well, the imf team came to kyiv to discuss the risks. yes, we are we understand that, well, the conversation about money is not only about, you know, greedy representatives of international monetary institutions, and, you know, about generous ukrainian officials, so to speak, and, because very often it can happen that the generosity of ukrainian officials, officials... aimed at the implementation of certain objects, may not suit the auditors from the same imf, well , i am, you know, ironic, simplifying, but, but what did the imf staff come with? well, first of all. you know, after all, when the imf allocates a program to a country aid, they set certain indicators to monitor the extent to which the country fulfills what, by the way, the country itself said it would do, because ukraine somehow got the idea that this is what sometimes, as they say, the imf was holding in quotation marks , there he sets the conditions, and we have to do what he tells us, in fact the situation is a little different, the practice is that the delegation makes i

what is striking in the imf report is while _ than later.port is while they - than later. what is striking in the imf report is while they do - than later. what is striking in the | imf report is while they do expect inflation to fall back to targets, they say they expected to drift upwards this year. that makes it tricky for the bank of england to cut interest rates. the story might get more tricky as we move forward this year. get more tricky as we move forward this ear. ., , ., ., ,, ., this year. really good to talk to ou. this year. really good to talk to yon thank _ this year. really good to talk to you- thank you _ this year. really good to talk to you. thank you very _ this year. really good to talk to you. thank you very much. - lawyers at carmakers bmw, jaguar land rover and volkswagen will be pretty busy right now. in the us, the three car giants have been found to have used components from a chinese supplier banned in america, over alleged forced labour ties — that's according to a us congressional investigation. monica miller ha

well, now let's talk about money and the visit of the imf, yes, today the representatives of the imfe to discuss risks for the economy of ukraine. ivan us, chief consultant of the national well, the imf team came to kyiv to discuss risks yes, we understand that, well, talking about money is not only about, you know, greedy representatives of international monetary institutions, and you know, about generous ukrainian officials, so to speak. because very often it can happen that the generosity of ukrainian officials, officials is aimed at the implementation of certain objects, may not suit the auditors from the same imf, well, you know, i am ironizing, simplifying, but, but what did the imf staff come with ? well, first of all, you know, after all, when the imf allocates a program to a country aid, they set certain indicators to monitor how much the country is doing what it should. did the country itself say what it would do, because in ukraine somehow there was such an opinion that this is some sometimes, as they say, i take the bad imf in quotes, there it sets the conditions, and we

imf specialists have repeatedly said that russian money will be confiscated. venezuela, and that means many others. here, but of course, in terms of size, this theft, if you call it, then, in your own words, it is, of course, a completely different size, you can say that this is generally the largest theft in the entire history of mankind, it is estimated at approximately at 300 billion dollars, which means why there are, as it were, risks for world. it’s a complex relationship, he didn’t just come there, take it away, and then go away, countries buy american dollar assets, and this, so to speak, becomes part of their foreign exchange reserves, that’s when they have a foreign exchange reserve, they don’t not have pieces of paper in the basement there dollar, which means they buy these assets, saudi arabia receives interest on them. this means i think they are also watching closely, they have very large foreign exchange reserves, but we see that the chinese are reducing the share of foreign exchange reserves in dollars, they are selling little by little, they u

we are very glad to see you, thank you for coming, i have a question for you, just a little popular, imfts have already repeatedly said that this is confiscation. russian assets and even income from them, this interest, the world economy can be strange , generally speaking, a risky thing, because to react, i, as a layman, don’t really understand, but what exactly, well, they took and took, took away, they can do, means they did it, why what consequences afraid? well, firstly, it must be said that russia is not the first country; there is a rather long list of such countries, including iran, and venezuela, and therefore many others. here, but of course, from the point of view of size, this theft, if you call it, then, in your own words, this is, of course, a completely different size, you can say that this is generally the largest theft in the entire history of mankind, it is estimated at approximately 300 billion dollars, that’s why there seem to be risks for... what’s happening with gold prices, the price has gone down there are already 2,500 dollars per ounce, and it’s not only central

it does it with all of — what the imf has said today?it does it with all of its members _ what the imf has said today? it does it with all of its members every - it with all of its members every year, an article four consultation, a deep type on that specific economy on how both tax and spend and monetary interest rate policy, long—term economic policies, where they should take them. for the uk, obviously we have had that mild recession that ended last year and for the growing figures that we saw just at the end of last week, growth was surprisingly good, 0.6%, surprisingly on the upside. as a result of that, the imf says actually the uk is on course for a soft landing from two or three years of turbulence because of global crises we have seen that have affected and ramped up inflation rates, it has upgraded its estimate of how much the uk will grow this year a touch from 0.5% to 0.7% but on the other side of things, it says hang on a minute, it doesn't believe the government's assumption is that it is going to squeeze on public services

