when we look at the imf, it is the pulse of international trade.rk with carlisle speaks to international business. do you by what we are seeing on the bloomberg terminal of not collapse just trade and good trade over the last decade? david: i would say in the last year or two trade has been down a bit because there of been tariffs, their been trade barriers and other discussions, and also we have had a bad pandemic that slowed down the global economy. i think it will come back. i think after the election, whoever wins will begin to see international trade pickup. there are a number of countries suffering from the pandemic and it will take it will take a while for them to recover. one aspect of your discussion had to do with china and asia, which is a big part of the emerging world and cannot be continued as such. better-than-expected economic data overnight. -- is it doing a better job in controlling the virus, or is there something else at play? david: china, if we believe the statistics, has had fewer people die than we have had in the united sta

the imf has 180 member countries that have backed all the measures we are taking.d financing to 170 countries at this point. it, we were at the beginning. there was a lot more needed. a future way. at many countries will be at pre-covid levels in terms of economic activity at 2021. we have to make sure the vaccine is globally available. that requires cooperation. many lowl boot -- be income countries that will suffer in a big way and will need international support. such as aid. lang's that was amanda interview with the imf's chief economist gita gopinath. thank you. let's target markets -- let's talk markets ahead of the fed meeting. .2%.&p 500 is up adobe, apple dragging on the nasdaq. not much movement. the dollar index is back above 93. just fewer than four minutes before we get the statements. you will be taken through it with our team at bloomberg with our special fed decides. the news conference coming up at 2:30 eastern. this is bloomberg. ♪ give you my world ♪ ♪ how can i, when you won't take it from me ♪ ♪ you can go your own way ♪ ♪ go your own way your

alix: you said you would not be asking the imf for more money.estion is what are all of the steps that have to go right for everything to work out? it is hard to rule out completely when you're in the middle of covid and the whole world economy is a mess. minister guzman: there is massive uncertainty in the context of covid. argentina's relationship with foreign debt has not gone well in the past. we have had a number of sovereign debt crises and the fact the country borrows in foreign currency has much to do with that. we have been focusing on developing the market. we have been experiencing a very positive dynamic in the process of developing the domestic capital markets. that is where the focus is now. we are not planning to ask for fresh money, extra financing in foreign currency. we consider that will not be prudent. of course we will need financing. our goal is to have financing and domestic currency over the next few years. why should international investors invest money in argentina? why should international companies invest money in arge

is imf managing director more optimistic. she also says recovery is partial and uneven.le group chairman and cofounder david rubenstein spoke to her about the global economy and the ways working remotely has impacted the organization. >> as we talk at the imf headquarters, it is relatively quiet because of the pandemic. people are working remotely. are you generally working remotely? decision13, we took a to work remotely. this decisionned because conditions are still such that for the safety of ought to continue to expect -- work. it has been amazingly successful. we are doing much more because of the crisis. we are doing it working remotely. it does have downsides. never go back to the way we were. we will never have so many people sitting here in these offices. we now know that they can be very productive working from home. we will be striving to have 50-50 on any day being telecommuting. >> what are economists telling you about the state of the economy? are we likely to have a global recession for another year or so? on twoave some optimism grounds. the first is exce

according to the imf's global house price index, ovever the past 20 years prprices have rin and risen with a small dip just after the financial crisis. over the last 10 years, the cost of many essentials in oecd countries has gone down food, for example, leisure activities, clothing. others, meanwhile have stayed constant, like transportation costs and health. but rent and mortgage repayments have become significantly higher. housing is becoming increasingly unaffordable for many. and yet it is a basic human right, as laid out in article 11 of the un 's covenant on social rights. states parties to the present covenant recognize the right of everyone to an adequate standard of living for himself and his family, including adequate food, clothing, and housing.g. we m met an activistst who ner tires of r reminding sococietf this. >>>> the world's c cities ae drawining people likike magne. but living in urban centers is often unaffordable. rising housing costs have become a flashpoint. the global real estate market has long since become disconnected from its function of providing people wi

