tell us what narendra modi had to say in his speech. absolutely. there was utter chaos everywhere. the prime minister did acknowledge that and said he is painful to the citizens who showed patients by standing in the line. but what eve ryo ne standing in the line. but what everyone was looking for was did all of that hardship really lead to anything? was there a big number achieved do this exercise? the prime minister failed achieved do this exercise? the prime ministerfailed to achieved do this exercise? the prime minister failed to provide any details about those kind of numbers. he did not tell us how much black money was seized on what kind of, to this exercise, what did they achieve? those numbers were not in the speech. but he did give out a lot of handouts, especially to farmers who were really hard hit by this whole exercise. the farmers sector was very badly. there is a crucial agricultural season coming up crucial agricultural season coming up and farmers could not afford new seeds of fertiliser, said there were handouts for them and for

mr trump has invited the indian prime minister narendra modi to visit the white house later this yearsday but what else did they discussed? let's find out from our colleague in delhi on how indians are reacting to the new us president. schleper, thank you so much forjoining us. so what do they talk about? -- shilpa. it was a highly anticipated call, at least in the indian media here, because eve ryo ne the indian media here, because everyone wondered what mr trump was going to talk about and apparently he called mr modi a true friend and india a true friend and a partner in facing challenges around the world and he personally praised mr modi for championing the fight against bureaucracy in india and promoting the economy but they also resolved to look at challenges in various parts, like the fence and trade and they discussed security in the region, both south and central asia. so it was a highly anticipated call here so the media here is covering it non—stop. here so the media here is covering it non-stop. what are the concerns of indians regarding the new us president? this is the t

we will look at what this means for prime minister modi and his anticorruption drive. saidrendra modi has banning the high denomination notes of 1000 and 500 rupees was to crack down on black money, unaccounted money, counterfeit currency in circulation as well, but you have seen a lot more money being deposited in banks than the bank initially thought, which means there is less of this dodgy money hanging around in the system. thanks received 14.9 7 trillion rupees of old notes, $220 billion, by december 30. oft is 97%, $23 billion bills. the government said 15.4 trillion rupees taken out of circulation by the ban. they estimated 5 trillion would be left undeclared, possibly money that it illegally escape the tax net, so a bit of a blow to prime minister narendra modi and his crackdown on black money. dataad: we have economic suggesting this is beginning to take its toll on the economy. runs onan economy that cash, and if you don't have cash, you end up with a cash crunch, and that is not good. haidi: that is what we have seen, i cash crunch. consumption has been hit

with india still reeling from the government's demonetisation drive, prime minister narendra modi hasns for a new india. and slowing the flow, as cuts take effect in production, we ask if it will take oil prices out of the year—long slump. good morning, and happy new year. welcome to asia business report live from singapore. in a new year is addressed to the nation the indian prime minister narendra modi announced measures to help those ha rd est announced measures to help those hardest hit by the cash ban he imposed a month ago. it is his first televised address since he announced the controversial decision. the move caused panic across india and many atms and banks are still short of new cash. more than 50 days after the government withdrew 86% of currency notes in circulation, india is still reeling under the impact of that decision. new notes had been introduced but the pace at which they are coming to the system is low and the shortage is affecting the informal sector which generates 80% of employment in india. and sojob losses have been mounting, farmers have been finding it dif

where does prime minister modi stands now in his anticorruption drive?r: let's take a look at the numbers. india has something like four 2.9 7 trillion rupees -- 14.9 trillion rupees. that is about $20 billion worth. that is 97%. 15.4 trillion rupees were taken out of circulation. the government has estimated that about 5 trillion would remain undeclared. that means that is black money or money that has illegally escaped. what they're looking at is that most of the money, what's the government thought was maybe black money, has been returned. certainly a lot less black my floating around. that is what the figures are implying. gets modi's credentials in the way of the person to drive that anticorruption issue, and also to get more tax credit in. it was issued on november 9. we still have some money coming in that could still be floating around. we also know that there are still some provisions for those were living outside of india and abroad. untilners and india have june or 30th to deposit notes. indians overseas have until march 31. indians living ove

a longtime advocate of use toldng cash bloomberg that modi got the timing all wrong. curse of cash" about large denomination notes. but they don't have large denomination notes in india. i talk about doing it over five or seven years. he did it overnight. and then, most strikingly, the idea is to exchange the old bills for new, smaller ones. he had not printed the new bills. so, he got rid of the old cash without replacing it with the new cash. here, and manyw other countries are thinking , it is not australia india, but australia is also not sweeten, is it? australia is absolutely thinking about getting rid of 100's. they're not going to do it overnight. they are very sensibly appointing a commission. there are ways to restrict cash. europeans restrict transactions. the uniteddoes states stand? we have a new president coming in. i have no idea if donald trump has read "the curse of cash." brieflyd, how would you new president? >> a think he would like -- i think he would like the idea of cutting back on crime, being able to raise rates on people who were not paying.

