finance ministers but the imf is formrmally on boarard.t is what the germans wanted but they are not going to contribute any funding. i asked the german finance minister is this did not violate these areas of the whole program that was intended from the beginning. >> it is a small change compared to what was agreed on in the beginning. we do not have to use of the entire amount to be decided on. we are now at about 40 billion euros so the imf will suggest to its board to approve of this program, but only start disbursing when, later in the program, we have debt sustained sustainability. in about one year the imf will have to decide again whether they pay or not. do you think anything will literally change or will you have the same -- do you think anything will significantly change? >> we have different projections. european institutions are much more optimistic than the imf. in the past the imf was wrong with its pessimistic projections and d at the moment the econonoc development in greece is good. our often criticize persistence paid off

the imf is formally on board.hat is what the euro group wanted and especially what the germans wanted although they will not contribute any funding, at least not now. if this did not violate the spirit of the whole program that was intended in the beginning. here is what he had to say. >> it is a small change compared to what was agreed on in the beginning. it is not a significant change. for example, we do not think we have to use the entire amount to we decided on, up to 86 billion euros. we are now at about 40 billion euros, so the imf will suggest to its board to approve of this program, but only start disbursing when, later in the program, we have debt sustained updated the debt sustainability. in about a year, the imf will have to decide again whether they pay or not. do you think anything will significant will change in one year, or will you have the same problem again? >> well, we have different projections. european institutions are much more optimistic than the imf. by the way, in the past, the imf was w

and we're supportive of the imf although we'll look at our contributions to the imf like we look at all contributions very carefully and making sure we're spending the taxpayers money properly. in the back, yes. >> clarify which entities are being sanctioned because the paperwork that opac sent out includes unity shipping to chinese individuals, does not mention the bank of dandong in that paperwork. so is it four total entities? >> so there's two different actions. there's a fin san action against the bank of dandong and the three sanctions as you've pointed out. >> so we should see a release from which part of treasury? >> you will see fin sen the loss will be released on the bank. >> did you communicate this in advance to beijing? >> again, i'm not making any comments on our behind the scenes how we communicate. >> you're a mathematical man, what are the chances we get a 15% corporate tax rate or 25% corporate tax rate in the final bill? >> let me just comment. tax reform is a pass/fail exercise, okay? and we're going to get this passed for a plan that's good for the american public.

imf boss christine lagarde says that's the only way greece will ever get back on its feet and has beend without it. german finance minister wolfgang schaeuble has been amongst those insisting the debt must eventually be repaid in full. but it looks like some sort of debt relief could now be on for next year. the chairman of the eurozone finance ministers' group is optimistic there could soon be an end in sight. overall, i think this is a major step forward. i commend the eurogroup institutions, the greek authorities and foremost, of course, the greek people for their intense efforts and resolves. we are now going into the last year of the financial support programme of greece. we will prepare an exit strategy going forward to enable greece to stand on his own feet again over the course of next year. thanos vamvakidis is global head of g10 foreign exchange strategy at bank of america merrill lynch. thank you for coming in. good morning. let's start with debt relief, something that germany has been adamant that greece must repay all of its debts in full but the imf said we must have some

greece eurozone finance ministers strike a deal unlocking 8.5 billion euros of loans for athens but imf chief christine lagarde says debt relief remains a priority >> for us to engage, for us to participate financially more needs to be clarified, defined, and approved in terms of debt restructuring. because i've always said that program walks on two legs, the leg of policies and the legs of debt sustainability. >>> autos power ahead at the open after european car sales get back into gear with a near 8% rise in may, while the steam comes out of the tech selloff. >>> nestle loses its sweet tooth as it looks to sell $900 million u.s. confectionary business in a potentially significant effort to focus on its health strategy, sending the shares higher. >>> uk chancellor philip hammond is arriving in luxembourg. let's get out to willem. >> that's our main dominating theme today, it will remain so over the weekend as bodies are recovered, we start to get a sense of the scale of the tragedy. my presence here today is a sign of other continued engagement with the european union while we're membe

and we're supportive of the imf. although we're look at our contributions to the imf like we look at all contributions very carefully and making sure we're spending the taxpayers' money properly. >> clarify which entities are being sanctioned. the paperwork sent out said shipping to chinese individuals, does not mention the bank of dandong. is it four toll entities? >> there's two different actions. there's a thin action against the bank of dandong and then there are the three sanctions as you pointed out. >> a relief from which part of the treasury? >> you will see. the loss will be released on the bank. >> communications in advance to beijing? >> i'm not making any comments on how we communicate. >> you're a math man. what are the chances that we get a 15% corporate tax rate or 25% corporate tax rate in the final bill? >> let me just comment. tax reform is a pass/fail exercise, okay? and we're gonna get this passed for a plan that's good for the american public. we are working closely with the house and the senate

