nigeria's oil minister.g up, our next guest says he expects more easing from the bank of england as the referendum ways on the economic outlook. we will speak to mark tinker next on bloomberg markets middle east. ♪ ♪ joining us is mark tinker. right. what is happening in the u.k. right now? guest: i think we will see who the candidates are going to be for the parties which is the first step. will choose to candidates in the grassroots members will vote. the most important thing is britain needs to assemble the best negotiating team to deal with europe and that means people from both sides, but also bringing in members from the house of laws, more experienced people to put our best team forward enriching negotiate these bilateral deals. korea says they want a bilateral deal with the u.k. let's talk to china. you start the process going here. rishaad: there is a vision? guest: there is a vision of self-determination. rishaad: [indiscernible] guest: it is one step at a time. there were three issues during this

nigeria's lost year.ine how falling oil prices, corruption, and that currency have weighed on africa's biggest economy. that is next. ♪ scarlet: i am scarlet fu. shares of cap arising in late trading, sales numbers beat analyst estimates. said the performance improved heading into memorial day weekend. leaning towards dropping its bid to acquire tribune publishing. tribune said show voters selected a proposed slate of directors at its meeting as they seek to fend off the hostile takeover attempt. it would review the bid after the shareholder meeting. a lawsuit alleges the department of labor rules overstep boundaries for regulating dealers. the white house says the tougher hiddens will eliminate incentives that cause brokers to push investment products with high fees. that is your bloomberg business flash. "what'd you miss?" nigeria's lost year. nigeria's president took office a year ago on a wave of optimism that he could revive the nation. africa's biggest economy is on its knees, forcing him to throw t

here is an example -- lagos, the biggest city in nigeria. population every year it is adding the equivalent of boston. >> the urbanization rate in the u.s., japan is over 70%. in china, it is 50%. so china may have a lot megacities, they may have larger cities, but they are going to get bigger or there is going to be more of them. that is going to be a trend. a lot of emerging markets are going to experience trends like that in the next 50 years, especially with a large population. narrator: this incredible rate of growth makes the challenges of managing a large city more difficult. james hertling: the biggest risks facing cities are the same risks that challenge all of us, politically governing, climate change, economic inequality, productivity, economic growth, employment, education, transportation. those issues that face cities are the same that face everyone, except in a much more concentrated way. narrator: one city battling with these problems is rio de janeiro in brazil. alessandra orofino is on the front lines, trying to solve them.

nigeria is a very big deal.e that the new opec secretary-general or opec chief of the delegation from nigeria says things are going to get fixed. barely begun. nigeria is a massive problem for oil supply in the making, i think, until the locals decide to again sit around the table and stop sabotaging things. we have it coming back fully online by the end of next month. that is somewhat arbitrarily. even if the canadian outage completely resolves in the next week, which is in our balances, our balances still show a supply deficit in the second half of the year of almost one million barrels a day. we think 150 million barrels come out of the market in the second half of the year from inventories. even if the outage is returned to normal. betty: we are all reconciling essentially, we are being held at bay, wondering but opec is going to do, reconciling that at least they have not done more damage. at west point are they going to -- at weshat point are they going to agree? the surprise is that the saudi's rout of pr

here is an example -- lagos, the biggest city in nigeria.n every year it is adding the equivalent of boston. >> the urbanization rate in the u.s., japan is over 70%. in china, it is 50%. so china may have a lot megacities, they may have larger cities, but they are going to get bigger or there is going to be more of them. that is going to be a trend. a lot of emerging markets are going to experience trends like that in the next 50 years, especially with a large population. narrator: this incredible rate of growth makes the challenges of managing a large city more difficult. james hertling: the biggest risks facing cities are the same risks that challenge all of us, politically governing, climate change, economic inequality, productivity, economic growth, employment education, , transportation. those issues that face cities are the same that face everyone , except in a much more concentrated way. narrator: one city battling with these problems is rio de janeiro in brazil. alessandra orofino is on the front lines, trying to solve them. she beli