do we as of now know the impact of prime minister modi's cash ban on the economy?ming in at seven point 1%, less than 7.7% earlier forecast, but this does not capture the effect of the de-monetization drive. announcedster modi the withdrawal of 500 and 1000 from the system, 80% of cash as been with the drawn, and we are still trying to figure out what this means for the economy. there have been reports of job losses and businesses affected, not to mention the inconvenience to the common man, but it is yet to be certain what this means for the broader economy. the second one, prime minister modi, the intention was to squeeze out black money or unaccounted wealth and remove counterfeit notes. yet ass no official data to whether these objectives have been met so far. are expecting that $3 billion budget being announced in india, how does that affect the budget announcement in february? >> for the first time, you will have the budget presented on the first of february. traditionally it has been on the last day of february. the reason for the advancement was to close of

he also spoke with prime minister modi yesterday. unfortunately was not able to give you a readout, but during the call, the president emphasized the united states continues to consider india as a true friend and partner in addressing challenges around the world. the two discussed opportunities to strengthen the partnership between the united states and india and broad areas like the economy and defense. they also discussed security in the region of south and central asia. ndesident trump and primus arn prime minister modi said they should stand shoulder to shoulder in the fight against terror. today the president focused on fulfilling one of his most significant campaign promises to the american people by making america safe again, but taking steps to secure our borders and improve immigration enforcement inside the united states. intends tont an sign two executive orders after observing the swearing in of secretary of homeland security. the first order is the border security and immigration enforcement improvement. it addresses lon

and with india still reeling from the decision to scrap the country's most widely used notes, modi announceslans to help those struggling with the move. but first, turkish police are hunting for the gunman who opened fire on revellers celebrating the new year at a nightclub in istanbul. the funerals have been held for some of the thirty—nine people killed. turkish media reported that several of the dead were from arab countries. mark lowen reports from istanbul. the mood was of celebration. one of istanbul's top nightclubs, reina, counting down to 2017. five, four, three, two... they expected a night ofjoy, a fresh start — not this. less than two hours into the new year, a gunman opened fire outside, bullets ricocheting as he shot a policeman and a civilian. another camera showed people cowering as the attacker struck before he stormed the club. inside, his killing spree continued — turks and foreigners murdered, others jumping into the freezing bosphorus to escape. dozens more were injured, some critically. the gunman is still at large. witnesses spoke of the horror. translation: i had my b

on tuesday he called the indian prime minister, narendra modi, after an election campaign in which hes hindus. rickin majithia, from the bbc asian network, reports. we love the hindus. we love india. he may have come under criticism for his statements on minorities living in the united states but there is one group of americans donald trump has cosied up to. back in october, donald trump addressed the republican hindu coalition. the man who invited him there and donated nearly $1 million to his campaign was shalli kumar. he is gonig to introduce a government or a running government that is by the people, for the people, of the people and not some special interest groups which benefit only certain groups. despite being an immigrant to the united states himself, mr kumar is comfortable with the president's plan to build a wall on the mexican border. he also welcomes plans to make it harder for people from several muslim—majority countries to come to the united states. if you need to profile, you need to profile. i mean, you know, how does israel protect its airlines? they profile the cu

on tuesday he called the indian prime minister, narendra modi.ich he strived to garner support from america's hindu community. rickin majithia, from the bbc asian network, reports. we love the hindus. we love india. he may have come under criticism for his state is on minorities in america but there is one group he looks after. he addressed the republican hindu coalition. they donated nearly $1 million to his campaign. he's to introduce government that is by the people, for the people, of the people and not some special interest groups which benefit only certain groups. despite being an immigrant to the us, he is comfortable with the president's plan to build a wall on the mexican border and his plans to make it harder for muslim the mexican border and his plans to make it harderfor muslim countries to have the people migrate here. they profile customers coming in. security is very essential in the world we are living in. the republican into coalition does not speakfor all republican into coalition does not speak for all american indians. the com

the president also spoke with prime minister modi of india yesterday. unfortunately, i wasn't able to give you a read-out during the briefing. during the call, the president emphasized the united states continues to consider india a true friend and partner in addressing challenges around the world. in a broad area such as the economy and defense. they also discuss security in the region of south and central asia. president trump and prime minister modi resolved that the united states and india should stand shoulder to shoulder in the global fight against terrorism, and president trump looks forward to hosting prime minister modi in the united states later this year. today the president is focused on fulfilling one of his most significant campaign promises to the american people by making america safe again. by taking steps to secure our borders and improve immigration enforcement inside the united states. the president intends to sign two executive orders after observing the swearing in of secretary of security -- secretary of homeland security kelly. t

the president also spoke with my minister modi of india yestery, unfortunately not able to give you a readout during the briefing so let me know that during the call, the president emphasized the united states continues to consider india a true friend and partner in addressing challenges around the world. they discussed opportunities to strengthen the partnership between the united states and india and in a broad area with the economy and defense. they also discussed security in the region of south and central asia. president trump empi minister modi was of the united states and india should stand shoulder to shoulder in the global fight against terrorism and president trump looks forward to hosting prime minister modi in the united states later this year. today the present work on fulfilling one of his most significant campaign promises to the american people by making america safe again by taking steps to secure our borders and improve immigration enforcement inside the united states. the president intends to sign to executive orders after observing the swearing in of secretary of h

