let's now get to first word news with paul allen.s taken its biggest steps yet towards reopening after nearly two months of strict lockdown. residents in low risk areas will be allowed to freely leave and enter compounds from wednesday, as transport services also reopen. infections in shanghai fell to 31 on monday, less than half the number of the day before. the fed governor christopher waller respecting rate increases of .5% for federal -- for several meetings. he says he is not taking 50 basis point hikes off the table until inflation comes down closer to the fed's 2% target. he says economic markets -- models suggest tightening will be equivalent to a couple of 20 five basis point rate hikes. >> i support tightening policy by another 50 basis points for several meetings. in particular, i am not taking 50 basis points, 50 basis point hikes off the table until i see inflation coming down closer to our 2% target. paul: president biden will hold a rare oval office meeting tuesday with fed chairman jerome powell to discuss the economy

paul allen is in sydney for first word news. paul: thanks, david.eed to pursue a partial ban on russian oil, paving the way for package of sanctions targeting moscow. the sanctions for bid that the crude oil and petroleum products from russia delivered to members stay by sea. according to two people familiar with the negotiations, the temporary exemption for pipeline crude is included in the package. shanghai has taken its biggest steps yet towards reopening after nearly two months of strict lockdowns. residents in low risk areas will be allowed to freely leave and enter their compounds from wednesday, with transport services also reopening. infections and shanghai fell to 31 on monday. that's half the number of the day before. japan's factory output dropped in april for the first time in three months as china's virus lockdown spurred the disruptive supply chains. decline one point 3% from march and economist had expected if all of 0.2 percent. output slid almost 5% from one year ago and retail sales rose slightly from the previous month in the late

let's get you to paul allen. paul: the u.n. human rights official is trying criticism for her visit to china. it ended with a press conference that did little to address concerns about a china's alleged human rights abuses. the u.s. state department said restrictions imposed on the visit was not able to undertake a complete and independent assessment. eu nations failed to agree on a revised package of sanctions over moscow's invasion of ukraine ahead of a summit in brussels. anne-marie refusing to back a compromise ensuring all suppliers. a proposal to ban russian real estate purchases in the eu was removed from the draft and eu officials say a deal is still possible. the longest presidential election is heading for a runoff with petro security 40% of first round votes. the leftist leader is an x rebel who wants to tax the rich, halt oil exploration, and restore ties with venezuela. an nds talisman outsider, adolfo hernandez, came in second. pakistan's finance minister says the country must secure an imf bailout quickly as it i

paul allen hats an up -- has an update on the first word news. paul: eu nations failed to agree on an -- on a revised package of sanctions over moscow's invasion of ukraine. hungary is refusing to back a compromise, despite proposals aimed at ensuring oil supplies. the proposal to ban russian real estate purchases in the eu was also removed from the draft. an eu official says a deal is still possible in the coming days. ukraine's president volodymyr zelenskyy visited troops in the kharkiv region over the weekend. it was his first publicly known trip outside of the kyiv area since the invasion. he handed out awards to soldiers and was briefed on the operational situation. ukrainian officials say more than 30% of residential buildings in kharkiv have been damaged by russian attacks. hong kong is relaxing some covid-19 testing requirements for inbound travel. passengers will still need a pcr tests before their flight, but no longer need to give proof of the lab's accreditation. they are also dropping testing requirements for transit passengers. fligh

paul allen joins us now. we're in the final hours of the campaign. we have seen major policy differences emerging particularly when it comes to spending. >> finally after a lot of back-and-forth, the labour party has released costings for its policies. $19 billion australian in terms of new policies. generous childcare subsidies, billions for manufacturing investment and a plan to raise extra revenue. labor claims all this extra spending will deliver extra productivity. the liberal coalition government warning that labor's plans risk stoking inflation and adding to the heavy debt burden on that topic and neither party is returning to budget surplus anytime soon. in the dying days of the campaign, we have a real policy debate going on. up until this point, the labour party has been presenting a small target to a bold policy initiative and they ended up losing. it seems to be relying on the theory that oppositions don't win government. that governments lose government. it is been relying on voter disaffection with the government to do most of the work

