be nexttion is who will to lead the bank? we spoke about the challenges facing the next boe governor. banking has become a very political job. understandsant he how banks are run. best to have someone accustomed to the political environment. >> escalating pressure on ukraine is what one diplomat described coming from the white house. said heenvoy in kiev became concerned after rudy -- about rudy giuliani, saying it raise red flags after rudy giuliani attempted an investigation into one of donald's political rivals. that'sin saudi arabia, what to twitter employees have been charged with. they have been accused of helping the kingdom monitor dissidents. twitter says it is committed to protecting those who use it service and is applauding the justice department's actions. global news, 24 hours a day on air, on tictoc, and on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. francine? francine: thanks so much. let's kick off with trade. china and the u.s. have agreed to lift

deutsche bank is one of the member banks able to access the fed's repo. and oh so we don't know which bank it is many say it's j.p. morgan j.p. morgan of course that is flush with cash the taxpayer of america has given them thousands of trillions of dollars so they've given them a lot of money and they've got too much cash that they know what to do with deutsche bank credit suisse all these european banks are a could be in distress of course the other thing about this is that they say that perhaps more interestingly the new york fed's letter signed by corporate secretary shaun elizabeth phillips contends that the bank is exempt from the federal freedom of information act but tries to comply with that spirit so they're even saying like dodd frank says we don't need to show this to you for 2 years but beyond that we're beyond the law we can't there's no freedom of information request that you can admit to us and the fact that yes it appears that is there is at least one bank perhaps is j.p. morgan perhaps it's credit suisse perhaps it's a deutsche bank perha

certainly we've seen even banks accessing the debt market and italian banks. i don't think we see the problem there right now. but you are right that these countries that have got the largest stocks remaining those banking systems remain vulnerable until they manage to get rid of the nonperforming problem. a lot of the banks are busy getting their loans off the balance sheet. >> if you talk to italian bank ceo, they are very keen to say look at our loan numbers >> which is good >> of course are you seeing that trend outside of italy >> yes there are signs that having even the banking system where even the stocks of nonperformin nonpg loans may go down. there are signs they may even be picking up in the uk and even some nordic countries. still wait and see how the economic back drop develops. >> you have to make the distinction between these. thank you elizabeth. and luke we'll hear more about the stability report later today when my colleague sits down with the ecb vice president coming up at 13: 15 central european time. unveiling the minutes from the fomc the

and not helpful to the bank. and so, i support the torres amendment, the torres-cole amendment, and i commend the gentlelady for offering it and i yield back the balance of my time. the chair: the gentleman yields back the balance of his time. the gentlelady from california. mrs. torres: mr. chairman, i thank the ranking member for his support. there's been a lot of talk around china and zero talk around indian country. all this amendment does is require the agency to conduct outreach. outreach to indian country, to ensure that tribal he can port businesses benefit from the same services and resources we offer every other american bills. i urge all of my colleagues to support this amendment and i yield back. the chair: the gentlelady yields back the balance of her time. the question is on the amendment offered by the gentlelady from california. those in favor say aye. those opposed, no. in the opinion of the chair, the ayes have it. the amendment is agreed to. it is now in order to consider amendment number 2 prin

or the lebanese central bank. it's foreign pressure on the banks and on our people. a month ago demonstrators across lebanon took to the streets to air their grievances with the government of south hariri it led to his and his government's ouster but the protests went on with demonstrators turning their sights on the banks accusing them of corruption and mismanagement but the shutdown showed that whatever their grievances with the banks people here can't live without them. now the designation that is the united arab emirates is probably one of the last countries you'd associate with fish production but salmon is a popular staple that especially in the high class hotels of dubai and imports can satisfy demand so this salmon farming on the average has become a reality and a look at the. vast tanks filled with some $40000.00 salmon each one critical to the sustainability of united arab emirates agriculture at least that's what this fish farmer says. and what the d.d. usually imports are 92 percent of its fish from ab

the g.l.'s bank gave stephane miller's grass paper the green light to he's been granted a loan at 600000 euros and g.l.'s customers clearly believed in the product too he raised another 600000 euros of private investment through crowd funding in just 12 hours. banks of us deviousness will see that why should i feel a laded when i see how quickly it can work because it gives me reassurance about what we're doing and it's impacting the current market people are really interested and want to be involved in this it's a confirmation for our work. that what we're doing here is right even beyond the question of returns content wise it's exactly what we want to do and it's the right time for this kind of work it's a satisfying feeling to know we're not alone we're part of a crowd a community and it works well with the investments you to stuff it for. the 1st grouse pellet system in the world can now be built on an industrial scale. known it checks of delivery of machine parts. production is sure to start in

