targeted. your crime says 26 facilities have been damaged in the past 9 days. that follows rushes withdrawal from the grain due guaranteeing safe passage, and the black sea wall file has destroyed an ancient church and palermo on the tallying island of sicily. and 3 people have been killed. extreme hayes and strong winds offending files across the mediterranean region, or all those other headlines on algebra as always, a website alger 0 dot com has the latest on all of our top stories. they tune the stream is coming up next. thank you for watchi

bank, at the latest three weeks after the end of the speech. the large loans of 2 parsian banks and iran zameen have been published. in a telephone conversation, foreign actors from iran and korea reviewed the contents of the documents related to the visit of our country's president to kenya. emphasis the kurdish minister of foreign affairs of iran also announced his country's readiness to expand relations with iran and welcomed the signing of bilateral cooperation documents . alfred matwa expressed his satisfaction with the visit of the president of iran to his country about ways to develop bilateral relations with mr. amir abdullahian . it was held with the mayors of mashhad, shiraz, qom, arak, isfahan, hamedan, zahedan, kerman, qazvin, and rasht, to tehran . according to the deputy of urban services of the capital, in this meeting , the latest measures of the metropolises to serve arbaeen hosseini pilgrims were reviewed by the decree of the minister of interior. the deputy municipal services of tehran municipality has been elected as the head of the urban services committee of the arbaeen headquarters. today, the members of the urban services of kerman, the cities of the cou

of seafood from 10 japanese prefectures, including fukushima. now, some japanese officials are worried beijing may widen the band. as for south korea, the official response has been one of acceptance. solving says -- soul bank iaea, it is an authority is -- nuclear safety. >> not everyone in south korea is happy, many residents are worried about the safety of the seafood and have been stockpiling salt. one mp, a member of the opposition democratic party, has been on hunger strike for nearly two weeks. >> the report does not guarantee the safety of south koreans, nor does it specify the impact the release would have on the marine ecosystem. it is written based on japan's decision reached earlier, at japan's request. therefore, we cannot trust its conclusion. i cannot stop this hunger strike. >> japan exported over 2 billion euro worth of seafood in 2022. but with china to its main buyer, there are worries that number could be drastically reduced in 2023. alexander: the belgian rider nicknamed jasper disaster is making a strong start to his 2023 tour de france campaign. this on stage seven, claiming now his third victory of the tour so far. it -- overtaking mark cavendish in a lastgasp effort. denying britain

including the ambassador successfully left levan, the mother-in-law of the president of south korea was detained for forging a bankow a relative. the leader from the country will be forced to serve a year in prison , according to the rna agency , the woman committed a crime 10 years ago, then she forged paper, according to which, allegedly in slate, $ 27 million. at the expense of the seller of a land plot near the village and received real estate in use, however, actually a payment receipt. she just photoshopped for that and was arrested. now in yakutia there, they say, about 630,000 hectares of forest are trying to stop the fire with the help of special strips along the edge of the forest , they also use the technology of oncoming fire to transfer equipment to hard-to-reach places, which is almost impossible on the territory of yakutia as well as in neighboring khabarovsk territory and amur region. it operates a state of emergency, a group of aerial polar forces, almost 2,000 specialists are working hard, plus 18 aircraft and helicopters tractors, bulldozers and tank trucks. you see with your eyes. do you know w

essentially the situation was there's no banking system to speak of in north korea.ons will operate is they basically carry in, they hand carry in suitcases full of cash. but when the border was closed during the pandemic, the bills kept coming but they didn't have anybody who could go in and carry cash and bring cash. so one by one countries started closing their diplomatic operation. there are now fewer diplomats, fewer ngos. north korea and its people are more isolated today than arguably they have ever been in their entire history of 70 plus years of the existence of north korea because of the all foreigners were forced out during the pandemic. the government has imposed incredibly stringent measures to try to prevent people from fleeing to the south. they bolstered border security. they've tightened the surveillance state apparatus already incredibly strong. and so people inside north korea are literally living in this black box of isolation from the rest of the world. it's a difficult time to get a message in or out. there's email, there's phone. those things s

