let's get more from nabila ahmed .s is the latest and what has been a drumbeat in return to offices and how vaccine statuses play into wall street. nabila: wall street is trying to figure out how to get people back into its offices in a safe way. jp morgan saying it wants all of its employees to tell the bank whether they are vaccinated or not. they will prioritize the return of vaccinated workers but they have said they would like all workers back on july 6. that does not give a lot of time for these people to get up to speed on their vaccinations. shery: we are expecting the fed's stress test results this thursday. what can we see -- what are we expected to see there? nabila: this test came in on the back of the financial crisis and the objective is to assess whether banks have enough capital to withstand any economic turmoil. the fed tested 23 banks including u.s. subsidiaries of european banks and we are expecting the results overnight our time, thursday after market close in the u.s. haidi: could we see an upside

nabila: absolutely yes. throwing money at the problem but you have also got banks like jeffries which are offering free peloton bikes and fitbit watches to sort of promote that mental and physical health as well. you have jp morgan hiking pay and goldman reintroducing that saturday rule and giving bankers at least one day off a week. haidi: what about the hybrid model that citi is touting? nabila: it has lined itself up with the european banks in saying that its workers can work at least part-time from home. that doesn't set them apart in terms of u.s. peers and that goes to the mental health of staff as well as higher pay, too. citigroup is joining rivals including the u.s. in saying this and that is likely to make them a more attractive place to work for sure. haidi: nabila ahmed there. moderna's chairman says the company will continue testing its vaccines against new covid-19. s -- covid-19 variants as he warned people were dropping their guard on the pandemic. he spoke to bloomberg earlier as part of the

haidi: finance reporter nabila ahmed in sydney. house of representatives is set to vote on two bills that may form the core of legislation designed to boost less research and development in response to china's challenge to economics of pharmacy. joining us now is congressional reporter dan slightly. we continue to talk about this in broad strokes of countering the great strategic and competitive relationship of our time. what we know about what could be in this set of legislation? dan: right. so, the house is taking up two bills this evening, a combined about $128 billion worth of authorized spending to try and boost u.s. research and a moment. this is sort of -- research and development. this is sort of a companion bill to what the senate passed a few weeks ago which was $250 billion. the difference is in some additional money that would go toward semiconductor manufacturing here in the u.s. that is about $50 billion in the senate bill that was passed, but right now is not in the house legislation. so they will need to work all th

nabila ahmed. problem but given the sentiment that we have seen, in particular among younger bank workers, is this a big part of the equation? nabila: there's definitely a race to retain bankers and money is part of the equation. it is a big part so barclays is saying that they are going to lift salaries by 15000 and associates and vice presidents by $25,000. what this will do is bring up first-year analyst salaries to $100,000. as you say, mental health is a big part of this. it's not just about the money. barclays was one of the first banks to come out and talk about this and protect bankers in the sense that giving them at least 25-day vacations per year and telling them that they have to disconnect from work at that time and giving them a consecutive 24 hours off, which is a pretty big deal on wall street. shery: they are not the only ones throwing money at the problem, are they? nabila: that is exactly right. they follow banks like jp morgan, credit suisse, throwing money at the problem. some

haslinda: bloomberg asia finance reporter nabila ahemd. thank you. long and successful career, the executive known for her research of so-called womanomics is starting a venture fund which could put some of her ideas into work. this is bloomberg. ♪ haslinda: let's send the focus to the woman who coined the term womanomics in japan. kathy matsui is starting a venture fund that will help startups enhance their environmental, social and governance values. they are hoping to raise $150 million. kathy matsui joins us now. congratulations and thank you for joining us. i'm just wondering, an all woman team, was there any pushback? how difficult was it to put this team together? kathy: so, the three of us founding partners -- we've been friends, colleagues, clients for over two decades. we were all reaching that point in our lives where we thought what is the next chapter going to be for us? since we all have so much collective energy that we could just imagine -- we could it imagine retiring and sitting -- couldn't imagine retiring and sitting on a beach so

nabila: it is a crazy world.gan stanley's ceo, james gorman, did put everyone on notice when he said if you can go to a restaurant in new york, you can come into the office, and this is just an engine of that policy area they basically said, you have to be vaccinated to come back. he made it clear he wants most people back in the office by early september. at the moment, 90% of the people who are back in the office in morgan stanley are vaccinated, but he's hoping that number will pick up to around 100% very soon. shery: that is true. we are seeing restaurants and bars pretty packed but when it comes to this office centric midtown manhattan, pretty empty. nabila: morgan stanley is at the more aggressive and in terms of wall street banks so jp morgan was the first bank to mandate people return to the office and that was back in april. goldman sachs followed suit. neither of those banks have a vaccine policy so morgan stanley is following blackrock. it mandated people have to be vaccinated before they will be allow

