there is a threat from mark carney.n about how big a deal it is for britain to get a deal on financial services because it isa a deal on financial services because it is a large part of the economy but there is a lot of money for the eu and they rely on our financial services industry. we are the european capital of that industry. no deal would have big implications. i think we have been far too defensive and now it looks like we are getting on the front foot and framing the debate. what are the other elements in the brexit events today? how long will the transition period be for a example. we heard from michel barnier, not necessarily saying what theresa may might want to hear. i spoke to somebody senior in the city and they said three yea rs in the city and they said three years we wanted, two years is acceptable. we want certainty, we do not want it to be never—ending. that is the conundrum for the government how they communicate certainty. michel barnier is saying maybe it will be a year and nine months. the way the

mark carney. ernor carney or least listen to governor carney on thursday with the bank of england. we say good morning to all of you today. this is bloomberg surveillance. i'm tom keene. nejra cehic is in london. the frigid united kingdom. -- that we do a data check before we get to our esteemed guest and where opening differently in the 6:00 our. equities. optimism up. crude oil, it left off that hairline crack. the next screen please. dow in a.37 with the place. there is bitcoin down below. i know you couldn't ask governor mark carney anything about this week but we've got the inflation data. the weather might be cold but inflation is hot. sterling barely budging on its own. the 10-year gilt yield with higher after dropped more than seven basis points yesterday. that was on concern about the progress of brexit. you can equities up after struggling to find direction yesterday. we have been talking about brent. -- causing concern and pushing the price of brent higher. tom: thank you so much. it is

mark carney addresses i'm a change -- addresses climate change.field tells us where the company is finding value. >> were contracts are long and credit is good, people are paying high prices. scarlett: this is bloomberg. ♪ cannot live without it. so if you can't live without it... why aren't you using this guy? it makes your wifi awesomely fast. no... still nope. now we're talking! it gets you wifi here, here, and here. it even lets you take a time out. no! no! yes! yes, indeed. amazing speed, coverage and control. all with an xfi gateway. find your awesome, and change the way you wifi. ♪ >> the big issue hanging over the economy for 2018 is nafta. what is the current thinking in the government about whether donald trump is going to withdraw? is thatentral scenario negotiations will continue. a's reassuring that there is method and dialogue going on in this regard. this week, there is a technical round going on. in january, there will be a ministerial round going on. the dialogue continues. good for both parties. fruitfulen a very relationship bet

mark carney addresses climate change.field tells us where the company is finding value. >> where contracts are long and credit is good, people are paying high prices. scarlett: this is bloomberg. ♪ ♪ >> the big issue hanging over the economy for 2018 is nafta. what is the current thinking in the government about whether donald trump is going to withdraw? >> our central scenario is that negotiations will continue. it's reassuring that there is a method and dialogue going on in this regard. this week, there is a technical round going on. in january, there will be a ministerial round going on. the dialogue continues. trade is good for both parties. it has been a very fruitful relationship between mexico and the united states and canada. what i hope is that the minister of the economy will continue to lead these negotiations well. and these will arrive at a reasonable result fraud three of the countries and for north america. scarlet: that was mexico's new finance minister speaking with michael mckee about the ongoing nafta n

a mark carney twitter feed started, who's the governor of the bank of england, and i must admit, forght, my goodness, the governor of the bank of england is going to start tweeting. that was the only time i thought to myself, check yourself, kamal! is that really believable? and i think when you're thinking about fake news, that is probably the first thing to do. is what you're seeing really believable? and as soon as you've checked, is mark carney going to be on twitter anywhere else, everyone was saying, well, of course, the governor of the bank of england couldn't do that. so i think it's thinking about the source of the story, does it look believable, is it being reported anywhere else? and i suppose the responsibility is on us as the bbc to help people navigate this new world of news that they live in. well, let's talk about that, because people might say, why does the bbc feel it needs to do anything about this? we do have the role. the bbc‘s mission is to educate, inform and entertain. and i think, as i say, it's a responsibility on the bbc to look at helping people navigate t

