manus: good morning from bloomberg's middle east headquarters in dubai. i am manus cranny. this is "bloomberg daybreak: europe." these are your top stories. positive moves but we will start to rise as beijing says it will raise penalties on ip violations. forces win an overwhelming victory in hong kong in peaceful local elections with reactions. getting done. conservative party manifesto pledges tax cuts and increased spending on the national health service. boris johnson says brexit has to be delivered first. making moves in europe. said to be sweetening the deal in dubai.fany saudi aramco meets investors as it looks to boost support for its mega ipo. it is "bloomberg daybreak: europe." we are live from dubai. nejra cehic is having a well-earned day away from the mayhem and the carnage that there is in the bitcoin market. day nine of a drop. a battering and value. sub 7000. the pboc warning people away from bitcoin. what needs to happen to get bitcoin back on a rally, may be a complete drop in trade negotiations. deal. phase one committed to phase two and three. the two ot

manus? manus: coming up from the bloomberg new economy form in beijing, we speak to hsbc's senior economic advisor, stephen king. don't miss that conversation right here at 6:30 a.m. this is bloomberg. manus: this is "bloomberg daybreak: europe." i am manus cranny at the bloomberg new economy forum in beijing. it is organized by bloomberg midea group, a division of bloomberg lp. nejra: i'm nejra cehic in london. let's check in on the markets in asia. david, great to see you. not a lot going on at the headline level. what's happening below the surface? >> where looking at these stories -- we are looking at these stories. the hong kong listed chinese furniture manufacturer, long story short, the stock was down 90% yesterday. we areit is up 550% but still down 40% from the peak. orca --any sank blue saying blue orca, what they said, untrue, misleading. the big one in australia has been westpac this week. the board just met. shares have basically erased all the gains this year. analysts are basi

manus: good evening. from dubai. i am manus cranny. our top stories. global stocks climb, bloomberg being told exclusively there is optimism over phase one with china. good shape.e are in we are making good progress, and there is no natural reason why it could not be. coming into the markets, saudi aramco finally launches its blockbuster ipo. it could be worth only $1.5 trillion, far below the target set by the kingdom. we are live from hq. plus, flying high. results season continues with ryanair. we are joined this hour. we will also keep an eye on the drivers of uber ahead of results later today. ♪ manus: welcome to "daybreak: europe." ryanair, guidance. pretax profit, beating the 41.5 million, but it is to the future and the outlook i think the market will focus. they are talking about the risks to delivery of the 737, and with the guidance, this is what i can tell you. they see a narrowing of full-year profit after the tax 809 million.$ these are the top lines coming through from ryanair. this is certainly comfortably beating full-year profit. the

manus: i am manus cranny in dubai.uliette saly is with us in singapore. juliette: i am looking at this big surge in hong kong stocks, which is interesting given the escalation between university students and the police today and the fact that we saw hong kong stocks last week had their worst week in three months. mliv is saying perhaps this is superficially negative, the beginning of the end, we could see stability coming through and therefore, that could give a boost to hong kong equities, which have been under performing. property stocks, which last week had their worst week since february last year, up by 1.4 percent. you are seeing volatility lower on the index today. weakness coming through in the hong kong dollar. this is ahead of hong kong's jobs data, which is coming through after the bell in hong kong. we have seen hong kong unemployment hold up pretty resiliently at 2.9 percent, although it is expected to pick up to 3.3% in the october reading. you can see underemployment, this blue line, remaining very resil

manus: and the outgoing u.s. energy secretary says he does not think president trump will be impeached. hear our interview with rick perry this hour. ♪ yousef: bloomberg sources said this week that saudi aramco earned $68 billion in the first nine months of the year, cementing its position as the world's most profitable company. that came as a saudi news channel said the aisle -- the with sharesipo, trading on the local stock is strange. -- local stock exchange. >> this is something which has been on the minds of policymakers and investment bankers and investors around the world for around three years now. about this delayed once 12, 18 months ago, while aramco was doing the acquisition of a petrochemicals maker in saudi arabia. two weeks ago, we were expecting aramco was going to announce its intention to kick off this process. that got delayed as the government prepared these numbers you just mentioned, the $68 billion in profit. now finally, we are expected to see the government and the company announced their

manus: i'm manus cranny.ind: alibaba is saying it's mega stock offering will come at a discount. about $176y to price hong kong dollars apiece. the share sale marks one of the largest sales of the year and the biggest of hong kong since 2010. westpac has been accused of breaching money laundering laws more than 23 million times, the biggest breach in australian history. it includes failing to detect payments that may have been used to facilitate child exploitation. this dwarfs the commonwealth bank of australia's infractions. westpac says they recognize the severity of the issue. the u.s. is investigating allegations referring to the baltic unit including transactions after the u.s. imposed sanctions following russia's annexation of crimea. it says it has not found any signs it breached sanctions. that is your bloomberg business flash. nejra: thank you. , those letters are taking on an importance for investors. one of the latest additions comes from bnp paribas, which started a 140 million euro fund focusing