shery: asia finance reporter, nabila ahmed.of america securities co-head of asia for the outlook on the second half of 2021. more from the economy virtual event, and an exclusive interview with one of india's biggest commerce players. later. hong kong exchange now saying the morning session will be delayed due to that black rainstorm. hkx saying that security derivatives market will be delayed. you can see a very rainy and foggy hong kong. the market opens in china with a slightly delayed hong kong. this is bloomberg. ♪ (announcer) back pain hurts, and it's frustrating. you can spend thousands on drugs, doctors, devices, and mattresses, and still not get relief. now there's aerotrainer by golo, the ergonomically correct exercise breakthrough that cradles your body so you can stretch and strengthen your core, relieve back pain, and tone your entire body. since i've been using the aerotrainer, my back pain is gone. when you're stretching your lower back on there, there is no better feeling. (announcer) do pelvic tilts for perfect

nabila: these banks have already lost $10 billion from their trade with archegos.ovided leverage to archegos and then had to stop selling linda -- when the fed turned sour. banks have already suffered. now the doj is looking into what happened behind the scenes as the banks started unwinding those decisions, because that created massive turmoil in the market, burned other shareholders, and some of those shares still have not recovered things, like viacom, cbs and discovery are still down 60% from march. regulators want to know what conversations went on behind the scenes. there were conversations before they started unwinding their positions but it became a race in unwinding these stocks. that is what regulators are looking into. the sec is also looking out of her disclosure requirements for funds like archegos which used these instruments to buy into their shares in the market did not know. so the sec wants that to be clear, that the market is not left in the dark about these big chunks of shares. haslinda: joe biden's determination to forge a bipartisan infrastru

nabila: the big question is about europe.he regulators there are still not allowing banks to lift the current fund dividend buybacks. we will see what happens. in asia, dividends were capped, but buybacks were not. some of the singaporean banks have already been doing buybacks. and australian banks are expected to be next. analysts say, they have $30 billion in australian dollars to dole back to investors. >> joining us exclusively is the zilingo cofounder and ceo, ankiti bose. over is good to have you on the show. you had to streamline operations and cut 4% of your workforce because of the pandemic. give us a sense of how recovery has been for you. what numbers are you looking at right now. ankiti: the interesting thing about the pandemic is that at the beginning of it, a lot of companies were not knowing how it was going to pan out. one thing that became very clear was that the pandemic forced digitization for e-commerce, not just for consumers but for the commerce as well. over all we saw a 40%-plus growth in the core segm

nabila: not at all.he shareholders who were starved of dividends and payout last year, now is the time. the top six u.s. banks were expecting to announce on monday that they will be paying out more than 140 billion dollars and that is a record payout from these banks, heidi. haidi: our banks -- shery: banks are passing the test easily. what did the test find? nabila: it looked at a scenario whereby unemployment would hit close to 11% and the stock market would be down more than 50%. the test found that all 23 banks that it looked at would pass with more than double the reserves required. the capital one offer. but morgan stanley was at the higher end and rated the best and you have goldman tax and wells fargo at the lower end. they were the closest to that capital buffer required. haidi: the regulatory pullout continues and we are talking about this doj probe. nabila: banks lost $10 billion from this collapse earlier this year and what we know, that all these banks helped provide leverage so that archego

nabila: they will be hiring 50 bankers and managing directors and the focus will be towards asia.ng kong, they are hiring 300 anchors in the next little while as well. shery: it seems like a good time to focus on asia. the new investment link between hong kong and greater china. nabila: yes, this new investment link will provide investors in nine southern chinese cities the ability to invest in hong kong and vice versa. what we are talking about is 70 million people and 400 billion dollars in investable assets so for the banks looking to cash in on that, there's 460 million dollars in fees on offer so no wonder they are hiring about 3000 people over the next five years in the region. >> nabila ahmed with the details. coming up next, climate change is becoming the top major financial risk across various different sectors. we will have a report on how to factor it in. this is bloomberg. ♪ >> we have adopted this wholeheartedly and we are transforming each one of our businesses to be sustainable, circular, recyclable, and fully transparent environment social and governance standards

kathleen: thank you so much, finance reporter nabila ahmed. we will be joined by a senior associate, max, to talk about economic disparities in new zealand. this is bloomberg. ♪ haidi: a new survey out of new zealand shows inequality rose more rapidly between the mid 80's and the early 2000's and any -- than any other developed country. earning nine times to 10 times as much. our next guest looks at how to renew our systems of democracy and its growing economic disparities. i will bring in a senior associate. great to have you with us. a lot of people looking inward at new zealand, it is such a governance success story. the management of covid, the economy is chugging along well. it is a very progressive government in power. does it surprise many people who talk about seeing the inequality gap? >> it really does and it is one of those classic cases where the reality does not match the image because new zealand used to be a very egalitarian place but in the 1980's, you can say we out thatchered thatcher, we out reaganed reagan. those disparitie