this year—long study by the competition and markets authority paints a picture of a system under hugeand one which is often confusing and unfairfor people who need it at a stressful time in their lives. we think it's urgent, we think the system is not in a great place and we think the pressure is mounting because you have both an increase in demand because of demographic changes, but also we know that labour costs are responsible for a significant proportion of the cost and overall costs are increasing as well. as more people live longer, the cma warns investment in providing support for the future is essential and, without it, care homes will close. the government says it has put extra money into care and will publish a green paper on its funding in the summer. one of the so—called chennai six who was released from an indian prison on monday has spoken of his relief and delight at regaining his freedom after four years. nick dunn, a former soldier, was among six britons acquitted of weapons charges by an indian court. he said his family would now have the best christmas ever. he's be

that's the conclusion of the competition and markets authority, which says there is a billion pound ag propped up by charging higher prices for people who fund themselves, while local authorities fail to pay enough. 0ur social affairs correspondent alison holt has more. would you like some popcorn? would you like a cookie? at the home of comfort in southsea in hampshire, they are settling down for an afternoon of old films. for more than 100 years, they have provided nursing care for older people, but that is no protection from the financial pressures outlined in today's report. gwen board is 90 and moved in a few months ago with the help of her daughters. the girls felt i couldn't cope on my own. and i bowed to the inevitable. she's self—funding, because she had her own home and some savings, but it also means she pays more than someone eligible for council care. it doesn't seem fair that some people pay more than others for the same care. but unfortunately, that's the way, that's the rules at the moment. as a charity, they don't have the same overheads as a commercial organisation.

that's the conclusion of the competition and markets authority which says there is a billion pound a that care homes are being propped up by charging higher prices for people who fund themselves, while local authorities fail to pay enough. 0ur social affairs correspondent, alison holt, has more. would you like some popcorn? would you like a cookie? at the home of comfort in southsea in hampshire, they are settling down for an afternoon of old films. for more than 100 years, they have provided nursing care for older people, but that is no protection from the financial pressures outlined in today's report. gwen is 90 and moved in a few months ago with the help of her daughters. the girls felt i couldn't cope on my own. and i bowed to the inevitable. she's self—funded, because she had her own home and some savings, but it also means she pays more than someone eligible for council care. it doesn't seem fair that some people pay more than others for the same care. but unfortunately, that's the way, that's the rules at the moment. as a charity, they don't have the same overheads as a comme

tesco has ‘welcomed' a decision by the competition and markets authority to provisionally clear its £3.7en increase competition in the wholesale market and reduce prices for shoppers. ikea says total sales in the uk hit £1.8 billion for the year — up 5.8% on the year before. it marks their sixth consecutive year of growth as the flat pack retailer celebrates its 30th anniversary in the uk. bailiffs were called in to collect debts by councils in england and wales on more than two million occasions last year. the figures have been released by the money advice trust. the charity says that while some councils have reduced their use of baliffs, over all councils use of baliffs has increased by 1a% in the last 2 years — and that the majority of cases involved money owed for council tax. joanna elson, chief executive of the money advice trust, the charity that runs national debtline. what is the issue with baliffs? the issue is that a bailiff use is neither effective in terms of collecting debt, if you look at where councils collect most debt is not when they the bailiffs, and it is really dist

the competition and markets authority claims that concordia abused its position. £34 million on a thyroid drug last year, up from around £600,000 in 2006. concordia says it "does not believe competition law has been infringed". our health editor hugh pym is here. that's an enormous leap in price for the same drug. how's that happened ? the way the drugs industry works is that if you have the patent to a drug it is your exclusive product and you can set the price although patent it drugs, the price is capped in an agreement with the government here in the uk. when it goes generic as it's known, in other words anyone can make that drug, it's assumed the price will fall. what seems to have happened in a number of cases for niche drugs like this one is a company comes in, buys the right to market it, no one else bothers to compete so it pushes up the price and but allegedly is what's happened here. the views of the regulator are that concordia abused its position, and a 6000% increase over ten years to the nhs. one consultant i spoke to earlier explained the big diffe

