when i came into the finance ministry i was prime minister, lost, came back as finance minister.hen to prime minister. when i was finance minister, you know, they told me, don't take this job. you'll never be prime minister, they said. i said, well why is it that i want to be prime minister? well, one of the two reasons is that i want to reform the israeli economy. that's why i want to, you know, be there in the first place. you know, so if we achieve that, that's good enough. and that's what i ended up doing. david: so -- mr. netanyahu: when i came into the finance ministry, this is just a tip for any of you who want to be israeli finance minister, something i don't recommend, but when i came in, you know, i said, well we're going to do this, do that, you know, make all of these reforms. and the staff at the finance ministry were very able people. they said, mr. minister, you can't do that. i said why not? they said because this reform will get you a three months general strike and that reform will get you a three months general strike and so on. i said, could you say that again

the finance ministry posted explanation saying we hope the two side u.s. andhina will intensify negotiations towards eliminating all tariffs increases. immediately after the announcement tesla cut prices on theodel s and model x vehicles in china. tesla is one of the few american car makers that exports whole cars to china. the announcement came after a raft of data showed the economy here slowing down further. both realtime sales and industrial output missed expectations. retail sales grew at the slowest pace since twoe and industrial output expanded the threeea yrs. mixed asset investment jumped slightly but only because wk earlier in the weier. part of the nlt slowdown has been engineered and sentiment id weigdown. so far they say the impact from the trade war has been mimal but the bureau expects greater uncertainty in 2019. that's raising questions on what policyo makers next. the central bank governor said thursday that china would keep monetary policy loose for now and next week beijing leaders meet for the annual economic policy setting meeting for

china's finance ministry says it will suspend tariffs on u.s.rting january 1st a record amount of cash based out of stock funds last week according to new data from lipper while a near record $13 billion poured out of bonds. and some m&a news this morning lvmh buying belle monday in a $26 billion deal paying $25 a share that's a 40% premium over yesterday's closing price. that deal is expected to be closed in the first half of 2019 >>> okay we're still doing some research on belle monday. i thought andrew would have -- huh? you know of one in south africa. >> there's a handful of good ones fabulous hotels. but i haven't stayed at them myself >> which is a shocker. >> i love a great hotel. i do >> i know you do >>> coming up, we're going to talk about this morning's market move news coming out of china on tariffs and lower than expected productivity in retail sales numbers. as we head to break, here's a look at this morning's biggest losers and losers -- no. winners and losers if we can find any >> chevron is the biggest winner up 2 cents >> in t

the reserve bank of india for the next three years the sixty three year old is a former senior finance ministry official that has worked with various government bodies including the economic affairs ministry. to london now a city not only considered a cultural melting pot but also a foodie paradise hosting some of the best restaurants in the world but the city's vibrant gastronomical scene could be under threat because of bricks and if things go wrong there won't be enough cooks in the kitchen because many of them are from all over the e.u. . the british restaurant scene is booming particularly in london but could send as a result of breck's it easy you work as a missing. american while the specializing in game meat steak bagus and even mac and cheese come with venison meat from the chef to the waiters only three employees in the whole restaurant during lish post office come from the rest of the e.u. . you're going to manage a field goal is going through the new christmas menu with a polish head chef you know the heart attack or whatever a member of staff leaves she has a problem these days two

soybeans in what sounds like a conciliatory tone the chinese finance ministry says it hopes china and the u.s. will progress quickly and its negotiations to lift all additional tariffs on each other's goods. chinese consumers will soon be able to afford cars from the u.s. again beijing is reducing current import duties on u.s. vehicles from forty to fifteen percent tariffs will also disappear for a number of other u.s. products the regulations apply to the first three months of twenty nine hundred nineteen agricultural products energy automobiles except for a are among the items that china in the u.s. have reached consensus on. the new regulations are music to the ears for u.s. soybean farmers storage facilities for the soybeans are bursting at the seams china's been one of the us his most important agricultural customers but during the recent trade dispute china stopped importing u.s. soil farmers held on to their crops now trade is blossoming again since china resumed importing soybeans chinese businesses as well as chinese consumers welcome the move. soybeans are one of the most im

