we were talking to david malpass.id in previous recessions, global slowdowns, you see that from the pboc. the stimulus undergrowth that comes from china. there seems to be less of that this time around. is there more to come? stephen: a fascinating conversation with mr. malpass, commenting on china as being in past down cycles and engines of growth. china is deleveraging in the property sector, so they don't necessarily want to ease too quickly. they did cut their loan, there one-year loan prime rate for the second time in august, following the worse than expected july eco-data. but the numbers did improve in august, albeit on the back of heavy stimulus from beijing and subsidies for the retail space in ev's and the like, and the automobile space, and power consumption was up because of the heat wave. there was some bright spots, but not really shining bright. it is still a weak economy right now. but what we are expecting from most economists surveyed by bloomberg is that at least right now, they are going to pause.

we've got major pressure by al for and climate activists to remove david malpass, he runs the world bankd bank is supposed to be about fixing world poverty and hunger. edward lawrence at the white house with more. edward? reporter: cutting through the noise the president of the world bank david malpass he believes greenhouse gases do contribute to climate change but he says he is not going farther than that because he is not a scientist. he is not. he is an economist. what the whitehouse would like malpass to do to become advocate for more expensive green energy technology. for world bank to give money to pour countries to abandon fossil fuels. that could cause higher loan defaults. here is the pressure campaign. >> we disagree with the comments made by president malpass. we expect the world bank to be a global leader of climate ambition and mobilization as well. of significant, of significantly more climate finance for developing countries as, is the business of the world bank. reporter: treasury spokesperson tells me we expect the world bank group to be a global leader of climate ambit

because it takes everything to reach zero poverty. ♪ ♪ bank president david malpass i want to get yours what president biden said on "60 minutes" last night. >> we agree with what we signed on to. a long time ago. and there's a one china policy, and taiwan makes their own judgments about their independence, we are not moving -- not encouraging their being independent. we're not -- that's their decision >> but would u.s. forces defend the island >> yes, if in fact there was an unprecedented attack >> do you spend time thinking about taiwan, at the world bank? >> i do spend time on supply chains this is a really important part of getting inflation down. china's giant producer, and they're an exporter. they run a current trade surplus, so those are powerful issues i met last week with their supply chains are diversified, and i'm in favor of diversification of supply chains as people look for efficiencies globally >> as a supply side guy, i have known you for a long time, were you in favor of the chips act? can that be done in a way that isn't corporatism? >> industrial policy, you know, w

to talk to us about those challenges and how he is confronting them is the world bank president david malpass. welcome. david: hello. thanks. ryan: climate change is an issue that accelerates or worsens each of these issues, so we need to address the elephant in the room. mr. president, you have been facing calls to resign over your hesitancy to attribute climate change to human activity. you know that al gore called you acclimate denier and you have rejected that, but there are still issues out there. i want your perspective. tell us, did you consider resigning why or why not? david: not resigning. we are making a forceful leadership job by the world bank on climate. i think the unfortunate side was was asked are you a climate denier, i should have said no. i did not go in that direction because no one said that other than al gore, and it was pretty much off-topic. i was at a seminar on tuesday where we were supposed to be talking about impact, so i did not do my best job in answering that charge. thanks. brian: now we have heard some stakeholders and you should resign, or they say sometimes

david malpass says it could take years of global energy to diversify away from russia, and that is prolonging the risk of low growth and high inflation known as stagflation. right, stay with else's euro at the news is our up next witness and talked to al jazeera. we also do you believe that women of afghanistan was somehow abandoned by the international community? we listen, we have a huge price for the rural. i'm going to terrorist that's going on in somebody we meet with global news makers. i'm talk about the stories that matter on al jazeera . a valued is that lake city. you know, it was, make it not. no, no thought many legs. we but we destroyed, we our huge water crisis, one state another. they whose pollution because up in the us, these goose population and all but have a quick update from bangalore to where dance more continues to cloud, the bilingual lake and the city after the 5 o'clock yesterday. it's known for it said dr. pollutants and foam as close on the adjoining wood and now has become a common occurrence to see the lake on fire, flames raging on order. why? and i believe you

david malpass says it could take years for global energy to diversify away from russia, and that is prolonging the risk of low growth and high inflation known as stagflation. the world bank president says that the slow down could have grave consequences for developing countries with vulnerable economies. he added that new macro and micro economic approaches are needed to address the current perfect storm as he calls it of rising interest rates, high inflation and slowing growth. lawrence cutler gulf is a professor of economics at boston university. he joins us live from providence, rhode island. lauren's. thank you for coming on. it's. it's a bleak outlook. right? yeah. well, i think we have some people like mouth as like larry summers who are you know, i think maybe headline we have hunting because i don't think it's as leak as what's being described. you know, they in the u. k. for example, a now such a school, you know, tax cut to try and deal with a temporary right. higher level energy prices is around 2 per cent of gdp. but at the same time, the inflation or last year in the u. k has redu