authorities. now back to our main story. the care home market in the uk is not sustainable unless more money is put into it. that's the conclusion of the competition andbeing propped up by charging higher prices for people who fund themselves while local authorities fail to pay enough. our social affairs correspondent alison holt has more. would you like some popcorn? would you like a cookie? at the home of comfort in southsea in hampshire, they are settling down for an afternoon of old films. for more than 100 years, they have provided nursing care for older people, but that is no protection from the financial pressures outlined in today's report. gwen is 90 and moved in a few months ago with the help of her daughters. the girls felt i couldn't cope on my own. and i bowed to the inevitable. she's self—funded, because she had her own home and some savings, but it also means she pays more than someone eligible for council care. it doesn't seem fair that some people pay more than others for the same care. but unfortunately, that's the way, that's the rules at the moment. as a charity, they don't have the same overheads as a commercial organisation. it h

after a year—long investigation, the competition and markets authority found widespread concerns aboutvejumped more than 20% after it finally announced a long—awaited international deal. the online grocer has announced a tie—up with with french supermarket giant casino. as part of the agreement, 0cado will build an automated warehouse to serve some parts of the country. bali's international airport will remain closed amid continued fears of a major volcanic eruption. tens of thousands of tourists are trapped because volcanic ash is disrupting air travel. as many as 100,000 people have been ordered to evacuate the area around mount agung. japan's softbank has reportedly cut its offer to buy a stake in uber — valuing it at £36 billion. if the deal goes ahead, softbank would acquire the shares for nearly 30% less than it was originally reported to be offering. the japanese conglomerate is leading a consortium of firms that is planning to buy at least 14% of the ride—sharing firm. here are the markets. still holding the games just shy of 20%. royal dutch, cancelling austerity dividend poli

this is from the competition and markets authority which investigated how much the company was chargingmore on the bbc live page. you're watching business live. our top story — in the last set of results with carolyn mccall as chief executive, easyjet has reported record passenger numbers but a i7% fall in annual pre—tax profits. now making money from education. it's a fast—growing sector — particularly in emerging economies. last year, the global education industry was worth $3.3 trillion with india, china and the middle east all strong growth areas. 0ne company which has been able to take advantage of the growing sector is the new zealand—based firm crimson education. set up just four years ago by a 18—year—old student, it's now worth more than $iao million and has a network of more than 2,000 tutors and mentors. jamie beaton, founder and ceo of crimson education. now 22 i understand. jamie, how have you managed to set this up alongside your own education. you have set—up this company now worth millions of dollars. how did you do that? this company now worth millions of dollars. how d

rupert murdoch's bid for full control of sky is being investigated by the competition and markets authority amol rajan joins me now. does this mean that the deal is more likely to go ahead? i think it makes the deal marginally more likely to go ahead. just to be clear no one is saying the sky news will shut any time soon, we are a long way from that. but what has happened overnight, the independent directors of sky have sent the message that no one should take for granted that sky news which loses tens of millions of pounds but both world—class journalism, no one should take for granted that it will continue in perpetuity. i've spoken to senior people at sky and across the industry this morning and they say that the murdoch family who are desperate for this bid to go through, they will be pleased that this morning there is a reminder that they will not necessarily fund sky news forever. so i think that he'll fly more likely to go through although this could be an empty threat but a message that it is an important part of british journalism. relatives of those who died in the enniskillen bom

the competition and markets authority says the manufacturer abused its dominant position. competition law. northern ireland's border is being used as a bargaining chip in the brexit negotiations according to the leader of the dup, arlene foster. she's accused ireland and the rest of the eu of being "careless" and "reckless" in the way they are using concerns as part of the brexit talks. it comes as the prime minister theresa may said she's ready to move the brexit talks forward. our political editor, laura kuenssberg, reports. the answers aren't written in the sky, but number ten has got ministers on board to dangle the promise of a bigger payment to brussels. theresa may hopes that will shift the eu to talking trade next month. we are ready to move onto phase two, to see those talks about a deep and special partnership with the eu for the future. but a hypothetical bigger bill isn't the only demand the brexit secretary's counterparts are making. the eu's pressing the uk to be more specific about what happens at the border between northern ireland and the south when it's t

