so the banks are regulated by the central banks by the financial conduct authority, sort of people. and they're, it's a revolving door. they all their friends, their mates, they don't wanna put 3rd me in jail. nobody wants to do that. whereas big coin is regulated by the users and there's millions of them by the nose, by the miners, by all participants. if you're a bit coin or if you have once a toshi, your regulator bitcoin, right? where all is the consensus algorithm is regulation by consensus. so that's already built into that protocol. so let's look at some of the headlines. you know, max mentioned, you know, all the scandals that of the pass. bernie made offs. fraud went through their a i g scandal there. defrauding went through their m f global. went through there and i want to call your attention back to repo one o 5. early days of kaiser report, we cover to repo one o 5. and that was lehman brothers. used that sort of m f global bo lehman brothers . did all their a lot of their hidden debts. remember if you have nothing to hide like bad debts, if you use repo one o 5. so reb

after the latest scandal at the world bank. should that institution be trusted and should its plug be pulled? let's get to the bottom line. ah, once upon a time the world bank had an annual publication that ranked every country in the world according to the ease of opening and running a business. and it became a hugely successful and influential annual report. well now it's dead. the doing business report was supposed to be a useful tool for businesses and investors before jumping into uncharted waters. but as it became more important for governments that wanted to attract foreign direct investment, it also became more crucial to be rank highly. plus, there was that prestige element to big rank, highly as an attractive place for business. then boom, a recent investigation found that countries such as china, saudi arabia, and others, were pressuring the bank to increase their scores. while other countries like chile and azerbaijan were having their scores pushed down for political reasons. so what does this tell us about the worl

the bank would offer them the company would go on. it would pay back the money. it was airing is interest and then the bank would suddenly call in the low, very, very short notice. and not even allow some of the companies to pay back the money which they had. they would then immediately put that in value into a company. the value of the company is a fraction of what it was really worth. they put in their, in insolvency practitioners. they would send, sold the company off a fall this and it was worth. and then gave for the personal guarantees of yours, the company. ah, ah, ah, ah. when i see black, i was growing young black americans spoke to me. why destroyed you did not. those who say black lives matter is a movement we are importing from a marriage up. no, nothing of who we are. i lived in a world where white lodge mattered. and i was not watch watch. mm. and i was a new from black america. i learned how to speak back to y. aboriginal people dear, i'm laurie diary. we're out now with the police. we're out with 2 seats. i'm scared that more children are going to

so what does this tell us about the world bank and it's other reports, and if the mighty world bank is vulnerable to political and financial pressure, what should we say about smaller institutions in governments that are trying to fight corruption? they were talking with unit kelly, dean of the sanford school of public policy at duke university and author of score card diplomacy, grading states to influence their reputation and behavior. and for greece, who to are a former officer at the world bank and the office of the un high commissioner for human rights and currently the managing director at our leadership. thank you both for joining me today. and let me just start with unit. can you help us set the stage for what has happened in terms of the accusations that have blown about the world bank doing business report? sure, so the bank started publishing this report, you know, 2004. i became quite an influential report. many countries of trying to, to move up in the rankings that you said. and over time, countries work with the bank on what kinds of reforms can be undertaken. and the pr

how can you trust the bank that bribes? the defense witness. as in my case, i really have learned a lot about how this came about historically. but the thing that really does upset is what it's done to the united kingdom. but it's done to great britain because it frightens me for the teacher this because there is a high level deep corruption and i cannot see a bright future full person unless something pretty cataclysmic happens. i think that despite the effort, so parliament committees and working groups looking at solutions such as a new type, you know, system and changes to contract law. these are all things that are useful and there needs to be changes to regulation. to stop this ever happening again. but i'm concerned that politically, we're deliberately defusing the whole situation were deliberately losing sight of what's the only important thing here. and that is justice and compensation for the historical victims of what was recently described as the larger staff, anywhere ever the ah ah ah, [000:00:00;00] ah, i ah, [000:00:00;00] a a b

