this reminder, these little updates that you get from the imf are helpful.annot have one side of the picture without the other. you need to see the reform process move forward as well. you need to see inflation come down. all of these things need to move hand in hand for egypt's overall position to improve. it is not just about the imf package or the reforms on its own. >> let's veer the conversation to saudi arabia. we just heard that they are expecting passive inflows equivalent to 2.5 times current holdings by foreign investors ahead of this msci emerging markets category conclusion. -- category inclusion. where do you think valuations are in saudi arabia? some put it at a premium to pms and at close to historical highs? is this still a good time to jump in? >> valuations by our reckoning are not near all-time highs. they are pretty much neutral. the long-term average in saudi is skewed from when you had half the listings that you do now, even after the impact of the global financial crisis. it is a premium to the rest of the region, but that has been the

we want the imf on board. discussions with the imf. the imf is involved. it is positive.about it, it includes all institutions, meaning as well be commissions, the ecb, the central bank of europe, the mechanism for stability in europe, and of course the imf, because the imf is a partner that is trusted, and that is also credibility through its own program. and for that, we need to work on debt measures, and that is in my view included in our work. matt: what do you expect steve mnuchin's position to be on this? the u.s. plays a big role in the imf as well. pierre: until now, it has not been the case. i know they are interested. i can see that they are, i would well,ather positive, but, it is mostly a case for , but wes with imf also will have the occasion to ven.k that with ste that is clearly the target, and i think that is not only the target for the commission, but for everybody. the europeans commissioner speaking with matt miller ahead of that g-7 meeting of finance ministers. 7:22 in london. the u.s. has reached an agreement with china that will give china greater a

imf is involved.t includes all institutions, meaning as well ourselves -- the commission, the ecb, the central and of course, the imf. the imf is a partner that is trusted. todayhe also tells us that the ministers here have been encouraged by treasury 's optimism onhin global trade. the u.s. just got its trade deal with china, which secretary mnuchin told us this morning they're very excited about. vonnie: what is the thinking on the strength of europe right now following the election of macron? the french finance minister may not be the french finance minister within a couple of weeks. is the sense that europe is strengthening or weakening? something thatis everyone here is very optimistic about, because whether or not the ministers still has this role a couple of weeks, macron is very pro-european. this is another thing i spoke to moscovici about. we have other elections coming up, notably, the german election. i asked him what the election of macron means the possibility of martin schulz or angela

now it is the creditors agreeing amongst themselves what europe has to do to get the imf money in. happen. it is worth bearing in mind the greek economy is 25% smaller thanit the greek economy is 25% smaller than it was ten years ago. it hadn't grown for the last five years. we have got unemployment of 23% and really to make the euro area work you probably need to see more leaning in from other european countries when a country is in difficulty and greece seems quite small, but italy is out there and that's a big country with lots of debt as well. a lot of speculation that germany, that was always the hardliner as far as what greece needed to do in return for the money might be softening? needed to do in return for the money might be softening ?|j needed to do in return for the money might be softening? i wouldn't call it softening! there is a likelihood that i think that the greek debts will be extended to 20 years. the imf was asking if they could cap or freeze the amount they have to pay back each year and the germans are opposing that. so it is a bit of ha rd opposing that. so

egypt has reached pulmonary outline a $12 billion loan from the imf.ill receive 180 quarter billion dollars -- one and a quarter billion dollars in june. praised egypt's efforts to restore confidence in an economy that has been battered since the 2011 arab spring. global news 24 hours a day powered morethan 2600 journalists and analysts ou the world. this is bloomberg. tracey: saudi arabia raised 9 billion, one billion more than the government said it planned to raise. are we set to see more sales from the region? joining us is the fitch ratings head of global finance, the sharp, -- fitch put out some commentary saying the main limitation seems to be on the supply side. we don't have that many issuers selling into the market. why is that given there seems to be such strong demand? >> the best way to answer that is to look at where is the the markets? en, thelook at the top t most developed with the malaysia , and the most developed you --e turkey, pakistan a sukuk or aor bond has its different factor which we can discuss. it is a slow developing capita