economy, the imf upgrades its growth forecast but warns against tax cuts. this is business today. let's get more on the singapore airlines incident in which severe turbulence killed one passenger and has injured dozens more. the flight between london and singapore was forced to make an emergency landing in bangkok and flight data indicated the aircraft dropped 2000 metres as pilot burrow tried to the plane. boeing are ready to help support their investigation. —— as pilots tried to stabilise the brain. remind us exactly what we know, michelle. this was a flight that left london and was heading to singapore, and at some point along the way when it was flying over thailand it hit this period of turbulence which has had a pretty devastating consequences where one passenger has been confirmed as having died from the incident and 30 injured, 18 of whom have been taken to hospital to be treated for their injuries. it is a pretty scary moment when you hear about these things and we have all experienced turbulence on planes and so the reaction has been fairly rapid. there has been a post

dishonest, there are a million examples, when it means there is a black list of countries that the imfia, by the way, i represent two countries , russia and syria. the fund's employees are, in general, people of a high degree of competence, professionals who, as a rule, are passionate about the cause, which means that if they are involved in a particular country, they give their all, they sincerely want to help, it is not the fault of the fund's management, there managing director, crystallina georgieva, and her deputies from different countries. this is , of course, a board of directors that is under the control of the west, there are examples, that means, of dishonest analytics, when some events are negative in some cases. they stick out, and seem to show off like this, in other cases other countries are kept silent, that is, everything seems to be that there are good countries, there are bad ones, this is more and more the case. becomes a factor, including , unfortunately, in the analytics that the fund does, well, by the way, here it’s not so straightforward to understand, because,

we have a huge technology sector the imf says we will grow faster than any european economy. for families having a really

the imf said it welcomed steps announced by policymakers earlier this month to stabilise china's beleagueredroperty sector. lets get the low down now with louise loo, who is china economist at oxford economics. louise, looking for china. projected to grow beyond expectations.— projected to grow beyond expectations. yes, exactly. this is very _ expectations. yes, exactly. this is very positive - this is very positive assessment. i think the upgrade to the growth forecast notjust this year, next year, suggest to us that there is a good sense of expectation that policies will continue to be quite supportive of the economy. i think generally it is quite good news if you think

, it’s not true, korea did not ask for help from the imf.national monetary fund as a neutral structure, which should monitor the stability of exchange rates in member countries, in general in the global economy, which should seemingly maintain the stability of international trade and the financial system. initially, loans plunged us into this disaster, increasing the rate by more than doubling will only worsen the situation, the companies are in debt, this will put an end to their business. listen, we have looked into the situation and are offering the assistance necessary to save the korean economy, the funds that you requested. once i, once the main negotiator with on the other side, mr. orling media, no, everything is impossible, it is impossible to come to an agreement, we stop negotiations, we came back again, looked for a solution again, found them, these are the so-called reforms, today they have led our society to a dead end, from which no light is visible. people are embittered to the limit, it hurts us to look at our children, ragg

or just important to the united states, the imf and others. i note senator cardin raise the issue of human rights. i had a number of conversations about progress towards transitional justice. i do look forward to continuing that conversation as well. it's great to have eight maryland or as part of the group. as you well know, a sweet seek to make a transition to critical minerals are critical part of this. united states got caught decades behind china in terms of sourcing minerals, developing the batteries. one of the sources of some of these minerals in the under seat nodules. so many that it's an opportunity. clearly there are also environmental risks. so my question to you is how do you think about that? especially in light of the fact the united states is not part of the convention. does that put us at disadvantage in this conversation?ha >> thank you so much for your question. the u.s. not been part that put us at a disadvantage there's an international seabed authority for this type of deep-sea mining for the u.s. is able to be an observ

annabelle: that was the imf's first female directing governor. the metals producer at the atlanta-based filing for details of its upcoming ipo. we will get more on the company's outlook as well. more ahead. this is bloomberg. ♪ annabelle: five minutes away from the open of indian equities today. you're seeing futures guiding a bit of the drop in the open and going across broader asia today given these expectations are the fed staying higher for longer and how it's going to be affecting central banks. of course the indian election is still underway. actually had a bit of data coming out as well. according to bloomberg, we've got a c modi's party winning more than 303 seats in the general election in order for indian equities to extend their record rally days. david: we will see, i think that's really down to the future as they say. one thing that is fairly certain is this deal that is about to take place. we are talking about the american unit. we now know hits details of the upcoming listing. i believe the roadshow is on going now and hopes to ra