the imf will likely seek reforms, but with the cucurrent administraration staunchly anti--austerity,k like tough ahead. stephen: prosecutors in south korea have charged the vice-chairman of samsung with fraud. he is accused of manipulating shares in a merger in 2015. 10 other current and former executives are also facing charges over the deal, which helped him to gain greater control over the group's crown jewel, samsung electroronics. he has not been detained, but the charges pavave the way for future trial. threatened tototop nenewsrticleles from beieing shd byustrtralian usersrs, because f a proposal to charge the digital giant royalties thehe. the social giant says it is unprecedented and will damage news organizations. google and facebook has been lobbying greatly against thehe deal. they would see that tech firms pay publishers for articles shared o on their sites. world,elsewhere in the australian and news organinizationhahave lostt signifificant amounts of advertisising venue tohesese tech c companies. let's take it to a quick check on what is h happening i in the mamarkets n

she was first woman to have that law firm, first woman to be a finance minister in europe and head to imf had a central bank in europe and she set help. ... >> you get people to follow you for being a cured communicator you have to say this is what we should do and inspire them. the best way without doubt is not true words are writing but showing by example. when washington was at valley forge he didn't have to stay there with his troops freezing as they were. he could've went down to the ritz-carlton and stay there but he didn't. he stayed with his troops and that's what made them loyal to him. >>host: yes. leave and better and philadelphia. when you talk to ruth bader ginsburg. it becomes a women they have to achieve and put themselves first they are not picked up by the men who make these choices climbing through the ranks. >> we are celebrating the 100th anniversary of the women's right to vote. many women including roosevelt - - eleanor roosevelt were against it they could not hold office. and for example president kennedy had no women in his cabinet. now is the president you have to

he tried to restructure public debt, the banking sector, tried to get the imf, internationaln monetaryard, but these negotiations stalled because of resistance om entrenched financial interest. it isle u what this man will be able to offer in order basically navigate the landmines of lebanese politics, get to where the country should go. philippa: very briefly on the mood, do people feel hopeful or not? >> no. there is very little hopetr in e coat the moment. the mood is very dark. people are extremely angry because of everything that has been happening u, leadingp to the tragic and devastating explosion at the port. it almost felt like a knockout blow to the entire country. there is very little hope to philippa: five years ago, more than a million people crossed into europe, many taking huge risks to d make theficult journey from syria, iraq, and elsewhere, searching for shelter from war and tror. the sudden influx sparked a crisis in europe, both humanitarian and political, and leng to profound c in the receiving countries. let's begin with the events leading upo that massive migrati

jeffrey 0kamoto, deputy md of the imf says coronavirus crisis is lasting longer than originally thought would take some countries years to return to growth. do you agree that it could take years for some eu countries to see proper recovery? well, we will have more accurate forecasts at the beginning of november, but what is sure now is that after the second quarter of very, very difficult and after the speed of recovery we had injuly and august, things are now slowing down. and then it is very clear that we have a very different situation. among european countries, some more affected — less than 18% of gdp, or less affected, 4%, —4%, and among economic sectors, we have some economic sectors, i mean travel, tourism, entertainment that will take a long time to recover. 0k, will it take years? all in all, i think it will not be able, probably, at the end of 2021, to be again at the level of gdp we had at the end of 2019. so your forecasting that the european union economy is shrinking by about 8% on average, correct, 8.3%? but my question is, could it take years for a proper recovery in so

spain's national court meanwhile has acquitted former imf chief rodrigo rato under thirty one other defendants in the fraud trial linked to the country's banking crisis. after stints as spanish economy minister and managing director of the international monetary fund. russia took the reins of the bank ken how madrid in two thousand and ten he oversaw the merger of seven lenders into what is now k@@wn as banky up. but that banking group nearly collapsed and was nationalized just two years later. the personal savings of hundreds of thousands of shareholders were wiped out. russia had been accused of cooking the books but a judge found bank is stock listing had received all the necessary oversight. right is already serving a four and a half year jail sentence in a separate case for the misuse of thank you credit cards. let's check in on today's trading action now the major european indices dropped back after strongng gains on monday- l loss of between two tents and- half a percentage point. despitete te new datata indicatingg a surprising jump i in economic sentimentt in the euro zone in septembe