vonnie: if you are mark carney or someone on the board now, what do you do?e are about to embark on the trade negotiation part of brexit talks, and who knows how that is all going to end up or whether that will take longer than the 10 months allotted to it? what do you do as a central bank with that dynamic? andrew: i think the recommendation i have had for some time is we need slow and gradual interest rate rises. as we have seen in the u.s., i would have started some time ago. now they have started, and i think we should have another couple of interest rate rises next year. public,inding the prepare the business and consumer environment for a continued gradual rise in interest rates. after all, we will not get out of these very low interest rates by jacking up rates very quickly. we need a slow and gradual increase, which needs to start .sooner mark: stay right there. vonnie. vonnie: we are going to go to first word news in a moment, but first let's take a look at some of the data. we are off of highs for the day, but we are still higher for the major indic

mark carney or the new guys at the fed? dwyfor: the u.s.in an ok spot right now because they are reacting to a strengthening economy and signs of a pickup in inflation, as tentative as it is in terms of core. the u.k. is in a different position because inflation clearly has exceeded top of the target. carney has to start writing letters to the chancellor. the weakness of sterling could well have further to run. there are complications there in terms of brexit policy. 2018, sterling for us on the g10 basis is one of the currencies that is vulnerable to the downside. if that causes a continuation of price pressures in the u.k., you are left with the bank of england possibly being forced to hike in an environment where the economy is slowing. it is not a great environment. it really is not. this has political consequences because it implies real wages are lower, standards of living fall and that ♪ david: this is bloomberg markets: asians. -- markets: asia. dwyfor evans is still here. china, why did they do it is the question? theor: i guess st

i don't envy who drafts letters for mark carney at the bank of england.er] aramco has agreed to buy australia's westfield for $15.7 billion amid a consolidation of mobile operators worldwide. the offer, which is from the biggest commercial landlord. that is westfield at about an 18% premium as of yesterday's closing price. >> westfield is a premier brand and platforms that we believe fits seamlessly with what we have been doing at aramco, focusing on innovation and differentiation. so absolutely, this is a strategic transaction, creating the first global, premier retail landlord and the best cities in the world. digitalba and western has confirmed the end of this lengthy legal dispute that has threatened to derail the sale of the memory chip business. that was a deal struck with the consortium led by bank capital. this is a light at the end of the tunnel finally. >> it seems to have been western digital playing the long game. the final resolution seems to be a win for western digital, and i say that because basically western digital gets probably what the

i agree with mark carney on that. it is not a currency, so carney on that.warnings. he did agree though, that the technology behind it, blockchain, conceivably could improve the way transactions are conducted between financial institutions. the other thing is, bitcoin has been introduced on two future markets, ble and chicago. which blends a bit more liquidity to it and possibly help these volatile conditions. david, thank you and we will stick around to go through the business papers. bitcoin is up 3.2% this morning. but as david said, losing some ground after reaching $20,000 earlier in the week. has become a new hobby, tracking the price of bitcoin. still to come: do you fancy yourself as a michelin star chef? we'll be speaking to the entrepreneur who's helping amateur chefs make a living from their hobby. you're with business live from bbc news. toys—r—us — the uk's biggest toy retailer — has been struggling and today it's seeking approval for a plan to restructure its business. it'll mean closing some stores and some job losses, but if its plan isn't ag

quite a clever powerplay by mark carney. open to european banks after brexit. but this depends on, you know, the uk, on the eu reciprocating. as i was saying, i think there is a sense of momentum behind what we are doing. i think so far the uk has been far too defensive in the whole spin war and how we have been positioning ourselves for these negotiations. the eu have skin in the game. there are plenty of european businesses finance out of london. they want some certainty. but also countries like japan some certainty. but also countries likejapan and some certainty. but also countries like japan and south korea want to know what is going on. so it is good he has put the onus back on them, saying you have to sort things out. and the eu has other problems at play here like what is going on in catalonia. so pushing it forward, putting the pressure back on them, and ultimately they do want a deal as well, but it won't be easy. there will be consequences if they don't reciprocate. a sinister threat from the governor of the bank