fox‘s bid for full control of sky is currently being investigated by the competition and markets authorityvening who are sceptical. they have said they have seen the tactics before. it‘s a cred ya nlt seen the tactics before. it‘s a cred yanlt threat for a couple of reasons. the fist, the sheer amount of time this proposed merger is taking to go through. it was six yea rs taking to go through. it was six years ago that the murdoches first bid forfull control of years ago that the murdoches first bid for full control of sky. they have bid again. it was derailed by the phone—hacking scandal. they bid again. it spent a year in the regulatory quagmire. the second reason, sky news loses money. it employs hundreds of journalists, produces world—class material it loses tens of millions of pounds. the independent directors of sky are senderosing a clear message this evening, if they had to choose maybe they would prefer for commercial reasons to do deal the with 21st century fox than continue the losses at sky news. the government will see it as an aggressive gesture. if it‘s credible, i‘ve reason

and higher than expected. competition authorities say the drugs company con cordia abused his market position and overcharged theion cost £11.50 per packet ten years ago and it now costs £258 a packet. easyj et‘s costs £258 a packet. easyjet‘s profits costs £258 a packet. easyj et‘s profits have costs £258 a packet. easyjet‘s profits have fallen. that figure came in at £408 million. that's down over 17%. let's get more on the easyjet story. it is quite a fall in profits? almost 20% to £408 million. the company says that lot of this, most of this is down to the weakness of sterling we have seen over the last few months. it says that about £100 million worth of profits has been wiped off because of sterling. so a really dramatic impact there by sterling. because it buys its fuel in dollars? exactly. of course, you know, the pound isn't worth as much against it. not all bad news though? nop against it. not all bad news though? none against it. not all bad news though? no p we have seen, if you look at the way the company has been performing. it has been performing well. so passenger numbers up by about 10% to about

the competition and markets authority says the drugs company, concordia, abused its position.id medicine. a decade ago, that medicine cost £4.46 a packet. it has since risen to £258 a packet — an increase of almost 6,000 per cent. easyjet's profits have fallen during what the airline called a "difficult year for the aviation industry". pre—tax profits in the year to 30 september fell 17.3% to £408 million, in line with guidance given last month. however passenger numbers rose 9.7%. uk public sector borrowing rose to £8 billion in october, officialfigures show — that's up 6.9% from a year earlier. the deficit, which excludes state—run banks, was bigger than economists had predicted and increased debt costs, linked to the uk's higher inflation since the brexit vote, were a factor in the shortfall and the office for national statistics said borrowing for the financial year to date has reached £38.5 billion, down £4.1 billion from the same period last year. we can speak to a senior economist. the borrowing has increased sharply, is the chancellor still on target to reduce the defi

tesco has ‘welcomed' a decision by the competition and markets authority to provisionally clear its £3.7th‘ divide has narrowed according to officialfigures... in northern ireland rose by 6% in the year to september, compared with a 5.7% rise in england, a 5.3% increase in wales, and a 3.1% rise in scotland. and inflation remains at 3%, what does it mean? inflation on average is the rise in prices of things we buy. when we look at the figures, we compare them to what they were a year ago. what that figure is telling us is the things you are bang in the shops today are costing you 3% more than a year ago. that is significant because of wage growth. we have got figures coming out tomorrow. the most recent figures show it is at 2.2%, if inflation is at 3%, that is the gap which is causing the squeeze in our incomes which means we have less disposable incomes. what is on the increase? food prices are up. furniture and fuel, the are costing less than last year. we get an average of 3%. the bank of england forecast that it would peak at 2%, their aim is to percent, there is quite a way to go t

sky told the competition and markets authority that the regulator should not assume "the continued provisionon the situation with priti patel in a minute. first of all, thank you for coming in. we will talk about this thread to shut down sky news. is it a tactic did you think? it has to be viewed as a tactic, but then equally people would have to take it at face value as something that could have a certain fairly ruthless commercial logic to it. we know there are a lot of people at sky and fox who want the steel to go through it and people who have become frustrated at the way it has been getting bogged down. i think this demonstrates the acute nature of that frustration, that sky is coming out and seeing its news channel could be closed down if it was an impediment. what they seem to be saying is, look, if they seem to be saying is, look, if the whole issue is about market dominance and the area of news, just stop doing news. but it does fly in the face of all the investment that sky has made in a sky news over many yea rs, sky has made in a sky news over many years, right from the start ob

