two iran, central asia and through central asia to around. that has actually helped stabilized the afghani versus u.s. dollar exchange. otherwise, when we went into this and normandy -- enormity of the economic challenge, the advantage would have been worthless by now. and has not impacted any of the small amounts of money that have come in u.s. dollars, the central bank so far has done the right thing of making sure that it moves and it goes to the intended purposes. i commend them for this, i think it is a timely decision and helped with price stability. >> yes, go ahead. >> i believe, and i've said this before, there's a timely decision with price stability. afghanistan, 24, 25 years. southeast, [inaudible] in kabul, there were 17 plus, even going to buy a used car. the west part of afghanistan, they were dealing with iran. and in a couple -- kabul, even when you are trying to buy a used car it was in dollars and rupees. so it needs all of these things, stability and economic you cannot cause the issue. first stability, political stability

central banker said it, but let's talk facts within 10 years, all major central banks will be gone. and we're going to be in a post central bank era. well, exactly. so that's money is now software. so money it operates on its own, but it's also being maintained on sounds like obviously microsoft has software and they can barely maintain it. right? well, it's important to keep, this is something in mind here. the money that runs the big coin software, the software that is the backbone. it's a d centralized protocol and has been in the works for 20 years. and it does something very, very special. it creates the hardest money ever, that's on campus gate a ball. and it's on sensor ball and it's separate for the 1st time money from state . now, what does that mean on a practical basis? it means that a lot of the machinery of the state is no longer needed. so the state, those people who work in all those back offices of all those, even i would posit that the so called in industrial, complex military industrial complex is actually challenged by bitcoin because what backs the dollar, the wa

for instance, banning a global central bank, particularly a g20 central bank like the central bank ofussia, from accessing its 615 -- from accessing its $650 billion of foreign change reserves, all of the banks have banned russia from liquidating the assets in their country. this basically will have very much unintended consequences, and that will deliver more flight to quality issues. the 1.5% to year yield we have today, we could easily see 1.2% or 1% before the week is out. dani: right now we are looking at a chart of funding stress on the u.s. dollar, oas swaps, the gap widening. you are looking at a huge flight to bonds, previously going into this year the playbook had been a tightening of central banks from europe to the u.s. you have your thesis going into this year before this crisis, before the war in ukraine. have you completely ripped up the book? martin: in a quick answer, the word is yes. simply because the shifts the g7 countries, the eu, have taken. we have to be cognizant, when you have a no-fly zone in europe, a complete freezing of all of russia's financial assets, a

is this a game changer for central banks around the world? kristine: it certainly does throw a lot of cold water on the rate hikes that we are seeing. the prices in markets in just a few weeks, we are seeing a bit of a cooling down for the fed, the eu, and the ecb. all three of them will be embarking on board meetings in march. there were prices locked in for those banks even as early as march, now we are seeing a bit of a quieting down on expectations. it is a game changer in that it hampers the ability to address the inflation situation in the immediate term because they are dealing with the more needed fallout of the russian-ukrainian situation. francine: thank you for helping me navigate these extremel difficult markets. european gas prices jumping 36%. these sanctions are spurring energy shortage fears. kristine aquino and our reporters in geneva, moscow, and london. coming up, political deterioration remains top of mind. next, we speak with patrick armstrong. this is bloomberg. ♪ francine: welcome back to the open. 14 minutes into the e

when the banks are rated by central bank, then we have one. we have banks with this rating, two banks waiting too as two or three banks with rating 3. i should not take that, commercial private bank and also rating. >> thank you. anyone else? okay. we have five minutes left. more questions to the extent that we can. i want to ask a question on the medium to long-term but this is an interesting question to pose. is it a feasible possibility to create an arrangement straddling pakistan afghanistan border with preferential access to us markets for reconstruction opportunity zones to produce goods that come into the us with free access for preferential access, a case of putting the cart before the horse. would anyone like to discuss this? something that could make sense to contemplate down the road. if not, that is okay. i understand the focus is on the media right now. >> quickly on this. >> yeah. >> the whole idea of the bypass local regulations that do not favor private-sector development. but you have to ask, this harkens back to the question,