manus: frank, good morning to you., do you, get a sense from your customers that a progressive trade deal would unleash a resurgence of business and perhaps shift your guidance? are you dependent on a structural move in those tree negotiations to change your guidance. first of all, uncertainty is not always good for business around the world. duties have significant impact -- the less uncertainty we have, the better for business overall. based --nce is not brexit is still not unknown even though it looks more likely that we don't get a hard brexit. we have basted on strong market positions and of course the benefit from e-commerce. the lift in the last , can you give us a sense of the situation in germany changeow and if will anything if germany is in a technical recession? business isale usually not very volatile against gdp growth anyway. people still sent out letters. the business has continued to grow as well. we have gained market shares as well as increasing prices. we are optimistic that even if the economy in e

this is bloomberg. ♪ manus: this is bloomberg daybreak: europe. i am manus cranny.t what should be watching in china, alibaba's annual singles' day off to a flying start. it will be closely watched as a test of willingness to spend. the chinese president is in greece where the -- he will be meeting the prime minister. gdp data in the u.k. is expected to show that country dodged a second consecutive quarter of contraction. oil, i am in abu dhabi. we have spoken to various people. next is the total commentator, to mark pharmacists day. the bond market is closed in observance of that. the cio now. i want to take you to something which is flashing aggressively girls'the bond boys and radar. biggest ratchet and three months. i know you are long, but in terms of the spike in the term premium, does that worry you about -- what does that flashing red mean to you? >> it is telling us basically the treasury market got overdone. it is telling us global manufacturing is bottoming whether looking at new orders, and telling you to be biased towards risk assets like equities. we r

manu. >> reporter: yes. significant news, adam schiff the house intelligence committee chairman saying there will be public hearings in the impeachment inquiry next week. the new phase of this impeachment investigation after weeks of closed door depositions. schiff just announcing there will be three witnesses who will come in an open setting next week after they have testified privately before. these individuals, there will be two next wednesday, november 13th. they'll be bill taylor, the top diplomat in ukraine. the current u.s. diplomat in ukraine as well as george kent, who is a current state department official. those two individuals both will testify on wednesday. then on friday, the ousted former ukrainian ambassador marie yovanovitch. she was of course called by president trump on that post under pressure from the president as well as rudy guiliani and his associates targeting these individuals. this was the first time we will hear what these individuals were saying behind closed doors. we have alrea

manu, we'll get back to you. this is truly an historic day up on capitol hill.lic impeachment hearings into president trump, they will begin only minutes from now. our special live coverage will continue right after a quick break. i wanted more from my copd medicine that's why i've got the power of 1 2 3 medicines with trelegy. the only fda-approved 3-in-1 copd treatment. ♪ trelegy. the power of 1-2-3. ♪ trelegy 1-2-3 trelegy. with trelegy and the power of 1 2 3, i'm breathing better. trelegy works 3 ways to open airways, keep them open and reduce inflammation for 24 hours of better breathing. trelegy won't replace a rescue inhaler for sudden breathing problems. trelegy is not for asthma. tell your doctor if you have a heart condition or high blood pressure before taking it. do not take trelegy more than prescribed. trelegy may increase your risk of thrush, pneumonia, and osteoporosis. call your doctor if worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain occur. think your copd medicine is doing enough? mayb

manu raju is on capitol hill. manu, what are you hearing thorn from democrats? >> that's exactly what they're doing. theory drafting that report since late september. that report will serve as the basis of articles of impeachment that will likely be taken up as early as the first couple weeks of december before we expect a full house to vote a the rather momentous vote. to impeach president trump. all signs are indicating they are going that route, in part baas democrats have decided not to pursue some key witnesses. after people like mick mulvaney have refused to comply. what they are looking for in terms of -- they're still debating the exact scope of the articles of impeachment, but looking into abuse of power, obstruction of justice, obstruction of congress, and bribery among the articles they are discussing. make no mistake, the democrats are moving to the next phase, and it could happen in the next up couple weeks. >> and just quickly, too, what are you hearing from republicans this morning, manu? >> reporter: they're indicating they're following in lockst