the imf forecast in asia is picking they said a whole lot of things.inese economy expected to perform better at 6.6%. all regional economic expansion will move up to 5.5%, making it the world ‘s fastest growing economy. there are problems. the influential multinational body noted risks to be able to sustain this growth. 0ne risk is that there is a rapidly ageing population. asian economies must learn from the experience of japan. number two, the must learn from the experience of japan. numbertwo, the big buildup of borrowing in china in the aftermath of the global financial crisis. also, the imf wants tighter regulations, which could change. —— change things. there are also protectionist measures that will be taken into protectionist measures that will be ta ken into account. protectionist measures that will be taken into account. thank you. taking a look at the markets now. we got results from toyota and mitsubishi, they are still coming, there is some nervousness. sony is looking good and they could have some better profits news. their shares are cli

sign off on the programme is being credible and the imf is not prepared to do that.and economic growth are not credible, they are too optimistic. they also think greece needs some commitment to debt relief. there have been some narrowing of differences. there is a chance they will sign it of in mid—june when they meet, but they are not there yet. regardless of all the details, a former treasury secretary says it does not make sense, there is a big hole in it. what is going on is the donald trump administration has come up with a budget that includes proposals for cutting taxes and a central part of their economic strategy is the idea that tax cuts and deregulation will stimulate stronger economic growth, give incentives to businesses to invest, people to work more, and also the idea is that by cutting tax rates you eliminate or reduce the incentive to avoid taxes. so they are saying that the stronger economic growth will both offset the tax cuts by generating a larger taxpayers, but they also say it will help them close the budget deficit com pletely help them close

the six members of the gulf cooperation council have introduced austerity measures, but the imf says more needs to be done. it will allow the countries to divest outside. the impact on the economy will be limited in terms of its impact on prices and countries will develop a certain number. meatw to the veganism that eaters might be able to get behind -- dennis has gone a vegan, changing the filtration process, not the recipe. it removed ice and glass that are dried fish bladders. by the end of the year, the beer maker hopes to have it in bottles and cans as well. fries, mike french the genius, the divine inspiration that pass to the golden arches. mcdonald's has released an infomercial unveiling its french fry fork hybrid designed to scoop up the toppings that fall out of your burger. >> it is ludicrous. makes itnomic design handy for righties and lefties. it even works in the dark. it difficult to say no to a french fry fork. thank you indeed. 05/02/17 05/02/17 [captioning made possible by democracy now!] amy: from raleigh, north cacarolina, this is democracy n! >> today is may 1. w

are the authorities doing enough to stay in line with the requirements of the imf program?ying they would like to see the central bank make a move. those subsidies you pointed out are going to be critical for the second disbursement possibly for the second quarter and beyond. are they doing enough? they are probably doing all they can for the time being. what they will have to look at now is interest rate in terms of trying to harness inflation in the right direction. they will continue with subsidy cuts but it will not be e.g. -- it will not be easy. attracting foreign investment is a key factor. that has started to come through after the currency liberalization. 's has accelerated quite rapidly from a record low just a couple of years ago -- it has accelerated quite rapidly from a record low of just a couple of years ago and the question is will they be able to keep that high and have the degree of freedom they need on interest rates. fti.y: you mentioned i have seen some people arguing that while the devaluation has been great in getting new capital into the country, it

austin to reform that is pledged in the imf. ordinary egyptians now face their bearing -- now say they are bearing the brunt. >> even those items are expensive. it was enough for breakfast for my family. now breakfast costs two or three pounds. approved $55ment billion. to ease food purchases ahead. food demand typically increases in the month to roma done due to heavy consumption. -- ising to shopkeepers this is going down. area were effective business became slower, some prices went up i 100%. people usually have a budget for fish or meat. now they have to buy less. instead of buying five kilos they by three kilos. exchange for $12 billion imf loan meant to overhaul the economy and encourage foreign investment. while the government originally -- is only continuing to rise. the central bank's monetary policy committee is scheduled to meet later this month to discuss the looming crisis. >> time for a look at the markets. retail continuing to disappointed that apartment store chain moving 14% today. the dow smp under just 2/10 of

we need to secure the consent of the ins to repay -- the imf to repay part of the imf loan.e are able to secure cheaper financing, so it makes perfect sense. this is a reflection of the strong performance of the cyprus economy, the fact that it is setting a high growth rate of 3.3% in the last quarter. smoothing of debt maturity, fully eliminating the budget deficit. we are registering a budget surplus, so this has a very positive risk selection in the market, which enables us to make this first that in repaying this part of the imf loan. nejra: briefly, you mentioned growth. that was above projection in the first quarter, a nonperforming loans are still high. are they affecting banks' ability to lend? >> it is a problem, it's a legacy problem. there is still high unemployment. it is declining, but it is still high. it dictates that we should not become complacent, that we should maintain the reform efforts, the momentum, the fiscal discipline, that we should continue supporting growth in a manner which will enable us to fully alleviate this legacy problem. minister,rus fina