who were the lead to bank of 5 banks that lent money to trex over the years? are they were the agent effectively and i met with them. i explained that that as an, as a non accountant, i was just concerned with historical accounts and all i want, what i wanted to do the right and proper thing to do was to bring in some specialist forensic accountants to audit and review. are the past few years, the codes, so i informed the bank, i told them what i was then going to do about it. they agreed to that. and i, within 24 hours of that i b. s. had suddenly brought in these restructuring specialists who business didn't meet, restructured, or refinanced, or we anything. there was a historical problem. ah, but within that 24 hour period, another 24 hours passed. and then i find that the business is basically being lever been to pushed into this thing called g l g, the global restructuring group. and when i created this repeatedly, i was repeatedly told, or it's a restructuring unit. it's like an intensive care unit where we're here to help. we will support the business.

we are seeing a big change in direction from the bank of england, an acceleration from the bank of englandour other banks want to follow? -- are other banks going to follow? >> it is a quite brutal repricing. i have been convinced that central banks would keep a cool head. i would like to take a step back for one second. we are going through a messy recovery. get to the fact that vaccine coverage is completely unequal with only 30% of emerging markets having received one dose and 5% of low income countries. things are not going well and supply chains are being hampered. what is happening right now? inflation. prices are adjusting and we need these adjustments for signals to be transmitted so that the supply and demand can figure out what is best for the economy to do. central banks can keep a cool head. one is emerging markets, we do need to anchor expectations, they are importing that part of the global supply chain. the second is the bank of england. u.k.. u.k. is not just going to -- it is also caused by labor shortages and a need to increase wages which have not been renewed. as a resu

what you do with the banks now? michael: i'm still a big fan of the banks. till sitting here with his low interest rate environment where we are going to see higher interest rates in the future. i think that reflation/recovery trade is still ahead of us. we had about 50 years of massive growth outperformance. then about a year ago we saw the relationship bottom where values start to come back. then they hiccup of the past six months after you mentioned how treasury yields peter -- how treasury yields peaked as rates came back in. the banks and other value trade components came off and underperformed growth. i think they're ready to outperform again. we will see when we get the bank numbers but i'm optimistic going forward. jonathan: did they do well on higher rates regardless of what is driving higher rates? michael: the fact that they have done very well, very flat yield curve environment where we start seeing meaningful steepening emerge, i'm excited to see that. before i came on we talked about policy. you had jan hatzius talking about the slow down to 2%

the bank says the turnaround story at deutsche bank is working. r thing you played on the clip which caught my eye was he was very clear the macro picture in europe is changing and will benefit banks. he says just the conversation around inflation, perhaps monetary policy and a more normal rate guidance into the future is going to make us a lot more competitive. over the past 10 years, we have been competing in a negative rate environment which puts us behind u.s. banks and that is already changing in a way that can be much more profitable into the future. francine: where were they started growing? the corporate banks unit and retail division both suffering because of the environment. apart from things that are not out of their control, what can they do better to make sure they are not cutting anymore? maria: when i asked that question, what does the future look like for deutsche bank? he says it really is about making strategic operations but strategic hirings which feeds into the conversation we are seeing on both sides of the atlantic in terms o

in china, it's the central bank, the people's bank of china that's leading the effort. it technology -- most people pay through why the central bank has stepped in and said we are going to control how people pay for this. all those countries, the banking system, the commercial banks, chase, bank of america, wells fargo, they are equivalent to china in terms of here's what you will do for the banking system. you are not going to make a ton of money on this. you are not going to get wealthy through the system. you are going to facilitate what we tell you to do and that's how this is going to work. the system and the uss decided, we don't play that. we don't want this thing to come about and they put a lot of lobbying efforts to making sure that it does not. the american banking association put out and testify before congress that digital currencies are a problem. they say they it can do more harm than good. they said things like, another large banking organization has come forward to say they don't even think the federal reserve has the power to do this, that it could onl