brooke. >> manu, thank you. take a beat. keep reading for me. let me bring in two more incredible minds, john dean, cnn contributor john dean, richard nixon's white house counsel and cooperated with white house investigators against nixon. paul cowen is a former prosecutor and now a cnn analyst. just a couple of notes. talking bill taylor served under every democrat and republican administration since 1985. so he was a career public servant. came out of retirement to take the job. i remember reading his opening statement, he talked about how he cares so much about ukraine and the u.s. relationship with ukraine, talked about how necessary that military aid was, talked about the thousands of ukrainian soldiers that have been killed in the war and john dean, first to you, sir, just to piggyback off of manu's point, he is the first witness, you know, for the public testimony next wednesday. why is he so key for democrats? >> he is obviously in a position, brooke, that he can lay out what happened. he can give americans an overview and he's a very cr

i want to get straight to cnn congressional correspondent manu raju on capitol hill, and manu, i know you have some news to tell us about. go for it. >> reporter: yeah, that's right. the democrats in the house are now signalling they're on a fast track on their impeachment probe. there are a number of new steps they've taken that show president trump could be impeached by the end of the year, in just a matter of weeks. you've seen these steps taken in a few different ways. one, the move to public hearings next week. two, house intelligence chairman adam schiff made clear in a letter to his republican counterparts today that they were not going to bring back all the witnesses in closed door depositions to come for public hearings, and also two actions that could delay potentially prolonged court battles. one, they withdrew a subpoena for a top official, a national security council official who used to work there, charles kupperman, because they were concerned that could drag out in court. and also today the decision not to subpoena the former national security adviser john bolton, beca

cyril ramaphosa spoke to my coanchor, manus cranny. theyt to see a want us to deal with the debt. they also want us to deal with the expenditure. we are already committed to reducing expenditure on a number of platforms. at the same time, we are on howg now on the debt, we are able to deal with the debt. we will be able to deal with the debt by improving the operations. manus: are you prepared to take some of the debt onto the government balance sheet? we are being told it is cheaper to stick it on the government balance sheet and move on. >> we have already taken quite a lot of debt by giving them bailouts. the minister has now said, we are no longer going to give you bailouts, we are going to give you loans. these are loans that over time you will have to pay back. that, in a way, is a very important step. in the end, the government has to stand behind it because it is too big to fail, it is too important an entity and the life of our economy for it to fail. so we are committed to supporting it going forward. say it is too big to fai

manus: have you had conversations with wilbur ross?you describe the conversations you are having with u.s. officials? >> what i will tell you is we are a very large, global company. we are always engaging in conversations with governments around the globe, and of course we have been in touch with the u.s. administration on an ongoing basis over the years. certainly in recent times as well. our business in china is certainly important to us. as part of that, we have definitely -- manus: would you say these conversations are constructive? >> absolutely. manus: one thing i was reading a little more about what is going on here in china. states are putting about $29 billion into getting this country self-sufficient. is that, perhaps, a bigger threat than the interim trade war? self-sufficiency for technology supremacy is number one on the agenda? >> what i will tell you is that memory and storage products are extremely important when you look at the trends today for 5g, iot, autonomous, clout computing, and in this backdrop with our technol

manu alluded to that. house democrats didn't bother to subpoena him amp his attorney threateneded a court fight. go to cnn congressional reporter lauren hill there on capitol hill, and we know the vice president has claimed to be in the dark about any of these discussions regarding ukraine. what are the key questions williams is being asked today? >> reporter: jennifer williams just left the scif after hours behind closed doors with lawmakers. a few minutes she walked around the corner and appears to have left for the day. i will tell you lawmakers wanted to know more about that july 25th phone all and also wanted to know, of course, what the vice president knew and when he knew it. those are the key details. this is the first aide to the vice president who has come before lawmakers as part of this impeachment probe. she was not the only aide to vice president mike pence on that july 25th call but the first one called to testify behind closed doors. williams is a key witness and they may want to know more

let's go straight up to cnn's manu raju. manu, are fiona hill and vindman now out?hey're several hundred pages each. we also have more of what they said based on opening statements we ev we have obtained. there are concerns that have been raised by those these individuals that was led by rudy giuliani to push for investigations by ukraine and the ukraine government that could help the president politically. the president paid policy to rudy giuliani and concerns that other individuals in the u.s. government were working as part of that effort. now, one person in particular, of course, vindman's testimony would be of high interest because he was actually on that july phone call between president trump and president zelensky of ukraine. we know already from his opening statement that he raised some seer serious concerns about that phone call and reported it to a top national security council attorney. he was worried this could undermine bipartisan support for ukraine, also hurt efforts to bolster this key alliance. he said in his opening statement, we've already seen

