belonging to paul allen are expect to fetch record-breakings on an action auction that is tag place in york next month. >> reporter: >> reporter: the art world is a buzz. really does a billionairey go up for sale. >> this will be a historic moment for the art world. >> reporter: 150 pieces from paul allen's estate will be put under the hammer. >> people with an extremely careful eye. he was not really . really understood. >> reporter: it is the sale of e century. featuring artwork spanning 500 years. >> it is the greatest auction er put on. in terms of the range: masterpieces. >> reporter: some pieces are expected to fetch over $100. >> it will be a sale which we assume oh well make in excess o1 million. >> another capturing attention s this giudicelli. > >> all proceeds from next monthn will be given to charity. that's charity. that's it for the news at 5:00. > >> we are looking back at the disaster that we shape the bay a 33 years ago. >> the ground was shaking underneath our feet. it took a few minutes for people to figure figure out what was going on. >> >> the big one hit and wrea

let's give it a paul allen with the first word headlines. paul: the financial times says japanese authorities spend more than $30 billion last week to prop up again while finance ministry officials did not comment on intervention measures. the ft says to people close to the government from the action. on friday the answers the most against the dollar since march 2020 after earlier hitting a fresh 32 year low. australian treasurer jim challenge -- chalens is predicting an update. it will show an underlying cash deficit of $22 billion u.s. he has promised a sensible budget mindful of the chaos caused by the u.k.'s shock tax changes. china as enshrined the rejection of taiwanese independence into the really communist party's constitution. the document vows to firmly oppose and contain taiwan independence and advance the model beijing as proposed for taipei. the charter previously only called for the advancement of reunification with taiwan. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists an

let's get the first word news with paul allen in sydney. has enshrined its rejection of chinese independence into the ruling party's constitution. the document vows to oppose and contain taiwanese independence and advance the one country, two systems model beijing has proposed for taipei. china previously called for the advancement of reunification with taiwan. taiwan is said to have suspended production of advanced silicon for a start up to ensure compliance with u.s. regulations. a source says the decision follows a report that byron's products outperform nvidia's a100 chips, which are bad. the tsmc has not reached a conclusion on whether byron's products reach. the u.s. threshold for restrictions. fed officials prepared to roll another 75 basis point rate hike next week while iana downshift to incremental increases. mary daly says policymakers should start planning for smaller hikes of 25 or 50 basis points. chicago president -- chicago fed president charles evans says the fed will have to guard against overshooting on restrictive policy.

haidi: let's get the first word news with paul allen. fed officials are preparing to roll out another 75 point basis hike while rolling out more incremental increases. mary daly says policymakers should start planning for smaller hikes of 25 or 50 basis points after next week's meeting. charles evans says the fed will have to guard against overshooting on restrictive policy. south korea is pledging dirty $5 million to support credit markets under pressure. korea will look to prevent a credit squeeze in corporate bonds and other short-term money markets. it's one of the be us rounds of financial support for korean markets since the start of the pandemic. north and south korea have exchanged warning shots along their disputed western sea boundary. south korean joint chiefs of staff saying the navy fired warning shots monday morning to repel a merchant ship. north korea's military says it responded by firing 10 artillery share -- 10 artillery shells. rishi sunak is on the brink of becoming the next u.k. prime minister after boris johnson pul

vincent van gogh at 100 million, all proceeds from the sale will be donated to charity according to paul allen'sst wish, the auction will take place november 10-12. well, i immediately recall a story from the life of a princeionist. yes, many of them sold their paintings at first, just for next to nothing. yes, for a pittance, some even just for shoes, yes, because they were really hungry, as always, and here, literally, the first ones are near the demon. these are the memories that remain. be so kind and buy from me. well, at least something from my brains, which i am ready to give, even for 50 francs. thought that somewhere their masterpieces will be sold for 100 and more than a million dollars, i'm curious. uh, you know this is such a delta yes, for what did they originally buy paintings and for how much can you sell it now? yes and i believe that the amount is impressive certainly that we wish you good bidding. and indeed. it seems to me that over time , priorist paintings prove their genius and only become more expensive. the lenovo owner will be curious. in general, to expose these works o

