ruth gregory from capital economics is surprised by the jumplj ruth gregory from capital economics isy little improvement in consumer purchasing power, so we would be wary of placing too much weight on these figures. indeed, it may bejust placing too much weight on these figures. indeed, it may be just that the strength in retail sales is offset by weaker spending away from the high street, as was the case earlier in the year. given that retailers were only managing to sustain this growth given the discounts, this is unlikely to be sustained, so we would not be too surprised to see some reversal in the august figures. amazon looks set to continue its expansion plans in the uk by setting up an insurance comparison site. according to reuters, amazon has been "sounding out" insurance companies to see if they would contribute products to its new venture. if you're after some bargain handbags and gladrags. .. sir rod stewart is having a "good old—fashioned clear out" and auctioning off some his furniture. fans of the maggie may singer could own items like a leopard print armchair or a figu

people and inflation joining us now from london is gary seen the emerging markets economist at capital economics good to have you with us first of all how big a financial crisis is pakistan facing it's facing a mountain in a mounting want an increasingly serious one as well now the backdrop to this is the big infrastructure projects currently going on in the country and these become a couple of years ago and in many ways they're exactly what pakistan needs they're going to build bridges railways roads energy plants which is which is what they say the pakistanis economy back on track the problem is that they the money is coming from china nobody really knows who is coming from this left pakistan with all of that it's also led to the emergence of a big current account deficit as well as ports of capital goods needed needed for the construction project and so they're increasingly facing quite an acute crisis what they've been doing over the past few months is nothing really more than stock measures so they've allowed the currency to weaken a little bit they've raised interest rates they've been spe

joining us now from london is gary seen the emerging markets economist at capital economics good to have you with us first of all how big a financial crisis is pakistan facing it's facing a mountain in a mounting want an increasingly serious one as well now the backdrop to this is the big infrastructure projects currently going on in the country at least began a couple of years ago and in many ways they're exactly what pakistan needs they're going to build bridges railways roads energy plants which is which is what they see pakistanis it's own economy back on track the problem is that the money is coming from china nobody really knows who is coming from this left pakistan with all of that it's also led to the emergence of a big current account deficit in imports of capital goods needed needed for the construction first started and so they're increasingly facing quite an acute crisis what they've been doing over the past few months is nothing really more than stock measures so they've allowed the currency to weaken a little bit they've raised interest rates they've been spending the forei

removed well joining me now from london is john asheboro a senior merging markets economist at capital economics thanks very much for being with us so this selloff in emerging markets couldn't have come at a worse time could it for south africa with all the other problems that it's dealing with it certainly is a difficult time for the africa and coming after a period when there was such optimism they had the change in president obviously in february and there was a hope that this word would put a difficult period behind the country that doesn't seem to have happened and why do you think that is there's a realization i think now that many of the problems faced by the africa are serious structural issues it's going to take more than just a new president to address them even if president opposed is making some positive steps in some directions particularly in personnel changes at state enterprises it isn't possible in only a few months to turn things around and so that has led to i think a bit more understanding of the situation facing the africa and then of course this recent fall in the rand has

nejra: thank you so much to william jackson, capital economics.acro. we look forward to that. this is bloomberg. ♪ >> this is bloomberg surveillance. i'm kailey leinz. let's get the business flash. shares of bayer fell the most in 15 years. the chemical -- the company it bought was hit with 280 mine million dollars in damages over a trial that it causes cancer. months into will appeal the verdict. baer believes the courts will find the we killer was not to blame. there is a report that billionaire paul singer's -- elliottagement is owns more than a percent of nielsen and plans to push the company to sell itself. it's team continues to violate how to best position the business. stay out ofnce to the trade conflict between washington and beijing. quitompany may temporarily buying u.s. natural gas cargo is to avoid paying tariffs. china is the third largest buyer of u.s. lng. tom: thank you so much. the german two-year comes in at a greater negative yields this morning. that is one of the vectors we are watching. usually, we talk to neil dutta about