terms of how they will be funded, so there are still quite a lot of uncertainty around that but the imfy is giving the benefit of the doubt as to the contribution, positive contribution, positive contribution it would have in the next at least two years. it is quite uncertain so what would be the potential knock—on effects outside of china if this abounds is not sustainable?- this abounds is not sustainable? ~ , sustainable? well, -- if this bounds is — sustainable? well, -- if this bounds is not _ sustainable? well, -- if this bounds is not sustainable. l bounds is not sustainable. outside of china the knock—on effect would most likely come through classic trading financial channels, china is a big importer of commodities, base metals, steel, iron, that could have an impact on my picky commodity trading partners that china enjoys a pretty good relationship with. but of course as it becomes more integrated with the rest of the world, the impact, the negative impact of some of these policies are not pushed through effectively, it could also have a pretty severe impact on the rest of the

international organizations are revising forecasts for world gdp, so the imf has improved expectationsnty-fourth year from one from 3.1 to 3.2%, the ossr predicts that the figure will increase by 3.1%, and not by 2.9, as thought previously. a may report from the organization for economic co-operation and development said the global economic outlook had begun to improve, although growth remained modest. the impact of tightening monetary conditions continues, especially on housing lending markets, but global activity remains relatively stable. at the same time, inflation is falling faster than previously predicted, and the imbalance of supply and demand in labor markets is weakening. in the recent past, you were a psychiatrist, a famous scientist, and then you abandoned me.

to that end, my administration helped design and did establish the imf's new initiative that providesing for countries that are taking steps to enhance their resilience. important partners in africa have the capital to ensure they have the capital they need to invest in their futures. we heard them, and we stand with them. now, that's why we've worked with congress to enable the united states to make available in the coming weeks up to $21 billion in new lending resources to the imf, trust fund that provides concessional lending to the poorest countries. it's a little like a, you know, having to go -- when you're in debt, having to go and find someone to help you out. that's what this is about. we believe supporting friends and this partnership is happy -- we're happy to do our part, and look, we've also doubled our commitment to the ida, and i'm proud the united states is the biggest donor of the ida in this cycle and proud to be working with alongside kenya to support robust financing and policy -- that's going to help the most vulnerable countries address their investment needs. th

in 2025, the imf expects a slowdown to 1.8, explaining this by the fading the effect of high investmentsojected growth in 2025 is 7% higher than expected in january. and the ministry of economic development improved the forecast for russian gdp growth by 5% points to 2.8%. to the next one. for the year , they expect an increase of 2.3. the main reason for economic growth, yes, and what testifies to the stability of the russian economy, is strong consumer activity, industrial production volumes remain at high levels, and in general, indices and business activity in industry remain high and, in fact, these two factors are the participation of the state in the development of domestic business, combined with high domestic demand, they actually contribute to the growth of russia’s gdp. bloomberg estimates that returning russians will add 1/5 to 1/3 to 3.6 annual economic growth in 2023. workers who returned to russia account for up to 3% of the total number of people employed in the economy. the economic growth that exists is not explained by the return or departure, which means of certain...

the imf has raised its growth outlook for china. it now sees the country hitting its growth target of 5% for the year up from the previous forecast of 4.6% made last month after stronger than expected gdp data in the first quarter. it could grow 18% in 15 years if they strengthen productivity and create a good environment businesses. >>> a quick look at u.s. futures. hey, they're looking decidedly negative. the s&p 500 off by 25 points, the dow jones seen off by 160 points. this is after the dow jones trading pretty much or ending pretty much slightly lower to the type of 0.5%. the nasdaq crossing the 17,000 level for the first time yesterday. once again, nvidia powering that market higher once again. traders are now pricing just under 40 basis points of fed rate cuts this year. that's according to lseg data, and our split close to evenly on the chances of a first cut in september. now, friday's rating of the fed's inflation gauge could prove pivotal with economists polled by reuters expected that core and headline pec will be growi

