any trade happening it into the banking chat to the big consist it should be back right so the state bank has an opinion it's not necessarily the government's opinion the prime minister of pakistan emraan khan as he said anything about this yes a lot of good people in the end at out he they are and they were not you know promote the adoption of fake when and legalizing the industry. it's a coincidence pakistan and a lot of member was that. working with decorum and they actually got. one of us to pick up the mining legalising in in the in the region and it's working and you know they have made a lot of progress in the towns and the energy costs in fact us and you know a big claim mining is dependent something like maybe and 90 percent of the cost is actually the energy cost can it get cheap energy in pakistan. exactly and as you is no relatively cheap you accept but there are some you know we don't have much and you see you know shutdowns is a normal thing here because we have less and consumption is moving and we're producing producing less but the other track too is in the no other areas

in the way governments think about decline and if we find in pakistan if the government and the state bank decide that wait a minute we've been looking at this all wrong we need to actually get as much big as possible all it's our it's our escape out of u.s. dollar gemini which is something i think pakistan's been trying to do for decades do you think that moment of clarity will come soon for a definitely it's going to be you know it's going to be that that waste it's just starting right now in pakistan and it's just you know in issues. stages of getting and realizing that we need to have we need to go to this financial system because you know clearly we have very few people in the government that think. alike there but you know we as we you know see there are a lot of a lot of people that are understanding. that this is the future and we should 'd you know this way and go rent would be way much you know how when where and when. they understand their. network and the color of this new technology and that's definitely going to go to be the case and i would think our we should get into the h

he compared china's state banks to pawnshops which probably wasn't super flattering for them.nd suddenly in november there was an ip o planned for his group, his financial group, and that was suddenly suspended and, of course, around christmas time we heard that chinese regulators were launching an antitrust investigation into jack ma's alibaba group. so i spoke this past week with leland miller, the ceo of china beige book which is a source of economic data for people who don't quite trust the numbers coming out of china. i asked him what was going on. one possibility, he may have been grabbed by the party, and he may be in a darkroom right now. now, jack, i'm not a geopolitical specialist, but that does not sound bullish, i think, for china stock investors. the issue isn't just ma speak out, it's that his ant group is not as regulated as china news banks, bankers in china have been complaining about that. leland miller tells me maybe he'll resurface in a few weeks or months, and we'll see if alibaba's been restructured and there are all kinds of new rules. it just illustrate

and over time, you can see that there has been migration from the state banks over to the alibaba systemo jack has an enormous number of people who really dislike him inside the chinese banking system and this is a problem that happens, beijing would step in and they would regulate alibaba or force him to bring the rates down but this has been a tension for years. so this is jack finding himself vulnerable and having a lot of enemies on the inside. >> and for the chinese population, it is a good thing it has helped so many people in china who wouldn't have been able to get loans otherwise. so i have a hard time thinking that that in itself has been the biggest problem or why the com new mi communist party might crack down on him but some of the things he'sed is are pretty antagonistic. >> right and one rule is you don't antagonize the chinese communist party and expect good things to happen but what alibaba has been doing is good for chinese consumers and households and the chinese economy. keep in mind the vested interests affected you have the technocrats, bureaucrats, the bankers who

david: that was dinesh khara, from state bank of india, speaking with haslinda.t assets popping, 11% rise. monday, down to around 6%. last couple minutes of trade on the cusp joining the trillion dollar club. the company's world meeting gains have pushed the market cap near this milestone for the first time. a marker perhaps of the euphoria sweeping global tech stocks. we will discuss that and more, coming up. this is bloomberg. ♪ david: so here is the thing. we are going into the lunch break and you look at a couple things. tencent stock going into today was close to $1 trillion. we are cup dutch coming off that valuation a little bit. that is happening against this macro backdrop for the pboc. do we need to normalize policy or manage risk? we had a net withdrawal of today, open market operations. your overnight interbank array, north of 2.7%, the highest level about 15 months. how do all of these things come together and who is left standing at the end? let's bring in our markets editor to talk about the different narratives. let's start with the pboc. do inves