. >>> dozen of masterpieces from the collection of the late microsoft founder paul allen are going onh. ian lee is in london with a preview. >> reporter: the art world is abuzz. rarely does a billionaire's bounty go up for sale. >> well, this will be a historic moment for the art world. >> reporter: 150 pieces from microsoft co-founder paul allen's estate will be put under the hammer. >> he bought with an extremely careful eye. he was a man who really understood the artworks and the individual significance. >> reporter: it's being described as the sale of the century, featuring artworks spanning 500 years. >> it's by value the greatest auction ever put on in terms of the range and quality of the masterpieces. it's the greatest ever put on. >> reporter: and they won't go cheap. some pieces, like this se zahn landscape, are expected to fetch over $100 million. >> it's going to be a sale which we assume will make well in excess of a billion dollars. >> reporter: another capturing attention is this boat chellie. >> it's the most fascinating because it's the only painting from before 1700

she told paul allen more work needs to be done in finding budget savings. >> it's a very responsibletraint in light of this inflation challenge. going forward, we will have to have a discussion about how we meet those expanding challenges against a budget deficit. >> it did manage to retain some key promises around paid parental leave, the childcare payment expansion, but you also cap the tax cuts from the previous administration. i couldn't help but notice that election promise did not get mentioned in the budget speeches. is there something you would rather not have done? >> we are reflecting the budget as it exists. that is why it was not mentioned. it does not come in for another two years. our focus really was focusing on what we needed to do right now over the short term. you can see that in the first two years where we really are staging our spending investments, looking at returning the upside we've got from commodity prices. returning that to the budget, starting the weaker budget repair. there is no doubt we will have to have a discussion about all parts of the budget and h

the treasure will hand down the labor markets first budget on tuesday and our very own paul allen is hat can we expect to hear later, paul? paul: the treasure will deliver his speech to parliament around -- and around five or six hours trying. it will be a fairly friendly budget according to the prime minister says it will deal with cost of living pressures of all not putting pressure on inflation. that sounds like quite the tightrope this budget will attempt to walk. there will be announcements on childcare, infrastructure spending. local media reporting there will be a plan to build one million new homes to improve the housing supply. that could potentially be inflationary. watching for more details. some pleasant surprises. the deficit forecast to be just 23.4 million, less than half of what was forecast in march by the previous government before it went on to lose the election. the reason for that, australia has been an indirect beneficiary of the conflict in ukraine. commodity prices have gone up so that has been a lot more revenue for australia from coal and gas. there is an app

i am paul allen in sydney. >> i am anna

paul allen joins us with more. we could see an increase. ings a little bit softer. paul: it's very much a live debate. we had economists expecting 50 basis points, bringing back their expectation of this meeting to 25 and others were saying 25 and are now paying 50. very much a live debate in terms of what we get. but a majority of economists we get the 50 basis point rise today. some of the uncertainties come from phil lowe himself who said to parliament that both 50 and 25 are on the table at this meeting. our bloomberg economics is going towards a 25 sites and some of the inflationary pressures of food, energy, housing construction was being transitory. i know that's a bit of a dirty word these days, but we still use it. also, the 225 basis points we have seen so far is still feeding through the economy and could have those significant impacts on house prices and mortgage stretch and we have already seen some evidence of that coming through. likely 50 today, but going forward with a increases for the rest of the year could be 25. shery: c

paul allen is here with a preview. we spoke to -- earlier.g from this bread and butter budget? >> those words he has used, bread and butter. simple, solid. reassuring tones have been struck. we have been hearing from the treasurer and the prime minister. this is going to be a family-friendly budget, dealing with cost-of-living pressures well not putting pressure on inflation. it will be interesting to see how the budget walks that hydra. -- but we are expecting to see spending on childcare, infrastructure and possibly one million new homes. this is what is being said -- being reported in local media. there is a long tradition of details leak about the budget. tilting one million new home sounds like it has the potential to be inflationary as well. we'll have to wait and see what is in this document. jim -- spoke to the media briefly before going into the lockup. we won't hear from him again until he delivers his speech to the house later. to mention the deficit, 23 point $4 billion, huge improvement. less than half what was forecast in march.