and the imf as we know has been calling for rate cuts.ing to bring that rate all the way down to about 3.5% by the end of 2025 in order to relieve this cost-of-living crisis which is ongoing three years. caroline: let's talk about rachel reeves who is the shadow chancellor. meaning she is in the opposition party of labor. and they have been well ahead in terms of the polls thus far. and the labor leader has been launching his six pledges, a first step to guiding the u.k. going forward and it's not just about the here and now of inflation. it's about health care, access to nhs waiting lists and that comes down to funding. more broadly would it be the viewpoint from the economy here that labor would in any way change the trajectory? >> it is one thing. promises are another thing. so for sure rachel reeves has constantly said she would increase government spending in order to help along the lines of health care and national insurance, pensions in particular which will be a contentious issue for the next chancellor. the imf has said you can e

meanwhile the imf criticized the biden administration move to raise tariffs on chinese goods..s. economy would benefit more from open trade. the imf has been stepping up criticism of its biggest shareholder after trade restrictions and a currency impact. two senior lawmakers blasted a washington-based foundation or accepting money. they say the move flies in the face of efforts to keep foreign adversaries from compromising u.s. research. while way is blacklisted but funded a research competition. i mentioned some tariffs from the u.s. on china, take a look at stocks falling. biden administration is fostering deeper u.s. supply chain. solar panels manufacturer in the u.s. and chinese stocks suffering. shares dropping 2.4%. 3% now after bloomberg reported they are seeking to reduce an 8% stake in the bank. analysts saying overhang has increased. it is producing it. let's take a look at global movers. risk off day. a lot of currencies are falling on u.s. dollar resurgence. >> welcome back. chinese markets heading out on their lunch break. live pictures of shanghai, risk off day.

. 48 kopecks and finally, the world economy is predicted to experience a period of weak growth, the imfs the head of the organization noted , the american economy is moving forward at all times, but it is unlikely that this will last long. in china, prospects for further growth are clouded by issues related to the property market; in europe , productivity growth is lagging, reflecting weaker investment in new technologies, like in the usa. weak growth of the global economy is named the number one problem, another is the difficult time of public debt. and that’s all the economic news for this hour, good luck in your business and see you later.

actions brought de facto populists to power, well, but this is... history, i want to believe that the imf made certain conclusions, but on the other hand, mr. ivan, it is not a secret either, we are being morally prepare for the fact that, due to certain reasons , the electricity tariff has something to do, to increase, where the price of electricity increases, this entails an additional increase in the remaining indices of consumer goods. in your opinion, there are some prospects, well, to explain to the representatives of the international monetary fund that, dear... financiers, with all due respect to you, well, but our population is richer, well, what, what exactly, well, it has not become richer in the near future, and it is better to postpone such, you know, groundbreaking movements for later, yes, because the mood of the population and yes, not quite as optimistic as it can be seen, for example, in a telethon, well , it is definitely a dialogue, the main thing is to explain it in a reasoned way. another question, you know, i always remind you that we have never raised taxes since t

, whether it is making a key contribution to global security, and for that we believe that a strong imfause it is one of the few international organisations that brings together countries with very different value systems and very different value systems and very different outlooks, and encourages them to talk and provides vital financial architecture. but from the point of view of the uk, our global role is only possible if we have a strong economy, and we have been through a challenging time in the last couple of years. as you all know, when i arrived as a chancellor at the bank of england was predicting the longest recession in 100 years, and we have taken a lot of very difficult decisions, so we are very interested to hear what the imf says in terms of the process we have been through and our big priority is notjust stabilisation, but also growth. and increasing our long—term growth rate. so we are as excited as everyone else to hear what the managing director says, and it is with great pleasure that i hand over. it is with great pleasure that i hand over-— it is with great pleasure

the imf gentleman said, thinking like that, you do not need me here.ble to take that kind of advice and work from it. but what was interesting is when i was making those proposals come at the state governors were very upset, very upset with me. i was part of the team that put some of the policy framework for the government of legos at the time in place and the commissioner for finance, minister of finance today, came to me and said how can you be encouraging them to take our money? it is taking away the money of the state. i said, come on. you should know that it is like a mutual fund. lagos state proportion in that saved money will always be and if you can draw on the fact tha3 you have that reserve, you can use it to strengthen your capacity to actually borrow if you can implement it, implement the money that you've borrowed in such a way that it will allow growth, it will strengthen your financial system. and he kind of was like, ok, but they are taking our money. now had the president not responded to those pressures and created the so-called exces