juliette: paul allen. heading to the polls tomorrow. for insight, download our podcast.t addition is available wherever you get your favorite podcasts. rishaad: apologies for interrupting. right, let's look at what is happening with the selection from a market perspective. this is a federal election, and of course, it is on saturday. that may bolster shares. regardless of who wins, looking back at history, the index has risen in the three months following eight of the last votes. the average since 1993 was 2.4%, but things do get muddy if we get a hung parliament. this is a risk for markets as well and which may not have direction because of the uncertainty. juliette: let's get the latest business flash headlines. twitter executives have told employees that the $44 billion deal to sell the company to elon musk is moving forward as planned. the company's top lawyer says there is no such thing as the deal being on hold and twitter will not renegotiate the price of $54 per share. elon musk tweeted he is spending less than 5% of his time on the twitter acquisition, adding it

i am paul allen. this is bloomberg. >> u.k.rime minister boris johnson says there is no point negotiating with vladimir putin. hear more from our exclusive conversation later. up next, key economic data coming this week including china's pmi. this is bloomberg. ♪ >> let's take a look at major events in the week ahead. eu leaders begin a two day meeting in brussels monday with the war in ukraine driving the agenda. the u.s. not concerned with the closed memorial day. we get another check on the health of the chinese economy, pmi numbers due. also getting sterling, gdp, asia readings as well. thursday, opec-plus meeting. friday, jobs day. the u.s.. also, soaring food prices. shery: this week marking a turning point in monetary policy. quantitative tightening officially begins as the fed starts shrinking its $8.9 trillion balance sheet starting june 1. that is bigger than all of the economies of the world. except for the u.s. and china. with a reduction in $95 billion per month as the current plan, we will see how this will ripple

we are joined by paul allen. what has the reaction been to the win? paul: anthony albanese very happy with his victory, he often references his humble beginnings as a child of a sickle mother brought up in public housing. -- single mother brought of into public housing. it was brought up that he is moving into public housing again. market reaction has been fairly muted. there's not a tight correlation between equities prices and a change in government. the labor government does not yet have an outright majority. 76 seats needed for that. it is closing in on that and vote counting is continuing. as manus mentioned, the aussie dollar strengthening on the certainty of government going forward. the chinese government has said it hopes canberra can regain its rationality with this election. australia and china have had a falling out the last few years. the french foreign minister saying a defeat of scott morrison suits him very well. france unhappy with australia's cancellation of the submarine deal. anthony and billy see -- anthony anthony c -- the new pri

paul allen joins us with more. what do we make of it? certainly a busy start to the job. she was just sworn in on monday, on tuesday she was in tokyo for the quad, and today she is off to fiji. the first of a dozen visit to pacific island nations before the meeting in july. this is in the backdrop of a report by reuters saying that china is seeking deals with pacific island nations. huge expansion of a similar deal that china signed with the solomon islands in march. we still don't have the text of their agreement. we know it allows the solomon islands to request security assistance. could it allows safe harbor of chinese warships so close to australia's coast? we just don't know. shery: we saw the draft from china for more security agreements. what has the reaction being in pacific nations? paul: at the moment really only one country is publicly expressing concern, the federated states of micronesia. the president there is saying that the plan from china should be rejected, concerned about the risk of a new cold war in the pacific, his words. the federated states of micro

paul allen joins us with a look at what that means.hey don't have a clear majority that it looked like they are increasingly likely to achieve that. what does that say for the mandate and how they will govern going forward? paul: they absolutely smash the coalition. they definitely have amended. the labour party has 72. the coalition party has 51 seats. just short of the 76 seats are needed for a majority. interesting that neither party did particularly well on the primary vote, a lot of the vote ended up going to these independents as you mentioned. here in sydney, the harbor is ringed by teal independence, along the coast. the liberal seat for 70 years, that looks like it will go to independent. it is a mixture between liberal blue and green, mostly women candidates competing on women's issues and the environment as well. and they have done extra me well. also another seat in brisbane, a former seat held by the former prime minister has gone to the greens. these cities are getting tired of timid climate policies from these parties. s