one of the things people have hoped for, written by people have hoped for, written by people like mark carneyis that when we leave the eu we can be outside the banker bonus caps and preserve the city of the's edge. it seems that the eu wants to say you need to maintain equivalents on things like goods, to make sure your material is the same standards but also have equivalents in the rules. it becomes almost impossible to envisage the eu —— the uk agreeing to that. it's stymies the point of leaving. we want to trade with the world and not just leaving. we want to trade with the world and notjust the eu. great front cover of city am. it happens every year. somebody gets likened to scrooge. he is stating the obvious. if the united kingdom wants to have freedom of access, which now trade deal has ever been offered to anybody else with that advantage, we will be to stick by the rules. anybody else with that advantage, we will be to stick by the rulesm anybody else with that advantage, we will be to stick by the rules. it is not obvious at all. nobody else outside the eu have bankers bound by requi

we also bring you an interview with mark carney at 10:30 u.k. time tomorrow, london time. this is bloomberg. ♪ francine: good morning, everyone. this is "bloomberg surveillance" and i'm francine lacqua in paris, alongside mark barton in london. first, let's get straight to the bloomberg first word news. the government of qatar has entered into a contract valued at 5 billion pounds for the supply of 25 aircrafts for the qatari air force. finance is subject to conditions. payment is expected no later than the middle of next year. samsung heavy is replacing the ceo following forecasts of a loss. shares fell last week after the shipbuilder announced a $1.4 billion share sale to reduce debt. they say it is a short-term fix that might not be enough to support the company in the long run with the global shipping industry struggling with overcapacity and falling orders. and the time of chairman is in talks with lenders. a standstill.at he said he convinced lenders to not sell stocks until next year. shares crashed more than 80% last week after steinhoff said it was unable to publis

mark carney to explain rising prices in a letter. yellen's swan song as the fed kicks off a two-day meeting in the busiest week of the year. climbing $55 a barrel for the first time in two years. david: welcome to bloomberg daybreak. i am david westin with alix steel. alix: we are two hours for me cash open here. the s&p closed at a record high yesterday. euro dollar flat, it's a weaker dollar story emerging. there is not a lot of action in the treasury market area the move is in brent. take a look at my chart of the morning. it's a huge move over the last two days of $65 a barrel. david: you are not excited at all. that's it's going on in the markets. there are some things going on outside the market. good morning. emma: the trump administration is opening the door to more oil drilling in atlantic waters. the president awarded the interior department to auction oil and gas rights off the east coast. president obama had ruled out using that territory. police say it would be a suicide bomber who chose to explode a bomb in a subway sta

whether it was janet yellen, mario draghi, or more holly -- mark carney.king at the citigroup economics of price index. it is higher. this line doesn't indicate growth, the -- it's the extent to which data is coming in better than expectations. we are at above 56 well above, the average of the last nine years. this index is a high list -- highest since 2010. plenty of worries about it. mark carney said worries -- economic growth has been softer than expected. the gdp forecast was rate, but not inflation. mario draghi says europe's economy is not strong enough to take it off of qe. yellen says considerable time addressing the flat yield curve and talking about what an inverted curve might mean. joe: it's such a beautiful chart. all the talk about why don't people care about a little reds and white markets never selloff? but look how good things are. the fastest rate in years. the simple answers, isn't it? let's talk about stocks and whether they are in a bubble. everyone can find their data points, you can find and say it's a bubble, find another and say it

there is no pressure on mark carney to raise u.k. interest rates any further for the time being.l that a success what we saw a question market seems the u.k. caved on every -- a most of a single point. thomas: to describe it as a success is to say the can was kicked down the road a bit further. that is what we are going to see progressively over the next couple of years. it is in everyone's interest for this to be pushed out further. in the business interest and the eu's interest and the uk's interest. where going to get this transition which will last a great deal more for -- than two years. anna: we talked about how markets are starting to think about what a labor government could be. i spoke with john mcdonald and was trying to gauge from him the last manifesto, is that is hard to the left as the party would thereo go or will they -- be more and he said there is nothing up my sleeve suggesting the last election but that would be a good thing to look at still. market fear ine the labor government? thomas: if we were to get a jeremyovernment under corbyn and john mcdonald, it wo

