erik schatzker joins us now. great to have you with us.ou, speaking to solomon on this very subject. he canere limits to what say, weren't there because this is an ongoing legal process. fascinating to see these revelations around lloyd blankfein in 2009, many years ago? there is only a limited amount of information david solomon can share. you heard it in the excerpt of that interview, ongoing investigation, investigation underway. i did ask him directly if he could unequivocally assure us and his shareholders and his employees and his clients that neither he nor lloyd blankfein or anyone else who holds a senior position at goldman today was aware or suspicious at the very least of any illegality. he didn't address that directly. i would have liked him to address that directly, but it might have given us more context in which to understand this latest development, the knowledge that lloyd blankfein participated in that 2009 meeting. it is important to emphasize that meeting took place in 2009 because the bond deals that are ,t the center

he is with erik schatzker in midtown, manhattan. eric? nt to point out that we are live to bloomberg radio listeners worldwide. it's great to see you here at the multicultural innovation lab . one of the reasons i like coming to an event like this is that it serves as a reminder that no inter how chaotic things get the business markets, the show must go on. something that is phenomenal, we started this a couple of years ago, the idea a workspacee a lab, for venture startup organizations, women owned. in this second year we brought theyhere to showcase what have produced. we have had over 100 businesses , tremendous interaction, i'm just so proud of the team that put this together. erik: do you call this impact investing? james: it's more than that. of all the venture that has been raised, built by women led organizations, 98% of the money is not going to that, less than half of 1% of people of color. we are trying to create an opportunity to bring investors and money to where the talent is. you are putting some morgan stanley balance into

erik schatzker begin his exclusive interview with goldman byhs ceo david solomon asking what he thoughtresults. >> from a market perspective and then expectations perspective, even in historical context, it is not too unexpected. i am not a big believer this will have a big impact on policy or action or washington or where we are for the next two years. erik: what if the democrats begin never-ending series of investigations with subpoena after subpoena and two things that trump administration and perhaps the trump family and even the republican party have been doing for the past couple of years that would probably sort of the business of government? it makes you wonder if it would be bad for the economy and the business climate. is balanceould say can be good in government. when there is balance both sides have to work harder to get things done. what i would say is i don't think it would be an effective strategy for the democrats to go down that road. but if they do go down that road, i think that would be a missed opportunity. i would hope the path of the process forward from here is o

erik schatzker sat down for an exclusive conversation with carlyle group co-founder and cochairman davidstein. he asked the longtime washington insider with the new balance of power may mean. david: hopefully we will bring together the democrats and republicans. i started a program to interview great historians once a month. we get democrats and republicans sitting with each other. it is a small way to make a difference but hopefully they will learn to work together better. erik: there is the effort of yours, the problem solvers caucus. are they making a difference? david: a small difference but it takes a while. we have an atmosphere in washington that is not very good and you can't change that overnight. erik: is it the worst atmosphere you have seen? david: yes, for as long as i have been here. when i worked in the senate in the 1970's, they worked together and socialized and got legislation done. i don't think it will change overnight. erik: is congressional deadlock -- gridlock bad for business? david: i don't know if it is bad for business. the economy is doing very well. the econo

he spoke with erik schatzker about why he is sounding the alarm on government debt and be it affect ithe global financial system. transferred from individuals to the states. do had at least a way to things, and to lower rates as monetary policy 20, which helped because the cure of the structural problem was monetary policy and should be there is emergency measures. start tolater, we raise rates because you have to raise rates, you cannot keep them at a low level, it is unhealthy. someone has to pay the price, who will pay the price? a lot of people who benefited from that free money, many corporations. will first be real estate. real estate is very sensitive. the higher-end of real estate has been going down worldwide. people notice when they talk about it, it is not showing in the numbers. quantitative easing increased inequality. >> real estate is most vulnerable. >> higher-end, and then the rest of real estate. what comes after that? >> the stock market, think about it. >> is that what we are seeing today? >> no. you cannot maintain the stock market in the presence of high interest

erik schatzker has more. erik: i am here with joey levin, the ceo of iac. thank you for coming.hank you. erik: i will begin by asking you the same question i have asked before, because it has not gone away, but i will ask it in a form or provocative way -- what is it like to run a $15.5 billion tracking stock? joey: i do not think of it as a tracking stock. we just had the leadership of all the other iac businesses altogether in los angeles for the last couple days, and it feels more like a company more than a tracking stock. erik: i am joking, but we will put up a chart to help illustrate the point and come back to the question -- a question that is an important one for shareholders, which is the valuation gap. if you look at the performance of home services, match, iac, you are in line. but everything else is basically trading at zero. joey: less than zero. i have not looked in the last few days, it might be -$4 billion. it is odd, it is something that happens with multi-business businesses, which is true of iac, but i think it is something that will work itself out over time.

