rajan not continue on as the rbi governor.eloping story here is well, traders adjust their positions and exposure. rishaad: we are looking at the imminent departure of raghuram rajan, a lot of politics involved in this decision to say the least. yvonne: that's right. he broke the news unconventionally through a letter to employees well before the official announcement. that has raised speculation that the government was trying to push him out. mes could be a double when for india this week with brexit and rajan's imminent departure weighing on investors. rupee volatility is the highest since august 2, the second worst performer among asian currencies after the yen. stability the the currency has maintained since rajan took office. stability is the name of the game. in 2013, morgan stanley put the rupee under the fragile five list. to strengthen the currency from that record low. at bypee swings have been half. if you look at the one-month implied volatility in blue here, it has come down significantly and help to push the nati

rajan was a fantastic rbi governor. he stabilize the rupee. >> the fundamental news is still broadly constructive and the ford curve is very steep. angie: the bank is not worried his replacement will stray from the path laid out by rajan. >> the fact the government has been with the rbi on this new macro policy management framework, particular the on monetary policy. it is now targeting inflation and trying to keep that new monetary policy framework intact. so we doubt that the government is going to put somebody else in a laxityo then takes you on macro stability management, so at this point in time, we are not concerned about this causing a big problem in the macro outlook. angie: we also spoke to the former japanese finance minister, eisuke sakakibara, on the pressure on the japanese currency. he said the yen is headed to break the 100 mark. gradual appreciation of the currency is taking place, so i think that by the end of the year, it is quite likely that the yen would reach 100 or even break 100. if it breaks 100,

and rajan roils the

credibility will be the big thing, and can they maintain what rajan has built. , similar to rajan, overseess and economic policy. also a key architect of reforms. other names, arundhati bhattacharya, as well as officials from the finance ministry. expressedy, rajan confidence when it came to his policy, saying that he had implement stability that will carry through after his term. he says i'm sure the work we have done well let us ride out like thelatility threat of brexit. angie: thank you so much for that. be consideringto selling stakes in one of its corporate crown jewels. that president putin is considering offloading part of the oil giant rosneft to fund budget shortfalls made worse by cheap crude. have they said anything specifically. rosalind: china and india have expressed that they are interested in being part of the privatization of rosneft, but neither has commented on a joint deal. on friday, the oil minister said a joint deal could not be ruled out. he said we are not rivals. that is referring to china and india. both india and china already work together in some areas on join

the prime minister and rajan.here may be attempts by the prime minister and his allies, but will be a position be tough enough? to persuade others to sway to his side? alix: and betty, you have a new show -- scarlet: why is betty talking about india? alix: what is it called? what time? betty: this is the reason i am thesee -- to talk about stories, these types of stories that affect not just investors in asia, but investors here as well and europe, as we see with brexit. break a leg. we are going to examine how e-commerce will affect earnings that are set to be released tomorrow. ♪ scarlet: is amazon about to cut fedex out? some analysts speculate that amazon might build its own delivery network to get directly into customer hands. ceo has called the reports "fantastical and unlikely." let's go inside the numbers in today's "numbers don't lie."amazon has given every indication it is serious about investing in logistics. it's a it would release 20 boeing 757 freighters. the chart here shows revenue growth over the

rajan is one of the top economists in the world. expert on the banking and the financial sector. he provided an enormous amount of credibility to the monetary authority in india. with that credibility gone, the answers are sinking in. we see the effect on the rupee. i hope this will not affect the rest of the indian economy. manus: thank you so much. it's always worth that five-hour drive from home on -- from oman. iran is rebuilding its economy after years of sanctions stalled growth. we have a look at the latest of elements in the steel industry. that is coming up next. ♪ iran is looking to rebuild industry after years of international sanctions. one of the country's biggest producers is looking for trading. what does the safer broader industry in iran? >> this was an attempt to block yesterday. it's one of the biggest in iran's history. interestingly, there were no buyers. in iran, like in many countries, the industry is quite depressed at the moment. here, it has been exacerbated by low oil prices, which has meant the government

scarlet: was it rajan's policies or his persona, his fearlessness and shaking up the status quo thatewhat objectionable to indian politicians? sasha: his willingness to speak on issues well beyond economic policy and criticize the government while doing so certainly did not win him any points with the powers that be in indian politics. but i don't think that was -- that alone could not have been the deciding factor in the government -- effectively the government's decision this weekend. rajan would not have announced he was not seeking another term unless he was very certain the government would not give one to him. alix: all right, who was on the shortlist? who do you think will get that spot? sasha: there is a huge spectrum of name and as you have rightly pointed out, there's a large number of people that could fill rajan's shoes credibly. on one hand you have safer options rajan's policies, like the current deputy governor patel and then you have current and former bureaucrats particularly the current economic affairs secretary and i think many investors would to see that the gove

delayed so there is a period of uncertainty for the global economy and indian economy and this, for rajan not to be in position, will be quite harmful. business that's the news for now. laura: we're taking a short break. stay with us. from pacifica this is democracy now. mr. sanders: i look forward in the coming weeks to continue discussions between the two campaigns to make certain that your voices are heard and that the democratic party passes the most progressive platform in its history and that democrats actually fight for that agenda. amy: as bernie sanders