but we're also seeing significant shortfalls for nigeria which was unplanned.roadly speaking, the market is close to being unbalanced and we published our first look of 2017 as well. >> that tells us, what? >> well, in 2017, we're expecting the market for the year as a whole also will be fairly balanced. of course, there are uncertainties about whether the rosier picture for global oil demand that we're seeing so far this year will be maintained. and of course, whether the continued erosion in production from high cost producers in the united states, for example, whether that turns out as per our forecast. so there's a lot of moving parts in the oil supply/demand balance in early 2017. the first impression we have of it is that the market is likely to be balanced in 2017 as well as in the latter part of 2016. >> do you think u.s. shell producers, they're going to be responding more directly to the rise that we see in prices, are we going to see a shift coming from new york america? >> well, that's one of the most difficult questions that we're obviously trying

nigeria is a more endemic issue because of its nature. there are a few other sources of supply they could return. canada, the wildfire, that is temporary. that's started to return as well. c needs to deal with that. and i am not sure if they are seeing statements from ministers this outagehere'es this that helped us. what are we going to do in one or two months' time? . francine: we have seen the -- mark: we have seen the peak. you are saying the price will be lower in the third quarter. >> we have a medium-term outlook which is upward bound, but it is in the very near term. if you look at while market positioning and in terms of how fast prices have rallied, we think it is gone too far too soon. and there is a risk of a correction before we ultimately go higher. mark: what is that correction mean? l. -- an average price for oi brent has gone about $50 a barrel. so, slightly lower in q3. but then we have a slightly higher price target for q4. but it's v ery -- are: brent is $60 a barrel, the shale produces going to come on stream again? >

you have run the nigeria state owned oil company in the past.es the market look like right now to you? i think the general market consensus is that the market is gradually but steadily rebalancing. that,pect haitians are from the fourth quarter of this q1 or q2 of next year, we will begin to see some equilibrium in the market. he is the incoming secretary-general of opec. coming up, the downfall of the wall street golden boy. he allegedly conned his family and friends out of millions of dollars. we have an inside look at the scandal. . ♪ scarlet: you are watching bloomberg markets. let's check in with julie hyman to look at some stocks moving on analyst actions. you are telling us about some of them. julie: a company that was spun off from dupont was mentioned negatively by citroen research. camel-known short seller out with a tweet. company is toxic and could go to zero. the shares fell sharply and then they were halted because of the velocity of that decline. now they have opened up in her down by 8%. he said we will keep tracking this story.

here is an example -- lagos, the biggest city in nigeria.every year it is adding the equivalent of boston. >> the urbanization rate in the u.s., japan is over 70%. in china, it is 50%. so china may have a lot megacities, they may have larger cities, but they are going to get bigger or there is going to be more of them. that is going to be a trend. a lot of emerging markets are going to experience trends like that in the next 50 years, especially with a large population. narrator: this incredible rate of growth makes the challenges of managing a large city more difficult. james hertling: the biggest risks facing cities are the same risks that challenge all of us, politically governing, climate change, economic inequality, productivity, economic growth, employment, education, transportation. those issues that face cities are the same that face everyone, except in a much more concentrated way. narrator: one city battling with many of these problems is rio de janeiro in brazil. alessandra orofino is on the front lines, trying to solve them. she

i wanted to go outside that for a moment and talk about nigeria. the central bank has depegged the currency letting it devalue. you can see the one-day charge shows the u.s. dollar appreciating as much as 43%. prior to today the central bank kept the currency just below 200 and today tumbled to a week-low. the record actually suggests there is more weakness to come. the five-year chart it crashed in 2015 as oil prices slumped and the central bank fixed the currency to the dollar and using capital controls to stem the outflow of dollars. of course then it depipes once again today. >> brent up over 2%. copper also rallying as well. raymond james actually upgrading its forecast for brent to $83 for next year. so there is general optimism in commodities doing pretty well. >> those are today's market minutes. let's take a deep dive into the bloomberg. find all of the following trends using the function at the bottom of the screen. >> this is the function np on your terminal. it measures story counts in bloomberg articles. on the white line look at the w

this is the former president of nigeria.nd we will look at the markets. ♪ tom: we would like to spend an hour on the forex report. readinga little bit of bound after the carnage on friday. 0.7 eight.ng is this is off the news of 48 minutes ago of another brexit poll. francine: coming up shortly is bloomberg with david westin. but you have a show today? david: it's the aftermath of the stunning job numbers on friday. inare going to have people to talk about what comes next. we have two very special guests. he will give us the broader picture of where we are in the credit cycle and at 9:00, people have dennis lockhart. that is on bloomberg radio and television. tom: thank you so much. robert and marshall with us. have 200 42 years experience on wall street between them. we can bring out the single best when this is in honor of robert goodman was there. this is a fabulous chart of employment to population. anything.more than we are not where we were a decade or two ago. bob: we are a lot older. it really speaks to the depe