they are building branches in new markets, and the banks come the global banks, the biggest banks arehare where they want. within this comes back to the level of -- we think this comes back to the level of technology that helps them be more efficient broadly, as well as seeking out these new markets. jonathan: thank you, as always, alison williams. a whole host of banks reporting earnings tomorrow, then onto to goldman on friday. i think that final point is pretty important. we are not retrenching here. we are writing to the business. that gets lost. you talk about how big things are. things are getting bigger. tom: things are getting bigger. scale is picking up. i noticed the retail effort in the united kingdom is one example of that. is it optimism? i'm not sure. i don't see a tentative strategy at jp morgan. jonathan: things are getting better, they are getting bigger. on radio, on tv, this is bloomberg. ♪ >> i'm jim imagine with an exclusive -- i'm jamie mcgill with an exclusive bnp paribas update. shelby rogers came through a three set thriller against u.s. open finalist layla fe

the bank would offer them elaine, the company would go on, it would pay back the money. it was, everything is interest. and then the bank would suddenly called in a very, very short notice and not even allow some of the companies to pay back the money which they had. they would then immediately put that in value into a company value, the company as a fraction of what it was really worth. they put in their own insolvency practitioners. they would send, sold a company off a fall this and it was worth. and then gave for the personal guarantees of the owners of the company with who was driven by drink shaped by centers. some of those with in in who dares sinks. we dare to ask in when i see black and i was growing, no black america spoke to me with white australia did not those who say black, my magic is a movement we are importing from america. no, nothing is who we are. i lived in a world where white lives mattered, and i was not wide like missing. and i wasn't known from black america. i learned how to speak back to whitefish aboriginal people here, outlaw every day. we ar

they were brought in within 24 hours of me raising issues occurrence with the bank. and our prius forced key pm, jeez, forensic accounting team upon the business. then the point to keep m g as corporate finance advisors. then the point to keep m g is tamara and specialists. and then 4 months later, when the business had gone up for sale, the appointed key p, m g on the other side of this as the court appointed administrators. so our key pm g orchestrated this, executed it for our base all the way through me. why do funded sally extort k p n g? who order to the h for costs and fails and ages apparently 40000000000 pond heard? is there a cause? 40000000000 ponce's one hell of a lot of money and also managed able look a 1000000000 pond, nearly 1000000000 controlled in that reading office, which they were told about. what will say the auditors of the co operative bank, where they seem again to have missed a hold of several 1000000000 pond. and just immediately, recently, we're also the oldest since of caribbean, who also seem to have a massive home in their cars. they see

the u. k, which is pushing banks on a pedestal. here is of the capitalist system who are paying such a huge amount of tags and he were providing so much wonderful credit to fuel the wheels of the economy that they were revered and molly coddled and almost worshiped ah, the individuals who the authorities could be looking at include people like nathan boston, who was the director of restructuring unrest. quanel. this was going on. the intense period of, of abuse with georgi happened on his watch. he now is chief executives of santana, u. k. derek sage, who was the global head of global restructuring group, lower barley, he was the u. k. head of the globe restructuring group at the period of peak abuse of 2009 to 2013 and there are others as well, including the head of west register, a man called aubrey aubrey adams. he came from salvos and there's, there's even like people low down the tree in scotland there's, there's a couple of individuals who every single person i've spoken to says behaved in a very abusive, potentially criminal

the grit house pay for more one terabyte hard drive. there's all rule of banking emails on in there because who do you see on the claim? the thing. so today i have available to you today off receiving the people and i think it's 12345 laptops, not computer one through the office. one during the road. i know foolish john it becomes there is a cancer, you know, it becomes part of your life. takes away your life and it means that you can do anything. you stuck me will we have had thousands of businesses coming to the m p. 's trying to deal with disputes on the back of things like r b. s is global restructuring group. and obviously the h ball threading fraud is a much more extreme example of, of this kind of misconduct. but still essentially what we've identified between all the financial institutions, where perhaps they were trying to pull in loans quite quickly in order to recapitalize the banks that conduct fell by the wayside. ah, so you push the small business over the h pushes me right to the edge, bankruptcy and i was picking myself up again. and while i'm at c