coming up, we will bring you an exclusive interview with mark carney.omorrow at 10:30 u.k. time. the british chambers of commerce at a marshall joins us. ♪ anna: this is "bloomberg daybreak: europe." is 3:30tokyo, the time in the afternoon. you can see the dollar against the yen. we are seeing generally a little bit of dollar weakness this morning. little in asia are a lighter than he normally might the. -- might be. lots going on in markets this week to muscle we need to focus on that. it's give you a rundown. , we will get news from the u.s. federal reserve. later, the rupee meters gather in brussels -- the european leaders gather in brussels. will they say enough progress has been made on brexit and we can move on to trade negotiations? manus: how committed are we to that progress? that is a question for markets. speaking of brexit, the secretary there once the trade deal with the e.u. that includes the best parts of the blocks agreement with japan, canada, south korea. along with financial services. that is good news to the city. thed davis told the

philipp: i used to be with a couple others, mark carney.ed to be the youngest in the room. i noticed recently that in the last year or so when i'm standing in the elevator on the way up, new york, offices, i am realizing i am amongst the oldest. so i am beginning to think about that. i can certainly imagine being at blackrock. i think we, we have a tremendous five years ahead of us, in terms of change, challenges, and other than that, i have learned in life, you have to be prepared for surprises, and then react accordingly. but i can certainly imagine being at blackrock talking to you about how things have changed five years from now in asset management. francine: hopefully more than five years. thank you so much. ♪ >> we are in the middle of the asian trading session. markets.o bloomberg .ealing with debt and a dispute they say they will not loans.timate bad the security council meets defiesw and bitcoin gravity. probably a it is bubble. bitcoin in aabout moment and we have some exchanges looking for more because of the demand for ofrythin

philipp: i used to be with a couple others, mark carney.d to be the youngest in the room. i noticed recently that in the last year or so when i'm standing in the elevator on the way up come in new york in our offices, i am realizing i am amongst the oldest. so i am beginning to think about that. i can certainly imagine being at blackrock. i think we, we have a tremendous five years ahead of us, in terms of change, challenges, and other than that, i have learned in life, you have to be prepared for surprises, and then react accordingly. but i can certainly imagine still being at blackrock talking to you about how things have changed five years from now in asset management. francine: hopefully more than in five years. thank you so much. philipp: thank you. ♪ >> we break down the details of the senate hearing. most asset managers say they will absorb costs but does that we get anfirms -- insight into the landmark legislation ahead of next month's launch. ♪ welcome to "bloomberg markets: rules and returns." i am nejra cehic. from our brand-new

the governor of the bank of england mark carney will now have to write a letter to the chancellor toin how the bank intends to bring inflation back to its 2.0% target. our economics correspondent andy verity has the story. at this baker on the outskirts of barnsley, not just the at this baker on the outskirts of barnsley, notjust the bread rolls are on the rise, it is barnes, loaves and mince pies, end up in pubs and restaurants from wetherspoon is to pret to tgi and as far afield as the middle east and asia, ingredients like butter and flour have shot up in the past 18 months, it is doing everything it can to make sure costs are covered. one thing we have done with suppliers, we decided to take a radical approach, pay all the suppliers very early, and demand better terms from them, because we are paying them early, that has helped to mitigate some of the costs. if you are looking to warm yourself up in the cold weather, it is not getting any cheaper, the price of food was up by 4.4% in the year to november. very difficult to make ends meet these days, especially coming up towards ch

philipp: i used to be with a couple others, mark carney. to be the youngest in the room. i noticed recently that in the last year or so when i'm standing in the elevator on the way up come in new york in our offices, i am realizing i am amongst the oldest. so i am beginning to think about that. i can certainly imagine being at blackrock. i think we, we have a tremendous five years ahead of us, in terms of change, challenges, and other than that, i have learned in life, you have to be prepared for surprises, and then react accordingly. but i can certainly imagine still being at blackrock talking to you about how things have changed five years from now in asset management. francine: hopefully more than in five years. thank you so much. philipp: thank you. ♪ scarlet: "etf iqthis is bloomberg -- this is bloomberg "etf iq." ♪ scarlet: we speak with the father of index funds on whether we are helping to inflate a stock market bubble. the etf riding the bitcoin wave to the best performance of all etf's this year and 81% returns. and making investi