uy: clearly there will have to be a conversation with the imf.he imf and what kind of deal are you looking for? is it a standby arrangement? are you looking at extended fund facility, what is your objective? minister guzman: the first objective is a program that argentina that stabilizes its economy. all modalities are on the table. we did not clarify when we requested the table what the modality would be. the program is based on different premises from macro economic management and macro economic policies. then the package of fiscal policy and monetary policy on which the sba and 2018 was based. in the context of a recession, that program deep in the recession. now we are moving forward. a very constructive engagement with the imf and it will be a complex process. the program has to have legitimacy in the society. we announced we would set a program to the natural caught -- to the national congress to be approved. , italy'sll ahead finance minister tells bloomberg the economy will rebound faster than had previously been anticipated. we'll bring

from imf andrs lcd.tralian government said and week, the focuses jobs -- focus is jobs and we are not in a position to talk about reducing this over the current period. if you think that it took us a decade to get close to that level before the financial crisis, which was a smaller hit, it's going to take a very long time to get back to that. shery: is great having your views. the latest on the australian economy. automakers are hoping that china can find sales at a time when other markets are struggling. the highlights from the beijing motor show our next. ♪ shery: the only major international car show this year is underway in beijing. the world's largest auto market sees signs of a recovery after a slump. this year features more than nine exhibitors. tom mackenzie joins us now. you went over the weekend. what were the highlights? tom: the reminder in terms of ae virus is testing as measure to control the virus. it is the first major auto show since the outbreak. china did cover up the outbreak at the s

independence that can put the country on a track of recovery, that can begin to negotiate with the imf, without the support, without the support of the political parties, it is impossible for such a government to be formed or to be able to act. what is very clear... given that, given exactly what you have just said, i don't want you to put a percentage on it or anything but how likely do you think we are going to see some proper progress in the near future? how optimistic are you? i'm not optimistic at all because for the very same reasons that thwarted the formation of this particular government are going to thwart any other... unless there is some deal struck somewhere, and i don't see one being struck. either between the americans and the iranians, they are playing a big role also, and they played a role in derailing this. no, you know, internally, within lebanon. lebanon is open to all sorts of interferences right now, and this is partly because of the political leadership itself. they are all aligned with one group or another. here in the uk, tributes are being paid to the police

is relatively quiet data imf headquarters because of the pandemic. people are working remotely.otely? >> on march 13, we took a decision to work remotely. and we have sustained the decision because conditions are still such that, for the safety we have to continue to respect that modality of work. it has been amazingly successful, we are doing much more because of the crisis, and we are doing it working remotely. but it does have some downsides, but david, we would never go back to where we were. we would never have 100% of people sitting here in these offices. we now know that we can be very ,roductive working from home, and we would be hiving -- and we would be striving to have 50-50 or 60-40 every day, with from home. david: what are economists here telling you about the state of the economy around the world, are we likely to have a global recession for another year? >> we have optimism on two grounds. actionst is exceptional by financial authorities. they put the floor on the world economy. done ourour side, have part for countries that have no resources on their own. the se

according to the imf, based on purchasing power, serling is just about even with the euro, and it ise yen. then we get the positioning. this is a city index. now -- active traders are the most net long, the pound, in about two years. if you look at the negativity over the past year, these really net short extreme positions, that is all but disappeared. you have to imagine, even if you think boris johnson is bluffing, there are still other issues for the u.k. you have an economic contraction in 2020 that is set to be one of the worst globally, about 10% contraction. not to mention rising coronavirus cases. it is really not just brexit. given all these things and given the positioning as well, we could just be starting a correction in sterling. francine: we will have plenty more on fx throughout the day. dani burger there. the polish prime minister expects his country will see the sophist recession in the you -- in the e.u. >> i think he is now in a place which is good for the economy. timesnot intervene in , and if there are unexpected developments, are central bank does not exclude i

names like christine lagarde ran the imf and at the world bank and janet yellen ran the fed and we havef a mining company. he was pushed out because of the blowing up of a sacred site. 47,000 years old. they had court clearance to do it but they weren't expecting the public backlash. u.s. futures above the line with the dow and s&p hovering around 3/4%. if it plays out this way, it would have been two down sharply, two up sharply in the very volatile market we talked about 24 hours ago. >>> a police officer in hartford, connecticut, is quite literally watching over his community. officer james barrett makes regular check-ins on his city's homeless population going above the call of duty. >> he is just one of those officers who became a police officer but didn't forget that he's still a human being so he knows what it's like to struggle and be in the streets and hurt and not have anybody there to help you. >> i've had approximately over 850 homeless that i monitor and maintain in the capital city here in hartford. >> when they see my truck pull around the corner, it's like the ice cream

