finance ministry about the energy ministry is being run by an undersecretary who worked under mr al by iraq so both ministries will be under his influence but more importantly the appointment of former chief of general stuff as defense minister and also retainment or for the interior ministry post by the previous interior minister so that suggests that turkey's military aggression outside and inside will continue to turkey will continue to crack down on kurdish groups the militants of the kurdistan workers party inside and outside. outside turkey so this. i think it has provided some clues to investors as well people were in prison out on what was pledging that he will exercise more power on. central bank in fiscal policies and now his son in law is firm with him and so how how important is that because we know that the economy is the biggest challenge facing present day one we've seen that the turkish currency has been weakening a great deal he needs to be able to boost economic growth and provide more jobs for people for that also he needs to attract more investors but does the shape

the believe has to do with a corruption case involving a subsidiary of the financial of the finance ministry of which not chip was in charge when he was not only the prime minister of the country but also the finance minister of this country and they're also hearing reports that not expected to be charged as wednesday to not fall. before we really know exactly what the charges are going to be they don't. whisper in terms of once what happens next to any idea at this point of i wondered what the what the timeline is for this and what mr najibullah reza has had to say in his defense. well in three hundred the case is going to take because we don't yet know what it's going to be again. the current prime minister mahathir mohamad and he has said he expects the several charges filed against. corruption bribery. not just in several of the charges not just his own has maintained his innocence all this was in the time when he was prime minister at the time when he had been in the general election and may have been tainted and if he says he hasn't done anything wrong given what was happening in one a

argentina's finance ministry estimates the strike will cost the economy around nine hundred million euros. giant parking lot for diesel cars thousands of new vokes wagon diesel vehicles will soon be parked here at berlin's unfinished b.t.r. airport that's until they can pass the new emissions test this is a win win situation for v.w. and the airport operator v.w. has access to large areas for its cars and the operator can rent out the unused land. if it means that berlin takes in more money which can then be used to refinance the airport then let the airport be used as a parking lot for v.w. . you know it'll take a while before the airports ready and there's enough space so why not make use of it. the reason for the campaign as of september first only cars that have undergone this new test procedure may be registered v.w. therefore prepared to says many cars that are built to pass the test procedure but these cars still don't have the approval of the federal motor transport authority that will most likely be delivery delays for up to two hundred fifty thousand vehicles according to a v.w.

economy, of the central bank in effect, and his son-in-law is in charge of the treasury and finance ministry is not reassuring. vonnie: we saw a reaction similar to that around the time of the copu attempt -- coup attempt, at the same time we see massive -- why not? >> one that has moved a lot already, interest rates are very high. if you look at emerging markets, the lower currency yields, turkey is by far the highest. there is a good reason for that. its credit rating is already in junk. and it is a very strong, decent economy, has a lot going for it. relatively low debt to gdp and geographically is it is -- it is important, particularly with the nato trumps -- nato talks this week with donald trump. it is a big economy and it should not be in this state. it is in this state because there is a presidential, an presidential power taken by erdogan, and now his son and want in -- son-in-law in charge of the finance ministry. he is saying, literally he would takeover and he is now. falling 3% in is the ball -- istanbul the secession, down the most since 2016. what are the parts that investors

he is putting his son-in-law in charge of finance ministry. many observers for suggesting that he going to do just that. he's goininto run thehe country like a family is surrounding hihimself with family membebersd people h he could trtrust. who in the end, can regain trust of western partners especially, when it comes to the economy. brent: thousands of public sectoror workers have been set. journalists are imprisoned for supposedly, opposing the state. yet, erdogan will say turkey will advance in terms of rights and freedoms? >> i think he was trying to be inclusive that today. hehe is trying t to be t the prt of not only the people voted r him ou of alall of the 81 millin turkish affected. of couourse, as hehe said hihis opponents think that soununds le a babad joke. more than 18,000 state employees, policice officers, soldiers, have been sacked from thee jobs a aer the state of emergegency that is still ongoig and has beenen ongoing for two years now. mr. erdogan promised that he would end the statate of emergey and that is what people are