shery: -- haidi: david malpass speaking with us earlier.nd i guess -- our next guest, where the valuation or earning risks are not pressed. with us now is jun-bei liu. we talk often, but i want to talk about your opportunities at the moment, given we are getting multiple warnings to the impact on valuations. jun-bei: absolutely. at this point, you are seeing pockets of weakness where earnings might go in the consumer-related names. that goes across consumer tech or consumer. and what is interesting in the current market is from time to time, you have this brief moment of rally of investors, short-term investors, piling into those names, given the things that are going well. whether it is in australia, globally, in the u.s. things are going quite well. . this is the opportunity that you can use for technical investors like ourselves, to take short positions for those names, because we know earnings are slowing down and what the multiple downwards shifts we are seeing in the u.s. it is generating a lot of returns. haidi: talk to me about buff

tom: world bank president david malpass giving his thoughts on the inflation and the lack of stimulusing through from china. let's check in on the markets 20 minutes into the trading session. gains in the u.k. and you are looking at gains of more than 1% after the holiday yesterday. the ftse 100 reopening today after the funeral of queen elizabeth ii. autos are the top of the list across the sectors followed by banks, travel and leisure. just one sector in the red, real estate. the futures in the u.s. have gains of 0.4%. we have the riksbank decision in five minutes' time. let's get the bloomberg business flash with laura wright. laura: ford shares have tumbled after warning of forecast of $1 billion above expectations and the current quarter. the u.s. carmaker reaffirmed the earlier guidance but signaled shortages of key parts will keep its inventory at half completed. the u.s. is to release 10 million barrels of crude from its reserves ahead of the eu ban on most russian imports, which comes important before december. it comes as global oil prices retreat to levels not seen since be

dani: world bank president david malpass giving his thoughts on the inflation problem in china.is a big week for central banks. in number of players had to reveal their latest rates. first, it is the turn of sweden's bank which kicks off proceedings later this morning. joining us now to help us set up for the week is esther reichelt from commerzbank. thank you for joining us. it is a lot from the fed to the boe. where do you see the most opportunity for surprised, the most misalignment on this market pricing? esther: maybe not misalignment, but the biggest uncertainty is to how the fed will address its projection. it is not the rate hike. there is the potential for surprise whether they hike 75 basis points or even 100 basis points. the most important thing for the fx market is what they are showing afterwards, the outlook. dani: i want to take you into our charts because valerie, our markets editor, made this good one showing what it looks like in terms of financial conditions. financial conditions actually at this moment are looser than when they did the first hike in march. h

seeing friction between the white house now and the world bank that it's not doing enough, and david malpassis and fund this. but what do you make of that battle? >> well, you know, it's complicated. it's not only the science, but a lot of societal factors as well. remember that there are 6.5 billion people in the world who don't have enough energy, and right now fossil fuels are the most reliable and convenient way to get them that energy. neil: but we're not doing that, right in and that's the problem. >> no. nobody ever talks about that, right? it's only about emissions. and what about energy poverty, which is a much more real and immediate if problem can and actually soluble. neil: so i wonder, why don't we pith? it's something to say, all right, i don't want to look like we're doing a 180 here, i understand that. but times dictate to do a 180, rights? >> yeah. we need to worry about the reliability and affordability of energy. we also need to be developing emissions-like technologies and then slowly deploying them so we don't disrupt society. neil: you know, steve, what i like about you

bank threatened them, and just kind of reminds them what's happening in this country, you know, david malpassate change. larry: no, no, he has a four- year term, they cannot touch him. charles: he's coming out now saying he's not a climate denyer the point i'm trying to make is you alluded to it. there's so much pressure, so much political pressure to do the wrong thing and i worry, can we get that? i mean i give liz truss props like you did. can we get back there also as a nation? larry: it depends i think the cavalry is coming in november. i like this commitment to america they put out. by the way it has a supply side policy and lower taxes and deregulation and a more balanced energy policy. that's exactly what we should be doing here, so look, in a sense, charles, in the last few years, the left and the far left have had their way. they've had their way in the united states, in britain. i know boris johnson is a friend of mine. he governed like a labor guy and in the rest of europe. the reality is it failed misery ably, okay? they basically took covid booms and turned them into high inflat

david malpass insists he is not a climate change denier. is knowledged that fossil fuels are contribute into global warming. calls for his resignation mounting after he dodged questions on the link between fossil fuel and climate change, saying he was not a scientist. he has now told cnn it is clear that burning oil, gas and coal is generating greenhouse gas emissions. 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 su keenan. this is bloomberg. ♪ >> our next guest, africa finance corporation, a multilateral institution created by national governments to find solutions to the continent's infrastructure and challenging operating bierman. joining us is samaila zubairu. good to see you again. long time, no see. i am joking because we were just together this morning. in that conversation, it was easy because we had a clear distinction in africa about debt financing and real sustainable investments. tell us about what you are seeing on the contine