ramaphosa: i would say maybe six months. six months would be an opportunity to be able to gauge the impact that it is having because we still have to go through the minister of financ'' s budget policy statement in october and it takes us another few months before we go to the next budget. francine: thank you for joining us on bloomberg. that was the president of south africa. guy: thank you very much. fascinating interview, really intrigued to hear what the president has to say. he has changed a number of things recently. i think he is trying to project south africa in a slightly more market friendly way. vonnie: it is more market friendly. did you see the rand strengthening as they progress through the interview? the prime minister also talked stimulus taking six months potentially to have an impact on the rand is undervalued. he said it was an open economy and blamed in e.m. contagion. guy: he has a point on that. we havewe have seen it affect te story of rand and what has been going on with current account deficit countr

ramaphosa: we are going to reprioritize our budget.here we can reprioritize and where we can get this 50 billion. that will be announced by our minister of finance in his medium-term budget statement. and where are we going to put it? we are to put quite a lot of it in small and medium enterprises. we are going to put a lot of it in agriculture, agricultural production. we are going to promote businesses in the townships and in the rural areas. we are going to focus on skilling the youth and women, so that a number of entrepreneurs can benefit from it and become very economically active. but 400 billion will also be made available for infrastructure. we are going to create a mega-fund for infrastructure to agglomerate a number of funds and monies that we have in our economy. the private sector is going to be invited to participate in equity, in joint ventures, in professional propositions, in loans, and also promoting private partnerships with the target sector. so all this is going to lead to invigorating our infrastructure space. fra

the way for the expropriation of the land without compensation as has been now suggested by cyril ramaphosa could be the best option to try to sort our some of the simmering discontent in south africa. yeah look this situation is parliament this current lee with a committee busy with consulting various they go this out do it that is the

later on, we will be joined by south african president cyril ramaphosa. from the one planet summit from emmanuel macron. manus: heavyweights from the world of finance include credit suisse's representative, larry davidand the new ceo, solomon. they discussed the state of global finance with bloomberg's francine lacqua at 4:30 u.k. time. juliette saly is standing by in our singapore studio. good day. juliette: manus, shares fell in late trading after the growth margin nearly missed estimates. numbers, including overall revenue and north american sales, outpaced expectations. the quarter closed just before the headline-grabbing ad featuring colin kaepernick. he says he's proud of the work company is doing with the nfl star and says it's having a positive impact on the business. >> is driving a real uptake i think in traffic and engagement, both socially as well as commercially. we have seen record engagement with the brand as part of the campaign. juliette: blackstone, the soon-to-be owner of thomson reuters, is said to be weighing a sale of a currency trad

chairman and president of the rwanda paul kagame is said that china is a friend and you have serial ramaphosa as the president of south africa's alluding to the fact that africa and china share the same vision but during this first day of the summit there was emphasis on transparency especially by the african union commission chairman with a fuck you saying that there needs to be transparency with trade between the two parties and also we had a statement by the united nations secretary general antonio terrorists who said that there has to be sustainable physical policies in order for africans or in order for both parties africa and china to see the benefits of this particular relationship you're speaking about sustainable policy here there is growing criticism that chinese infrastructure projects are pushing african nations into debt how big a problem is this where you are in kenya for example. well it's interesting to see that the standard gauge railway stood as one of the success stories during the first day of the summit that was discussed today but then when you look at the boat on the gr

the way for the expropriation of the land without compensation as has been now suggested by cyril ramaphosa could be the best option to try to sort our some of the simmering discontent in south africa. yeah look this situation is parliament this current lee with a committee busy with consulting various they go this out do it that is the situation and i think this is some consensus emerging that this not only does the member not the constitution but it's also about but active measures black emerging farmers should be supported and i must say that we are building that each by the south africa that they have put forward you know proposals and also the lead with government funding on that they will so what we want to see is a much more stronger better cultural sector that can contribute towards the economy but also doing sure that more people are part of the exit of culture that says take the internet and all that knowledge will have to wrap up our show dennis george ralph metallica herman thank you very much indeed for being present on the program today and thank you too for watching you can s

francine: rent has fallen after south african president cyril ramaphosa suffered the same false starts his predecessor nine years ago. that's recession in his first six months in august. how concerning is it? does that mean the south african economy is much worse than we were expecting? >> it certainly does seem as though this is bad news for the south african economy. and also the investment goals cyrilur president, ramaphosa, has to try to boost the economy by bringing in investors and bring in money to increase jobs and bring in more money. g.d.p. rose in the second quarter compared to a decrease of 2.6% in the first quarter. it seems as though the fundamental structural challenges that are working against economic growth still persist. he will have to work hard to unravel those and hopefully resolve those, so that he can stimulate economic growth. david: there was a day when supreme court nominations were largely partisan-free, but no more as hearings on the nomination of judge kavanaugh today couldn't get past the introduction before democrats and republicans were trading heated

