to libya.ns here is libya and here is nigeria. nigeria close to the 1.8 million target.ere closer to 1.1 million barrels. here's the capacities for both these countries. more on this topic. let's bring in our energy reporter. talk to us about the points for both these countries. >> it is not surprising that libya and nigeria are on the agenda. they were increasing supply and it has exhibited desk it has contributed -- it has contributed the most. surprise seeing them want to get to a certain level before they concede to cutting. this committee meeting tonight, some thought, would address that. ministers from both countries are there to discuss their plans. at this stage it will not be a factor. they have signaled willingness and 1.84 nigeria and 1.254 libya. they want to get there. >> what is the demand feature looking like, we spent a lot of time talking about the supply-side dynamics. it all depends on who you talk to on that front. the rebalancing is on track and it will accelerate into the second half but we have another saying the rebalancing is more uncertain. it l

military pay in nigeria is not that high, is it? one is relative also.ollar terms, what do you earn roughly? and i ask this in the spirit of transparency because mr buhari another politicians... i am paid by the government, so the right question should go to the government... but you are public official on a salary. how come then that you yourself own to substantial properties in dubai? this is not true, it is all fake. they are in the name of your wife that they are yourfamily properties. the name of your wife that they are your family properties. it is not true. listen, listen, substantial property. what is substantial property? this is an investment. it's not true. they are worth well over $1 million us. it's not true. how much are they work? because the anti—corruption campaign in your country says it is an outrage that you have these properties. there is no way you can afford these assets from your salary so nigerians want to know where you get the money?m isa to know where you get the money?m is a stereotype. my family is into other businesses. the

military pay in nigeria is not that high, is it? it's relative also. what do you earn? and i ask this in the spirit of transparency because mr buhari and other politicians have said... i am paid by the government, they pay the officers and soldiers, so the right question should go to the government... but you are public official on a salary. yes. so how come then that you yourself own to substantial properties in dubai? it's not true, these are all fake, it's not true. they are in the name of your wife but they are your family properties. it is not true, it's not true. what's not true about it? listen, listen, substantial property. what is substantial property? this isjust an investment. it's not true. as i understand it, in dubai, that are worth well over us$1 million. it's not true, it's not true. how much are they worth then? because the anti—corru ption campaigner in your country, femi falanam says it is an outrage that you have got these properties. he says there is no way you could have bought these assets from your salary, so nigerians want to k

they do not expect a lot more upside as much as they wish libya nigeria would -- libby and nigeria wouldined story out of the two nations, that could lead to another conversation as it would be part of the conversation in terms of reviewing come and see how onryone is doing on anne -- an opec level. there is a question of how much they can grow from here? the barrels could actually not make that much of a difference. that is their view. analysts'ary to the view. mark: great job. you have had a busy day today. let's turn to policies are day blow to the ruling party of poland. partsesident be telling of an overhaul sparking week of protests. poland, the largest beneficiary of development funds from the e.u. come also face the threat of sanctions from the block. was this a surprise that the president intervened? >> the president has really gone against the ruling party, which elected him and nominated him for the post. before becoming president, he was little he known -- he was not known. there is a lot to be rallied. it seems like this is the reaction to some of the pressure the european u

will libya and nigeria be asked to come to the table with fresh ideas?ut of the deal because they said, we have fiscal responsibilities and we can no longer purchase date in this wider agreement because of where oil prices are at. that is a shock. and don't produce a lot of oil, everybody agrees on that. , and we haveee spoken to keep people close to the process, is that this does not help the unity of opec and the strength of the broader position that opec and non-opec is trying to protect. is libya, nigeria, in ecuador. are you hearing anything yet from the saudi minister? yousef: not quite yet. we have heard whispers in the market, one report suggesting saudi arabia may cut unilaterally to offset other gains in the market. you are absolutely right in point out saudi arabia will be crucial, a critical factor to the meeting. it comes down to saudi arabia and russia. we understand the russians are not a big fan of any amendments to the agreement. we want to stick with what they've got in terms of the deal. no further members at this stage , and in the se

