is the imf concerned about that? >> very interesting at the , annual meetings this year, that was the biggest hotly debated issue. low for longer, low forever. the conclusion in the room was twofold. that is where we stand at the imf. the first one is that we do need to appreciate low interest rates as a contributing factor to growth over the last years. if we did not have low interest rates, growth this year would have been half a percentage point lower. 2.5% is lingering in recession territory. that is not happening. but when it is prolonged, what happens is in search for yields financial institutions and , nonfinancial financial institutions are taking excessive risks. so sooner or later, that risk may come to bite us. in addition to that, we have to recognize that the underlying reason for low interest rates , larry talked about markets, it is this sleeping beauty called productivity. so i think rightly so, many of us including the fund are saying wait a minute, we cannot possibly only contain the conversation to

jeter drop in math is the imf -- opinath is the chief economist for the imf.e had significant revisions to growth in india for 2019 and 2020. that explains a vast majority of the downgrade. >> how did you factor in the phase one deal? how did that factor into your calculations? gita: that had an impact on numbers for china. we upgraded china .2% for 2020, and most of that came from the u.s.-china phase one deal. >> there seems to be a lot of optimism about the deal, but having said that the u.s. maintains tariffs through november. that is not good news. but wee welcome the news also pressed for more on this front. there has to be a more comprehensive deal. it has to be durable and long-lasting. that wills returned, undo improvement in policy uncertainty we have seen recently. it is a bit of a way to watch at this point. >> having said that, what are the downside risks to your projection and how likely are we to see that? gita: the trade issue remains an important one. we have had positive news but trade could spread to other areas. we could have more tensions

imf chiefs the economist speaking to us in davos.ke a look at global growth prospects and how this and other key issues will be covered at davos. the ceo ofheidi -- international capital firm. always a pleasure having you on bloomberg. we had a great story on the bloomberg yesterday talking about it feels like we are at a moment where it's exhibition peak to so many things. peak, capitalism peak climate change in geopolitics.h how is something like davos which is this festivity of capitalism fit into this? can solutions be found? heidi: this is the gathering where you have all the right people there, but you know, the is, the big theme this year stakeholder capitalism as an umbrella to tackle the same, familiar issues that have been talked about for quite some time is increasing inequality, the rise of populism, polarization, the threat to democracy. the big one on the agenda as they're -- leading baskets of risk has to do with climate change. so, the idea is are we at that tipping point? and, if we are, one of the challenges for thi

imf managing director. great to have you with us. >> great to be here. >> just like the imf suggests we may see some is weaker growth for 2020 we'll discuss that u.s. treasury secretary steven mnuchin who joins us fresh from a breakfast with the president it is idle speculation but it may be important was it an american breakfast or international breakfast? >> we'll call it an american breakfast. >> english is the best ubs chairman of the board axel weber a particular insight into the actions of central banks thank you for being with us on the panel. let's talk about uk chancellor, who you've already heard from. some reports that he wasn't going to make the panel because he was already headed down the mountain we are pleased those reports aren't true. we are pleased he was able to bust boris' ban to be here at davos. thank you for coming and drinking champaign with the billionaire at the world economic forum second, if i could just start with you you've just come out of an important breakfast. i think there

she's the new managing director of the new chief of the imf, let's see what her prognosis is for your markets outside of the united states. >> welcome. >> so happy to have you here. so let's get right into it. we heard an upbeat view of the u.s. economy and complaints of the global economy. let's start with the u.s. despite everything mr. kudlow just said, we have seen the slow down in u.s. growth this year and a slump in manufacturing decline in business investment, from your purge, that's your outlook for the u.s. economy and the coming year. well, the u.s. is in a good place. and people in this room have contributed to that. what we have is history expansion, lowest in the last 50 years of unemployment. what we particularly see is that wages are going and wages of low paid workers are out facing wage growth on average, that's driven by productivity gains. they're porimportant to recogni. you are right, it is manufacturing agricultural on the rest of the economy. what we see consumptions being the driver of that good growth. we see in the united states like everywhere for a long per