this issue is not -- when i was in the central bank i was talking with the commercial bank, the central bank of afghanistan cannot do anything encourage foreign banks to be -- foreign banking, it's only it's up to you. it's a bilateral issue. if the foreign bank does not this bank on accepted rules of the bank, commercial bank, the corresponding system. the banks who are able to reach this level they had relations with the banks, some other banks, i believe it relates to the banks in afghanistan. it's not an issue that the government of united states or the government of foreign countries they can force their banks to have relations with afghan banks. in afghanistan, there's a lot of problems now in money, terrorism, and the relations with this many in afghanistan. many of them, not many, some of them are involved and money, you're involved in all others. so i believe that it's not an issue that the government here can encourage because the foreign banks would ask their government, okay. if anything happens and i was not responsibility and that the money goes through-- [inaudible] i don

the central bank of russia reacting as well. we have a news conference starting with the government of the russian central bank, here's a line from dow jones. u.s. and major oil consumers releasing 17 million barrels of oil, this is a reserve release on the table. >> all of our audience, readjusting this morning. >> what he suggested his research over the weekend, i think is fascinating. the only thing they can select is demand destruction. now to supply story but demand destruction and that's the fear a lot of people have. >> this is the woman of the head of the bank of russia. she is speaking in russia. to link this into the collapse of russian society, she was a leader of star bank for a long time. >> we talked a lot about this through this morning. what does it mean for their central bank and what does it mean for the economy. >> all you need to know is they describe this. it's one tea leaf of the collapse of russia capitalism. >> will for all intents and purposes the market is pretty much closed whether in actuality because

d, c, their central bank, digital currencies. and that is just them hoping to maintain their high employment rate for their economist friends for their m t friends for their money printer friends, because it takes a lot of work to print all that money, right? so they want to maintain that system. and so what i'm saying is, when you look at the story about what is happening with the law mosque in tesla that the president of the united states refuses to say his name because he requires 30 percent fewer workers than ford or gm because they have you know more combustion engine business, so that's what we're going to see exactly with bitcoin replacing fia, it's all, it's gonna happen regardless, but they're going to resist it in the same exact way as i laid out in this 1st headline here on the kaiser report, right. i mean it's, it's an excellent point. so in the case of auto workers losing their jobs, like going all the way back to ronald reagan in america, there's been a movement to disrupt, organized labor and organized labor. as a

this morning, the russian central bank came out raising interest rates to 20%. clearly an attempt to offer reassurance in the wake of the news this weekend that the west will be targeting the russian central bank and targeting those reserves what is your take on the developments over the weekend? we will get into the details in a minute >> good morning. thank you for having me. the last point you mentioned, reserves, targeting of the central bank reserves is the most important piece of the news here if you think about the russian ruble and a lot of the russian local assets the fact they have a significant amount of reserves upward around $600 billion the main and first line of defense against russian local assets i think targeting of that and freezing of reserve assets, it becomes very hard for russia to essentially defend the ruble from the sorts of the pressure that you are seeing. i think we should expect the ruble to trade weakly. it is no surprise with the volatility in the markets today. >> look aging at the volatility, you are seeing the global markets. h

>> that is the central question for the market. we have a situation where the usual land of dollar liquidity is suddenly missing from the market because of the new restrictions on for -- russian central banks. our thinking here is that this will require reaction from key central banks including the fed. so for the global markets to navigate this environment, you know, that will require, you know, the u.s. to mastic markets, you know, the fx markets. it is probably necessary that the fx flat lines and the repo lines are now open for the other banks to use. this is potentially a decision that could happen as early as today. so, all are watching that irrelevant. >> great to have you with us. on such a busy day, we are seeing some movers in the early part of the japanese session. general electric, suzuki, korean shipbuilders. europe will need more seaborne national gas amidst this crisis. up over 1%. a bit of downside when it comes to trading in renesas. >> global governments reluctant to sanction russian energy for now. e.u. official

it comes with one advantage for the european central bank because the european central bank does not face one parliament, one finance minister, but has 19 finance ministers. it means the central bank does not have to listen to any individual finance minister and individual government that much. it just has to feel around how the overall political mood is as a backdrop. tom: when you sum your work with mickey leavy in the united states, how far behind is the ecb? holger: the ecb is not yet behind the curve, but is at a risk of falling behind the curve if they stick to their previous guidance, namely that rate hike this year is very unlikely. inflation in the euro zone's high, but so far it is driven only by the supply factors, not yet by excess demand. it is not yet driven by excess wage pressures, factors which are there in the u.s. but beyond the omicron wave, the outlook for growth is strong, so demand will play an increasing role in the inflation outlook, and the ecb should see to it that it does not start to follow the fed in falling behind the curve. lisa: there's a school of th