the finance ministry sold all of the 35 billion rubles in debt in the auction of domestic securities,the bulk of the notes more than three times oversubscribed. in the u.s., supply continues to elude the junk-bond market for the second straight week. high-yield bond issuance so far this year is 22% lower than the same period last year and the lowest since 2009. with me to discuss is marilyn watson from blackrock, jack flaherty from gam, and victoria fernandez from crossmark. victoria, i want your view on that. to what extent is the supply story what is really supporting triple c's, the junkiest of junk? victoria: yes, the supply story is there, but you also see strong earnings going on. we are in 20%-plus earnings growth right now. so the combination of the two helps to keep that low, and the other thing we are watching in regards to high-yield is the spread between high yield and investment grade. that has stayed pretty consistent as well. that's one of those canaries in the coal mine that we watch to see if we will start seeing some issues in the corporate sector. we have not seen t

that he can trust we just learned that he is putting his son in law by a doc in charge of the finance ministry many observers were suggesting that he's going to do just that he's going to run the country like a family business surrounding himself with family members people he can trust but he needs people who can in the end regain trust affording in west as in special especially when it comes to the economy he needs people at the same time thousands of public sector workers have been sacked for alleged journalists in prison for allegedly opposing the state that's happened says turkey will advance in terms of rights and freedoms how do you square that circle. well i think he was trying to be inclusive there today he was saying that he's trying to be the president of not only the people who voted for him but of eighty of all of the eighty one million turks in fact and he said turkey is going to make progress in terms of democracy and freedoms and individual rights as well but of course as you said to his opponents to his critics that must sound like a bad joke in fact just one day before he's he

international a former subsidiary company of one and then placed under the finance ministry of which not total control being the finance minister as well as prime minister of the country until the general election in two thousand in may just a couple of months ago so he's going to be charged we're not sure yet what the charges are going to be laid against him but i can think we can guess that it's going to be misappropriation of state funds it's alleged that the money from s.r.c. international as much as ten million dollars was deposited into personal bank account he's likely perhaps also to be charged with embezzlement misappropriation of public funds possibly also obstruction of justice we've heard from a anticorruption official about how he was stopped from doing from pursuing the initial investigation by his hire professionals who had received instructions from other people in government so these are likely the charges that he will be facing and we will know more tomorrow when he appears when he's brought to court in kuala lumpur on wednesday morning all right we know you'll be fo

medical services needed regretfully there is no operational budget approved for the center by the finance ministry the relevant indorsement is still needed by human central bank medical facilities operated by donations grants and charities. there are thousands of cads of patients just in who there are a province in the middle of a battle between hutu rebels and yemen's government backed by the sa the iraqi coalition even before the war many yemenis couldn't afford cancer treatments but now it's become nearly impossible. according to the world health organization only twenty percent of yemen's hospitals can treat diseases like cancer diabetes and hypertension. it says chronic conditions accounted for nearly forty percent of the reported deaths last year. the hospitals that do exist face long spells of power outages and severe shortage of medicines and stuff and that might get worse if the u.n. fails to negotiate a deal between warring factions that will allow it to take control of what their port a vital lifeline for imports of food and medicine meanwhile these patients can only hope that a solutio

the finance ministry was responding.berg has said that technically, china could abide tariffs, but that has been ruled out. leaders of the german auto industry are said to have been met with the u.s. ambassador to discuss the fallout of tariffs on imported cars. and volkswagen said it would cause irreparable damage to businesses around the world. the meeting was aimed at forming a direct link to the trump administration. week thailandast meeting discusses the appropriate timing of a rate hike. moves,id if inflation the case for a rise could be made. says they will not be -- because of its controversial dual class structure. it offers 10 votes per share. xiaomi is expected to start trading in hong kong on monday. global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. we are counting down to some of the major market opens in the asia-pacific. let's bring in sophie kamaruddin. we are heading into today. sophie: you have a

the finance ministry says it will not wrist shot that will wait for washington to make the first movedi schneider is here with us, our senior international editor to talk us through why it could be important. its not likely, but why is important that china not make the first move? >> china is saying it will not ite the first move because is playing a defensive game. it would only issue tariffs as retaliatory tariffs. it is saying the u.s. is an aggressor here. the u.s. started the fight and it will only come in afterward. interesting when we just heard from the commerce minister a little bit ago saying that they -- again making the -- making the point that they are coming in after the u.s., also trying to give the u.s. a warning saying that of those $34 billion in tariffs, $20 billion come from product made in other countries including the u.s., so the u.s. would only be hurting health, and also doubling down on the act that it views this as an aggressive act, but that china will not be blackmailed, that they will retaliate. that's the latest we have heard from china. the u.s., we hav