second quarter of the year mexico's economy shrank more than 19% and the imf predicts 2020 gdp in this will fall by 10.5%. matt rivers, cnn, mexico city. >>> up next, with the help from the fbi, facebook identifies trolling trying to influence, yes, your 2020 vote. what happens now? now that the rent's due but they've cut your pay. now that the virus has cost lives but your healthcare costs too much. now that our president has had months but he still doesn't have a plan. what happens now? joe biden knows how to lead through a crisis because he's done it before. when our economy was on the verge of collapse, joe biden led the largest economic stimulus in a generation and saved millions of jobs. now joe biden is ready to lead us through this crisis. he knows rebuilding our economy starts with fighting the virus, increasing testing, getting more protective gear for healthcare workers and calling for mask mandates nationwide. as president, he'll get working families back on their feet by lowering healthcare costs and helping small businesses recover. so what happens now? we elect a preside

>> even before covid, poverty was a huge problem in egypt and following the imf program and the austeritysures that were implemented. the world bank estimates -- again before covid -- that 60% of the population was near or below the poverty line, so what we have now are reports that unemployment has risen, invariably pushing more egyptians into poverty. this quite a lot of strain on the economic population. >> how was the government likely to deal with this? we have these protests springing up, but is it likely they will die out, particularly if the government responds with repression? >> we saw protests of a similar nature a year ago. it seems in this case, as well as having a lot of very young people, if you look at these videos, you will find a lot of minors are protesters. i think it's really too early to tell what will happen. last time around, there were mass arrests. over 4000 people were arrested. rumor has it the government was actually quite surprised to find how otherwise largely apolitical people they arrested were. they were driven by economic grievances we are talking about,

an economy that was sputtering before the pandemic might contract 10% this year, says the imf. inflation is rampant and exchangie ining pesos for dolla costs 79% more than before the pandemic. it led to people protesting in the streets, even as viral threats and quarantine rules remain. this protester says, i'm sick of my children and friends saying the only solution is to leave the country. for now, though, leaving the country isn't all that easy. nearly all international travel to and from argentina will be suspended, through at least october 11th. matt rivers, cnn. >>> back in the united states, months of unrest in portland, oregon, and counting. cnn takes you on to the volatile streets and why protesters say they're willing to risk life and limb to be heard. that's next. hi sabrina! hi jen! hi. so you're the scientist here. does my aveeno® daily moisturizer really make my dry skin healthier in one day? it's true jen. really?! this prebiotic oat formula moisturizes to help prevent dry skin. impressive! aveeno® healthy. it's our nature. olay's new serum is so powerful, won. i

the imf was kicked out of east asia. it was kicked out of latin america. now it's come home to us. amy: i want to thank you for being with us. and how long do you expect these wall street protests, part of which you helpeded to organize,o continue? >> as long as we possibly can. amy: that is david graeber speaking on democracy now! in 2011, 2 ysys after t the launcnf occupy wall street. he died wednesday at the age of 59 in venice, italy. we will link to the full interview at democracynow.org. david graeber once wrote "the ultimate hidden truth of the world is that it is something that we make and could just as easily make differently." and that does it for our show. remember on this holiday weekend, stay safe, wear a mask, socially distance, save lives. happy labor day. [captioning made possible by democracy now!] live fofor, then? ? to go to wor muusi [music playing, dogowowling

. >> reporter: the damage from covid-19 will be felt by future generations of women with the imf warningender gaps are widening despite 30 years of progress. >> i think it's actually made things worse. so it's not just that it's shown a light on those pre-existing inequalities, it's actually exacerbated them. so, you know, prior to the pandemic women in the u.k. were more likely to be low paid. there was a significant gender pay gap. they were more likely to be in insecure employment on zero hours contract and so on. and they were more likely to take on the majority of unpaid work. what the pandemic has done is increase that. >> reporter: a disheartening message for her. her 11-year-old daughter and all women who hope to finally chip away at an impenetrable glass ceiling. isa soares, cnn, england. >>> now, labor day in the u.s. often means travel, restaurants and sporting events. because of the virus businesses that usually thrive this holiday weekend are having to make some tough choices. we'll have that after the break. ! safe drivers save 40%!!! that's safe drivers save 40%. it is, th