the president also spoke with prime minister modi of india yesterday. unfortunately i wasn't able to give you a readout during the briefing so let me just let you know during the call the president emphasized the united states continues to consider india a true friend and partner in addressing challenges around the world, the two discussed opportunities to strengthen the partnership between the united states and india, in a broad area such as the economy and defense, they also discussed security in the region of south and central asia, president trump and prime minister modi resolved the united states and india should stand shoulder to shoulder in the global fight against terrorism and president trump looks forward to hosting prime minister modi and the united states later ts year. today the president's focused on fulfilling one o his most significant campaign promises to the american people by making america safe again by taking steps to secure our borders and improve immigration enforcement inside the united states. the president intends to sign two e

modi's anticorruption drive. >> a little bit disappointing.ghlightrishaad: the black hole in the economy? notesning the 1500 rupee will help with corruption, tax evasion, unaccounted money, but it adds to the bigger black coal. -- hole. actuallye money has been deposited in banks. banks received about 14.7 trillion of the notes as of the 30th of december. the estimate a lot more will actually be lost in the black hole. mohamad: what about the latest services of tmi numbers? what about the quest and india's economy? the latest services pmi shows the sector, what hasn't been moving, it has contracted for the second month. it was 14.68, barely moving from november 6.7. this affected a number of that part of the economy. we got manufacturing data earlier that showed it shrunk for the first time in a year. altogether, not great for the indian economy. rishaad: thanks for that. that is it for this edition of bloomberg markets middle east. mohamad: for much more, this is bloomberg. ♪ 1:00 p.m. in hong kong. i'm rishaad salamat with an update. china's

i'm wilfred frost along with seema mody.ood morning to you. >> good morning to you. happy to be here. >> let's get to the global market action. 2017 has started on a positive note. last week was a little bit lackluster, 2016 fizzling out. we saw about 1% of declines for the week as a whole. big gains, though, for the year as a whole. the dow ending up 13.4%. the s&p 9.5%, the nasdaq 7%. so seven positive years in a row for the dow. let's look back at today's futures market. they are called higher today. we have a general risk-on trade. u.s. futures expected to open very prominently higher. the dow called higher by almost 150 points. ten-year treasury note for you as well, quick look at that, had is at 2.496% this morning. not too much movement in bond markets today. more in currencies and equities. still below the 2.5% level. >> global economic data this morning, a private china manufacturing survey rising more than expected showing a pick up in factory orders. this follows the official pmi figures over the weekend which sli

i'm wilfred frost along with seema mody this morning in for sara today.ood morning. >> good morning. >> let's check in on the global markets. futures after a day which continued the very recent trend of the nasdaq leading the pack of these three main indices. yesterday the nasdaq gained around about 0.3, 0.4%. s&p was flat, the dow declined fractionally. today all three expected to post gains if the futures are anything to go by. not big gains. dow higher by 36 points, s&p by 1. nasdaq by 5.5 points. ten-year treasury note continued the trend in terms of yields being lower than where they have been. 2.387 the yield on the ten-year. we were at 2.42 at close on friday. >> asian equities in focus today. mildly higher today as we look at what bank of japan governor kuroda has been saying. he and shinzo abe met today to discuss the economy. they did not have detailed talks about president-elect trump, but he told abe he felt the u.s. economy is growing steadily. kuroda said he received no request from the prime minister on economic policy. >>> let's get to uk

let's look at india, we have covered this extensively since the surprise announcement from narendra modihe would withdraw the rupee notes in circulation in india, affecting economic growth. was it a necessary change that was perhaps implemented romilly and we will see india bounced back, what is your take on that? i was there the evening it was announced. it was announced on tv. yes, i couldn't believe it, they had two hours to change the 500 rupee notes, which were worth about £7, all the money i had in india at the time, and it came at an unfortunate time, and it came at an unfortunate time because i was out with the uk department of international trade on the british prime minister's visit, so we are the british prime minister's visit, so we are looking to export to india and now it looks like it might have hindered indian growth and the engine of growth for a lot of the region and the rest of the world looks to countries like india and china to keep growth growing. this demonetisation from the pockets of people is going to hit growth. of course it is. of course it will bounce back. i

modi's actions in india. technical execution in india of what you talked about with "the curse of cash." ken: i talked about getting rid of large denominations, corruption. but they do not have large denomination notes in india. i talk about doing it over a long period. he did it overnight. most strikingly, the idea is to exchange the old bills for new stronger ones. he had them printed, the new bills. tom: many other countries are thinking about this. australia is not india, but australia is also not sweden, is it? ken: australia is absolutely thinking about getting rid of their hundreds. they are not planning on doing it overnight. they are very sensibly updating a commission to look at the economy. there are different ways to approach restricting cash. the us trillions will look at all these things. tom: we have a new president coming in. i have no idea if donald trump has read "the curse of cash." if he did, how would you brief the new president? ken: i would think you would like the idea of cutting back