the finance ministry writes we will not fire the first shot. the u.s. and china called a brief trade truce, remember in may after several rounds of talks. but since then the trump administration ramped up trade actions against china, a punishment for stealing tech and trade secrets. the u.s. tariffs target the high-tech industries china vows to dominate aerospace. autos. china plans it hit exports, crude, oil, cash crops and soybeans. the that is strategic hitting states that voted for president trump. >>> one suspect in custody in a nationwide manhunt in on for two accused of range two stes in northern ohio. police say the men are dangerous. it's unknown whether they are traveling together. authorities say the sisters were staying at a motel last we can when the four men attacked them. one suspect arrested the next day held on a $50,000 bond. officials say all four suspects had fraudulent paperwork authorities say they are immigrant workers. i.c.e. also involved. >> authorities in arizona say a 92-year-old woman shot and killed her son because she didn

the finance ministry says it will not fire the first shot.oining us is sarah mcgregor, who leads our economic policy coverage in washington. this is really interesting turn of events. beijing not wanting to do anything here. what do you make of it? reporter: in some ways, it would have been surprising if china had put tariffs into place before the u.s.. -- instigateds this whole issue, they found china was violating intellectual property rights, and this is where the tariffs came about. it was never china's desire to put tariffs in the first place against the u.s. goods. we don't have exactly a breakdown of when these will go into effect. we don't know if that has been communicated into china yet. i think there was a difference with china being 12 hours ahead. there might have been some confusion. german auto industry leaders are making the case to the trump administration that a trade feud with the u.s. will cause irreparable damage to global business. who are we hearing from? reporter: today, we have heard actually that german automakers me

the finance ministry writes we will absolutely not fire the first shot. the u.s.china called a brief trade truce in may after several rounds of talks. since then the administration ramped up trade actions against tire. punishment for stealing tech and trade secrets. china plans to hit high value american exports, cars, crude oil, and cash crops like soybeans. those farm goods are strategic in states that voted for president trump. >> the captain of a ferry that capsized tuesday deliberately crashed the vessel into shallow water when he realized it was sinking. he was trying to save as many lives as possible. it was a maximum capacity of 139 people but there were 189 on board. chilling video showed passengers in orange life vests clinging to the side of the ship as it tilted into the water. 34 people died. >> now this is some -- the man they call jaws. the details in the bleacher report. >> i can't watch it. i'm ray and i quit smoking with chantix. in the movies, a lot of times, i tend to play the tough guy. but i wasn't tough enough to quit on my own. not until i

ministry says beijing does not want to have a trade war with the u.s., this after the chinese finance ministry made clear it's waiting for the u.s. to make the first move before it implements tariffs on a wide range of u.s. products washington has said it would impose levees of $34 billion worth of goods on july 6th china said it would retaliate with equal measures on the same day. europe's auto sector is on track for the best day in 18 months on a report that the u.s. ambassador to germany told german carmakers that a zero tariff solution is possible. he said that the white house would stop threatening tariffs on eu cars if the block lifted duties on vehicles imported from the u.s. the eu is reportedly considering holding talks with the world's biggest car exporters about cutting tariffs. the idea is being considered ahead of a july meeting between eu commission president jean-claude juncker and president trump. speaking exclusively to cnbc, the executive director of the international trade center told me that a trade war would have dire consequences. >> partners around the world, from china,

we know he picked his son-in-law to run the finance ministry.jamin: he is head of the science -- finance ministry and the treasury. those of an occupied by a very trusted names in markets. this is a brand-new era for turkey and erdogan taking full control of the economy. francine: thank you so much. let's get more on emerging markets. that is a latest from turkey. what does it mean for emerging markets as a whole? when you look at turkey as a standalone case or hurting emerging markets to have so much debt. a point whereis they are doing the same thing with jared kushner. it doesn't send a very good signal. he is out, the son-in-law is in. economy the world hitting a soggy patch. chinese growth is decelerating. interest rates are going up. the dollar has been strengthening for the last few months. that combination is bad for emerging markets across the board. until we see those trends change , we may go into 2019 and emerging markets may be under a cloud. time is continuing because of the cycle. is that a fair assumption? trevor: you're always c

