according to bloomberg banks and financial institutions of wall street are under the scrutiny of american regulators due to the use of private messengers such as whatsapp to transfer customer data. the release of a robbery call from a store on the busiest shopping street in europe in london led to tension between youth and the police. in this call, i was asked to steal the game from the sports store on this street. after this new call, the shop was closed while the customers were inside. police clashes occurred and 9 people were arrested . the british interior minister says that we cannot accept that this form of anarchism that in it is popular in american cities, it can also be seen in the streets of england. a few days ago, in new york, america , when the request of an influential person on social networks was held , these people were drawn into street violence and fighting in order to receive a free playstation and gift cards from this activist. they gathered online and got into a fight with the police and several of the participants were arrested . the special follows the news that th

bloomberg banks and financial institutions of wall street, the reason for using private messengers like whatsapp to transfer customer data is under the microscope of the american regulatory agencies. the publication of a call for theft from a shop in the busiest shopping street in europe in london has led to tension among young people. and the police were called. in this call, users were asked to steal from a sports store on this street. after this call, several shops closed their doors while the customers were inside. clashes with 109 people were arrested . the british interior minister said, "we can't." let's admit that this form of anarchism that is prevalent in american cities was held in the streets of chishi at night a few days ago in new york, america, at the request of an influential person in social networks. free gifts and gift cards from this virtual activist gathered and clashed with the police. the american police gathered and arrested several participants. the government and parliament of pakistan were dissolved. the president of pakistan dissolved the government and parli

respectively, due to the use of the whatsapp messenger to transfer customer information, according to bloomberg bank. and financial institutions of wall street due to the use of private messengers such as whatsapp to transfer customer data are under the microscope of american regulatory bodies . in this call, the police asked the users to steal from the sports store on this street. after this call, several shops closed their doors while the customers were inside. clashes with 109 people were arrested. the british home secretary said that we cannot accept that this a form of chaos the ideology that is prevalent in american cities can also be seen in the streets of england. a few days ago in new york, america, a rally was held at the request of an influential person on social networks , and it led to street violence and conflict. these people wanted to get free tickets and gift cards. they gathered from this virtual activist and clashed with the police. the police arrested the perpetrator of this rally and several participants. the government and parliament of pakistan were dissolved . the president o

coming up, some british muslims have told bloomberg that banks are ruining their lives with banking policies more on that story next. this is bloomberg. guys. got hair loss. i know what you're thinking. should i shave my head? comb it over, wear a hat. just stop. this isn't 1970. keep your hair and your confidence because bosley, america's number one hair restoration experts, can give you your real hair back permanently. check them out because they're giving away an absolutely free information kit and a free gift card to everyone who scans this qr code. dude, you don't have to look like your dad because this isn't your dad's hair loss treatment. people all over the country trust bosley because they're ahead of the curve. they use the latest technology to give you your real hair back. and the best part, bosley's permanent solution is protect by the bosley guarantee. let them show you for free how awesome your hair could look with an absolutely free information kit and a gift card for $250 off. scan the qr code. don't wait. scan the code now and ask about the bosley guarantee. you should angie

at least four banks, including icbc, had cut your deposit rates after regulators late thursday announced, and bloombergted that the largest banks were preparing to cut rates, not only on deposits for existing mortgages this week. when it comes to deposit rate cuts, this would be the third time in a year already that these lenders are lowering their deposit rates. plenty more to come on this is bomberg." ♪ i'd like to thank stitch fix.. ...for taking care of the shopping. for getting my fit just right. for finding me looks that work for me and my budget. now getting dressed is so easy. -you just get me. -they get me. -you just get me. -and they'll get you, too. take your style quiz today. haidi: take a look at current and you can blame it on liquidity's, seasonality, but we are seeing bitcoin closing out its second straight month of declines, even as we really saw some optimistic developments when it comes to legality as well as literary aspects from this week. we had that rate for months until the big drop in the middle of august, and that was seeing a turnaround as we saw the price drop low $26,000. a

central bank of south korea, indonesia, sri lanka, and turkey all going to announce rate decisions on thursday. bloombergconomists are expecting a hawkish hold by the bank of korea as the region deals with the threat of another inflation flareup. other economic data to know, cpi prints from singapore and tokyo and ppi numbers from south korea and japan. later on this week, investors will be watching for any clues on the fed's policy plans and fed chair powell's speech at jackson hole. other central bank's from around the world will be there, too. markets will be looking for any shifts in their approach to tackling economic challenges including inflation. vonnie. vonnie: joining us now is the chief asia-pacific economist at natixis. asia is obviously front and center along with jackson hole this week after the gathering storm of china clouds. the latest being that there may have been pressure put on banks to loan out more and to do things with mortgage rates in order to incentivize -- you can incentivize people but will they borrow and will it be enough to gin up gdp? alicia: indeed. of course the rate cu