let's go to manu raju on capitol hill.e you learning in. >> fiona hill had strong words for members of the house committee. republican members who have pushed the notion that ukraine may have meddled in u.s. politics. also rejecting the claim that the president himself has made suggesting that ukraine may have meddled. rudy giuliani suggesting that as well. the president even floating that to the ukrainian president. also this being noted as part of a condition for everything that we're talking about here. roughly $400 million in military aid and the like and this meeting in washington. but what fiona hill is going to say is this is a dangerous narrative that could only help russia by pushing the notion -- false notion that ukraine meddled in the election. she said this. base on questions and statements i have heard, some of you on this committee appear to believe that russia in its security services did not conduct a campaign against our country and that perhaps somehow for some reason ukraine did. this is a fictional nar

manu, you first, how are you preparing for televised reading week?> we had the reading of the testimony released so far. we have a good sense on what these three witnesses in particular are going to be talking about. my question for me is how the republicans and democrats who are going to be questioning their line of questioning, what they are trying to prove to the american public, how republicans will try to undermine the credibility of the witnesses. how the democrats try to push out, pry out the narrative that we've been hearing time and time again. that's going to be a big question for me. ultimately, what the questions are going to be, how they are able to get that information out from these witnesses. that's going to be behind the scenes work we deal with. >> melanie, one line, one sentence in prep? >> rereading depositions, packing snacks and bringing a flat pair of shoes. >> how about you, addi sne. >> a lot of coffee. >> all right. thank you all very much. great to see you. wednesday morning is when it starts. coming up here, trump's deputy

cnn's manu raju is covering it all. manu, what are you hearing from there right now? >> yeah, a hugely sequential week. tomorrow will have of high interest tomorrow. because three people who are testifying tomorrow are actually on that july phone call between president trump and president zelensky, in which trump urged the ukrainian president to open up those investigations, including into the bidens. and each of those witnesses have different levels of concern. some more serious than others, alexander vindman, for one, raising some significant concerns about the matter, even taking it up to national security council attorney. also worried about the implications on national security. but that's not the same level of concern that tim morrison had, for instance, who also served on the national security council. also was on that phone call. he was more concerned about the perception is if the transcript were to leak. tomorrow's testimony will put more pressure on gordon sondland, because morrison has already testified that he was told by gordon sondland that the presiden

thank you, manu. joining me now here to discuss the implications, which way it's likely to go, and what that will mean for the analysis, security anl asha rangappa and david gregory. great to you both. so sondland, cooper, hale. cooper is about the money. and what we know about how the aid was held and what was abnormal there and what was the explanation given. on the outsides, sondland and then hale are fwoigoing to be t beginning and the end of what was really the corruption interest about. sondland has to make a choice, asha. >> yes. he is going to have to make a choice on whether he wants to save the president or save himself. because he has already modified his deposition testimony once. and i don't think he's going to get easy questioning from either side. from the democrats, they're going to want to know why he had to amend his testimony. why he said there was no quid pro quo and then there was. and then of course why he omitted any mention at all of this july 26th phone call. and of course for

the indian oil chairman talking to our manus cranny.age report in hong kong -- down 600 points for the hang seng index. everything is down. rishaad: the best performer is still down 0.5%. .nna: bp pharma we will get you a more comprehensive market update. rishaad: heading to singapore for the festival there. hari sacca is going to join us. this is bloomberg. ♪ david: we are counting down to indiaen of the session in which is over an hour away. good morning. >> good morning, david. starting off with the benchmarks. we are expecting more weakness. that is largely indicated by the futures which are trending in the red for now. there have been some weakness since last friday which came in largely because of a poor set of earnings. that would likely drive markets as well. foreign investors have continued in equities over the past few days which is a trend that will stay for now. check. bankers are in today, we are watching for nestlÉ india. the earnings are coming in in line. according to consensus. ,here is high input cost however. if we le

. >> manu raju, thank you. on capitol hill for us. >>> bring in cnn political analyst, a former trump justice department spokeswoman and jim baker back with us, former general counsel for the fbi and a cnn legal analyst. welcome to both of you. jim baker first to you on manu the second point. expedited timeline, wrapped by christmas. is that feasible? >> well, it's feasible if they've set their expectations accordingly. strikes me as a former prosecutor, makes me think you have a trial date. you get ready for the trial and have to do what you need to do. you make strategic and tack ticketi -- tactical condition ises. too complicated, can't got ready for trial. a feeling preparing to bring charges as a group of people getting ready for a proceeding and just going to have to cut and shape and focus the case as they get ready for a self-imposed deadline but not a crazy deadline. seems to me it's in their interests to move quickly with this while the public is focused on it and while the evidence is going in the di