will they raise their outlook like the imf did? naohiko: i think so.e upright. it is a growth project. fiscal 2020. by factoring in the package recently -- stephen: huge stimulus package. $120 billion fiscal stimulus. how much of that will triple into the real economy and how much of that is already just kind of repackaged projects? it is already baked in. naohiko: it is true that the headline numbers over the package amount to -- huge. lot overid, it takes a the existing programs. right? according to our estimate, that stimulus for the gdp, it is about ¥8 trillion. other than that, this directive stimulus -- implemented. estimates have direct contribution for growth to fiscal 2020. it is a modest one. 0.3%. stephen: that is your outlook for the full year? naohiko: no, i mean -- stephen: what is your outlook for the full year? naohiko: fiscal 2020. stephen: additional growth. what kind of growth are we talking about? outlookupgraded its 20.7 percent growth, modest increase. while they were downgrading the rest of the world, japan was out. that is large

the top economist at the imf kicked things off by cutting her global growth forecast for this year andthe downward revision comes from a country you might not expect, india. the biggest contributor to the downward revision for global growth is india, and india's downward revision is mostly to do with domestic issues and very little to domestic issues and very little to do with the trade issues that we have seen. it has to do with slowing credit growth in india, which has slowed quite sharply, owing to stress in the financial sector. we are out rising geopolitical risks as one of the important risks to worry about. if you look at at the immediate impact of the tensions in the middle east, those have been fairly muted. looking at oil prices, they have gone up by 3—4 dollars per barrel, but not that much more. this is relatively muted but we don't know where this could head and there isa know where this could head and there is a sharp escalation in tensions and if oil prices shot up much more, there are several emerging markets including india that would be negatively impacted. continuing

at the start of the imf has downgraded forecast for this year and next yearjust slightly.t is your outlook? i'd tend to believe that in global forecasting, when the thing you are focusing on is political, things aren't so bad, i'd worry about china slowing down dramatically, a worry about emerging markets who piled up, what happens when things slow down? given economic cycles as it were in terms of global growth, we have been chugging away for quite some time now. economist such as yourself would say things will change soon. we are recovering from this horrible financial crisis and slow growth period so there was a lot of upward lift to be had in the global economy andi lift to be had in the global economy and i think there is still more to be had. so, sure, we could have a recession. i think the odds are a little higher this year than normal. again, china's the wildcard because who knows what's going on there. if they are slowing down, that is never an easy position to be an. if there isa an easy position to be an. if there is a recession, if things do get worse, who will

we are back with zhu min, former deputy director of the imf.ached one deal with china. great to have you on surveillance. i can we be so sure the u.s. a does not go back on this trade deal -- the u.s. does not go back on this trade deal? the chinese are sticking to the deal, and lamenting a quick pace and sort of matching but the u.s. is doing in the u.s. is continuing for its own pledges, i don't paper should be in expectations of a brain edging of those promises. francine: what kind of relationship does president trump need with china to talk to his base and get those vote? saleha: the campaign president is running on is based on the economy. make america great again, america first, he needed a trade deal with china to kind of show that during this impeachment trial, he is continuing to govern so it is and ends -- it is in his interest to keep this intact and we will see him really pushing and touting when they signed the deal -- when they signed the deal, he spoke for one whole hour even though it was a short 10 minute speech, sort of boasti

joining me now managing director of imf kristalina georgieva. you. >> thank you very much for having me here. >> i mentioned the trimmed global outlook what was the reason behind the outgrade. >> let me state we're in a better place today than we were in october the trimming down is because of india, abrupt slowdown in one country, and a little bit of unrest in hong kong, chile, colombia. >> so it doesn't say anything about the overall. >> three things better today number one, trade and industrial seem to be bottoming out two, we have been success foreign minister with synchronized cutting of interest rates that helped the world economy. and three, china-u.s. phase one deal. >> what did you think about that deal did it go far enough >> obviously if there is a phase two, that means phase one hasn't gone far enough. >> were you disappointed the tariffs remain >> the important thing is we now have a capacity to cooperate between two countries that are very critical for global growth. we would like to see more. we would like to see more predictabili

we have seen the imf come up with assumptions for world growth which is lower than in october.skirting recession in 2019. how optimistic are you >> our company would do less than 6% of our revenue in germany. we have almost 40% of revenue in asia the biggest market is the u.s. and will stay the u.s. what happens is actually more important than what happens in europe europe is our home base and regulation developing a matter of a lot to us i feel that europe has too little public awareness about the competitiveness of european economies in the global scale. >> a conversation we'll be having with angela merkel this week >> she's called a round table together to discuss the competitiveness of european bioindustry. we look forward to that. >> we appreciate your time thank you for stopping by live plenty more conversations coming up live from davos we'll be speaking brexit with robyn niblett from chatham house more when we come right back pros of visibly healthy skin. try olay total effects. but how do i know if i'm i'm getting a good deal? i tell truecar my zip and which car i want