that's important underlying precept around public banks and the creation of a public bank for the people is so important. i think there are so many neighborhoods that have been cut out of banking in part because banks just are not there. >> i agree and i'm concerned your chair that i think you know i'm concerned about that shift towards a capital economy placing more power and more data in the hands of unaccountable technology companies. google has access to 70 percent of the nation's credit and debit card transactions are very scary. in 2019 amazon integrated with role-playing, a company that had processed 1.7 trillion in payments annually . these companies then saw the biometric data that had selected to other third parties with little to no regulation and as corporations leverage their market power to keep consumers within their ecosystem , consumers deserve public accounting. >> i'm so sorry. >> you may place your comments in the record. the gentle lady time having expired the chair will recognize the gentlewoman from texas for five minutes. >> thank you so much for bringing this top

so i think that the bank of england, the fed and other central banks, they will try to raise rates. e them a little bit, then be surprised at how much financial conditions tightening as a result of that. you see it in the emerging markets. with all the new debt we have, we had a lot of debt as it was, but when covid hit the levels went up, so any quarter-point hike has a magnifying impact on these financial conditions. maybe the fed hikes to 1%. they get stomped out. that is a likely scenario. jonathan: franklin templeton, we got comments from. but sona isl -- sonal is back with us. we are talking about interest rates. you think we can take higher interest rates. you think that selloffs in the bond markets will not be self-limiting. sonal: i think i caught the end of mike's comments, and i think right now if -- well, if i can go back to something before the break, the inconsistency between the short end and long end. the long end cells off, i think the short end is not pricing in as many hikes as it will lead the long end is going to come down, that is number one. two, if i look at w

the bank would offer them the company would go on. it would pay back the money it was airing is interest. and then the bank would suddenly call in the land a very, very short notice, and not even allow some of the companies to pay back the money which they had. they would then immediately put that in value into a company. the value of the company is a fraction of what it was really worth. they put in their, in insolvency practitioners. they would send, sold the company off a fall this and it was work and then gave for the personal guarantees of the company. the oh, ah . i'm sick of the sick, 2016. my children. what? hi, malone. and sudden they, they had shouting at the door. they didn't go to the door. and suddenly it got more, more aggressive, banging at the door, saying that they would bailiffs. so my daughters were absolutely petrified doctor, you would imagine. i want that. he was about 2 men posing his bailiffs. cro bought the door all and just burst into the house. they then said that the children had to leave the house. they ma

for the bank. in the midst of these headlines, noris moves in the bond market in the u.k., spreading to the u.s. and has now catapulted with the bank of canada being more aggressive with their rate hikes at the front end of the yield. francine: the u.k. budget, a lot of earnings, and inflation concern. central banks around the world will be hawkish. this goes back to supply chains but the bank of canada repricing not only the loonie but a lot of bonds we are seeing across the world. i was looking at the german 10-year yield because it is a little symptomatic of what we heard in germany. downgrading their overall forecast for growth. stoxx 600 down .3%. if you have to look at earnings, they are not as bad as expected. it depends on whether margins delivered or not. the focus is going forward, folks saying they have little visibility on when the supply chain gets better, so weighing on stocks are commodity prices. metals are down, impacting mining and energy. alix: iranian nuclear talks re-starting in