or the taxpayers and we're supportive of the imf, although we'll look at our contributions to the imf like we look at all contributions very carefully and making sure we're spending the taxpayers' money properly. >> clarify which entities are being sanctioned because the paperwork that ofac sent out also includes dalon global unity shipping, two chinese individuals and does not mention the bank of dandong. >> there are two separate actions. there are the three ofac sanctions as you've pointsed out. >> so we should see a release from which part of treasury? >> you will see, finsen, the loss will be released on the bank. >> did you communicate this in advance to beijing? >> i'm not making any comments on our behind the scenes, how we communicate. >> back to tax reform. you're a mathematical man. what are the chances that we get a 15% corporate tax rate or a 25% corporate tax rate in the final bill? >> let me just comment. tax reform is a pass/fail exercise. okay? and we're going get this passed for a plan that's good for the american public. so we are working closely with the house and

principle fromn the imf is on the cards? open to all kinds of approaches, but yes, we have offered that one way through this would be to use a technique that was reasonably commonly used in the days where indebtedness the banks, the so-called approval and principle rule which was used in latin american debt crisis, i would allow us to approve the program in principle and begin in earnest once the question of debt had been settled. weid: how concerned should be about the u.k. economy given the uncertainty there around the election and brexit? it is for the u.k. and europe to make clear the path forward on brexit. there will have to be discussions on that in the wake of the election and whatever changes there are within government. we certainly understand that this will be a period of uncertainty until the politics are clarified and the way forward is clear. but we think that the u.k. economy can continue to do well, and we certainly hope that the brexit discussion can proceed in a systematic way. tom: david lipton, thank you

this is using imf data.capita gdp growth of china will move china to about 64 out of 166 countries on this list. that compares to 133, where china was in 1992. of theen, more than 50% population was earning less than two dollars a day. capitaare talking per gdp of around $16,600 per chinese citizen. already overtaken brazil when you take into account purchasing power. in the next five years, it will overtake mexico. we have a chart that shows how it compares to the other bric nations. soaring,the china line catching up with russia. it is above south africa, brazil, in india, and now catching up with russia. , to whatat is brics about the u.s.? is china likely to close that gap? tom: still a long way off. of u.s. is 10th in this list 166 countries and is not likely to move beyond that position in the next five years, but her gdp is $43,000 compared to $16,600 for china. if you look at other industrialized developed nations like japan, $26,000, so there is still a long way to go for china to match up with the

one main compromise would have the imf agree to a new program that would withhold funding and franceard an interesting proposal as well which would be to make debt relief contingent on greases growth prospect. mark: if the imf gets involved amount oftive to the european countries would be pledging, it is not very much is -- very much is it? i did get the feeling on the doorstep. -- spoke toed you the imf. >> there has been a lot of work to narrow the differences and i'm pleased to come to a instructive approach. -- it doesn't necessarily make it likely they will be .neligible with the program still ahead, we are going to speak to the chief executive of europe's biggest hotel chain. this is bloomberg. ♪ will just want to take you over to the conference and harris where there is a technological disruption. she is joined by special guest. joined by europe's biggest hotel operator from paris. good afternoon. so what are you doing -- what are you looking to invest in? i want people to understand what is going on around them. me and iem to meet want to be fond of it. >> what did he tell yo

you have studied this, how does the new imf compared to the imf of 10 or 20 years ago?f the tenor -- this was the article for report which the imf issued yesterday. this is a report which the imf does about all of its member states and is a pretty thorough report and you are right, the we.r is much less kowtow the united states is not unique in this. there have the article watch her reports about other major economies like china -- the article watcher reports have been about other major economies like china. you can report that says this is real and this is not real. the idea of the president's so-called budget revealed you would have 3% growth after the next 10 years was fantasyland. and the imf has a right to call him out. it is not always right. guy: they can be quite wrong. do you think the imf have another agenda? is there anything beyond it? george magnus: there may be something going on with the politics in washington, trade and protectionism. the report called the united states out in a not very direct way. -- in not a very direct way. clearly has something pret

and we're supportive of the imf, although we'll look at our contributions to the imf, like we look at all contributions very carefully, making sure we're spending taxpayer money properly. in the back, yes. >> clarify which entities are being sanctioned because the paperwork that opac including shipping, two chinese individuals. does not mention the bank of dandong in that paperwork. is there four actions. >> there is fincen action against the bank of dandong and three ofac sanctions as you pointed out. >> [inaudible] >> fincen and release on the bank. >> did you talk to beijing? >> i'm not making any comments behind the scenes how we communicate. >> you're a mathematical man. what are the chances we get a 15% corporate tax rate or 25% corporate tax rate in the final bill? >> let me just comment. tax reform is pass-fail exercise, okay? and we're going to get this passed for a plan that is good for the american public. so we're working closely with the house and the senate and we're going to get a bill that passes great for this economy, great for americans, putting people back to work.