banking unit. don't miss that interview. all of that, coming up on bloombergan amazing thing when you show generosity of spirit to someone. and you want people to be saved and to have a better life, then you don't stop. the idea that we have saved five million people's lives, it's overwhelming. it's everything. so, you've got the power of xfinity at home. now take it outside with xfinity mobile. like speed? it's the fastest mobile service around. with the best price for two lines of unlimited. only $30 bucks a line per month. that's hundreds in savings a year when you wave bye to the other guys. no wonder xfinity mobile is one of the fastest growing mobile services. you really shouldn't walk out the front door without it. switch today at xfinitymobile.com ♪ anna: this is "bloomberg

banks. shery: directly tim danks ceo hiroyuki nagai speaking exquisitely to bloomberg. -- rocco towne bank -utan bank's ceo hiroyuki nagai, speaking exclusively to bloomberg. vijay sharma's steak will rise to more than 14% and ant's will drop to 13.5%. kkr has signed a deal to purchase simon & schuster, the book publishing firm, for 1.6 2 billion dollars. the ceo will stay on in his role after the close of the acquisition. paramount plans to use the proceeds from the transaction to reduce debt as it pivots its business from its traditional tv networks, to online streaming. shares of apollo global management fell in late trading after it announced it is selling as much as $1.15 billion worth of convertible stock. the move is aimed at helping its unit seize on market turbulence. rising interest rates caused deal volumes to plummet and caused regional banks to sell assets at a loss. take a look at how u.s. futures are trading at the moment. a bit of a mixed picture in a pretty muted session. this, of course, after u.s. stocks gained and rebounded in the new york session, the dow seeing its best

bloomberg. ♪ lizzy: bank of america ceo brian moynihan says proposed new capital requirements for the biggest ers would shift more financial activity outside well regular to sectors. in an exclusive interview with bloomberg, he said the rules will make u.s. banks less competitive globally. >> i think if you step back, this industry is well-capitalized. it proved it again in another crisis. it is well-managed, well-regulated. we have chairs and people working over the years saying capital is adequate in the industry, well-managed. banks will fail. they have failed throughout history, that happens. since the financial crisis, more people are under the tent. if you get the capital regulations and the banking system too tight, you push some outside the tent, and that is a concern. give us a set of rules and we will live with it. bank of america will adjust the business model to make it work. it is competitive united states versus europe and others, it makes all banks less competitive to midsize u.s. companies. that is more of a trade question in a balance of power question. i'm surprised by the am

bank because number one, supervisors impose formal and -- measures. number two, they are in your business, basically. one source told bloombergng with the confidential measure imposed by the fed that actually predates the current increasing banking scrutiny that we've seen. goldman makes it a practice not to comment on any potential regulatory issue, so they are not commenting here. paul: how does this add to the challenges that the bank was already facing? shery: -- su: it puts pressure on the ceo and the stock dropped into the price part. right as the story broke, the stock lost about two dollars before gaining some equilibrium and recovering a bit. there has been a lot of focus on goldman in recent weeks and months and senior managers have voiced frustration with the ceo for newspapers and magazines, and bloomberg included, among other things, the frustration has come from the botched consumer banking, which was solomon's idea, and it brought increased regulatory attention. while some had blamed solomon, the ceo told colleagues that it was tougher reglet tory climate for the industry at large. in the blowup of the investme

banks a good investment? we will speak to our guest with barclays. this is bloomberg. ♪ >> i do think what we are seeing much more is the bigger banks would be the true engines of growth. as sustained from the utilities. keeping the big banks safe picking sure they can take some risk and jamie dimon did come out and say there are too many regulations coming away right now. if you want us to be the engine, you have to let us go do that. guy: that was earlier talking about the issue of what is happening with u.s. banks. one in the united states then the story over here with the maloney government in rome imposing a tax on italian banks. banks are getting banged up as a result and we are seeing that replicated across europe. it adds to the confusion we are seeing more broadly we are struggling to understand the macro story and now further volatility around the banking sector. our banks a good investment in europe? it's tricky to understand. our guest with barclays is joining us. i'm confused. they're so many diversion sets of information at the moment i'm trying to fatho

banks and cut the rating for 10. more on that next. this is bloomberg. ♪ dani: it is your tuesday addition of "bloomberg daybreak europe." moody's has lowered its credit rating for tenant small and midsize u.s. banks. it cited mounting lending costs and risks tied to commercial real estate loans. what is the impact on overall market? let's get to mark cranfield. you have an excellent post on this on dollar bond spreads affected by moody's bank cut. what has is done to the american corporate bond market? mark: it is going to be a painful day. a painful period actually. we're talking about this last week while you're putting your feet up and ever since the pitch downgrade of the sovereign rating. these things come in waves. when you get one major downgrade, you tend to get several to follow and this is probably just one and there will be quite a few more. ratings will be under scrutiny across the world once you have a big change like the united states. although moody's has only moved a handful of banks first, there are several other under threat. you have

bloomberg u.k. politics podcast. now it's boe decision day. the question on everyone's lips is whether this u.k. central bank for 25 or a 50 basis point increase edits 14th consecutive rate hike. joining us is anna andrade, european economist at bloomberg. the color than expected cpi print has made traders pare back bets for where they see rate hike speaking. can we will out another half-point hike at the next meeting? >> the only thing we are sure of at this meeting is it will be a close call. the boe has surprised us in the past. our call is for a 25 basis point increase because of what you said. you had cpi coming down in june, in both headline and core. you had a jump in unemployment in the latest month. and the latest pmi pointing to stagnation of underlying growth. combine this with the bank's latest communication where they said 50 basis points were contained to that specific meeting, you see a case for 25, but as you said wage growth is a problem. it is running just below 8%. the composition of inflation. it the boe knows inflation is being driven by second-round effects. you have this widespread beh