paul allen and david ficklin joins us for more. lls have been very wrong before us is there a chance we could see another miracle win? paul: that was the prime minister's response in 2019, he called it a miracle. he is going to need another one. early voting has begun even though the election is not until saturday. but the polls indicate the morrison government heading for defeat. the australian poll had a two party preferred with the liberal party on 46%, the labour party 54%. if that was to be replicated, that would make anthony albanese the prime minister, and give him 85 seats in the 151 seat lower house, a pretty good majority. the government obviously running very hard into these final days of the campaign. in a weird quirk of the system, it had its official campaign launch of the weekend, even though obviously this has been going on for weeks. the government running hard on its management of the economy. they are coming under a lot of criticism like on its treatment of women, the slow rollout of the coronavirus vaccine, and c

yvonne: let's bring in stephen engle and paul allen in sydney. ul, what role do you think australia is going to have in this quad meeting when the prime minister does meet in japan? paul: yes. anthony albanese was handed a victory very early on saturday night. he wanted him to be sworn in so australia could be represented with some certainty on the global stage. anthony albanese's rhetoric around china will be watched very closely at the meeting. before the election he was attacked by the outgoing prime minister scott morrison as being the chinese palm it -- chinese communist party's pick, so albanese toughened his language. he gave a press conference a short time ago. let's listen to what he had to say. >> the relationship with china will remain a difficult one. i said that before the election. that has not changed. it is china that has changed, not australian, and australia should always stand up for our values, and we will in the government that i lead. paul: before the election, anthony albanese also declined to say whether or not he would acc

listen to bloomberg's podcast, australia decides, hosted by our own paul allen with georgina mccabe.ilable wherever you can get your podcast. morehead. -- more ahead. this is bloomberg. ♪ >> we are seeing repricing on this stable coin. after we saw the implosion of tara, we saw bitcoin investors adding almost $300 million to products focused on bitcoin. we saw almost 14% tumbled. there was a sense of some bubble fishing and bargain-hunting as we saw those numbers really fall in such an alarming way. bitcoin also shaping up to be a relative haven within this very volatile space. they are also trading to the upside. there is the biggest question about the idea of whether some of these cryptocurrencies could be considered uncorrelated assets as they are all wrapped up in the broader market turmoil. there has been a comment here. high profile. there has also been another stable point here. su keenan joins us with more. this is conspicuously quiet. >> there is a lot going on in the crypto space. this man is viewed as the king of both and has been very quiet. he has not tweeted anything si

paul allen joins us. china not exclusively mentioned in a statement. ot -- the word china does not appear but there is an intention to set up joint monitoring of ships in the pacific. and there has been an uptick of chinese ships so it is pretty obvious why that statement is there. the statement says the quad opposes units to lateral actions including militarizing features, and there is only one country who is doing that so it is hard to escape the conclusion that the quad is talking about china. but china's not the only one not mentioned. there was discussion of the situation in ukraine but russia was not singled out for condemnation. india is a major partner of russia and most of the quad partners have important trade relationships with china so they were walking a fine line. shery: china's foreign minister will visit a number of pacific island nations this week. paul: the purpose according to the foreign ministry for that is to build relations and enhance trust. china recently signed a security agreement that resulted in dismay in the u.s. and austra