the chinese finance ministry says it hopes that china and the u.s.l progress quickly in negotiations to lift all remaining tariffs. >> chinese consumers will soon be ablee to afford cars from the u.s. again. tariffs will also disappear for a numbmber of other u.s. produc. this applies to the first three months of 2019. agriculturalroducts, energy, and automomobiles are among the items the two countries have reached consensus on. thisis is music to the ears o of u.s. soybean farmers. china has been one of the u.s.'s most important agricultural customers. farmers held on to their crops. now traded blossoming again since china started importing soybeans. chinese consumers welcome the move. >> soybeans are one of the most important products that china imports from the u.s.. there is a big domestic demand. reporter: the trade dispute has weighed on china's growth, as the latest figures show. in november, retail and industrial production fell well short of expectations. the new economic cease-fire between the world's two largest economies gives both sides

or three two secretaries of finance who retired from the ministry of finance and join the rba. ered one of the best rba governor's we had. was in theson administration. of financea lot ministry administrators moving over to the rba, and although they came from government, they did not give up on the independence and policymaking for the rba. friction were notice there, but they were manage more equitably going in that way. administrators know how to bring both sides to the table. >> should for an investors be more concerned though that the government could get some of the things it wants, for example, extracting more capital from the central bank to plug its budget deficit and loosening curbs on some of the weakest banks? theoth are not connected to rba governor's role. if the rba has a larger amount of capital than it needs, in fact, it would rather want to give up at some point, so this is not a short-term activity. the committee has been formed to decide on what is the ideal capital the reserve bank should have, and how much should be returned back to the government, so it's

soybeans in what sounds like a conciliatory tone with the chinese finance ministry says it hopes china and the u.s. will progress quickly in its negotiations to lift all additional tariffs on each other's guts chinese consumers will soon be able to afford cars from the u.s. again. beijing is reducing current import duties on u.s. vehicles from forty to fifteen percent tariffs will also disappear for a number of other u.s. products the regulations apply to the first three months of two thousand nine hundred ninety agricultural products energy automobiles except for a are among the items that china in the u.s. have reached consensus on. the new regulations are music to the ears for u.s. soybean farmers storage facilities for the soybeans are bursting at the seams china's been one of the us is most important agricultural customers but during the recent trade dispute china stopped importing u.s. soil farmers held on to their crops now trade is blossoming again since china resumed importing soybeans chinese businesses as well as chinese consumers welcome the move that all. soybeans are one

autos as of january first the chinese finance ministry says tariff rates will fall back to the status quo ante of fifteen percent and the suspension of the tariff increase will last for three months meanwhile the ninety day deadline for the u.s. and china to reach a broad agreement on new trade policies a deadline few experts think can be met is march first. and speaking of autos and signs of a slowdown in china the chinese automobile association manufacturers reported on thursday the auto sales in china fell by fourteen percent last month in november compared to the same time last year. and on yet another front of the u.s. china trade battle alcool famously of cooper teet cupertino california says they will update i phone software to address patent infringement complaints from qualcomm on monday qualcomm tired of their chinese court win against apple which resulted in a temporary sales ban on some i phone models as a reported the temporary been notably excludes the newest models the x. s. and x r which were introduced after qualcomm's case was filed apple says their software updates

. -- clashes with the finance ministry will over interest rates in will will >> these concerns were definitelyted for quite some time with rbi clashing with the government. there was a lot of uncertainty because of the meeting coming up, but also the statewide elections, which could signal how much strength narendra modi as going into next year's national election in next may. the r.b.i. has been under a lot tookessure since patel use its capital reserves to help the governor boost economic growth and that eventually led to patel's resignation. >> india appointed a new head of the reserve bank less than 24 hours after his predecessor abruptly stripped down. >> he was the economic affairs secretary, part of the ministry of finance, and he then oversaw one of the moving forces behind modi's demonetization of a program that is still controversial to this day. was it really needed? what did it do to the economy? he has been a member of the finance commission and he was one of the sherpas at the last g20 meeting for india. >> over the weekend revealing china's trade surplus with the u.s. hit a reco