this is bloomberg. ♪ lizzy: welcome back to "bloomberg daybreak: europe." australia's central bankas cut its key interest rate change following the cooling of inflation pressures and weaker household spending. but the rba to keep the door open to future hikes joining me now is bloomberg mliv strategist mark cranfield. he will break down that decision. mark, what does it mean for other g10 control banks? -- central banks? mark: it is another piece in the puzzle that shows that we are getting used the idea that degrades are either very close -- peak rates are close or have happened across the g10 world. the rba today put themselves in a position where effectively the bar for them to raise rates now is extreme the high. although they did talk about the fact that they may need to raise interest rates again, they have use that word many times already. from the traders point of view, what has changed in the past couple of months is that traders have got into this idea that they can see inflation in most part of the world coming down including australia and they can see the central banks

bloomberg markets." i am amber kanwar with matt miller. banks are underperforming the broader market as s&p global ratings downgraded a handful of lenders after a similar move by moody's. sonali basak joins us now. there wasn't anything materially new in these downgrades, but it seems like investors still don't like to hear about it. sonali: to the point you are making, we have seen significant downgrades by moody's, and the munis news was somewhat worse because you have seen firms placed on negative watch, whereas you have s&p saying there is a lot of stability on the most recent action. you have the kbw bank index down another 2.2% on the day, and if you see the banks that are moving the most, regions can financials, and zions. not all the banks have faced potential downgrades. s&p said zions in particular remains negative after the review. the uncertainty would weigh on the heels of these banks. remember also there is another thing as well if you are concerned about the direction of interest rates and the impact it is having on the banking s

bank. more from our exclusive interview with javier milei. this is bloomberg i think there is a previous discussion about dollarization. strictly speaking, it is to get rid of the central bank. dollarization is an instrumental issue at the end of the day. there are four argumentative axes, one is the moral issue that stealing is wrong and seigniorage is nothing more or less than a swindle. therefore, if we consider that stealing is wrong, one of the greatest thieves in the history of mankind is the central bank. the second point has to be with a technical issue, in the argentine case, when a product has no demand its price is zero. if the local currency has no demand, its price should be zero. whatever amount of money a central bank wishes to impose, the counterpart is that the price level is infinite. demand and its price should be zero. equilibrium real balances r0. whatever amount of money a central bank wants to impose, the flip side is the price level has infinity. >> what would you do with the central bank? at one point, you made the joke that she would

those banks, the regional banks will have to pay into that and according to some analysts this will have repercussions for the treasury market. bloombergligence is estimating that these regional banks could issue up to $75 billion in new long-term debt. that may widen spreads. a lot to consider here. shery: at least the banks seem to like it or investors, we saw the market reaction being pretty positive? >> stocks went higher, treasury yields were lower and because we did not get the armageddon scenario. there is something called tlac, it is essentially total loss absorbing capacity requirements. armageddon, if the worst happens, the bank covers everything. that has not been invoked and that is not a mandate going forward, that is a relief and investors are happy with that. particularly, some of the banks. the banks do not have to adhere to any of these new rules rallied the most today. there is going to be a six day public comment period and the banks have three years to phase this in. this will not have to be dealt with all at once, this will have an earnings impact. the positive flipside is that it gets rid of some regulatory uncert

bloomberg daybreak. europe. now we're expecting uk jobs data at the top of the hour. they're of course, going to be all important for the bank of england in terms of what it does with rates next, how long it keeps them high. and joining me now for analysis is our europe economist, chief europe economist jamie rush from bloomberg economics. morning to you, jamie. there's been a lot of talk, especially from people around the government, about wages growing faster than prices. for the first time in nearly two years. i wonder how much that would actually be a cause for the for celebration, especially from the bank of england's perspective? yeah, if it keeps meaning that rates have to go up higher and higher, then i suppose it's not a cause of celebration. it's kind of a case of good news is bad news here. um mean? yeah. wage growth is much too fast. you know, above 7% is running too fast for the bank of england. it's not consistent with the inflation target. it would need to fall back to somewhere between 3 and 3.5% for the bank of england to feel comfortable that they're on track for 2% inflation. and we're nowhere near that ye

bank is already facing? su: well there has been a lot of scrutiny on goldman as of late. we talk this week about help many newspapers and magazines and bloombergting on the frustration of senior management. david solomon. the bank has not been able to keep up with peers in the botched move into banking is one of the sore points for goldman, and while some may blame david solomon, the ceo has told colleagues that this current scrutiny is bank and others are under is generally large. and after the implosion of the investment firm in 2021, it is just a first example of a long look by regulators. then you had the regional bank failures, and what the big banks new or did not know ahead of time, about his also a heightened area of scrutiny and we should point out it can take a while to a regulator's satisfaction, so observers take the situation at goldman in terms of back office staff to help address these issues, that it could be a lengthy process. shery: su keenan with the latest on goldman. you can find that story in today's edition of daybreak and terminal subscribers can customize your settings so you only get the news on the industries and ass