let's get to seema mody back at hq. good morning. >> hi, mike.ocks are trading in a tight range following the release of the u.s. jobs report, but they're still poised to finish the week in the green. let's look at the rebound in european banks, playing a critical role in this resurgence that we've seen in european equities over the week. the sector now back to its levels of the year ago, up more than 22% over the past three months. of course, a sharp contrast to what we saw last year when negative interest rates and bad debt resulted in a sharp decline in many of the big financials in europe. take a look at currencies. the euro on track to post a weekly gain against the u.s. dollar. strategists surveyed by reuters say there's a 50% chance the euro will reach or fall below parity with the greenback this year, this on expectations that president-elect donald trump's planned tax cuts will force interest rates higher. the euro trading at 1.05 against the u.s. dollar. now, the weaker currency is one of the reasons ubs is slapping lufthansa with a acc

. >>> let's the european close from seema mody back at hq. >> hi, carl.t european markets are in the red to kick off the week, but the trade in the london stock market, the ftse 100 continues to be the focus this monday morning. the index on track to extend its winning streak to ten and post a new record closing high, this as the uk pound falls on those comments made by the prime minister of the uk, theresa may, in an interview over the weekend. she signaled that the uk would pursue a hard brexit from the eu, dismissing the idea that the country could keep bits of its membership. now, when asked today if her comments had been misinterpreted, the prime minister said she's trying to get the best possible deal for the uk in terms of trading and operating within the single eu market, but the pound continues to weaken here. uk exporters that rely on the currency, such as b.a.t., unilever, diageo, burr numbberr. and european banks. look at bianco popular moving lower after ubs downgraded the spanish bank from neutral to sell. you can see bank of popular down ab

modi: moody dema -- demonetization.ow hard will last year's cash been hit to the growth -- cash ban hit the growth? this is bloomberg. ♪ anna: welcome back. not daybreak in hong kong. it is 2:20 p.m. in the afternoon in hong kong. the equity market is up a little bit. the patient -- the picture for msci asia. let us get a bloomberg business flash. has fallen inta tokyo trading after becoming the latest company to be criticized wide donald trump. he threatens to impose penalties at the company plans to build their corollas add a new factory in mexico. build it inay -- the u.s. or pay a border tax. bloomberg that he accepts donald trump's point of view. >> i can tell you that we will not make any move before understanding exactly what is going to be the new policy of the american administration. this is the second largest market in the world for the car markets. you want the president of the united states to be heard. juliette: donald trump remains opposed to the merger between at&t and time warner. he believes it would c

some analysts think that more modi's done to boost flagship "make in india" policy, which began in 2014 to grow.e we have to grow in the manufacturing sector. i'm not saying we neglect agriculture. we should support agriculture. but the core of our development fewtegy over the next years, manufacturing and jobs. reporter: new government guidelines, which enable more foreign direct investment may be bearing fruit. week, they announced they will return manufacturing to two-decader a absence. meanwhile, apple has been in government about expanding its operations in the south asian country. most profitable company wants to open a network of flapship stores and manufacture iphones there. with or without apple, this analyst is calling for more between different stakeholders. >> clusters that you see in countries, which are the clusters of innovation, universities, labor markets, government, all working together in a cluster, which helps you innovation. that has been absent in india. reporter: apple hopes for india import rules and other tariffs. on company hopes to expand its 2% share of indi

we begin here with seema modi with an earnings alert. seema?agate technologies stock is moving higher after hours. earnings and revenue beating expectations. 1.38 versus a consensus of 1.08. revenue topping. $2.89 billion. the ceo saying near record results in growth margin, cash flow and profitability. the stock has gained 34% over the past few months. the stock building on the gains by 4% and switch over to cree. q3 earnings well above expectations. you can see shares also higher by 4.5%. lastly, capital one in focus, the credit card issuer posting tloorts it missed. earnings 1.45. that is well below 15 cents. revenue, $6.57 billion. the expenses increased 9% in the fourth quarter. shares down about 1%, kelly. >> all right. thank you, seema. >>> president trump meantime promised to deliver 4% economic growth but it's been 11 years since we've seen 3. steve liesman has what it will take to get gdp to crack 3%. >> more than a decade. president trump says his plan will get us to 4. economists say he'll be lucky to get to 3 from the current avera