their economic engine that they have, and the capital investments that they're making, i just came backutheast asia. what those leaders there were telling me is that the united states is behind, way behind china terms of the capital economic investments that they're making and a lot of it has to do with the last eight years and the united states being disengaged. they want us to kind of catch up. melissa: interesting. general jack keane we always appreciate your insight. thanks so much for joining us today. >> good talking to us, melissa. >> i love to have him here, but would be nice if he was back at the pentagon. >>> the great debate is over, president trump striking back once again at andrew cuomo, the governor of new york, slamming him for his claims that america was never great. now the president has an unlikely ally in a late-night comedian. melissa: that never happens. we're awaiting a verdict in the paul manafort trial. the defense believes they're still in the game. why the lawyers for the former trump campaign chairman believe they have a reason to be optimistic? we are live a

would become the economic capital of america >> i couldn't spell economic capital 36 years ago >> appreciatet go back to bed >>> we're also following a developing story out of the middle east. saudi arabia denying published reports yesterday that the kingdom scrapped plans to list shares of saudi aramco sources tell cnbc it tell plans to take saudi aramco public at some point in the future joining us is the oil and gas correspondent from "the financial times," anuli raval. they said the bankers have been called off, your reporting there suggests that that may not be the case >> the government statement follows months of signs by the kingdom that they were unwilling to forge ahead with the planned privatization. we have been told riyadh has postponed that privatization indefinitely but the government says they still plan on an ipo in some time to go, but maybe this was the inevitable conclusion after months of delays we had a report in october that the kingdom was considering shelving the ipo they faced issues, whether it's concerns about legal exposure, regulatory exposure, also about disclo

jennifer, your expectations -- what are your expectations at capital economics for the chances of a newexit? jennifer: our assumption is there will be some kind of a deal. it is in everybody's interest to make that happen. obviously, it is difficult to reach, but there are very sentiments where -- the crucial issue is the irish border, the irish backstop. regarding the future trading relationship, hopefully, some form of wording can be found that just about suits everybody and allows time to continue to allow both negotiations. manus: one of the things that who carney focused on, spoke with francine lacqua and other agencies friday, fdi should be on fire in the u.k.. would you agree that it is not and that it is stymied because of the prevarication over brexit? jennifer: yes. i think that is almost certainly true. -- there is more uncertainty than anything else. it is hard to know what would have happened without brexit. but it's probably fair to say that it is having an impact. investment intentions are relatively buoyant. we are not too concerned about the outlook for the economy. ann

and debris well now they're sheltering them from the sun story the city of aleppo has been the economic capital of syria and now with the word gone finally some traders are coming back to the streets. don of reporting from aleppo in syria . this week a highway bridge collapsed in the italian city of genoa killing at least forty three people including three children and response the country's prime minister has declared a twelve month state of emergency in their. different outcome of the full. effect of us with this. but it was a call to the. oval office via. the two and a. political motive for the boy had a shooter the shooter that's a little over him up up into the wood it was a close to full deal because it felt a little out of you know my vision of me. by the window but it could bust me going to be out. while the investigation into the tragedy continues the company which manages the bridge has set up a fund to help the victims and has pledged to rebuild the crossing it has also apologized to the people of genoa and all those who've suffered. young girl from the u.s. state of maryland who was

debris well now they're sheltering them from the sun historically the city of aleppo has been the economic capital of syria and now with the work gone finally some traders are coming back to the streets. of reporting from aleppo in syria. this week a highway bridge collapse in the italian city of genoa killing at least forty three people including of three children in response the country's prime minister has declared a twelve month state of emergency in the area. different outcome of the full. effect of us with them. but it was a lot of the. oval office via must have a lot to do and a. political motive but both of you are dead if you will shoot at us for a little over him up a little bit of the wood it was a close to full deal because it felt a little out of you know my vision of me. by the going going fight it could bust me going to be. well as the investigation into the tragedy continues the company which manages the bridge has set up a fund to help the victims and has pledged to rebuild the crossing it has also apologized to the people of juneau and all those who saw. the young girl from the u

and debris well now they're sheltering them from the sun story the city of aleppo has been the economic capital of syria and now with the world gone finally some traders are coming back to streets. of reporting from aleppo in syria. well this week a highway bridge collapsed in the italian city of genoa killing at least forty three people including three children in response the country's prime minister has declared a twelve month state of emergency in the area. different outcome of the full. effect of us with this one. but it was a call to the. oval office via must have a lot to do and a. political don't want to but for the brought. over him up close to the wood it was a close. because it felt a lot of you know my vision of me. by the window invited to bust me going to be. as the investigation into the tragedy continues the company which manages it the bridge has set up a fund to help the victims and has pledged to rebuild the crossing is also apologized to the people of genoa and all those who saw. young girl from the us state of maryland who was reportedly reprimanded for kneeling during the