but, yes, from the position of the imf, we do look at the risks. and we look at these risks strictly within our mandate. financial stability risks. when we are in a situation when european union comes with a clear direction by 2030 for becoming carbon neutral, that, inevitably, would mean that investments in certain sectors of the economy that were profitable and are profitable may be less so, as well as that risks stemming from climate change, from hurricanes, from floods, from droughts, they would be weighted as part of the transformative policies. and i expect that we will see that kind of pickup of sustainability investments. we heard everybody here talks about larry's letter. i don't know what larry's in the audience. but we heard about that new impetus in the financial world. so what does that mean from a risk-management perspective? financial sustainability, risk-management perspective? it means that we do have to be able to record these risks in a standardized fashion. in other words, companies and financial institutions have to be able to

there is the imf downgrading, take back and throw that in the window. spreading ino be the japanese prime minister saying they are stepping up their screenings as well in the chief secretary here saying hong kong on high alert as well. story's check in on the and come to the reasons why the hang seng is down and also, .ospitality and travel looking here, people fretting about that. for sydney.n base an amazing run. day with the 10 year unchanged and we are in wait-and-see mode. here ago, sterling just nudging a little, but ultimately will be with the situation data points being very depressive and the bank of twice. cutting rates let's have a look at what is happening market wise and some of the movers really affecting what is going on out there at the moment. be atund zero seems to the moment, 500 points, pretty much everything down is -- everything is down with the except of -- exception of pharma stock. >> you are seeing luxury stocks as well and this report came out talking about the travel sector, the travel sector stocks are going to take more of

the imf forecast is interesting, it has been quite gloomy about the uk economy in the past, they say past, they say it will grow by 1.a% this year and 1.5% next year, better than the eurozone. the bank of england monetary policy committee members have been warming the market up members have been warming the market up foreign interest rate cut on the fa ct up foreign interest rate cut on the fact that the gdp number was not .3%, negative no .3%, so the idea is they will catch interest rates, other people are saying that if the imf says the uk economy is doing pretty well, why will the pcb interest rates? in about ten minutes we will get the unemployment numbers. how will that play into what you have explained? that is the second to last hard data point that the mpc members will get, on friday they will get flash pmis, surveys of individual managers in companies saying what they expect people to be doing, they will play into the mpc decision at the end of january. the unemployment office is expected to show a tale of, but unemployment is very low, a bit under a%, show a tale of, but un

there's clearly a business impact, a report by the imf and cambridge university found that if temperatureontinue to rise by 0.04 degrees every year, for the next 80 years people's wealth on average will 7% lower compared to if action is taken. however it's not all bad news, the global commission on adaptation has calculated that a $1.8 trillion investment over the next decade — in measures to adapt to climate change, could produce benefits worth more than $7 trillion. well to get more on this, the bbc‘s sally bundock is in davos for us this week and sent this report. world leaders chief executives, celebrities and others gathered here at the world economic forum are being forced to face the multifaceted climate crisis. for the first time ever, it dominates the forum's annual report. we spoke to one teenage climate activist here who talks of her frustrations. we see that their intention is on the right place but the change is not happening fast enough, so one of the roles of the ten selected young change makers here is to not only add pressure but to convince them that if we can lead by ex

let's quickly mention, the imf chief. christiana gerogieva.on the wealthy to cut any quality. it can be done, it can be managed well, and it isa be done, it can be managed well, and it is a way of solving a crisis worldwide. yes. back in the 1990s, we had the washington consensus which was something called trickle—down economics, so don't tax the rich, let them spend and invest in others. who did this actually benefit? we now have the 1% who have a massive fortune and massive inequality around the world, along gender lines, class lines, et cetera. we have run out of time, which is quite a shame. thank you for your company, we will see you again soon! goodbye. well, the winds have been a real feature of the weather across northern parts of the uk, particularly scotland. still pretty blustery out there but not as windy as it has been. how about wednesday for most of us? well, there is both sunshine and rain in the forecast. so here is the big picture across our neck of the woods. there is a big storm just south of iceland, pushing still some clo