the pay-tv company told the competition and market authority that he would review sky news if the mergerded -- hindered other properties. includes anview evaluation of the koke family's influence. guy: let's talk u.s. politics. .t is pretty much dominating according to the washington post senate republican leaders are considering delaying tax cuts for up to year. if the house tax-writing committee hammers out details of the reform plan. there are two games of for it and we have to figure out which to watch. the house is exciting, there is a lot of action on the field that it is the pregame warm-up that is interesting in the senate. >> that is exactly right. we do not have a senate billion. whenever the house passes will be for them politically useful for their republican majority who will be useful but the substance of what gets passed in the senate is more likely that not to reflect the contours of the final legislation. matt: trump's lobbying democrats, what is he hoping to gain from the other side of the aisle? jim: that is a great question. there are public and majority is making, ha

rupert murdoch's bid for full control of sky is being investigated by the competition and markets authorityld become too powerful. president trump has arrived in the chinese capital, beijing, as part of a 12 day tour of asia. he was given a lavish welcome at one of the country's most important historic sites — the forbidden city — by president xijinping. mr trump is expected to use the visit to press china to do more to enforce sanctions on north korea, as john sudworth reports. at china's historic forbidden city, a meeting of the world's first and second most powerful men. but some are beginning to wonder which one is which. while president trump is beset by domestic woes and seen to be lacking a coherent foreign policy, president xi enjoys a tight grip on power and growing influence abroad. it is no coincidence that the visit starts here behind the walls of the old imperial palace, from a time when china had huge influence on the world's stage. the symbolism could not be clearer. china's time has come again. forget second place — president xi is seeking a new relationship of equals with h

the competition and markets authority says it does not raise pricing concerns. i had to give him that as well. i said, look after that. well, that is all ok. that diamond is so big that itjust looks fake. you can't say it is fake. it looks fake. it is so big. you got me in trouble with seal yesterday when he came on yesterday and asked, who had said that in actual seal is coming on? it wasn't a joke, it happened in the office. you have to be careful with these things.|j know, i am be careful with these things.|j know, iam really be careful with these things.|j know, i am really sorry. you would be glad to know i am going home tomorrow. talking about the under 17 world cup. no italians. can you imaginea world cup. no italians. can you imagine a world cup with no italy? first time in 60 years. look at the pain on buffon‘s face. he said sorry to all of italian football and the blame has to be shared. now, talk for rebuilding the team. italy have failed to qualify for the world cup for the first time since 1958. they lost their play—off against sweden, running out of

and says competition is the problem, from dhl and federal express and so on. it also says costs are rising too. online takeaway servicejust eat has been given the green light by the competition and markets authoritye beginning of 2018. more on those sales. uk retail sales fell by 0.3% in october compared with the same month a year earlier, according to the office for national statistics. that's the the first annual fall for four years. the most obvious explanation is that prices are rising faster than wages and that's people simply can't afford to buy as much as they used to. inflation is currently at at a five year high of 3%, while wages are rising at a rate ofjust 2.2%. the difference, crucial. let's talk a retail analyst. wages a lot of the same speed as prices? absolutely. people cannot maintain the amount of product the temperatures. going back on the number that they have been buying. the values are increasing but that is because of the inflation element. it is the number of products they are actually purchasing, dropping. we know that year on year, numbers are down. but month on month, up. what has been going on? in volume terms, actually down month on month. compared to last month... peo

it might be flagged up with the competition and markets authority, but it might not be, because backnd sse merge, they will be about the same size as rajesh gas, the biggest provider. what about consumers, is there concerned? that is the concern, that it could reduce competition. simon jack spoke is the concern, that it could reduce competition. simonjack spoke to the chief operating officer of sse and asked him whether consumers should be concerned? asked him whether consumers should be concerned ? fundamentally asked him whether consumers should be concerned? fundamentally we would see it differently, we think this is really good for competition. there are 60—odd companies in the market will compete fiercely. the number of people switching is up massively. and we think that by being more efficient as an organisation we can price better and also in the future develop new products to meet customers‘ needs and it gives variety and opportunity in the future. that was tony keeling from sse. now, let‘s have a look at the markets, because it is a busy time? it is. with merger news like th