>> no, i don't think it's necessarily related to libya and nigeria. the point about the opec deal is that the deal is -- the success of the deal needs to be measured over a period of time. and what we've seen in the first six months of the year is that the compliance rate with the opec deal is actually very good-bye historical standards. well over 90%. okay, we've seen a lower rate of compliance in june, that is certainly true so we'll have to wait and see how the other countries react because there are some countries within the opec family whose compliance rate is significantly below what we expected and of course there are other countries such as saudi arabia, biggest producer of all, which is most certainly meeting its commitments under the deal >> according to on your view, looking at the crude inventories last week, and they dropped the most in on ten months, but so far about the five year average at the same time we're seeing oil output still increasing, and i think the market is just as confused about this one day oil prices are up, next day th

big issue with opec, you have hundreds kpimted initially, libya and nigeria.ction surged back now opec members are trying to figure out how to bring producers into the agreement if you live in nigeria, suffering through chaotic security problems, you don't want to cut production you want every last barrel libya is climbing by 700,000 in a year they have to find a way to bring this country into the deal. >> do you think they should be and do you think they will say they can figure out some conditions to bring those two countries in should they? >> here's the question if libya won't do it, if nigeria won't do it, saudi oil minister said the rest of the cartel will have to take that cut. the question is will saudi be willing to absorb more through the back half of the year. they have key policy priorities for 2018 if libya and nigeria won't comply, saudis will have to step up and do more gl bring it back to our shores. for the longest time had a streak of oil rig accounts going higher seems to have faded the past few weeks. how important is the u.s. side to this

he has to producers exempt from the cuts, nigeria and libya.y normalize output. the president of the philippine second state of the nation address later. has he achieved anything? are we missing the underlying fundamental story here? yvonne: thank you. this is bloomberg. ♪ ♪ david: haidi: i am haidi lun. david: this is "bloomberg markets: asia." ♪ haidi: japan leads the asia-pacific down at the start of the week dominated by earnings and the fed. the yen heading for a fifth day of gains. david: watching oil weakening as producers discuss output. fears growing that current curbs

it's not really manage libya and nigeria. in particular, which is it is easy to reach the top, but hard to stay on top. they have no investment in recent years, as you know. they need investment to maintain the high production. over the long-term, basically, without investment, their production is going to decline. tracy: quickly, can you tell us what you're looking at four in terms of science the market is rebalancing? anas: a couple of science. the first is we need to see those rows and double-digit, i'm talking about like 11, 12, 15 billion barrels in u.s. inventories. and of course, the oil-producing comsumption over the summer. yousef: always a pleasure having you on the program. an independent energy analysts and economists. let's show you a feature on the bloomberg. it is really cool. we would like to bring your attention to the interactive tv function. you can find it on tv . dive into the bloomberg with me. you can watch us live, we rolled back to earlier, we were having an intense debate on the prospects of the

nigeria is on course to achieve its reduction of 1.8.d in recovery, sustain which is slow, but on course and they want to be able to achieve the reference point of 1.8. freeze at thatto level depending on market conditions. francine: that is mohammed barkindo, the opec secretary-general speaking to osef. not the president like i mistakenly called him. ofier: i think that was one the most important things. one important thing he just mentioned is opec is going to start monitoring the export levels, not just production levels of their countries. there has been a lot of complaint particularly from hedge funds that opec would say it is capping production, but throwing their own domestic high n.l.keep exports is not the problems. very interesting comments on nigeria ready to cap when they reach 1.8 million barrels. francine: thank you so much. if you want to continue watching those headlines, you can watch mr. barkindo and other things from st. petersburg on tv live go. this is bloomberg. ♪ ♪ jonathan: jared kushner appears before congress. s

and i see with libya nigeria, what nigeria is also doing, think that also supports the cause.c really needs to be able to show the market that the supply cuts will actually work. haidi: then you can do deeper cuts. >> at the right times, yes. it has come under a lot of pressure. they will come out with more. i do not think they need to. haidi: you have a situation where prices, market participation -- that last decision to extend the current levels. you do not have reaction at all. >> that is where the market is. the people are preempting what is out there. they are preempting how much supplies are on tap. start-- as the economies to behave the way we want to behave, that will push prices higher. to touchnathan, i want on this. potentially, the new factor in the equation you mentioned might be nigeria. what we have heard from them is that they want to normalize first and then will consider joining the cuts. are we talking about them cap in production? i think a little bit. what it does is support the cause of supply cuts. saying coming out and they will support and normalize f

