crispin odey's hedge fund will be run by has comanager. lows the decision by odey asset management to oust the founder who is facing fresh sexual assault allegations. turning us now is nishant kumar who has been working tirelessly all weekend despite the gloomy weather in -- the good weather in london. what has happened over the weekend? nishant: it was a busy week for us and all of the partners at odey asset management. this weekend has marked sweeping changes at the firm. it started on thursday with the news of fresh allegations against mr. odey. on friday, service providers as well as investors started to go out, leave and dessert odey asset management. and the firm had to take some swift and decisive actions to contain the damage. so on saturday, it basically used the nuclear option of removing its longtime founder, crispin odey, from the founder ship. since then, they have taken further steps like taking his hedge fund and giving them to other deputies and portfolio managers at the firm. francine: will it help stabilize the hedge fund

of the world's largest investment banks are distancing themselves from the hedge fund manager crispin odey fresh allegations of sexual assault. morgan stanley cutting ties while j.p. morgan and goldman sachs are said to be reviewing links with odey asset management. a law firm representing odey said he strenuously denies and disputes these allegations. odey asset management says it does not recognize the picture painted by the ft's reports. global news 24-hours a day, powered by more than 2700 journalists and analysts in over 120 countries. i am sarah hall. this is bloomberg. francine: coming up, teslas ev charging network confirming itself as the u.s. standard. this is bloomberg. ♪ francine: welcome back to the open. 40 minutes into the trading day. hey down day. that's a down day -- a down day. it is all about the inflation picture. let's take a look at what the markets are watching out for. 11:30 a.m., russia's rate decision comes in. later, canada's unemployment numbers from may. russian cpa at 5:00 and the greeks sovereign rating will be reviewed today by fitch. the larger banks have

, you know about crispin odey, you know we— about crispin odey, you know we reekkw— about crispinyself and the big toe eno— there's just myself and the big boss and another— there's just myself and the big boss and another trader left in the boss and another trader left in we oeerrng— boss and another trader left in the dealing room— boss and another trader left in the dealing room and the big toe— the dealing room and the big toe wekke— the dealing room and the big boss walks through the dealing eno— boss walks through the dealing ene ne— boss walks through the dealing room and he goes, he's american. he room and he goes, he's american. we goee— room and he goes, he's american. we goee on— room and he goes, he's american. we goee on nw— room and he goes, he's american. he goes, oh my god,— room and he goes, he's american. he goes, oh my god, what a day. he goes, oh my god, what a day. we goee— he goes, oh my god, what a day. we goee n— he goes, oh my god, what a day. we goee n e— he goes, oh my god, what a day. he goes, it was like— he goes, oh my god, what a day. he goes, it was

the 64 crispin odey was known for betting against the british pound in uk government bonds.rubbish. onto a marriage which surprised many last week, we're talking about the surprise three way tie up an ounce in the golf world between the well—established pga tour, dp world tour and liv, which is backdate saudi arabia. this ends two years of bitter conflict in many calls but also left players and fans in shock, especially of the future of the sport. earlier i spoke to david growth and he gave me his thoughts on the merger. it gave me his thoughts on the meruer. , ., ., gave me his thoughts on the merael’, , ., ., ., merger. it is somewhat of a transformation _ merger. it is somewhat of a transformation that's - merger. it is somewhat of a l transformation that's offered for a couple years between the two wars, the european tour and the american torah and liv, funded by these audis public investment fund. —— audis. having to go to court and essentially had to beg up in the pga tour. fist essentially had to beg up in the pga tour.— the pga tour. at peace has broken out. _ the pga