we're talking about rigorum rajan.ne of the rock stars in economics popular with foreign investors. he took control of india's central bank back in 2013 when the country was facing the worst currency crisis since the '90s. but since then he's faced criticism from members of the prime minister's ruling party for not lowering interest rates enough. the rupie reacting strongly to the news of his exit. the rupee goes lower, the dollar shoots higher. a lot of questions on the credibility of the government in trying to maintain a wall. you always have to with the central bank and the government, and he brought a lot of credibility according to global investors and economists to the central bank. >> and you can tell because the proof is in the pudding. in india's economy, india's markets have been outperformers relative to many of the other developing tight markets around the world. so the question becomes whether or not there's going to be the shake-up in the economy and the markets because of this particular business, but i

outgoing reserve bank of india governor raghuram rajan says state owned banks are to blame for the slowdownh, not interest rates. 's departure has spurred concerns that his -- india's bad loans are at a 15 year high. its firsts held shareholder meeting since the announcement it is buying control of sharp for $3.5 billion. the event concluded with a shares not to retire until they reach a certain value. three of australia's biggest banks face penalties if they lose suits which claimed they were involved in rate raking. igging. r manipulatingsed of the bank swap rate, a charge they denied. the payouts would be comparatively small next to the bank's profits. the hearings resume in melbourne next week. brenton counts down to that referendum, there is another big vote on the horizon nine days away, australia heading to the ballot box. sydney.en is in we are told it is a tight race, but is it really? paul: yes, that's a good point. the polls tell a part of the story. this is the most recent news poll that shows that the opposition labor party has been closing in on the coalition steadily ever sin

islong as rajan is here, leaving in september, i don't see any chance of it happening.y shot the idea down twice. once, shortly after it was proposed. and again, showing that this is really in the air, the actually mentioned it in a speech last week, where he was defending his action. he has the one who has really been driving the push for the state-owned banks to cleanup balance sheet. and now that everybody is like ok, this is what it is, he is, you know, wanting the government to spend the money on the rome. he thinks it's a bad idea. he thinks the central bank pays as much dividend as it can edit to say that way. but for the moment, i think it is fine. but we will have new governor coming in soon. it could be one of the conditions for him to take the job. rishaad: sandrine, thank you very much. financial reporter there in mumbai. looking forward to of course the markets opening, an hour away. and we have the prospect of a positive session, giving what is happening in europe and indeed the u.s. and we will feed into that net of the woods, as well use of, because it i

we have the underlying gdp now, rajan's trajectory of inflation will take about 5% a year in.still have a gaping current account deficit and a lot of banking problems. this is really unfinished business, which we were hoping the next two-year term would close. it's another example of self-inflicted will, so it is frustrating, because we need this macroeconomic stability. francine: we seem to understand that there are five candidates running to replace him as governor. the kind of profile would you be looking for? this year she have to be international, forward-looking? does he need to come from academia? i think we want them to restate their commitment to an mpc style of monetary decisions, transparency. and i think you will see inflation targeting remain. thirdly, a lot of this was caught by higher than expected ranking, mostly to family firms. we want to see that followthrough. those were the three commitments that i would look for. francine: we talk about central-bank policy day in, day out. it is something significant we have to watch out for. i was reading an editorial sa

on the other hand, raghuram rajan argues that this would cost to britain in a "rotten deal." >> thingsfect our great country, we would have no say over. whether he want to make sure iran does not create a nuclear weapon. when we want to be strong against putin, we need to work in the u.n. and in the eu. --let's say they decide to if they put tariffs on us, they would be significantly lower than their net financial income. no deal is better than the rotten deal that we have. japan's economy has grown more than initially reported. an annual rate of 1.9%. shinzo abe postponed the sales tax increase. global news 24 hours a day, powered by 2400 journalists in more than 150 news bureaus around the world. you can find more stories on the bloomberg at top . matt? matt: david, thanks. china's exports stabilized in may with a weakening currency providing some support. overseas shipments actually fell 4.1% in dollar terms. let's go to beijing's bureau chief. what does this mean for china's growth target here/ar? are they sticking to it? >> they are currently sticking to their growth target, b

. >> i think if you go back to rajan's first speech at the reserve bank, i remember so vividly, his opening line was something like the lines of create a bullet-proof balance sheet. because remember that time and place it was months after the united states hinted at quantitative easing and indian markets took a dive after that. so, the tapering's taken place. india, especially brics remained intact after that. so that was articulated pretty clearly in the first speech. yeah, i see rahm in the back. >> i am rahm, the chairman of a company, a 10-year-old company, valued over a billion-plus right now. we are in the process of starti starting expanding. as i was discussing their innovation park, telling 90% of the graduates before used to go abroad, upper 80s. and now 90% are staying back. only 10% are going. so, with that trend continuing, and also, i heard there is something happening, 300 acres of land which will revolutionize the silicon technology, and it is in the process, the ceo there. with that trend, what would happen to silicon valley of the future, if you have any comments on that?

rajan has been popular with foreign investors and took control of india's central bank in 2013 when the country faced the worst currency crisis since the 1990s. but faced creditism from the ruling party for not lowering interest rates enough. and he announced sweeping reform rules. this clears the way for apple to open stores in the country. shares for apple are up 1% on the news. >> the idea is that apple didn't have stores in india didn't occur to me. >> no, this is the next growth market. this is the big shot. people talk about what can come next, even if you thought there was no innovation, india is a huge part of the bull iish rout. >>> also on this week's agenda, we are counting down to thursday's brexit vote. tomorrow the house financial services committee will testify on the economy and the monetary policy. economic data, look for durable goods. >> pretty good father's day for sports. a big sports day yesterday. in sports news the cavs win the nba championship beating the golden state warriors. they were down at halftime and made it up. it was amazing. the cavs are the first tim