i think nigeria is a political question. when the president came in, he cut off payments to militants, i guess we would call them. they responded by blowing up pipelines. motive forind of doing that? that allows nigeria to get back because so much of its budget comes from will. at myif you take a look terminal, i have u.s. production. last week, u.s. production went up by 10,000 barrels a day. it is not the craziest thing in the world, but david, my point is, reducers are responding. that is the real issue. an: if i can jump in there, there is no one more responsive than the independent producers like carol hamm and others. we describe u.s. shale oil as short cycle oil. it can respond so quickly. david: at what point does investment really start to ramp up? $50-ish, it starts to ramp up. once you have the line of sight of 60, that is when you see the increases again. i think everybody is struggling with the question -- you have such a big hit, what happens to the service people? how quickly can you ramp up? in that $50 range

sarah: it seems that nigeria has problems again. how serious is the situation?eporter: we see massive attacks on oil facilities in nigeria from militant groups. about one million barrels of oil per day are affected, meaning that now angola actually surpassed nigeria being the biggest oil producer in africa. so those disruptions are one reason why oil prices reached $50 a barrel here in the tuesday session, the highest price since about last october. we also saw weakening of the dollar and that often is also a factor. the weaker dollar driving commodity prices and oil higher. sarah: many thanks for that update. the city of london's financial sector is often referred to as one of written's most successful industries. 60% of all european headquarters in eu firms are based in the u.k., and that's more than germany, france, switzerland, and the netherlands put together. with that in mind, many who work in the city of london worry about what could happen to them in the case of brexit. >> the city of london is a melting pot. the financial part of the british capital em

look at what's happening in nigeria today.re was another terrorist attack on a major oil platform. that could reduce nigeria's oil exports to a trickle right now, so that's a big issue. we're still beginning to feel the impact from those canadian wildfires. we're going to lose probab couple million barrels a day, and that's going to show up in this week's report. all of that is coming together at the same time. but the other thing, of course, is we're looking at tropical storm colin. you know, right now it's not a threat to oil industry, but you've got to watch this storm. if it turns just a little bit, we may shut down operations in the gulf. another reason to support oil. liz: you have got to watch that. i would like to say one thing about nigeria, they now have a terrorist team called the avengers. they're actually putting on scuba gear and blowing up undersea pipelines near nigeria, underwater. we saw what appeared to be some lakes and rivers, but it is a very touchy situation which leads me to alan knuckman at the cme. as

not that long ago small, nongovernmental organizations from jamaica and nigeria, , sierraa, and bosnia leone, ukraine to my and 20 other countries would never have connected to make a difference in their quest for stronger democracy.

>> former ambassador to nigeria robin sanders.wer lunch" thank you. >>> let's talk the broader picture and international markets affected by nigeria. joined from plat an l. the supply has come off. is that why oil is higher or other reasons? >> that's part of the picture. we had disruptions in venezuela, also. we're losing with natural declines from other regions in the world, however, with this new high that we're printing right now, we fully expect the u.s. producer to step right back in and start bringing it back on. so -- >> that was my next question. >> we'll bring a balance back, i think. >> commodities always do this, price, draw, supply forward. we got to below $9 million of production per day here in the united states. you say this price is going to bring on new production. how much and how soon? >> so one of the things that i think is going to startle a lot of people in the past six months of this year in the low price environment, a lot of producers continue to drill but didn't complete the wells. so they are basically

also big moves in nigeria.he nira tumbling as the central bank and a currency fix that caused investors to flee and sent the economy to the brink of recession. the currency of africa's biggest economy fell 24% today to a record 260.5 versus the dollar. looking at the dollar against the pound and the euro against rally.nd, a this is a multiyear phenomenon that has not have since 2008. pound, 2.3% up against the dollar. the euro is slumping against the pound today and money is moving out of fixed income assets. they had quite a run last week. no such records today, the money is in risk assets today. abigail doolittle has the latest from the nasdaq in midtown manhattan. in fullve the nasdaq rally mode this morning, trading higher by one point 6% and outperforming the dow and the s&p 500s. a lot of the big tech names are trading hiring putting apple and amazon and alphabet. jd.com are surging after they say orders for its anniversary sale rose 60% year-over-year and 85% of the orders were placed for more bull -- fo