israel the water for israel and then they collect emasculates and they don't put it back in the finance ministry and when people protested in the streets in june about your action you were arrested dozens of them and you security forces beat them up in custody and you told me of democratic you are well look if you want me to be perfect i'm not perfect and he was very far from the look at those that look government local who said using you have you you mentioned one demonstration is true some people were beaten up that's right but then investigation committee was formed after bubbling up but i'm going investigation i want but how many searches do i have one daily basis in the west bank against a motion against myself how many every single day there is only one place on the arab world where the prostin have president is a good start on palestinian t.v. but i stand newspapers but as you said poppies don't come and attack us look at everything every website. and then you're telling me that i am not. excusing him or i think you say nobody's perfect and you're saying nobody's perfect no it's not excus

before i tell, there were two or three secretaries of finance were appointed one after another in the r.b.i. governance role, and who retired from the ministrye. one of them was considered one of the best r.b.i. governors we had. so we have a lot of finance ministry administrators moving over to rba governor's -- r.b.i. governors. on thed not give up independence and policymaking for the r.b.i. they wereriction, but that way.icably going these administrators know how to ring with signs to the table -- table.oth sides to the nejra: should be investors be concerned that the government could get some of the things it wants, for example, extracting more capital from the central bank to plug its budget deficit, and also loosening the lending curve to its weakest banks? ashishkumar: i think both events are not connected to the rbis governors role in a way to rid if the r.b.i. has a larger amount of capital than it needs, it would rather give up at some point. this is not a short-term activity. the committee has been formed to decide on what should be the ideal capital that the reserve bank should have, and how much should be returned back to the s

indian central bank, the head of the bank resigned in the midst of repeated clashes with the finance ministrye banking crisis and interest rates. we had seen this coming for a while. the deputy governor came out with a harsh speech back in october, talking about central bank independence. what happens on friday because the rbi is meeting? >> there were concerns that were scripted for quite some time. there is a lot of uncertainty not only because of the meeting coming up but the statewide elections which could signal how much strength modi going into next year's national election in may. has been under a lot of pressure since patel took over in 2014. they use the capital reserves to help boost economic growth. that eventually led to patel's resignation. : that's roiling in the at the moment and that may continue but in general, emerging markets have been beaten up this year. does that position that space for a rebound? are we starting to see deep value attracting investors? >> if you talk to the largest money managers out there, they would point to that, saying you look at dollar strength. it

he has been at odds with the finance ministry on the banking crisis and interest rates. -- india is closing italy for having the worst banks. global news 24 hours a day on air and on tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm kailey leinz. this is bloomberg. guys? guy: thank you. european politics dominated and theresa may is in the house comments making a statement. emmanuel macron will address the french people tonight responding to the yellow fests -- vests protest that have rocked the weekend. they will see if he will compromise. let's go to paris and join maria. maria, what can we expect from the french president this weekend -- this week? real and immediate tax deductionsps to bring down the cost of living. critics will tell you that emmanuel macron is out of touch. ground during the week and you consent there is real working-class anger from minimum women who feel they are overtaxed and overpaid -- and underpaid. up to will have to comb something that will appease the anger on the streets. the bigger question is, what will ha

the decision takes effect january 1st and lasts three months the finance ministry posted an explanations website saying we hope the two sides, the u.s. and china, will intensify negotiations towards eliminating all tariff increases. the announcement came after the economy showed they slowed down further. retail sales, industrial output missed expectations. retail sales grew at the slowest pace since 2003. industrial output expanded the least in three years fixed asset investment jumped slightly, only because it was weak earlier in the year trade tensions are weighing on consumer sentiment china statistics bureau said so far the impact from the trade war has been minimal but the bureau expects greater external uncertainty in 2019 that's raised questions on what policy makers will do next the central bank governor said china would keep monetary policy loose for now, and next week, leaders meet for the annual economic policy setting meeting for the year ahead most analysts believe the pressure will be onto stimulate growth further as domestic demand continues to weaken, and the clock ticks