sonali: i would love for you to aar your imf hat for just second.l of the euphoria come awarded the big risks you see that could upend this market rally -- euphoria, what are the big risks you see that could upend this market rally? jose: 2020 looks better than 2019. the big thing is that anxieties have been significantly lessened, although uncertainties remain. but i think it is good that the imf yesterday confirmed its forecast that things are going to move up, although a little .it less than they expected that growth would go from 2.9% this last year to 3.3%. . think this is good news i regard the atmosphere is much better now than it was a few months ago. i think this is very more important. in terms of the risk, everything has to do with confidence. things which have undermined confidence because of geopolitical issues in the potentialt or now a trade dispute between the united states and europe, which again involves two of the largest three economic areas in the world. i think this is something which would not be good for confidence. it was go

the imf trimmed its forecast from leist fall, citing threats related to trade tensions in the middlet. baghdad security forces have fired live rounds and tear gas at antigovernment protesters. at least two people were killed and dozens wounded. it is the latest in a series of uprisings that began last october. thousands have taken to the streets to protest government corruption and unemployment. the two sides in president trump's impeachment trial have previewed their arguments. house democrats and the president's legal team filed their first formal brief over the weekend. democrats say the president's misconduct made him a threat to the nation and the rule of law. 's the president law your -- the theident's lawyers call impeachment and attempt to overturn the election. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm laura wright. this is bloomberg. guy: thanks very much. let's get back to the crude market. -- rentping up above jumping above $65 a -- brent jumping above $65 a barrel.

the ft leads on the imf downgrading its forecast for global economic growth.er the world economic forum in the swiss resort of devils. tamara ‘s metro has got a place to get tough on terrorists from borisjohnson. place to get tough on terrorists from boris johnson. and place to get tough on terrorists from borisjohnson. and putting a plan to end early release for dangerous offenders. the guardian forecasts "perilous times ahead" for the bbc as ward hall said he would stand down as director general. it carries a front—page picture of a giant dust storm menacing the australian town in new south wales. the i newspaper leading the row over hs2 with certain mps in the north against the high—speed rail project. the mayor says jeremy against the high—speed rail project. the mayor sasteremy bamber was jefferson and his whole family, new evidence shows that he is not guilty. and dragging its feet over trade talks with united kingdom. let's kick off david. the metro, the end ofan let's kick off david. the metro, the end of an era, a rather bad pun i have to say facet th

i know they are confident to grow as ukraine complies with its imf commitments. finally, i was pleased by the recent decisions by the greek and alexandrian orthodox churches to recognize the orthodox church of ukraine as a federal church. russia should never stand in the way of ukrainian people's fundamental right to exercise their religious freedom. ukraine can count on america's supported not regard. president zelensky, thank you. pres. zelensky: thank you very much. >> we have two questions, one from the ukrainian side and one from the american side. so ukraine channel, please. >> ukraine channel 24, i have speakers.on to both i have a question to president zelensky first. the situation with the impeachment trial of donald trump spoiled the ukrainian-american relations? pres. zelensky: [speaking foreign language] translator: well, thank you for your question. i was thinking, "when will this question appear?" when we had the meeting with united states, we also had a discussion about president trump. essentially the other way around. we have an excellent relatio

imf chief economist there, speaking to bloomberg at davos.o do we are asking the question for davos on mliv. how will the 2020 u.s. elections affect markets? which out to us and the mliv tv on your bloomberg. coming up, don't miss our interviews with top executives microsoft,he ceos of blackstone and citigroup and we speak to the state bank of india chairman, the reserve bank governor and hong kong chief executive carrie lam, here on bloomberg tv and radio. approach. two-pronged e.u. commissioner president ursula von der leyen tells bloomberg that au needs more power to back their policy. more on that next. this is bloomberg. ♪ >> this is bloomberg daybreak year in europe, i am nejra cehic. au commission president ursula von der leyen has told bloomberg the european union has to be prepared to back up its diplomacy with forks as ministers discussed sending troops to libya. she spoke to francine lacqua exclusively in davos and also addressed the e.u. judging relationship with the u.s.. >> the conference yesterday in berlin was certainly a

she is the new magaging director to the new chief of the imf.'s see what her prognosis is for your markets outside of the united states. [applause] >> hello. welcome. so happy to have you here. so, let's get right into it. we just heard a very upbeat view of the u.s. economy and complaints about the global economy. let's start with the u.s.