i will like to invite victoria, who is joining us from nigeria. >> i come from nigeria. in 2013, i started an organization to help tutor in my community, realize true self-identity and work for peace. this was deeply inspired from my background. our project is to teach children on self-identity, self-regulation and even know they come from communities, they have the choice to choose to walk for peace. our time was a unforgettable experience, meeting his holiness and learning from my fellow youth advocates. we have a deep role to play to ensure that the world becomes peaceful. it was deeply inspiring, hearing the stories from youth of afghanistan, iraq, tunisia and many more. this shows that we can continue to work for peace as young people and we have a role to play to encourage our peers to work for peace and put it into violence and extremism. this is possible and essential, and i see it is a jet -- joint effort. starting from our families, our communities, thank you very much. [applause] >> thank you. these were the voices that gave so much hope. we would like to cont

. >>> trouble continues in nigeria. militants have blown up an eni pipeline.fter militants vowed to scale down. james is the co-founder of an investment group and joins us now. you said of this actually you are surprised something like this hasn't happened sooner actually given the tensions. >> yes that is correct. i believe nigerian government has missed many, multiple opportunities in resolving the issues in the region. the local population in niger delta has been underserved. and has been pulling at the shortest end of the stick for quite some time now. initially they were able to ease some of the problems and some of the tensions through the p.a.p., the president amnesty program. the program initially awarded amnesty to some of the militants that were involved in previous up rest. and through the program they were able to ease the tension. but they are never -- they actually never solved the problem that caused those tensions. and this pretty much calls for -- yes. after left power and came into power the program came to an end and once again with the decl

holiness, my name is victoria and i come from nigeria. november 2013 i started an organization to help tutoring it for my community realize their true self-identity and work for peace. this was deeply inspired by my -- from eye violent community and living in the community as a vulnerable girl child. so our project is to teach children on self-identity, self-regulation, to help them realize that even though they come from violent communities they have the choice to choose to work for peace and also that make the choice to change the situation of things around them. our time in darm salah was indeed an unforgettable experience for me meeting his holiness and learning from my fellow youth participants. his holiness taught us that we the youth are the heart of the community and we have a deep role to play to ensure that the world becomes peaceful and sustainable. it was deeply inspiring hearing the stories of youth from afghanistan, iraq, nigeria, kenya, tunisia, and many more. this shows that we can continue to work for peace as young peopl

the key headline is the impact nigeria is having. opec report is citing nigeria is the chief culprit in the 100,000 per barrel drop bringing it down to 32.6 million barrels per day in may. if you put this up across the oil price over a longer time, take a look at this fascinating chart. nigerian oil production down 29% since january 31. as the lowest production figure since 1989, manus. take a closer look what happens after january 31. the scale, how steep the decline is and how it overlaps with the change and inflection point with the oil price as well. it gives you some clarity to the impact and this is causing nigeria a lot of money as it foreign-currency reserves. anna: there are conversations withg place -- happening oil infrastructure and that's key for where we go next. yousef: we had the nigerian government be more conciliatory -- beenthey've saying saying. we don't have much of a response really, anna, from the group. we have an unverified statement on a website saying they would like to see a conducive atmosphere and repeat

coming up on "bloomberg markets," nigeria's lost year.s has weighed on access -- on africa's biggest economy. ♪ scarlet: this is "bloomberg markets," r.i.m. scarlet fu. after falling oil prices and decades of corruption, nigeria is on its knees, forcing the president to possibly throw in the towel on a central pillar of his economic policy -- a currency peg. we spoke with a strategist from a consulting firm who asked blamed -- who explained the challenging situation. >> if you look at the three month, 12 month forwards, you're implying a 40% to 60% evaluation in a very short time. the government has indicated they are likely to move away from that. they want to use capital controls and peggy currency, but now the president -- the pressure is too much. --what does that, which accomplish, and what's next? >> as oil prices have dropped, and production is dropped due to terrorist activity in the south, it allows them to have more flexibility in terms of paying their own people, and in terms of bringing dollars back in the country is the compe