. ♪ haidi: joining us now is paul allen. >> she has not even been the job a week and she is thrust into middle of geopolitical contest with china in the south pacific. it off she rushes to fiji to deliver a speech. she says australia will support sustainable growth and development. >> australia will be a partner that doesn't come with strings attached. nor imposing sustainable -- unsustainable financial burdens. we will not erode priorities or institutions. we believe in transparency. we believe in true partnerships. >> she didn't mention china by name, but a clear reference to what is known as debt trap diplomacy. the minister acknowledged that previous governments have been weak on climate and disrespectful to pacific island nations but this is a new government, things are to change. shery: the minister's visit is happening as china's foreign minister is on his own tour of pacific nations. >> the chinese foreign minister arrived in the solomon islands yesterday with a delegation of 20 colleagues. china and the solomon islands have recently signed a security agreement which has still n

haidi: paul allen in sydney. you can download bloomberg's australia decides podcast. s paul along with georgina mckay. it's available wherever you get your favorite podcasts. that is it for daybreak australia. daybreak: asia is next. this is bloomberg. ♪ this? this is supersonic wifi from xfinity. it's fast. like, ready-for- major-gig-speeds fast. like riding-a-cheetah fast. isn't that right, girl? whoa! it can connect hundreds of devices at once. [ in unison ] that's powerful. couldn't have said it better myself. and with three times the bandwidth, the gaming never has to end. slaying is our business. and business is good. unbeatable internet from xfinity. made to do anything so you can do anything.

shery: paul allen. we will have more analysis on australia, and the election and the relationship with china. geopolitics with former australian prime minister matthew turned role joining us to assess the situation around the country. first, -- o staying defensive until there is an indication of a fed hike. he's expert -- she's expecting a recession. we will speak to her next. this is bloomberg. ♪ shery: goldman sachs and bank of america saying that u.s. equities may more losses before the fed signals an end to monetary tightening. let's bring in our next guest who is remaining defensive. with this is frances stacy. good to have you with us. at a time when bank of america said the fed had offered no help to risk assets and appears far from stepping in. what do you do until the? >> i remain defensive and the thing is that the fed is tightening into a slowdown. we know that. there is a lot of data still to come this week, with revisions to the first quarter gdp and of course you get the pce and on wednesd

you can download the podcast hosted by paul allen along with georgina mckay.he latest addition is available wherever you get your favorite podcast. let's get you to vonnie quinn who is in new york with our first word news. vonnie: president biden has offered to join nato. he met the finish prime minister at the white house today after they applied to become members. the u.s. supports nordic companies. they came from kurdish militias. >> this is about the future. it's about a revived nato with and conviction to defend ourrity shared values and lead the world. vonnie: china is seeking to return to cheap russian oil. strengthening ties with moscow as europe six japan imports. beijing is in government level talks with russia to buy additional supplies without direct involvement from oil company. russian accrued prices have tumbled as buyers step away. canada has banned cte equipment from its 5g wireless networks over national concert he concerns. -- security concerns. gear from the chinese company will need to be removed by 2027. the latest decisions keep canada i

we can look at our australian design podcast hosted by our own paul allen as well as georgina. the latest is available now wherever you get your favorite podcasts. >> of course we have more coming up in the attic's tower from bloomberg's economy gateway latin america. here in panama city we speak to one of the businesses involved in panama's latest effort to boost a lower carbon aviation fuel supply by building a major bio refinery. plus, an interview with argentina's secretary of minding fernanda --mining fernanda avila as of the global economy transitions to green. that's it for daybreak australia. daybreak: asia is next. this? this is supersonic wifi from xfinity. it's fast. like, ready-for- major-gig-speeds fast. like riding-a-cheetah fast. isn't that right, girl? whoa! it can connect hundreds of devices at once. [ in unison ] that's powerful. couldn't have said it better myself. and with three times the bandwidth, the gaming never has to end. slaying is our business. and business is good. unbeatable internet from xfinity. made to do anything so you can do anything. xfinity