or the taxpayer we are supportive of the imf and we will look at our contributions to the imf like we look at all contributions very carefully make sure were spending the taxpayers money properly. >> verify which entities are being sanctioned. the paperwork that opec sent out also includes -- shipping and two chinese individuals and does not mention the bank, is it for total entities? >> there's two different actions. there's a -- anxious against the bank and then there are the three oh fax sanctions as you pointed out. >> again, i'm not making any comments on the behind the scenes on how we can communica communicate. >> your mathematical man, what are the chances that we get fort 15% corporate tax rate or 25% corporate tax rate in the final bill? >> tax reform is a pastoral exercise. were going to get this passed for a plan that's good for the american public. we are working closely with the house and senate. will get a bill that's great for the economy and americans and put people back to work. >> will healthcare lead to lower premiums and standard coverage. >> again, i'm here prima

the imf has always said that stability -- debt stability.nce that eurozone ministers came to last night did stop short of the imf committing funds right now. instead, what they have said is they will recognize -- recommend the bar -- the board to standby alone, but it will be made against more assurances against that debt sustainability. is still some work to be done, but the commitment of the imf is very clear. the wording about major steps being done has all capacities to be optimistic. be honest, a lot of the people i spoke to were fairly optimistic, including the greeks. nejra, is greece happy with this deal? well, that is a different question. a were optimistic, but wasn't everything they were asking for? they were asking for the imf to say that yes, the debt sustainability to classify greece that way so that they can get access to the bond buying program. that is where this deal fell short. greek finance minister after the meeting yesterday and asked him about this. what he said was, we did not want perfect to get in the way of good. t

they require the participation of the imf.t the imf will participate with a so—called stand—by arrangement, which does not include any money before a final deal on the debt. do you feel there has been softening of the stance towards greece because of brexit? seeing the uk leaving has perhaps made yourfinance seeing the uk leaving has perhaps made your finance ministers think that we do not want another country to leave? not really. ithink, rightly so, they have kept these issues separate. if anything, i think the creditors were tough on greece, who were to approve measures for the next five years and guy on fiscal targets for the next few decades without actually getting a final answer on debt relief. this is com pletely final answer on debt relief. this is completely separate. that was a representative from the bank of american merrill lynch. let's take a look at some of the other stories making the news. tesco, which is one of the world's biggest supermarket companies, appears to be cementing its recovery here in its home ma

in the meantime, the imf cutting its assessment of the u.s. economy.mbitions ofump's 3% growth are possibly pie-in-the-sky come up my words not the imf words. you can see the currencies rising against the dollar and bonds and commodities and cds'. let's get the bloomberg barometer. well-being is positive. below zero. shows th shows the opposite. we did have some data today in the u.k.. consumers feeling just as gloomy as they were after the brexit vote a year ago. we had an index of consumer confidence dropping to 106.9 in june, a level only slightly higher than that post referendum low. this is from the center of economic and business research. a fascinating piece of data. this gauge does look at gauges such as inflation, other issues such as economic uncertainty. it's a very important gauge of well-being on the economic front here in the u.k. as the brexit process goes through. mark carney today after the release of the bank of england financial policy committee semiannual review. what the boe is planning to do is that it wants to increase capital re

treasury bill holders, imf at odds with the ecb and european partners ecb itself, 2.4 billion. funny we're talking about giving greeks money to pay the same people from the same people grea greece will be at the head of discussions today. greece needs a new loan to repay this pile of debt due next month. willem, i hope when historians look back at this, they will think this is as bankers as i thi bonkers as i do now. debt, having to borrow money to pay more people back there is something torturous about this i'm sure the economists understand what's going on, as indeed you do. >> i like to think i do a little bit. there's more than 7 billion due next month that's out of a total of 315 billion euros overall that greece still owes. the disagreement may be about sustainability the europeans have pushed back they will look to see if they will reducethe debts to get th imf involved essentially the imf is saying we're not getting involved in the next round of rescues unless you make this more sustainable a lot of european nations say we won't get involved in this res due unle rescue