bloomberg has learned that softbank's arm is set to split underwriter fees equally among four leading banksnt to bring in our expert, bloomberg's alex webb. let's start with you. what are we expecting from this blockbuster ipo? alex: the company is reportedly seeking valuation -- there has been reporting that some banks have come in with a valuation considerably lower than that and don't forget that softbank bought arm in 2016 for 22 billion pounds. this valuation was $70 billion. -- 70 billion pounds. it was the biggest tech company and it will be listed in the u.s. perhaps not a surprise given valuations over there. lizzy: the chip designer has seen a revenue decline. where is the pain coming from? mark: people are buying fewer smartphones. that means there are customers -- there is a big inventory stockpile. revenues held up better than the actual -- people like qualcomm. still under some pressure. i guess we are looking for an uptick in the in the second half of the year to hopefully reverse that trend. lizzy: do those chips expire? or can they just use them later? matthew: they do. tha

central banks in indonesia, sri lanka, entergy will announce rate decisions on thursday. bloombergconomists are expecting a hawkish hold by the bank of korea as the region deals with the threat of another inflation flavor. other academic data, cpi prints from tokyo and singapore and ppi numbers from south korea and japan. vonnie: china tech earnings throughout the week as well, a sustainable online ad recovery and cloud services is expected to lift baidu's expectations. it investors eyes will be turning to jackson hole wyoming later this week were fed chair jay powell will speak. our global economics and policy editor kathleen hays is here. the theme this year, structural shifts in the global economy. what are we going to hear? kathleen: it is a symposium that is been going since 1970. over the years, what people of come to look to first and foremost is jay powell's speech. the symposiums starts thursday evening with a symposium and dinner. you can see jay powell along with the new york fed president at the georgia fed president. on friday morning, this is when the fed chair speaks

this is a situation not ideal for banks because supervisors can impose potentially onerous measures. one source tells bloombergdman is dealing with a confidential measure imposed by the fed that predates the current increase in scrutiny. while david solomon has been under a lot of pressure, including discontent at his bank, he has shared with colleagues that he believes the current situation is more reflective of a generally tough client for the industry. goldman makes it a practice not to comment on regulatory matters, and they are not commenting at this time. lizzy: let's look at events we are following today. 7:00 a.m. the latest u.k. retail sales data, they likely slipped in july as the wet weather hit outdoor spending. at 10:00 a.m. london time, a final reading on euro cpi inflation in july but core inflation was unchanged at 5.5%. services inflation rose to a new record high. we are watching earnings from estee lauder, forecasting a fall of 2% in the quarter. palo alto network sales growth is expected to exceed 20% for the 12 consecutive quarter. coming up, banks get a boost as no fewer than 28 of them a

to ensure they have a handle on exactly what banks have on their balance sheets and what they do not to ensure that does not happen again. sonali: bloomberg'se regional banks. coming up, as a hurricane slams florida, we will look to the potential cost to the insurance industry. that is next. this is bloomberg. ♪ jon: this is bloomberg markets. i am jon erlichman with sonali basak. hurricane idalia is spreading damaging winds and heavy rain after making landfall on hurricane -- florida's west coast. sustained winds of 125 miles per hour. a bloomberg insurance analyst joining us now to talk more about the business costs associated. we want to make sure everyone is ok but it is hard not to think about some of the costs we have seen in past instances. when you compare it to hurricane ian, $112 billion worth of damages, your current team estimates are much smaller by comparison. matthew: much, much lower. this storm hit a sparsely populated area florida. the population density is about 90% below the average county in florida. there is just less stuff in the way to get damaged. sonali: what does this mean for the rest of the season? will you see

shery: we are watching what is happening in china with bloomberg learning that the largest banks there are preparing to cut interest rates on existing mortgages and deposits. the latest state directed measure to shore up growth in the economy and annabelle has the details and the morsels of reporting. we did not see any moves on the loan prime rate and mortgages, we were scratching our heads. we are now seeing more targeted measures? >> this is what we are hearing essentially, lumbar exclusive as you said, 90% of home loans in china could be impacted by this. quite big in essence it will impact a lot of people but it is that debate. a lot of primate decisions, it is about investors trying to understand how meaningful any sort of action or lack of action in china is going to be. in terms of the details, china is expected to cut rates on existing home loans. that will be achieved by trimming the premium on the reference rates. in china, floating interest rates are typically set at a premium to the five-year lpr which has been the reference rate for mortgages since august 2020, it was ann

bank governors were taking a look at different payment instruments and mechanisms to encourage more trade in local currencies and move away from a dominance on the u.s. dollar. in johannesburg, i'm jennifer, bloombergorate stories we are following, jp morgan has won a u.s. federal acute -- appeals court confirming leverage loans are not securities, investors had sued the bank over $1.8 billion of syndicated loan notes after borrowers filed for bankruptcy. the court's decision is welcome news for banks and private equity firms, which often make use of leverage loans and buyout deals. they expect to borrow $5 billion from the structuring debt market to help fund its investment in the u.s. sandwich chain subway. a group of seven banks has committed to provide $4.9 billion of temporary financing. the funding is expected to be converted into one of the largest whole business deals ever. haidi: coming up in the next hour of daybreak, we will continue our live coverage of jackson hole as traders await fed chair jerome powell's key speech. the former bank of israel governors will be joining us shortly. business and policy leaders are also gathering in new delhi for the b 20 summit. we will speak to the u.n