a mark carney twitter feed started, who's the governor of the bank of england, and i must admit, foru're thinking about fake news, that is probably the first thing to do. is what you're seeing really believable? and as soon as you've checked, is mark carney going to be on twitter anywhere else, everyone was saying, well, of course, the governor of the bank of england couldn't do that. so i think it's thinking about the source of the story, does it look believable, is it being reported anywhere else? and i suppose the responsibility is on us as the bbc to help people navigate this new world of news that they live in. well, let's talk about that, because people might say, why does the bbc feel it needs to do anything about this? i think we do have a role, if the bbc‘s role, its mission, is to educate, inform and entertain, educate is part of what we do, and i think it's an important part of the conversation. and also i think, samira, for us, we need to listen as well. we need to listen to young people. amol rajan's piece there was very interesting, what people felt about some of the ne

philipp: i used to be with a couple others, mark carney.ed to be the youngest in the room. i noticed recently that in the last year or so when i'm standing in the elevator on the way up come in new york in our offices, i am realizing i am amongst the oldest. so i am beginning to think about that. i can certainly imagine being at blackrock. i think we, we have a tremendous five years ahead of us, in terms of change, challenges, and other than that, i have learned in life, you have to be prepared for surprises, and then react accordingly. but i can certainly imagine still being at blackrock talking to you about how things have changed five years from now in asset management. francine: hopefully more than in five years. thank you so much. philipp: thank you. ♪ >> coming up, the stories that shape the business in around the world. >> leaders in westminster a business close deal. while in washington, challenges given the government open. >> with a lot of work to do. >> the devil is in the details of tax reform is congress had -- heads to congres

philipp: i used to be with a couple others, mark carney.d to be the youngest in the room. i noticed recently that in the last year or so when i'm standing in the elevator on the way up come in new york in our offices, i am realizing i am amongst the oldest. so i am beginning to think about that. i can certainly imagine being at blackrock. i think we, we have a tremendous five years ahead of us, in terms of change, challenges, and other than that, i have learned in life, you have to be prepared for surprises, and then react accordingly. but i can certainly imagine still being at blackrock talking to you about how things have changed five years from now in asset management. francine: hopefully more than in five years. thank you so much. philipp: thank you. ♪ ♪ jonathan: from new york city, i'm jonathan ferro with 30 minutes dedicated to fixed income. this is "bloomberg real yield." ♪ jonathan: coming up, payrolls beat expectations, but wage growth leaves economists disappointed. municipal bond issuance explodes for a record month as investors

hooper, mark carney is going to have to write a letter to the chancellor.expected. bloomberg intelligence is still seeing quite a soft labor market. are you expecting the bank of england to hike any more in the coming year? position fortough the governor to be in. we are in a close call, not expecting a rate hike in the near term, but no question those inflation numbers are troublesome. some aspects are looking a little more temporary. it is going to be an interesting discussion. nejra: how does the governor square the circle of productivity. that is one of the key issues facing the bank of england. >> i think the weakness in the overall economy, low productivity, and unit labor costs moving up feeding into the inflation concerns, but my sense is at this point to growth are enough that they will hold the line. you advising your clients to trade around england? dennis: i am advising them to trade very carefully. we could walk in one day and seemed to have talks that are moving forward, and 24 hours later, the same meeting and's with a lunch that had been a d

bank of england governor mark carney said cryptocurrency could be part of a potential revolution in finance so what do you think the biggest concerns about bitcoin are at the fed well i think the fed should rightly be concerned about anything that's basically gained fifteen hundred percent in short order and surpasses the size of the two look mania sixteen thirty any time any time anything goes parabolic i think that is a central banker you have to have that on your radar screen because it's simply a reflection of a speculative mania. that being said the block chain technology itself i think will indeed revolutionize finance in the years to come the backbone of block chain if you will which is eventually going to be quantum technology really has not been mastered and rolled out yet but i think that scientists and bankers alike have their eyes set on crypto currencies as being a massive part of the future of finance and of transactions as we know it i want to ask you about tax reform now for a second do you think wednesday's decision could have any sort of roll in or impact on the tax cuts a