of the credit unity that he might seek to, to gain and unfortunate. thank sir. uh so how reasonable i must have you on the bank. thank you so much. thank you. and to north korea, where i came, joan owen has met with russian defense minister said guy showing good for talks on clothes that military of co operation. they made us, i agreed on several unspecified masses of mutual consent. the last accusers, north career of supporting russia over the wall in ukraine, which shone young at the nice mister showing who it was. and north korea, alongside of chinese delegation to mock 70 years since the end of the korean war between the north and south we can get more on the significance of his day from james french. well, he's an analyst at career risk group and joins us from so welcome to the w. so 70 years of a frozen rule. how the 2 countries mocking this day. i a new 30 different ways in south cree have president news on the order today. he was sandwiches in the south, but the news you a and he gave a speech. it finally came the un office which included the, the us. i me, you tell your model of the office or calling the south or is a 20 korean launches invasion. in

bank of england's 2% target. new details emerge about the us soldier crossed from south to north korea illegally.

bank for both. chase. make more of what's yours. >>> korea is said to have fired multiple cruise missiles toward the sea int show of force against the south and the unitedtates. south korea's military says it is maintaining a full readiness posture as a result. today's launch follows a different one involving two short-range ballistic misses earlier this week. all of it comes after a nuclear capable u.s. submarine made a port call in south korea, a move that the north criticized as crossing a red line. >>> ukrainian president volodymyr zelenskyy insists that the ukrainian counteroffensive will start gaining force soon after a slow start. the influx of new western weapons, including recently deployed u.s. cluster munitions could be a help. fred pleitgen joins us. what do we know about russia's eastern push? >> reporter: it's something that has been going on over the past couple of days. the russians are on the offensive, especially in the northeast of the country. there's two towns the russians seem to be aiming for right now. there's one in the south that's a wooded area that the ukrainians describe as a v

of the korean war entering north korea as victory day. interest in the united states to the highest level in the last 22 years the receipt of the central bankica announced a 25% increase in the bank interest rate and announced that this rate is five and a half percent, which is the highest rate since the beginning of 2001. the us government has increased the bank interest rate 11 times in the last 16 months . a month ago, the american economy was predicted to stagnate for two years in the fourth quarter of this year due to the continued increase in interest rates and contractionary policies aimed at controlling inflation. a helicopter crash in southern siberia, russia , killed at least 6 people and injured 7. 8. when landing in the region in the republic of altai with a power tower and a person this helicopter caught fire, belonging to a private company and carrying a group of tourists. the ministry of emergency situations of russia put the total number of passengers in this helicopter at 13. the international space station was disconnected from the earth for 90 minutes. according to the vienna network, there were 7 astronauts during these

bank of england's 2% target. new details emerge about the us soldier crossed from south to north korea illegally. welcome to this edition of bbc news. exceptional heat is continuing to be felt across large parts of the northern hemisphere. let's get you the latest pictures, wildfires spread across greece. southern europe is hugely affected by the heat but the situation is global. all this red shows temperatures above 30 degrees. is global. all this red shows temperatures above 30 degrees. where the temperature exceeded 35 degrees celsius. and in phoenix, arizona, even fiercer with highs of at least 43 degrees. that's about 110 degrees farheneight, for 19 consecutive days. the mediterranean basin is on high alert, with temperatures well above a0 degrees for several days, meaning there's a risk to everyone�*s health, not just the most vulnerable. temperatures like this can have a huge impact in phoenix, arizona, highs of 42 degrees. the mediterranean basin is on high alert with temperatures well above a0 degrees for several days which means there is a risk to everyone�*s help, notjust those at more

if some western banking site sanctions are not listed, the year long deal has helped me and tain exports and ease of global food shortage . south korea's president. and so if you will have said soul will increase a to ukraine after he met with his ukranian counterpart for letting me use the landscape. and chief, the surprise visit was use 1st since the russian invasion soul has joined international sanctions against moscow and given ukraine humanitarian and financial aid, but not supplied military support. a wildfire has broken out on the palm of one of spain's canary islands authorities. a blaze has forced the evacuation of at least 500 people from their homes. officials say the fire has already destroyed 11 homes and burnt through 140 heck dares of land? well, indeed, knighted stage production on major film and televisions that has a ground to a halt. and it's the biggest strike to hit the entertainment industry in decades. actors have joined screenwriters on picket lines in front of hollywood studios, demanding better pay, and protection from artificial intelligence, the shutting down, a multi $1000000000.00 industry. hollywood star