country in the eighteenth century they currently own seventy percent of private farmland for present ramaphosa says taking it back would undo a grave historical injustice well the future with the future unclear that some farmers have found a solution in russia or chen of a south african family looking to resettle. after almost three hours of driving we finally got to this farm and what we see here is just vast amounts of land. everywhere. you can see because i know. at this exit quality two generations of the do twat family have a arrived in russia to see the farmlands that could be their future and after visiting here in the kaluga region they will have to south and russia they still feel that south africa is their real home but dire circumstances are forcing their hand and russia is offering them an olive branch we experience the pain in the hurt family members who have suffered ourselves if suffered crime i've made the decision that my children will not have to face that on a daily basis we've had family members who have been murdered we have had family members who have and friends who have

through investment and financing cooperation with africa where the south african president cyril ramaphosa said the commitment rebuts criticism of china's expansion in the continent in the values that it promotes in the manner that it operates and in the impact that it has on african countries. refutes the view that a newcomer on your list is taking hold in africa as our detractors would have us believe. more now from our correspondent in beijing adrian brown. this is a gathering where china's leaders still among friends and on monday president xi jinping repaid that gratitude announcing that china would be approving more than sixty billion dollars worth of financing to africa he also said that a quarter of that figure would be free of interest and he also addressed the issue of debt he said those african countries who were unable to pay of what they owed china by the end of two thousand and eighteen would not have to he also said that this will open to those countries which had diplomatic relations with china of course there is just one country left on the african continent that does not

the way for the expropriation of the land without compensation as has been now suggested by cyril ramaphosa could be the best option to try to sort our some of the simmering discontent in south africa . yeah look this situation is parliament this current lee with a committee busy with consulting various they go this out the word that is the situation and i think this is some consensus emerging that this not only does the member not the constitution but it's also about protecting the mage's black emerging farmers should be supported and i must say that we are building that each by a good south africa that they have put forward you know proposals and also it lead with government funding on that table so what we want to see is a much more stronger and better cultural sector that can contribute towards the economy but also doing sure that more people are part of the egg a culture that says take the internet and all that don't we have to wrap up our show dennis george rough metallica herman thank you very much indeed for being president on the program today and thank you too for watching you can

it compounds the challenge for cyril ramaphosa, who was elected president in february.t. getting towards $80 a barrel. the pound is a little bit weaker. that's all the business news. thank you. see you later on. cycling enthusiasts have ditched their bikes for a different sort of foot powered vehicle at one championship in the south of england. they've been competing at the fifth round of the british pedal car championships. thirteen teams made up of men, women and even a group of teenage scouts battled it out in a 100—mile endurance race over a 525—metre go—kart track. tim allman reports. this is beaumont or indianapolis. this is beaumont or indianapolis. this is beaumont or indianapolis. this is black bush near camberley. the british pedal car championships, a race for engines are not allowed. 13 teams, competing against each other, going as fast as their legs will carry them. people get really into it. is a bit like f1. if the other car is two laps ahead, fastest car in and then you sort of work—out. it is really good fun and really good banter as well, which is a lw

africa, the land reform is a credible and historic requirement for south africa. , inink president ramaphosais interview with bloomberg the other day, he is very clear about his issues and very much on top of them. has alearly the president very strong desire to improve relations with the investment community, and as a result he has made significant changes an announcements over the last few weeks. one of the key things the president has to do is deal with the level of unemployment in south africa. you and i have debated this in the past. we spoke when we met in cape town recently. how does the latest move from the president deal with the issue of getting more entry-level jobs? how does he get that process underway? this is one of the key things that the government has yet to really tackle. guest: we've had two quarters now in the first half of the obviously legacy output of the previous zuma administration, which has been highly disappointing. i think the president and his cabinet have concluded that this is not a recipe that can continue. it is absolutely necessary for us to reset the econ

though this is bad news for the south african economy and the assessment -- investment goal that ramaphosa has two boost the economy and create more jobs. gdp strength -- shrank in the second quarter compared to a decrease of 2.6% in the first quarter. it seems as though the fundamental structure or challenges that are working against economic growth still persist and he will have to work hard to unravel those and hopefully resolve those so he can stimulate economic growth. >> there was a day when supreme court nominations were largely partisan free, but no more as hearings on the nomination of judge kavanaugh couldn't get past the introduction before democrats and republicans traded heated words about the process. >> mob rule is how patrick leahy described the setting on capitol hill. this, as democrats have taken issue with the release of 42,000 documents released hours before this hearing was underway. they had been calling on the senate judiciary committee chairmen to give more time to review those documents. >> what are we trying to hide? why are we rushing? >> this committee has more