, you know about crispin odey, you know we— about crispin odey, you know we reekkw— about crispinere's just myself and the big toe eno— there's just myself and the big boss and another— there's just myself and the big boss and another trader left in the boss and another trader left in we oeerrng— boss and another trader left in the dealing room— boss and another trader left in the dealing room and the big toe— the dealing room and the big toe wekke— the dealing room and the big boss walks through the dealing eno— boss walks through the dealing ene ne— boss walks through the dealing room and he goes, he's american. he room and he goes, he's american. we goee— room and he goes, he's american. we goee on— room and he goes, he's american. we goee on nw— room and he goes, he's american. he goes, oh my god,— room and he goes, he's american. he goes, oh my god, what a day. he goes, oh my god, what a day. we goee— he goes, oh my god, what a day. we goee n— he goes, oh my god, what a day. we goee n e— he goes, oh my god, what a day. he goes, it was like— he goes, oh my god, what a day. he

that's the firm founded by crispin odey, who was recently removed over allegations of sexual misconduct to move their investments elsewhere. the pharmaceutical giant astrazeneca is planning to sell off its chinese business, according to the financial times. last year china accounted for 13% of its sales, and it's the primary drug maker for the chinese market. last month, the company's china president said the spin—off would be a patriotic company in china that "loves the communist party" but it's by no means certain that it will go ahead. eu energy ministers are meeting later today to discuss proposals to reform the eu 5 electricity market. when moscow turned off the gas pipes electricity prices spiked in the eu. the aim of the reform is to make electricity prices less dependent on volatile fossil fuel prices and shield consumers from volatility. in march the european commission tabled a reform of electricity market rules which pushed for more emphasis on long term contracts with renewable energy producers. around the world and across the uk, this is bbc news. bbc news, bringing| you di

this is just the latest after we know that the hedge fund also asked has been odey -- asked crispin odeyeave and a new person has been placed in charge. a bit of pressure across the board down .2% as we await the ecb. coming up, we speak to joe lonsdale who will be discussing investments in europe at the founders event. that is next and this is bloomberg. ♪ francine: welcome back to the open. 30 minutes into the european trading day and here are your top stories. >> it will be appropriate to cut rates at such time that inflation is coming down really significantly. again, we are talking about a couple of years out neared i think that as anyone can see, not a single person on the committee wrote down a rate cut this year. francine: fed chair jay powell signals more hikes this year after the fomc keeps rates on hold. the chinese economy deteriorates. a european stocks and u.s. futures turn lower. finally, the ecb expected to raise rates a quarter-point later today. markets will be watching out for the outlook from president christine lagarde. we are live in frankfurt. this is the picture f

basically, partners took the first step of nuclear option of removing crispin odey, who has his namey distributed his funds that he managed among all the other portfolio managers. and then the banks started to pull their relationship from the firm. then the firm had to shut today and get to others managed by other portfolio managers. it has been really swift. we haven't seen any like that. there is hardly any precedents of portfolio manager of a founder being fired from his own firm. alix: nishant, i'm trying to understand if investors are freaked out in general, are they forgot about the new allegations, are they forget about -- are they freaked out about the allegations, are they freaked out about banks being freaked out. what is the one trigger? nishant: the one trigger is the banks pulling out their prime broker relationship. no firm can survive without a prime broker who settles trades with hedge funds. that was the catalyst. obviously investors come whenever they see trouble, the first step is really to leave and then ask questions later, which is a wise move, actually, because

also city tycoon crispin odey has been ousted rer— crispin odey has been ousted over for sex pest— crispin ones. it'sjust a drama problems without creating new ones. it's just a drama . problems without creating new ones. it'sjust a drama . it's ones. it's just a drama. it's just a circus. do you think that when— just a circus. do you think that hhehh swneh— just a circus. do you think that rishi sunak can— just a circus. do you think that rishi sunak can ride— rt. ”hilt: do you think that rishi sunak can ride this rt. ”r;5 do you think that rishi sunak can ride this storm ewre — rishi sunak can ride this storm ewre h— rishi sunak can ride this storm ewre h heee— rishi sunak can ride this storm ewre h here so.— rishi sunak can ride this storm out? f rishi sunak can ride this storm out? 5 cc» out? i hope so, because i do think that he's the right man for the job. i think he's just, you— for the job. i think he's just, wew knew,— for the job. i think he's just, wew knew, he-e— i think he's just, you know, he's personality is nerhhne— you know, he's personality is nerhhne whe— you know, he's