transactions from russian central banks.n the worst-case scenario, it is estimated the bank would lose over $640 billion in reserves, except it's gold and chinese yuan holdings. russia's plans for ukraine are growing in cost. a person familiar with russian planning says the military would have hoped for faster progress. still, u.s. officials see moscow as only having committed two-thirds of its firepower so far. the european union has agreed to spend $500 million worth of military aid to ukraine for weapons. more money will be provided for nonlethal purposes. e.u. the foreign policy chief he is sen. barrasso:'s it may include fighter jets for the ukrainian air force. members who don't want to supply lethal weapons can abstain. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. ♪ rishaad: getting back to ukraine, and of course to the closing of the russian airspace many european airlines has so far

we are beautifully strategically located between central asia and south asia, central asia, rich of potential naturally sources in saltisha in need of those every single electricity transmission project between the 2 subcontinent must pastoral cancer, afghans, time and a large projects including gas, pop, lions, and fiber optics and cargoes and so forth and so on. in that deaf gonna sunset all natural resources estimated that the round one trillion dollars could be a potential. but at the heart of this, as you said, this political stability or otherwise the capacities they are, the commitment is there, the potential for there. and also the lessons learned are there in those are very vital. we would never, ever again allow that degree of independence in that degree to a off fragmentation. and it conditionality that led to this situation where the entire economy. oh boy was at the verge of collapse. and our number of us try to preserve some of the, the systems we have in our functional budget system. and that we have a centralized revenue collection system. and that we have revived the banks an

we also have the central banks in mind.oes the inflation that we had yesterday from the ecb mean that christine lagarde cannot be as dovish as she what? and we heard that will andrew bailey be as hawkish as the fed given that inflation will be adjusted? tom: energy prices are a key component. there 20% in the euro cpi. oil and shall has expanded its first share buyback program for $8.5 billion. that blew past analyst estimates on the back of surging energy prices. joining us now is ben van beurden, ceo of shell. thank you for joining us. where do these results lead you as we had intuited -- as we head into 2022? ben: thank you for having me. when i look at 2022, i think we started the year with a lot of confidence. it is a year where we made a tremendous amount of profit. our profile you did other than expected -- our portfolio did better than expected during the pandemic. we generated this year about $40 billion of free cash flow. we will have a lot of free cash flow to play with and we will continue to return that to inve

it is the central bank hawkish in us that has caused concern. would not say the russia-ukraine conflict is a main concern of central bankers but for markets, the entire situation -- biden has told us he does not believe vladimir putin when he says he is withdrawing troops. putin says he stands ready to act. haidi: daniel -- daniel siluk, thank you for joining us. 20 more ahead. this is bloomberg. ♪ >> let's take a look at asian markets. we are into more volatility if you take a look at the havens we saw late last week. this is what we see when it comes to start of trading. we are off the session lows for new zealand. still looking like a peppered start to trading in sydney. at xfinity, we live and work in the same neighborhood as you. we're always working to keep you connected to what you love. and now, we're working to bring you the next generation of wifi. it's ultra-fast. faster than a gig. supersonic wifi. only from xfinity. it can power hundreds of devices with three times the bandwidth. so your growing wifi needs will be met. supersonic wi

how does the ecb fit into the global picture for central bank story now? >> jp morgan had some nice figures over the weekend to make the point that by year end average interest rates should be back around to percent globally which gets us back to pre-pandemic levels. and by april, central banks covering half the local gdp will raise interest rates. no doubt we are going on a trajectory but there are some notes -- the services industry in china remains dovish. the bank of japan remains in the dovish camp also. central banks are tightening an interest rates are going up but there are plenty of questions about how high they can go. dani: question marks we will try to work through in the rest of the hour. thank you for joining us. helping us work through that is kit juckes. a perfect time to have you on. over the weekend, -- your call on the euro is 116 versus the dollar. kit: i think there -- i think we started the year with the story being about the fed hiking and others not. that has changed and we are likely to get a hike from the ecb. i do think the globa