what we saw in nigeria and other parts of the world.n its latest monthly report is the first time we hear about 2017. the market balanced in 2017 and cuts the estimate of oil oversupply. this is euro market check. one hour and one minute into the trading day. this the picture for crude oil. a little bit on the downside. a lot of pressure on everything across the board. in one word, risk. that risk is off today. 1%.pean stock down it did go into negative territory for the first time ever. it all has to do with brexit and risk aversion as the markets are trying to understand really whether there is a possibility of a brexit in the upcoming vote on june 23 good let's get to the bloomberg first word news with nejra cehic. nejra: barack obama says the orlando nightclub killer was inspired by propaganda. the president says omar mateen was a homegrown terrorists that authorities have long feared. >> at the last minute he announced allegiance to iso--- isil, but there is no evidence that he was directed. there is no evidence that he was a part

boko haram has a devastating impact on nigeria and its neighbors. that in the press on a regular basis. it remains a threat against after an al qaeda and affiliates remain a threat. conflicts in places like south sudan and i saw the ambassador cyclethey continue to economic growth and rob young africans of the opportunity for an education and a better life. tore challenges with respect governance as well. some leaders have shown it than theo stand longer constitutional or they do not have constitutional limits. human rights issues and freedom of speech and chance elections continue to be issues. we haveis not enough, diseases such as evil and yellow fever, and the effects of el niÑo threaten efforts to develop and move forward. i know there will be addressed by my colleague and continue to rise on the continent of africa. added to that is a youth bulge with population figures as high as 75% under the age of 35 providing challenges as well as opportunities. how do we respond to all of the challenges and have a positive agenda? we know we must have a

. >> stephen: from nigeria? >> yes. >> stephen: right? does your family stay connected to nigeria?eak the language where they grew up? >> i was born in boston but we very much are a traditional nigerian family and kept language. >> stephen: what is the language of nigeria. >> it is ebo. >> stephen: i can pronounce that. >> yes, igbo. and, yeah, we had it in our house and we were a very traditional nigerian family. when people next door would be having pizza we would be having stewed goat. ( laughter ) you know. >> stephen: sounds delicious. that sound delicious. you can't get dominoes to deliver that unfortunately. would do you me a favor? we have to say season four of "orange is the new black" is now streaming. would you mind saying that in igbo, before we go. >> i love you. >> stephen: we'll be right >> i love you. >> stephen: we'll be right back, thank you very much. ah, it's like a summer breeze cracked window. it's that perfect cooling effect when you sleep. i can sleep the way that i sleep, and he sleeps the way that he sleeps, and we don't disrupt each other. yeah, it's just

we've had a lot of involuntary disruptions from nigeria to venezuela. so the wind is at their back. i think they're going to enjoy the spring in vienna. we have a new minister here. he's been making the rounds at the opec meeting. i think it's going to be a pretty mundane meeting. >> so a lot of low expectations, i think it's fair to say coming into this meeting here in vienna. but question for you in terms of what's happening in the gulf states. it's $50 now, but they need much more than that. talk to me a little bit about the expectations saudi arain na has. >> well, i think the important thing about how the saudis look at the oil market is they are -- and i think rightfully so -- concerned about the next boom in prices to come as the bust we're in now. they are concerned that the price drop we've seen and the negative impact it's had to investors, not only shale but elsewhere, is sort of sowing the seeds. so as they look forward, i don't see i don't think they see a problem with whether crude will be $80 at their ipo. i think they're more concerned about it causing macroeconomic

elections in nigeria last year were historic. and they show what the possibilities are on the continent of africa. democracy and stability are closely connected. on the peace and security front, we're working with partners regionally and internationally to respond to the threat of terrorism and insecurity. the au is a key partner. we're working to bolster the peace keeping capacity by not only providing equipment, but we're providing essential training to african troops who make up the largest numbers of peace keepers around the globe. last year, we trained more than 27,000 troops in support of un and au missions, and we're supported about -- trained about 250,000 since our program started. our special envoy has worked around the clock to get a peace deal agreed to and signed. and continues to work to ensure it's fully implemented for the people of south sudan. our prosperity agenda is equally important. we must help african nations create opportunities for the next generation if they are not invested in, they are prime targets f