they have so much money invested they became competitors to i think state banks in china and criticale regulators. to borrow a phrase this will be regarded as emergency by the chinese regime. i suspect jack ma is lucky he hasn't been locked up unlike others who criticized the chinese government. this is a brutal government. one which is taking advantage of the pandemic which it is partly responsible for taking advantage of the chaos in washington. francine: what should the international governments actually do? are there any further actions that will be helpful? >> there are and it's not enough to conduct your diplomacy with china through a megaphone and you have to distinguish between the chinese communist party and the chinese people. doctors who tried to blow the whistle on the coronavirus epidemic when it was starting and were dealt with by the police when they tried to do that. in dealing with the chinese communist party, president-elect biden is correct in arguing for trying to put together a partnership of liberal democracies not to establish a cold war, a nephew trying contain

been off the grid since late october when he gave a speech criticizing china's regulators and state run banks was given a dressing down by officials in beijing while the i.p.o. of his financial services company at group was suspended he was also removed from a prominent role as the public face of an african talent show. our let's take a look now at some of the other business stories making global headlines. e.u. competition watchdogs have approved german state aid of up to one and a quarter 1000000000 euros for trouble travel group 2 week which has struggled during the pandemic they just part of a larger support package that also includes private investments to a c.e.o. says he expects the travel market to largely recover this summer. opec and its partners are split over whether to increase oil output next month as the outcome of monday's meeting in vienna some members like nigeria wanted higher output following last year's cuts but others fear a glut cartel will meet again on tuesday in an attempt to break the deadlock. bit coy soared to an all time high of almost $35000.00 on sunday but it'

been seen in public since late october when he gave a speech to criticize china's regulators state run banks. asian shares started trading in 2021 with major advances stock exchanges in shanghai hong kong and seoul edged up around 2 percent over by optimism over the cover $1000.00 vaccine however the nikkei shed the gains of affairs of tightening. virus was in japan. and opec and its partners will meet via video link on monday to decide production levels for february some members want to round top out while others one that's an over supply would put prices to pressure. yours markets for medicinal cannabis is estimates as to be worth hundreds of millions of euros with a number of countries legalizing the drug and growing so the opportunities for the continent's crops. these hybrid strains of cannabis have sonorous names like delahaye pose and pink names adopted from the black market but what's being grown here near the danish town of holden's is legal medical marijuana for an up and coming european market. it all started out in the greenhouse next door mats peyton's family business is scandin

it is a stark contrast from his last public appearance in shanghai, where he criticized state owned banksg like pawn shops, and criticize regulators for not keeping up with innovation. jack ma is not out of the doghouse. this new regulations today from the pboc will still weigh heavily on transactions platforms, both alibaba and tencent. rishaad: so, you mentioned, what are these new rules? there are a lot of questions over the scale of this clampdown by beijing. >> the regulatory reform process in china is just beginning. the last time they revamped the antitrust laws was 2008. a lot has happened since then. with alibaba and tencent creating this duopoly with into into services on their platform, and feeding that to their payment platform, regulators contend it is stifling new entrants and competition. alipay it is the big one with more than 55% of the market. these new rules say if one entity has more than 50% of the market in online transactions, or two entities have more than two thirds, and those two companies have more than two thirds, that can be designated a monopoly and regulator

bank,ure bank, deutsche but separate from that is the state of deutsche bank.rom where you sit with all of your experience, is deutsche bank america's separate and removed from frankfurt? elisa: deutsche bank had been getting to a place where, if you look at the headlines over the last 6, 12 months, it is becoming a little more boring, which is probably what it wants to be after having obviously some tumultuous years, marked by various allegations and investigations, various wrongdoing across the globe. it has struggled to generate profit. it really seems to -- things are turning a corner. it has obviously been buoyed by the strong marketing 2020, but there is optimism, they are finding their stride. clearly what we are seeing in the u.s., particularly what we around the financing that involves donald trump could bring them draw -- could certainly draw headlines. francine: there is also talk that credit suisse is considering bonus pools by as much as 10%. how different with this be from their strategy in the past? elisa: i think what you are seeing right across