we have a warning from the imf that shows default rates are creeping up in the average rate of bondss creeping down. the second is a very different risk, and that is more about climate and esg. we are worried about something called epr, extended producer responsibility, that more industries will be asked to look across their supply chain. and be responsible for their items. it could be fashion, it could be auto emissions, it could be the power industry, it could be the airlines. i think that will be a huge factor in short-term earnings demand as we see issues like plastics, and evaluation assumptions. debt and esg. vonnie: you make a good case for those areas to be worrisome. i did want to ask one more question about esg. i know there are companies you are very interested in at this juncture. how do you decide what are these companies? guy m.: it is exciting. if you have climate change as an underlying theme, if you have that four or five years ago, your possible range of candidates to build an equity portfolio was extremely limited. 16% of the global opportunities fund is directly r

the imf confirming the uk economy will grow faster than the euro zone. we need to stop talking britain down and start recognizing extraordinary achievements. >> the real issue is many people in work are also in poverty to access universal credit. and to actually, more people than ever before, and concerning the prime minister, the third aim of universal credit is to reduce poverty. it is having the opposite effect. under this government, 65 million meals handed out by the food banks over the next five years, the 5 week delay leaving people without enough money to cover basic needs, why isn't the prime minister taking action to end this punitive and vicious 5 week wait for benefits. >> universal credit getting 200,000 people in jobs, according to what he says, the number has diminished by 400,000. contrary to what he says wages have been increasing solidly for the last 22 months. labor needs a period of reflection. it will be the result of the last - was even more corbin is him. a 4-week - and uncontrolled everywhere. i refer the right honorable gentlemen

i tried to point out a cos cost -- we repaid the imf. we kept the capital markets. we are able to deliver on a gross strategy that's actually making a real difference for peop people. in the country, we started lowering our taxes and real estate and corporation and starting january 1st of this year. and, i think there is a journal sense in greece that we are open for business, we are looking to aggressively atrack foreign investment. it is already beginning to happen. if you look at our performance over the last six months. there is always this advice that others head of the government gave me. make sure you do the reforms very quickly. when you look at how other governmentperforms, that's not the case. i am sure the economy is going to react, i expect growth rate to 3% for 2020. this will give us also the breathing space to address some of the more complicated issues regarding reforms that take time to really show a clear result such as public administration and justice. >> you said some aggressive benchmark by the end of 2023, 100 billion euros and new investment

iran'n's gdpthehe imf, fofor 2019 is estimated to have contracted 10%. a spectacular to come to given that economy group 12.5%-- spectacular decline given that the economy grew 12.5% the year after the nuclear dedeal was signed. tom: for investors to be thinking about on the final day of the first week of a brand-new year. reporter: that is right. the global stock markets started the year on a positive note, but that is no longer r the case. today all major european indices are in the red, this after starting the year on a positive note following the wall street record. ftse down half a percent. .acac down .6% dax down 1.8%. tom: a rather subdued note to end the week in europe. thank you very much indeed. let's get a check ofofther news where following. last month, a new president of algeria was elected. he appointed a new prime minister last weekend and now a new government line of has been unveiled. ofept the ministers heading a number of the portfolios have not changed at all. the foreign minister, energy minister, interior minister will all remain in

the imf is cautiously optimistic saying risks are less skewed to the downside.d macron may have reached a truce over digital taxes. according to paris, neither france nor the u.s. will impose punitive tariffs this year though the readout from washington was more muted. this could prevent as collation another trade war. hashina, a sars like virus entered a new stage of severity. it has affected 15 health care workers with one critically ill. four people have died. 17 years ago, a sars outbreak killed around 800 people. in the u.s., mitch mcconnell is planning a tight timeline for president trump's trial. he will give impeachment lawyers only two days. they seek a quick dismissal of the charges. the trial is set to start today. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. anna, matt? the: tom mackenzie with first word news update from beijing. some of the world's biggest names are gathered in davos to talk about trade, globalization. haslinda amin has