it has been coming from more production from libya and nigeria.into the year when opec and non— opec have their nextjoint ministerial monitoring committee meeting, it will be interesting to see whether opec members who are bound by the restrictions agreed to do more or not. that is the question that the market is beginning to ask opec. from urinalysis, what effect do you think donald trump's energy policy is having? his policy, with respect to oil, i don't think will make much of a difference. i think from a trump point of view it is about promoting us energy and i think he is right in the sense that it turns out that the us has far more producible oil and gas than people thought a few years ago and he has made his point clear about promoting that rather than, as he would see it, restricting american investment in energy. that includes why he pulled out of the paris climate accord. many thanks indeed. keeping inflation steady. china has reported inflation figures that hardly moved since last month, keeping a lid on both consumer and producer price

nigeria is coming back up.nister was talking about if they do get back into the framework, they would be willing to put a cap on their production after about five or six months of the production being at that level and stabilizing. a cap on production of the high it doesn't do anything the markets because it allows those countries to come back up. again, that is politically a difficult thing to get through and hard to see how it would impact the market. producers toher take root of the market, if you do that and get some up in price, you get the specter of cheating back in, and opec members producing above their quarter. it is hard to see where they have room to move and how they can do anything without giving more market share to shale. tracy: hard to see, indeed. still with us is mario, the ceo of saxo bank. i want to start with the chart that point out some of the existential crisis for opec right now. take a look behind me. in yellow is the breakeven, fiscal breakeven for a selected group of oil majors for

nigeria's government is caught in a catch twenty tw. tax collection means it doesn't have enough money to provide the public services its citizens want. but average people see little point of paying taxe. when they get so little in return. well it's when it's wet wet wet it's great to sit there waiting for. death but that's it. it will be great anything o. i'm here because you put up one. that will be subaru. what are they allowed to money very well i agreed to talk to? public finances are also under pressure from falling oil revenues which have dropped by a third since two thousand and twelve. at the same time at night sn more taxes. it hopes to do that by offering individuals a time window in which to pay their back taxes interest free. which nigeria says will bring in one billion dollar. but with eighty percent of workers engaged in the informal economy analysts say that expanding the tax base could be tough with drug is a cleaner with accessories that we still. cleveland ages away quit attacks the guys we knew. the guys would do app

. >>> russia called for limits on nigeria oil production, as novak prepares to host opec and nonopec ministers in st. petersburg >>> oil is trading lower after the saudi arabian energy minister told reporters there would be no discussion over deeper output cuts at this week's opec, nonopec meeting in st. petersburg the focus expected to be on libya and nigeria, both are under pressure to cap oil output once production levels stabilize. i am joined by the chief oil analyst at energy aspects to discuss this good morning love to hear what you're looking for this morning with regards to the meeting which headlines, exciting to hear them. >> i think it is very much in line with expectations i think they have been consistent in saying we are not going to consider deeper cuts, see what the summer stock rolls look like. not that they're ruling out cuts, they're saying today they're not discussing it. i don't think you're going to see any discussions until the end of august or early september simply because they want to see how the u.s. stocks end up end of the summer. to be fair, stock has a

reports from nigeria say more than a0 people were killed in an attack by boko haram militants on an oilxploration team near maiduguri. the local university confirmed that some of its staff had been killed. now it's time for world business report. king for a day! amazon founderjeff bezos briefly becomes the world's richest person. but wall street nerves about the company's massive spending push him back down to number two. plus, making america grow again. will the latest figures on the us economy bring president trump closer to his 3% target? welcome to world business report. i'm rachel horne. also coming up — a billion—dollar round of coffees as starbucks buys out its chinese partner. but first — we start with retail giant amazon. it has seen its shares fall sharply after its latest figures disappointed wall street. the good news — it is raking in huge sums of money as its sales keep expanding. the bad — it's spending a fortune on developing its business, and that is making investors nervous. let's show you the details. total sales in the three months tojune jumped almost a quarter comp