matt: thanks very much for joining us come simone foxman on the retail or is at bloomberg and coming up, tv banknto dominion misses estimates as expressions and provisions for credit losses rose third quarter. we will talk to a chief investment officer. this is bloomberg. ♪ ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪ amber: this is bloomberg markets. i am cap amber kanwar -- i am amber kanwar with matt miller. we are looking at the latest results from two of canada part five biggest banks. tv bank missing expectations. royal bank of canada be expectations held by the performance of its traders and investment bankers. let's bring in the chief investment officer at 1st avenue investment and he joins me now at the desk. you are shareholder in both -- a shareholder in both and so much of the common refrain in holding in these canadian banks is for the u.s. exposure but in both banks, the u.s. is under pressure. what is -- it you see? -- what did you see? >> we think the c

banks. we will bring you the details next. this is bloomberg technology. somebody would ask her something and she would just walk right past them. she didn't know they were talking to her. i just could not hear. i was hesitant to get the hearing aids because of my short hair. but nobody even sees them. our nearly invisible hearing aids are just one reason we've been the brand leader for over 75 years. when i finally could hear for the first time, i started crying. i could hear everything. call 1-800-miracle and schedule your free hearing evaluation today. caroline: it's time to talk technology. american trade groups comprise the biggest players in technology and manufacturing and asked the u.s. government to reconsider a technology. the coalition includes some of america's largest businesses including apple ident health. -- intel. the largest maker indicates that the. applied materials sees a shift towards artificial intelligence and in the rise in enternet connected devices. softbank backed arm filed a roster of underwriters for its initial public offerin

bloomberg original youtube channel. we will be back to jackson hole and are joined by the head of croatia's central bank for his outlook 2mhealth customers surveyed reported taking healthier actions. more exercise. eating healthier. and simply getting more sleep. because they know health isn't just a future state. health happens now. with over 150 personalized genetic reports from 23andme you can start your dna-powered health journey today. >> we have to be cautious this time around, because downside risk that we identified in june and our forecast has materialized. this is an inversion of what happened throughout the pandemic recovery, because usually we have been surprisingly upside. haidi: that was the bank of pork trickle -- portugal. let's get back to jackson hole with the head of croatia's central bank. >> with me is the head of the croatian national bank. thank you for taking time to join us today. we have been talking all day about the economy in europe and the u.s. and how everyone is trying to bring down inflation but the economic situation is different in both places. how would you describe the european econ

a bank of america company. >> this is bloomberg markets.ching the real estate market closely with mortgage rates rising for a third straight week in the u.s. with rates hovering around 7% have kept would be buyers on the fence. we want to dive deeper into the story. i will start with you. it is interesting, appear in canada, we have these five-year mortgages, so people are moving more quickly to this reality. those with mortgages stateside are wondering and waiting it out . what do you see in terms of the impact on real estate? >> great question. firstly, thank you so much for having me on. maybe it would be helpful to give a little bit of background. we are in opportunistic real estate investor that has recognized a big dislocation for real estate between the public and private markets. we recognize -- we decided to raise private equity to try to meet the public market at big premiums and deliver big premiums to public shareholders after establishing a position and sometimes using tactics to compel them to prioritize. interest rates have b

bloomberg has learned that -- as in banks -- is an advanced talks to take it private for evaluation of5 billion. the billionaire chairman has been discussing a possible offer for the shares that he does not own any 37% premium at tuesday's closing hong kong. that chairman has lined up financing for the proposed bid including announcing a deal in the coming days if he decides to move ahead. it is credit card debt at the top of the morning. credit card balances now topping $1 trillion. delinquency rates of return to pre-covid levels too. this survey shows and appears to show stabilization but really shows how widespread credit has been used in recovery from the pandemic. they also said despite the many headwinds that consumers are facing in america, there is little evidence of widespread financial distress for consumers. a letter credit card use but no concern about the consumer still. still had, novo nordisk shares it a high effort obesity drug showed a heart benefits. we will get you the story behind the company. this is bloomberg. ♪ every business deserves a great deal. that's why com

a bank of america company. vonnie: this is "bloomberg markets." i'm vonnie quinn.the long holiday weekend, affordability is a big question for many travelers. under the soaring costs of living, a good deal could be make or break in terms of locking down your next vacation. canadian startup hopper is betting on that with its price prediction tools. let's bring in cofounder of hopper dakota smith for more. first question on anyone's mind is when do i need to be booking if it is a vacation coming up and i want the best deal? dakota: thanks for having me. short answer is book as far in advance as you can. that is where hopper's tools come in handy. you can set up a trip, received price alerts, and receive information about price volatility. consumers are booking last-minute still, a trend that has carried over from the pandemic. that is costing them what it is time to book because it is costing them more due to that. jon: a lot of focus on ai this year, something that you have been focused on for quite some time. talking about elon musk trying to build and everything a