the competition and markets authority says the deal does not raise competition nor pricing concerns. gens — but also makes money in the catering industry. tesco said the tie up would bring benefits for small retailers, suppliers, consumers and staff. a leading debt charity says it's deeply troubled by the increasing use of bailiffs by local authorities in england and wales to recover money they are owed. the money advice trust found the number of cases had risen by 14% over two years to 2.3 million. the local government association said bailiffs are only used as a last resort. the largest diamond of its kind every to be put up for auction will go under the hammer in geneva today. the i63—carat stone, which was discovered in angola last year, is set into a necklace of almost 6,000 emeralds, and over 800 smaller diamonds. it took ten months to cut and is expected to fetch 30 million dollars, which is almost 23 million pounds. that's a summary of the latest bbc news, more at 9.30. we have had an e—mailfrom megan about bailiffs. figures suggesting councils are using them more and more to

tesco "welcomes" a decision by the competition and markets authority to provisionally clear its £3.71.814 billion for the financial year ending 31 august 2017. that's 5.8% more than the previous year, and was its sixth consecutive year of uk growth. ikea's celebrating its 30th anniversary in the uk this year. as we've been hearing, uk inflation has held steady at a five—and—a—half year high of 3% in october. this follows a 0.25% interest rate rise to 0.5% this month — the first in a decade — and an attempt by the bank of england to stop inflation getting out of hand in coming months. joining us now is lucy 0'carroll, chief economist at aberdeen standard investments. shejoins us from she joins us from the unknown. nice to see you. —— there now. the bank said october would be the time that inflation peaks. said october would be the time that inflation pea ks. have said october would be the time that inflation peaks. have we hit that high? it could come next month. if it isa high? it could come next month. if it is a little bit higher next month, we see the governor of the bank of engla

rupert murdoch's bid for full control of sky is being investigated by the competition and markets authorityording to research. macmillan cancer support said this was due to the success of new treatments, but it warned living longer with advanced cancer brings its own difficulties. that's a summary of the latest bbc news. jennifer says, "i used to work at the freemasons arms in coffin garden. we would caterfor events. one evening i got locked in the kitchen and all they did was eat, drink and sing hymns. hardly m15! " here's some sport now with katherine downes. here are the top sports stories of the day for you. it's been a busy 2a hours for andy murray, welcoming his second daughter with his wife kim, and making a return to court to play an exhibition match against roger federer — it's the first time he's played in public since wimbledon in july. the uk anti—doping agency say they're worried about an ongoing case against tyson fury. he tested positive for a banned steroid lastjune — and ukad say if he sues them for loss of earnings, they will be bankrupt. they're believed to have asked the

the competition and markets authority says the drugs company conor coady abused its position. —— theook says, "i have four christmas trees up in my pub already. the celebrations start in the heart. enjoy today and live for tomorrow". i absolutely concur with the latter half of that statement, it is just putting the christmas trees up so early is not for me. here's some sport now with olly. these are the headlines. alastair cook says england have pretty much accepted that ben stokes won't play accepted that ben stokes won't play a part in the ashes series that sta rts a part in the ashes series that starts on thursday. the all—rounder posted pictures of himself in durham yesterday. that is actually england's training in brisbane. stokes is awaiting the outcome of a police investigation into a brawl outside a nightclub, he was arrested on suspicion of causing actual bodily harm. the women's ashes series comes to an end today, in a next hour or so, australia have already retain the ashes but england could level the series if they win the final t20 today, but they are up against it, beth

the competition and marketing authority has been investigating this and when they launched the initialhey said they might if they don't comply and they might if they don't comply and they could take them to court. a lot of mights. a lot of uncertainties. what problems can fans face when they buy tickets from one of the resale sites? the main problem really is that they are being misled and being led down towards these sites. they are platforms that allow the buying and reselling of tickets and unfortunately, a large proportion of the business on those sites is large scale ticket touts who are reselling the tickets through them. it is unfortunately even when face value tickets are available for a concert, they are encouraged towards the sites usually through google search and paying well through google search and paying we ll over through google search and paying well over the odds and then there is problems further down the line, people getting invalid tickets, having difficulty getting in, tickets being listed without the right terms and conditions being provided so really a real big