the bankings of sector, there is sometimes a bias to focus on the big state banks. t there are all these smaller players impacted by the npl's, the rising defaults, we have seen some very high-profile defaults. how fragile are the outer fringes of this banking system, and is there going to be a need to recapitalize, do you see further consolidation? guest: most of the listed banks that we cover are actually the best banks within the banking sector in china. banks,e large national their financials are stronger. what you mentioned of these smaller regional banks, they are the ones with more problems. listed, so their financials are not as transparent. 2019, a number of troubled banks were taken over eithercentral bank, to bail them out or take them over. that will probably continue. we think the troubled banks, recapitalization will happen continuously. the impact is actually relatively small. estimate those problematic banks maybe 3%, 4% of the banking system. the central bank has the ability to bail them out. tom: how should investors be looking at the financial tech

banks. the curve is steepening in the states. the banks are about to report in the states. nment is getting better. trading is solid. european banks do not have the same optionality u.s. banks do. the background message is margin. they do not have a consolidation , they do not have the profitability. trading may help them out. it does not paint a rosy picture in terms of sustainability. sonali: you have the u.s. banks better regulatory environment, rates run their side, scale is huge. morgan stanley making the biggest deal since the financial crisis and smaller banks merging. morganbanks, even jp looking at the prospect of more dealmaking. we are seeing european banks dragging their feet while the u.s. counterparts continue to expand ever faster. it is not like the u.s. banks are not playing in europe in a big way. i do not know what happens next. banks anden european strong investment banking businesses, and in a couple weeks we'll watch them try to hold onto some of that share. alix: the rates business has been crazy good. what kind of piece of the pie can they get out of

been off the grid since late october when he gave a speech criticizing china's regulators and state run banks i was given a dressing down by officials in beijing over the i.p.o. of his financial services company and group was suspending he was also removed from a prominent role as the public face of an african talent show or. and let's take a look now at some of the other business stories making headlines. shareholders for fia chrysler and france's p.s. have overwhelmingly approved the 2 automakers merger creating the world's 4th largest car company emerge firm will go by the names to lantus and be home to brands like peugeot citroen jeep opel and dodge. opec and its partners were meeting monday to determine production levels for february some members like nigeria are expected to push for an uptick in output following last year's pandemic forced cuts others warn that more output would undercut prices with global demand for oil still weak. egypt ethiopia and sudan have resumed talks over the grand ethiopian renaissance dam following sudan's boycott of the previous round sudan and egypt are wor

states. in december 1790 hamilton asked congress to charter a national bank. this bank would be jointly owned by the federal government and private stockholders. it would issue currency, and that centralization of currency would ideally make u.s. currency sound. the national bank would handle the government's finances and it could make loans to merchants and banks. thomas jefferson said this is unconstitutional. nothing in the constitution gives the federal government the power to charter a bank. thomas jefferson has become a strict reader and interpreter of the constitution because he says the federal government cannot take any powers not already outlined in the constitution. hamilton says no, it is in the constitution. i see it here. it is right here in article one, section eight where it says congress can make all laws that shall be necessary and proper to carry out the constitution. that is a loose reading, but that is what hamilton argues. this is part of what is within the powers of congress and the national government. congress agrees, passes the bank c

this started because jack ma on october 24 made comments that were mildly critical of state banks andad rumors throughout china. the wall street journal reported that jack was going to give up parts of his company to the central government if that's what they wanted. this is really a very intensely political system and we'll see whether the biden administration will actually do something about it. i suspect they won't. jackie: gordon, you have former google ceo, eric schmidt, warning that china is in pole position to overtake the united states in critical areas. there was a point when you thought about google and eric schmidt taking over the world on their own and now he's criticizing china here. >> the report he issued on tuesday is quite striking. it says it's both inevitable and desirable that china tech and u.s. tech diverge. this is something that techies and policy makers have really abhoured and that is the division of the world into two camps and eric schmidt is saying this is something that's actually a good thing. i'm agree with him. i think we should have a divorce from chi

