thank you for joining this 2020 three spring meetings press conference with david malpass. mr. malpass will give opening remarks, and we will turn to your questions. if i could ask on the record, to keep to one question and identify yourself. >> thank you, david. goodmorning at this early hour. the meetings have been going well this week, there've been a lot of engagements. it's in the context of a global economy that is slowing in 2023. this is owed to the persistence of inflation, oil prices are high, credit disruptions have occurred. and the world is in this long period of normalizing interest rates after a long period of artificially low interest rates. it's going to take time for asset prices to adjust, and also for capital flows to move to more productive uses. the best way out of this, for the world, would be to have policies that generate more growth, more production, better living standards for people, and of course that is what world bank is for developing countries. we need to break out of the cycle where the capital of the world is absorbed just in pain national debt

jonathan: that was david malpass, president of the world bank joining us.u. counting down to the opening bell, about 44 minutes from now. about 16 minutes ago, we had economic data out of the united states, jobless claims higher-than-expected. ppi coming in softer than expected, that his breathing life into the equity market and taking life away from the u.s. dollar. breaking down to 110 43, new intraday high. the euro stronger -- weaker by one third of 1%. tom: you've been talking about a weaker u.s. dollar in where we will be years from now. more importantly is that majors -- is the outrageous demand of the surveillance team that we focus on what matters right now. i think it is wonderful that ted lasso has taken an italian play to bring a new character in. the tensions that i saw -- jonathan: i do not think he wants to talk about it this morning. tom: it shows the tension. jonathan: good reason for that, paolo gentiloni joins us now. let us start with this question. does europe have a coherent approach to china, and if you do, what is it? comm. gentiloni

thank you. >>> don't miss our exclusive with world bank president david malpass and tomorrow, join usen and wealth, a cnbc your money event where we'll explore ways women can increase their income for the future and make the most of current opportunities and register at cnbc events.com for the virtual event or use the qr code on the screen we're back in three minutes. you can't buy great conversations or moments that matter, but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. t. rowe price, invest with confidence. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. >>> let's get a check on natural gas today tracking for the best day since early march up over 7% it's giving a boost to nat gas stocks like pioneer, com stock all in positive territory today. pioneer, sara, in the news for reasons unrelated to th

the most right, david malpass, they're speaking with head of the i. m f. crystelina you're gather, will another major topic. those meetings this week, ukraine and it's reconstruction, the, even as the war continues, the countries allies and international lenders are talking about how to get keep the support needs, and what it's capable of handling. and the need is immense. and the world banks latest estimate is $411000000000.00 over the next 10 years. that includes rebuilding homes and damaged infrastructure like rail lines. also for helping farmers replace equipments or lands even the cost more expensive insurance. i recently spoke with someone who visited ukraine as part of that assessment on a piano is managing director of operations world bank. i began by asking her what struck her most about the needs and ukraine. ok, thank you. and nice to be with you again a yes i, i returned to ukraine just a few weeks ago. and what struck me was, of course that, and this war is continued to have huge a cost for ukraine as well as bill over effect. so when we

later today the world bank's outgoing chief, david malpass, is due to address the media.gnation in february and will be stepping down at the end ofjune. the organisation will select a new president next month. ajay banga, the former chief executive of mastercard, is the most likely candidate following his nomination by the united states, the bank's largest shareholder. there has been a lot of discussion around what lies ahead for the world bank which is also under pressure to focus more on global public goods like climate change. earlier i spoke with stephanie siegel, from the centre for strategic and international studies, and she told me the world bank isn't the only multilateral development bank facing this sort of pressure. there is a lot of pressure on notjust the world bank but on all of the development banks to really increase their work and their efforts on so—called global public goods and the two that really are kind of front and centre are pandemic preparedness and also climate change. so how exactly the institutions do that, i think, is a big question. beyond

bank president david malpass saying the success is still debt relief relies on chinese corporations, saying there has been some progress in negotiations with beijing softening its stance on multilateral lenders. china is the biggest lie will -- bilateral lender to poor nations. >> they are burdened by high levels of debt. so the proof is in the pudding that the details of, is zambia going to get an mou? we would like to see one this week. china needs to be willing to sign off on the structure of the restructuring. rishaad: the fbi has arrested a 21-year-old national guardsmen for the leak of classified documents which have details on the war of ukraine. attorney general merrick garland says jack charged with unauthorized removal and transmission of national defense information. the new york times have reported that he was the leader of a gaming chat room where the documents first appeared. brazil's president is calling on bricks countries to come out with an alternative country to her replace the dollar in foreign trade. global dominance of the u.s. and xi jinping on friday. brazil a