tomorrow's high-profile hearing. >> thank you, manu. the hearing that begins tomorrow morning will look a lot different than what we've been used to seeing on capitol hill. let's bring in rene marsh. it's a really interesting process. so what is ahead tomorrow morning? >> it certainly is. look, it goes without saying. the stakes couldn't be higher for both democrats and republicans. there is just one goal of these public hearings. and it's to convince the american people either to impeach or in the case of republicans, not to impeach. so let's talk about the witnesses. first up, bill taylor. he is a top u.s. diplomat to ukraine. we also have george kent. he is a former state department official. a senior official. now the first witnesses will certainly set the tone for these public hearings. let's talk about their testimony and what we're expecting. we're expecting some of the most damning testimony from taylor who will say that he had a clear understanding that military aid would not be released unless ukrainians launched investigation

manu, what can you tell us? >> reporter: we actually obtained the excerpts of transcript of gordon sondland as well as kurt volker. we are still going through these excerpts that were put out by the democrats and we're waiting to see all the details. what we can see from these excerpts is some interesting exchanges between gordon sondland and the investigators has they were asked for building relations with the ukraines and helping the president politically. there was a question about there were demands -- this is a question from an investigate or -- there were demands, weren't there, that an investigation take place in 2016 of burisma, chwhich is the compy hunter biden worked for in ukraine. those were demands, right? he said yes. and you had to compromise what the president and his lawyer wanted if you were to set up this meeting you thought very important? and sondland replied, i think that's fair. this is significant because they're saying to get a meeting between the ukranian president as well as president

manu raju is watching all of this for us. manu, the impeachment report is now being written. what is the latest? >> reporter: behind the scenes a lot of activity among top officials on key committees as well as leadership staff to determine exactly how to structure the impeachment articles going forward and the first step is writing the report that will come out from the house intelligence committee and two other committees that will detail the findings of the investigation that has been happening since late september. that report will be worked on through the thanksgiving week and will ultimately serve as the basis of the articles of impeachment that will be taken up by the house judiciary committee. there is a discussion behind the scenes about the size and scope of the articles of impeachment. there is talk about including abuse of power, as well as bribery, obstruction of justice and obstruction of congress part of that going forward. and it will focus on ukraine and the president's handling of ukraine and whether he abused his office by with holding a key meeting and mil

manu, what is your biggest take away? >> well, it became clearer and clearer to bill taylor through his tenure when he first arrived in kiev in jub that there were two separate channels for pursuing ukraine policy. there was a normal diplomatic channel of which he was a part and there was a separate channel in which rudy giuliani played a role, kurt volker, including rick perry, the energy secretary and others as this separate effort was under way. and what taylor makes clear is he becomes more and more alarmed through the months about why exactly certain things weren't happening. one, a meeting between president zelensky of ukraine and president trump. something zelensky sought after he won his election earlier in the year. also, he was uncertain why the military aid, roughly $200 million that was approved by the u.s. congress, why that was not turned over to ukraine to combat russian aggression. he learns through the course of time that this, what he's been told, was linked until ukraine publicly announced these investi

manu, what's your takeaway from all this?, and the aid had been withheld -- at least there was an announcement that this aid would be withheld for the week before an interagency conference call that the notice came from an official at the white house office of management and budget saying that the direction came from the president to place this hold on this aid. and the people who were in that call testified that they were alarmed by that. they were stunned by that decision. and then the following week, the discussions continued, and then that evening of july 25th, that infamous phone call officially for the first time, the white house office of management and budget places a hold on the aid. but what's significant too in all of this, there are still questions all along about why that aid had been withheld. those questions from the ukrainian embassy, people were asking questions what was going on with the security assistance. it was unclear if they knew exactly precisely why that aid would have been withheld or someone tipped

manu is up on capitol hill. i understand you have new information on what this u.s.se committee members. >> yeah and i actually have obtained the opening statement from this aide of bill taylor the top diplomat in ukraine. the aide david holmes delivering this statement, a ten h page very detailed opening statement discussing exactly what has come out this week. he overheard a phone call between president trump and gordon sondland, the bas to the european union in which the president was calling for investigations into his political rival, joe biden. wanting ukraine specifically to launch the investigation. so i'm going to read a portion of this opening stam that details the lunch that sondland had with president trump in which the president was calling for these investigations. so it says this. during the lunch. sondland said he was going to call president trump to give him an update. sondland placed a call on his b mobile phone and heard him announce himself several times a along the lines of gordon sondland, holding for the president. it appear ed he was being tra

let's start with manu raju. he's joining us live on capitol hill. manu, set the stage. >> the gravity, both sides recognize the gravity of this moment. the democrats and republicans yesterday behind closed doors went -- strategized about their lines of questioning going in. for the democrats, their strategy is very clear. they want these two witnesses to lay out the full story line of events. their concerns about what they were seeing. the president enlisting his personal attorney rudy giuliani to push the ukrainians to announce investigations into his political rivals, dig up dirt into the bidens. the same time vital military aid had been withheld. they expect bill taylor to say what he said behind closed doors that this aid had been withheld. nearly $400 million for the ukrainians until those investigations were announced. and republicans on the other hand are going to try to make the case that neither of these witnesses had direct line of thinking into what the president actually wanted. they didn't have any direct conversations with the presiden