the state bank of india as well. debt remains in india.th vice president mike pence for the first time since riots shook the capital. they pair -- the pair have vowed to continue working together for their meter of the term. there is a shadow ahead as democrats move forward with impeachment. let's cross to our reporter. what happened at that meeting? >> the president and the vice president met. this is for the first time since the attack on the capitol where protesters or r ioters were chanting hang mike pence. it seems clear now that there will be no invocation of the 25th amendment. democrats will need to move ahead with their next plan, which is to impeach the president again. is, we have thing got very little time to go before the 20th of the month when we get joe biden and ungraded. could they possibly get impeachment through? mean down impeachment the road if they could even get this through for donald trump if you should try to run again in 2024? >> it is important to remember impeachment is a two step process in the states. the hou

been off the grid since late october when he gave a speech criticizing china's regulators and state run banks by was given a dressing down by officials in beijing while the i.p.o. of his financial services company group was suspended he was also removed from a prominent role as the public face of an african talent show. let's bring in clifford tuned in here from d.w. business good to see you again clifford you spent several years as a correspondent in china you followed the rise of jack and ali baba. what are you hearing from your contacts about where might be i mean he's so famous he can't just disappear. well this is i think the words too big to fail keep coming to mind when you when you hear this story it just shows that no one can take on the communist party as openly as he has done i think the writing was on the wall from october 24th when he said that the regulatory system in china wasn't working. but a week later this $37000000000.00 i.p.o. was counseled which is going to be the biggest ever and it shows that the congress party has the power to control people like jack ma as to where h

includes $75 million for future capital improvement projects that will be used to launch the state infrastructure bank so we can leverage outside capital to fund important infrastructure projects like rural broadband, renewable energy, and road improvements. i am also calling on state agencies and local governments to fast-track billions of dollars of infrastructure projects that haven't been started. the faster we move these projects from the list of things that we need to do to the list of the things that we are doing the more nevadans we put to work. fifth, making government work better. while public employees at every level of government worked around the clock to deal with the impact of the pandemic, we found that many of our government systems were out-of-date and overwhelmed. we need to fix them. this was painfully apparent with our unemployment insurance system. the division was hit by unprecedented volume, going from handling 20,000 claims a week to 370,000 claims a week, a twenty-fold increase. that increase created delays that caused real hardships for families. and by august there were ove

. >> laura: well, hunter still owns 10% of a chinese equity fund co owned by the state run bank everna. tammy, will there be any follow-up? >> no, it's up to you and other responsible journalists to bring it up. this is why they take the internet world that they can't keep information from the american people. they tried during the election with social media. a poll afterward noted like 6% of biden voters would have changed their vote had they known about the hunter biden story. it matters to the american people. there are ways now for this information to get out. with it comes to joe biden, this guy has a plagiarism problem and telling the truth. it's only been a week and already the american people are agape at what is going on. it's only a matter of time. i think at the same time, republicans to step up. this is serious influence pedalling. they don't think the american people care. we are like the rear-view mirror where the objects in the mirror are closer than they appear. everyone who thinks they will get away with this for the next 4 years has another think coming. >> laura: i

the world bank said the united states economy shrank 2%. and youtube has suspended president trump's account but they're not blocks those facing charges in the capitol hill riot. john hill said he was there to document the violence but the feds say he was cheering on the rioters when it happened. youtube has not released a comment. >> he's been totally irresponsible the way in which he handled the social distancing and people wearing masks, encouraging them not to. he's a fool on this. >> martha: remember that? quite a night. >> the covid response will soon be the measure of yet of u.s. president and the president-elect plans to enact a mask mandate by executive order and will call for a mandate on federal property and interstate travel. he says the mask debate is stupid. >> it's a partisan issue but what a stupid thing to happen. >> martha: so let's bring in alex harrington, unreported truths about covid-19 and the lock down. alex, thanks for being here. you heard from the president-elect. he thinks everybody should be wearing masks and he

