the president quit as the dpp head to account for the losses. sec pans sales a while and the that products -- the fcc pans sales of huawei and zte products. this began with president donald trump and has continued under the biden administration. european union diplomats resume talks on monday on capping russian oil prices. poland and the baltic states have rejected a proposal that was too generous to moscow. poland is demanding a dimensional -- additional sanctions and a price below the market level. positions remain entrenched. the biden administration has granted chevron to resume oil production in venezuela after the talks with the clinical factions on saturday with humanitarian spending plans. new drilling is authorized, chevron will be able to repair and maintenance oil fields. u.s. sanctions halted all oil production years ago. global news 24 hours a day, on-air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. haidi: we are asking a former professor to see if this coul

the dpp, he was the name from the covid response. other big name in the taipei race, he's supposedly the great-great-grandson of the former authoritarian leader here in taiwan during taiwan's authoritarian era. for him to be running is a big deal because he is symbolically such a big figure for the kmt. whether or not he is going to be a future presidential front runner i think really depends on not just the outcome of this election but how he conducts himself as a politician in the future. the common wisdom is that mayors are put in the wing to be future presidential candidates so at the very least high-ranking political officers for parties. these taipei mayoral candidates, whether or not they get elected, are very likely going to remain as part of taiwan's political zeitgeist for the next few years. david: what about as an acid tes t not so much on the individual level, but as a test of the popularity of the party? lev: yeah. so, you know, a lot of people describe local elections as it affect our referendum about how people feel a

it is the worst showing for the dpp since the party was founded in 1986.many conclusions from these local election results as far as any change in the status quo. the dpp advocates they want the status quo, everything hunky-dory as it is with mainland china, but again, it is easy to say that people are a little afraid of war. there was -- four beijing following the visit to taiwan by nancy pelosi, and that did stoke fears that perhaps the dpp and the united states may be poking a little too close to home for the peace across the taiwan strait. we will have to see as you rightfully said, there is a presidential election coming up not in four years but in about a year and a couple of months. it is scheduled for the first part of 2024 come and that is when those serious issues will be top of the agenda for the debate in taiwan. haslinda: you have got to wonder how china is looking at it. how is it assessing the kmt's strong performance? stephen: they should be thrilled with this performance of the kmt simply because beijing prefers more dialogue with taiwan.

the kmt wiped the dpp clean.ally they are strong in these elections, it is their election to lose but no one was protect the opposition party would do so well. that was in part by the good-looking new individual on the scene. he won the mayor ship in taipei and if anybody knows anything, that is often times a precursor to becoming president. he is only 43 years old and widely seen as too young to run in 2024. it is a good sign. many became president after first becoming the taipei mayor. that is something that we may have to look at down the road as the younger individual becomes the taipei mayor. deeper issues this election focused on economic issues. the misery index, a combination of jobless rate and rising inflation is the highest since 2013. local domestic issues and rising covid cases and covid deaths and the economy and inflation are of mind. keep in mind as well that the turnout it was one of the lowest on record. it will be a precursor to the bigger issues in the 2024 election that will focus on relation

what would eight dpp win mean for markets? >> we have been expecting dpp to win.ntly there are doubts here. i would say what taiwan had in front of it before the, local elections is a downturn in exports, and that is the same as south korea. so the economy will not help down the road as much as it has. after 2022, i think it has been quite nice. it growth will be above the potential 3%, but 2023 will be tougher, and that is an issue more than anything else. paul: is that more of an issue that relations with china? global headwinds and date cyclical downturn in semiconductors? >> that is it. i would say for china, in a way, it is kind of a given that every partner will be cautious. how has your economic performance been? so far it has been great. down the road it will be less so. you have the downturn in the semi conductor cycle, export orders are coming down, because some of those export orders. we have to remember they come from the mainland. taiwan whether it is foxconn or others, some of that is being intermediated through taiwan, so taiwan will suffer also bec

the president quit as dpp party leader after the losses, which came after cost of living increases andick in covid deaths. manus: the government of the bahamas has blasted the person in charge of restructuring crypto exchange ftx. the attorney general says the statements made by u.s. bankruptcy proceedings made by john j ray were "regrettable," and misrepresented the actions of the security watchdog. it is the latest salvo in the fight over the collapse. u.k. prime minister rishi sunak is facing pressure to drop windfarms. a group of conservative lawmakers are backing a pro wind amendment and parliament. it is the second rebellion on the same piece of legislation and week after the government pulled a vote on its building plans. that is your monday first word news. there will be bumps along the way before you see a peak in the dollar. we need to ask ourselves, is it the absolute risk on, risk off, and now classic risk off. dani: it really is. it is almost across every single fx pair. whether it is the onshore you on-- yuan, at one point it was weakening against the dollar and it has co

china see what's happening, and the dpp, the ruling party y is giving voice to that.at is happening clearly in front of them. >> if china were to want to do something, the militaries are completely mismatched, right? china has 2 million people under arms. taiwan has how many? >> 200,000. but i think it's in china's interest, if they were going to invade, to do it fast. basically before the cav alry, which would be the united states, could ride in. but there is a possibility, something under the radar, like a blockade, that would be -- that would cripple taiwan. they're dependant on everything, from oil to natural gas to food. so if suddenly the ships couldn't come and go, the place would shut down. >> you point out they have 11 days worth of supply of energy. >> exactly. >> it's coal and liquefied natural gas. so just a blockade, and they would be crippled. >> china knows that. so when nancy pelosi, right after her visit in august, they basically the chinese navy essentially practiced the blockade. they had the ships outside all the major ports. so i think that, to me

maria: i never said -- don't dpp christmas rally.: i never underestimate the recklessness of intoxication over the holidays. >> this is interesting because powell is gets up there, you know every few week talks, tough talks tough markets just i don't think buy if it we see end of year rally because markets think whatever powell says today he doesn't mean it how does fed operate on the basis of zero credibility whether they can't to get tough. >> you raise interesting point i that i couple setbacks i would have anticipated when cpi came in, the last couple readings it would have gone you know even more, the last read first one good. prior to that we had hiccups, with opec other things, we other issues, that were affecting the markets i think but for opec but for some other things oil has come down many commodity prices have come down china scaled back in terms of their production with covid other things, so we are going to see you know skwlenl speaking prices have come down. as a result we are going to see inflation particularly with