collect the central bank devalued the egyptian pound in november in exchange for a $12 billion imf loan meant to overhaul the economy and encourage more foreign investment. while the government originally thought inflation would cool down by now, it is continuing to rise here at the central bank posing monetary policy committee is scheduled to meet later this month to discuss the looming crisis. >> back to you. molly: thank you for that business update. time now for our press review. molly: i am joined by florence for look at headlines. we start in the united states. donald trump was given his first interview since that shocked firing of the fbi director, james comey. >> trump explains to nbc news why he fired james comey. he said he was planning to fire comey regardless of any advice or recommendations from the justice department. he told nbc he fired call me because he was a show boat, his words. the wall street journal, which, keep in mind, plotted trump for firing comey earlier this week, has pointed out that this is in contradiction with what the white house initially said he initi

even the imf is now saying the world will grow faster than expected.ews 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. ♪ >> global trade and the threat of protectionism dominated talks in hanoi. a post summit statement was diluted, pressure on ministers not to criticize the protectionist trend. let's get to our chief correspondent haslinda amin in hanoi for us. good morning. it is interesting this water down communicate, that team following the g7 and the g-20. you are right. the u.s. pretty much topped the agenda and dictated the outcome, a diluted statement. apec trade member servers pledged to remove barriers and regulations, but there was no mention whatsoever on resisting protectionism, and like you indicated, we saw this at the and g7 summit when secretary mnuchin refused to sign off on any strong wording resisting protectionism. it is suggesting that the u.s. isrica first agenda dominating all talks on trade everywhere in the world. newman of the hour is the , alltrade representat

. >> i went to the world bank and imf and said, who has a good tax system? they said go to new zealand. new zealand followed the fundamental principle of good taxation, which the economists blr.ced to b that means broaden the base to lower the rates. said your salary, that his income, if you are an employer that pays health insurance, that his income to you. if you get free parking at the company, that is worth $20 per month. they text that as income. no deductions. you want to give to charity, we are all for it, but we do not give you a tax break. if you tax everything and give no write-offs, then you can set the rates very low. 8:00 easternht at ." "q&a, speaking at a graduation ceremony for the coast guard cadets, president trump said no politician in history have been treated more unfairly than himself. here is his half hour commencement address at the u.s. coast guard academy in new london, connecticut. ♪

these are difficult subjects for the eu, particularly with the imf looking over its shoulder.hat are the chances of making progress today? >> well, this is the latest key meeting for greece, and we seem to be back to where we have been in the past, where the imf is asking for more specifics on how the eu, how the euro area, is going to facilitate debt relief for greece. they have promised this in the past, but today's meeting is going to be down to the nuts and bolts of how they are going to do it. we are expecting a late meeting tonight. it's like in years past, when we have been here all night in brussels for a greece meeting. there is another big debt payment coming up in july that greece needs to make sure it has the funds in order to pay, so we are getting back to that situation where each meeting is a bit of a crunch, and we will have the same again tonight. guy: great stuff, as ever. an interesting night. thank you very much. street, joinsate us now. i want to back up to the u.k. 0 onave been through 1.3 the cable rate. we have unwound a lot of short positioning. yet th

the imf released a statement when they approved the next eight of 1.2 billion.t is quite optimistic, it was quite encouraging to the point that you don't know their are padded the government or themselves on the back for this reform program. there a lot of positive indications in this market right now. we have seen an influx in the portfolio investment. uptick inen an exports, manufacturing is picking up as well. the big concern is the exchange rate. to asay they have moved freely flowing currency. i look at the chart, i don't see that. wax the spread has been widening. where do you see a leveling off? is 1825, it is not a huge discrepancy from where we are right now. the broader picture is we haven't moved to a freely floating exchange rate. i am looking at charts and it is quite tightly managed. you speak to corpus on the ground and one of the biggest concerns is access to dollars. in my mind, have they achieved a market clearing rate? this problem would exist. -- what exist. -- would not exist. >> that is a great question, i absolutely think so, i think the f