includingction itself libya and nigeria is on the up. u.s. inventory data dropped by 2.5 million barrels a day. we have rebounded from one of the biggest declines this year. it is geopolitics most likely sot drives the gold story that's the state of play on the markets. we will talk about what it means for currencies over the next hour. let's get to the first word news with juliette saly. mastece: in the u.s., a computer error caused confusion among traders as wall street closed early. the operator was conducting a test of its pricing data see that led to third-party providers showing wild moves in shares including google and microsoft that never occurred. nasdaq says it is working with the providers to solve the issue. chinese president xi jingping is in russia for talks with president putin. the foreign affairs adviser described relations as "the best in history." meanwhile, according to the chinese news agency, they oppose the u.s. deployment of missiles in north korea and have agreed to settle the korean peninsula issue through dialogue.

what this state of play is with a --ia libya -- late jerry nigeria and libya.is unlikely to be high on the agenda. that, again, is going to be something to watch for as to whether there is going to be any for the recommendation. a bit of further refinement. matt: let me jump in here. we see oil in a bear market in has been stuck there for a while. it has not been moving very much. what are analysts saying we can look forward to as far as price action? even as opec is trying to curb its output, the u.s. crude inventory has continued to rise. frankly the output cut is not really that great coming from a all-time record high. exactly. that's what makes this very tricky. they have to take a lot into consideration. childan is on the bearish -- site. -- dsid -- side. they're saying there is a risk of a domino effect here at the next meeting. are expected to be built globally. we are seeing scale output growth by one million to barrels -- barrels. rebalancing is not happening as fast as expected. there are other banks out there, research houses that are going to take

nigeria, in the original agreement to curb production in november, nigeria and libya were not held to need everybody else to come on—board. the saudi arabians and the russians are two of the bigger ones. if everybody else ignores the rules or has exemptions, it is quite hard to keep the cap in place. quite often the problem with oil is when 0pec get together and bring down production and the price the us shale production kicks in, onceit the us shale production kicks in, once it gets over a certain amount. is that a danger? that is what we have seen. halliburton and others have seen. halliburton and others have talked about cutting back a bit in shale, with the oil price is around 40— $50 a barrel, at the crunch point for these guys. changing tack slightly, big move for jimmy choo. slab divans include —— a big buyout. there is value still seenin big buyout. there is value still seen in luxury brands. 0ver big buyout. there is value still seen in luxury brands. over $1 billion for shoes. have we still got the money to pay for these items? clearly some people do! not me. alex, have you

[applause] michelle: that will go to south sudan and somalia and yemen and nigeria.$1.7 billion worth of food aid. it's the first time congress has passed additional humanitarian aid that has not been asked for by the white house. it's a huge victory. [applause] michelle: it would not have happened without the coalition of care and other ngos and the voice of citizens like yours. this response to crisis and this additional funding really embodies the american values and the bipartisan leadership that we are working and must fight to achieve. our congressional leaders should be applauded for what they've done, but we cannot stop with this victory. because the reality is we still face massive general cuts in foreign assistance in the 2018 budget. it would literally cripple our aid efforts and millions of people would suffer as a result. so, by now you know this conference is titled, now more than ever" for a very good reason. that is because now more than ever, your voices are critical to preserve america's leadership in global development. now more than ever, we are f

daniel: listening to what nigeria and libya have to say about their outlook.e still cautious about sustainability of this, that might be enough for the market to say, look, these talks of levels of growth we are seeing and the output term may not be sustainable. if they are confident of seeing continuing to grow, it is bearish. haidi: i want to bring up this chart. every time opec meets, we asked the same question. 8881 on the bloomberg. , theproduction on white difference is in the middle. his opec still producing? whatever ground they manage to gain, you have u.s. shale, u.s. production filling that gap. daniel: when you talk about the swing producers, is usually high cost. opec is on a cash cost basis. they think the u.s. shale producers have taken that spot essentially. they will react to the market forces much more quickly. and at the moment, they are responding to the relatively good prices compared to the level of cost at the moment and pushing additional supply into the market. haidi: where does it reach a level that does not happen? daniel: we are in