i think money has been flowing out of china, i think capital has been flowing out of china because of economic wraekness, because their state capital smile doesn't work the interesting thing here -- the u.s. is the hottest economy in the world our entrepreneurs are large and small businesses our workforce and our unemployment rate, we're crushing it right now. money is flowing to the place where it's treated most hospitably if china would fake a look at some of the things we've been asking they might have a more satisfactory response. remember, years ago, when i was here the last time, working at omb. mrs. nancy reagan had a great campaign against drugs she was right on, she said, just say no people mocked her for a bit, but she was dead right i would give some advice to my chinese friends, sometimes just say yes. you get nothing from them. whether it's technology transfers or ip or ownership or commodities, they never say yes. how can we go in good faith with that very core point of view if they change it would be most welcome. i think that's part of the decline. maybe china will have a look

then you find out that capital economics, for example, points out in the wake of this release that japan'sgrowth jump, this labor cash earnings, was really driven by summer bonus payments. that's great if you got a bonus payment but it's not like having your regular earnings or paycheck actual liz rising. maybe that's one -- actually rising. maybe that's one reason why household spending fell 1.2% in june atop of a 3.9% decline in may. earnings are rising due to bonuses. maybe that's not enough to give you confidence. especially if you didn't get one of those big bonuses that your paycheck is going to be big enough to help you start buying more, spending more money, and of course that's another thing the b.o.j. would like it see. the growth and inflation figures moving higher. rishaad: looking for china, foreign exchange reserves that could come out any time now. any time today. they are rather important. perhaps they would tell us what the central bank there has been doing in terms of trying to perhaps defend the currency. what are we looking at? >> absolutely. we know that friday night t

i'm not going to call him in part, -- and in part, we have nearly unlimited capital economic system flows right to the city of new york. we have the most powerful business -- we have satellites, we went to the moon. there is a country -- there isn't a country that can do bad things if it is inclined to do bad things, it is the united states. so the fact that america has confessed to doing some bad things, and has the means and opportunity, right? if belize said we have a plot for worldwide domination. i'm not sure where that goes other than wow, some people are really messed up. if belize had a worldwide power projection possibility, they could get a lot more -- i mean there are, the greenbrier or cheyenne, there are giant underground complexes that are dug that are bombproof. we have an entire infrastructure that was designed to accept the fact that we would probably be at nuclear war. we have laws drawn up that allow certain parts of the government to be completely nondemocratic, which some people are like, well you already have the plan, do we have to do is announce a national emergenc

we have nearly unlimited capital, economic system flows right to the city of new york. we have the most powerful biggest most expensive military in the world. have the power to do bad things if it is inclined to do bad things. the fact that america has confessed to doing some bad things and has the means and opportunity, again, if belize says we have a plot for worldwide domination, i'm not sure where that goes other than the people of belize are really messed up. but if belize had a worldwide power projection possibility than those conspiracies can get a lot more. at weather mountain, or the greenbrier or cheyenne, there are giant underground complexes that are dug and bombproof. have an entire if a structure that was designed to accept the fact that we were probably going to be a nuclear war. we have laws drawn up that allow certain parts of the government to be completely nondemocratic. which in the eyes of some people, see we already have the plan, all we have to do is announce a national emergency and we can do this. plans made up in the middle of the cold war. ame

historically the city of aleppo has been the economic capital of syria and now with the world gone finally some traders are coming back to the streets. because dawn of reporting from aleppo in syria. meanwhile the u.s. state department says it will redirect american stabilisation funding plan for syria to other foreign policy efforts washington insists though this will not affect its humanitarian assistance program meanwhile saudi arabia has pledged to contribute one hundred million dollars to syrian reconstruction efforts but the money will only go up to the northeast of syria a region under the control of u.s. backed kurdish forces. and while some programs are cut others remain in place but the u.s. saying it will stay in syria for some time yet to battle terrorists. we're remaining in syria the focus is the ensuring defeat of isis we still have no launched the final phase to defeat the physical kind of fight this is actually being prepared now and that will come at a time for choosing but it is coming joshua landis a head of middle eastern studies at the university of oklahoma says ther