this week, avenue capital cofounder and ceo mark lasry sat down with bloomberg's erik schatzker for anlusive interview. they discussed volatility in the markets on the eve of the u.s. midterm elections, and lasry said a slowdown in growth could create opportunities for bond investors. mark: in any slowdown, you're going to have bonds drop pretty quickly, and for us, what we will see, is we think we will be able to buy investment grade bonds trading today at par. once there is a problem with bonds moving up, it will be to raise those at about $.60 on the dollar. >> yes, $.60 to $.70 on the dollar. mark: that means that there will be issues. more issues, give me issues. >> when does that happen? by how much do rates have to rise, and where on the curb are we talking about -- are we talking about what the fed is doing, or a repricing of the middle or long end of the curve? mark: i think as rates go up, i think it will go up about 100 basis points. they will. >> market rates, or? mark: just fed funds, and they have to raise rates by 100 basis points. as they do that, the cost for companies

you, erik schatzker at the new economy forum. let's get the bloomberg first word news. from our studios in dubai. president trump has repeated his confidence that he will clinch a trade deal with china saying both sides want to reach a resolution. he trailed a midterm election rally that he is certain beijing wants talk and he will insist on an agreement that is good for america. said's vice president trade was still an anchor and propeller for china-u.s. relations but warned of uncertainties ahead. global economic and political landscape is undergoing the most profound change since the end of the cold war and its applications have been felt frequently giving rise to many destabilizing factors and uncertainties. >> we will bring you the best of our interviews from the first day of the new economy forum in zynga core -- singapore. stay with bloomberg for full coverage of the debate. president trump has been on the road and on twitter urging supporters to get out and vote republican as the most expensive campaign in history heads for the finish line. markets are bracing f

francine: that was david solomon speaking to erik schatzker early this week. said the scandal was the work of a few employees. -- his predecessor have said the scandal was the work of a few employees. us go live to kuala lumpur, where we are joined by our malaysia bureau chief. where are we on the investigation? is malaysia pushing to find out what happened? about more than 10 countries investigating right now. singapore, malaysia. is the change of government in malaysia, we have seen more cooperation with international investigators. we have seen them and date attorney general's and to work together. charges, keyseen is the one for former goldman bankers, who are fighting extradition to the u.s. now. malaysia, we have had the former prime minister facing more than 40 charges related to 1mdb. how far down into malaysian society does the scandal reach? is it of the elites or are the people in gauged? before the election, there is a saying that malaysians on the street do not know what it is. it was a part of a conversation leading up to the election and that le

for more on what's happening, we have erik schatzker. ere are high expectations that this will not just be family photos nba greats. -- and meet and greets. there may be something substantial on trade. erik: there is a lot of expectation. who knows if it will be fulfilled. dinner does and xi not produce something akin to a breakthrough on china-u.s. trade, it is possible the usmca, the replacement sign for nafta will end up being the most significant achievement of the g20. i say that because we know the g20 leaders who met this afternoon are struggling to come up with a communique. this is a document they hope to issue at the end of the day that would signal some kind of a consensus on anything. -- theone block stumbling block is trade. if they can't arrive at a consensus, that would be significant given the disruptions to the global trading system. we will see. thanrump-xi dinner is more 24 hours away. the u.s.mca has been signed. although it is not a certainty it will be passed by the canadian parliament, the mexican congress of the u.