is investing $100 million building up nigeria air base 291.will launch a hunter killer drone with advanced intelligence gathering capabilities. the recent headquarters are currently based out of the capital. >> this is a nexus area or kind of a focus area of multiple threats to the united states, be it libya in the north, al qaeda in the islamic maghreb to the west or boko haram to the south, ni niger is a central location. >> reporter: the american military it's clear, but proposed foreign aid cuts by the trump white house has thrown its long-term humanitarian commitment into question. . in agadez, a u.s. civil affairs team is already trying to reach out to the local population. this is a dental hygiene workshop. on site we meet a group of women leaders, and their top concern is youth unemployment. zara ibrahim says terrorism is all around them and that's why they don't want the youth to be idle, so they are not recruited by something else. ♪ but it's really only in the desert that you begin to understand the e numerable challenges that come

nigeria has voluntarily agreed to limit oil output at 1.8 million barrels a day.ave picked up at the news. up more thannd wti one person a short while ago. they have been fluctuating throughout the day. how are the stock markets trading today? >> european stocks were in the red today. london he is leading the losses almost 1%. paris is flat and frankfort asked about half a percent down. a 23 month high against a weakened dollar. >> let's see if we can get a hold of that report about the international monetary fund. it has revised up its growth projections for the eurozone, china and japan. >> global growth recovery is on track. the international monetary fund says its growth forecast for the world economy remains unchanged for 2017. 3.5 percent. the outlook for several eurozone economies is brighter than expected with spain and italy seeing the biggest revisions. the spanish economy is now forecast to grow by 3.1% this year, up from 2.6%. projections have risen overall. the eurozone is expected to grow by 1.9% in 2017 from 1.7% in what the imf said was evidence of

focused on the fact that we have two african producers in nigeria.rom secretary-general that perhaps it will all work out well. take a listen. >> what we would like to see is an orderly recovery. that would not disrupt significantly the rebalancing of the market, which is a delicate process which has taken longer than expected, because of the changing fundamentals. su: the rebalancing of the market, delicate indeed. we have the major players and opec involved in these output cuts. nigeria signaling it is willing to join in the accord and cut its output. u.s. leaders leading a pickup in terms of output that adds to concerns about nigeria and libya. that has been bearish for the oil price since may. su keenan there with the latest on the markets. we look ahead to the china trade data numbers. we have money supply numbers that came out yesterday. it was the slowest on record in june. the second straight month where we have seen a new record low being hit. let's get to our chief north asia correspondent who is in shanghai this week. so good to see you. i

adrianna: 19 people dead and 23 others hurt in a violent terror attack in nigeria. lice say four boka-haram targeted the city and where they began their eight-year insurgency. last year nigeria declared they crushed the terrorist group but deadly attacks continue to happen. look at this, an amazing rescue caught in the indian ocean off sri lanka, a group of naval personnel saved an elephant stuck in an ocean current and took several boats and a team of navy divers and the wildlife to rescue the animal and used ropes to safely guide the animal from water to dry land and was then handed over to wildlife officials. happening today at home, a chance for maryland voters to meet the 2018 democratic candidates for governor. a forum will be held silver spring. candidates invited include prince george's county executive kiminets and ben gellis and john delaney will be there and the event starts 6:30 tonight at the silver spring civic center. take a look at this scary situation in fauquier county. a bridge collapsed and takes with it a ups truck and happened virginia off old

we might all to -- also see nigeria in libya. might also see headlines from nigeria and libya.t they could do to balance the market, there is still a big opportunity. might also see headlines from nigeria and libya. we cannot throw it out completely in terms of what they can do in balancing and building up the process. at the moment, as they are waiting and watching and have done something already in terms of how it plays out. it does take time for it to feed into the market. and sending sentiment in reverse inventoriesterms of in actual exploit numbers. guy: thank you. miswin mahesh, oil analyst joining us down the line. thoughts? >> i see one of the crucial aspects which we have not discussed is what is the break even of the show producers? put on a note suggesting above 48 and a lot more supply. and the state of oklahoma, texas, you see much higher than initially estimated. between libya and nigeria and the u.s., you made up about 70%-80% of the cuts of assuming they will hold in the exports will decline. if we see it to does not roll over from march 2018, you will see the m