it moves across the board for the central banks.s there a growing concern that this will -- inflation? virginie: this could be a transitory hawkish moment. the reality is that we have new factors to prices, inflationary pressures, so that is an issue along with unemployment pictures around the world that are not much better. at the same time, we are told that sometime in 2023, we will have to base effect as global supply chain problems result. that brings two dynamic forces that create an environment where we could see and inflation and growth patterns in the future. it is important for central banks to allianz in the sand if they want to prepare for the second half. tom: the pboc is the one standout. they have a slow down there for the coming rates, but in terms of liquidity adjustment, how are asset markets going to be rid -- adjusting to the rate rise and the action around the balance sheet, the boe, and the fed? virginie: that is important to notice that because as you continue to increase, you are creating a picture that could

they expect that the czech republic central bank could -- something we haven't seen of the smaller centralanks. i want to get a check in on bitcoin, because bitcoin jumped in in the rally that we saw across the session late on thursday. we are down eight tents of a percent from where we ended use date -- u.s. thursday session. >> let's bring our next guest who has changed convictions in light of recent events. you see the hopefulness in the rebound we saw in the late stage of the u.s. trading day. do you think that there's a fundamental reason for that or are you fundamentally changing your positioning for the rest of the year? >> certainly not fundamentally changing our position for the outlook 2022. this market has been marked over the last six weeks by a lot of uncertainty around what direction the fed was going to go in mid-march. what we're thinking today as we see the nasdaq rally is that we got a bit of certainty that the likelihood for the fed to raise rates 25 basis points was priced in. that conviction of the market -- growth in technology. the reversion back to growth and techno

we had a lot of em central banks normalizing policy, was 18 central banks tightening over the coursest year, and some of the em local markets, whether it be in brazil, mexico, indonesia, those yields are starting to look pretty attractive, particularly in areas like brazil, where we feel they are closer to the end of the tightening cycle, so there are some opportunities to be had there. kailey: the developed world really just playing catch up on tightening, compared to developed markets. thank you to iain stealey of jp morgan asset management for joining us. a potential buy out the old for the record books. two private equity firms are considering a deal for the generics business at novartis. we will have the details next. this is bloomberg. ♪ ♪ kailey: it could be one of the biggest buy out deals ever. bloomberg has learned -- potentially teaming up at swiss drugmaker novartis. we understand there are some other potential bidders in the works, but i $25 billion value, would that be enough to entice novartis to actually take the sell route instead of doing something else? reporter: n

pressure�*s of central bank had some 630 billion in far reserves. access a small part of that now —— and about pressure�*s central bank. there is very little it can do to maintain. it can introduce capital controls but the likelihood is that when we are seeing on the rouble will only grow but that was not the only big step taken over the weekend, we have the announcement that some russian banks, unspecified as yet, will be excluded from the swift financial messaging system. that is important because a swift is used by thousands of banks around the world to facilitate swift and safe cross—border financial transactions and if russian banks are excluded from that they are basically cut off from some of the wheels of global finance which will make it much harderfor finance which will make it much harder for companies finance which will make it much harderfor companies in russia harder for companies in russia to harderfor companies in russia to operate internationally. as i say, we don't know which banks are included and that is key because there are iss

advantage between central asia and south asia and the long term. and, but as you said, and in the, at the moment we focus on humidity and in humidity. and b plus some sort of initiative to protect people's livelihoods and, and sustain that resilience. and that feeding people is not sustainable. and that we need to ensure that we start developing projects. and that also we have to break away from the culture of dependency. we have to focus on real social efficiency and that, that's going to be painful. it's going to be requiring a lot of patients. but the way forward is to build the recovery belt the african economy based on solid foundations, not on a foundation, similar to what it was with 75 percent of dependency. and that, that internationally to jim collapsing, it should never, ever happen to any other country. that was cruel, that was, that was and, and just unfair to the people off of one stone. and that they filled the international community to d, link politics from economics, which is actually what i'm going to do right now and go back to

but never on the size of russia's economy and it central-bank. haidi: you have mentioned the stronger sanctions came into force because the previous ones had no impact. are we likely to expect this to move the needle at all? larry: we will find out. in terms of swift, we have to find out which banks are barred from the system, that is allowed international trade and there is an effort to figure out if there is some way to exempt energy transactions because they don't want to damage the economies of europe and even the u.s. any more than necessary by restricting too strongly russia's energy exports. you have these sanctions, there is a piling on and there seems to be more coming and there is also the fine print which has not yet been defined. i does one thing to watch. and i agree with your analysis at the russian central bank is probably the big shocker here. haidi: great to have you. let's take a look at markets and how asia wakes up to the developments. we are seeing some pretty good gains when it comes to futures at the moment. >> hello. we ha