the imf has cut this years expectation from 2.3% to 2.1% and next year's from 2.5% to 2.1%.ite house's target of 3% growth in the world's biggest economy. the imf said high employment rates made expansion hard and urged the us to maintain it's commitment to free trade. to maintain its commitment to free trade. more than a quarter of the world's population is now using facebook every month according to the social platform's founder mark zuckerberg. more than two billion people have now signed up to use it since he created the company 13 years ago. the huge user numbers have turned it into one of the world's most popular platforms for businesses to advertise on but also led to criticism over posts of illegal and violent material. a hugely ambitious plan to provide broadband links from orbit to every corner of the globe by satellite has begun in france. the aerospace giant airbus and its partner, 0neweb, have started the production of a mega—satellite constellation to provide the service. $1.7bn has already been raised to fund the network which will rely on an intital 600 satel

the imf noted those again yesterday.s about containing credit, just to keep the growth 6.5% togoing around the 7%, but not allowing too much short end, property, in risky areas. andhank you for joining us explaining this to us. malcolm scott, our asia managing editor. also, kathleen, thank you for joining the conversation. kathleen hays in new york. mitsubishi motors makes cars to suvs, but looking to become more selective as part of this turnaround plan. we have that exclusive next. this is bloomberg. ♪ >> this "bloomberg markets: asia". >> mitsubishi motors turning a kay's towards a profit rebound after last years scandal, which led to the loss of $1.5 billion. , coong us is trevor man since november. thank you for joining us. the challengest here, particularly after that scandal. describe the biggest ones you are tackling right now and how you will turn this ship around? onthank you for having me the show today and the question. as you said, i have been in the company since november. that was following the nissan capi

even indicated we need to have our own european imf. so we do our own things about of solutionsnce that we perhaps do not know as much about the eurozone. >> you mentioned greece should be able to access the capital markets without qe. when do you think greece may be of of go back to the capital markets with a bond issue? >> the expectation is by the end of the year, the end of this year the beginning of next, as you see the spread is dropping dramatically. as well as the 10 year bond. it depends where we are after the program begins. the second-quarter growth rates because of tourism and other activities that take place. i believe at the end of the year we will be ready to go in the markets. given their support from the european union in terms of the cushion, i think we will be ready to do that then. julia: critics at this stage say the government pushes it right to the last moment to enact the kind of reforms like tension, like labor reform. there still seems to be an element of distrust in your administration. does that frustrate you

they saw off the speculators and the imf, but 20 years on from the asian financial crisis, did malaysia'sisky strategy really pay off? welcome to world business report. i'm jamie robertson. in a minute we will have more on the markets, and how they are reacting to rumours of higher interest rates. but first: we start with a big day for this man, media tycoon rupert murdoch. he may be 86 years old, but his empire—building ambition seems to be undiminished. today he finds out whether the uk government will let him take over pay tv giant sky, or whether to order a full investigation. so what is at stake? mr murdoch's 21st century fox already owns 39% of sky. the price tag for full control — $15 billion. sky is one of europe's biggest broadcasters, with 22 million customers. the deal has already been cleared by countries across the region, but some claim it would give mr murdoch too much control of media here in the uk. it is not the first time he has tried to take over sky. his company news corporation abandoned a bid in 2011, following the phone—hacking scandal involving its newspapers. thi

that is the problem of the imf.esnot permitted by its to lend and is -- and it is pretty plain to everyone that the greek debt level is too high to be sustainable given the power of the economy to repay it. that needs to be solved at some stage. in the meantime, they got an interim deal, really because greece cannot appear to be tottering on the exit. with brexit going on, they need to keep the rest of the union intact. matt: do you expect that the imf -- do you expect they will get real debt relief to the point that they have sustainable debt and then the imf will come back in with more money? >> a kind of have to. i think the aggressive moves that the eu will make to keep greece on board will amount to the sort of debt relief that the greek official is looking for. if that does not happen, you have a real problem with greece staying in the euro with greece not being able to devalue to stimulate the economy. the debt relief is a grinding process but it really has to happen politically. is the big thing stopping is

role as through the imf -- was through the imf and the greek financial crisis. >> the imf commitment to greece was quite small, not even sure that they are going to necessarily use that, so i think the significant was more -- the significance was more of a stamp of approval, there is no direct cost to the u.s. are taxpayers and we are supportive of the imf, but we will look at our contributions like we look at all contributions very carefully in making sure we are spending the taxpayers money properly. >> could you clarify which entities are being sanctioned, because the paperwork that opec sent out also sent -- included global unity shipping to chinese individuals, so it is a four total entities? >> there was an action against the bank, and there are the three sanctions, as you pointed out. is released from the department of the treasury? and i am not making money comments on our behind-the-scenes, how we communicate. >> you are a mathematical man. what are the chances of getting a 15% corporate tax rate or a 25% corporate tax rate in the final bill? >> let me talk about this. pass-