and it was later then put under the control of the finance ministry when he was prime minister of malaysia was also the finance minister of malaysia so he had you could say he had ultimate control of this company. and it's alleged that ten million dollars from this company ended up in egypt's personal bank account so this is the particular investigation which anticorruption officials were questioning over and it is we presume that it is for this particular case that he has now been taken into custody they've got a reminder that they served it to him they arrested him at about two thirty local time from his home on tuesday afternoon and he's expected to be charged in court on wednesday morning you know billions of dollars alleged to be misappropriate from this one m d the scandal is there much hope that that money is ever going to be recovered from malaysia. well that is certainly what the government of malaysia is trying to do now and when i was still in charge there were there were there were investigations going on in other countries in as many as six jurisdictions into this the disappea

according to the indonesian finance ministry, a ceremony will be held in jakarta at 10:00 a.m. u.k.ime. elements of the agreement were not included. the ceo of the venture partner rio tinto has told bloomberg he's keeping his options open. jean-sebastien: we have been very clear, and depending on the we may go as soon as there is something tangible. music streaming service pandora is teaming up to win over a new generation of listeners. you can share songs with friends to listen specifically on pandora. roger lynch said the move will help the company focus on ad revenue, and like rivals spotify and apple music that make money from subscriptions. music likel consume they do on terrestrial radio, which is a $16 ilion marketplace -- $16 billion marketplace. andorra is well-positioned for that. we think about spotify and apple for our subversion business to read 70% of our revenue is advertising, and that is more than our competition. it is really more about terrestrial radio. juliette: that is your bloomberg business flash. guy: let's stay with the media theme. comcast has made a bid t

the finance ministry has come out with a statement. u.s. forriticizing the this action, calling it aggressive and unprovoked. look for isng to whether the u.s. imposes a second round of tariffs. president trump at that rally said he was going to go ahead in the next two weeks with another $16 billion in tariffs. he likes surprises, so it is unclear whether it will go through. how does this actually work? view, process point of how does this story come into play? the u.s. has imposed tariffs. if you are a ship heading into los angeles, when you get there, you are going to be facing tariffs. they happen at the border checks. walk us through the process point of view. does it slow everything down? i am wondering what the effect is and how they manifest themselves. has come out with its lift of chinese goods that will be affected. we have not heard from china. some of them are going to be agricultural products like soybeans. prices have begun falling significantly on that expectation. these are the goods that are affected. the impose duties on

medical services needed regretfully there is no operational budget approved for the center by the finance ministry the relevant indorsement is still needed by human central bank medical facilities operated by donations grants and charities. there are thousands of cads of patients just in who they are a province in the middle of a battle between hutu rebels and yemen's government backed by the sa the iraqi coalition even before the war many yemenis couldn't afford cancer treatments but now it's become nearly impossible. according to the world health organization only twenty percent of yemen's hospitals can treat diseases like cancer diabetes and hypertension it says chronic conditions accounted for nearly forty percent of the reported deaths last year. the hospitals that do exist face long spells of power outages and fear shortage of medicines and stuff and that might get worse if the u.n. fails to negotiate a deal between warring factions that will allow it to take control of what airport a vital lifeline for imports of food and medicine. while these patients can only hope that a solution comes so

international was then put on to the finance ministry of which not chip was in charge because when he was prime minister of this country he was also its finance minister and the amount of ten million dollars it's a really is ready just the tip of the iceberg when compared to the four and a half billion dollars that not jim and his associates to have misappropriated from the state investment fund one m d b has denied any wrongdoing and says the investigation against him is a political witch hunt but this really is very much an investigation that is still ongoing and seems to be gathering pace anticorruption agency officials are today questioning riza oz's stepson who owns a production company in hollywood and is alleged to have used some of the misappropriated funds to bankroll some of his some of his projects always son was the political secretary in the office from two thousand and nine to two thousand and eleven he spoke earlier about his time working with the former leader. that home i knew off because i was somebody who was very technical toward unquote namely he likes to read a l

president erdogan has assigned his son-in-law as the treasury of ministry in finance, inectively putting him control of commerce. with us is constantine cou rcoulas. reporter: maybe will not move so fast with extending his control over monetary policy, which is ,omething he had promised to do but i think markets were surprised. monday going into the announcement, there is a big rally. i think investors were caught off guard. david: so it is us monetary policy. it is also fiscal policy. >>policy. monetary policy is only half of the story. turkey has also been boosting its fiscal spending and all of that extra supply has been weighing on prices. saw again today the 10 year yield pushed to a record high, so that is part of it. david: thank you so much for your time today. alix: we did a look at what happened over the lira over the last two days. you can really see the movement if you take a look at our era. that's if you take a look at the dollar year a best the dollar lira -- the dollar lira. >> it is an unforgiving environment, no matter the structure behind the currency. it would make se