much like we heard from the imf in asia, there is still uncertainty and clouds around this, they arehem the fed talk, you know, like the ted talk? with sony, quite interesting, following the fact that emmanuel macron did get the election in france, it has gone quite quiet?m has, we were expecting a bit of a bump and we got the tiniest bump, and then everybody said, well, now the focus turns to the legislative elections and whether he can get a mandate within parliament to be able to get up there and do what he was elected to do. the main conversation i heard on sunday night was, yes, france, but what about italy? everybody is talking about the possible italian election. sony is interesting, that has been around for yea rs interesting, that has been around for years and years. every time you see sony, it is new profit warnings. but they are starting to come back, we are getting upgrades by goldman sachs. the oil price is going to be capped, largely due to the fact that 0pec are going to keep the cats going into the market, the price remains pretty stable. an interesting place to leave

but the imf bureaucrats, the once were part of the decision-making apparatus, they vote for them. effect on europe is the same thing as far as democracy is concerned. just like in the united states, there is anger, contempt for major -- for the major governing is thetions system here congress, there is political parties. you just saw it in france yesterday, the teat of major parties word barely visible in the election. it is happening all over europe. the same thing that is happening here. here it is happening in a way which is almost farcical because of the kind of actions carried out by the leadership. in europe, it is being pursued in a way which is really ominous. i mean, you don't have to look whenack to find a fascist parties actually had power in europe. and we know what happened. and now there are neofascist parties. ,hich are pretty close to power even in places like austria and germany, which have some memories -- france as well was under the nazis was very pro-nazi country, rounding up jews faster than germans wanted. really ugly record. in seeing these things come back

even the imf is now saying the world is going to grow a little faster than expected.astian: hassan rouhani has promised to reach across ideological and social divides after his successful campaign for reelection was dominated by arguments over inequality. the moderate cleric won a resounding victory as voters endorsed his effort to steer the nation out of isolation through its landmark nuclear deal with world powers. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. i'm sebastian salek and this is bloomberg. francine: thank you so much. ministers from around the european union are meeting in brussels to discuss their brexit negotiating position as the u.k. government has restated its threat to quit talks unless the e.u. drops demands for a divorce payment as high as 100 billion euros. frexit secretary david davis warning negotiations could be plunged into chaos. let's bring in simon kennedy. gilles moec from merrill lynch is still with us. if it's chaos and the u.k. walks away, what is the reality of them walking

. >> i went to the world bank and the imf. i said, who has a good tax code? they know. they said, go to new zealand. here is why. followed the basic principle -- pblr. brought me base, lower the rates. they used to have a texas to mike ours. hundreds of exemptions and deductions, and therefore very high rates. they got rid of all of them. your employer pays health insurance, that's income to your. in new zealand, if you get free 20 bucksthat is worth a month. they taxi on that as income and no deductions. you want to give to charity, that is great. were not giving you a tax break. you do that -- you tax everything and give no writeups, then you can set the rates very, very low. >> tonight at 8:00 eastern on c-span's "q&a." >> each week, american history "reel america" brings archival films. >> this is a poor country, very much like it was before the world0 -- before the war, but with the mark of war upon it. american troops are stationed here still. we are here, t a while. although the war is over on the remainield, we nurses with the troops wherever they are, to be rea

every time we came to an imf for a meeting, we had to explain why the world would underperform in terms of what was expected. that's a challenge for a country such as mexico that was open to the world and relies in terms of its growth on exports, that were not happening because there's no global growth. if you were to ask a finance minister what was the best predictor of how mexico would do, he would point out to the u.s. industrial production that hasn't grown in the last couple years. actually been negative. so that means that you had negative growth in terms of industrial production in the u.s. and dynamic growth in terms of the world, and a huge shock in terms of what was happening to your platform and what was happening to the price of oil. and yet, mexico has continued to grow and to grow at a very good pace. it's a growth rate that compared well to latin america. actually going to decrease if you take mexico outside of the equation by 1.6% in 2016. it compared well to the u.s. it compared well to europe. it doesn't compare well to our expectations. we would have wanted to do bett

in fell a staggering 10% 2016 according to the imf and signs of hyperinflation are appearing.background. elected predecessor was revolutionizedio and the party with anti-american rhetoric. he used widespread support to transform a pluralistic democracy into an authoritarian system. unlike chavez, maduro has struggled with popularity. many think it is time for him to leave office. though skeptical of the opposition make up more than a andle party of opposition nor did the parties necessarily have a mandate to unwind the shop's legacy. disapprovedf those of maduro's performance, but in a recent poll, 57% of respondents say they still hold chavez in high regard. you can read more about venezuela and all of our quick takes on the bloomberg. in venezuelasis raises moral concerns about the growing popularity of investing in impact investment funds, yielding high returns based on the riskiness. of the director of the center for international development at harvard kennedy school is calling for a change in one of the leading emerging-market indices. thank you for joining us today. you