been talking to many of those who make the dangerous journey, often from countries such as gambia, nigeriaastern parts of africa. these are young men who often head out into the unknown across africa, who arrive in libya, which is currently in the civil war. from there they set off on a dangerous journey into the unknown, where they get rescued and they arrive in these tiny, cut—off, isolated towns after they get rescued in italy. italy is not coping with this crisis. the italian prime minister paolo gentiloni described it as "unbearable", and in the last few days there has been a conference in tunis between african and european ministers, and also italy has said in the last few days that it may shut its ports to rescue boats. also, italy has threatened to actually give migrants who are in limbo in these southern towns in italy and sicily visas to head north. in retaliation, austria has said they may send a battalion of troops to the italian border, to stop the influx of people heading north. we will talk about the responsibilities of other eu countries, the fact italy says it can't cope.

nigeria niger guinea became a fast food just as i was negotiating we saw a couple with a tray of sweets turns out some locals were indeed glad to have the new neighbors the security guard let's put it this way made an exception for me and actually allowed me inside the hotel to see what the conditions are like and i can tell you that the migrants and refugees have everything to live a normal life there the question though remains whether they will be able to integrate into the local society and whether all the locals will be ready to accept that number of refugees our journey. we need to another small community where migrants haven't arrived yet but the government's intentions have already caused quite a debate in the usually quiet neighborhood. a very small abandoned school local government wanted to place sixty my gran's and that small building i think we have a chance to talk to the lawyer who is representing the local community understand the plan was to put the migrants here. who are putting migrants here into buildings like this is racism the risk is that the shelter could turn in

to a vienna based energy consultancy j b c now opec is considering placing caps back on libya and nigeria u.s. production increased to nearly nine point three four billion barrels a day just last week. it's monday and what's worse than starting off the week with transportation delays on your way to work well thousands of commuters will be faced with a lot of that coming months ahead since penn station is now undergoing some major repairs until the end of august artistry of us has this report. two months of trying to please began this morning penn station is finally undergoing some much needed repairs but new york governor andrew cuomo.

opec members libya and nigeria have been exempt from the cartels so stealth self imposed limits. nigeria though is said to be rapidly approaching stability and it could have to slow its pumps soon. compliance has dropped since the agreement cap output was implemented in january and energy ministers from russia and saudi arabia said that other producers need to clamp down. where the cuts could be extended beyond next march? although conformance with the production agreement. remains strong i bagged level. some countries continue to that. which is a concern we much at that ice we must address. head on. moving on from the days of the business headlines now. a french court has once again delayed its decision on government back. a plan for the gms core parts factory. ruling is now expected next monday. the bailout seem more than half. two hundred seventy seven workers there lose their jobs. financial participation for its two biggest clients who know and kisses citron. as well as the french state. place been protesting for months creating the first major industrial dispute to face my

lying i went on to ask where the migrants were from the man claimed they were always fiji's out of nigeria libya. and guinea just as i was negotiating we saw a couple with a tray of sweets it turns out some locals were indeed glad to have the new neighbors finally he let me in without the camera the refugees said they'd only got warm welcomes from locals and were ready to become sicilians our journey continued to another small community where migrants haven't arrived yet but the government's intentions have already caused quite a debate in the usually quiet neighborhood. very small abandoned school local government wanted to place sixty my gran's in that small building i think we have a chance to talk to the lawyer who is representing the local community. to meet you don't. understand the plan was to put the migrants here and also be one of the best who are putting migrants here into buildings like this is racism the risk is that the show could turn into a kind of concentration camp because the migrants would have nothing to do here but the problem is not just this is big it's about the la

reports from nigeria say more than a0 people were killed in an attack by boko haram militants on an oilri. the local university confirmed that some of its staff had been killed. soldiers and members of a local vigilante group also died in the ambush on tuesday. japan's high profile defence minister has resigned over an alleged cover—up involving military documents. tomomi inada announced her resignation at a news conference on friday. she has repeatedly denied claims she helped cover up internal records in south sudan. police in london investigating the grenfell tower fire say there are "reasonable grounds" to pursue corporate manslaughter charges. the announcement means that senior executives from kensington and chelsea council and the tenant management organisation running the building are likely to be questioned under caution. at least 80 people died in the fire. iran says it has successfully tested a rocket that can put satellites in orbit. the united states criticised the launch and described it as a provocative action, saying it was an example of iran's continued ballistic missile