erik schatzker spoke to the man earlier about this. it purports to be china's third-largest economy behind jd.com and alibaba. it is the fastest-growing internet company. emily: blue orca's capital founder. $1 billion. what is the plan for all of that cash? we will discuss. siri is a household name but can apple deep up with alexa? we will talk to the founder. this is bloomberg. ♪ emily: baincapital ventures has raised its largest fund yet at $1 billion. it is the latest in a line of once modest venture firms to raise mega funds area they last clocked in at $655 million. joining us from our boston bureau, the stock trend managing director. thanks so much for joining us. 10, 20 years records, so much money coming in. how does that impact how you spend it deal size, deal volume? >> we are excited about the oversubscribed fund, and it is real validation. when we did the first 18 years ago, we have been evolving and improving ever since pre-we have been incredibly fortunate to partner with a number of many visionary founders and management

erik schatzker, thank you for that.president trump is set to arrive in buenos aires in about one hour. that, after mixed messaging on possible china trade breakthrough. bruegelspeak to director, guntram wolff. haidi: coming up next, though, i look at china's pmi data, due out in the next hour. what the numbers may reveal about the pressure from the trade work. this is bloomberg. ♪ ♪ ♪ haidi: this is daybreak: asia," i am haidi stroud-watts in sydney. ramy: and i am remy innocence you in new york. china's pmi data is about to come out, and it will be an important gauge of how much further the economy might have deteriorated. joining us from hong kong is raymond yeung, anz banking groups chief china economist. let us start out with expectations, manufacturing pmi. 50.2,rvey is coming in at and it looks like it might be .xactly the same this time >>. >> we believe the gdp in the fourth quarter will come down to 6.4%, which is below the official target of 6.5%. i think the november pmi 50,res, even if they touch and does no

jason: james gorman talked with erik schatzker yesterday and he basically said believe in larry.hat you want from your banker. obviously if he had been worried, he would not say it this is a lot of exposure for some brand name banks. brooke: a significant amount of exposure. the top 5 wall st firms have at least $3.5 billion exposure to ge, which is a significant number. 5% of their loan liability. this would cause a significant pain point. the james gorman's point, this is not a right now situation. we have time and ge has options it can use to raise cash. it has ways to bring down these liabilities. the question for investors is what is the timeline on that? they have already walked back the target of reducing the debt by 2020. we don't have a specific updated target but a lot of the estimates talks about three times in that window. a much longer time frame but this does not necessarily mean it is going to go up in flames. alix: gorman talked about bigger cues. he said that could result in billions of write-downs. brooke: this point was that they are selling it below the book v

erik schatzker is there and asked the economy minister about the host country's role in finding consensuss not to strike the deal between the leaders but broker the different possibilities. erik, what is that stake -- at stake? at stake.t is argentina needs to do everything global tradee tensions, argentina is an export dependent economy and so is the rest of the world. the rest of the world is slowing, the u.s. economy may be growing but the u.s. economy is fairly unique and as much as it is not as export reliant for as much of a share of its gdp as the rest of the world. that is why trade is a key issue, that is why there is such an intense focus on the dinner saturday night between president president trump and the hope they can resolve their differences and lay the groundwork for an agreement. a revised trading relationship and investment relationship between china and the u.s. president micron is here from france, mbs is here from saudi arabia, leaders from around the world but it comes down to the xi-trump dinner on saturday. >> this is bloomberg. ♪ i am a family man. i am a techie

on the second day of the , results-- conference were coming in and erik schatzker set down for an exclusiveversation with the carlyle group cofounder. what the new balance of power government might mean. >> hopefully we will bring together democrats and republicans. i've been interviewing great historians once a month and we get democrats and republicans having dinner together, sitting with each other, and it is a small way to make a difference and hopefully they will work together better. >> there the effort of yours and the proper solvents -- problem solvers caucus. are they making a difference? >> it is a small difference but it takes a while. you cannot change the atmosphere overnight. >> is this the worst atmosphere you have ever seen? >> i've not been around that long, but yes. i worked in the senate in the late 1970's. bipartisan legislation does not happen now and it will not change overnight. --s congressional gridlock is congressional gridlock by for business? >> the economy is doing well. hand, everybody wants things to work together better than we are now. business people want c

he sat down with erik schatzker at the new economy forum. >> trade and investment as we know it are apto change significantly. i see the real prospect of an economic iron curtain where we have both sides throw up walls and unmake the global economy as we know it. >> when you use that term economic iron curtain, you were harkening back to the days of the cold war, and the divide, cultural, economic, military that separated the united states from the soviet union. >> we are not in a cold war now. people who say that, it is overblown. we have the real threat of a cold war if we continue down this trajectory. it is a dangerous trajectory. what i see happening is a growing consensus in washington that china is no longer a strategic competitor, but in danger of becoming a strategic adversary. >> you do not see the risk of china would be a strategic adversary? >> i see the real risks, i see that trajectory. >> a trajectory that the united states may help to drive, as opposed to china driving on its own. >> they are both. i talked about both the united states and china, and with china, clearly