there in the centralized social, the centralized finance, whatever it might be can really hold the company is responsible for actors do because they don't control crypto, right? so it seems like a lot of the talking about here seems to be focused on how do we use control crypto, but you can't control crypt don't because it's not centralized. it doesn't come from one central place. and so the idea that you're going to be able to crack down on everyone who does something wrong, the way that they do currently in the banking systems and through established financial companies. it's very different when you're in the crypto world because you know, visa, mastercard and paper contract on someone. and you know, bank of america and chased incorrect on some moment, but big coining as it were, can't crack down on something doesn't work that way. but i wanted to read you something that would sent this new conference. and pretty interesting. the statement was, we're calling our own companies dealing with crypto currency. we need to root out crypto currency abuses. those who do not, we will hold you acco

should permit the central bank to function. dab is cut off from the world that afghanistan needs central ranking to regulate its currency stuff the most straightforward solution would be to revive dab to keep the bank independent. u.s. has described unfreezing the central bank's assets. williams of dollars in frozen assets remain stuck in legal proceedings but the u.s. should signal an intention to return the funds to the central bank. in the meantime, the u.s. could immediately return hundreds of millions of dollars that belong to private depositors, ordinary afghans who have been deprived of their savings. the u.s. must reduce the impact of sanctions, recent humanitarian exemptions are praiseworthy but u.s. sanctions still choke the afghan economy. treasury cannot feasibly risk every permitted sector in the afghan economy. u.s. officials must forbid what is not allowed, for example arms trafficking. many of these steps require cooperation with the taliban and its hard and it's distasteful especially as the taliban continue to

this is money so the central bank can function. what that would allow to happen is it would float the value of the afghan money. the paper that they used to go to the bakery to buy bread, that paper would retain its value, but it would also mean that the baker's, when they are buying wheat flour, that the traders have u.s. dollars to buy the wheat flour that comes into the country and goes into the afghans daily bread. >> thank you. when i was in kabul, we were in armor and helmets, armored vehicles, pulling up to the meeting with the afghan women. teachers, nurses, they arrived and had no armor. they had no protection. when we finished the meeting, we put back on all of our armor to get down to the vehicles and the women just walked down back into the streets of kabul. how do we make sure that those courageous people get the funding and -- because as you can see, they would make it tough in many ways for the taliban to interfere with their ability to help their families or the the community they are trying to help. what is the for

kazakhstan, the richest central asian country. known for its vast oil and coal reserves...io: and liftoff. ..space launches, and nomadic heritage. it is also now world famous for another reason. there is no place that symbolises kazakhstan's crypto boom more than this. just outside the windy city of ekibastuz, they have built one of the largest crypto mines in the world. this highly secured facility hosts equipment worth hundreds of millions of dollars. yersain is the manager of this crypto mine, which it is owned by enegix, kazakhstan's biggest mining company. how many machines? what's happening inside these powerful computers is the backbone of cryptocurrencies like bitcoin. the decentralised digital money can be spent on an increasing amount of things online and offline. there's no middleman or banks involved, the money is sent directly to the wallet of a person or shop. in orderfor a payment be successful, a huge network of volunteers around the world are required to use computers to check and verify it automatically. the process involves extremely complex mathematical

— paralyse russia's central bank, would they? paralyse russia's central bank, would the ?m the _ would they? well, i sadly hope so but from the announcement - would they? well, i sadly hope so | but from the announcement today, would they? well, i sadly hope so - but from the announcement today, we don't yet know exactly what the language means. restrictive measures on the use of reserves, tied to sanctions, banks is what i am assuming. it is not completely clear and not a full blanket set of sanctions and we also don't know the effective date. i am hoping the effective date. i am hoping the effective date. i am hoping the effective date is today but we don't know. ~ ., ., , ., , effective date is today but we don't know. ., ., , ., know. what does it actually take to fli that know. what does it actually take to flip that switch _ know. what does it actually take to flip that switch on _ know. what does it actually take to flip that switch on a _ know. what does it actually take to flip that switch on a swift? - know. what does it actually take to flip that switch on a swi