he often saw a rate cuts during his time at the finance ministry.tors can be rest assured. a lot of people are coming back to union markets in 2019. the country is looking at 7.5% going forward. the former malaysian prime minister has been charged over the tampering of state audits in the troubled 1mdb fund. he is looking to protect himself from legal action. both men denied the charges. global news on air, 24 hours a day and at tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. thank you. let's look at what is going on in u.k. politics. theresa may will be speaking shortly. she is expected to give a statement. we will bring it to you. the door is opening. we will bring you that speech. news director and our reporter joining us. let's keep an eye on these pictures. this is happening very quickly. >> they like to get this over and done with very quickly. 48 no-confidence votes were reached last night. we will know the results of the secret ballot very quickly. how many votes does she need t

i actually advised the bavarian finance ministry, and the city of munich is basically doing just this a.i. and blockchain and it's a private-public partnership. they brought in some of the biggest companies and the family offices and they brought in obviously government infrastructure in the city of munich itself. they're looking at companies that are building blockchain solutions that can genuinely affect their citizenry and citizenry globally and they are backing them with the infrastructure that the city can bring. they're backing them with funds that the public-private partnership has brought. and it's been really effective. i was in munich last month, and i got to see about five companies that are doing really meaningful stuff. they have all the pitfalls of a normal startup. when you have the support and the infrastructure from the city, you can navigate some of those pitfalls much better, right? so it's very important. we kind of get into this whole private and you don't want to get involved in government and you don't want to get involved in city and that could not be more myop

china's finance ministry says it will suspend additional tariffs on u.s.ext year china deciding to end the tariff on 211 different cars and car parts for three months from u.s. automakers remember, we have agreed to this 90-day truce, if you will. china now doing a 90-day truce on cars and car parts. general motors and ford shares heavily traded now but they're reacting ford up about a percent. bmw surprisingly is down keep in mind bmw, a german company, but it exports most of its x5s to china they're made war in greenville, south carolina. german company, u.s. built by american workers, exported to china. surprised that stock not reacting more positively still big news china pausing -- we're not going to call it an end, causing car and car part tariffs nor 90 days >>> up next, weighing the risks. your next guest says concerns over a major pullback could be overblown. we'll find out why >>> a tech alert if you're a heavy texter, it may end up costing you in california it's your rbi and california we love you, but really a story you have to hear coming up i

the finance ministry says the companies have used european rules to pay 14% less tax than the mediuminess owners here. that is one of the things they will do is go out and look for other sources of tax revenue in 2019. at the same time, the people on the street, to get them off the street, they will expect concrete measures from the speech tonight. some of the things talked about is an abolishment to some extent of property taxes and a bonus of 1,000 euro or more for people for assistance in buying power. just an outright gift to every french person. it is those things, but they are costly with the budget. >> we will see if emmanuel macron can calm the anger we are seeing on the streets. jim, thank you. >>> ahead, they are calling it the miami miracle, but not in new england. >> touchdown! kenyon drake. >> andy scholes has the incredible ending next in the "bleacher report." our mission is to provide complete, balanced nutrition... for strength and energy! whoo-hoo! great-tasting ensure. with nine grams of protein and twenty-six vitamins and minerals. ensure. now up to 30 grams of pr

a man who has been at the finance ministry, obviously mr. modi's pick. him is -- sinceh patel quit, patel quit, he was pushing back against the government. he had to be independent. the only way he could maintain that was by leaving. so what position will mr. das be in now and what will it mean for central-bank independence? a lot of people apparently hold that very dear in india. paul: patel quitting for personal reasons, which is a rather opaque comment. while we bring in the senior economist and strategist at credit. kathleen running us through a background on the new r.b.i. governor, shaktikanta das. does the governor now have its man at the r.b.i.? darius: it remains to be seen how compliant mr. das will be with the wishes of the government. but certainly his background a long muchwill go farther with what mr. modi wants the central bank to do than mr. patel has in the past. -- fory be good for our near two long-term growth. if he pushes for lower interest rates, which is not clear but he might come it would be support been a swell, something import