we've got this recognition of reality from the imf.hinese economy has been running along far more strongly than many anticipated it would. the first quarter was strong so they've had to upgrade for the second time this year. the growth may moderate as the year goes on, but it still looks to be fairly strong. most economists we surveyed matched that. we saw a robust conditions in the first quarter. slightly slower growth into the third and fourth quarters. the big risks that the imf have been playing for a wild are around debt and financial risks. the imf hit that drum again today, saying reform needs to quicken so that some of those longer-term risks don't materialize. francine: thank you so much. welcome scott, managing editor for bloomberg's asia economy team. let's get more with mark mobius. also joining us from credit suisse is marisa drew. us.k you for staying with let me bring you over to one of my favorite charts. we talked about whether we believed chinese data. in blue, you have the chinese manufacturing pmi. in white is the c

in return for which, the imf stepped in with $60 billion.ador who did the deal. panic, ambassador who did the deal. panic, a sense of panic. it was regionwide. that is why it they call it the asian financial crisis. it was just a great nightmare. that nightmare is over. just look around you. this country thrives. the crisis was caused primarily because the banks we re caused primarily because the banks were unstable. they had lent much money. sure, the imf came with its help, and sure, the people gave their gold. but governments here also restructured the economy. patriotism, certainly, but more importantly, better policy. and tomorrow, wednesday, we will be looking at the struggles faced the indonesian economy during the financial turmoil, and it is to recovery for closer look at how far these economies have come two decades after the asian financial crisis. tune into our special programme going out this weekend, starting on saturday. and before we 90, starting on saturday. and before we go, here is a look at the markets. let's have a quick

germany is pushing against it, the imf is demanding it.ll have to see what happens in luxembourg to see what kind of compromise they are able to come up with. debt relief, at what with the details need to include in order to get the imf on board? imf has been very strong that it will participate in the program unless there is substantial debt relief. is going into elections in just a few months so they are resisting any kind of effort along these lines, any additional effort along these lines. they will have to come up with some kind of compromise. it will probably be along the lines up longer maturities and lower interest rates but these are things that are bones of contention at this point. this week, france has come up with a proposal to have the measures linked to germany's economy and how that progresses. this is another idea that will go into the mix and were likely to see some language along those lines in the agreement that we get today. anus: it's us -- it is sustainability question. , our bring david stubbs guest host, back into

the same thing i mentioned with the imf.e full criteria for being an imf currency. people got excited and the result is the renminbi is less internationalize now. we have not seen foreign central banks to sell dollars and euros and put them into renminbi, because it's just the standpoint. the same will be true here. the fundamentals, capital accounts, where china is in the cycle and what it's doing with deleveraging, and ask, do you want to go long at this point? you have to be quite brave to do so. haidi: the argument that these symbolic decisions are for beijing to make more progress reforms, that rings false to you? >> absolutely. why reward someone from doing thing?ng from a psychological perspective, if someone's not doing what you want and they are very stubborn, and you say you will compromise and meet halfway anyway, what's the point? rishaad: we had a situation where you've got this debt problem in china, and it's convenient that you could bring in foreign capital while you have this debt issue worsening. nonperform

the imf removing its assumption stimulus from the u.s. growth trajectory. isn't .3 of 1%. when a former rba member john rateds talks about the hikes to come through, the aussie dollar responded. 10-year government bonds are down. i like futures. this is how the equity market finished off, driven by technology. australiaf 1% and point six of 1%. equities are going lower. the risk in the bond market has been reduced that you are saying a bit of a flickr in terms of the bond markets continuing after mario draghi's big speech yesterday saying i will be accommodative, neither market is presuming there will be a shift from the european central bank in regard to quantity. perhaps more aggressively and sooner than the market had anticipated. oat's up. if you are looking for the central bank it -- bank market , it isral market mover mario draghi. market, who mostly shery ahn. hitting businesses and users. users being paid -- told to pay $300 in bitcoin. this underscores how rest somewhere is becoming a routine risk of being is this -- doing business around the world

we come to an agreement, but the imf is involved.y are to some and as you say, we've got about 8.5 billion euro payouts that would allow greece to meet its debt obligation for july. where the deal fell short was on the debt sustainability of the debt relief. it fell short to the point of the imf was not willing to put up funds straight away. it said it would recommend a 14 month standby loan and paying that i would be contingent on getting more reassurance about debt sustainability. i spoke to the portuguese finance minister and asked does this mean they can has been kicked down the road again and the deal didn't go far enough? >> we have at this stage, a huge recognition of all the effort that the greek authorities and the greek people are making. with great results they are having and we think that we need to go along these lines and we are pretty much confident that we will get to a very strong, robust debt analysis that will launch and pave the way for greece to have success for all the programs and all the success we expected to