debris well now they're sheltering them from the sun historically the city of aleppo has been the economic capital of syria and now with the world gone finally some traders are coming back to the streets. of reporting from aleppo in syria. this is about international with the economic standoff between the u.s. and turkey gaining momentum after both sides impose further tariffs on each other over there one. is ready to challenge washington produces you know some believe they can threaten us with the economy sanctions exchange rates interest rates inflation here's what we tell them we've uncovered your schemes and we challenge you or you. was aggravated when i encourage detained an american pastor of a possible links to terrorism among other measures i washington slapped additional tariffs on turkish alimony and steel sending the turkish lira plummeting to record lows against the us dollar turkey in turn has hiked rates on key american products including cars and alcohol the u.s. now says sanctions will remain in place even if the pastor is released. well. in this this one american to put global fin

capital starts to feel uncomfortable like in turkey iran the way. in recent years turkey has been attractive for foreign investors not least to the low wages and strong economic growth capital flowed into companies and infrastructure their. but the government's transformation into a more authoritarian state has scared many investors are inflation has escalated the turkish lira has fallen foreign capital has pulled out if you're caught out turkey has lived beyond its means for years the boom of the heir to one arrow was dependent on credit and that was fine as long as turkey had a sound economic policy and an independent central bank that guaranteed the value of the currency. but that's no longer the case so of course foreign investors aren't willing to finance this boom anymore as they were before. if investors don't get the returns they want in one country they simply moved their money elsewhere. before the field was cause there's a lot of uncertainty in turkey it will cause the economy to slow down significantly and maybe even slip into a recession. twenty seventeen most foreign capital is directly invested in asia around four hundred seventy billion u.s. d

oppressed image of an era when the marriage of africa and portugal made lisbon the most important economic capital of europe. on his team who dies and he meets us all you did yet people still ended up with us in that he's been keeping us from what did he disallow cities of the put him in she took a bus it was not i got. today in southern europe in portugal italy spain or even provide an estimated fifty to sixty percent of the population could have african ancestry. into the last stunnel to define a lot of those internal to buy datums into the north i'm sad it still not good films and see a boss knows he could have elicited involvement and. seen a case for law like a good leadership shift the place was level. and we. have a new day in walk not at all yet i don't use what i. know he did did without. the. gun did did you get that under the new year zero does in the me you something to me dummy defense despite us only say to toss it's all at last met her she never told the news story. she ate a safe deal today of and also. the. just too often yana season always talking. about metal novel. merchants wa

internet policy right now is to potentially cybersovereignty a similar parallel to the economic nationalism of state capitalism the chinese do in economics. and what other people in the o st are trying to do now to ard create those flows to mess it semester created a very similar phenomenon. >>host: from hawaii republican mine be 14 be 14 but i don't think i notices about wall street there seems to be no introduction whatsoever i know a lot and then the mall called and 50,000 going to california. they don't have a choice they take a right for safety away from us which is fine becausehey they have proven and now inan an england is a republican mine go-ahead be 14 so my question can you explain what do you suggest that they should get their act together per se?take o >> that's a great question if you think of the fundamental ger question as we created a a playground called the internet and partnered with those it is easy for tech companies to create products that we use and enjoy in the playground then ras it's ran on a song for a decade or two without paying attention in the social media company and wonderful c

all these places are prosperous because of capitalism and the economic problems they have had is at your bootable to the giant wealth that they built on the back of capitalism. the trouble of using socialist systems on top of capitalism, is capitalism creates strength and socialism freezes things in place, which inevitably tends to suck the strength out of the system. you have a growing system that is bursting at the seams with potential and then people say, we are rich enough, let's redistribute the gains. so they do that and it turns out people do not have as much of an inset of to work anymore and this is why you see that there has been some experiments, one that shut down today in canada, in ontario, they had universal basic income experiment and they shut it down today because it turned out when you give people money to stay home and do nothing, they stay home and do nothing. the truth is come all these countries became what the long before they started using socialist methodologies. they became wealthy because they are pretty good cultures. high social cohesion and a lot of these n

how are you allocating capital. >> when you have a strong economic environment, that does not necessarilya good investing environment. valuations with pretty much high across the board. the most of important thing to understand about private equity and capital is the nature of our returns has changed over the past 20 years. it used to be you buy low and sell high. or you put leverage on it and because of financial leverage you could juice up the returns on the equity. it turns out at least at carlisle. 60% to 70% are generated by fund atal top-line growth, efficiency, corporate improvement. creating value. the nature of the job has changed. in terms where we are seeing opportunity. we have the luxury of taking a long-term orientation. we are of the view, we have to be able to drive the value improvement because we are paying up for these companies. nobody is getting great bargains or deals in today's market. we see great deals in chain today and carve-outs and large transactions out of corporations. and we are seeing an interesting genre of deals where there are private companies, they wo