nigeria could be temporary. it already looks like u.s.ion might be creeping back up a little bit. do you see that as a threat to your call that some of this production might come back? harold: there are people who s willbe fearful that rig go back in the field at some point -- rig count is at an all-time low. i don't anticipate a lot of people throwing rigs back in. relies onesis light crude and heavy crude. oversupply is in heavy, but the tighter supply is in light globalt is what most refiners actually need and that is the dynamic shifting the market right now. >> we have a lot of complex refineries in the u.s.. that is not the case and the rest of the world. -- in the rest of the world. that is where decline has taken place. here in the u.s. the supply of light crude has been interrupted. we have seen differentials in the past. last year, before the ban was lifted, there was a differential of discounted u.s. crudes. when the ban was lifted, that when the way. we know what those differentials can do and mean. this will set up the playin

bruno: nigeria is going to be a very big story.erlem with the faction in the southeast is a real challenge. , butare smaller in number very sophisticated and they seem to be very diehard. they are calling for complete independence. they are sticking to their word. every time they threaten an attack, they do it. we will see how that develops. it will be a difficult situation for the government to get its arms around militarily. after nigeria, keep an eye on venezuela making sure they can pay their operators in maintaining production. shery: coming up in the next 20 minutes, we are looking at donald trump. he is calling the main jobs report terrible and accuses hillary clinton not making things up international security speech yesterday. trump's tough talk drive away voters he needs in november? mayican airlines says they remove wi-fi equipment from their planes. american airlines plunging more than 2.5%. "bloomberg markets" is back in two minutes. ♪ davidshery: this is "bloomberg today's disappointing jobs report got the attention o

>> my name is victoria and i come from nigeria.mber 2013i started an organization for my community. to realize true self identity and work for peace. this was deeply inspired by my background. growing up in a violent community and living in that community as a vulnerable girl-child. so this is about self identity, self regularization. that people realize even though they come from a violent community they have a choice to work for peace and also to make the choice to change the situation surrounding them. -- anme was indeed unforgettable experience for me meeting at his holiness and learning from my fellow youth. we, the use, have the heart of the community and deep roles to play to ensure the world becomes peaceful. deeply inspiring to hear the stories of youth from afghanistan, nigeria, and 10 yeah and more. we can continue to work for peace asian people and we the youth of a role to play to encourage our peers to work for peace and put an end to violent extremism. p this very possible. it is essential. if weit as a joint effort

however, at this time, the lake chad basin region which has a multiregional task force headed by nigeria, we wshg with them to provide assistance, training, so they can take on this group. they are isil west africa is a regional threat. and one of the things we need to continue to watch. >> when we were there, we met with a number of the governments that you referenced. we were in chad and we met with some nigerians as well. each of those military components and each of the countries we visited asked for greater cooperation with intelligence sharing specifically. so how do you assess the current state of our intelligence gathering and sharing with african countries? is it possible to increase that? what is the best way to improve our intelligence surveillance. if you can't answer that in this session, i'd ask you to provide details in a closed session. >> thank you, senator. what i can tell you in this session is that we have contributed isr support. we have contributed training to the multinational joint task force. this assisted the nigerians in locating the group in several locations.

i'm curious how sustainable that , nigeria could be temporary, and as alex has pointed out, it u.s.n might be creeping back up a little bit. you see that as a threat to your call that some of this production might come back? >> absolutely. fearful thatbe riggs would go back into the field at some point. would go back into the field at some point. the rig count is at an all-time low. i don't anticipate a lot of backe will be putting rigs in at $50 oil. alix: your thesis relies on the two big types of grade, light crude and heavy crude, and you say the oversupply is in heavy and the tighter supply is an light, and that's what most global refiners need, and that's the dynamic shifting the market right now. >> they have a lot of complex refineries here in the u.s., but that's not the case in most of the world. basically they need light sweet crude, and that's where the decline has taken place both in sea and and the north other places, nigeria and west , and light sweet crude has been interrupted. , thesets up a differential possibility of a differential souren sweet crude and crude. we

the geopolitical risk in nigeria and venezuela will get worse in the storm -- short-term.uela, affectively they have sucked a large parts of the economy, importing goods is difficult. that could lead to more volatility in the short-term. rishaad: thank you very much indeed for that. that's a look at what has been going on in opec and beyond. >> the stories making headlines around the world. paul ryan has finally endorsed donald trump for president, ending a standoff between the top elected republican and the parties white house contender. and an article for his hometown wisconsin newspaper, ryan said the two have more common ground than disagreement. hillary clinton has stepped up her attacks on trump calling him temperamentally unfit to be president. she says his policies are "a busier bizarre rants, personal feuds." mh 17 was flying from amsterdam to kuala lumpur in july 2 years ago at the height of the fighting between key have and pro-russian separatists. the triple seven was most likely hit by a missile fired from rebel territory. all 298 people on board were killed.