s role is through the imf >> let me comment, the imf commitment to greece was quite small, not even surey going to use that i think the significant was a stamp of approval. there is no direct loss to the u.s. or the taxpayers. we are supportive of the imf and look at all contributions carefully and making sure that we are spending the taxpayers' money properly in the back. >> can you verify which entities is being sanctioned? the chinese officials did not mention of the bank dadong >> there is two different actions against the bank of dadong and there is the three old fax sanctions that you pointed out. >> you will see. it will be a release on the banks. >> again, i am not making comments on the behind the scenes how we can communicate. >> you are a mathematical man, what are the chance that we'll get a 15% corporate tax rate or 25% corporate tax rate in the final bill >> let me comment. tax reform is a pass/fail exercise, we are going to get this passed for a plan that's good for the american republic we are working with the house and the senate and we are going to get a bill that's pas

the imf is not taking part. this is the chart.s debt load to be sustainable and this is the debt load relative to gdp. francine: thank you so much, mark barton. must a year after the u.k. voted to leave the e.u. the brexit secretary and his e.u. counterpart will finally sit down on monday to begin negotiations. let's talk more about what we can expect from the discussions from my guests. baroness angela smith and ed vaizey. thank you both for staying with us. you,e start off with because we were expecting the chancellor of the exchequer yesterday to make the case where a new path for brexit. how do you see him laying out his vision for the future? ed: it is incredibly complicated to know what the actual solution can be for brexit and people banded around all sorts of solutions, including becoming a member of the eea. overlaying the detail is a theme that will assert itself. .he chancellor is empowered before the election everyone told him he was -- and now he is not. i think he understands he wants and -- we want a brexit that doe

but that was to be kicked out of the imf. so postwar apocalyptic message 15 years of civil war and the place was iraq so there was this background she was uniquely qualified to begin the process so that was a big deal. so when did you decide you wanted to run for president? and never really got an answer from her but it started when she left her abusive husband she got married at 17 she had four boys under the age of 45 band left trannineteen to the united states to get her associate's degree then went back to liberia to the minister of finance of very few handful of women were working in the '60s as a very male-dominated area. she had fights with her husband he was abusive she started in a fair. -- a fair. but finally she walked out. and took control of her life so if you think back then they did not do that. associate was extraordinary from the get-go. [laughter] >> every encounter i have had with her is so understated. she does come to united states frequently and is no stranger. the also understated with her stature given

. >> the imf has raised his 2017 growth estimate for china while cautioning deep reforms are needed toom debt to expense. >> what was behind that decision? >> we have been seeing the performance of the chinese economy, and there was fairly strong growth in the first quarter. we see strong growth in the rest of the world, which is also helping. we see the chinese government providing some support, both through fiscal policy and the way that credit policy was being managed, so we think this is the right forecast. now, we do expect the economy to slow a little during the course of the year, but we think the 6.7% forecast is the right one. ♪ ♪ ramy: you are watching "bloomberg best." i'm ramy inocencio. bloomberg's emily chang recently found down for an exclusive interview with apple's ceo tim cook, and their discussion created a lot of buzz this week. among the topics, apple's ambitions in china and for the first time, cook elaborated on the company's plans in the automotive market. tim cook: i think there is a major disruption looming there. not only for self-driving cars, but also the e

they saw off the speculators and the imf, but 20 years on from the asian financial crisis, did malaysia'sisky strategy really pay off? hello and welcome to bbc news. one of the most senior figures in the vatican, cardinal george pell, has been charged with multiple counts of historical sexual offences. cardinal pell is the highest—ranking member of the catholic church in australia, and is based at the vatican, where he holds the office of treasurer. he is considered to rank third in the hierarchy of the global church. catholic officials in australia say he strenuously denies all allegations of abuse, and will return home from rome to clear his name. it is important to note that none of the allegations that have been made against cardinal pell have obviously been tested in any court yet. cardinal pell, like any other defendants, has a right to due process , defendants, has a right to due process, and so therefore it is important that the process is allowed to run its natural course. preserving the integrity of that process is essential to all of us, and so for victoria police it is importa

they have turned into implementers of the new troika—greek deal", the troika being the europeans plus imfays, "this deal is very similar in spirit and content to those that they denounced as treacherous deals all the way back to 2010." he has a point, doesn't he? well, i would disagree with that. because i think that this government has changed a lot in greece. it has brought it to the situation that one member state needs to be like other member states. i think that he has gone through serious negotiation processes, achieved a lot more than the previous governments had the possibility of doing. and he has reached the point where he has created alliances with many of the south european nations that didn't have a chance before to talk and to actually support greece as we have seen in the last... with respect, mr tsipras has simply left a trail of broken promises. let me just quote to you two different things that happened in close conjunction. april 25, 2017, there you sit as one of his cabinet ministers when tsipras says, "greece won't implement tax reforms without a debt deal in place".