his finance ministry would have gone berserk but showed the french people they will make dramatic break of climate change even though, even if they raise the gasoline tax it, would be 1/1,000 of a percent impact on emissions in france. france is mostly nuclear energy. they're pretty good on emissions. so he made the wrong policy decision. didn't dot big stuff on the other front on other fronts that would have bought him political capital. connell: know hardly anything about french politics, reading about it, observing this he lost the people, right? we have these populists uprisings in some countries. sometimes they come from the left. sometimes they come from the right. i'm not sure leads to coming from one side or the other. >> people feel powersless in a strong administrative state. france has the strongest. connell: we have to cut you of. this is steve comey. >> i am coming back on the 17th after full day of questioning. two things are clear, we could have done this in open settings and two, when you read the transcript you will see that we are talking again about hillary clinton's

lines from the ministry of finance and china, they are going to be removing export tariffs on 94 itemsuld be some of the first of the list. be removedffs will the first day of next year. there will be lost to curb forced tech transfers -- laws to curb forced tech transfers as well. that is what we have. for breaking news wherever you bloomberg.tictoc by >> you have hourly updated top news reports. jump onto the bloomberg. ♪ >> it is battle of the charts. pitting the best ones against each other. if you are a bloomberg terminal customer, romney function at the theom of years -- run function at the bottom of your screen. all that glitters is not gold. gold is more expensive. metal? this mysterious if pollution is cut down in mines are searching for palladium. investors are asking if it is too late to buy into palladium? supply shortages are projected to continue. >> perhaps there is a bit of a rally. you have? i am bringing in a bit of holiday cheer today. into two asian markets have remained above the watter -- water this year. new zealand is a straightforward story. mostlyck market is

the finance ministry said some export tariffs will be cut as part of the effort to open the economy.reduction will come into false -- force at the start of next month. killed in theople tsunami rose to 281, with more than 1000 injured and dozens more on accounted for. most of the victims were thought to be triggered by a volcano. the disaster comes after the peak holiday season and may hurt the tourism industry and put for the pressure on the rupee are. makingof theresa may are plans to keep her in office for more than two years after office . she would continue as prime minister until 2021 before being replaced as conservative leader less than a year before the next scheduled general election. she survived an attempt by colleagues to oust her earlier this month. it's reported police conducting the gatwick airport investigations a there may not have been genuine drone activity they said they are leaving open the possibility that he may have been mistaken. a couple arrested after the incident, which disrupted travel , have been released without charge. turkey is edging closer to attac

we obviously know he is from the finance ministry, he has those connections.es not seem worried about inflation. leaves -- we're not entirely certain and comfortable . for the moment, the market will steer clear. currency does feed into an improvement in the stock market situation. the currency seems likely to weaken on the back of this. what i have done is put the turkish lira and the indian rupee together. propensity for the rupee to suffer the same demolition? the lira is the yellow. the rupee is not that battered. what are the similarities, if at all in terms of independence? >> you have hit the nail on the head. it is that question of independence. the reason we lost faith in the lira, decisive pressure that came in here and year out from president erdogan. ultimately, that left us with that story this summer. we have the urge -- the huge current-account issue on the foreign that story. perspective, i think the issue is more muted. nejra: simon and eric, chief currency strategist at bny mellon. you will be continuing the conversation on bloomberg radio an

as there 18 member board meets tomorrow, it is people from the finance ministry, industrialists, andy will discuss a proposal which urges patel, the predecessor, they want closer supervision of the central bank. the bank is pushing back. they want more liquidity. they do not want the central bank telling them how to clean up their books of bad debt. they are concerned about the r.b.i. not wanting to bailout shadow banks, which helped fuel growth and investments which is a big concern for the central bank, not wanting to build about and teach them a lesson. that was patel. we will see what happens under governor doss. haidi: that was kathleen hays. the people's bank of china says the economy is facing increasing downward pressure and monetary pop -- monetary policy will continue to be supported. the nation is shifting from high-speed sanctions to high-quality growth. tom mackenzie joins us in beijing. the monthly indicators? what other highlights about the fragile balance in the economy at the moment? tom: you will not be surprised to hear the main challenges he highlighted at the uni