but they're going to suggest one this backdrop in miend, they're going to tell nigeria to come in andon? >> i think they'll try to propose it if they propose it which i believe they will because nigeria/libya and libya is the highest since june it cannot be implemented since late november when it is a full meeting there. >> you will have supply kick on as high as they can make it until you come to november 30th. the meantime, the count keeps on rising and crews staying at 45 to 50 range. it is going to keep counts and production elevated and 18 >> is it out of the question, rober roberto? >> a while ago, this had been thinking that opec had been pumping and pump, could they be pack and play. >> they greatly over estimated of the ability for the u.s. players to bring up productivity and cost efficiencies and other opec nation dealing with comply. if i am an opec number of the cartel and you see the they kind of cheated last month, they're the biggest producer and the other members got to be questioning why should they have a compliance as well >> more so of the u.s. production it conti

and here particularly i look at nigeria, which during the 1980s when the oil price went down, nigeria's economy suffered significantly. but here with the diversification in consumer products, telecoms and banking, the drop related to the drop in oil prices has been much smaller and we're seeing a recovery much faster than we did in the '80s. >> reporter: i'd like your opinion also on russia, the g-20 summit this weekend. vladimir putin said the russian economy has definitely moved out of recession what's your takeaway >> well, we feel the same way. we see russian economy this year growing by more than 1.5%, and we're looking for 2% growth next year so we do see russia making a turnaround >> reporter: okay. christoph, thank you very much which will you be attending today specifically in terms of panels what are your interests here at europlace? >> well, i'm particularly interested, as i mentioned, about africa and discussion on the african capital markets and financial services sector. >> reporter: and it will be devoting a morning and also tomorrow to these topics thank you very much fo

nigeria to europe is a journey being made more and more.he third largest group of illegal migrants trying to enter europe. stephanie hegarty reports from nigeria for the bbc — we asked her why so many feel the need to leave. the journey from here thejourney from here in lagos all the way to europe, for illegal migrants, is long and difficult. the reasons they are going quite straightforward, there just are reasons they are going quite straightforward, therejust are not enoughjobs here. straightforward, therejust are not enough jobs here. the straightforward, therejust are not enoughjobs here. the country straightforward, therejust are not enough jobs here. the country has beenin enough jobs here. the country has been in recession for over a year, prices are rising still and although things are getting better it is still very tough for people. the official statistics on unemployment say it is about ia.2% but likely to bea say it is about ia.2% but likely to be a lot higher. even officially, one infour be a lot higher. even officially, one in

per day libya's crude oil output has served though to more than one million barrels a day while nigeria's output has risen to one point six million that's according to a vienna based energy consultancy j b c now opec is considering placing caps back on libya and nigeria u.s. production increased to nearly nine point three four billion barrels a day just last week. it's monday and what's worse than starting off the week with transportation delays on your way to work while thousands of commuters will be faced with a lot of that coming months ahead since penn station is now undergoing some major repairs until the end of august artistry chavez has this report. two months of trying to laze began this morning penn station is finally undergoing some a much needed repairs but new york governor andrew cuomo says that this will be the summer of help and thousands of travelers may be forced to find a different commute this could have been a very good if they would have prevented this massive eight week track construction program will affect three different transit agencies the new jersey transit the

we have also made available offers to the italians support and help to return from nigeria because a significant number also are coming from nigeria and we have indeed arrangements already from the united kingdom and nigeria to provide exactly that sort of area where people are able to stay. >> -- >> prime minister, i would like to estimate syria and the loss of civilian life. specifically as it relates to us operations against dionysian raqqa. it does appear that the rules of engagement has changed. she raised this or has she raised this with the united states or have her ministers? >> as the young lady may recognize, we are regularly in discussions with the americans and others within the coalition about the action that has taken place. i think the military action that has taken place in mosul to has been important and in raqqa will be important. of course we always take the position that we want to ensure that these actions deal with those of their supposed to do with. the terrorists and do not affect civilians. >>. [inaudible] >> thank you, mr. speaker. welcome to the prime minis