the smplgts a.f.e. banking act allows them the cartels to infiltrate the banking system in a much more systematic way. you'll find a letter from the former dea administrators and drug czars that describe a threat that parallels the multibillion dollar back market exchange and testimony from the colorado law enforcement that lays out an example of how this would work. i'd be happy to go into more detail of these threats during witness questions. there is still an opportunity for the other witnesses in the banking industry at this table to wash their hands of the marijuana industry and say we want no part of this coming nightmare. but if they proceed at least it will be with the full knowledge of what they're investing in. preying on the vulnerable through the marketing of high potency and kid-friendly products and producing new cases of substance use disorder and serious mental illness. it took us over 100 years to reverse the public health impacts of the tobacco industry and who continually cast doubt on advoca

1st thing you do as a banker is just run for cover all the banks do it at the same time and that's why we have a banking and systemic crisis won't separate i don't know anything between 7 and 12 yes and i think would you another one but it's not always been the case because you know going back 40 years or so where you had more the economy was less consumer driven and more manufacturing driven the boom and bust cycle was driven by inventory and inventory build up say that the factory would get more efficient in producing a certain widget the supply of widgets would go up and the prices would come down and then there'd be a slump and that would be the business cycle but it's during the deregulation period starting in the eighty's we left the manufacturing floor and we entered the era financialization so it is a relatively modern phenomenon because it really because it's only been recent that the banks the product of the of the western economies is credit that's that's the product they're selling us our loans we don't buy stuff anymore the stuff is worth

system wonder why in the heck does this bank get people or the banking system wonder why in the heck does this bank get rejected by every other bank to borrow i have to go to the fed so it's sort of the walk rejected by every other bank to borrow i have to go to the fed so it's sort of the walk of shame to go that ask the fed to borrow money when another bank or other bank shame to go to ask the fed to borrow money when another bank or other banks won't do well and this is happening again and again and again as you will the banks won't do well and this is happening again and again and again as you will and then very day that we get the same message that we need to repot it extended so now you're free to get the same message that we need to repo it extended so now your feeling is that this pertains to one institution in particular that is not being named that is having trouble. staying out of the ceiling is that this pertains to one institution in particular that is not being named that is having trouble. staying out of insolvency could be but it's immaterial in a way because all of u

the bank has. comes closer we're very strong on sustainability but that's not the only focus here we also need to look at how to manage the whole thing financially in a way that works and that's where the traditional banking methods come in. bunk. the. old banks work with the money their customers pay in everything that's deposited in current and savings accounts banks lend this money out in the form of loans to businesses public institutions and individuals banks make money by charging interest sustainable banks work in the same way with the difference that they only grant learns to companies and individuals they deem sustainable. mullets fabric seems to meet the criteria at 1st glance but the bank wants to carefully check whether or not the investment will pay off. in. the brand across kellett factory is undergoing the same approval process can paper really be made out of dried grass and is it worth it to find out more stefan moore from the g s l bank is visiting the company's other side a cross b

going on in the repo markets we know for a fact that central banks well the new york fed in particular is conspiring to rig something we don't know what as well the new york fed in particular is conspiring to rig something we don't know what is going on because it is a black hole we don't and a black box we don't know which bank going on because it is a black hole we don't and a black box we don't know which bank or which shadow banking member who is in trouble and we have this headline anchor which shadow banking member who is in trouble and we have this headline tweet here and in fact from fred hickey and he says this massive daily fed tweet here and in fact from fred hickey and he says this massive daily fed intervention business appears to be getting worse and worse what is the fed intervention business appears to be getting worse and worse what is the fed hiding the longer this goes on and the bigger the interventions get the more my confidence is hiding the longer this goes on and the bigger the interventions get the more my confidence is shaken i expec

and that'is a problem because they can't put millions in cash into the bank. is where the money launderers come in. money—laundering is the air that allows organised crime to breathe. criminals don't do this for fun. they do it to create money, and the only way they can enjoy that money through the process of money—laundering. the financial system is supposed to keep dirty money out. tonight, we expose how it fails. we have got hold of details of a police investigation which put 27 money launderers behind bars. working with the french media company, premieres lignes, we have tracked the gangs dirty money around the world. the money trail starts with an airport cleaner, hassan, and a trip from france to london. it's 2013. hassan been paid £500 to make a collection on the isle of dogs. £70,000 of british drug money. what he doesn't know is he is being watched by the french police. hassan and another money mule make six trips to london. they collect more than £1 million of drug cash and smuggle it to france. by using a mule, you are placing another barrier between