nejra: in an exclusive interview, erik schatzker sat down with morgan stanley's ceo at the bank's newand offered further insight into the turbulent state of global markets. >> if you step back, we are in a tightening process around the world led by the u.s. three or four rate increases this year. that has consequences. the ability of the monetary authorities given shrinking balance sheets has limitations on what they can do and there is a lot of political turmoil. it is not surprising you are seeing correction. in certain sectors, incredible run-up in valuations this year. hundreds of billions of dollars created in some of the economies. it is not surprising some of that is being taken off the table. >> there is a lot of debate. i guess the debate is reflected in the volatility that we see over a number of the things you just itemized. the sustainability of u.s. growth, for example, the pace of rate increases, magnitude of rate increases, the implications of the standoff that the administration is undertaking with china. is there any consistency around that debate as far as what you h

tom: with erik schatzker in singapore.nomy for room. .ront and center -- forum front and center is the election. 11.urn to 11-11- this will be an extraordinary moment on a sunday. maybe we will not be paying attention. not be distracted as they look at the 100th anniversary of world war i. james dimon has written about it and joining us now peter s cher. it will be something as the world leaders, including president trump gather on november 11. checkan wrote a loan 100 years ago and maybe now a less important loan arrangement in paris of development. why paris? peter: we have been part of france for 150 years and we have an interest in seeing the economy continued to grow and jobs being created. the greater part of paris, one of the wealthiest cities of the world. neighborhoods with 1.5 million people in neighborhoods with poverty and unemployment. wecannot grow the economy if are leaving these people behind. this is why we feel we have a responsibility to be part of the solution, to take what we have learned in detroit an

really looking forward to this with erik schatzker as well. city, taylor riggs.bank fell to an all-time low today. more than half of the $230 billion in suspect funds handled by the bank was funneled through another lender. that person identified the lender as deutsche bank. that could make the german bank liable for penalties. boston scientific has agreed to buy btg for $4.2 billion. that represents a 37% premium over the company's closing price yesterday. btg makes medical technology devices for doctors in the field of cancer. plans tonounced gohsn. goes in -- francine: we caught up with the french finance minister who said he is not in a position to run a company. >> i would have all the necessary discussions with the people that are in charge, and we would take decisions as soon as possible to ensure stability and long-term visions for renault and nissan. that was the french finance minister speaking in brussels. joining us from berlin, our bloomberg opinion columnist. the concern is that he was seen as a rock star. he put this alliance together. with him fal

we are looking forward to erik schatzker's interview with president macri.ry comment mr. trump will make, not only about 220 but also i would butest -- about the g20 also i would suggest about these distractions in washington. you wonder what mr. mueller will do. francine: i happen trying to follow all of these briefings on the g20. each of the countries have briefed reporters and that was interesting, the people that we know, president macri and argentina want to get to the bottom of journalist jamal khashoggi. says it is crucial to solve the murder and the crown prince will be in argentina and we're trying to figure out whether president macri will plan to meet with the saudi crown prince in a bilateral. tom: let us continue with our this, geneing in frieda and vasileios gkionakis. if i look over here at the terminal, i'm going to see 3.02% on the 10 year yield. looking forward to clipping a coupon? which will it be? like thehink we still u.s. market relative to any other sovereign fixed income market on offer in developed economy space. 3% feels low for w

vonnie: erik schatzker, thank you. we have reached out to pdp for comments, and we will bring that to you as soon as we get it. let's get back to brexit, the issue between the border of ireland and northern ireland and england has been one of the major challenges. we have keiran donoghue, head of id ireland, and he joins us now. we have a draft deal under discussion in 10 downing street at the moment and will head to parliament. how does the fact that there is a draft now impact your efforts to win island as opposed to win favor into ireland as opposed to frankfurt? keiran: we should applaud the work of the negotiation teams on both sides for progressing the brexit process to the point where we now have a draft. that is a significant milestone. the fact that we now have this text creates a more positive environment with financial services firms and they can continue to reconfigure their business in response to brexit. vonnie: you are trying to win business, and at the same time, ireland is one of the european beon coun