leaders with, -- platform for global leaders with david malpass, the 13th president of the world bank. on the agenda will be inflation, debt challenges, stressing the banking system, continued economic fallout from the war in ukraine. it is a perfect storm for global financial leaders. the world bank this week warned of a tough time ahead for global growth. it will take collective policy effort to restore health in the next decade than the previous one. nothing would be more fitting than to discuss these meetings with president malpass. he previously served as under secretary of treasury for international finance, a former deputy secretary and chief economist at bear stearns. it is fair to say no one could have imagined the scale of challenges you would have faced the last four years. covid-19 shook vitality across a range of economies. in that moment of crisis, the president and the world bank sprang into action. the bank fast tracked that supported vaccines and rollouts in nearly 80 countries. its immersive operations reached over 100 nations comprising 70% of global gdp. the world

if officially approved by the world bank sports directors, banker will replace david malpass who's stepping down nearly a year before his 5 year term was due to expire. now pass was publicly rebuked by the white house after he said, he didn't know if fossil fuels would driving climate change remarks for which he later apologized or re vamping. the institution was top of the agenda at the world bank and international monetary funds. spring meetings this week, the bank has set out its own vision for transformation and to increase its lending capacity in response to cause for action from the united states and other nations. barbarian prime minister mia motley, proposed a large scale reform of the global financial architecture known as the bridge town initiative last year. joining us not from washington d. c. a. scott morris. he is the director of us developing policy initiative and senior fellow at the center of global development at scott. good to have you with us. what do you make of the, the proposed reforms so far and, and are they really necessary? so i think the reform that the world ban

if officially approved by the world banks, board of directors, banker will replace david malpass who's stepping down nearly a year before his 5 year term was due to expire. now pass was publicly rebuked by the white house after he said, he didn't know if fossil fuels would driving climate change remarks for which he later apologized. we're revamping the institution was top of the agenda at the world bank and international monetary fund. spring meetings this week, the bank has set out its own vision for transformation and to increase its lending capacity in response to cause for action from the united states and other nations, barbarian prime minister, mir motley, proposed a large scale reform of the global financial architecture known as the bridge town initiative last here. joining us now from washington, d. c. a. scott morris. he is the director of us development policy initiative and senior fellow at the center for global development at scott. good 20 with us. what do you make of the, the proposed reforms so far and an are they really necessary? so i think the reform that the world

i will be speaking with david malpass of the world bank.nk and imf meetings i'm curious what they have to say about u.s. and china. this is the underplayed story given some of the u.s. companies that have pretty big businesses in china. tom: is there an auction today? lisa: not that will really rise to the occasion. there are plenty of events we will be watching, including the credit suisse shareholder meeting that's ongoing in zurich. there are a host of things we are not looking for peripheral data points. tom: i will cut to the chase. this is the interview of the day if you missed the bull market. he was pounding the table saying technically october was the bottom and so if you participated. moments ago, it was codified. 20 stocks have rallied. 460 stocks spx have never to spaded. she has been a resilient bowl. lean forward and listen to barbara reinhard. are you still bullish after the move off october? barbara: we are. we believe the banking crisis really gave the central banks an opportunity to reassess. they have muscle memory on wha

the bank's president, david malpass, made those comments at the spring meetings for the world bank andor global growth to just 2.8%. but it says most economies would avoid going into recession this year. our business correspondent samira hussain has more. the us economy is set to grow by1.6%. that is better than what was originally forecasted. and then it's going to grow by another 1.1% next year. and it is better than some of the other economies. and we see that the uk economy is meant to contract, and germany's economy is also meant to contract. and really what a lot of that has to do with the energy prices and inflation that remember, because of the war in ukraine, you're seeing a lot more pressure on oil and energy prices for countries in europe versus what you're seeing here in the united states. also, the united states still has really strong —— here in the united states. stay with us here on bbc news. stormy weather is expected to continue through tonight and into wednesday. and that's because we've got this powerfuljet stream up above that weather system, developing it very rap