the prime minister, narendra modi, has also given his approval, bypassing a supreme court ban. in tamil nadu, with angry protesters insisting that the ban imposed in 2014 disrespected tamil culture and should be overturned. a reminder of our top story: the white house has accused some parts of the media of engaging in what it called false reporting of mr trump's inauguration as president. the white house spokesman sean spicer said the number of people who had gathered was the largest crowd to witness an inauguration, and that the media was sowing division about tweeds and false —— tweets and pulls narratives. —— false. well, the temperatures throughout the night have been drop, drop, dropping. down to minus seven degrees in a couple of areas and scenes like this for some of us on sunday morning. fog around, but the real fog problems will not arrive until monday and tuesday. there could be major fog around. we will speak about that in a second. in the short term, it is frosty across much of england. now, remember these are the city centre temperatures. in rural areas it will be

stay with us, we will be looking at indian prime minister narendra modi's plans to help small and ruralt of a wet new year's day, but that wet weather was courtesy of a cold front. the cold front has cleared through, introducing much chillier air, but much clearer, sunnier conditions as well for many of us today. a bright, crisp, but distinctly chilly start to your monday. some ice around after yesterday's rain, so watch out for that. could be quite slippery, particularly across the north and east, where we have some wintry showers, in actualfact. so it is not dry everywhere, but for the majority there will be blue skies as you step out first thing in the morning. this is 9:00am. a lovely start to the day, if you wear a few layers, that is, across most of wales and northern ireland. some of those wintry showers still peppering some northern areas of the province. the snow settling on the highest ground of northern ireland, and down to quite low levels, actually, across the north of scotland. so yes, it could be an icy start here, but for the central belt southwards, we should be largely

stay with us, we will be looking at indian prime minister narendra modi's plans to help small and ruralrrassing end to 2016 for mariah carey, who had a massive technical meltdown during her performance at the new year's eve party in new york. we can't hear, but i willjust get through, ok? as her hit song emotion started, the singer told the audience she couldn't hear, and looked as if she was struggling with her earpiece. she also appeared to be lip—syncing at points throughout the performance, which was being watched by thousands in times square and millions on tv. the singer later told fans and critics that life does not always go as planned. hello. well, many of us had a bit of a wet new year's day, but that wet weather was due to a cold front. the cold front has cleared through, introducing much chillier ever much clearer, sunny conditions as well for many of us today. a distinctly chilly start to the date. some ice around after yesterday's rain, so watch out for that, could be quite slippery especially across the north and east, where we have some wintry showers, in actualfact. so

post— brexit future dealing with donald trump's america all with xi jinping's china or with narendra modi'sr nation's interest, where do you think you leverage is and how much has britain got? stephen, he goes again, classic bbc, doing down britain. laughter. iam simply laughter. i am simply asking the question. sixth biggest military in the world, the common language of business, the birthplace of shakespeare, newton, we've got huge things going for us. the network of commonwealth links we've got. and you are right that we have to go into these negotiations whether with china, brazil, america, doing what normal countries do, to look after the british national interest but often it will be looking for a win—win. interest but often it will be looking for a win-win. sorry but i asked how much leverage britain has and your answer included shakespeare. i mean, is it... you are asking about britain as a nation andi are asking about britain as a nation and i wanted to show why we are not down on our luck as you imply and we have huge economic power, military high power and soft power and that is

modi gets along well with trump.k: ben kumar, investment manager at seven investment management. vonnie: thank you. nintendo announces details of its new game console called "switch." we look at how it works and why it could be off to a wobbly start. this is bloomberg. ♪ mark: live from london, i am mark barton just about eight minutes from the european close. vonnie: and i am vonnie quinn from bloomberg's new york headquarters. time for the latest bloomberg business flash. earnings are out from three of the largest banks in the u.s. the biggest take by assets, jpmorgan, posted profits that the estimates. on trading revenue was more than expected. bank of america is earnings missed estimates. a 12% increase in bond trading fell short of predictions. wells fargo's profits fell more than 5% because of a decline in its mortgage business. the bank lost its status as the most valuable lender after a scandal in its retail unit. the main hedge fund for bremen had some -- withding to a person knowledge of the matter. investo

prime minister modi's cash crackdown has dampened growth and inflation. president steps into the spotlight at davos when he addresses the world economic forum. of appearance comes ahead donald trump's inauguration. to shun theid conference because of the trade his populist movement. will bringelevision you speccoverage othe annual world economic forum in davos, including a panel on the future of finance. that is coming up at 3:30 p.m. this afternoon hong kong time. on wednesday, a discussion on the crisis of the middle class, francine lacqua hosts christine lagarde and others. andill bring you those live in full on bloomberg television and on radio. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. yvonne: thank you. theresa may set to announce the u.k. will pull out of the eu single market when she sets out her brexit plans on tuesday. she will say she has no interest in a half in, half out approach. we hear hard brexit, clean brexit, but we are focusing on what it all means. soph

the crown prince is on a three-day visit, including talks with prime minister modi.nt to deepen ties, working on transport, agriculture, trade. indians are the largest expat worker groups in the emirates. qantas ceo says the push into china will continue enjoying the field by chinese tourists. benefitshere are big from the open skies deal between the two nations. gingerly in how we remold the international business and making sure we don't overcook it. that is what we have been doing. this will be an exciting year. we don't only have beijing started. withe taking dreamliners the first expansion link between australia and europe. qantas international is doing a lot of growth as its cost basis prices, its profitability is right. >> how specifically will you compete with the chinese airlines like air china? how will you take them on? >> we have a great partnership with china. they are working with us. we wouldn't have gotten a slot in beijing. they are willing participants. we are one of the top airline brands in the world. we are seen as trustworthy, the safest airline