that is what the imf is arguing and that is why they did not come in on the last deal.d, you are being too tough on greece. you think that's going to come this time? yes. u nless that's going to come this time? yes. unless they say, we have had enough of this. just very quickly, 29 hours per year spent going of this. just very quickly, 29 hours peryearspent going in of this. just very quickly, 29 hours per year spent going in the wrong direction because of satnav? yes, i getjane direction because of satnav? yes, i get jane on my satnav. that is what she is called. you can select it.|j don't even know the name of mine.“ she starts giving me drivel, i start giving it back. what is really worrying about this is after going past the same building four times, i started to think, i am right and they are wrong. it is a bit scary. but on the whole, we wouldn't do without them. thanks very much. that's all we've got time for on... what are we doing today? hello there. good morning. well, the bank holiday's over. it did actually end on a bit of a wet note for some northern and ea

it comes from the imf or european taxpayers. therefore, that is more rigid in terms of giving, you know, net debt reduction than it was when it was private bonded debt when you could've had a market-based, very more traditional type of negotiation and reduce it at least by half. we lost that opportunity. we are now left with the consequences of having lent to greece oto pay at 100 cents on the dollor, oar or the euro. the question is time, windows of opportunities, the cost thereof, so that the medium and long-term real cost of the debt is reduced by virtue of having lower interest rates. but the question is not about whether you invite, you know, developing countries to participate. just imagine the fact that the g-7, ministers of finance and governors of central banks, came her to listen to three or four of the most important experts on inclusive growth issues. to --re being exposed mr. bertoli. matt: we are going to hear from them. it was a pleasure talking to. thank you so much. back to you. guy: i hope you are sticking arou

we have that figure from the imf forecasting within the g7 group, i.9%, what do you think we are going anything? there are many other issues on the agenda, looking towards the manchester bomb, terrorism will be up on the agenda. but it's quite normal to see this diverges between established economies, compared to other ones and president trump on the campaign trail said he wants to see the american economy grow by 3— 4%. that is highly unlikely given it is such a well—established economy and emerging economies have the advantage of population growth. thank you very much indeed. interesting to get your perspective. let's stay with those concerns about president trump's trade policy. he has of course pledged to renegotiate the north american free trade agreement — or nafta, with neighbours mexico and canada. sharanjit leyl has been talking to ca nada's international trade minister. sharan — what has he been saying? well, he's been saying a lot with what's been crucial is where he has been visiting as well because just put it all in context, we know that president donald trump is called t

. >> i went to the world bank and the imf, i asked what a good tax code is and they said go to new zealand. new zealand follows the fundamental principle of good taxation which the economist reduce it to ebl or and that means broaden the base so you can lower the rate. they used to have a tax code like ours, hundreds of exemptions and deductions and then they got rid of all of them. they said, your salary, that his income. if your employer pays insurance, that his income. in new zealand, if you get free parking at the company, that is worth $20 and they tax you on that as income. no deductions. if you want to give to charity, we're not giving you a tax break. if you tax everything and get no write-offs, you can set the rates very low. announcer: sunday night at eight eastern on c-span's q&a. announcer: next, another commencement address, this one from republican senator rob portman. he spoke earlier this month at ashland university in his home state of ohio. this is 15.

. >> i went to the imf and asked them who has a good tax code, and they know. they said to go to new zealand. they follow the fundamental principle of taxation which they have reduced the four -- to four levtters. code likeave a tax ours which had very high rates, and then they got rid of all of them. in new zealand, if you get free parking at the company, that is worth $20 of months and they tax you on that for income. and no deductions. if you want to give to charity, we are all for it but you do not get a tax break. and you can set the rates very low. 8:00 p.m.night at eastern on c-span's q&a. c-span, where history unfolds daily. in 1979, c-span was created as a public service by america's cable television companies. and is brought to you today by your cable or satellite provider. now, defense secretary james mattis and joint chiefs of staff dunford discussing u.s. efforts to combat isis. this is just under an hour. >> good afternoon, ladies and gentlemen. i returned last week from a withng in copenhagen ministers of defense from 14 nations to coordinate our