philipp: i used to be with a couple others, mark carney.e used always be the youngest in the room. i now notice -- i told larry recently about the last year or so when i'm standing in the elevator on the way up here in london, or in new york, our offices, i am beginning to realize i am kind of amongst the oldest. i am beginning to think about that. i can certainly imagine being at blackrock. i think we, we have a tremendous five years ahead of us, in terms of change, challenges, and other than that, you have to -- i have learned in life, you have to be prepared for surprises, and then react accordingly. but i can certainly imagine still being at blackrock talking to you about how things have changed five years from now in asset management. francine: hopefully more than five years. thank you so much. ♪ ♪ david: what would you say are the greatest pleasures you have received? >> thank you. this is good. [laughter] i watch your interview shows. i know how to do some interviews. >> i was really busy. >> i was busy into building this company. >>

does not pose a threat to global financial stability, according to the bank of england governor mark carneyrities has rocketed in value in recent months. those lucky enough to own one will know that it's currently worth nearly 12,000 pounds. but some are warning the bubble is set to burst, as our technology correspondent rory cellan—jones explains. his report contains flashing images. it is either the digital currency which is the future of money or a dangerous bubble built on hype. but the value of bitcoin has soared more than threefold this year. and alessandra sollberger is one of the few people who has made serious money from it. as you can see, in 2012 it was about $9, that was for around 400 bitcoins. and fast forwarding we are at about $18,000. she's sold a lot of her coins to fund her nutrition business but still has a feud. but still has a few. you have a dozen or so, what is that worth? 0ne bitcoin is worth around $18,000, so you do the maths. that kind of story has sparked a gold rush. at this london cafe there is a bitcoin cash machine, you put in £20 notes and a tiny fraction o

bank of england governor mark carney is under pressure to justify policy as inflation accelerated toastest and more than five years. the 3.1% rate is the highest since march 2012. the office for national statistics six says it is being driven by the cost of airfares and computer games and more than 1% above the 2% target. india's inflation rate zoomed past the central-bank target, prompting speculation that interest rates will rise earlier than expected. month,ed to 4.9% last driven by more expensive food and fuel. that is the past his face in 15 months and talk all estimates of those bloomberg survey. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. topped all estimates of those bloomberg surveyed. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. >> let's get back to toshiba and western digital confirming the end of a lengthy legal dispute that have threatened to derail the sale of their flash memory chip business to a consortium led

etc but here in the uk you have got brexit, strong pound, inflation spikes, it's much harderfor mark carneybanks decide what to do and tell us well in advance so actually the way you think about it, the central bank think about it, the central bank think about it, what we used to do in the old days is spent how were they thinking and what they were thinking, what they might do that now they just tell us. so life thinking, what they might do that now theyjust tell us. so life is a lot easier than it was before and we have to price it. maybe that is why volatility, market going up and down is practically an adult i'm low at the moment is the central bank, the most important central bank in the world, the fed, 97% priced in. but they have to deliver! we get the latest inflation figures injust underan hourorso we get the latest inflation figures injust under an hour or so and it will give us an hint as to whether the bank of england have made the right move when the increased interest rates at the beginning of november. yes the markets are always looking for justification november. yes the mark

does not pose a threat to global financial stability, according to the bank of england governor mark carneyies, has rocketed in value in recent months. those lucky enough to own one will know that it's currently worth nearly £12,000. but some are warning the bubble is set to burst, as our technology correspondent rory cellan—jones explains. their wrists and flash photography in this report. it is either the digital currency which is the future of money or a dangerous bubble built on hype. —— there is some flash photography. but the value of bitcoin has soared more than threefold this year. and alessa nd ra more than threefold this year. and alessandra sollberger is one of the few people who has made serious money from it. as you can see, in 2012 it was about $9, that was for around 400 bitcoins. and fast forwarding we are at about $18,000. she's sold a lot of her coins to fund her nutrition business but still has a feud. you have a dozen 01’ still has a feud. you have a dozen orso, still has a feud. you have a dozen or so, what is that worth? 0ne bitcoin is worth around $18,000, so you do t

geoffrey: the bank of england does not factor in -- guy: mark's language has changed in that direction. carney'sanguage has changed in that direction. geoffrey: the question is and what i fear is that you saw the unemployment rate collapse. no inflation. and the savings rate was not going up. into a period of uncertainty in the next 18 months, even if labor markets tighten, does that translate into inflation? i think that is a risk when you look at our wages, and the labor market versus the wage models. guy: is there a rate rise next year? are looking at 1.1% growth. slightly higher than target inflation. especially if sterling stays around these levels. the risk is still to the upside and that is where the shorts could be slightly surprised at well -- as well. guy: geoffrey yu will stay with us and we will bring you an exclusive interview with mark carney, that will happen tomorrow at 10:30 a.m. u.k. time . if you are a bloomberg customer, you can watch the show by using your tv function. you can always get a livestream of geoffrey yu talking. you can get all of the economic data in the bi