and i think manu got it right in his previous reporting. and that is that my democratic colleagues are disappointed that there isn't this ground swell of support for impeachment because there just isn't a case for impeachment. there just really isn't. and miss pelosi can come out and exaggerate it and make it worse saying, this is worse than we thought, this is bribery. i think people look at that and say, i don't get it. i think it's nonsense, frankly, for her to make that claim. let me make this prediction, wolf. i think next week when we've had half a dozen of these open hearings, i think the public support for impeachment will go down rather than go up. i think most americans look at this and go, we already knew that, there's nothing new, and it seems to me like it's an enormous stretch to take these incidents and say, we should remove the president of the united states because of this. i just don't think they're going to be able to persuade most people. >> but what if ambassador gordon sondland, the u.s. ambassador to the european unio

coming up, manus cranny speaks to the president of south africa .hat conversation at 9:30 a.m. london time. this is bloomberg. ♪ nejra: this is bloomberg daybreak: europe. south africa is pushing forward with an ambition and -- and bridges investment drive. they have a $100 billion target in new funding. moody's the outlook for the nation's debt. mica linker manus cranny is in johannesburg. great to see you and catch up again. that southssues africa is dealing with. what is the biggest one you will be talking about? >> it's the credibility gap. the political credibility in terms of dealing with changing this economy. .he financial credibility when i arrived in johannesburg yesterday, there were triumphant scenes. this is a nation gripped in the ecstasy of sporting victory. the reality of it is, do they have the political wherewithal to really stand up to the people who have put him in power? this is my barometer. three taxi journeys. three taxi drivers all talking to me about moody downgrading this country to junk and that this president should stan

cnn's manu raju is live on capitol hill as part of the questioning of chairman schiff. what is your reaction to all this as we list ton ten to chairman and the release of the transcripts? >> we'll truly entering another phase of this investigation, hearing about the efforts of the president and his attorney to shift things that could help the president. john, i did try to ask the chairman about the time frame for all of this. he wouldn't talk about when they plan to move to the public phase of this investigation, but there are questions about key witnesses who are scheduled to come and testify who have already defied the subpoenas. one, charles kupperman, who is a former top deputy for john bolton in the national security council. he has already filed a lawsuit saying that he should -- asking for a ruling about whether or not he should appear and testify behind closed doors. that is not going to be decided until the end of the year, so trying to get a sense from the chairman himself about whether or not that's going to impact the timing of the investigation, especially

manu, what can you tell us?ting the transcript moments ago so we're only now going through it. this has been highly anticipated. what we already know to this point about what bill taylor did say behind closed doors. in this testimony, he makes very clear that he was told that president trump had withhold military aid and other matters to build a relationship with ukraine in exchange for ukraine publicly announcing investigations that could help the president politically, investigations into joe biden, investigations into 2016, election interference, something that could potentially undermine the findings if the russians interfered with the 2016 elections, all of which if it turned out in the president's favor, he could use to tout his re-election campaign. according to the testimony that we have seen up and to this point, bill taylor had concerns about the fact that this vital aid, roughly $400 million or so, had not been turned over to ukraine despite it being publicly approved in congress. and he sought to fin

senior correspondent manu raju is on capitol hill. just had a conference call by the democrats. what happened. >> reporter: announcing the first steps moving forward on impeachment proceedings for president trump. another sign that the democrats are moving to impeach president trump as soon as this year, as soon as next month. likely before christmas. house judiciary committee announcing its first hearing it will have next week on wednesday. a panel of experts discussing the constitutional grounds of impeachment. according to a committee aide, the hearing will be "discussing the constitution grounds for presidential impeachment. various experts will testify on the application, the constitutional framework of high crimes and misdemeanors and see how that applies to the president's conduct in this case." this case being what the house intelligence committee has been investigating over the last several weeks, which is looking into how the president handled a policy with ukraine and whether or not he used his office to pressure ukraine to announce investigations that would help him