the finance ministry with banking crisis and interest thes with india including worst bad loan ratio.aveil billionaires opposing visions on what the state should be. they want to keep things how they are with >> environmental regulation and george k wants higher taxes on the industry with corporate charges on criminal justice reform and this year lawmakers increased taxes to pay for the rates for teachers. global news, 24 hours per day on air and on tictoc on twitter, powered by 2400 journalists and analysts in 120 countries. carol: what you make of that? two political billionaires on different sides of the aisle. who is right? jim: in terms of? alix: what should they do? advocate for more taxes, advocate for less regulation and less taxes? jim: the american story that i believe is dramatically different than the european one because of taxes. when you look at the average tax rate in the united states, 27% and in europe and goes up to 45%. look at growth in the united states. it's not that it has been this way for five or 10 years, it has been for a long time that we have dramatically

starting to see some follow through on the promises made during the dinner at the g-20, china's finance ministry announcing today it's rolling back retaliatory tariffs on car parts they're at 40% and they'll go down to 15% from january 1 to march 31st the next step is a face-to-face meeting. that could take place either here in d.c. or in beijing we'll keep you posted. back over to you. >> that's one to watch thank you very much. the markets do seem to be getting more and more worried about the global growth fears and paying less attention to the president's tweets, like this one this morning, saying china wants to make a big deal but that didn't help are investors not believing the commander in chief andrew, i'll start with you, the retail sales number this morning for the u.s. was fantastic markets shrugged it off, why weren't they reassured that america is still doing okay? >> i think we're going through a correction in the market if you look back since the bull market started, every time we have the directions it takes two months to work its way out and i think we're coming to the tail end o

movement to demand taxes thousands of people wearing the garment demonstrated outside taipei's the ministry of finance organizers said they were inspired by the success of the recent french protests. a court in austria is set to rule on how much birthplace is fluff that's after the state offer to buy the apartment in the now. for three hundred thousand the current owner is demanding one point five million judges are expected to decide on the issue in january jim is exploring the idea of a so-called mosque tax it would be loosely based on the existing tax which funds catholic and protestant churches. the idea is that levy a charge on practicing muslims here would make german last less dependent on financial support from abroad lawmakers from germany's ruling center left center right coalition once and foreign financing of german mosques like this one to do that they're proposing a so-called mosque tux. he saw that as a city i believe it's important that mosque associations in germany and islam are independent of foreign influence from currently the fact is that most of the money comes from foreign stat

the garment demonstrated five days ministry of finance organize a said they were inspired by the success of the recent french protests. a court in austria is set to rule on how much birthplace. that's off the state offer to buy the apartment in about. three hundred pounds of the current owner is demanding one and a half the judge is expected to decide on the issue in january chile is exploring the idea of a so-called tax it would be loosely based on the existing tax which funds catholic and protestant churches in the country the idea is that levy a charge on practicing muslims here would make german mosques less dependent on financial support from abroad. the central mosque in cologne is the largest in all of germany the mobs in germany come largely from turkey and are paid by the turkish religious organization the d. on it the concept that mosques could be offered an alternative financing by germany appeals to many politicians in the government coalition. he called it a society i believe it's important that mosque associations in germany and islam are independent of foreign influence fr

to demand lower taxes thousands of people wearing the garment demonstrated outside taipei's ministry of finance organizers said they were inspired by the success of the recent french protests. demonstrators in tunisia clashed with the authorities for a third day after a journalist killed himself to protest economic problems in that country several regions were affected the military has been deployed to help police tackle the ongoing violence. and a court in austria is set to rule on how much it was birthplace is worth and south of the state health of the body the apartment involved in for three hundred thousand euros the current owner is demanding one point five million judges are expected to decide the matter in january. yes present all troll doll and his commander in chief bomber jacket for a few hours on wednesday making an unannounced visit for troops stationed in iraq he it and first lady maloney a trump then made a brief stop at the ramstein air base here in germany it was the first time trump had gone in person to a conflict zone where u.s. forces are deployed is more. the reception was