the governor of the bank of england mark carney will now have to write a letter to the chancellor toin how the bank intends to bring inflation back to its two per cent target. our economics correspondent andy verity has this report. at this baker on the outskirts of barnsley, it's not just at this baker on the outskirts of barnsley, it's notjust the bread rolls that are on the rise, its buns, loads and mince pies end up in pubs and restaurants and as far afield as the middle east and asia. ingredients like butter and flour have shot up in the past year and a half, so it has had to do everything it can to make sure its costs are covered. one thing we have done with suppliers is to take a radical approach, which is to pay them all very early and demand better terms from them because we are paying them early, and that has helped mitigate some of the cost. if you're looking to warm yourself up in the cold weather, it's not getting any cheaper. the price of food was up by 4.4% in the year to november. hot drinks like coffee and tea were up 5.6%, and drinks like coffee and tea were up 5. 6

bank of england governor mark carney's job a little harder ahead of this week's policy decision.n coming in at 3.1%, the highest level since march 2012. markets are rattled for a second day, an explosion at a guess of in austria -- gas hub in austria. climate change challenge. world leaders are in paris for the one planets on it -- planet summit.

. >> what about mark carney? he said complacency. people who run the institutions are complacent. would you agree that there may be a little bit of complacency in terms of the banking system at the moment? >> i do not think so. we have been looking and looking to see if there are early signs of the difficulties, we have seen none. arger corporations are in difficult situation and our view has been it has not been systemic in the industry, more around the management or structuring of the businesses, as opposed to issues running through a cigna. all banks have been keeping a close watch on early indicators to see if there is anything dramatically changing, we have not seen it. changing,ng that is 259 branches are too close. this is about business migration, me, my mom, my sister not using the branch and about me going digital. closing, the foothills of closure are or their more dramatic steps to come? when yousues are large take away 259 branches out of the network. it is a big move and has come because customer behavior has changed dr

mark carney making moves at the boe. australia is holding rates at 1.5%.h unprecedented monetary policy stimulus as some of the other major development, but at the moment, they are wanting to hold rates low for longer, and indeed investors have brought back their expectations for a rate hike and it is looking like it will be the final quarter of 2018 at the earliest before we .et a hike from the rba if we have a look at this chart, we are heading basically for 13 straight meetings on hold, assuming we get another hold tomorrow when the rba comes out with a decision. that shows we very rarely had pronounceds of long, rates. it shows a conundrum for the rba. the aussie dollar has come back a little bit of late, and that may help things somewhat, that they are still not happy with the way things are going into the wind housing market continues to unfold, they need to keep rates at these very low levels keep the economy ticking over. we are not expecting a huge amount of extra detail in the statement tomorrow, but largely the focus will be around the housing m

heldcb and bank of england tight as mark carney tries to tackle inflation. and the fate of net neutrality -- the fcc voting right now on the obama era internet sections -- protections. will the web continue to be once speed for? -- one all? us with mores with stories halfway through the trading day. >> this uptrend is continuing. the s&p 500 has little changed. we have seen some weakness in telecom stocks that have been holding it back, health care is also on the downside today. -- limitings their gains there and in the s&p. but we could see a closing record for both that and the s&p. of individual stocks we are watching, twitter is seeing an interesting spike today. up 4.5%. there appears to be no concrete news regarding the company, but increasing citing speculation after disney's purchase of the fox assets. pointing toers are a tweet from yesterday from goldman sachs ceo lloyd blankfein. "and they say i don't know jack." some are pointing to that as some sort of deal making, maybe nothing isut confirmed there. it is all speculation. but the stock is up in

heldcb and bank of england tight as mark carney tries to tackle inflation. net neutrality -- the fcc voting right now on the obama era internet sections -- protections. will the web continue to be once speed for? -- one all?