let's bring in paul allen who takes a look at what this result means, the implications. they are moving closer to a majority. what are the implications? >> it may not be completely easy for anthony albanese to govern. he has 52 seats right now, 56 needed for a clear majority. so the counting is still taking place. postal votes are still being counted. it is possible he could get there but if he does not he is going to need the support of the cross bench. there has been an erosion of the support for both major parties. in sydney we saw the liberal party strongholds go the way of independents. liberal voters have been frustrated by climate change and women's issues. a number of seats in sydney falling to the deals -- teals. the greens picking up a former safe labor seat in brisbane. a real shift in attitude for both major parties. the voters really expressing frustration about timid policy we have seen on climate. >> not so much a shift on attitudes toward china, but perhaps a hardening of australia's stance under this new government. . >> yes, anthony albanese came under

paul. i'm allen martin. coming up at 6:00, a woman attacked by a mountain lion. howfficia d herfe. > aealing with sal after tay s jos announced a 7-p. major changes they say are coming. >>> and the multimillion-dollar deal to save these red woods from being cut down at a popular bay area campground. the news at 6:00 about five minutes. sara, ryan? >>> still at 5:00, we introduce you to a local dj blazing a trail behind the turntable. ♪ >> how she is you're a champion. you're not a quitter. quitters don't do what they're supposed to. champions do. and you're a star. and you shine. that's what you do. that's what you do every day. [inspirational music] i joined the district attorney's office to pursue justice for everyone. but like so many of my colleagues, i resigned in protest because chesa boudin interfered in every single case and failed to do his job. the office is absolutely in disarray right now. chesa dissolved my unit prosecuting car break-ins. now criminals flock to san francisco because there are no consequences. we can't wait. recall chesa boudin now. >

paul. >>> i'm allen martin. coming up all new at 6:00, good news for bay area college grads.ed hot right now. what companies are doing to attract new hires. >>> plus -- >> first came the great resignation, and now bay area restaurants are getting hit with a wave of covid-19 infections. we'll break down what it could mean for your weekend dinner reservation. >>> and we're celebrating aapi heritage month. how a woman is helping preserve a disappearing language. the news at 6:00 coming up in about five minutes. sara and ryan? >> thanks. >>> still ahead at 5:00, tackling the misystery of fanduel and draftkings, two out of state corporations making big promises to californians. what's the real math behind their ballot measure for online sports betting? 90% of profits go to the out of state corporations permanently. only eight and a half cents is left for the homeless. and in virginia, arizona, and other states, fanduel and draftkings use loopholes to pay far less than was promised. sound familiar? it should. it's another bad scheme for california. i joined the district attorney's

. >> all right, paul, thanks. i'm allen martin, coming up new at six, the bay area now has the highest covid infection rates in california. the warning from top health officials. >>> plus -- >> two new defendants were charged with murder today in the alleged exorcism death of a 3-year-old girl in san jose. what the prosecutor says the victim had to endure before she died. >>> and we'll take a closer look at governor newsom's inflation relief plan. how he expects to put money back into californians' pockets. the news at 6:00 coming up in about five minutes. sara, ryan? >> thank you so much. still ahead here at 5:00, bay to breakers returns this weekend for the first time in two years. >>> and we have the story of a former san quentin inmate who has gone from running the prison yard to marathons. out-of-state corporations wrote an online sports betting plan they call "solutions for the homeless". really? the corporations take 90 percent of the profits. and using loopholes they wrote, they'd take even more. the corporations' o

. >> all right, paul, thanks. >>> i'm allen martin. coming up all new at 6:00, san jose police doing some major damage control after multiple misconduct allegations against its officers. what the mayor is now demanding. >>> plus a south bay city is standing out for saving water. we'll show you what residents are doing to conserve. >>> and long-time candy and ice cream shop in jeopardy of shutting down. how the community is helping to save it. the news at 6:00 coming up in about five minutes. sara, ryan? >> all right, allen, thank you. >>> still ahead here at 5:00 -- >> an unprecedented look at the mystery of our for state controller, only yiu will save taxpayers money. wait, who, me? me? no, not you. yvonne yiu. yvonne yiu. not me. good choice. for 25 years, yiu worked as an executive at top financial firms. managed hundreds of audits. as mayor, she saved taxpayers over $55 million. finding waste. saving money. because... yiu is for you. yiu is for you. exactly. yvonne yiu. democrat for controller. >>> an amazing picture from our unive