the imf came out with down beat numbers for global growth. trade agreements in place and also with housing beginning to surge, there's a real chance that estimates of growth are going to be going up and as we go into the election, the economy is going to get stronger. dagen: the imf numbers, they were raised to 3.3% global growth from 2.9%, so north of 3%, and one of the central reasons was loser monetary policy but also trade deals and the easing of tension. >> i think it's reasonable to expect the economy to accelerate. >> i don't think the american people know that, because if you look at the headlines on the new york times and all the other places, it's impeachment, but also things -- the new york times had a headline last week, manufacturing at nine year low or something. it had of to do with a an index of sentiment about manufacturing, really dishonest. >> i think the great thing about this right now is that we have so many people who are getting a lot of their information via social media, via conservative influencers that they follow

gdp growth has ben fairly stagnant ovevethe last five years something the imf blamed partly on the conservativearty's austerity program following the financial crash. the latest data shows little signs of improvement with britain among the slowest growing economies in the g. seven. the value of the pound has decreased significantly against the dollar since the heady months before britain voted to leave the european union. at its lowest point in two thousand and nineteen the pounds body was 20% less than it was on the day of the referendumum. in response to the weakening pound inflation rose 293% in two thousand and seventeen but is currently on a downward trend. sales in retail have been plunging as brexit approached with a climate of uncertainty around what happens next perhaps impacting consumer confidence. it isn't just consume is concerned a number of banks have started moving all have plans to move assets and operations to european countries. since the announcement of the referendum result the automobile industry has also made job cuts with more planned going forward. another potential hur

the great forecast that we got from the imf is positive, and as a government, as part of our levellingn to those sectors and areas where perhaps people aren't seeing the benefit. i am really pleased, of course, that we have kept fuel bills down and we have cut tax rates down for low earners and of course we have got the fiscal event of a budget coming up where our chancellor can really start to make sure that nobody gets left behind and people do have more money in their pockets at the end of the month when they are working hard and seeing those benefits. nearly 35 years since the titanic was discovered an agreement has been reached to block efforts to explore its remains. a new deal will grant or deny licenses to enter sections of its sunken hull. the titanic has been underwaterfor of its sunken hull. the titanic has been underwater for more than a century. an attempt to set a world record in sri lanka for the largest gathering of twins seems to have failed because too many turned up. organisers wanted to break a record stretching back more than 20 years but the size of the crowd mean

yes, but you talked about the vacuum before, but as ned points out the economic challenges, the imf areearly a10% contraction of the iranian economy in prospect this year. how can i sit there doing nothing with a vacuum? they say they need $60 billion, they are trying to arrange loan share here and there, and survive until after the american presidential election. but that is not going to solve their problem. of coming out with any solution for iran's main problems. we have to wait and see. of course this wayward ship will find a captain. i am confident of that. but at the moment, as our friend here said, there are two irans, iran is a country and a nation, continuing life, and iran as khamenei and his ideology who are leading it into bigger and bigger problems. we are out of time on the problems of the iranian leadership. now we turn to the problems of the american leadership. that president is on trial for only the third time in american history. the senators responsible for trying mr trump have sworn an oath to deliver impartial justice, but the impeachment drama has been bitterly pa

she has got that sort of bit like christine lagarde, formally running the imf, she has that gravitasn the issue, johnson, get brexit done mantra was very clever during the general election and clearly surveyed a lot of people but it only means you get the formal departure done, nothing of substance and certainly nothing that affects real people, the hundreds of thousands here and in europe. nothing has been settled nor is it close to be settle and every day goes by in increases people '5 anxiety. this is specifically as the telegraph headline suggests about not watering down right for that citizens living here? this has been something we have been talking about for three years both under theresa may and borisjohnson. lots of warm words about reciprocal guarantees for what eu citizens living here and our citizens living in the eu and yet we still don't have an agreement on that. the clock is ticking again so everyone will say a breath of relief when we leave on the 31st of january when we leave finally but we are not, it will be the very beginning of our discussions on our relationshi