the imf has cut this year's expectation from 2.3% to 2.1% and next year's from 2.5% to 2.1%.mf said high employment rates made expansion hard and urged the us to maintain its commitment to free trade. more than a quarter of the world's population is now using facebook every month according to the social platform's founder mark zuckerberg. more than two billion people have now signed up to use it since he created the company 13 years ago. an ambitious plan to provide broadband links to every corner of the globe by satellite has begun in france. the aerospace giant airbus and its partner, one web, have started the production of a mega—satellite constellation to provide the service. $1.7 billion has already been raised to fund the network which will rely on an initial 600 satellites. this is a lovely one. a shop in tyneside... this is a lovely one. a shop in tyneside. .. that's in the north of england. yes. it used to be called singhsburys, so it changed its way to morrisinghs. no, morrisons are fine about it! he says the colour scheme is different. that's his defence! there's b

we are pleased with the imf's role in those negotiations. steve mnuchins speaking to david earlier today. house speaker paul ryan says it tax overhaul plan must happen this year in order to rebuild u.s. confidence and get the economy rolling more robustly. his first major speech on tax reform, ryan told the national association of manufacturers he's confident about the timeline for reform. , we areere to tell you going to get this done in 2017. [applause] mark: the speaker also argued that a tax overhaul is permanent and does more than simply cut rates. the justice department will help 12 american cities develop long-term strategies to decrease violent crime. the department will help local authorities study crime patterns and create specially tailored plans to reduce gang and gun violence. sessions it says the city's chosen have higher than average rates of violence. planning tol is seek a broad agreement on trade at the g-20 summit. she told german business leaders she will not give up on a free-trade deal between europe and the united stat

how mutual is the imf?at all. the economists come up... this is part of an annual report on the us economy that the fund comes up with. it looks at the economic figures and has to make an assessment and has to issue these warnings. the challenge for the fund is if you don‘t like the message they have, it‘s easy for people to come out and say, hang on a second, how impartial are they? obviously they will make certain assumptions and it will always be a challenge determining how impartial they are. this type of criticism or allegation, it‘s certainly something we have heard in the past. when the message is something you don‘t necessarily like, it‘s often easier to challenge it. michelle, thank you. we will see how donald trump responds. consumer borrowing in the uk has reached its highest level since 2005. governor of the bank of england mark carney is worried and has told banks they are in danger of forgetting the lessons of the past. a clear reference to the role bad loa ns a clear reference to the role bad

what should the imf conclude about china right now?he chinese authorities trying to push back against risk lurking in the shadows of the banking sector. what is your take away on china at the moment? i expect the report will be laden with medium and longer-term risk that, financial stability and all that. the extra length on china is that the pace of reform is very slow. china disagrees, obviously. that is the external point of view on china. i think there will be a lot of points in that report that conflict with the recent of inity, they are kind congress, they don't go together. -- incongruous, they don't go together. the discussione now is the fed will probably hike today. will china -- stephen: we've been in the market too long. there is this debate that maybe they might not have the capacity to inch up their marginal rate at the same level as the fed which is what they've done in the previous two hikes. stephen: china and the pboc it made it clear they want exceptional stability for multiple reasons. the upcoming leadership electi

when the imf starts to say, they are not necessarily a friends of president trump. >> i any there are two things. the economic realities that obama cares unsustainable and political realities that this bill can not pass. it was a mistake to push healthcare this early on. he should have pushed infrastructure and got his popularity up. a lot of democrats have to run for reelection in 2018 in a lot of counties with no healthcare in them. charles: at this moment some breaking news. a tweet from president trump on healthcare. with zero democrats to help, republican senators are working hard. so president trump probably wanting you right now saying the same thing you are saying. but the democrats are going to say, listen, you guys in power, you promised the american people something new. knowing who owns this doesn't help the favre american. >> i understand. but look at the political reality. republicans pass something and in 2018 voters are no better in ohio, they will elect sherrod brown. i think it's a political reality. charles: of the nine hard nosed five are so-called moderate. you th