which is the worse basket case, venezuela or nigeria? >> in terms of oil, it's nigeria.he armed militants and the oil region show no signs of backing down. the military is incapable of ending this. venezuela is a humanitarian catastrophe. that's the one where you are thinking about what type of emergency assistance is the west going to have to come up with to stave off disaster there. >> talked about getting food in there as well. what is startling is they have all this debt, debt payments, they seem committed to paying them, and the rational is to keep oil flowing but oil production is declining. >> we look at may numbers, down 120,000 barrels in venezuela, the largest month-on-month drop in 2003. that will be increasing pressure from the population saying do we have to continue to make these debt service payments. $4 billion is owed in the back half of this year from one company. you think if china does not give them another lifeline, i don't know how they pay these debts, i don't know how they pay government workers. >> turning back to nigeria what is the market able

i hear a lot from kenya, from ghana, a lot from nigeria. pretty much every -- there's a lot of others plaatther places,e country operates, that actually stimulates a lot of innovation and startup activity in governments where you have a lot more control. fwr gobon, rwanda. i don't see it. doesn't mean it's not coming but we don't have the evidence yet. >> question here up in the front row. >> thanks. i guess the question is for john or carolyn on early stage or late stage mature capital raising. what are some of the yunique challenges from the international investors in the united states and whether there's concessions or unique terms you're putting into these investment agreements you maybe wouldn't see for a domestic company here and can you just talk arnt that fund-raising as it pertains to the perceived or real risk or greater risk in africa? >> okay. >> first, to comment on the last question, i see three peels of in innovation driving the african innovation. homegrown innovation from companies that are on the continent, small companies

it did go to nigeria. thanks to aggressive cdc action, thanks to the fact that the polio eradication folks had been so effective there and then converged on this problem. it was brought under control. but i'm going to show you a slide about what might have happened if we hadn't been able to react that quickly in nigeria. so i think we're still working with mental models that hamper our ability to have high enough aspirations. we've had report after report after report my friend harvey fineburg after bird flu, published the report that was as clear as we could be. we're not prepared we've got to get prepared. margronaret chan said we need $100 million for pandemic response and it was rejected. margaret did try to respond to the report and it was rejected. if you look at health expenditures in these three countries, this is not a serious effort to protection the population and the entire world from epidemics. now larry summers and dean jamison recently published another paper that looked at the estimated the

up next, nigeria's oil production is hit a new low. see how this plays into the oil price next. ♪ guy: welcome back. you're watching "on the move." .et's talk about commodities let's focus in on what we need to be looking at when it comes to oil price. some of the geopolitical tensions we are sing around the world. from -- use of, what is happening with oil. what is happening in nigeria, fascinating at the moment. >> as we wait for the eia numbers on wednesday, we have had a chance to digest the opec report they came up 24 hours ago and we took a specific look at nigeria, because that is one of the highlights in the opec report. basically, the main culprit in .he fall if you take a closer look at the chart which we have built which combines the nigerian oil production and the oil price. you will see a very interesting inverse correlation could use he oil production has fallen to the lowest level since 1989 -- correlation. you will see oil production has fallen to the lowest level since 1989. on the whole, you had 29%. you can see the i

later today, nigeria's foreign exchange policy takes the stage after the central bank said they .ouldet the rate float tomorrow, fed chair janet yellen begins her semiannual monetary policy testimony to the u.s. congress. on wednesday, we get u.s. mba mortgage applications data. thursday is the big day where voters go to the polls in the eu referendum. u.s. durable goods data for the month. manus: we're going to talk a little bit about russia. president putin said to weigh and $11 billion stake sale to china and india. ♪ ♪ welcome back. 6:16, bright and early, here in london. 1:16 if you're watching in hong kong. equity is moving up this morning, moving on the latest polling data. let's get the bloomberg business flash. haidi: u.k. house prices have continued to climb in june, with only the capital experience a decline at this week's referendum on eu membership. the cost of new property london felt like 0.2% last month. the property website operator report also said that london is the most vulnerable to a brexit. five employees on leave as credit squeeze conducts -- credit suisse cond