debris well now they're sheltering them from the sun historically the city of aleppo has been the economic capital of syria and now with the word gone finally some traders are coming back to the streets. don of reporting from aleppo in syria. meanwhile donald trump has tweeted that the u.s. has cut its development funding for syria asking other nations to pick up the tab the u.s. state department says it will redirect its stabilisation budget plan for syria to other foreign policy efforts washington insists though this will not affect its humanitarian assistance program now it comes as saudi arabia pledges one hundred million dollars to syria reconstruction efforts however the money will only go up to the northeast of the country or region under the control of u.s. backed kodesh forces. and while some programs are cut others remain in place but the u.s. saying it will stay in syria for some time yet to fight against the last pockets of terrorists. we're remaining in syria the focus is the ensuring defeat of isis we still have not launched the final phase to defeat the physical caliphate this is ac

all these places are prosperous because of capitalism and the economic problems they have had is attributable to the giant wealth that they built on the back of capitalism. the trouble of using socialist systems on top of capitalism, is capitalism creates strength and socialism freezes things in place, which inevitably tends to suck the strength out of the system. you have a growing system that is bursting at the seams with potential and then people say, we are rich enough, let's redistribute the gains. so they do that and it turns out people do not have as much of an insentive to work anymore, and this is why you see that -- there has been some experiments, one that shut down today in canada. in ontario, they had a universal basic income experiment and they shut it down today because it turned out when you give people money to stay home and do nothing, they stay home and do nothing. the truth is all these countries became wealthy long before they started using socialist methodologies. they became wealthy because they are pretty good cultures. high social cohesion in a lot of these nordic cul

debris well now they're sheltering them from the sun historically the city of aleppo has been the economic capital of syria and now with the world gone finally some traders are coming back to streets because dawn of reporting from aleppo in syria r.t. . this week a major motorway bridge collapsed in the northern italian city of genoa killing at least forty three people the fatalities included three children while over a dozen people were injured in response the italian prime minister has declared a twelve month state of emergency in the area. different outcome of the political. effect of us reforms. like was it a call to the. oval office via must have developed into a way to control most political term water buffalo for the drive it had a few little sugar that fall all over him up a little bit of the top of the music i'm opposed to visit over the lot of you know . there are some others by the window invited to bust and we're going to be out. well back with more of the week's top stories after this very short break. you know world big partisan movie lot and conspiracy it's time to wake up to dig de

debris well now they're sheltering them from the sun historically the city of aleppo has been the economic capital of syria and now with the war gone finally some traders are coming back to its streets. because dawn of reporting from aleppo in syria. this week a major motorway bridge collapsed in the northern italian city of genoa killing at least forty three people the fatalities included three children well over a dozen people were injured in response the country's prime minister has declared a twelve month state of emergency in the area. a different outcome this little. that comes with. like as i call it a. lot. of a lot of you. have a lot. when i. was almost a little more about normal both of us i don't see that that's a little over a month probably a lot of good music to visit a lot of you know most. of those by they're going to bust me going to be. as an investigation into the tragedy continues the company which manages the bridge has set up a fund to help the victims and his pledge to rebuild the crossing it will use funds amounting to around five hundred million a year or earlier the compa

debris well now they're sheltering them from the sun historically the city of aleppo has been the economic capital of syria and now with the war gone finally some traders are coming back to the streets. don of reporting from aleppo in syria. this week a highway bridge collapsed in the italian city of genoa killing at least forty three people including three children in response the country's prime minister has declared a twelve month state of emergency in the area. all. different outcome especially. if they come to something. like as i call it the. oval office via. a devil at the doorway it was almost impossible to. i want to come on both of you are dead if you listen to that's a little over him up up close because of the with the music down the coast. was it covered a lot of you know when i was jimmy. saw those by the window invited to bust me going to be. as the investigation into the tragedy continues the company which manages at the bridge has set up a fund to help the victims and has pledged to rebuild the crossing is also apologized to the people of genoa and all those who suffer. watching t