citigroup, head of research on the state of banking.time we talked to him, it was very valuable. francine lacqua with a great panel today in london. this is bloomberg. good morning. ♪ >> he has made it his job as president to bring the countr together. >> the capital reserve that we already had gives us the confidence that we can announce the buyback program for the next three years. the biggest risk is where this pandemic is truly going. on one side, we see the light at the end of the tunnel. we are increasingly confident that this pandemic will come to an end. on the other side, specifically here in europe, the lockdowns are more strict than ever, which will have a deteriorating effect on the economy. that unpredictability, and what is that shape of the economy, that is the true risk that we need to manage this year. francine: that was ralph hamers. here to talk with us is our next guest. great to speak with you today. there are a number of questions about cross-border consolidation, what exactly these banks will come -- will become.

it has paired some of its gains, state owned banks seem to be buying the green pack, the strongest fix, june whether or notrt there is too much momentum here, toward theor heading yes,year high so just being there is. annmarie: let's show you what there, the ioning chinese stocks set for highest on the second 8 day of trading. angst, was it a reup in washington? indeed, let's check in on your own market. of the day two discussions, closing the gap saudi arabia and russia overnight. are you there? beside the not prints. this is bloomberg. annmarie: good morning. from london, i'm annmarie hordern with manus cranny live from dubai. go into a therefore national lockdown tough enough to contain this variant. that means the government is instructing you to stay at home. england in reverse. the nation in a locked down for the third time. pandemic fears weighing on equity futures. delisting plans change. china mobile surges on the news. georgia on the mind. the control of the u.s. senate comes down to two seats. i want to recap for our viewers if you are just waking up if you are in london or

point one percent or 0.0001 percent it doesn't trickle down right it's they is an evil must bank account states and jeff bezos bank account ok maybe his ex-wife as well but the fact is it just stays there so in 2020 we saw one trillion dollars added to the there's almost $600.00 billionaires in america they had one trillion and while all of that half of that $500000000000.00 went to just the top 10 so mostly to jeff bezos and even mosque so if it's just concentrated on just 2 or 3 guys then they don't have to worry about inflation spreading around but i also want to say another point about janet yellen the former central banker heading into the treasury former federal reserve chief janet yellen has made millions and speaking fees from crony capitalist financial firms many of which benefited massively from fed money printing and bell outs yellen earned more than $7000000.00 in speaking fees from firms including citi group goldman sachs and google so this is what is coming a continuation of the swamp a continuation of the corruption continuation of brioche let them eat cake you know throwing it a

class action lawsuit against the bank of america basically accusing it of leaving millions of californians high and dry without the unemployment benefits that the state was trying to provide to them that this lawsuit filed late last night. bank of america was contracted through the state to facilitate unemployment benefits at a critical time when millions of californians were losing their jobs because of the pandemic at this lawsuit alleges that b of a took on a solemn duty to protect some of the most vulnerable and botched the job failing to provide basic security measures like a microchip to safeguard debit cards. >> it feels like bank of america is not taking this seriously. we are being treated like second-class citizens. >> reporter: 1.4 million accounts have been frozen as part of a fraud investigation. over the last few months, we spoke to dozens of people who had their debit cards drained adding insult to injury, they say b of a is giving them the runaround. >> can i put you on hold, click. >> i went to the bank myself twice to get help in person. they didn't want to touch it. they said don't talk to us. call the number on the wall. they make