the crisis was central banking. the coin is a response to says right there in the genesis block, a chancellor on bird of 2nd bail out for banks. it makes direct reference to central banks, malfeasance and crisis. so, but you know, they'll learn and they'll get the pricing deserve, you know, they don't want to buy big, quite a half a 1000000. they want to buy it at a 1000000, they'll stumble in a 2000000. god bless them. now j. p. morgan and jamie diamond, probably the poster child for big coin idiocy recently reported that their institutional investors are buying big coin rather than gold as a hedge against inflation. so neck, this is a growing talk and talking point is that, you know, people are now actually beginning to recognize that big coin and not only kind of competes with gold, but it does actually, it's actually vastly superior perrier to gold. and what's your thoughts? yes, now a lot to impact your firm. it's another remarkable capitulation opinion. i mean g, p. morgan in these banks, they live off of the e

, the bank of england died. it just hasn't been buried yet. and the whole banking establishment is going through the 5 stages of grief. i believe the 2nd one is anger. soon they will be dealing with trying to make some kind of trade offs with coin. then they're going to actually capitulate as you say, this is the process. everyone goes through. it just so happens it outside the door because it's run by the george washington of the 21st century. mister president kelly got to the promised land 1st. and because going back to this all region in the latin american region, argentina, which is a country, you know, very, very well they've, how are they currently on their what 18th or 19th default nick? oh it's, it's, it's, you know, i've lost track of counting, but you know, something interesting about argentina. it's because they've had so many financial run polls in there in the living memory. people don't trust the banks, they don't trust the currency. it's actually very fertile environment for people to learn about b

we will catch up with the deutsche bank ceo a little bit later on. to dws, net inflows of $12 billion. the market was looking for $7.46 billion. you see a monster flow but we know that anyway from the bank of america, bank of america's flow results that they give us on a weekly basis. net revenue for the third quarter. revenue comes in at 644 from ahead of the estimates of 627. that is the top line from dws. very comfortable beat on the inflows. that is the critical point. let me take you to another start which was just reported in ecuador. they have reported their net for the third quarter. the norwegian energy company says it plans to increase the share buyback to $1 billion. good news all around if you are a shareholder. my guest is the ceo. always good to have you with me. strong results. buyback and dividends aplenty for everyone. just the strength you are seeing at the moment, is that driven mainly by the ratchet in gas prices? is that what took it up and over the line for you? good morning. anders: good morning to you. we are presenting our str

jane fully is the head of fx strategy at a bank. e size of the changes are not magnificent in themselves, not shattering in themselves. let's set the stage. a weaker than expected figure, a downgrade on the growth outlook, does it shake in any way the dollar narrative, leaning into taper? jane: i don't think it changes the dollar narrative because of the dollar is in a win-win situation. you've got the interest rate differential argument, if the fed is tapering. on the other hand, the dollar gains from safe haven. it does benefit. but it doesn't change the dialogue for other aspects and adds into the stagflation dialogue and the growth of dialogue and i think that does alter the perception of where the world is going next year. manus: let's talk about stagflation, because a buddy of mine at one of the banks said are you going to get 1970's stagflation, are we going to get 1940's stagflation? i was standing on a sand dune in the middle of a desert and i did not have time to debate it. what kind of stagflation you think we will get and

i referred to the under banked in the on banks. some of home are still cashing checks at these check cashing places thatey cost them money. but they do not have banking accounts they are under banked. they are not banked at all. but in a addition to that do you unknow there is an underground economy where we have the so-called handymen i would like tody think of handy man and handy women who are taking care of communities all across this country. they are doing odd jobs they are painting, taking care of lawns, et cetera et cetera and they want cash. they want to be paid in cash. i and a lot of other people do that we pay them in cash. these are people taking care of their families, these are people who have children. these are people who depend on the cash they make on a daily basis in order to have a decent quality of life. now i do not want to be in a position where we all move so heavily against p cash as a form of payment. as a matter fact of course i have credit cards. and of course i use the database system in order to pay bi