that was the goldman sachs ceo speaking exclusively to bloomberg's erik schatzker.t was at the new economy forum in singapore. up next here on the european a suspect on a strong performance in the fourth quarter and we will speak to the tas.of ves that is next, this is bloomberg. ♪ >> i'm not a big believer that this will have a big impact on policy or action or washington or where we are for the next two years as a move to the 2020 election. that was the goldman sachs ceo speaking exclusively at the bloomberg new economy forum. this go back to the earning reports. -- vestas met expectations and expects a strong fourth quarter despite competitive measures affecting pricing. the ceo joins us now on the phone from copenhagen. the me ask you about pricing. what is your deal -- what is your plan to deal with rising price pressure? anders: thank you very much and good morning. if we take a look at the average 7.78ng price, it stands at which is a improvement. we see a very stable environment. is the onshore wind power market getting to tips to be profitable? anders: ther

erik schatzker has the conversation. good day. thank you.reat to have david solomon here at the forum in singapore. have just had the results of the midterms, and is appropriate to begin our conversation. i am pretty sure you have been offended in the past by the partisan rancor of politics in the united states. you think a return to balance of power in congress is good for the country, or possibly a step toward something worse? david: well, first if you look at the election result, can'tring get -- i monitor it as closely as you have but from what i have seen and heard, we have landed in a place where the polls kind of right. democrats took back the house, republicans are picking up a couple seat in the senate. i think you have already seen a little shift in some governorships from what i saw a earlier, but from a market perspective and expectation perspective and even in a context, it was expected. looking forward, i do not believe this will have a huge impact on policy or action or washington or where we are for the next two years as we m

the ceo sat down with erik schatzker.tegy. : we always think that businesses that were already in ra, we could be smarter with the capital then businesses that are already in. are already in. looking at the dating business, i think we can be the smartest people looking at that business, not because we have the highest iq, but because we know dating businesses inside and out. we have looked at every geography over time. the same is true in home services. that is going to take a priority on capital. new opportunities can emerge. home services emerged from service magic, which came from something else, which was citysearch. this emerged from that. erik: you noted on a recent conference call there is plenty of capacity on iac's balance sheet. if you were to include potential debt issuance, and you were to dream, how much firepower could you bring to bear? how many billions of dollars? it is multi-billions. i think it is digestible by iac. five?multi as in two or joey: i would say closer to the latter. erik: how close have you

from our own erik schatzker talking about what we might expect and hope for out of , whati-trump meeting that we might keep within our level of expectation? >> thank you for having me. i think success and the so-called deal would be three things. parametershe basic u.s. on trade are china and the for u.s. on trade are there. two, who is speaking for the president? that's very unclear. at times, it has been peter navarro putting himself forward. the famous china hawk. other times, it seems like treasury secretary mnuchin or larry kudlow are speaking for the administration. we need some clarity on who is doing that. if we can get both those things, hopefully there will be a backing off on the new tariffs or at least no further tariffs imposed. ramy: robert, let me bring you in here. if china and the u.s. were to designate a couple folks to speak on behalf of xi jinping and donald trump, who would you like them to be? >> ultimately, we have learned that this relationship -- it has to be president trump and president xi jinping. they won't be negotiating tariff law. for this administration o

erik schatzker spoke to the -- about how the aging population is creating investment opportunities.ocus on the u.s. you have an aging population. tose over 65 are going outnumber those under five years of age at some point down the road. what does that mean from an investment standpoint? it means that you have a real opportunity to focus on investing in health care, ,ellness programs, better food travel, leisure, technology that is going to enable people to do their banking and insurance much more easily. we are focused on what is the demographic, what role will demographics play? if you are here now in asia, your millennials are about six times the number of millennials in the u.s. they will play a very important role. in the u.s., if you ask most millennials, do you think that you are going to be better off than your parents or grandparents, the answer is probably not, with exceptions. here, it is totally different. the millennials and asia will be significantly better off -- in asia will be better off than their parents and grandparents. we are in the investment business and we t

erik schatzker is back with us. rd from the chinese vice president earlier, talking about how china is perhaps ready and willing to talk trade. i am guessing positive reaction from where you are. erik: david, we are about to find out what the new economy forum in singapore would be without singapore's hedge fund king. danny, great to see you here. let's talk about the u.s.-china standoff. we heard from the chinese vice president earlier today. give me your perspective. , or is just a trade war it something deeper and perhaps longer term, a cold war? >> i think it is a tech driven cold war. you see president trump talk about wanting to negotiate a deal had a famous elections in the u.s.. my deal it is more headline to improve the odds of the republicans in the midterms. i don't believe that post midterms there will be any major progress in trade negotiations. i believe this will be a long negotiation and will largely lead to more the world becoming very polarized. -- and itou are right is difficult, if not impossible,