and coming when governor mark carney said the e.u.review a cap on banker bonuses after britain leaves the e.u. governor carney and andrew the limit oncs of bonuses in european law. i asked bailey if the rules should be scrapped post-brexit. andrew: looking at the bonus rule and the bonus cap rule in its own right -- we have criticized it in the past. and i do not think either of us has changed our view. it is not a sensible way to address or mean duration. we put far more emphasis on deferral of human action -- of remuneration, which could be taken away as subsequent events evolve. inhing, i would emphasize the context of brexit, is more important than what particular --e -- the overall fragment framework of rules. that depends on the brexit negotiation, and the future relationship with the e.u.. we have to see all of these rules in the round rather than individually. realistic, given the application for any future determination of u.k. equivalents with the new law? >> you can see a number of ways in which the u.k. relationship would

brexit threatens to overshadow the bank of england as mark carney is seen holding steady aftd first hike in a decade last month. the ecb looks set to stick to its gradual easing path when we hear from mario draghi at 14:30 cet. >>> janet yellen said that soft inflation readings should we begin to strengthen. >> we continue to believe this year's surprising softness in inflation primarily reflects transitory developments that are largely unrelated to broader economic conditions. as a result, we still expect inflation will move up and stabilize around 2% over the next couple of years nonetheless, as i've noted previously, our understanding of the forces driving inflation is not perfect. >> the chief executive for goldman sachs asset management joins us on the show it's not often we introduce our guests with a rhyme. consider yourself lucky. >> i'm not sure i can compete with a nursery rhyme >> let's talk about the fed and your impressions of yesterday going in and going into the meeting market expectations was that they would upgrade the number of dots for next year and announce a faster r

mark: prime minister may talking about mark carney, who spoke earlier. the boe is forcing most banks operating in the u.k. to become subsidiaries because of the brexit talks but he says they are ready to get tougher if progress towards the deal breaks down. we will keep an eye on prime minister make's appearance before the liaison committee. vonnie: breaking news, weekly inventories for oil are out. let's get to julie hyman. julie: i am seeing lateness in terms of these numbers.i am not seeing them come up yet on my screen, do you see them? vonnie: we have a drawdown of almost twice as much as we were expecting. 6.5 million barrels of the drawdown and the survey was for 3.5 million of a drawdown. weeks.y weak the price reaction was not what was expected. dids look at gasoline, we see a build but not as much as expected. julie, the reaction? julie: it is not feeding through to write usually does. indeed, a larger than estimated drop. you would think that would be more bullish, which are higher by .3. we are seeing a leg up but not that dramatic of one. th

governor mark carney said such a move would depend on the eu cooperating with london. >> as we sit here today, there are around 4 trillion of assets here a substantial portion are of european banks operating in london for us to -- we had to take a judgment, do we take a glass half empty approach to the negotiations including at a time when there's prospect of a transition arrangement. including a time of that and say, no, you have to sub subsidiaryize now and then again in the future. that's tremendous cost >>> the european commission threatened to impose sanctions on poland if it fails to review judicial laws. the bench requires the overhaul and itwas sure that poland's voting right in the bloc would be vetoed. >>> mifid ii financial regulations are set to come into effect in days banks and brokerages have been busy hiring compliance executives in a bid to make sure they're ready for the rule change mifid ii is set to eliminate jobs as well and create them many analysts are facing an uncertain future that investors are required to pay for company research caleb hawkins joins me on set

the bank of england governor mark carney has indicated the u.k.l review bank bonuses after britain leaves the eu. he says the u.k. will re-examine a number of roles while aiming to maintain a high level of standards. his comments come as u.k. anti-e.u. negotiators reach a deal -- u.k. and eu negotiators reach a deal. has rallied as much as 20% from the sudden selloff. the digital currency plunged after hitting an all-time high of 11,000. it's powered by intermittent outages. and fed chair nominee jerome powell told lawmakers he is concerned about bitcoin affecting the central bank's ability to manage the economy. he said the federal reserve must monitor the cryptocurrency and its underlying. technology. >> it has gone up a lot in the but from ourso, standpoint cryptocurrencies are something we monitor very carefully. block chain may have significant applications in the wholesale payments part of the economy. sebastian: and banks in the eu will have to provide customer data to fintech. the european commission issued a technical standards that set o