imf condemns the biden administration's latest tariffs on chinese exports. kpeng saying a company with challenge to its global ambitions. >> if there is any situation that requires change in strategy, changing in pace, require local, you know, deployment or immersement, we have to look in all of these. as a company, we have to be nimble to respond to various challenges and developing situations. >>> so, me. south african will head to the polls today. that is ahead of the country's election on may the 29th. cyril rah maphosa is ahead in t polls but expected to drop below 50% since 1994. thank you for joining us. i appreciate it. you write in your notes that a lot more investors care a little bit more about this election than some of the other elections happening. with india going through their lexs right n-- elections right now. >> we have heard that half of the world's population will be experiencing some kind of election in their countries this year. yours and mine included. obviously, i think we can all agree the most consequential one will be november for

we are not the only ones who hear the imf.ial systems are oriented towards the americans, those who are oriented towards the chinese and those who have not joined. they are the ones who play on the conflict between america and china, maintaining the overall balance. despite the fact that we consider europeans. dependent and too dependent on america, china can interpret everything in its own way. in his scheme, europeans can be persuaded not to miss out on the benefits and play their game. and the basis of this scheme is that europe considers us a greater threat than china. on the contrary, for americans, china is worse. and the europeans are asked to understand: the americans need them to contain china, they need the americans to contain russia, if they play with this chain, then the eu could well become more independent. and for this it is needed. convince him that he can play his own game with iran, with china, because the americans are for european interests will not fight, everyone understands, this is exactly what the sta

imf representative vahram stepanyan. discussions with government officials will focus on the risks facing the economy of our country. on march 21, let me remind you, the executive board of the imf completed another review of the cooperation program, which made it possible to pay ukraine 880 million dollars. well, we hope that the analysts will conduct a successful analysis of the work of our government, the homework the cabinet will, i hope, complete. and the next part of the loan under the extended financing program will again be in the state budget. well, in the eu according to european standards. the government initiates increase in excise tax rates on gasoline, diesel fuel, and autogas. they say that this is the adaptation of legislation to the norms of the european union, where we are headed. the process of raising excise taxes will last four years, starting from july 1, 2024. how much fuel will increase and how it will affect. at the expense of ukrainians, we will speak with the director of the a95 consulting group

and also to work with the imf, henry channeling fdr's to institutions like the african development banko further leverage on private sector funding to support countries. unless this is done and done immediately the values of freedom democracy, and the rule of law are in ingrate. geo body on regional peace and security in the horn of africa. and the great lakes region i expressed optimism that kenya under the us will innovatively design appropriate defense and security frameworks to help kenya as the anchor state under region in general to deal with a peace and security challenges that are undermining human well-being. slowing down development, and also having a negative impact on democracy. we affirm our mutual commitment to the stabilization of haiti through the multinational security support mission. the kenner you climate and clean energy industry as you're partnership. we have just committed to is encouraging milestone on our collective journey and builds on the paradigm shift. we we have inaugurated at the africa climate summit in nairobi last year accordingly, africa's resource po

we'll have more from the imf�*s asia—pacific boss ahead. hello and welcome to asia business report. steve lai. to our top story today — binance founder changpeng zhao was sentenced to four months in prison after pleading guilty to money laundering charges last november. north america business correspondent michelle fleury explains. sam bankman—fried isn't the only poster boy for crib go facing a reckoning. his rival, ceo of binance, changpeng zhao, has been given four months in jail. back in november, he was —— pleaded guilty to one count of violating the bank's secrecy act, resolving a multi— investigation by the us government into the well�*s largest cryptocurrency exchange, binance. as part of that agreement he also stepped down as ceo. the founder apologised to the court in seattle, saying his company had now put in place anti— money laundering controls. it was watched by his mother and sister who were in court as he learned his fate. the sentence was considerably shorter than the three years prosecutors were demanding and less than the 12-18 were demanding and less than the 12—

we'll have more from the imf�*s asia pacific boss ahead. hello and welcome to asia business report.'m steve lai. before we get all the business news to tell you about the day, you are seeing colombia university. it is where police are now on campus trying to disperse pro—palestinian protesters. nypd officers have entered the university, where students protesting israel's war in gaza have occipied hamilton hall. moments ago police and that the hall. the police department acted after receiving a letter from the administration authorising them to go into the campus. we'll have more on this developing story right here on bbc news. images show police entering the building, as you see on screen, making their way through a window, by the looks of things, trying to make their way into the hall to get to the students that have camped out inside. the campus is in upper manhattan which has been a focal point of student protests that have spread to dozens of universities and schools across the us, expressing opposition to israel's war in gaza. police are, quote, clearing it out, as they marched