we have heard from the finance ministry in south korea saying they can't rule out the potential impacth korean exports and economic growth and demand for south korean goods, which samsung is such a huge component of that ecosystem. , in terms of trade war, yeah, there is some concern on the market. also, i believe there is a huge intention of chinese manufacturers to join in to the memory market and the trade war .etween the u.s. and china it may support that intention for manufacturers to join in. , i am not so run concerned because it seems samsung has a clear cost advantage on its production, so in other words, we see a huge advantage on the production of technology, which is at least three years ahead of chinese competitors, which would give the competitiveness and cost advantage to samsung was so i am not concerned about the trading war in the longer run. haidi: sure. ,ooking at these numbers though in terms of these worries that nand will decline in the second half and we are getting close to the demand for dram as well. >> that is also a concern to the share price. i think that

there was a finance ministry official who said they would not weaken itthe yuan or and make it a weapone wars. that said, i think everyone agrees that they don't mind seeing it weaken and they don't mind seeing a disorderly selloff. wes, thank you for joining us from singapore. let us get the first word news from jessica summers. she joins us from new york. jusco: president trump says the u.s. will no longer accept bad trade deals and the era of economic surrender is over. beenid the white house has taken at -- speaking from the white house, he says the u.s. has been taken advantage of for too long. his anger over trade deals has led to disputes with allies and opponents for across the world. mexico is stepping up efforts to clinch a nafta agreement by the end of august. that is with the president trump talking about dramatic deals in the works. he is speaking to the president-elect from mexico but the client give details. the president-elect for mexico says he is unaware of any deal but is open to talk to the trump administration about one. theresa may and hurt top diplomat admit they

finance minister met with the governor to discuss the outlook as local media are reporting the finance ministrylowering its 2018 forecast from 3%. risk to economic growth from issues such as trade. taking a closer look at stocks that could be moving him across korea, i want to highlight retail players, convenience stores in particular after after the -- we're .2%, this wage hike macy's sluggish growth for the convenience store industry. president trump rounded off the second leg of his european to her by naming the eu a foe of the united states. a said he considers the bloc competitor of america alongside russia and china. donald trump has lectured germany about buying gas from moscow and chastised the u.k. over its strategy. pres. trump: i think the european union is a foe, what they do to us in trade. russia is a foe in certain respects. china is a foe. it does not mean they are bad. it means they are competitors. reiterated itsas opposition to a trade war. a stateuncilor -- councilor said china does not want to fight, but will not be pushed around. to imposemp plans tariffs on additional chi

together bipartisan and then interagency, we had to bring the ministry of education with the ministries of finance with the ministries of health and the ministry of gender to work together in a new way. to really look at every aspect of a young girl's life and address the issues that they're faced with. i think one of the biggest issues we've uncovered through our violence against children surveys is about a third of young girls first sexual experience in rape. so these are difficult questions and that's where you use the diplomacy of data. when you have that objective evidence and you can take that to these ministries and work together to address an issue that crosses young women's lives, and that's -- i think you've seen our recent report, we saw between 25 to 40% decline in new infections in women, the absolute number of new inspections, that's what's going to drive costs, absolute number of new fekss in many of these communities. like all data it also points out where you're failing. i think part of this bipartisan support and the bipartisan report that just came out is for us to understand wh

they are used to dealing with public servants in the finance ministry that react in a market friendly about in a bigger government with more interventionism. there have been specific sectors in areas where they have a different view of inflation. they reject the opening of the sector. it was one of the most important reforms the current administration did. francine: we'll have an impact on how mexico and deals with trade or the trump demonstration? -- or the trump administration? >> i think so. who is veryeone domestically focused and mexico focused. go against president trump and start any types of risks or battles with him. he will have to deal with this issue. it will have to be his first priority rather he wants to or not. it'll be a very different type of confrontation. many of our viewers have an understanding of topside in u.s. -- top down in u.s. and british politics and others. how does this victory filter down? does it seeped down into the provinces? >> it's going to be a very presidential center change. the whole political regime is about change. the traditional strong part