had 4.7 billion in debt. >> host: unfair to begin with. >> guest: yes, about to be kicked out of the imf. couldn't qualify for anything, and the country was this post war apocalyptic mess. 15 years of civil war, 23 years of gross financial mismanagement and the place was a wreck, and because she had this international contacts she that this background she was uniquely qualified to begin the process and to get this debt forgiven. that was a bill deal. asked her many times when did you decide that you wanted to run for president? and i never got a good answer from her. something that you -- evolved for her, but i thick started a long time ago. think it started back when she left her abusive husband. she was a victim of domestic abuse. she got married at 17. by the time she was 21 she had four boys under the age of four or five and she left them and came to the united states, left them with her mother and mother-in-law and came to the united states to get first her associates degree, and that started and then went back to liberia and started working for the ministry of finance but that was

economic crisis in decades with inflation expected to reach a staggering -- this year according to the imf. ththere have been shortages of food and medicine. antigovernment supporters have called for early elections, saying he has mismanaged the economy. president has accused the opposition of trying to mount a coup against him. step downs he won't before his term officially ends in 2019. anchor: a month ago we aired the testimonies of several gay deepen men who escaped oppression of the chechen leader. two french gay and lesbian associations have launched and it -- launched a complaint with the international kernel core for deep oppression of the chechen leader. genocide. but despite the international condemnation, helping the victims, is struggling to get them visas. the latest exclusive report. >> we interviewed -- a month ago. now he is unable to speak to us. tortured in a secret prison he fled chechnya, hoping he could quickly leave russia. he is still in hiding while they wait for their visas. >> every day, every day is torture and scared. you think they will break down your door at

. >> the package with the imf is worth $5 billion. signing off on a three-year emergency funding package. it has contributed 434 million dollars. the rest is coming from the world bank, japan, south korea and others. hit in recenteen years by falling commodity prices as well as a drop in foreign investment. the chinese pc maker lenovo has returned to profit despite a fall in shipment in the years since the end of march. the firm lost its title as the biggest pc maker earlier to hp. revenue fell by 4% to $43 billion. car production in the u.k. dropped by over 18% last month. wasdirectory's -- decrease partly due to the easter bank holiday. rising inflation is likely to have an impact on consumer demand for cars. shares in the low-cost airline by over 10% in london after reporting record profits for the past year. earnings jumped by almost a third as the carrier took advantage of low prices and passenger numbers. >> a former u.s. treasury secretary has pointed to a mistake in donald trump's budget. summers posted a blog after the white

. >> i went to the world bank and the imf and i said, what is the good tax code. they said go to new zealand. new zealand followed the fundamental principle of good taxation, which the economist reduced to bblr.>> our look at that means broaden the base so you can lower the rates. new zealand used to have a tax code like ours, hundreds of exemptions and deductions, very high rates. they got rid of all of them. they said, your salary, that his income. if your employer pays health insurance, that his income. -- is income. they taxi on your parking -- they tax on parking. they are not giving deductions. if you tax everything and give no write-offs, you can set the rates low. >> sunday night at 8:00 eastern on q and a. >> our look at 2017 commencement speeches continues now with starbucks executive chair howard schultz. he spoke to graduates at arizona state university about his experiences growing up in poverty, and the importance of giving back to the community. this is 15 minutes. [applause] howard: thank you for that generous introduction. i really appreciate our

the tension may shift to the issue of debt relief for greece, demanded by the great government and imfe: now to something different. in hollywood, a strike by scriptwriters has been narrowly missed. >> they reached a deal with tv and film studios. seen contract could have productions on hold. writers will earn $130 more casual and 130 more. .> a deal has been struck driving the dispute, then you tv land skate incorporating other streaming services and the sharp decline in the typical number of series episodes produced. payout per episode acis, the writers guild of america say they have suffered a 22% drop in earnings in the past three years. union wanted an increase in royalties for programs sold on streaming platforms and cable tv. the union asked producers to contribute more money for its health plan. one of the negotiators took to .witter to announce the news they say the deal will earn the writers $130 million more over its life span, with a 15% high in residual fees. with a strike averted, hollywood is breathing a sigh of relief. the last walkout was 10 years ago and mastech for 1

not just about it iif and yourselves as practitioners, but by the fsb through peer review and by the imf. and in general, what we found is that when countries deviate from the international agreements, i'm uses deviate in a neutral sense here, it's because they chose to go further. so they're super equipment. the second thing we're finding is that we're trying to have an approach. i would argue that we're largely successful in this, in that we're applying a consistent approach to similar risks. they're being treated the same regardless of where they're originating in the system. they're now on balance sheet and appropriately capitalized. not surprisingly, they're much smaller. and more generally, shadow banking is being replaced by market based finance. market base finance is adding diverse fiction, competition and resilience to the system and looking at your membership, it is adding members to the iif. actually, it reflects much better. they're reflecting the system. that's to tim and others credit there w respect to the macro economic impact, it's apparent for some time that having wea