prime minister modi's cash band wreaking have fake on the seeking capping spending from cash band gainsending no restrictions on cash supply. the finance ministry's say they will recommend no restrictions on cash supply. that is coming out after the cash ban last year. the finance ministry saying they are seeing second half fiscal year 2017 gdp understating the cash impact come the latest out of india's finance ministry. a leaf kuwait has taken out of saudi arabia is playbook, steering its economy away from that heavy reliance on oil. kuwait announced a budget for the 2018 fiscal year which starts in april. we saw a lot of euphoria in the stock market, one of the best-performing in the world. what are the most important elements and what could be driving additional momentum and a lot of these stocks? >> yesterday, the plan was , what kuwait once to do to build its economy, diversify away from oil, and try in many ways to create jobs for the young people. hey announced a budget which looks like an expansionist budget next year, so spending more on capital projects, and at the same time,

to put this into context, prime minister modi announced the withdrawal of 500 and 1000 rupee notes, 86%n circulation out of the system. the stated objective was to squeeze out fake currency, counterfeit notes, out of the the system to make more accountable and pull out black money. we do not know what the impact will be, but has resulted whether measures have been successful or not. ande have been job losses has impacted the economy, not to , soion the inconvenience long story short, the impact of the move has yet to be seen. been looking at the latest notes from goldman sachs. they are seeing a recovery for some of the nontraditional bri c's plays. chart.put this up on a you can follow right here. your topline figure is your line , and the blueiyal line is the ruble. in purple,r rupee and the chinese yuan in white. how does all of this affect india's budget announcement in february? announcement has multiple challenges. for the first time ever, the government will be announcing the budget on the first of february, going against tradition of the last day of february. the second aspect a

and the concern is that prime minister mody's drive to ban the 500,000 rupy notes at the end of lastput a dent in consumer demand and had a knock on effect of corporate earnings. but we're seeing corporate earnings season getting underway back to you. >> thank you, very much. >>> now shares in lufthansa have been flying even higher as the company's trading out look disappoints. the stock hitting a two month low and unit revenue will fall. good body stock brokers called the out look under-whelming and others saying earnings growth remain as challenge. >> and they were concerned that yields will remain depressed in 2017. and the u.k. government has further reduced its share in the bank. >>> david richie is stepping down just days after a profit warning. he missed its completion target. financial director will run the business until a replacement is found. >>> shares are languishing at the bottom of the stock 600 after the german dialysis provider received a subpoena from prosecutors investigating the ties to the american kidney fund which helps patients pay for kidney dialysis. and hit

hoursws came out three before it was announced live prime minister modi, however, the bank declined to offer more information for national security reasons. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. rishaad: thanks. donald trump confronting two of biggest political challenges. he says he won't divest from his company, but also answered unsubstantial claims that russia has information about him. >> something like that should never have been written. it should never have been had. it should certainly never have been released. beenad: ramy inocencio has following this what was the biggest take away? ramy: the things that raised eyebrows was donald trump finally admitted that russia could indeed be behind the hacking of the democratic party committees emails as well as the intent to her democrat hillary clinton during the u.s. election. that was the only thing donald trump conceded. he decided to go on the offense with one of his favorite targets, people like you and me, people in the news industry, and he d

reporter: what kind of commitment to you discern from prime minister modi to the initiatives you describeu find a way to make money digital, it is easier to track, and you won't run into this problem of undeclared earnings and the gains from before. arundhati: it is not only that one piece. if you go back to 2011, in india they said 94% of small businesses were funded by unofficial channels. meaning 94% of businesses were not really rooting their transactions through the banks, doing everything in cash. that made it difficult for them to access the banking system for funds. once these businesses start transacting in the bank, it will make it easier for them to take loans from the bank. it will make it easier for them to escape. so it is a advantage not only to people escaping the net but also who will also get included, financial inclusion we talked about. happen will actually when people can leverage their savings. yousef: that was erik schatzker's interview. amazon is said to walk away from $1 billion takeover in dubai. we will give you more on that story and what is behind it. ♪ ♪ yous

prime minister modi's cash tockdown may lead to's stennis measures and next month's budget.ietnam to allow greater ownership in banks. --an exclusive mentor view interview with the prime minister, he said the new team will be introduced this year, indicating the government may sell out completely from its more troubled lenders. he is expecting even higher growth beyond this year. the economic growth of 6.7% for this year, and then and even higher growth rate for years to be able tot we will achieve an average growth rate of 7% for five years. of course we see some sentiment and tendencies of protectionism around the world, however, that is not the major trend. i believe the main the trend and tendency is still economic integration. investigations under way into the crash of a 747 cargo plane which killed 37 people. operated by istanbul based company flying from hong kong and was attempting to land. the cause of the crash is not yet known. the company has had its aircraft in its fleet since december 2015. global news 24 hours a day powered by more than 2600 journalists and an