isn't just firing on the rest of the world, but it's also firing at riitself chinese finance ministrycould get caught in the cross fire because this will damage international supply chains the chinese said originally that they wanted to impose the tariffs a little bit after midnight in china on friday, but then they decided to change things in order -- because of the time difference, july 6 in the u.s., comes after july 6 in china, i should say, comes after july 6 in the united states. and so the chinese government said they were going to delay their tariffs until immediately after the americans impose theirs the government said that china would absolutely won't fire the first shot, and that means that china will impose it's tariffs around noon local time this is a bit unusual for china. but it also shows just how sensitive beijing is to make sure that it does not appear as though it's the cause of the problem. it wants to make sure that it looks as though it is the innocent party, that it is the good guy here in this fight against president donald trutru. now the two countries are go

yet we have had a little bit of currency intervention it's mainly been the conversion of the ministry of finance is existing on the books flows from rubles. from dollar story into roubles. you've also go the reserves this for the so-called stabilization fund stabilization fund those created for more revenues over the last few years precisely for this moment we've already seen single digit billions used from that. and that's why a lot of people have been so we've got to i say and they still didn't fire the big bazooka it suggests to me that some pretty strong criminal at the moment so the kremlin had nerves of steel back then and we reckon they would survive b.b.c. didn't reckon they were survive and then we're going to get into a headline from bloomberg saying actually they did very well they have an agenda over there the b.b.c. and we also have an agenda it's called truth and we just look at the numbers and we give you the unvarnished view of how gravity works in the universe as it relates to the economy they were basically blinded by some sort of hysteria they were wrong here's one area where

people together, bipartisan and inter-agency, we had to bring the ministry of education with the ministry of finance and the ministry of gender to work together in a new way. to really look at every aspect of a young girl's life and address the issues they are faced with. i think that one of the biggest issues we have uncovered through the violence against children surveys is that one third of one sexual experiences rate. that is when you use the diplomacy of data. using that objective evidence you can take that to the ministries and work together to address an issue that tosses the lives of young women. i think you have seen our recent report. 40%ave seen a 20% to --line in new objections infections. that is what will drive cost is communities. but like all data, it also points out where you are failing . i think that part of this bipartisan support, and the report that just came out, for us to understand where we are doing great and where we need to do better, with the young women we can clearly see that we probably don't have programs that are optimized for young women in highly urban areas. if y

yet we have had a little bit of currency intervention it's mainly been the conversion of the ministry of finance is existing on the books flows from rubles ensue from dollar story into roubles. you've also go the reserves this for the so-called stabilization fund stabilization fund that was created for more revenues over the last few years precisely for this moment we've already seen single digit billions used from that. and that's why a lot of people have been so we've got to i say and they still didn't fire the big bazooka it suggests to me that some pretty strong in the kremlin at the moment so the kremlin had nerves of steel back then and we reckon they would survive b.b.c. didn't reckon they were survive and then we're going to get into a headline from bloomberg saying actually they did very well they have an agenda over there the b.b.c. and we also have an agenda it's called truth and we just look at the numbers and we give you the unvarnished view of how gravity works in the universe as it relates to the economy they were basically blinded by some sort of hysteria they were wrong here's o

yet we have had a little bit of currency intervention it's mainly been the conversion of the ministry of finance is existing on the books flows from rubles.

finance minister. a former energy minister will be in charge of a new ministry of treasury and finance, combining whatd to be the two most powerful economic jobs. he will replace -- as holder of the most senior -- portfolio. the opec president and uae energy minister has told bloomberg that the cartel and its allies are doing all that they can to offset output shortfalls that have kept global supplies tight end prices height. it comes after president trump the group to cut prices immediately, but he says he does not want to overdo it. >> opec is doing its part. the market needs time and we are monitoring the market, but there are things outside of our hands, the geopolitics, as well as how much production is coming from the shale oil, and the canadian --. this is information that we do not have and cannot predict. the producer price index rose 4.7% from a year earlier. at the same time, the consumer price index climbed 1.9% in june, matching the forecast. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. you can find more stories on the bloomber

would you say to those people who would say well, you were minister of finance when a lot of this money disappeared from the oil ministrye minister. did you have no idea that something like ten, 12, 15, $20 billion were disappearing around about between the years 2000 and 2015? again it is a chapter in the book and i actually talk about that, when that was happening a lot of disappearance was through oil theft, that happened through pipelines and through other means. people would break the pipelines and— the oil out in the niger delta. i spoke about it openly at the time, that we were losing about $1 billion a year due to oil theft and other malfeasance in the oil sector. and so this has been something that was being tracked and we were trying to fight against it but the point i'm trying to make is it is not good enough to know it is happening, the issue is did you try to do something and absolutely. what did you do, specifically? part of what i did was pressed to sound the alarm that this was happening and then with the president set up a committee to try to find out why and where the pipelines were being broken and wh