also city tycoon crispin odey has been ousted rer— crispin odey has been ousted over for sex pest— crispincreating new ones. it'sjust a drama problems without creating new ones. it's just a drama . problems without creating new ones. it'sjust a drama . it's ones. it's just a drama. it's just a circus. do you think that when— just a circus. do you think that hhehh swneh— just a circus. do you think that rishi sunak can— just a circus. do you think that rishi sunak can ride— rt. ”hilt: do you think that rishi sunak can ride this rt. ”r;5 do you think that rishi sunak can ride this storm ewre — rishi sunak can ride this storm ewre h— rishi sunak can ride this storm ewre h heee— rishi sunak can ride this storm ewre h here so.— rishi sunak can ride this storm out? f rishi sunak can ride this storm out? 5 cc» out? i hope so, because i do think that he's the right man for the job. i think he's just, you— for the job. i think he's just, wew knew,— for the job. i think he's just, wew knew, he-e— i think he's just, you know, he's personality is nerhhne— you know, he's personality is nerhhne whe— you

british hedge fund manager crispin noda has been ousted from odey asset management after allegationsnduct investigating his treatment of women over 25 years. he denied the allegations. the edge manager will be run by his co-founder. u.s. agribusiness bunge entering a deal to acquire viterra. the deal could be announced by monday. it will create an agricultural giant large enough to take on cargill and archer daniels midland. there is more to come on daybreak: asia. this is bloomberg. ♪ hi, i'm jason and i've lost 202 pounds on golo. so the first time i ever seen a golo advertisement, i said, "yeah, whatever. there's no way this works like this." and threw it to the side. a couple weeks later, i seen it again after getting not so pleasant news from my physician. i was 424 pounds, and my doctor was recommending weight loss surgery. to avoid the surgery, i had to make a change. so i decided to go with golo and it's changed my life. when i first started golo and taking release, my cravings, they went away. and i was so surprised. you feel that your body is working and functioning the way

jonathan: increased oversight over odey management, we know there has been increased management into crispinears. but they have said nothing until this point. this is the first sign that they are prepared to act. dani: are they getting pressure to do so? jonathan: you could say that. there has been a powerful treasury select committee, a group of lawmakers that has a kind of watchdog role over the watchdog. they sent a letter asking for an update and a broader explanation of what the sp -- sca's doing around broader misconduct. dani: what powers does the fca have? do we have historical examples of them taking the reins of a hedge fund? jonathan: in this case you can see the first steps of making sure no assets dissipate. what happens next is enforcement. dani: how much is about protecting investors? jonathan: it's crucial but there is a broader issue as far as the fca saying and making a really big play around nonfinancial misconduct being crucial to the oversight. with a crucial important episode in the city, none more so than this one. dani: what kind of timeline can be expect? anything, i

crispin oh day. j.p. morgan and goldman sachs are said to be reviewing their links with odey as management. the law firm rep scenting him has told he disputes the allegations published in the report. president biden and u.k. prime minister rishi sunak have agreed to start work on critical materials agreement. it could help reduce our makers qualify for electric car subsidies and speed the joint element of advanced evans. biden and sunak -- discussed boosting supply chains and collaboration on ai, quantum computing and semiconductors. the biden administration is said to be proposing to trade allies that they extend a planned freeze on digital tax services. it is not yet been implemented or endorsed by congress. the u.s. treasury official tells bloomberg the administration doesn't see that happening until beyond the year and deadline. an error in yet really flight has ended in san francisco, ending a six hour journey from new delhi. it's passengers and crew set from the indian capital on tuesday morning. there original air cleft -- aircraft was diverted after trouble with one of its general e