paces in the world, but employment growth slowed to a six-year low, putting pressure on prime minister modilfill his election promise to create jobs. onwill also see how the ban high denomination notes has affected those plans. wednesday, china reveals its first economic data with january pmi numbers. estimates are 51 .2, showing expansion, but a slight tick down from december. chinese stock markets remain closed for the lunar new year holiday. we will see how apple performed over the holiday season, traditionally its busiest quarter. it will be its first earnings report after the launch of the iphone 7, and early indications are that company will show a return to growth. tois facebook's return report fourth-quarter earnings on thursday, and the company has repeatedly hinted at a growth slowdown. see ifs will watch to instagram is helping to fuel sales growth. all right, we will return to the ulf off ton, gol a weak start as earnings -- bit earnings have been a mixed, but we have seen the dollar weakened slightly from its quite an strength towards the end of last year. if you look at this c

. >>> to seema mody. >> energy moving lower. blackstone is reportedly no longer in talks to buy a $5 billion stake in energy transfer partners. that according to bloomberg. this also follows that failed agreement between williams company and energy transfer partners. we are, again, looking at shares of energy transfer partners down about 2%. blackstone also lower on the day. kelly? >> seema, thank you. got about 45 minutes, little more to go into the close here. looking at the dow dropping 56 points today to hang on to about 19,900. that's a different level than we were just talking about on friday. the dollar is lower by a quarter of a point today. the s&p is lower by a quarter of a percent. the russell small caps are headed lower again. they're down more than half a percent. the nasdaq bucking the trend in record territory. >> you wonder what the catalyst will be to push us over dow 20,000. >> catalysts can come in lots of different types. >> probably black swan of some kind. >>> we have some of the biggest names in corporate

the president also spoke with prime minister mody of india yesterday. i wasn't able to give you a readout during the briefing. during the call the president emphasized the united states continues to consider india a true friend and partner, addressing challenges around the world. the two discussed opportunities to strengthen the partnership between the united states and india and in a broad area, such as the economy and defense. they also discussed security in the region of south and central asia. they resolved the united states and india should stand shoulder to shoulder in the global fight against terrorism and pr president trump looks forward to hosting president mody in the united states later this year. today, the president is focused on fulfilling one of his most significant campaign promises to the american people, by mb making america safe again, by taking steps to secure our borders and improve immigration enforcement inside the united states. the president intends to sign two executive orders after observing the swearing in of secretary of hom

mody did that overnight and they had not printed the new cash to replace the old cash.at was pretty paralyzing. i don't think it's an ideal policy for developing economies in general. i don't know that this is something that will move overnight. but the problems with us and i suspect there will be more development in 2017. >> as bitcoin scales $1,000. ken, thank you. the book is "the curse of cash." a good one for the new year. ken rogoff, thank you for joining us and being a loyal voice on "worldwide exchange." >> . >> i like the big notes. not often you get your hands on them. particularly the british 50 pound note. red in color. >> they're pretty. time for top trending stories. mark zuckerberg revealing his resolution for 2017. turns out the facebook founder makes it his personal challenge of the year to visit and meet people in every u.s. state. zuckerberg writes after a tumultuous year my hope for this challenge is to get out and talk to mr. people about how they're living, working and thinking about the future. >> i'm with him on this. i don't expect to hit that m

india's head of state to visit the united states, discussing the fight of terror with the prime minister modiy phone. he also convened a bipartisan senate leadership and heads-up the judiciary committee to discuss the supreme court vacancy. >>> in his second daily briefing, sean spicer stood by a widely debunked claim that millions of voters illegally participated in the election that got his boss donald trump elected president. the night before the president claim in a closed door meeting with congressional leaders that between 3 and 5 million illegals vote in the 2016 cycling. >> the national association of secretaries of state say they don't agree with the president's assessment. what evidence do you have? >> as i said, i think the president has believed that for a while based on studies and information he has. >> the white house formally asked for a probe into this election -- >> i think he won very handedly with 306 electoral votes, 33 states. he's very comfortable with his win. >> can you clarify if they are illegal ballots or illegal immigrants? >> there's a study that came out to show

seema mody at the new york stock exchange. to the markets we go and the record rally rolling on for the dow. at least the dow, the nasdaq and the s&p 500. shall we look at them? why not? you want to? i guess not. dom chu is at the nyse with what is driving. there it is right there. you got it. >> there it is. >> industrials are higher but nasdaq a little bit lower. so snpt. basically flat on those as well. now to dom chu. hi, dom. >> tyler, this is what we got here. overall i'm in a kind of interesting sweet spot because we got a number of stocks trading all around me that are the focus of a lot of traders today, especially when it comes to dow 20,000. behind me a gts, chevron, those shares shaving about four points off the dow. united technologies trades at imc post 6 right next to me here. those shares taking five points off the dow today. and then caterpillar shares on the heels of earnings taking about six points off there as well. so the biggest attractors, ask for where the big strength-s united health care and goldman s