was south african .resident cyril ramaphosa we will bring you more of francine's exclusive interview the day. peter dixon, global equities economist, commerzbank is still with us. we talked about the rand's gain yesterday. we have had quite a bit of news flow from the central banks in asia, both hiking rates following the fed. r rate hikes a nafta support an r e there was a sense dominoes were beginning to fall. things seemed to stabilize. momentbe enough at the there is a sense it may be unstable. if it were to heat up again, and you can bet you merging markets will feel the full force of investor flows, once we get to the situation where the discussion comes back to the table, rate hikes will not be enough. it could be capital controls. that is what i was advocating last month, but that seems to have gone away. all in all, emerging markets have gone quiet, but i'm sure it will not remain quiet for long. nejra: there has been a reprieve, it is time to take stock. it had you changed your view on which emerging markets you might be more positive on? peter: i think to a large extent, t

and also the investment goals, president ramaphosa has to try to boost the economy by bringing in investors bring in money to increase jobs and bring in more money. g.d.p. rose in the second quarter compared to a decrease of 2.6% in the first quarter. it seems as though the fundamental structural challenges working against economic growth still persist. he will have to work hard to unravel those and hopefully resolve them, so he can stimulate economic growth. david: there was a day when supreme court nominations were largely partisan-free, but no more, as hearings on the nomination of judge kavanaugh today is not get past the introduction before democrats and republicans were trading heated words about the process. caps on: mob rule is how senator patrick leahy would describe capitol hill. this is, of course, as democrats have taken issue with the release of 42,000 documents just hours before this hearing was underway. they had been calling on chuck grassley, republican from iowa, to adjourn this hearing to give more time to review the documents. >> what are we trying to hide? why are we ru

who had zero ramaphosa as the president of south africa's alluding to the fact that africa and china share the same vision but during this first day of the summit there was emphasis on transparency especially by the african union commission chairman with fuck you saying that there needs to be transparency with trade between the two parties and also we had a statement by the united nations secretary general antonio terrace who said that there has to be sustainable physical policies in order for africans or in order for both parties africa and china to see the benefits of this particular relationship speaking about sustainable policy here there is growing criticism that chinese infrastructure projects are pushing african nations into debt how big a problem is this where you are in kenya for example. well it's interesting to see the standard gauge railway so it is one of the success stories during the first day of the summit that was discussed today but then when you look at the on the ground kenya struggling with the s u r project we're still paying for the first half of the project wh

of the ramaphosa from sky news arabia mr griffith recently said all conditions are covered for the young men to have a political solution. are you still sticking to this sumption secondly have you can you confirm or deny any preconditions imposed or laid down by. in order to participate in the come in the consultation thank you. you know i've said before i think it's critical but it's a banal remark mediators principle currency. and it is no different people yemen actually require. and they require attention to those difficult discussions just because they're difficult and that just because you can't guarantee an outcome does not mean we could preclude them and deny them the opportunity to have that have that day in court so in fact i do believe all the things i mean i've had the great privilege which is a real privilege listening to people from all sides and so i don't speak without some knowledge even if recent. i think there is really a transfer hope i'm very encouraged by recent discussions in fact that there is a chance of some tangible progress on this measure that i've been to. yo

michelle, members of the mandela family, to president ramaphosa, that you can see is inspiring new hope to this great country. [applause] obama: professor, doctor, distinguished guests, to the family to the people of south , africa -- [cheers and applause] mr. obama: it is a singular honor for me to be here with all of you as we gather to celebrate the birth and life of one of history's true giants. let me begin by a correction -- [laughter] and a few confessions. the correction is that i am a very good dancer. [laughter] i just want to be clear about that. michelle is a little better. [laughter] the confessions. number one, i was not exactly invited to be here. i was ordered in a very nice way to be here. [laughter] confession number two. i forgot my geography and the fact that right now it's winter in south africa. i didn't bring a coat, and this morning i had to send somebody out to the mall because i am wearing longjohns. [laughter] [applause] i was born in hawaii. confession number three. when my staff told me that i was to deliver a lecture, i thought back to the stuffy old profes

in an close of interview, cyril ramaphosa said he is considering whether a constitutional amendment is necessary to make it easier to -- property without compensation. >> what we are looking to do is balance that equation and make sure the land in our country is shared by all south africans who lived there. that is an inclusive process that seeks to have an outcome that will lead to social cohesion, that will remove the threat and the risk of instability, so we are managing risk. juliette: in the u.k., an investigative journalist organization says it has identified one of the alleged hitman said to have targeted sergei skripal. he is wanted in connection with the nerve agent, understood to be a decorated colonel in russian intelligence given the countries highest award by vladimir putin. global news, 24 hours a day on air and @tictoc on twitter powered by more than 2700 journalists and analysts in more than 120 countries. you can find more stories on the bloomberg at top . here in asia, markets mixed. tending to the lower side in late trade. the fed hike very much priced in. we are