and higher than expected. we'll have more on this in a moment. competition authorities say the drugs company concordia has abused its market position and overchargedn years ago it's crucial thyroid medication cost around £11.50 per packet. that's since gone up to £258 per packet. easyjet‘s profits have fallen during what the airline called a "difficult yearfor the industry". that figure came in at £408 million — that's down more than 17%. more now on the government borrowing. it rose to £8 billion last month. this comes the day before the chancellor announces his latest budget. economist vicky pryce joins us now... she should be coming. thank you for joining us. the government always make great play of cutting down on public borrowing, what is causing this figure to go up? although the economy has been growing, it has not been growing anything as fast as had been growing anything as fast as had been anticipated. no doubt that some of the revenue had been affected. if you would at the position overall, in the thing and shall year so far, corporate tax and also income tax have not done badly at all. and corporations have actually done reasonably wel

and market liquidity may be reduced, cutting into bank profits. authorities say the new rules will help restore stressed -- restore trust, foster competition, and encouragendent research. just one ofat was the many quick picks you can find on the bloomberg. you can also find them at bloomberg.com along with all the latest business news and analysis 24 hours a day. best for thiserg week. thanks for watching. i'm rosalind chin. this is bloomberg. ♪ ♪ >> a child of the vietnam war was sent to denmark with his family. his work interweaves the world's collective history with his own. >> he has a very personal way

and market liquidity may be reduced, cutting into bank profits. authorities say the new rules will help restore trust, foster competition, and encourage more independentf the many quick picks you can find on the bloomberg. you can also find them at bloomberg.com along with all the latest business news and analysis 24 hours a day. for is "bloomberg best" this week. thanks for watching. i'm rosalind chin. this is bloomberg. ♪ ♪ announcer: from our studios in new york city, this is "charlie rose." charlie: we begin this evening again with politics, republicans reeling after election losses tuesday, gop growing increasingly divided over president trump's leadership of the party and many are concerned the white house is alienating voters. the risk comes as the gop works to overhaul the u.s. tax code. senate republicans unveiled their plan on thursday. joining me now is robert costa for the washington post and the moderator of washington week on

and market liquidity may be reduced, cutting into bank profits. authorities say the new rules will help restore trust, foster competition, and encourage more independentind: that was just one of the many quick picks you can find on the bloomberg. you can also find them at bloomberg.com along with all the latest business news and analysis 24 hours a day. that is bloomberg best for this week. thanks for watching. i'm rosalind chin. this is bloomberg. ? retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. david: is a big burden off your shoulders now? you have succeeded a legendary business figure. jeffrey: if i was going to give advice, it would be -- david: the financial crisis of 2008. jeffrey: i kind of want to say, i want my mommy. david: if a president were to say come in as

out of the market such anticompetitive deals within a single industry are called horizontal cartels when the sausage cartel came to light in two thousand and twelve the competition authorities imposed hundreds of millions of euros in fines there are other kinds of cartels as well for example the six biggest players in the german cement industry carved up the country into regions and agreed not to compete within them in the absence of competition the customers were at a disadvantage that's called a regional cartel and then that was the recent supermarket cartel food producers and retail chains agreed to keep prices above a certain level when two sectors of the economy get together like that that's called a vertical cartel. and we're back with morton laughs she's a competition law expert and i want to know why do companies still do it it seems that prosecutors have taking a tough stance when it when it comes to cartels and battling them in recent. that's true if you look at the recent years they've been both national and european cartel and forces have beefed up their authorities and powers and they're looking. quite detail into these allegations i think you have to bear in m

broadcasting we authorized a new television standard on a voluntary, market driven basis to open the door to a substantially improved free over the air television broadcast service and fiercer competition in the video market place. of course much more than that. one last thing i can't help but note. the college basketball season has started and kansas which is number four beats number seven kentucky. i will certainly improve my mood now that the chiefs have started to tail off. with that i'll open up to any questions you might have. >> i have a question about media ownership. it seems like a big part of the pitch at least on cross ownership is the idea that this could allow some synergy. maybe stations could buy up newspapers that are struggling but it seems like the market has been moving in the opposite direction. a lot of divestitures and split offs between publishing and broadcasting advocates. what is going to change? >> well, i think we're simply making a decision as i said at the outset to ensure that our media ownership regulations match the market place in which we find ourselves and that market place is dramatically different than 197b5 when the cross ownership restriction wa