allen, jordan spieth going for the career slam. liz sticking with her boy webb simpson. and paul is taking the number-one ranked player in the world, scottie scheffler. how does it come out? we'll see by the close of business on sunday. we're going to have a par 5 post round shows saturday and sunday. >> excellent. >> going to be quite a show here from the watch party. warriors up 22-16 as i look over my shoulder. again, moving pictures on the late show. >> they're going to be good ones. >> very exciting. all right. >>> up next, celebrating restaurant week on the for state controller, only yiu will save taxpayers money. wait, who, me? me? no, not you. yvonne yiu. yvonne yiu. not me. good choice. for 25 years, yiu worked as an executive at top financial firms. managed hundreds of audits. as mayor, she saved taxpayers over $55 million. finding waste. saving money. because... yiu is for you. yiu is for you. exactly. yvonne yiu. democrat for controller. >>> well, finally this evening, you know we love a good foodie story around here, and right now by the way, if you don't know, we're

this allen, women, children, and the elderly who were allowed to leave the besieged works in mary paul on sunday, and finally made it to relative safety in ukrainian controlled territory. the 200 others remained trapped along with hundreds of ukrainian soldiers who are under renewed russian attack. and the u. s. chief justice has confirmed to lakes and documents about were the abortion blinds is authentic. it says, a majority of supreme court justices could voice to the landmark wrote the way no president joe biden has urged congress to pass legislation, protecting abortion. brian. but fran andre gillespie, who's an associate professor of political science at emory university. she joins us live from atlanta in the us state of georgia. andrea, thanks so much for being on the program. let's write this down. firstly, just how extraordinary is it that this lake has occurred in the 1st place? how much does this undermine the supreme court's reputation? this is highly irregular and it shouldn't happen that i'm actually really uncomfortable having to do interviews about this. the supreme cour

allen, vermont a prediction agency. the ross on january dissolve on st. paul saw he lacorte ledger extra once the posh keisha. hinton logan, you z like garza or eva, a soupy, ultimately a regulation shirley with the show for his chair, show her lead with draw layer ideally really pu sean. lael environmental regulations are cut back or made more flexible. and this opens the door to the creation of market instruments. supposed to save nature. when george bush takes office, he continues the deregulation policy. one of the 1st testing grounds is the wetlands vast ancient swamps. vital for biodiversity, businesses would really like to use these areas where nature has been left alone. so bush invents no net loss of wetlands, no net loss of wetlands. with this new law, the president puts in place the structure that would underpin environmental markets . his method for preserving wetlands is to be compatible with economic growth. businesses will be able to destroy parts of the wetlands as long as they offset the damage they calls yeah, bus y'all, demila saw get her al

but then jay paul austin comes back from south africa and he'd been there when they voted in apartheid. and he's from i think lagrange, georgia. and he and mr. woodruff. and ivan allen. did not i've been allen was president of the chamber then. they did not want atlanta. to be a backward city and they started talking about something. that they call that ended up being named. the plan of improvement in almost didn't come out. into sam marcel was bare and god bless themselves. he's a passed on just a day or so ago sunday and at 94. but he was in the the state legislature. i mean in the city board of alderman they called it then for thirty-some years and was mayor us vice mayor and then mayor and but all of this had been evolving. and they were dreams. manage action comes along and well first i got elected to congress and i wasn't supposed to get elected. the district was still just i think 38% black. and i got more black turnout than anybody had ever had before i think we had a 74% black turnout. and we got more white folks voting for me. and i beat a very good republican. and we became we were always very good friends. and rodney cook. and but things were just changi