. >> reporter: with the imf warning gender gaps are widening despite 30 years of progress. >> i think it is making things worse. so it is not just that it is shown a light on the pre-existing qualities, it exacerbated them. so prior to pandemic, women in the uk were more likely to be low paid, there was a significant gender pay gap, more likely to have insecure employment and more likely to take on the majority of unpaid work. what the pandemic has done is increased that. >> reporter: a disheartening message for her, her 11-year-old daughter and all women who hope to finally chip away at that impenetrable glass ceiling iss issa soares. >>> i'll have the privilege of being back in a moment with more news. stay with us. discover new worlds discover what's good - pantene nutrient blends wsteaming up lingering odors.r is like a sauna febreze car vent clips stop hot car stench with up to 30 days of freshness. get relief with febreze. hey dano problem.i sleep hot? and i sleep cold? the new sleep number 360 smart bed is temperature balancing, so couples can sleep better together. and it sens

seems to be the key whether it is bilateral negotiations and diplomatic relations or when we work the imf and other multilateral institutions, to the extent we can bring transparency to a lot of these decisions made by governments that often times leads to positive results. administration using other forms of foreign assistance and incentives to strengthen u.s. partnerships and counter chinese influence in the region? >> thank you for the question, senator. it's a powerful tool that we have to think more strategically about our engagement in the region and working with our partners. they announced they would work in partnership with taiwan to funding, financing from the covid recovery, and this was announced. >> i'm sorry. i said in the region it was sort of vague. america, the caribbean countries. are these instruments of diplomatic and developmental power being brought to bear in that region? >> my point is that taiwan and the united states are working together in latin america so they announced financing to for thesme loan support central american region. of central american bank econo

what you -- you spent 10 years with the imf and help put together the european stability mechanism thatthe veil out fund. i wonder how you think that billion with the $750 -- euro recovery fund. >> i think it is amazing progress. of a very big crisis. it wasa very late night, made at 4:00 in the morning. it was intergovernmental. everybody was paying a share. issuing and the markets, obtaining funds that could be unlocked at a super rate. plan is made half of grants and half of loans. this is solidarity. let me ask you about what you see in the european sector at the moment. we have been looking a lot at -- what isnd seeing clear is the pmi's do turn at the right moment. do tell you when sentiment has turned. they don't tell you the extent of the downturn. you look at what the pmi has dropped to. the latter is much more serious, much more negative read what is your assessment of the downturn and the rebound? >> that is exactly what it is. we are at a time when confidence is king or queen really. this is what matters. survey's are expectations. they are revealed by panelist. be influence

according to the imf, based on trade metrics, the pound is actually more expensive than the yen.,c of active the net long is the highest in two years. that really bearish sentiment we had has all but disappeared. we could definitely see more falls. so, those are, the calls, what are the stocks you are watching? experian raised its forecast. >> that's right. there forecast for the upcoming order, seeing organic growth growing at 3% to 5%, previously it was down. the really is thanks to better trading they have seen over the past two months. see weakness.ould another sector to watch. the recovery appears to be slowing. saysan aviation group, these groups have cut capacity. oag is seeing credit downgraded from moody's. easyjet says 40% or less capacity is what we can expect in the fourth quarter ended is not maintaining guidance thing it cannot give it to us for this and next year. ofa: on the subject aviation, iag says ryanair is cutting on that sector. easyjet cuts. we have the market open next. european equity markets expected to show resilience. returnt a wait for the of the pre

we are also waiting for the imf. shery: thank you for your insight.ill gross says investors should be playing defense as stimulus ends and it becomes harder. he told tom keene which trends he sees accelerating as the pandemic drags on. influence demographic continues, liberalization is turning into d -- globalization is turning into deglobalization. pandemic -- and the pandemic has not helped the globalization, it has accelerated deglobalization. so the virus is changing things. to your memogo today were you talk about a $6 trillion deficit. we have heard this from other sources, claudius dom has made clear we need much more deficit coverage. what does the bond the world do if we get up to $6 trillion deficit? momentbond world at the is a melding of the fed and thinking,to my way of this sounds derogatory, but the dog and the treasury is wagging it. if they want money, the fed will repurchases, which they have done. do i endorse that? no. is it a constructive thing down the road? probably not. is it inflationary? probably yes. but it has not been in j