said it was hopeful of securing a deal yesterday that could end months of eurozone feuding with the imf in fact, they have secured that deal— and unlock sorely needed bailout cash for greece to avert a fresh crisis. threats to the london tower fire. the official reaction, a full public enquiry is announced. what does that mean in practice and how long will it take? historically public enquiries can take years. that is what is so worrying. it is all right to call for it but who is going to lead it and how long will it take. other major disasters that have led to changes and they took years. to come to any conclusion. the prime minister has to prove that this will have a limited time span and arms as will be forthcoming within weeks. really, they need to be solutions. other people around the uk and the world live in tower blocks like this and they need to see answers. even in that area there are plenty of tower blocks are superbly with similar designs and people are thinking could the same happened to us? thousands of people all over britain and the world that obviously could face somethi

the imf cut its outlook for the u.s.ding the assumption that president trump's tax cut and infrastructure plans would spur growth. the fund now sees expansion of 2.1% come a down from 2.3%, and cut next year as well. u.s. willid the struggle to hit that 3% growth target in the face of full employment, but low productivity. indicationn gave no that her plan for tightening had changed, while technology and some asset prices have become "rich." she said it is appropriate to raise rates very gradually and the plans for reducing the balance sheet are well understood. unemploymentcing falling, but inflation remaining sluggish. president has hinted at how he may gradually unwind the bank stimulus program. mario draghi repeated his mantra that patience is required and that he will be prudent in withdrawing support. observers say he has set the stage for winding back asset purchases, with the ecb becoming much less accommodative in 2018. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 12

the imf says the japan's improving economy offers the chance to take a bold structural reforms.ent says it needs to increase private investments. japan is enjoying its largest economic expansion in a decade but the imf warned a to weakening 2018. white house secretary sean spicer may be in line for a new job. he has been president trump's spokesman since the beginning but there have been months of speculation that he may be fired. he may be moved into a more senior strategic role and they may bring in a new press secretary. the administration also needs a new communications director. global news 24 hours and do powered by more than 2700 journalists and analysts in 120 countries. this is bloomberg. ♪ thesian stocks looking to tech rebound, gains in some markets. japanese shares of over 1%. we do have all the shares sliding today -- aussie shares sliding today. swings for chinese shares ahead of the msci decision. the yuan weaker for a third straight day. overnight --hong kong stocks are racing games, coming off of the session lows here. consumer staples of the biggest drag. there

as you know as well, the big question overall this has been the imf's participation in this bailout.ink other creditors of the eurozone has been seeking, and the deal they got last night was not enough to ensure the imf's participation. ramy: from the big picture of politics to the laser focus of entrepreneurs. this week's edition of small to co-, auses on written digital media company with millennial women its target audience. the co does not stand for company but community. the ceo raised $45 million in venture capital and is finding success in a very competitive space. she describes her company's journey from small to big. is a new media company that largely reaches millennial women and is aimed to inspire, inform, and empower them to be more creative. my path is largely out of tech companies. i worked at google and apple and started realizing the world of digital media was a big trend. i left google at the age of 25, not married yet, and i had saved up enough money to bootstrap my own business for about six months. ultimately i made enough traction and the rest was history. we ha

without reforms, the imf says that debt could balloon to 90% in five yea rs. debt could balloon to 90% temer has been pushing reforms to get the economy back on track, but he is now embroiled in a corruption scandal which could see him forced out of office. the question is, if he goes, will his reforms survive? is -- if the current president has to step down, iam the current president has to step down, i am certain that politicians would find a new president who is committed to these reforms. changes needed, but the proposals are unpopular. —— change is. there is little appetite for more pain, but without more reforms, the recovery could prove short lived, bringing the prospect of yet more unrest. a quick look at the markets now. this is how the asian markets finished. we are out of time, i'll see you soon. finished. we are out of time, i'll see you soon. goodbye. then we'll be back shortly to go through the papers with us. —— ben. 0nly around a third of teenage boys say they enjoy reading. that's one of the findings this morning from the national literacy survey of more than a0,000 ch

the imf cutting forecast for growth to 2.1%. says-- what's more, it next year's growth will only be 2.1%. we are seeing a downdraft in stocks. it is not a big one, the dow just falling nearly 18 points. the nasdaq down half of 1%. we are taking a look at selloff in the bond market and it is pushing yields higher. a five basis point move in the 10 year yield at the moment with these weak economic numbers. theses we look at sentiment numbers, investor sentiment is not strong. this is a look at the s&p 500 in white and it looks at citigroup implied sentiment indicator. it measures the instances that mention bullish or bearish sentiment in news stories. when it is more bullish, you see this go green. when it is bearish, you see it go read. there is more bearishness being discussed in the media than is indicated by the red bar, even as the s&p 500 continues to push higher. technologiesoned are the worst performing group, google shares, alphabet trading lower after that big fine from the european union of 2.4 billion euros. the regula