nigeria will support a cap on its oil production.igerian minister says the country will support a cap on its oil production, perhaps removing some of the glut concerns from the global oil market. changing subjects now, talking about travel. the travel industry is always full of tension with fierce competition, a vibrant m&a scene, and then companies like airbnb. expedia is at the forefront of many of these issues. david gura is at the allen & co. conference in sun valley, idaho. david: i am with the ceo of expedia. let me ask about the level of competition in this part of the tech world. how fiercely competitive is this space? >> hugely competitive. $1 travel business is a trillion plus industry on a global basis. oftime you have a pool consumer spending that is that it, you will have tons of companies going at it. we are one of them, but travel, in general, looking at the growth of new travel market, it has been growing faster than gdp for years and years. if gdp is growing in the 2% range, travel is growing at the 4% range. travel

have aboutou guys libya and nigeria seems to be the main factor.g to be asked to cap output, but they must be thinking -- >> yeah. i think that story has completely changed over the weekend. loss,e another weekly relentlessly bearish in terms of inventory, demand not jumping as much as you would expect this time of year. that story highlights a big withnt in the bearishness, a massive rise in production. opec, they're at least asking the question of, at what point do we cap that? the point you made is valid, if you are in nigeria, you could say we need the cash. our production is not back to where it has been. >> everyone else raised their output and said we will cap it's here. >> this may be the scenario. opec turns around and says you can raise it a little bit more, rather like iran. the key is giving the market a degree of certainty about what's going to be coming, and in the market has something to work with. at the moment, it is anyone's guess. that it doesn't help when you are thinking about the forward curve. guy: doing we need more futures

. $44.ing around nigeria in on libya and joining in. 76 for the aussie. not doing a whole lot as well. stocks could be pretty lackluster out of sydney for the asx 200. japan, a lot of stability in dollar-yen. 114 against the dollar after the kuroda,rnor, reiterating his willingness to stay against policy. pretty lackluster, it seems, so far, on how we are playing out this tuesday morning. a look ahead to the bank of canada. that decision, coming up later today as well. one of the first major banks to really telegraph that they will be hiking rates. betty: indeed. let us get to the first word news with nina melendez for more on today's stories. nina: rex tillerson is in the gulf to -- he will shuttle between capitals this week, attempting to bridge the gap between the two sides. qatar hosts the regional headquarters of the u.s. central command, while saudi arabia is a top buyer of american weapons. the saudi alliance severed ties with delhomme on june 5 -- with doha on june 5. theresa may will help steer the thentry out of european union after losing statu

there is a bit of chat about production cuts in libya and nigeria. the idea that demand could come to meet overproduction. you can see how the american markets closed yesterday. they will also be waiting for the earnings figures coming out in the us this week. once they come out, we should see a bit more action. not a lot going on right now. don't forget you can get in touch with me and some of the team on twitter, i'm @bbcrachelhorne. plans to double the number of people who can speak the welsh language are being outlined by the government in wales. the latest census in 2011 shows the number of people who can speak welsh has fallen to fewer than a fifth. our wales correspondent sian lloyd has more. at this school, children's lessons are taught through welsh. lenders from the welsh government came to spread the word about their goal, supported by a guest popular with the pupils. it's a big task, but it's achievable. we really believe we can do it. expanding welsh education is at the heart of the strategy. it includes creating 150 welsh language nurse

libya and nigeria pumped more crude. the final chart is on earnings.is trimming the expectations for corporate earnings. it could be peaking according to j.p. morgan chase. you can see after months of positive revisions that coincide with central banks, they are getting ready to tighten the currency. happy fourth of july. macron has used a speech to country at the new age of enlightenment. he called on parliamentarians to put aside their cynicism and countryrevive french creativitd leadership on the global stage. >> it's up to france to take initiative and i want to do it. in the months to come, thanks to the close relationship i have established with the term in chancellor, everywhere in europe we will launch democratic conventions to reform europe with its core political project, to unite people. francine: let's get more now. good morning to you. what was he trying to signal with this speech? we don't want to give any details of future reforms. this is something he is leaving to his prime minister. stand on a bold political site. imagets to break wit