the managing director of the imf said that the uk is in a good play. fin director of the imf said thatly - taken action, we have supported them in that. the managing director of the international monetary fund yesterday said that it was difficult decisions by rishi sunak, myself and the governor of the bank of england, in particular in order to support the bank of england we had to take very hard decisions a year and a half ago in that autumn statement where we had to put up some taxes unfortunately and cut some spending plans, taken together that has created the environment that has meant that as she said, the uk is now approaching a soft landing. there is a very difficult thing to do when you have inflation at 11%. the bank of england was predicting the longest recession in 100 years. we have actually, by the action that all of us had taken, been able to bring down inflation to normal levels, without that. in fact living standards have slightly risen over the past year. i think people will be relieved that that has happened. but in an election year, we will be saying that as the coun

i know that earlier this year, the imf for example forecast that al could affect 40% of globaljobs goingees. so i think that's something we don't know the answer to longer term, how ai will affect the economy going ahead. so that's a question still to be answered, steve. ~ ., answered, steve. well, china tech companies _ answered, steve. well, china tech companies have - answered, steve. well, china tech companies have also - answered, steve. well, china tech companies have also on| answered, steve. well, china i tech companies have also on the ai bandwagon. do you see offerings like baidu — how do they stack up with leaders from they stack up with leaders from the us at the moment?- the us at the moment? well, i think nvidia — the us at the moment? well, i think nvidia are _ the us at the moment? well, i think nvidia are certainly - think nvidia are certainly still enjoying the fruits of that first—mover advantage, which we saw in the figures today. but investors aring looking on the periphery for other companies because they're other companies because they�* re seeing other companies b

but the country recently managed to secure a $50 billion bailout from the imf and world bank to helpmic woes. our middle east business correspondent spoke with egypt's minister of international cooperation — and asked her how the bailout would help. so basically, the past two months have been very engaging for the egyptian government. it was very, very important to restore macroeconomic stability, to be able to start a second wave of reforms related to structural reforms that focus on the green transition, private sector investment, state ownership policy, also increasing competition and competitiveness within the economy, and of course, continuing on the macro fiscal resilience. given that these support programmes are linked to certain structural reforms that have been brought in, how easy or challenging will it be to implement those, given the current economic scenario? many of these measures, you'll find, for example, for the first time on the electricity sector, we have a b2b legislation that was passed. when we take a look at the competition law, an executive regulation that is

tom: if the imf is happy, we are clear. thank you indeed, joining us on the rate coming through.more, stay with us. this is bloomberg. ♪ tom: this is bloomberg daybreak: europe, i'm tom mackenzie in london, these other stories. asia struggles to keep the rally going up until the s&p 500 hits another record. european futures flat as traders brace from results from nvidia. crucial inflation data do in the next hour, boe governor andrew bailey expects quite a drop as the central bank weighs whether to cut rates. >> i think the next move will be a cut, as we said. the question for us is how long we have to maintain this level of restriction. tom: plus, that divergence grows, fed officials reaffirmed the higher for longer approach on rates. ecb president christine lagarde says there's a strong likelihood of a gut -- of a cut next month. let's check in on these markets, central-bank filtering through these markets, but bracing for nvidia, a police waiting for that catalyst and whether or not nvidia can answer that question. can it repeat the successes in terms of the earning story of l

i know that earlier this year, the imf for example forecast that al could affect 40% of globaljobs goingo i think that's something we don't know the answer to longer term, how ai will affect the economy going ahead. so that's a question still to be answered, steve. well, china tech companies have also on the ai bandwagon. do you see offerings like baidu — how do they stack up with leaders from the us at the moment? well, i think nvidia are certainly still enjoying the fruits of that first—mover advantage, which we saw in the figures today. but investors aring looking on the periphery for other companies because they're seeing nvidia's share price and, you know, homing they haven't missed the boat but looking for, you know, alternatives elsewhere, so i think there are a number of companies, for example the ones you mentioned in terms of china and else where where, so i think that what we're seeing is that we could see, like, supplies to nvidia, their stock price also receiving a kick—on effect as well. the usjust the us just apartment is set to file an anti—trust lawsuit against the payme

i know earlier this year, the imf forecast that al could affect 40% of forecast that al could affectforward to varying degrees. i think that's something we don't know the answer to longer—term. that's a question that's only to be answered.— that's a question that's only to be answered. chinese tech companies — to be answered. chinese tech companies have _ to be answered. chinese tech companies have also - to be answered. chinese tech companies have also jumped | to be answered. chinese tech i companies have also jumped on companies have alsojumped on the ai bandwagon. how they stack up with leaders in the us the moment? i stack up with leaders in the us the moment?— stack up with leaders in the us the moment? i think nvidia are en'o in: the moment? i think nvidia are enjoying the — the moment? i think nvidia are enjoying the fruits _ the moment? i think nvidia are enjoying the fruits of _ the moment? i think nvidia are enjoying the fruits of that - enjoying the fruits of that first advantage we saw in the figures today. investors are looking on the periphery further companies because