of the russian central bank regulator. issued it in connection with the shortcomings identified during the audit. russian military delegation headed by defense minister sergei shoigu arrived in koreapublic in plans to participate in celebrations in honor of the 70th anniversary of the victory. pyongyang in the korean war, our ministry of defense noted that the visit will help strengthen military ties between russia and the dprk negotiations between baku and yerevan should be continued and culminate in the signing of a peace treaty russia is ready to help, while moscow is against the artificial imposition of agreements, this was stated by foreign minister sergey lavrov at a meeting with their colleagues from azerbaijan and armenia in the focus was on the situation in nagorno- karabakh. what issues did you manage to reach an understanding of? elizaveta khramtsova will tell which ones remain open. the culmination of a large negotiation process between baku and yerevan should be the signing of a peace treaty, and the issues that need to be resolved for this event to happen on tuesday, said the russian foreign ministers of azerbaijan and armenia, have not yet been resolved and the most

banks of the swollen yamuna river, unusually heavy rainfall. this monsoon season has triggered flooding avalon slides across northern india an american soldier has crossed the border from south korea into the north. he was facing disciplinary action in the us, but it is unclear if he has to fax it to us. so just trying to resolve the instant washington has no form of diplomatic relations with north korea. former us president donald trump has said he expects to be arrested and indicted over the january 6 attack on the us capital. in our social media posts, trump says he received a letter from special counsel jack smith saying he was the target to of a criminal probe into efforts to overturn the 2020 us presidential election european union and latin american and car being leaders have wrapped off a 2 day summit in brussels still divided over the war and ukraine. they failed to agree unanimously on the wording of a statement condemning russia's invasion with an incorrect you are refusing to join the criticism. also war. the winner of thailand's election earlier this year is expected to soon make a new edge to be confirmed as prime minister. the 2nd attempt comes after he lost an init

of south korea to watch for too. david: to add to that, a couple of central bank decisions across the world.ave south africa, turkey among those deciding on interest rates this week. to get us started this week, joining us out of singapore is hartmut issel, head of asia-pacific equities and managing director at ubs wealth management. good morning. after a week like last week, this major pivot back into risk assets, take your pick. all of them did well every single day. what is your advice to client this monday? hartmut: we would look forward in the sense that the equities side or especially the u.s. equities side is one where we find the most difficult. inflation is falling, the last quarter was the bottom of the earnings cycle, may be the current quarter, but we cannot reconcile that normally when you get into a market, you want it to be reasonably attractive in terms of valuations, which the u.s. is not. so we are looking to other places and given the dollar moves, we think the e.m. or even apac and china, also upgrading indonesia, we have the offset in case china stays weak for a while. o

banks to postpone the river. unusually heavy rain full. this balancing season is frequent flooding of land spikes across the open india. the united nations says the us national is being held in north korea after crossing the border without authorization across the, the militarize, the between, you know, then self during a board or 2 on his own is one of the world's most highly militarized theories. a bunch that will house up to 500 asylum secrets as of right that avoid it in good problem. it is us the bill to cut migration. the government wants to stop migrate across and being was channeled in small boats. ukrainian president loaded me so landscape says he's in baffled nation is said to keep shipping grain to the world. that's the spank ross is exit from the deal. that's guaranteed the safety of ships passing through a was on, in the black say, i was off the most goes announcement, the southern ukrainian city of odessa came under attack from russian draughts, the strikes damaged, facilitates, of the cities port way and much of the countries grain is loaded for export process decision against allowing those shipments has drawn condemnation from both leaders . what use that to me posing o

korea for example, but also partners in africa. a. w was funny for char, in rico, and now to some of the other global business stories making news. and european central bank has announced a new 25 basis point re type reading it's key interest rates to 3.75 percent the if you begin this journey to tackle high inflation a week ago on wednesday, the u. s. federal reserve also increased interest rates. oil firms including james shaw and to tell energies, reported sliding net profits in the 2nd quarter. oil and gas prices fell in the past 6 months. the development that follows record energy prices after the invasion of ukraine by russia, one of the world's heat energy producers. the international energy agency says global coal consumption at a record high in 2022 and is expected to stay at this level for now. according to the report, the coal consumption grew more than a 3 percent last year, surpassing a 1000000000 tons of such a strong demand from china and india. now some of that, coal goes into powering electric vehicles. in china, for example, for decades, china has been the biggest market for german car, brand folks button. but recently, local car makers