reporter: the financial crisis has left greece reliant on its international creditors, the eu and imf pushing for reforms that include a major overhaul to jim's. -- overhaul to pensions. billions in euros of cuts between 2018 to 2021. if past the reforms would take effect in 2019. they would scale back tax breaks and cut pensions by almost 18%. repayment the loan will be repaid by eurozone finance ministers on the 22nd of may. appeasing its foreign creditors will allow the release of its latest installment for greece's bailout funds due in july. the public fights against the ongoing cuts while struggling to survive. host: the brazilian president has caused to step aside. they authorizedt payments in a corruption scandal has sent markets tumbling. he is expected to address the nation momentarily. for more on this story we can bring in our correspondent in rio de janeiro. what happens next? tim: we have to see what happens with the president. these accusations are damaging indeed. the entire political class is being engulfed in the consequences of the anticorruption inquiry. ofis clearl

even the imf which is always worried a saying that the world is going to grow faster than expected.nnounced the first bank -- more than $93 billion. backers including the saudi investment fund, apple, foxconn, and sharp. atop $100 expected billion and it will focus on startups in the united states. news 24 hours a day powered by more than 2600 journalists and analysts, this is bloomberg. >> thank you for that. trade and the threat of protectionism dominating opec talks in hanoi. the post summit statement made no mention of the subject. that tells us about the increasing pressure on trade ministers not to criticize isolationism. our correspondent haslinda amin is there. what was the mood? some disappointment. opec ministers fell short on the commitment to resist protectionism. no mention whatsoever. it is pretty reminiscent of what happened at the g 20 summit with the u.s. put a lot of pressure on leaders against any strong wording of protectionism. we heard from the russian trade minister. he said it was a dispute on the final statement leading to the diluted one that we saw release

principle, it should jeopardize its position in the imf basket. for people using the renminbi to figure out how to hedge the currency and any aid or programs it might receive from the imf. that is a political decision that the imf has made that this is part of the way of getting china to play by international rules, and it is not going to go back on its own strategy. this is not clearly the year for big reforms. we have seen them try to push for the deleveraging campaign, and we had some market volatility across equities and also bonds come about that has since pulled back a little bit. is it just going to be steady as she goes until we get that party congress? >> we have seen some promising signs in the way they are trying to get the credit system to deleverage of bit, but it is not enough. we will have to see if they can stay the course in terms of those reforms. otherwise, i think reforms or other reforms are very much on hold right now. haidi: i want to throw out this terminal chart #431, talking to gdp ratio, 270% of gdp. the moody's downgrad

the imf estimates the population growth rate will fall 20 by 2050 .move party will now be called republic on the move. macron is preparing for the national assembly next month. his candidates will include people from the republican and socialist parties. global news 24 hours a day, powered by 2600 journalists and analysts in more than 120 countries around the world. this is bloomberg. tom, guy? tom: that is maybe what president trump needs, to change the name of the republican party. as bonds and currencies come out of the save havens, disappearing. you saw the dow yesterday. the euro-dollar 1.0908. and oil, a little bit of a bid, but we were looking at commodity charts this morning. a stunning vix, number 9.80 and there is your set of safe havens migrating away. weaker yen, weaker renminbi down below. guy: the cac came off yesterday a little bit, around 1%. today, up by 0.5%. the cable rate, reasonably flat. in so many ways we are seeing the markets be calmed at the moment, despite the political noise -- look at what is happening with gilt. the aussi

. >> i went to the imf and asked what is a good tax system, and they know. they say go to new zealand. here is what they did in new zealand. they used to have a tax code like ours, hundreds of exemptions and deductions and therefore very high rates, and they got rid of all of them. they sit your salary, that's income. if your employer pays health insurance, that's income. in new zealand, if you get free parking at the company, that is with $20 a month. they tax you on that. then no deductions. you want to give to charity, that's great, but they don't give you a tax break. if you tax everything and

i knew a little bit about her past internship work for the world bank, the imf. she was a harvard trained economist, and in the way she, you discover any book, that she systematically build those relationships with the international finance community. and i wonder if she had it in her mind, you talk about in the very beginning she knew she was destined for something, but i wonder if she had in the back of her mind always that she would wind up being president. because she strategically use those relationships to deal with that death library was facing. i don't think anyone else would've been able to have done that. >> guest: i don't think anyone else could've gotten library is dead. 4.7 billion in debt. was about to be kicked out of the imf, was about, i mean, couldn't qualify for anything. the country was this post were apocalyptic mess at this point. it'd been through 15 years of civil war, 23 years of gross financial mismanagement, and the place was a rack. and because she had these international context and she had this background, she is uniquely qualified t