and then the bank would suddenly call in the land very, very short notice. and not even allow some of the companies to pay back the money which they had. they would then immediately put that in value into a company. the value of the company is a fraction of what it was really worth. they put in their own insolvency practitioners. they would send, sold the company off a fall list, and it was worth, and then gave for the personal guarantees of the company. ah, financial survival guide. daisy, let's learn about the allowed. let's say i'm a joy and your great grief on banks of the site. well, 3 prod, thank you for helping ah, joy, that's right, fail. waivery. ah, ah, it's almost basically gross. you douglas go, he did. who bought? i bought a diode from our company who did on your way, but i know from politicians to athletes and movies. does the musicals, does it seems that every big made in the world has been here. let's your facebook music markups, grocery store. oh i wonder why she wasn't really difficult, but i used to live with me a global new school, but he

mm oh, my relationship with the bank of scotland went back to the 1900 seventy's. when i started to become successful with the b, b, c. and i think the way that these things normally come about is your accountant says all of this, a really good bank manager and the bank manager recommends a good service to you and that sort of thing. and i had a great relationship with the bank of scotland that was built on trust. and you trusted the bank manager because he was the person who signed your possible application. he was the pillar of the local community. i never assumed that my popularity would continue. i never assumed bbc would keep offering the shows. so when in the mid eighties i got the opportunity to earn some money. at one of my 1st labs which was flying helicopters, i then set up a helicopter company helicopter management. and that was the beginning of unique asian we moved into providing brokerage management of aircraft, including private jets, things wasn't making a fortune, but it made money. in fact, in the 80s i was probably earning a pound doing corporate

definitely a higher front in the yield. bank of america kicking off today's bonanza of earnings. we are looking at loan growth, telling quincy's, interest income. the fact that bank of america is up more than 40 percent year-to-date. same with morgan stanley. wells fargo of more than 50% year-to-date. citigroup up 16%. how much can they outperform? will this be the underperformer of the group trying to catch up, or will this be a shift in market share? 11 :00 a.m., i am close. u.s. is planning to release crude oil inventory data, one of the biggest stories. oil prices at the highest level since 2014 as the iea comes out and expects a deficit in total oil supplies through the end of this year. deepening more than they expected. how much can the u.s. compensate for that? you say cpi continues -- ppi increases for september following what we saw in china. the biggest increase in factory prices going back 26 years. this is commodity prices biting and their ability to pass on to the consumer is bleeding into some of the economic prod

the pboc drains cash from the banking system. eland is ready to sign up to a 15% corporate tax deal, removing another hurdle to an unprecedented global accord. we speak exclusively later to ireland's finance minister. welcome to the "bloomberg markets: european open." it is friday morning. mark is with us to tell us what has caught his eye. what are the markets sing to you? mark: it's a positive friday. it's been an anticlimactic reopening in china. quiet ahead of nonfarm payrolls data later on. asian equity markets are higher and commodity prices are higher. i think we are going in with slightly positive sentiment into the european session. i expected to be relatively quiet before that jobs data in the u.s. anna: let's check the futures in europe and into the united states ahead of the jobs report. an hour away from the start of cash equities trading in europe. we see that positive session in asia. you will have more on that in a moment. these are the futures in europe. a bit of a holding pattern but with a slight downside bias.

this is further evidence that may be the bank takes action. at do we take from this data about that decision? >> this is going to buttress market expeditions of a rate hike to 0.25% which is already wet it's expected. this is the last inflation reading before the november meeting. you saw inflation in september coming in below economist forecasts, but still above the mac of england's 2% target, so every month that this continues, it makes the narrative that this is only transitory look shakier and shakier, and it will weigh on household incomes because the government is cutting benefits and raising taxes at the same time. for the budget next week, the chancellor is unlikely to want to unleash the spending caps when he's already going to be aware of the inflationary pressures that more government spending will add to encourage the bank of england to hike rates more aggressively. so if they do that, that is only going to add to the cost of servicing the government's debt burden. alix: it definitely feels like a rock and a hard place with that one