the imf is preparing to leave athens for good.ts to save greece from record debt. the record bailout brought years of austerity, which caused widespread job losses and anger. troubled nissan boss carlos ghosn says the investigation that led to his ouster was in his words never about finding the truth. he is expected to hold a news conference letter promising to name the people he says engineered a coup to destroy him. pressure,ing a issuing an arrest warrant for his wife. prosecutors accused her of lying under oath last year. global news 24 hours a day on air and on quicktake by bloomberg. i'm su keenan. this is bloomberg. as we've been talking about, we are off session lows, but still plenty of red on the screen this morning. we are still lower by 1.3 percent, but we were falling as much as 2% earlier. hang seng also down close to 200 points here. samsung has been a bit of an outperform or after earnings deed beat expectations on-chip recovery. many had been pricing and an sydni also looking a little better, lower by about .3%. i

is imf saying the yuan barely valued. 6.883 on monday.xports surged past exports in december, 9% compared to a year earlier. they were expecting a 3% increase. imports outpaced expectations, but the overall trade surplus expanded to more than $400 billion. trade with the u.s. dropped more than 10% for the year. relations between the world's two largest economies. as the economys shrank ahead of the general election. adds to concerns for the bank of policymakers debating whether further stimulus is needed to support the economy. bets are increasing of carney making a decision as bank of england governor. christine lagarde calling for policy silence ahead of her impending strategy review. she has written to members of the governing council that she will start the next two day policy meeting early to give time to deal with issues raised. lagarde is keen to prevent the debate from spiraling out of control. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countrie

you would put forward as a candidate to lead the imf, the next manager director after christine lagardeat will happen in the future? first of all, i think she will be a great... that is not what i am asking. britain has never been able to land at the imfjob since its creation even though british economist came up with the idea. i do not know whether it was brexit induced... your main job is editing the london evening standard. we talked about theresa may earlier, have you used your platform to go after people. some of the things about theresa may have been absolutely brutal. as a former politician do you ever wonder about getting the tone right? what i try to do with the newspaper speak with the more than a million readers we have in the capital and the paper has a has been a liberal conservative paper, conservative of the conservative party but prior engagement in europe... the headlines, do you regret that?|j headlines, do you regret that?” would say... look, people will take a judgement. i would say the things isaid a judgement. i would say the things i said that were inevitable once

you were put forward as a candidate to lead the imf, to become the next managing director, after christineoice, which was kristalina georgieva, the bulgarian economist, rather than go with you. is that symptomatic of what is going to happen in the future? britain, frankly, will have a much less important seat at the multi—lateral international table. firstly, i think kristalina georgieva is going to be a good... that is not the question i am asking you... look, i don‘t know, is the short answer to your question because britain has never been able to land the imfjob since its creation, even though a british economist came up with the idea. i do not know whether it was brexit induced or whatever. .. your mainjob is editing the london evening standard. we talked about theresa may earlier, have you in a sense, used your platform at the evening standard, to go after some of your political enemies? because some of your headlines about theresa may, and your editorials, have been absolutely brutal. and as a former politician, do you ever wonder about getting the tone right? what i certainly try an

a report out from the imf and cambridge university is out and is looking at the actual cost if we don't it and the impact on people's personal wealth and well—being. absolutely. there has been a number of studies done that show that the cost of inaction on climate change is far greater than the cost of action. that is the cost of adapting oui’ action. that is the cost of adapting our infrastructure, our houses, our cities to rising temperatures, more extreme weather, but also the cost to the economy, people's lifestyles. so if we want to continue life as normal, we need to address emissions. thank you very much indeed. let's go back to our top story. facebook to create 1000 jobs in london by the end of the year. a lot of these jobs will be in its community integrity division, which builds the tools and technology used to detect and remove harmful content. steve hatch is at westminster. he is the vice president of northern europe's facebook. tell us firstly about these 1000 newjobs being created. good morning. delighted to be announcing we will create an additional thousand jobs in londo

warning the argentinian president that the early foreign policy moves may jeopardize support from the imf and american investment. saidr of trump officials shouldering the bolivian president and engaging with nicolas maduro could cut backing for them. onbal news, 24 hours a day bloomberg and on quick take by 2700 journalists and -- still ahead, as protests set to rage on in 2020, we get you in outlook on hong kong's property sector. >> as the fed plans to raise rates in 2024, we discuss central banks and which one will be leading the easing. this is bloomberg. ♪ >> welcome back. if i haven't already -- happy new year. it is a time where we find where central banks are moving or poised to move. you,range countries tell the benchmark is expected to be unchanged. you have the red which are the central banks in countries expected to take rates down and the blue is unknown after what happened in december. the rate cut out of the fed. a lot of this is contingent on what the fed does and whether they hold or not. if you look at china, not expected to do anything on the benchmark but they have be