it is now to our creditors and the imf to do theirs. more of the business headlines for you next. ryanair says it is focusing on new routes in continental europe as the u.k. plans to leave the eu. they reported a 6% rise in profits to 1.3 billion euros in the year to the end of march. curious as it is lacking a -- a sense of certainty or direction. shares in the telecom giant reliant have fallen in trading today after reports the company defaulted on interest payments after a massive drop in share price monday that wiped almost 100 million euros of the company's value. saturday, reliance reported its first annual loss as the petition has heated up in india's telecom markets. japan's unemployment rate remains at its lowest level in 23 years. just 2.8% of the workforce was without a job, and the ratio of jobs per applicant has risen as well, to a thai's since 1974. -- to its highest level since 1974. >> sweden has taken the extreme step of putting its entire country on airbnb. stephen: this is an effort to promote the freedom to roamam principal -- that means you can take your tent

economy and the president, imf and i think he is recasting the relationship so it's much more on equal footing so there's going to be more opportunities for u.s. businesses to do business in china. most of the trade agreements were largely done on purpose at the u.s. disadvantage. it was largely to promote peace. the thing is though 75 years ago especially given portion of the country that are hurting its time for americans to think more about its own workers in that regard. it's a big positive politically and economically. >> we were talking about the trade war and now we are talking about dual sided trade. it's remarkable. maria: thank you so much jason trennert and david bahnsen. don't go anywhere. "wall street week" will be right back. dr. toby cosgrove is maria special whoa, this thing is crazy. i just had to push one button to join. it's like i'm in the office with you, even though i'm here. it's almost like the virtual reality of business communications. no, it's reality. intuitive one touch video conferencing is a reality. and now it's included at no additional cost with vonage

. >> i look to the world bank and the imf and the who has a good tax code and they said go to new zealand. new zealand follows the fundamental principle of good taxation, which is the economist reduced to broaden the base c can lower the rate. here's what they did in new zealand, they used to have a tax code like ours, hundreds of exemptions and deductions and therefore very high rate and they got rid of all of them. they said your salary, that his income, if your employer pays health insurance, that his income, in new zealand, if you get free parking, that is worth $20 a month, a tax you on that as income and been no deductions. if you look to give to charity, great, but we are not give you a tax break. if the tax everything and give no write-offs, then we can set the rates very let -- very low. announcer: tonight at eight eastern on c-span's q&a. host: our guest now is ken hughes, a researcher at the er

. >> i went to the world bank and imf and said, what is a good tax code?hey said go to new zealand, and here is why. new zealand followed the fundamental principle of good taxation, which economists bblr, ato four letters, broader base to lower the rates. they used to have a tax code like ours, hundreds of exemptions and deductions and very high rates, and they got rid of all of them. they said, your salary, that his income. if your health -- employer pays health insurance, that his income. parking is worth $20 a month, that his income. no deductions. everything and give no write-offs, then you can set the rates very, very low. >> sunday night at 8:00 eastern on c-span's q&a. >> washington journal continues. host: joining us now is andrew the pentagon bureau chief and senior editor at the military times, here to discuss the pentagon progress report on the fight against the islamic state in iraq and syria. caller: thank you for having -- guest: thank you for having me. host: let's talk about what we learned yesterday at the pentagon briefing with general te

. >> i went to the imf and asked what is a good tax system, and they know. they say go to new zealand. here is what they did in new zealand. they used to have a tax code like ours, hundreds of exemptions and deductions and therefore very high rates, and they got rid of all of them. they sit your salary, that's income. if your employer pays health insurance, that's income. in new zealand, if you get free parking at the company, that is with $20 a month. they tax you on that. then no deductions. you want to give to charity, that's great, but they don't give you a tax break. if you tax everything and give no write-offs, you can set the rates very, very low. night at 8:00 eastern on c-span's "q&a." >> for his first-ever overseas trip, president trump is in saudi arabia this weekend with senior white house officials. secretary of state earlier today held a newsn conference with his saudi counterpart. they also took questions on the recent election in iran. this is 30 minutes. >> good evening, everyone. are we ready? ok. good evening, everybody. i would like to we