h.r. 2874, the 21st century flood reform act re-authorizes the national flood insurance program for five years and introduces great private market competition and provides additional reforms to benefit policy holders and taxpayers. the office of management and budget said the national flood insurance program is not sustainable in its current form. the 21st century flood reform act helps sustain it. the bill will foster a private market for flood insurance which allows private insurers to compete and in turn diving down the pies of policies. this is a win for policy holders and taxpayers alike. representing alabama's gulf coast, it is important to me and my constituents that they have access to affordable flood insurance through the national flood insurance program or a private insurer. i appreciate the inclusion of provisions in the act to protect current policy holders while making the program sustainable. i appreciate the chairman to work with members whose constituents such as mind remine on the nfip to raise concerns about the initial bill that passed out of committee. this bill is a positive step toward re-authorizing our nation's floo

broadcasting we authorize a a w television stand on the voluntary market driven basis and this will open the to substantially improved free over the air television broadcast service and fiercer competition in the video marketplace. and, of course, much more than that. one last thing i can't help but note, the college paschal season has started and kansas which is number four beats number seven kentucky and will improve my mood now that the chiefs have started to tail off. without i will open up to any questions you might have. >> i've got a question about media ownership fixings like a big part of the pitch at least on cross ownership is the idea that this can allow some synergy, maybe stations could buy up newspapers that are struggling p but it seems like the market is the money in the opposite direction, a lot of investors and split us between publishing and broadcasting assets. what's going to change? >> well, i think we're simply making decisions as the said at the outset to ensure that our media ownership regulations matched the marketplace in which we find ourselves and that marketplace is to medical different than it was in 1975 when the cross ownership restriction was put in pl

broadcasting we authorized a new television standard in a voluntary market-driven basis and this will open the door to a substantially improved three come over there broadcast service and future competition in the video market place. much more than that. one last thing i can't help but note college possible season has started in kansas, which is number four, beach seven kentucky and this will improve my made now that that has tailed off. i will now open it up to questions you might have kyle, bloomberg. question about media ownership. it seems like a big part of the pitch at least on crossownership is the idea that it will allow synergies in stations goodbye of newspapers that are struggling but it seems like the market has been moving in the opposite direction and a lot of divestitures have split offs between publishing and broadcasting assets so what will change? >> well, we are making a decision as i said at the outset to ensure that our media ownership matched the marketplace in which we find ourselves in that workplace is dramatically different than it was in 1975 when the crossownership restriction was put in place. in the order there's record of the grandfathered combination datin

competitive sector, you need the best talent to innovate and drive company's board. time: this is coming at a when the chinese authorities are trying to pull down the property market inies, and this will take a lot of collaboration among local governments. absolutely spot on. the property tightening and property curbs is the one key risk highlighted by some analysts. there is concern among some about how red-hot the property market still is here despite the curbs put in place. the different cities are super competitive with each other. we spoke to a local official here, he visibly bristled when we mentioned we liked going to another city. eating the governments to coordinate will be a key challenge going for it. we will get more from the executives this week, not just about the area but international and expansion plans as well. yvonne: thank you. we will talk more about china's greater bay area as tom mentioned there are implications on the nations economy later. we will be joined by an economist at 8:40 hong kong time. we will also be going to property data we got of the weekend. also coming up, japan releases its latest trade numbers in a moment. we will have imme

authority to granlt other methods. to assure that they prevent market competition and not inconsistent with the approvaed fiscal plan. we deeply appreciate your concern and on behalf of the board i pledge to meet all the cal chgs and achieve their goals. >> thank you. five minutes. welcome. >> chairman bishop, ranking members of the committee. it is an honor for me to appear before this committee. i currently serve as the revitalization committee for it puerto rico oversight and management board and a chief officer -- a motion seeking conformation is before the court over seeing the debt of title 3. my written testimony briefly describes my current role. i will use my limited time to outline some of the key aspects of the role and my plans for it. my appointment is pending apruvlt by the title 3 court. i do not want ibany way to appear presumptuous about the outcome. i believe it court will understand my testimony is provisional. that is if i am had confirmed. the role is essential both for the long term and short term implementation. we need a fast moving entity by a durable, sustainable and affordable power sector