scarlet: nigeria's local .urrency plummeted the move was forced by spiraling economic crisis triggeredcrash in crude oil prices that accounts for most of the countries exports. u.s. supreme court has upheld the process for challenging invalid patents. to uphold a ruled legal standard used to invalidate patents by new appeals or at the u.s. patent and trademark office. that's your business flash update. focus is number one the brexit vote in the u k and there is much at stake including subsidies to eu members. eu provides funds to less affluent members and britain is the third-largest contributor to that budget. if we can pull that up again, you can see that romania and bulgaria are slated for smaller allocations. if you take the u.k. out of it, what does it do for those countries? it means more of a burden on countries like germany and the netherlands and northern europe. this is a big sticking point for those who are pushing to exit the eurozone. it's the contention of those who want to leave that the money will go toward subsidizing others staying in. >> the needs for germany and the

. >> most of the growth will be in china, india, nigeria. staggering numbers.xample. , its population every year is adding the equivalent of the population of boston. rate is overzation 70%. in china, it's still 50%. they will get bigger or there will be more of them. i think a lot of emerging markets, especially those with a large population are going to experience trends like that in the next 50 years. >> this incredible rate of growth makes the challenges of managing a large city even more unmanageable. the biggest risks are the same risks that challenge all of us, politically governing, climate change, economic inequality, productivity, education, transportation. those issues that face cities are the same that face everyone except in a much more concentrated way. narrator: one city battling with these problems is rio de janeiro in brazil. she believes the world's biggest cities are in danger of sinking under a tide of poverty, infrastructure and citizen apathy. unless we do something about it billions will suffer the consequences. >> the kind of urbanizatio

that is where almost all of nigeria's oil is produced.he blowing up, the cutting up, whatever, of pipelines has heavily impacted nigeria's oil production. the southern swamps. delta have been hit by a series of militant attacks on the oil and gas pipelines. those attacks have pushed up the country's crude oil output to a 20-year low. ouch. all right. so, what's happening in nigeria has actually helped push the price of oil back up to $50 a barrel and above that and some. stocks the last weeks and months have been rallying. here now for another "power lunch" exclusive david dempshire, the ceo of four labs. 2k5i6d, first off on prices, how much do you think what's going on in, you know, the canadian fires and. nigerian terrorism and vandalism that we're seeing is the reason oil prices have gone up because if they are those are short-term things most likely? >> yes, brian, first of all, thanks for having us back on "power lunch." enjoy seeing you again. when you look at the worldwide net decline curve rate of about 3.3% that's going to add u

it has been accelerated by the disruptions in nigeria. the issue with a short-term issues is just that area production can come back. what if nigeria is not as bad as we think? how long-term will these disruptions remain? was just in canada and it's already coming back pretty fast. canadian oilsands have been increasing and will continue to increase lovably adding another live hundred house in barrels by the end of this decade area nigeria is critical. when the president of note -- of nigeria came in, he cut off the payments to the military just to the militants. they responded by blowing up type lines -- pipelines. nigeria could get back to a better position because 70% of its budget comes from oil. rally, take had the a look at my terminal and i have u.s. production and we saw something pretty amazing with u.s. reduction moving up by 10,000 barrels per day. rallies, ourthese producers responding? there are no people more responsive than the independent producers. describe u.s.now shale oil as a short cycle oil because it can responsive

we had disruption in nigeria. we have more demand in india.t the market share coming from iran? yousef: coming out of south korea, imports from iran at the highest level in five years, up 132% from a year ago. guess who it came at the expense of? saudi arabia. a real dog fight in the markets. the iaea is seeing iran's pursuit and ambitions. earlier in the week we heard from the iranian oil ministry and they said the new structure for their contract was reaching the end game so they will be able to push forward on the agreements with some of the oil companies. francine: great to have you here. thank you for the roundup on the oil price. oil ratinges crude count. let's get more on the top news stories that we have to follow with a bloomberg business flash. nejra: china's asset managers are preparing for a regulatory crackdown as part of a move to target shadow banking. mutual funds will need to adjust leverage ratios before investing in nonstandardized products. -- the final round of bidding for yahoo! is said to have seen verizon, at&t, and qui