sergei ivanov is the same as putin. it's a younger guy even though the deputy, not all that much known about him. he's worked abroad. he's worked in the japanese embassy. he speaks english and supposedly speaks japanese as well. so a younger generation, but we don't really know too much about his political views or anything like that. but the head of the political administration in the political system like russia where putin has so much power where access of the president is so important. it is a really key job. molly: if it is such a key job, then how significant is this shakeup? what impact could it have down the line? reporter: well, i think it's clearly very important. as i say, you know, we'll have to wait and see whether this has come about over some kind of split, whether there's been an argument or a fallout in the kremlin or whether, really serg gay ivanov is tired of doing his job. it's been a pattern that we've seen recently. we've seen quite intriguing apoimplets the last couple of months including in a cou

jobs after the departure of putin's friend and longtime allies are j ivanoff -- longtime ally sergei ivanov. there are conflicting reports as to whether he was sacked or stood down. the change comes ahead of parliamentary elections next month. we asked our correspondent how important president putin's decision to change his chief of staff really is. reporter: mr. putin is not just politician from he is an authoritarian. it is a place where a lot of real political decisions are taken. i would go as far as to say that in terms of politics, medium and galician and foreign politics -- media manipulation and foreign politics, it is pretty much a shadow government the role of chief of staff is very important, the most important confidants of the president or supposed to be. the departure of mr. ivanov is significant because he has played different roles last 15 years, ever since mr. putin came into the kremlin. it is some kind of signpost in terms of the rotation of personnel that we see. we still have to see what kind of role the presidential administration will play. sarah: that was our corresp

putin is quoted as saying that sergei ivanov left of his own request, which has been met with skepticism. the two have been close collaborators since soviet era. mr. ivanov has been replaced by his former deputy. this comes amid a week of rising tensions between russia and ukraine. today russian prime minister dmitry medvedev threatened to break diplomatic ties with kiev. over reported security incidents. russia says it deployed an air defense system to crimea. the territory was annexed from ukraine two years ago. comes after russia accused ukraine of mounting an incursion into crimea. for more on what this escalation could mean, i spoke a brief time ago with a former state department official, now at the mccain institute. why is this flaring up now? >> the russians claim the ukrainians are trying to launch an incursion and stage terrorist acts in crimea. the ukrainians have denied this. let's remember that a little over two years ago russia a nnexed crimea from ukraine. they invaded it rather stealthily, annexed it and moved further into eastern ukraine after the success in crimea. this

he says he is replacing sergei ivanov as chief of staff at ivanov's request because he had been at the long. in turkey, banks are taking their orders from the top. president erdogan warned that refusing to lower interest rates could be considered treason. rates averagege almost 14%. the president thinks they should be about 9%. dayal news 24 hours per powered by 2600 journalists and analysts. this is bloomberg. nejra: thanks so much. if the bank of england's new qe program causing more harm than good? e -- pension funds are hoarding longer debt. byexplain, we are joined bloomberg government bonds and currencies managing editor paul dobson. problem for of a the bank of england or the pension funds? it remains to be seen. the bank of england cannot buy all of the bonds it wants to get its hands on. as yields come down across the guilt curve, that puts pressure on them to try to increase the holdings.assets in they are working to hold on to longer term government bonds. it sounds like something has got to give here. so far, we have had one small move by the bank of england. there may be s

he says he is replacing sergei ivanov as chief of staff at ivanov's request.red a likely replacement for putin. the u.s. reports chemical weapons have been used in syria. at least two people were killed with chlorine gas in an airstrike on akeoo 00 aleppo. syria denies the allegation. on south puts pressure korea to not use a u.s. missile defense system. beijing may install some investments in south korea. global news 24 hours a day, powered by our 2400 journalists and analysts in more than 120 countries. this is bloomberg. shery: thank you. wealthting to the management industry. it has been under fire for not turning -- not providing the returns clients expect. so how are wealth managers competing? of thed rick hough, ceo independenty traded wealth manager. great to have you with us. the wealth management industry is very mature, with lots of challenges. just the ones we mention. why did you decide to go public? rick: we thought it was one of the best ways, at the time, to maintain our independence to assure that our shareholders have liquidity. that there wa

he says he is replacing sergei ivanov because he had been in the job too long.noff is a former defense minister who was once considered a likely successor to putin. dayal news 24 hours a powered by more than basics hundred journalists and analysts in more than 120 countries. i am mark hampton. this is bloomberg. back to you. shery: switching to commodities. snapped a three years of declines. a property boom in china is lifting demand. the rise competitive expectations for further losses opting analyst to revise their forecast. one analyst not surprised was jason shanker. even though iron ore racked up double-digitis -- losses. he explains what he saw that no one else did. how much did you base your forecast on china and is your outlook change at all given the latest economic data including factory output, investment, or missing estimates? jason: my expectations have not changed. a lot of what my forecast is that on where exceptions you would see out of china monetary policy stimulus that would eventually force the economy in a more positive direction and technic

long-time ally sergei ivanov was dropped from his post as chief of staff.en one of the most influential figures in russia and was once considered a likely successor to putin.. but today, the russian president said he made the decision atec ivanov's request. >> ( translated ): we have been working together for many years and it was successful work.wo i'm happy with how you have handled the tasks. i understand your desire to choose another line of work. >> woodruff: in the past year, putin has replaced several of his more powerful allies with younger officials. back in this country, the u.s. department of health and human services has declared a public health emergency in puerto rico over the zika virusn the island has more than 10,000 cases, and the surgeon general warned that 25% of the population will be infected by year's end. zika is linked to severe birth defects. new data shows the cost of expanding medicaid under the affordable care act is almost 50% higher than projected. up to ten million low-income americans have been added to medicaid rolls so far

he says he is replacing sergei ivanov as chief of staff at his request because he had been in the jobate law targets more than $1.4 million in funding that planned parenthood gets through ohio's health department. the law would bar the fun that goes to entities that perform or promotes abortions. general motors will try to shield itself from $10 billion in liabilities from its faulty ignition switches. gm says an appeals court made a mistake when it ruled the automaker could not use its 2009 bankruptcy to protect itself from hundreds of potential lawsuits. gm says the lawsuit could permanently damage the bankruptcy process that saved it from collapse. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. i'm mark crumpton. this is bloomberg. thank you. restaurant earnings have disappointed this quarter, and it is not just the usual chains that are feeling the pain. take manitowoc foodservice, a major supplier of commercial restaurant with it. the company missed second-quarter estimates saying in part to a 9.6 sales drop. it lowered i

vladimir putin replacing chief of staff sergei ivanov in the high-profile reshuffle in the kremlin inpite the clear appearance that ivanov was forced out putin insists he was making the move at ivanov's request. the deep fried twinkie jumping from the state fair to the home freezer market. hosest launching the product, its first foreray into frozen foods with a box of 7 for $4.76 for the first three months they will only be available at walmart. i don't know. that's the news update. sara, your neck of the woods because you follow these companies. i'm not sure about a deep fried twinkie. >> consumer companies were moving towards healthier foods. not sure it goes with the trend. >> that would -- >> who doesn't love a deep fried twinkie. >> a counter trend. who knows. >> get wilfred to have one. been in the states a few months. >> hasn't done that american tradition yet. >> next on the list. >> we will go to the ohio state fair. >> thank you. >> you got it, guys. >>> donald trump and hillary clinton's economic plans are under the microscope. hillary clinton often cites moody's research.