>> this winter will be challenging, manus.he failure of thomas cook, other airlines have gone bust, norwegian is teetering on the edge, and also the delay in the max aircraft, we are looking at getting not getting 20 of those, if any, that means there will be less capacity next summer on the back of oil prices. the next two quarters through the winter will be tough. ♪ >> disney shares late trading after reporting fourth-quarter earnings citing strong box office performances for films like the lion king, and games. the key insight in the report, losses in the company direct to consumer unit widened to $740 million in part reflecting costs for the disney plus streaming service, which launches tuesday. >> disney is always able to pull a rabbit out of a hat, or a mouse in this case. earnings down but they beat wall street expectations, and some drivers in the past, espn profits were down. tv was down overall profit wise, but the film division is soaring, the theme park and consumer products saving the day. so people are going to l

our manu raju is on capitol hill. manu, these things we're reading are pretty executive order to get into the details here. what else can you tell us about these transcripts and the decision to release them now? >> reporter: yeah, it's really showing the extent of this effort to mount this parallel foreign policy to the actual official diplomatic channels to the state department. instead rudy giuliani with the support of the president pushing these investigations that could potentially help the president politically at the same time as vital military aid for ukraine had been withheld. we're learning a lot more about the former ukranian ambassador, marie yavonovitch, someone who had been sitting in that position for some time and had been targeted by rudy giuliani, rudy giuliani launching a smear campaign to try to oust her from that post. the president himself had raised her name, singled her out in that infamous july phone call with president zelensky of ukraine. according to that rough transcript, she's named in the

our senior correspondent manu raju is on the scene for us. manu, the state department aide that overheard a conversation between president trump and the u.s. ambassador to the european union will now be testifying in public this week. how problematic, potentially, is his testimony to republicans who are strongly defending the president? >> reporter: well he could certainly undercut the testimony in defense of the president and the president was only concerned about corruption in ukraine because according to what we've seen from david holmes' testimony he gave behind closed doors on friday, that he made it very clear from his conversations that the president was only concerned about one thing as it came to ukraine and that country should announce an investigation into the president's political rival joe biden. now he did testify that he heard this july phone call, overheard it between gordon sondland the ambassador to the european union and the president which the president was asking about the investigations, an investigation into the bidens

manu, thank you so much. so it is easy to get bogged down in the hundreds of pages of transcripts that were already released from these closed door interviews. but do not lose sight of a key part of the story that is unfolding here. at the core of it, witness after witness is backing up the claims first laid out in the whistleblower complaint. tom foreman is joining me with a closer look at that. so connect the dots from these transcripts to the whistleblower complaint. what do they show? >> they show that the who and the how are really there. that there is proof of this. let's start with the first claim that was raised about giuliani, the president's personal lawyer is a central figure in this effort. attorney general barr appears to be involved as well. this effort meaning this effort to get ukraine involved, to put pressure on u.s. officials dealing with ukraine, why do we know this? because yovanovitch in the testimony said in retrospect, the character saiks seeization e character. at the time we weren't

manus: my guest is the vice-chairman. good to see you.f weeks of the summer are going to be crunch. we have opec's, and the pricing of the ipo. guest: and we will also have the madrid,vate meeting in where they may or may not have a government. and on top of that, you have brexit going on. but for oil and energy, it will be an important time. manus: how important is it that opec must really governor rises in terms of the cuts they are doing? do they need more cuts? guest: the view going into it is that they need the countries are above the levels getting back down to their levels. that will. fortify it. going into the ipo, they would like to have a price that is showing promise. the cuts of have 1.2 million barrels a day, and supply gets better, what does that do to the valuation? $1.5 trillion on this ipo. dan: this wide range, i think right now we are and that -- we are in not period of eliciting as people are making assessments. that is the recognized that was saudi aramco comes out and lists, it will be a unique asset . there will be

cnn's manu raju joins us live from capitol hill. manu, democrats really believe they can get to a floor vote by christmas. what are the key steps and potential obstacles? >> reporter: behind the scenes, the intelligence committee is drafting a report detailing the findings of this investigation that has been going on since late september. expect that report to come together somewhat quickly. we expect it to be essentially turned over to the house judiciary committee sometime early in december. at that point the judiciary committee is almost certain to move forward on articles of impeachment against the president. the question is exactly how those articles will be draft, how many articles there ultimately will be, but democrats are talking about bribery, obstruction of justice, obstruction of congress, abuse of power. they expect those to be part of the discussion going forward. and then after the house judiciary committee considers the matter, then a vote would happen in that committee before the full house could vote in that. the e

manu, thank you. >>> presidents are not kings. that's the message first conveyed by the founding fathers. and now echoed by a federal judge ruling against president trump's efforts to shield his staff with absolute immunity. judge brown jackson saying those staffers, quote, work for the people of the united states and they take an oath to protect and defend the constitution of the united states. this particular case involved former white house counsel don mcgahn who refused a congressional subpoena to testify. the justice department has already filed an appeal, but the decision may still have a ripple effect throughout the impeachment process. let's bring in cnn political correspondent sara murray with more on this. sarah, what are the key takeaways from this legal bombshell. >> one of the things the judge made clear in this sweeping ruling is she wasn't just talking about don mcgahn. this could spell trouble for a number of white house officials. her ruling basically says if you are a current official, if you are a former officia