modi?upposed to be a long term and will gradually play out in the economy. create are significant an official estimate from the government. it could mean a lot of job losses. in year is headed for elections in key states and rising unemployment ahead of that does -- go down well and could the impact on the capital inflows. they could be hurt if the economy is slowing down. one has to wait a few months to determine the actual total impact of it. the bottom line is they are certainly hurts. we have to wait and see how much is the actual damage. manus: great stuff. thank you very much indeed. joining us in mumbai. later on we will watch it closely. we are watching closely what is happening with the chinese currency. that is the story of waiting to see with payrolls deliver. let me show you this. this is a big move we are seeing. positions.out of the the dollar versus the chinese. voting member the federal reserve from the american economics meeting in economics. with theoing to go digital vide

seema mody? >> that's right, carl. as president trump makes good on his campaign promises in the first week, risk sentiment is improving not just in the u.s. but around the world. european stocks on the rise, thanks in part to upbeat earnings. we're currently seeing the german dax trade at a 15-month high and outperforming the s&p 500 so far this year. and even in the uk stocks on the rides, despite the supreme court ruling yesterday, which of course could elongate the overall brexit process. miners getting a bid on higher commodity prices, that as well helping the ftse 100 outperform. banks rallying, getting a lift from banco santander, which posted a profit above a year-ago levels, helped by higher fees and stronger than expected income. remember, these banks were under immense pressure in 2016. other european banks joining the rally, including deutsche bank, soc gen, bnp paribas and commercebank. and this is in the face of hawkish comments coming from the ecb board member, saying inflation is improving in europe and

seema mody's back at hq. >> hi, carl. good to see you.tock markets mostly lower in europe today for the first time in 2017, but still near a one-year high after entering the official bull market territory that we saw yesterday. the euro rising against the dollar today. eurozone consumer prices up 1.1% in december. a bit of breaking news, back to carl quintanilla. >> on may 7th, 2015, donald trump tweeted, "i was the first and only potential gop candidate to state there will be no cuts to social security, medicare and medicaid." now, the point is, trump didn't just say this in passing. he didn't say it in the middle -- didn't say it at a particular interview. this was a cornerstone of his campaign. he said it over and over and over again! donald trump said he will not cut social security, he will not cut medicare, he will not cut medicaid. therefore, one of two things are true. either donald trump simply lied to the elderly and the working people of this country and just made campaign promises that he had no intention of ever keeping. that

seema mody's at hq. >>> hey, carl. just like on wall street, european stocks are sharply lower, and this comes as world leaders have been reacting to president trump's temporary travel ban on seven muslim majority countries. the ban is weighing on a number of european travel and leisure companies, such as air france klm. we also have british airways, parent, international consolidated airlines group, and isg. that is the home to hotel bra s brands. the european union is home to about 13 million muslim immigrants, that according to pew research. now, many leaders showing their disapproval with trump's executive order, including germany's chancellor, angela merkel, as well as prime minister theresa may. however, may's office issued a statement saying she's very happy to extend an invitation to trump to make a state visit and that "we look forward to hosting the president later this year," this despite a petition from british citizens saying trump should not be invited to make an official state visit because it would emba

seema mody. >> hemo, carl. stocks are moving mostly lower in europe as markets react for the first time since president trump's inauguration speech. some investors viewing his remarks as protectionist, but theresa may expressing optimism to the bbc about her upcoming meeting with the u.s. president, which is expected to take place on friday. >> what i think is important is that when i sit down with donald trump, i'm going to be able to talk about how we can build on that special relationship. he's already said to me that he wants to see a very strong relationship between the uk and the u.s. going into the future. there are issues that we will work together on in the future -- the importance of nato, for example, as i've said, defeating terrorism. these are issues where we share the challenges, we see the threats, and we have worked together in the past and will in the future. >> also on the prime minister's rad radar, tomorrow's uk high court decision on whether she must consult parliament before setting in mot

seema mody is joining us down here. >> brian, you're far too kind.ean stocks remaining near one-year highs. we saw the strong session in asia overnight, banks the big winners in europe right now, one being the royal bank of scotland, which is 72% owned by the uk government, announcing that it's settled $3.8 billion covering litigation by the doj involving the sale of risky mortgages. sales are up 2.5%, but you're seeing a nice recovery here, up 25% nearly over the past six months. of course, a nice recovery we've seen overall in the european banking sector. and a lot of this is predicated on higher yields, a story that we're not just seeing here but in europe as well. the german bund trading at a six-week high here. last time, of course, this time last year we were talking about negative yields. interesting to see how quickly the story can change. let's talk about stocks. the gainer of the day is an acquisition of j&j, actelion. the biotech up almost 90% over the past three months. a very different story for unilever, though. the consumer giant known