>> well, the imf gets lots of things wrong.e uk economy have been consistently wrong. but tell me where these subsidies are. >> well, i haven't anyone's people have ever mentioned i read the conclusion. you read the conclusion. well why don't you read the full document, come back on and tell me where these subsidies are, because no one who's come on has been able to point to these subsidies for fossil fuels. i'm pointing, oh, no, no, tax breaks are not subsidies. >> the two are completely different. any business that buys capital assets is allowed to write that asset off against tax, because it is a cost of doing business. you're saying companies should be taxed on their cost of doing business in a way no other business is. that's not a subsidy . that's not a subsidy. >> i'm talking about tax relief over and above the normal write downs that businesses can apply. >> they don't get beyond the 100% write offs that ordinary businesses get. they get 100% write off of investment in assets. >> rosebank in the north sea. rishi sunak g

his the imf right that there is a problem. >> i would argue with the premise.other hand usually don't mark their loans. and they have a historical funding model. i don't think you can look at the asset side without the liability side. private credit has a much secure a business model so again i don't see it. when you look at the overall business model there's much more durable business model for investors. katie: that was joshua easterly copresident and co-cio 6th street and wall street week host david westin. don't miss david on wall street which airs tomorrow night at 6:00 p.m.. this is bloomberg. ♪ katie: a mixed bag for novo nordisk as the drugmaker reported results weaker than expected for its weight loss drug. sales of its ozempic drug beat expectations fueled by u.s. demand. earlier i spoke with the ceo about the resultant what's next for the company. >> we were down to some five or six patients on a weekly basis. that has now increased to 27,000 on the weekly basis. so that's really the proof we are scaling up the number of products we bring to the mark

the imf has been stepping up criticism.e will have more ahead on "bloomberg daybreak: australia." ♪ annabelle: we have an update coming through this morning on what was a bloomberg scoop we had last week. it is as it relates to a foundation based in the u.s. and it has different research competitions. what we understand is that okta ptica accepted performing from huawei. optica had chosen to conceal that. saying it would make sense for a variety of donors, choosing to stay private. huawei is blacklisted. and this has raised of the eyebrows of many lawmakers. we are hearing from two senior u.s. lawmakers blasting optica for secretly accepting those funds flying in the face of efforts to keep foreigners from compromising u.s. research. i was an exclusive bloomberg reporting and now we have a response from u.s. lawmakers. haidi: remember when we spoke about this story when it broke on the bloomberg scoop, it was truly extraordinary. one of the ways that had been unexpected in a way that we could still see huawei influence fund

according to the results of last year in in the imf rating, russia ranks sixth, behind china, the usarussian exhibition, andrei belousov recalled that last year at some point russia overtook germany, but... again fell to sixth place, according to andrei belousov, the imf and the world bank, having heard that vladimir putin instructed the government to take fourth place in the world. quote: russian gdp was reduced by $200 billion at lightning speed. end of quote. andrey belousov says: with the forecast parameters that exist now, russia and japan will overtake the deadline: until the twenty-seventh year we need to grow at a rate of 2-2.5% per year, from the twenty- eighth year the pace must be accelerated to approximately 3%. this is the trajectory of our success, andrey belousov concluded. egor about the economy, but, by the way, we will tell you in more detail about this new may presidential decree that you mentioned. thank you, denis talalaev with his economic review. signed a partnership in belgrade, starting in july, the countries will enter into joint communication on deepening th