let's go to manu raju on capitol hill. i know you've been looking over vindman's transcript right now. what are you learning so far? >> reporter: it's a significant transcript because this is a person who was on that july phone call, someone who serves on the national council and is involved with the ukranian policy but someone who has serious concerns about the direction this administration was going and what they asked him to do, to investigate his political rivals. we're getting a picture of what happened in that phone call. in here vindman reveals that the acting chief of staff, mick mulvaney, was involved in this ask, coordinated the ask of the ukranians to investigate the president's political rivals in exchange with a meeting the ukranians had sought at the white house. what vindman says here is he heard the ambassadors of the european union, gordon sondland, say directly this ask had been coordinated with mick mulvaney. this came before that july phone call happened over the summer. also he heard gordon sondland te

>> thank you so much, manu. >> nia, can you gauge this one out.s clearly unlikely mulvaney will show up. what do the democrats get here? >> i think they already have mick mull vanny at the white house there confessing to a quid pro quo, and we, of course, backed away from that and said that he misspoke or something. i think the ultimate plan here is if these folks don't show up as you saw manu allude to there. that essentially this will be one of the articles of impeachment if this is something that democrats indeed end up doing filing artic else of impeachment against this president and obstruction of congress, and contempt of congress was one of the three articles of impeachment against richard nixon. i think you have had democrats here say essentially they're not going to get roped into a court fight with these folks and they want to keep it moving. some of the democrats have been pleasantly surprised with people who have corroborated with this inquiry. there are some people who directives from the state the - department or the directive from t

manu raju is out front live tonight on capitol hill. manu, this is pretty incredible. i am reading here literally what you were able to take a picture of on your cell phone, this is the opening statement that you obtained and it is incredible. what more are you learning from david holmes' testimony today? >> yeah, and he's alarmed, he says in this sworn testimony about the president's push for the ukrainians to investigate his political rivals, and he makes clear there are other witness e too, to this phone call between president trump and the ambassador to the european union gordon sondland. he says that there were four people at this launch in ukraine in which the president was speaking apparently so loudly that he pulled the phone, that he pulled the phone gordon sondland did so that other people around the table could hear what the president said and the president made it very clear in that phone call that he wanted to see investigations happen and gordon sondland made it sound like they were going to happen and the president was happy with that because that is wha

manu, thanks very much. let's talk about all that manu just laid out.ur legal analyst is here this morning. let's talk about john icenburg. we just saw fiona hill was the administration's top adviser russia walk in the door. apparently he was approached by her and by kernel vindman to say how concerned they were about that july 25th call about the president and the president of ukraine. so him not showing up today, how significant? >> well, i think what the house wants is to fill in some of these gaps. we know thattizenburg is the one who put the read out into the code word server. why did he do that? based on whose concerns? what did he think about this? what was his justification for putting it in the code word server that it's clearly not classifiable at that level. i think he's important to put color and details into this. obviously we have the main outlines of what happened here because we're talking about them. it's just really a matter of filling in the gaps. he's an important witness. is he critical? can they not proceed without him? i don't thi

manus: did trade wars really hit your demand level this year?rease of demand, month after month. it was plus 1.4 million barrels for the beginning of the year. plus one today. i think we will end at plus $1 million because of less economic growth. the demand on that side is a little weak. beus: where can the floor for these prices? side, we knowis that the opec policy is quite clear. we know opec wants to price above $60 per barrel. by feeling is that the public will react with a price of $60 per barrel. that was total ceo patrick pouyanne speaking with manus cranny. set to disney plus launch tuesday. the big questions, about consumers. this is bloomberg. ♪ caroline: let's get you a quick check on the latest business flash headlines. bloomberg has learned that xerox is willing to give hp four weeks. the cash and stock portfolio was worth about $27 billion for news broke of a potential deal. china's government is confident that they will -- that brazil will choose huawei for a contract, which could jair bolsonaro on a collision course with the un

we started with manu, a state of play.oes this move by the four witnesses who were supposed to be interviewed today, does it effectively stop the behind closed doors portion of this investigation in its tracks? >> it certainly doesn't help. the witnesses, particularly john bolton, democrats have been eyeing for some time, i don't think it was a surprise that these handful of witnesses weren't going to comply with the subpoena, but in the last several weeks house democrats have interviewed a number of people here. the closed door testimony part of this, part of the impeachment inquiry is starting to wind down a little bit and that takes us to the next phase where things do become public. the public will have a chance to hear directly from a lot of these witnesses and have a chance for house democrats to make their case about why -- about the inquiry, why the president has committed high crimes and misdemeanors. it's the timetable is still a concern right now, but i think that this is really going to be a key point for democ