who we think will be one of the first to cut more aggressively than others, we do think south korea and indonesia will be able to cut interest rates in line with other u.s. banksquestion of her, thank you so much. -- jennifer, thank you so much. looking at rates who may cut and who has the wiggle room in this part of the world for monetary policy? a lot more on the way as we see the hang seng on a tear. chinese equities blew it up by the promise of stimulus. ♪ fabulous surroundings... but everyone's looking at their phones for financial insights from merrill. is he hailing a ride to the concert hall? no. he's making sure his portfolio and retirement plans work in harmony. they want to adopt a child and build a new home. so they're talking numbers with their merrill adviser. she's not researching her next role. she's learning how to handle market ups and downs without the drama. personalized advice so impressive your money never stops working for you with merrill. a bank of america company. hey corporate types. would you stop calling each other rock stars? you're a rock star. you are a rock star. no more calling co-workers rock stars. look, it's great that you

korea from the south — illegally. the prime minister rishi sunak weighs in and said it wouldn't be right to deny banking services to some warm exercising their freedom of

the south korea, as they have a $1.00 trillion dollar economy, they're hurting right now. they're not in a position to lend that kind of money. the ag be world bank is together, couldn't possibly even come up with a fraction of that. so these are all pipe dreams, uh the, these are things where you have a politicians were grandstanding trying to what they're talking about, you know, paper windmills. how does this go go done at home? do you think in, inside korea, with, with citizens you've alluded to it there, but in terms played a pretty balanced viewpoint on the print conflict? no, it seems to be going further with, with more supplies, both perhaps linked to it. we don't know the details of it without in mind. how is that going to be reacted to to? well, i think you have to separate the government, which is a 32 percent approval, as i said down 6 points from a week ago. but it's mostly about the domestic concerns, the release of waters from the faruqi focus shape. shima fi ocean has incense friends between koreans. as voters were concerned about the occult living in the food that they're going to receive. and the government, which is trying desp

to japan, south korea, not to mention ukraine , poland, we have a huge number of users of this political cocaine. dad, i made ukraine out of cocaine. this is another meme in the piggy bankolk art. and it would be funny if it wasn't so sad. hunter biden has become the epitome of drug addiction in a country where 100,000 people die every year from overdose. and now that the white powder has already been found in the white house to sniff, it looks like there is a new politi in the usa. czech tradition against this background, even clinton's fascination and entertainment with monica levin's oval office looks somehow harmless. well, what awaits the white house further in the spirit of the times. there it remains to arrange only an lgbt party and, of course, invite black activists of the black live movement to it. well, hunters with cocaine, apparently, will be a heliner there. borisen, and a white jump in the white house ukraine will not receive an invitation to nato however, the bloc has an offer that should not disappoint, kiev announcement from the president of lithuania of the agenda the summit of the north atlantic alliance, which will be held in vilnius, while the kiev

bank to hike rates one more time. >> i want to talk about this report that you guys put out. you see light at the end of the tunnel for korea. perhaps being able to reduce rates. do you see that happening on the back of the light that you are seeing? it is also seen as exports bottoming out. we could get incremental growth going forward. >> i am not inspecting a rate cut by the be ok anytime this year. i think they will keep it at of a stricter level. we saw a bottoming of the export growth. that said, it is about the upward movement. the pace of improvement. export growth improving. quick thank you so much for that. plenty more ahead, keep it here with us. this is bloomberg. ♪ >> will come back to shows, we now have more information on this mega listing in shanghai. which things are working on this one? >> this is likely to be the biggest one in the world. they have been working on the cic c. this is leading the domestic listing. companies working with some in the foreign banks. >> what does it mean for global banks in china? >> if you look at the onshore listings, we look at the table on bloomberg terminal. the top 20 ban

of course this was about the amount in nigel faraj �*s bank and his denying it. thank you very much, life for us there at westminster. now let's turn to north koreanorth korea. he is, court documents stated that he had been detained in south korea for... been south sent back to the us... he made it across the demilitarised zone between north and south korea whilst on tour of that border area, that area is one of the most heavily fortified in the world. well let's hear from an eyewitness who was there at the time of this incident. it all happened pretty quickly, running for a few seconds and that's all it would have taken. to get across the border and a couple of seconds after, i saw that's when the soldier started running after him and, and then they... the building, it was all a bit of a scramble and it was all a bit of a scramble and it all happened really quickly. while it is quite an extraordinary story, i've been talking to our correspondent in washington, he's telling us the latest details that have been merging there. it’s telling us the latest details that have been merging there. it's an extraordinary — have been merging there. it's an e