bloomberg. ♪ kathleen: protests reported in beijing against one of china's biggest shadow bank's after it skippedayments on several products. it is underscoring how trouble in the property sector is spreading deeper into the financial industry. stephen engle is in hong kong. bring us up to date. what do we know? >> any time there are protests in china, it is rare and interesting, particularly in beijing, which is almost nonexistent to find these kinds of protests. in other cities perhaps far away from the nation's capital you will see protests, but we are hearing up to about a dozen protesters rallied around zhongrong international trust, major shadow bank that provides funding at very high interest rates of course. there long time cnet fairly safe places to park -- they are longtime seen as fairly safe to park money. we are going to talk about country garden in a second. but also the slump in the stock market and other signs of weakness in the chinese economy is showing this slump is going beyond the property sector and into the financial sector and heading equate -- a key provider of liquidity.

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on bloomberg television and radio, he will talk to the european central bank. this is bloomberg.you get to watch all your favorite stuff. it's to die for. and it's all right here. streaming was never this easy, you know. this is the way. you really went all out didn't you? um, it's called commitment. could you turn down the volume? here, you can try. get way more into what your into when you stream on the xfinity 10g network. so, you've got the power of xfinity at home. now take it outside with xfinity mobile. like speed? it's the fastest mobile service around. with the best price for two lines of unlimited. only $30 bucks a line per month. that's hundreds in savings a year when you wave bye to the other guys. all on the most reliable 5g network nationwide. you really shouldn't walk out the front door without it. switch today at xfinitymobile.com. >> this is bloomberg surveillance. i am matt miller alongside damian sassower. com, john and lisa. we are with you from 8 a.m. new york time. special coverage, live from jackson hole. straight through noon. straight through the powell s

members of the new development bank brix kazakhstani tenge collapsed more than all the currencies of the world, with the exception of the argentinean play on according to bloomberg, the reason was the weakening ruble in the central bank of the republic recognized that the relationship between the rates of evolution is maintained while the ruble? after raising the rate, the central bank won back the losses, while the tenge continued to decline until the end of the week, this was economic news in a nutshell. a cache of weapons and ammunition was discovered in the port of mariupol, this was reported in the local department of the fsb, according to operational data , the caches during the battles for the city were made by militants from the regiment. let me remind you that azov is recognized as an extremist and terrorist organization. apparently, the weapon was intended for sabotage groups of the enemy and the commission of terrorist attacks on the territory of the dpr, five machine guns, six machine guns and several thousand rounds of ammunition for them were found in the cache. specialists from all over russia came to donbass, they help to prepare for the heating

kathleen: that was the central bank governor adrian orr speaking to bloomberg. all kinds of securities, bloomberg functions and you could become part of the conversation by sending us instant messages during our shows. this is for bloomberg subscribers only. check it out, tv . this is bloomberg. ♪ i'd like to thank stitch fix for always making me look great. for taking care of the shopping... so i can take care of this. i'd like to thank my stylist, now getting dressed is so easy. thanks for getting my fit just right. for finding me looks that work for me and my budget. for finding me my favorite pair of jeans. i'd like to thank stitch fix because, i look good. thanks stitch fix, you just get me. -they get me. -you just get me. and they'll get you, too. take your style quiz today. kathleen: some stocks we are watching i of markets markets opening in hong kong and china. china evergrande says regulators built a case related to disclosure violations. keep lenovo. some of the big names reporting earnings today. that is it for daybreak: asia. market coverage con

banks and singapore are becoming embroiled in one of the city's largest money laundering cases. let's bring in our correspondent. what more do we know about this case? >> according to our colleagues at bloombergding city and our and uob. they allegedly tried to defraud banks including standard charter and cimb, forging documents. the total amount of money that they held in assets runs up to 740 million dollars, and these individuals use that money to buy everything from luxury cars towed golf memberships, also upper scale luxury condos. it really shines a light on the amount of money that has been brought in for these illicit money flows. haidi: what are the implications for banks and reputational he for singapore? >> the singapore government right now is asking documents from at least 10 financial institutions. the issue at hand right now is this case raises the question whether there was enough guardrails against money laundering, and also illicit money flows into the important financial hub, and also, what was the role that all of these players, including banks and also property real estate agents, traders, and also luxury golf clubs, what was the role that they played in enabling this to

bloomberg technology. ♪ ed: ai startups are working with banks to raise a fresh round of financing. ording to bloomberg sources. the company is being advised by j.p. morgan and goldman sachs. the openai competitor raised $270 million. let's stick with startups and get perspective, bringing in bilal zuberi. i'm happy to see you because since last we spoke, you seem to spend a lot of time on an airplane and visited a lot of countries. what have you been up to? bilal: it has been a busy time. i have been visiting her for the companies in europe and asia, several companies in europe, pakistan, jordan, and all over the u.s.. we have companies coast to coast. ed: is there anything magic divide on what you invest in in europe vis-a-vis what you invest in in america? bilal: we invest at the intersection of technology and sciences, solving heart problems -- heart problems -- hard problems. people like to be thought leaders and think of themselves as visionaries. capital follows talent and talent follows interest. the interest is in solving important problems. that is where we are spending our