he worked on creating the wto and his career spans the world bank, imf, and universities in china.talked to bloomberg about bringing the united states and china back to the negotiating table. >> the trust has been lost among negotiators. intohas turned itself non-negotiations. which is always the soul of the process, negotiations. negotiations have broken down. the system is not functioning anymore. pandemic,u have the the u.s.-china crisis, the chaos in trade. >> if you were able to jumpstart and get people talking, how would that affect the u.s.-china trade war? to try to find ways to help them in the dialogue. you need a director general that knows the different sides well, which i do. i just negotiated with the united states. i have worked a lot in china and europe. i would seek to bring them to the table and find ways to move forward on negotiations. i have ideas. >> it doesn't feel like they want to talk to each other. how would you get them to come to the table? toughrybody has to be when you are negotiating, but i can't imagine china not wanting to sit down. china has benef

be the key, whether it's a bilateral negotiation in diplomatic relations or when we work and othere imf multilateral institutions. to the extent we can bring transparency to a lot of these decisions made by governments that often time leads to positive results. how is the administration using efc, the development finance corporation, and other forms of foreign assistance and incentives to strengthen u.s. partnerships and counter chinese influence in the region? >> thank you for the question. it's a powerful tool that we have. thinking more strategically about engagement in our region and working with our partners. two days ago, they announced they would work in partnership with taiwan to provide funding, financing for the covid recovery. this was just announced. >> i'm sorry. region.n the i was vague. in latin america, the caribbean countries. instruments of, diplomatic and develop mental power being brought to bear in that region? if so, how? >> yes. that's the importance. taiwan and the united states are working together on latin america. they announced financing to provide loan suppo

corporate taxes and other support measures and i think that what i'd love to see is, look, there's an imftober, the annual meeting the g7 ought to getity act together, come and announce in october a package of coordinated stimulus premeasures which focus on infrastructure investment all we need is a very clear, reliable framework of regulatory policies and tariff structures and we'll put private sector money, put pension money to work in reliable infrastructure projects around the world. we need a framework to do it and the g7 can create it >> you can always dream, charles. doesn't mean it will happen. you're talking about something we don't see that often these daysparticularly with an election two months away >> well, you're right. it's not highly likely, but on the other hand, six weeks is long enough, five to six weeks is long enough to put together a focus package. i'm not talking about a wide-ranging set of measures the central banks have done what they've done one might argue they've done too much because this morning one of your previous speakers said we don't know what the real f

but the imf has global gdp decreasing by 5%, in the u.s. they're saying it's going to be 8%.quarters and it will be choppy because there will be situations where there will be more breakouts of the pandemic, there will be issues. i think it will be a steady stream up over the next year or two in terms of a recovery. in terms of real estate, i do think real estate is going to change, in particular i think suburban real estate, even from an office perspective will look attractive again as well as the actual configuration of office space will change. there will be a lot more of convening space, versus things like cubicles and so forth. in the short term, it's interesting, people really want to get their people back. some people have had to take extra space temporarily because of the distancing involved. and others are looking at how much space do they need in terms of cost. maria: okay. we will leave it there. carmine, great to get your insights this morning. thanks so much. >> thank you, maria. and very happy to be on. maria: thank you so much. chairman of the ey. coming up, la

chancellor schmidt actually said in a debate, we preached applicable international treaty law, the imfaterally suspended stroke tore up unilaterally suspended stroke tore up the dublin regulation, with respect to the syrian refugees, which raised a lot of questions about potential terrorism for example. can you ask a question? do you not agree that all these examples demonstrate the fact that there are some double standards going on here, and that in fact we are not only supporting our sovereignty, but we are consistent with international law and the practice of other member states and the eu itself? one minute to go on this question. thank you, bernard, i don't really want to repeat what i have orally said, except to say, look, on this vexed issue, the committee has what the ag says about this, i reimpose my confidence in that and just tell the committee that and just tell the committee that i think this is really about us asa that i think this is really about us as a country being able to ensure that our friends and partners don't do something that i think people would think was unre