what about moves towards russia's central bank? . towards russia's central bank?out really serious economic and financial cost. sanctioning a central bank is rare and, you know, if done full throated lead could lead to a total breakdown and the ability to engage in monetary policy which means you could see the rouble simply go into freefall. ~ ., freefall. we have looked then at the central _ freefall. we have looked then at the central bank _ freefall. we have looked then at the central bank and - freefall. we have looked then | at the central bank and looked at the central bank and looked at swift and noticed that western countries in recent days are targeting a number of oligarchs, those billionaires were seen to be close to vladimir putin. i wonder if there is a paradox there. a few original to be targeted surely you are also written off to have worked out ways around sanctions. have worked out ways around sanctione— sanctions. yes. that is very true. sanctions. yes. that is very true- and — sanctions. yes. that is very true- and i _ sanctions. yes. that is ve

should permit the central bank to function. it's cut off from the world that afghanistan central banking to regular currency. most straightforward solution would be reviving it that might require technicalch assistance keep the bank independent. the u.s. should describe a path toward unfreezing the central banksth aspects. billions of dollars in frozen assets remain stuck in legal proceedings for the u.s. should signal attention to someday return the funds to the central in the meantime, as you heard from the u.s. could immediately return hundreds of millions of dollars that belong to private depositors, ordinary afghans deprived of their savings. more generally, u.s. must reduce the impact of sanction. recent humanitarian exemptions onare praiseworthy. however, u.s. sanctions choke the afghan economy. every permitted sector in the afghan economy, instead u.s. officials must forbid what not allowed. arms trafficking, unfortunately these deaths require cooperation with the taliban's heart and distasteful, especially as the talib

new penalties target russian central bank.ssian banks have been barred from the swift messaging system. russian markets were paralyzed. the russian currency lost a third of its value in offshore markets at one point. it hit an all-time low of 109 in moscow. and introduced some currency controls. leasing firms may have to recalled jetliners with billions of dollars per threatened the carrier's ability to function and operate rented planes. they are leased mostly from companies based abroad. pp selling its shares in a russian firm. they've been in russia for three decades. just weeks ago they were staunchly defending their presence there. td bank has agreed to purchase the first horizon in a -- with the price representing a premium. td will use excess capital on its balance sheet for the transaction. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta, this is bloomberg. ♪ >> european union steps up once more and support for

the european central banks, the federal reserve, the u. s. the europe, so the well, the bread and the pound. that will be the last to adjust this to me is david beats goliath moment. they can have games theoretical where the early you adopt and follow what else, how the door does. the more likely you ought to benefit until the very last person all the very last country that adopts to this i think it's much, much bigger than just creating a single point. we already know that a lot of things happening in argentina now for brazil is a step start talking about big coin. other countries in central america are now rumored to be possibly in line to make a big coin legal, tender, and the very, very near future. anyways, i mean it's great to see you and i think the all the a team is in place for this volcano bond to really take the world by storm. thanks for being on the kaiser report. yeah, thanks for sharing this whole journey a call. wait. see where we go next. all righty. well that's going to do with this addition of kaiser report with may max kai

so canada and china have merge to sent a centrally. i don't know how that happened, but i know a lot of french spoken in montreal. they'd to learn their chinese now. well, they certainly, if you look at the replies to a lot of these tweets, you'll see that there is a huge amount of support by the popular some of the population to pull their fellow citizens off the financial grid. and you see it even in the language that is used in a c, b c article describing what the government is doing. a deputy prime minister, christie of freelance said thursday. the financial institutions have moved quickly to freeze the accounts of people linked to the demonstrations and ottawa leaving an on that known number of protesters in financial limbo, freeland vowed to take more accounts offline in the coming days, and an attempt to starve the organizers of the funds they need to continue their occupation of the nation's capital. i'm don't explain this in terms of canadians will understand. let's say it's 1970 s, and dave shows. so the philadelphia flyers.