paul allen joins us live. what are the -- we know so much about this before it was released. what is the biggest take away for you? >> inflation was a theme that got return to again and again. -- returned to again and again. context in terms of debt, i will give you this in u.s. dollars. the debt is expected to surpass $180 billion in 2023 -- $580 billion in 2023. that is a big round number. by the time we get to that point inflation will mean that the interest bill on that debt alone is going to be 1.2% of gdp. inflation is underpinning many of the decisions that were taken in this budget. the treasurer said the worst thing that the government could do at the moment is contribute to that inflation. how to ease cost-of-living pressures caused by inflation while not adding to it. we have had an extra spent on childcare, $4.7 billion available there. half a billion dollars on extending paid parental leave. another cloud hanging over the economy is rising energy prices, gas prices are seen rising 56% over the coming year. tough conversations need to be had around how to alleviat

i am paul allen in sydney. >> i am annabelle droulers. shery: good evening. i am shery ahn. the top stories this hour. u.s. stocks halt their two day rally with treasury yields surging to multiyear highs on rate hike concerns. paul: fed officials keeping up the hawkish rhetoric on the fight against inflation but james bullard sees an end to aggressive hikes next year. >> we are predicting that inflation will come down and it will be a disinflationary year in 2023. shery: the dollars growing strength ways on tesla's results but elon musk says a meaningful share buyback is likely. u.s. futures extending its deadlines. we have every sector of the s&p 500 in the red today except for energy. oil gaining and that is what markets were watching. above the $85 per barrel level, close to $86. we continue to watch nasdaq futures. tech under pressure. we have the 10 year yield continuing its rally with the treasury selling renewing with a two-year yield at the highest since 2007 and it's all about the hawkish fed really playing into the markets. and after hours trading, we are watching

paul allen, doug, and aaron kenny are back with us. bit of a surprise that he pleaded guilty after initially, it wasn't as though the facts have changed in any meaningful way. the fact were just too overwhelming? >> when he answered the questions of the prosecutor to admit his guilt. he pled guilty to all 24 counts in the indictment and the prosecutor said, we have made no deal whatsoever within. so, the judge in the case could give the maximum sentence consecutive counts on each count. so, i think that what is going on is, they are going to assert an insanity defense, originally and defense lawyers came to the conclusion it was an untenable defense. it is very hard to prove insanity in a court of law. and, ultimately, they decided the only hope for him was to have him plead guilty to everything and for the court to see that level of cooperation and you should get a lighter sentence than life in prison. >> let's talk about his sentence. -- his parents. legally, how are they not responsible? before they bought their 15-year-old a gun, t

. >> paul allen here in sydney. there is a lot more to come on daybreak asia.s is bloomberg. ♪ >> this is daybreak asia. u.s. officials have forced to scale back to impose a cap on russian oil prices. the u.s. and eu are likely to settle more for a cap at a higher price. officials proposed at $40 to $60 per barrel but we are told the cap could exceed that range. the bank of canada has signaled it is near the end of its hiking campaign. they boosted by 50 basis points instead of 75 that was expected. the governor says while the hiking cycle is approaching the end come. , there will be more hikes to come. >> once we get through the slow down, growth will pick up, the economy will grow solidly and the benefit of predictable inflation will be restored. >> elon musk is at san francisco headquarters at twitter. he changed his social media descriptor to chief twit. wuhan has locked down a central district after 18 covid cases were found. 19,000 residents have been ordered to stay at home until sunday and non-essential businesses are closed. china reported 1200 new cas