francine lacqua and erik schatzker saw that at the bloomberg new economy forum in singapore.rd in new york, the trade war is upon us. chicago.n bill lee would not be a soybean if it hit him over the head. , what is a trade war and why are we finally in one? >> everyone is getting serious because the retaliation is there . trump is adamant about not giving in. china is not giving in. the uncertainty is about how this will result. where do we go to get the real issues on the table? propertyntellectual and market access onto the table? tom: intellectual property is an intangible idea. the fancy suits and ties with the fancy degrees go international relations on me. a pile of soybeans is a pile of soybeans, and that gets politicians going. when do we get to that point? >> we are at that point. china is not the only customer. there are only so many soybeans. the customers buying from south america are buying from us. there is a limited supply. equilibrated, we shift. so soybean farmers are ok. they have to find new customers. the real issue is getting the new trade order in place

erik schatzker's morgan stanley ceo and the impact on the market.e in a tightening process around the world led by the u.s. three and probably four rate increases this year. the fed has consequences. the ability of monetary authorities for balance sheets, and limitations on what they can do, a lot of political turmoil. it is not surprising you have bank stock, incredible run-up in evaluations this year. hundreds of billions of dollars you created. it is not surprising to take it off the table. there is a lot of debate the the debate is reflected in the volatility we have seen over a number of things you have just itemized. u.s.ustainability of growth for example, the pace of rate increases, magnitude of rate increases, implications of that theoff administration's undertaking with china, for example. arounde any consistency that debate as far as what you hear from clients? >> a think the most important thing to take away is there is just a lot going on. every morning you get up right is a strong news flow overnight. tariffs, political risks, protecti

in an exclusive interview with erik schatzker, david solomon also downplayed the market impacts of the midterm election. david: i think the biggest risk right now is actually in overheating, and so the question is, can the fed in the context of how it marches forward monetary policy, can it continue to normalize rates in a way where they strike the right balance and we have a softer landing? and they may a may not. theor: we will bring you best of the conversation from the second day of the economy forum in singapore here on bloomberg television. largest banksn's have soared after the country's supreme court said they should not be liable for mortgage stamps to be payments, saving them billions of euros in back taxes. the news triggered a backlash on social media, with the antiestablishment party tweeting the people have won, have lost." global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am taylor riggs. this is bloomberg. francine, tom? tom: equities, bonds, currencies, commodities. let's go to the data. not much of a move afte

i'm erik schatzker live at the bloomberg economy forum in the chairman of carlyle group.ough we are here in singapore, we must begin our midtermsion with the act in the united states. you worked in the carter administration. i know you do not like to be reminded of that. it was a while ago. you have seen the house flip president nine times. the question is -- what do you expect out of government if the house flips against president trump? >> it depends on the margin that it might flip. one or two votes for democrats would be different than a 10 or 15-seat. if you have a 10 or 15-seat majority, you would see a lot of hearings, a lot of aggravation for the president because that is what i expect an opposition party to do. k: is that because of the president republicans established while president obama was in office? i think republicans did work on trying to get some legislation passed. i think democrats will try to get legislation passed, but there's no doubt there may be some things the administration may not like. hopefully, we will bring together democrats and republica

schatzker, let's look forward. what to expect for the rest of the day and tomorrow? erikot a particularly active day, some bilateral meetings. president trump meeting with shinzo abe. there was supposed to be a meeting of trump and angela merkel. that has been rescheduled for tomorrow. you may be aware angela merkel's plane had serious technical difficulty, had to make an emergency landing in cologne yesterday. she is en route from madrid as we speak. her has complicated schedule as well as the schedule for other leaders. was heldry session today, we don't have a clear readout on that. the eu leaders, those that are here, are talking about the need to defend the existing world order. there is a question of the communique. you are well aware of this. whenever leaders gather at an event like this, there's always an effort to build some kind of a consensus. coming into this g20, everyone was aware consensus would be difficult. one of the stumbling blocks, what you would expect, the brazilian delegation is giving an indication that trade issues are one of the things that the