morgan the biggest bank in america who. if they if jamie dimon cries the fed really answers the phone and they start bailing out stuff but j.p. morgan pours $130000000000.00 of excess cash into bonds and major shift quote the bank is acting like the next recession is here everything the bank is doing points that way they're looking like they think there's a recession coming they could be wrong who knows right now they're acting like that pouring this money on the business cycle which is you 5 in a recession would be up and that's over we're now in a period where j.p. morgan and others like buffet and leon cooperman are holding up the drawbridge the castle is being closed everyone who is not a billionaire right now is going to be left into the no man's land and are going to be fighting for every scrap of food you can possibly get the oligarchs and it started with 911 this culminating in the air 2020 are calling up the drawbridge and leaving everyone else out there who's not a billionaire to fight amongst themselves for the re

the bank of japan has been firing blanks for some time now. t austerity has proved a bad idea for everyone. yvonne: what does that mean for the market? how do you play that? are there certain sectors he can play on this given the fiscal boost we could see? nicholas: sure. obviously, your first thought is how is he going to get the money into the economy? that is only one way you can put a lot of money to work very fast, and that is in construction spending. obviously, if you look at the labor market, it is eye-popping y tight. they were worried that demand would drop off after the olympics. demand afterker the olympics gives a little bit more room for the government to spend money on construction. i think construction is probably one of the areas that will benefit from that. notn, it looks like it does meet infrastructure. go and walk outside tokyo and it most certainly does. defense against quakes and typhoons need a certain amount of spending immediately. is a big spending program going to move the needle on inflation at all? nicholas: inflat

saying the central bank may have to cut interest rates. theyke kind of said it should be nimble. he was an official that helped lead the charge in the last two rate hikes. another recently echoing the sentiment, saying it would depress economic growth and require further monetary stimulus. we may not have this change in rates but we could see a little bit more appetite for monetary policy in the future. nejra: question is whether you get one vote for a cut. annmarie hordern, thank you. paul flood is still with us. there is a range of views out there. bank of america merrill lynch, hsbc, they are bearish on front end gilts. in 2020.est-rate cuts what are you expecting? paul: i think the situation has changed now. onhave got an election december 12. we are going to see one of these candidates hopefully get a majority. parliament,ung johnson has his deal, jeremy corbyn says he will negotiate a deal and get brexit done as well. we have two deals on the table effectively. if that is the case and we get certainty for companies, then we may well s

chase was doing i had to say that about the bank that i used to work for but they wouldn't have done that 60 years ago when i was there they did aside from the gold market aren't they behaving in the same predatory cartel behavior emaar all markets futures markets capital markets bond futures stocks currencies it's across the board this is authentic yes the large banks in the united states have done that just like they fixed the. london interbank borrowing rate that set everybody then trust rates that was all martin or you know bank of england was implicated in that and in the u.k. they said well because this is systemic only in part we're not going to prosecute mark and they say it's rich people are systemically important you can only prosecute non rich people but the rich person the systemically important because they're the campaign contributors they're the people who run the party so of course there's a stomach we important there the oligarchy let's talk about some of the internal machinations of these markets because unlike a lot of economists you've actually worked at a bank you

the system the banking system at large that. the system the banking system at large that i don't break will loan to me because i don't trust the bank that needs the money i have to go the fed was wont to me because i don't trust the bank that needs the money i have to go to the federal reserve to borrow it so it puts some caution in the system be served to borrow it so it puts some caution in the system because people can always preparing people for a system of the big surprises to market $100.00 on it and that is they. get . rejected by every other better bank to barbara are oh i have to go to go the 5th fed so that's sort of sort of the walk walk of shame to go that asked the fed to borrow money when another bank or other bank of shame to go that asked the fed to borrow money when another bank or other banks won't do well and this is happening again and again and again as you will. loan to well and this is happening again and again and again as you will memory day that we get the same message that we need to reply to extend and

and the world bank. a report came out in 2017 called "pathways for peace" and looked at the nature of fragility and conflict and violence and how to start addressing it. they recognized that it is a political problem, and a political problem that is going to be double traditional attempt s at peacekeeping or development unless you recognize that it is a political problem and try to develop political solutions to undergird attempts to keep the peace or build prosperity. you have seen large commitment in its most recent replenishment of the development fund, the world bank doubled the amount of money it is going to give to fragile states from $7 billion to $14 billion. the bank is in the process of developing a new strategy for investing in fragile and conflict and violence states. i think we are also going to see the limitations of that approach, which i think are emblematic of the limitations that we have when we are talking about multilateral institutions and some of the challenges that have been laid ou