yet we have had a little bit of currency intervention it's mainly been the conversion of the ministry of finance as existing on the books flows from rubles. from dollar story into roubles. you've also go the reserves this the so-called stabilization fund stabilization fund those created for more revenues over the last few years precisely for this moment we've only seen single digit billions used from that. and that's why a lot of people have been so we've got to i say and they still didn't fire the big bazooka it suggests to me that some pretty strong criminal at the moment so the kremlin had nerves of steel back then and we reckon they would survive b.b.c. didn't reckon they were survive and then we're going to get into a headline from bloomberg saying actually they did very well they have an agenda over there the b.b.c. and we also have an agenda it's called truth and we just look at the numbers and we give you the unvarnished view of how gravity works in the universe as it relates to the economy they were basically blinded by some sort of hysteria they were wrong here's one area where russia

conversation we had yesterday with the former vice minister for international affairs at the ministry of finance, well known for his currency market expertise and certainly his monetary policy expertise as well. when i asked him this question he said, well, there's no reason for the b.o.j. to change policy now. of course they do have to make their policy sustainable over the long run for all the reasons i just listened he said he doesn't see any policy for the change but maybe a technical change making it clear that keeping the 10-year more of a range. let's listen to what he told us. >> expand both sides, which means to make market increase market growth to find ppropriate deep. >> if this is what happens, how will the markets take it? that's what's at stake. people are concerned that maybe the yen could strengthen against the dollar, that's exactly what governor kuroda doesn't want to see. hurts exports potentially. then global, you can't make -- the yield can't go much above where the b.o.j. is anchoring it but global bond yields could rise. that's another thing we're waiting for after we get

investment entering a new phase according to the chinese ministry of finance.an trade deal was signed as well. american active funds have been slashing their holdings over the past couple of months. stocks have further to run. let's find out what is going on and bring charts into the equation. dani, walk us through. active funds are taking risk off the table. i have charted funds data to the s&p 500. check out the flow. we have seen some blips where you seen an -- see an uptake in its stock exposure. the reason these stocks have farther to go because these managers have not -- cannot exacerbate selloff, should be get volatility. matt: has anything materially changed that would cause investors to cut their positioning? ani: we have had these trade tensions and concerns for a while. one theory i want to bring you comes from an analyst at bernstein. correlations between the u.s. and europe -- it does not look like 2017, where correlations seemed chronically low. because of this, it is harder to take risk. they havee telling me taken some risk off the table headed

relatively an experienced politician politician as ministry as minister of treasury and finance so basically as the chief economist has not gone down well with the markets mr abbott is replacing name and shame shake an investor friendly former merrill lynch chief economist who was a very trusted expert in his field so now the big question is will missed out on his new team why they are promising to rick rebalance the economy and to decrease inflation will they really be able to manage this fragile economy and manage to regain trust with foreign investors. reporting from us from istanbul thank you so much. european regulators getting ready to find google several billion euros for abusing its dominant market position later today the european commission has accused the company of requiring mobile phone manufacturers to pre-install its search engine browser as a condition of licensing apps it also accuses google of preventing companies from selling smartphones that run on rival operating systems based on the on droid open source call. and here's a reminder of the top story we're following for yo

there was a ministry of finance official yesterday who said they weren't going to weaken the yuan to a weapon in the trade war. from what they're doing with their fixings and the few of what's happening in the currency is that they're willing to allow a selloff and indeed they welcome this. this is what they want as a way to help keep their exports competitive amid these tariffs. yeah, i noticed the latest figure on the yuan is about 6.82? 7 is the next target people are talking about. >> one of the beneficiaries is the chinese bond market as the yuan has fallen. are we seeing that tracking the broader moves across japanese, aussie 10-year bonds as well as treasury? wes: yeah, up until recently, chinese bonds have been doing really great. the decline in currency and stocks were sending people into the bond market as the safe haven of government debt. it started last week and today we're seeing that rally undone. you're right, yields are rising worldwide and that's probably part of it. the pboc has taken a number of stems -- we are calling it targeting easying -- taking steps to injec