it's unclear which areas of the bank the fed is probing. bloombergays goldman has been facing increased pressure from the fed with the bank's operations and procedures potentially at risk if goldman does not comply. the hiring spree follows a significant reduction to head count made by goldman last year. major texas grid operator, electric reliability council of texas says it's activated its emergency system after increased power usage due to the heat wave caused electricity reserves to fall below the critical 3,000 megawatts level. the operator which oversees the grid for 26 million customers and nearly 90% of the state's power load expects power usage to hit a new record high today as extreme weather continues to weigh on the state. and shares of luxury fashion company farfetch are plunging following a lower than expected seams number in the second quarter and a wider earnings loss. the company says t growing and becoming more efficient as it executes on key strategic priorities and continues to adapt to the challenging macro environment over the l

bank of america company. david: welcome back to the show. might have seen this across your bloombergls and television screens, the gop offering $7 billion worth of its assets portfolio for china logistics to pick through those assets -- glp. the assets, and a review under multiple forms and projects, according to people familiar with what is going on there. there is obviously still some due diligence taking place. essentially, 7 billion dollar portfolio of assets, china logistics sifting through this. perhaps ultimately good for them. yvonne: alright, let's look at china airlines now, it is planning to boost its fleet with more fuel-efficient aircraft. we spoke to the president on his expectations for demand and passenger volume growth. >> we are coming back. the passenger is about 50% of the same volume compared with 2019. pre-covid. and for the first half, 2023. but right now we are looking for very significant increase in the second half. 70% to 80% coming back, compared with pre-covid. we are very confident about this increase. yvonne: when do you think you will get back to pre-p

bloomberg. ♪ four we had to break, federal reserve bank of atlanta president rafael bostick caught up with bloomberg's, weighing in on his thoughts on generative ai. have a listen. >> what i would say on generative ai, it is happening so fast and changes -- change is happening so fast. this is a front tier and we will do new things and different things to try to keep up with it because it is a question that will i think drive a lot of what happens in our economy for the next several years. the chase ink business premier card is made for people like sam, who make- everyday products, designed smarter. like a smart coffee grinder, that orders fresh beans for you. oh, genius! for more breakthroughs like that- i need a breakthrough card. like ours! with 2.5% cash back on purchases of $5,000 or more. plus unlimited 2% cash back on all other purchases. and with greater spending potential, sam can keep making smart ideas- a brilliant reality! the ink business premier card from chase for business. make more of what's yours. if you're trying to get a view of the whole organizational financial health and you're

bloomberg. they are working with banks, including goldman sachs and j.p. morgan bank.company in the country. they have not commented on the report. taking a live look at the nyc, you can see we are down about 56 points. now to a question. it is stirring so much debate, wet side of the bed do you sleep on? kumasi: a couple on tiktok's going viral because they told fans it does not matter to them. [laughter] jobina: sorry, everyone. it is clearly waking up paramo ur, as well. kumasi: apparently, they switch it up every night. >> we get it, stick to your side, but i think we should challenge everyone, if it is a difficult, sleep on the other side tonight and see what happens. kumasi: one person left a comment, joking, what kind of serial killer behavior is this? [laughter] let them be. people also had practical concerns about things left in nightstands and favorite pillows. as if the pillar was stuck in place. jobina: thank you. sue: when we sleep somewhere else, at somebody else's house or hotel, we always switch sides. i do not know why. there is no thought process. spe

bloomberg markets. it is said definite risk off move and there are different factors like banks and human -- and commodities are getting hit. it is hard to tease out the main macro narrative. guy: we are looking forward to options. we were waiting for this week to start. hasn't it started with a bang? there are few pieces in the puzzle and we don't know where they go. the banking story is fascinating. the banking crisis this spring was kind of a warning signal and maybe we are seeing the next round of the narrative developing. the bigger banks, that are under review, it sends a clear signal that the banking crisis is not over and it is becoming clearer, the understanding of which banks will do ok. alix: what we want banks to be? do we want them to be a utility were you keep money here and lend money there and that is it -- where does the risk go and how does that affect the broader economy? guy: the u.s. has a lot of banks. will we see consolidation and will that develop from this? higher funding costs could push you to consolidation. tougher regulation, similar narrative and commercial real estate is the w

but as bloomberg reported today, at least as that relates to regional banks, extra regulations are not as bad as many had thought. sonali: switching gears to goldman, they are getting out of that united capital business. we also reported that that green scale is entering the home stretch. they are working on their best final offers and have sold this market loans. you look over at jeffrey's and they say that goldman is getting closer to being a more durable and profitable business. are you sold that the job is closer to done for david solomon and john walter? mike: over the last six or seven years, goldman sachs has gone from wall street for straight. ash main street. i never thought that was a good idea. they have lost $3 billion and now david solomon wants to go back to their heritage. the sale of almost all of united capital announced yesterday the potential sale of green sky, which show that goldman is becoming more got wall street bank, which is been strong for over 150 years. sonali: can they declare victory now? do they have a while to go before the street can be convinced their