i'm paul allen, a 30-year resident with the city. i speak in enforcement order 101 and this supplement my written submission of september-- -- ~>> caller are you still there? and president elias, that concludes the public comment. i think the last caller had some technical issues. >> thank you, next item. >> sorry i was muted. line 2, adoption of meeting for september 7, of 2022. this is an action item. >> great, can i get a motion to adopt. >> move to adopt. >> before, before we adopt the mibz on this, the election of officers, i think that was a september 14th. indicated that there was no second in the motion to nominate mr. yee. and i recall making a second. i would like the minutes after. i move that the minutes of september 14th so that the minutes are reflected, the minutes say that there was [indiscernible] >> from what i recall, and we need to look back at the tape. i think she made the motion and there was already a pending motion on the floor. so, that's my recreation too. until the next motion is adopted, i don't think you

i'm paul allen, a 30-year resident with the city. i speak in enforcement order 101 and this supplement my written submission of september-- -- ~>> caller are you still there? and president elias, that concludes the public comment. i think the last caller had some technical issues. >> thank you, next item. >> sorry i was muted. line 2, adoption of meeting for september 7, of 2022. this is an action item. >> great, can i get a motion to adopt. >> move to adopt. >> before, before we adopt the mibz on this, the election of officers, i think that was a september 14th. indicated that there was no second in the motion to nominate mr. yee. and i recall making a second. i would like the minutes after. i move that the minutes of september 14th so that the minutes are reflected, the minutes say that there was [indiscernible] >> from what i recall, and we need to look back at the tape. i think she made the motion and there was already a pending motion on the floor. so, that's my recreation too. until the next motion is adopted, i don't think you

allen, cbs news. > >> first alert chief meteorologist paul heggen trackg ian. the images coming out of a are devastating. >> it doesn't even sing five ve. >> these high end hurricanes or bulldozers. the storm surge acte that. a 10 to 15 wall of water will move everything out of its path. it will take weeks to months to assess the damage and years to replace the damaged. we we are looking at the remnants of what was a category 1 hurrice a category 1 hurricane that made made landfall earlier today. noi post topical storm. it's losing his tropical characteristics. sl has the swirl around the center of circulation, but no longer a well-defined eye. still plenty of rain, even as the winds are weakening. maximum sustained winds around 60 miles per hour bubbles will continue weakening as the storm moves more. all ofs rain, it doesn't matter if it is is a hurricane or tropical stor, the rain threat will continue at marches northward into virginia. virginia. you see how much the winds are going to continue to weaken, even in the next 18 hours or so, delta25-mile-an-hor

allen josh kaul, thank you for joining us we appreciate your time and insights. coming up, the very latest on the brutal assault of peace speaker pelosi's has been, paul. my friend richard louis is here with the headlines. hey. richard >> first, of left leaning canada are -- defeated ultraconservative incumbent jair bolsonaro to can reclaim the country's presidency. -- they have lula at a 50 point to 49.2% advantage. with 9% of all votes counted. 77-year-old lula sued as brazil's president from 2003 until 2010. before elected president on corruption tried. as president biden released a statement congratulating lula, praising the country's quote, free, fair, credible elections. and biden is among world there is offering condolences to south korea. following the deadly seagull how it will mean stampede. the death toll stands at 153, at 140 her. the u.s. embassy confirmed two americans died in that crash. more ayman, with ayman mohyeldin, right after this break. break. now ports can know where every piece of cargo is. and where it's going. (dock worker) right on time. (vo) robots can predict breakdowns and order their own replacement parts. (foreman) nice

know, we've heard about allen weisselberg and other executives that we've talked to that used to work for the trump organization also say that they got. so it's very familiar. >> paulri, donald trump is not on trial in this case. but you wouldn't know it based on the prosecutors' opening statement. as you mentioned, he said this case is about greed and cheating. and then she mentioned donald trump's name as many times as she could. the other thing i notice is that the prosecution and the defense are really going at it. it's considered bad form for a lawyer to object during an opening or closing statement unless the other side has said something that's really egregious. but ari, today the judge had to interrupt the opening statements on both sides 16 times. >> yeah. that's an errantteresting nuancu mention there. sue, go ahead. >> i was going to say it's interesting because while donald trump is sort of the mist in the room, he's constantly being talked about, the case is very much -- and they keep making the distinction that it went to the highest levels of the trump organization accounting department. he is not on trial. and that distinction is being made over and