they certainly juiced the numbers, they are notorious for it but in the short term the imf noted theying to stimulate their economy and export their way out of their significant economic issues in their property sector and youth unemployment which they don't even publish statistics on youth unemployment because it is such a major issue. they are juicing the numbers, may get some short-term growth over the next couple years but as the imf noted, in the long term there are very significant head winds facing china so i don't know that i would say china is in a robust or healthy economic position currently even if they are able to juice the numbers in the short-term through stimulus measures. long-term prospects given their head winds are going to be much more difficult. stuart: a new cold war with them too. see you again soon. some chinese company are looking to skirt our recent crackdown and keep their businesses running in america. lauren: giving them new names and licensing deals. it is a total and legal rebrand that makes it difficult for regulators to track down chinese ownership. t

you see, okay, clean it up now. is under the control of the imf, and of course, of course, this launchedot of new and not always good things, for example, one could imagine that a veteran of the great patriotic war could collect a billion rubles in bribes, and while still in the position of deputy minister of defense, especially in wartime. then time, as the war is going on, and this happens when the whole country is collecting rubles and pennies for drones, for equipment, and so on and so forth. well, in general, this is not really what we’re talking about now, because bribes were always taken in the ussr, they were taken in russia, it was always a different conversation, that with the collapse of the country, it stopped being shameful, it stopped being awkward, that. .. even seemed to become, to some extent , valor, but it could be that, for example, a man who came back from the great patriotic war would be tasked with building a lady so that to protect the residents of cities, villages, towns of some region, so that almost a billion rubles are spent on what is not a dam, on what is...

maria: let me get your take on this imf is raising the growth forecast for china saying it expects itsf is boarding the consumer friendly reforms to support growth as xi jinping is calling for the creation of more jobs for young people and migrant workers. china's youth jobless weight came in at 14.7% in april, that is exposing an economy that is not what the headline show. >> 5% growth based on what we cannot trust the data coming out of china and the economy over the last decade and beyond building the ghost cities throughout the country. what do you make of china's economic growth or lack thereof over the course of the next couple of years. >> certainly not now the 5.3% claim for q1 it is probably one maybe even 0 we just saw interesting statistic that last year china's carbon emission probably peaked which their manufacturing must be not doing very well which means economy is basically 0. >> what steps would donald trump take under a donald trump administration to weaponize not against the chinese to serve american dominance. in february he told the person right over there that he

but as we have seen, the imf is projecting economic growth next year as well— economic growth next yearons, the economy is still seeing growth and rushes allocating more and more resources and public spending into the — resources and public spending into the war effort, they are restructuring the defence industry. and also, they are able — industry. and also, they are able to— industry. and also, they are able to avoid quite a lot more domestically as they don't rely as much— domestically as they don't rely as much on imports.— domestically as they don't rely as much on imports. many thanks for our as much on imports. many thanks for yourtime- _ as much on imports. many thanks for your time. later _ as much on imports. many thanks for your time. later today, - for your time. later today, there will be a session on myanmar and delegates may be discussing what to do about the resistance and whether to arm or not. we will bring you updates as soon as we get them from the shangri—la dialogue in singapore. from the shangri-la dialogue in sina-aore. . ~ from the shangri-la dialogue in singapo

you guys were talking about the imf revising china growth to 5% for the full year. seeing growth in the eurozone. so all of that, you add it all up, and it bodes well for earning, but unfortunately we don't have companiestelling us a lot on a real-time basis, so we have to expect a little bit of volatility. i think you want to be patient and take advantage of the down days to be buying. >> you want to take advantage of any dips. at the same time, we have the beige book coming up later today. also, how do you see it influencing the markets. as you mentioned, we're hearing from the fed speakers. they don't necessarily move the markets, but these official reports, they do seem to have a huge impact on investors. >> they can from time to time. but, again, they, too, are backward-looking. i think the most important piece of the bake booj, frank, is really going to be inflation and any kind of progress that they are seeing and talking about. we know we are making progress. we know that we're down from 9.1% cpi at the peak. unfortunately we have elevated inflation, which i

the imf upgraded growth forecasts for this year from 0.5% to 0.7%, but pointed to "difficult choices" director at the institute of chartered accountants in england and wales. there are two big things, the first one suggests we have turned a corner from the session but inflation falling sharply. that is the good news. the report also shows some structure issues in the uk, such as age of population, poor productivity and getting people back into the work will hamper the growth prospects if not addressed. it is a challenging state, and for a number of reasons. the question for any future government is that they need to be clear about the challenging choices they need to make about taxes and spending, investing in public services, the tax burden. how you balance the choices is critical because there will be real challenges facing the uk economy. if they aren't addressed, like getting people into work, that is a challenge to continue growing, as we have seen recently in the uk. now to the indian election. authorities have ordered the closure of schools because of temperatures reaching 47 c