it's slid about 5% over the past month and bloomberg economics does expect the reserve bank of new zealand to keep those rates unchanged later on wednesday. let's discuss more with mary jo vergara, senior economist at kiwibank. mary jo, thanks so much for joining us. so no change expected, but we have something else that's not really changing in new zealand as well, and that's inflation. if we take a look at this chart on the bloomberg, we can see that it remains very sticky. so how confident can we be that even if the rbnz stays on hold today, that this really is the end of the tightening cycle? that's our expectation that the reserve bank is done here at 550. we're now past the peak in inflation. we're seeing that disinflation that we've seen offshore starting to happen in our own numbers. that sharp deceleration in imported inflation should start to carry that headline rate lower. so and there's also favorable base effects in play with those last year's spike in in energy and food prices beginning to fall out of annual calculations. so we do see momentum there. we could see the the the

is in good shape, with a good chance of reaching inflation. >> bloomberg's senior asia stop reporter -- stock reporter. coming up, mr. ho bankhow its debt rating could weigh on emerging-market assets. and would take a -- and would take a look at the market open in sydney and tokyo, next. this is bloomberg. ♪ >> this is "daybreak: asia," we are counting down to asia's major market opens after a risk off session on wall street. we have stocks and bonds falling. investors, digesting the jobs numbers, not to mention the treasury debt issuance on top of the credit rating downgrade of the u.s.. then we have a brazil central-bank rate cut ahead of the bank of england's expected rate hike. a lot going on. >> it's a lot for investors to digest. there -- the irony is this comes at a time when we see further positive out greats to the u.s. economy and less chances of recession. we are perhaps seeing a bit of capitulation or a bit of repositioning in this rally. >> take a look at how markets are opening across japan. we are watching the treasury space very closely. we saw yields rally in. the 10 year yield at that november hi already wi

bank. we will have all the details for you on today's wall street beat. this is bloomberg: we cover all of what wall street is looking at around the world come all the banking and finance and we got a look at the record results from ubs this morning and we will hear from the ceo later on and let's hear from bloomberg's sally bakewell. the numbers were huge but we have to put that into context. >> of course, the numbers, they posted their biggest quarterly profit but this was an accounting gain from the acquisition of credit suisse. if you look at the underlying numbers, they are pretty positive and a key one was inflows, ubs audit $16 billion of new money flows which is a pickup in a clients activity and that is important because it shows perhaps the stabilization rather than any feelings of contagion from exhorting the cs rant --brand. dani: i think about how it gets politically tricky for a bank that has government help to be posting such big numbers, not to mention shareholders that for credit suisse, got a lot less than ubs is saying it is worth. what sort of dangerous

another read on the investment banking universe. this is bloomberg% of 23andme health customers surveyed reported taking healthier actions. because they know health isn't just a future state. health happens now. start your dna-powered health journey today with personalized insights from 23andme. if you're trying to get a view of the whole organizational financial health and you're trying to do that through multiple systems, that makes it very, very cumbersome. ♪ it's not just tech, it's not just people. it's how they work together to provide that experience to the customer. as a finance organization that is what you want to do. ♪ you're concerned that it's going to cost you money. to this day i only paid what i had to pay for the device... when i go back everything is covered. there's so much you're missing by not having hearing aids. we'll find you a hearing aid that fits your lifestyle and budget at one of our over fifteen hundred locations. call miracle ear at 1-800-miracle and schedule your free, no obligation hearing evaluation today. guy: this

that could have been more dovish, which leads us to the question, are central banks over tightening, joining us is bloomberg's jp barnett and michael mckee. i have to start with mike. apparently is a big celebrity when it comes to jackson hole. our central banks at a risk of over tightening? michael: are they over tightening or are they at risk of over tightening? the risk is there but i do not think they are at this point. they are looking at the economies and seeing growth in they seeing inflation falling. at this point they haven't either calibrated about right for they might have to do more of inflation starts to go back up but they are cognizant of their is risk. alix: what do you think? are they over tightening? j.p.: there is a risk of over tightening at this point but they were risk in both directions. over tightening and other tightening. operating with lagging data, they do not know with the next data point will look like and that is why they are cautious because they want to see we have done a lot and how will inflation and the economy play in that environment which creates the 70's risks that you

bank. we will have more on his exit and what it means for the strategy, coming up next. this is bloombergi did have hearing aids from another company... i was just frustrated... i almost gave up. with miracle ear it's all about service. they're personable... they're friendly. i'm very happy with them. we provide you with a free lifetime of aftercare. meaning free checkups, cleanings, and adjustments. i see someone new... someone happy... it's really made a difference. call miracle ear at 1-800-miracle and schedule your free, no obligation hearing evaluation today. guy: this is bloomberg markets. coming up, federated senior strategist joining us at 1:00 p.m. new york time. this is bloomberg. ♪ kailey: it is time for wall street beat where we look at what is buzzing on wall street in the world of banking and finance. today we are looking at the announcement that paco ybarra of citi is leaving the bank and the first half of 2024. sonali basak just spoke with him last week here on bloomberg tv. a lot can change in a week. how significant is the move? >> it is like the world changing over at c