, the look at the bank has got a fairly significant investment, the core banking system, and it connect'sthe channels on the products and connects directly with customers. if you have additional bank, the digital bank can have a certain segment of customers that appeals to, we appeal to them and they appeal to us but the core banking system that we need to set up need not be that complex. we kept investments we made into the technology side. it is more on connecting to the customer rather than core system which is the most expensive one. it is another model that we can adopt in a lower cost way. that we can engage the customers and try out new things. ceoette: what is the ocbc's succession planning look like? >> we have strong candidates who have moved around in different countries, who are able to take over the bank in the event of a need. and, along the way, is we can continue to expand our business we look at other regions, other candidates that could be, not be part of ocbc yet but could be part of it in the future. juliette: that was my exclusive interview with ocbc ceo samuel tsien

the way. this is bloomberg. korea isthe bankits key interest rates unchanged as it expect governor lee to opt for two interest cuts this year. the economy has been hurt by global trade tensions. the growth is going to be around the 2% level for next year. that is the ims projection. yvonne: japan has focused industrial production. headline inflation rose 6%. the figures add to otherwise worrisome data as the government considers potential stimulus measures. horrible numbers coming through from both korea and japan today. these industrial production numbers don't read very well. that tells a lot about the state of the global economy. do they not? max: absolutely. ,ll of these economies especially for south korea that rely on exports, they are being massively hit because of the global trade coming down a lot. you are seeing much more pressure and an overall slowdown as we saw in china. it is definitely worrisome numbers. what the central banks in asia will remain that way going forward. rishaad: we're looking at retail sales falli

when the export-import bank 2015, mr. mills earched the private market for similar insurance to the ex-im ank's but could not find anything comparable and the business slowed until the re-authorization this year. in 2015 gave us but a small window into the economic if ship that would result the ex-im bank permanently closed and for the mills machine other similar businesses across this country. help us ent would further understand the impact of closure of the export-import would have on businesses across this country. i urge my colleagues to support the amendment and re-authorization of this bill so american businesses across this oklahoma can continue to utilize the bank to grow their business and export to the world.ct mr. chairman, i reserve the balance of my time. the chair: the gentlewoman reserves. for what purpose does the gentleman from arkansas seek -- recognition? mr. hill: mr. chair, i rise in though i am not opposed to the amendment. the chair: the gentleman is recognized. supported epublicans unanimously the w

initiative foreclose with the bank because you lose money. we agreed to pick up 90 percent of the tab and i got records we paid his group more than a billion dollars to foreclose and he foreclose on more than 100,000 people in 23000 seniors. that closed on over 100,000 people at the homeownership rate at a record low run by the treasury secretary like sheets of bills lives in the world's richest apartment building on park avenue. you mention the reverse mortgages. so i was pulling the string as a journalist and then i became interested in the private equity firms that actually bought these houses after foreclosure. and a fan - - found a house in los angeles he was renting from a private equity firm that was owned by the best friend donald trump who had bought 30000 homes after the best so i knocked on the door and the guy who came he was sick with aids and dying of cancer facing a rent increase. so like a good reporter i looked at the property record what happened before they bought the house at $180,000? that's when i found that this house wa

this is the heart of the bank's empire. trading is done on the floor of the new york stock exchange these days. traders mostly buy and sell over computers on their own trading floors. this is one of several at j.p. morgan chase. >> dimon: this is one of six trading floors in the building. there's like 450 people in this trading floor. an equivalent to this in london, half of this in hong kong, and in 23 other countries around the world. >> stahl: j.p. morgan chase moves more money in a day than most countries earn in a year. >> dimon: we move $6 trillion of money every day. >> stahl: every day? >> dimon: every day. we deal with, like, 10,000 clients. which include governments, central banks, mutual funds. >> stahl: and wealthy individuals, including about half the world's known billionaires. an exclusive club that jamie dimon himself belongs to. he was born in queens, new york, the grandson of a greek immigrant who did well enough to become a stock broker. dimon's dad became one too, so, it was in the family. after harvard b

so i know as shocking headline but the u.s. banking system has never been a fan of crypto currency and for businesses that work in the crypto industry finding banking services has always been a challenge but now there is a new option for banking services for the crypto industry coming here to the u.s. it's u.k. based 'd cash which describes itself as a banking service platform and it's about to launch bank accounts for crypto firms in the u.s. earlier this year r.t. producer brigid war spoke with kumar garage of about cash and the business opportunity of providing banking to crypto firms that have been shunned by traditional banking and what they figured out that it's not like all the banks does not to want to give a construct to companies it's just there are plenty for that so the point here is that these banks have really want to go ahead and take also try these new technologies the problem is they can a duvet existing one of it's the cloud. yeah and by the way banks do not want to work with crypto companies because their competition