other production lines it depends on the duration of these measures >> at the start of the week, the imf issued the growth forecast and showed china growing 5.8 to 6% this year that was based on the idea that there would be no additional tariffs but the original tariffs would stay in place. do you agree with that do you think the chinese economy can grow faster despite that >> i tend to think the difference -- it is symbolically important whether it is 5.8 or 6% even though it is a relatively small difference some of it comes down to financial math and calculations when the weakest -- the chinese economy was the weakest towards the end of 2018 and early 2019 so that makes it a little easier at the end of the day, yes, chinese authorities are doing a little monetary easing, not very much on the fiscal side. as we know, the overall headlines are even more political than the underlying ones i wouldn't be surprised to see them reporting a 6% growth my sense is, we are heading in to the fives >> thank you we'll squeeze in a short break stay with "street signs," we'll be right back. ♪ where ot

around the world, then some of the capex cycle that we expect to bounce back in 2020 -- we have had the imfh upgrade, or certainly an expectation of a pickup in 2020 -- that would be called into question. their inventory cycle in terms of hard capital but also human capital. capital doesn't augment on its own. it requires a human component. in terms of trying to quantify, i know it is the 64 thousand dollar question, trying to quantify in terms of economic growth, you're talking about understanding at what point free starts to return to steady state before you can start to call the magnitude of this disruption. nejra: what about the timing of the coronavirus for hotel companies right now? does it a come at a time that is already challenging were a lot of them are having to put a lot of capital expenditure into their products and facing competition from airbnb, for example? monique: there's a couple of things to bear in mind. obviously, the impact on trading in the short-term will be more material because it erupted at the start of the chinese new year. that is a big travel period for the ho

dollar was concerning also the imf has judged that the dollar is trading too strong as well do you think this will be the year the a u.s. administration gets more active on the currency front? >> it is within the treasury's agreement. it is their decision to make we implemented by the new york fed, it is something that will be central everyone will be watching that rhetoric we think for a number of reasons, that the tide is kurning against the dollar where we see more growth we that fed has ammunition to cut rates and we suggest the lower dollar >> you don't expect a higher dollar for 2020 then >> no. >> just to round out the conversation about the trade war. clearly this is not the end of the relationship between u.s. and china, this is just phase one. assuming we do get the signing of the deal this week, how are we going to phase two agreement? >> we'll ask when will they next meet what are the tangible things, the next big issues to tackle? just stopping the escalation right now. the bar to phase two is presumably higher. i think all the market needs is to see some kind of deescalatio

bill: the imf already forecast iran's economy was going to shrink 9.5% this year.before this round of sanctions. it is a tightening of the screw. and therel exports, has been a serious clampdown on that since the middle of last year. about thewhen we talk retaliation, this is tit-for-tat. in response to iran's airstrikes, and that was to retaliate against the killing of general soleimani. is this something that is going to lead iran to retaliate directly or through proxies? l: when we talk to people who follow iran and look at that relationship, the feeling is that there has been a little bit of a step back from the brink of open military conflict. like we saw earlier this week with that missile salvo. it is probably going to shift more to a proxy battle, proxy attacks. things that give iran a little bit of plausible deniability and make it harder for the u.s. to .irectly blame tehran what does that mean? it means probably some harassment of ships, it means possible terror attacks linked to groups like hezbollah, but things that aren't directly coming from irani go

maria: are we in the first 10 days of your role at the imf? >> we are, indeed. you are one one of the women running the world and proud to say that for you, how is it going and tell us your priorities at imf? >> how is it going, i sleep less, work more and i love it. [laughter] >> my main priority to focus the funds on growth and jobs. we are seeing how sluggish growth affects sentiments and confidence not only businesses but ordinary people and i also want to see the funds that recognizes that policies are for people, that we always think carefully of the impact of our policy recommendations on everyone. maria: my thanks to kristalina from imf, renewed calls for the bidens to take the stand, we are taking you live to capitol hill with all of the happenings when we come back, big trucks and big fun, we are taking you to new jersey where monster trucks are gearing up for a major competition, stay with us right here. well, did you know pinocchio was a bad motivational speaker? i look around this room and i see nothing but untapped potential. you have potential. yo