banks. however, two forms of early u.s. money, i suggest, are indicative of the overall trajectory of monetary history in the united states. the first is tobacco money, created in virginia in 1642, and the second is a wave of different land bank moneys originate thing south carolina in 1712 and then proliferating throughout the early u.s. colonies. whatting significant about tobacco money and lan bank money? and with respect to the latter, lan bank money benjamin franklin referred to it as coined land, amazing kind of description but one that does get at something. what is significant is that tobacco money and coined land both gesture to key sources of american capitalism. slave labor and the appropriation and dispossession of indigenous licenseds testimony back co money is nothing but the physical certificates representing the physical product, tobacco, of slave labor, and coined land was underwritten by ongoing wars of dispossession and extermination against indigenous peoples as more and more land was seized, this was the very foundation on which land banks were constituted and they would expand into new territories, bri

banks in the country. >> after the financial crash in 2008, states sued these banks for foreclosure abuses.e hardest hit with banks filing foreclosures on over one million homes. that's when harris pulled up her chair to the table. >> we're in that negotiations. she's talking to the banks. we're flying around the country, partnering with other ags. >> there is leverage right in that force of all the states coming together to take on some of the banks and wall street. >> i determined that what the banks were offering california was drounls table. so i pulled california out of the negotiations. >> standing in the trenches with harris, delaware's attorney general beau biden. >> his state hadn't been hard hit as many around the foreclosures, but beau on principal premprince said it's not right and i'm going stand with you. it was incredible how much heat we took and we both stood there. >> and paid off. >> as a result of 13 months of intense discussions, sometimes battle, we have delivered to california $18 billion in relief for california's homeowners. >> relief turned to reform when she revis

state intends to collect. apparently the funds were a reference -- new reference were frozen as a result of bank live having beenlection efforts part of the enforcement of the judicial order. keep in mind that all sounds very legal. if you stop paying your rent how long does it take you to get evicted from your apartment probably in new jersey a year or two? this happened like that. they targeted these people ian smith is one of them. he is the owner of the gym. he joins us tonight. ian, thank you for coming on. i'm sorry about this. >> thank you for having me tucker. >> tucker: has the murder rate dramatically declined in camden? the state is focusing a awful lot of resource was. >> i think it's higher actually. >> tucker: i'm sorry. i will stop ranting. tell us what the state of affairs is tonight. >> so, as of yesterday morning, my partner and i checked the bank statement in the morning and we had no money in our bank account. the state emptied out every single dollar that we have. this is in the middle of an appeals process and ongoing litigation in the matter of the fines and several other matters regarding

banks. we're flying around the country, partnering with other a.g.s. >> there's leverage right in that force of all the statesg together to take on some of the banks and wall street. >> i determined that what the banks were offering california was crumbs on the table, so i pulled california out of the negotiations. >> standing in the trenches with harris, delaware's attorney general beau biden. >> his state hadn't been as hard hit as many around the foreclosures but beau in a matter of principle said it's not right and i'm going to stand with you guys. it was incredible how much heat we there. beau stood there. >> so excellent little clip there, abbey. what does this say about how she'll approach being the next vice president of the united states? >> well, this was one of the more bold decisions that she made that really put her kind of in a category of her own basically standing up to the banks and walking away from a deal that she didn't think was good enough for her constituents back in california. but it's also a story that shows that at this pivotal time for her, she was attorney general at the time. she

banks in the country. >> after the financial crash in 2008, states sued these banks for foreclosure abuses.g the hardest hit with banks filing foreclosures on over one million homes. that's when harris pulled up her chair to the table. >> we're in that negotiations. she's talking to the banks. we're flying around the country, partnering with other ags. >> there is leverage right in that force of all the states coming together to take on some of the banks and wall street. >> i determined that what the banks were offering california was crumbs on the table. so i pulled california out of the negotiations. >> standing in the trenches with harris, delaware's attorney general beau biden. >> his state hadn't been hard hit as many around the foreclosures, but beau on principle said it's not right and i'm going stand with you. it was incredible how much heat we took, and we both stood there. >> and the stand off paid off. >> as a result of 13 months of intense discussions, sometimes battle, we have delivered to california $18 billion in relief for california's homeowners. >> relief turned to reform