central block and was driven away— farm central block and was driven away in _ farm central block anda horseboxl farm central block and was - driven away in a horsebox that the thieves _ driven away in a horsebox that the thieves brought _ driven away in a horsebox that the thieves brought with - driven away in a horsebox that| the thieves brought with them. they— the thieves brought with them. they step — the thieves brought with them. they step down _ the thieves brought with them. they step down from _ the thieves brought with them. they step down from the - the thieves brought with them. i they step down from the plane, a figure in mourning. elizabeth ii, queen of this realm and of all her other realms and territories, head of the commonwealth, defender of the faith. our headlines. president biden tells us citizens to leave ukraine now, warning "things could go crazy quickly" the commissioner of london's metropolitan police, cressida dick, is to step down after the mayor of london said he had no confidence in her leadership. let's turn to india now, where there will be a partial o

and this follows the central bank orders to him. now halt foreigners is to sell russian security in an effort to contain this market fall out. the rubel fell as far as 30 percent from friday's close before pairing some losses. but it's still down roughly 20 percent against the dollar in the last year. and the bank also said that it would be freeing about $8.00, a $1000000000.00 in local reserves to boost the quantity. so all of these dramatic steps together, they underlined fears of a run on rushes banks, and already there are huge lined to withdraw cash at 8 hands in russia, and the banks have reported significant outflows of deposits in a very short period of time. wow, that's a lot of concern that's continuing going from the top down to the average people there. now, when it comes to the measures that the u. s. u and the u. k. are taking against russia right now. what do we know and do we know what exactly is being cut off from the switch payment system so far? well, over the weekend, the us european allies in canada, they agreed

s. executive order will affect afghan central bank funds in the us. thank you very much for the time to this very important and critical nice issue regarding the central bank as well as a medical liquidity that central bank is confronted with that i think poor people, i want to make sure that one of the needs to be brought up that all of them and all of the money belongs to people. that is an important point to keep in mind. the money that has both in the united states in europe now the decision to release only part of the funds. it will continue to heard millions of against children. it will continue to her woman and will continue to her families who are suffering one of the worst humanitarian and economic prices across the world. and i think the move by, by the administration is an important 1st step. but it is not adequate that to be able to address the issue of lack of liquidity in the banking system. it is very important to keep in mind that the central bank was a separate, independent entity. what full autonomy was established to be able to make

the central banks are under pressure and it is tough.lieve we are still in a cycle where the commodities should be more muted compared with previous cycles. if they do carry out more rate hikes through the whole cycle than previously expected, there is yet to be easing. overall, they are moving forward for future rate hikes but not adding to the current rate hikes. that distinction is important when we talk about raising sentiments. tom: does that mean the markets are getting wrong? you see a five basis point rise up in yields for the eurozone when we had significant selloff across greece and italy. is that being overdone and is there level of the ecb that you saw that would be a trigger for concern? wei: we have seen significant spread widening in the peripherals and triggered in part because of the ecb selloff of a more hawkish pivot. we have significant underweight in the develop markets, government bonds, including the u.s., europe, but our expectations are to push higher and it is materializing more faster than we expected. when thi

that seems to be the central bank's worst nightmares. we are expecting a lot of earnings in the u.s. tom: that wage story is crucial. you see that at the top with the likes of starbucks pain $17 an hour now all the way up to the banking sector. amazon building on that story. in terms of the corporate stories we're talking about today, big earnings. bp on the left of the screen meaning 1% on the back of a solid set of numbers and the cash flow is coming in after a strong year for that energy provider. this story repeat itself and it seeks to return cash to shareholders for bnp paribas. but they are down almost 4%. revenues coming down on the tech sector stateside. and ocado, they missed estimates and the capacity of the demand continues for e-commerce. we will check back in with that stock shortly. we wants to get back to the yield story. the fed session -- the debt session for the first time in 10 sessions, the german to year yield does not and a higher. we have the commentary from christine lagarde softening the edges and saying that an

and de fond central banks. that's already baked into the cake, so we have that to look forward to, but it's a fun game to see which politicians, but he now try to have their careers in this way. we mentioned inevitably, and we mentioned cake. so they inevitably of all empires falling like a layer cake is upon us. soon after, of course, an empire enters afghanistan and then loses and afghans and usually their empire is falling apart. well, it seems like the united states is also doing that. we've been chronicling this of course, over the past 10 years. it could last another 10 or 20 years. who knows? well, right now, we see these sort of remarkable headlines, right? breaking a bridge collapse and pittsburgh hours before president biden was scheduled to visit the city to talk about the infrastructure. bill police reported to span came down around 6 am. authority said there were no initial reports of injuries, and this is a remarkable bit human chain form to help after pittsburgh bridge collapses. so we've gone ba