jonathan: are you suggesting that david malpass should be at the imf?at has already been taken but whether they were the perfect fit for the job under the circumstances we now have, let's say i think the two leaders have done admiral jobs in their current positions and i wish them the best of luck. tom: they were given up pandemic. >> and they inherited this china card and the imf deals with debt restructuring and debt relief and debt issues in emerging markets and frontier markets. that certainly is something that each one has handled in a different way. jonathan: this was great, we should do this more often. tom: this is what's beneath the headlines. the backtalk is what people are talking about. this is an imf that's taken on a pandemic mission very much like the world bank. jonathan: equity futures on the s&p are positive by 0.2%. coming up later, mike shoemaker of wells fargo. yields are a little bit lower by three paces points on the 10 year. from washington, this is bloomberg. ♪ conventional thinking delivers conventional results. at allspring, w

world bank president david malpass says the success of stalled debt relief talks relies on china's cooperations there has been some progress in negotiations with beijing softening its stance on blenders taking losses along with other creditors. china is the biggest bilateral lender to poor nations, 15% already in debt distress. >> they are burdened by high levels of debt, that the proof is in the pudding, the details, is zambia going to get an mou? we would like to see one this week. china needs to be willing to sign off on the structure of the restructuring. haidi: brazil's president lula da silva is calling on brics nations to come up with the currency to replace the dollar, continuing the crusade of what it ceases -- sees is the dominance of the u.s. the be ok governor says the recent baking turmoil in the u.s. and europe has not directly affected korea and told bloomberg there is a lot to learn from the crisis and they have to be ready for similar situations. >> it hasn't affected us much directly because our exposure to the silicon valley bank was limited. on the other hand, we are concer

china is the biggest bilateral lender to the poor nations come and essentially, david malpass at theank says we have a proposal out there. the world bank would provide fresh low interest loans to these nations that have defaulted, i mentioned to zambia as one, in exchange for china dropping the demand that other banks take losses alongside other creditors and debt restructurings. china is starting to back off on the demand, but it is not clear whether they will make a concession. haidi: what do you rate the chances of a major breakthrough then? >> sources are telling us and leaders involved in these talks essentially saying they are not expecting a major breakthrough but because again, china's position is still at this moment unclear, you know, just a couple of days ago, china has been slow to recognize that multilateral debt restructuring requires china to play by the rules that are already established. now china has responded to those kinds of allegations as well to say to truly solve the debt problem all parties need to implement the principle of joint action and fair burden. so,

world bank president david malpass says that relief relies on china's cooperation. he says there has been some cooperation with beijing softening its stance on multinational lenders, taking losses along with other creditors. china is the biggest bilateral lender to corporations, 15% of which are already in distress. >> they are burdened by high levels of debt, so the proof is in the pudding. the details of -- is zambia going to get an mou? we would like to see one this week. they must be willing to sign off on the structure of restructuring. >> and those were your first word headlines. david: lots of big conversations coming up in the next hour or two. mike milken joins us give or take about 30 minutes from now, so stay tuned for that. we are discussing everything from risks in the banking set assessed -- in the banking sector as well as he will share his assessment of the health of the banking industry. patch those interviews coming up here on bloomberg tv. this is bloomberg. ♪ >> we still have tightening labor markets, consumption spending is holding up. the balan

yvonne: world bank president david malpass there.ur next guest is joy yang from marketvector indexes. good to have you with us. on top of price pressures, we are seeing the banking turmoil and jamie dimon saying of the impact will linger for years. how do you stay invested? >> we are looking at a multiple number of indexes. we are at gold today, which made the headlines, broke the $2000 mark. we are watching the space because people are using gold as a hedge and this means the markets are uncertain about what will happen. should the fed fix inflation, gold is a good hedge. but should the inflation progress, gold is a good hedge. we are looking at the space. gold is becoming a safe haven. people are turning to gold and the prices going up. for investors who cannot access physical gold, there were other ways to get exposure to gold. for example, through equity companies that are linked to gold, such as gold miners. yvonne: the price of gold right now already at a 13 month high. >> it could go higher, a has not broken the threshold for