look at the banks. s clear whether the level of load on them is that they do not lend to anyone . working banks undergo a very serious audit. as a rule, these are companies that have sufficient internal financial leverage to ensure construction with their own funds, at least the main volume of this construction, and they do not depend on the money of e-e buyers like these companies that today also mentioned the bank arkada ukrbud and so on, those who were building now account for cross-financing , that is, they started construction, they attracted the buyer's funds, they also started building for us we received a bunch of buildings , these companies will not have many it seems that after all, the first place will be in demand and will be used. the buyer is interested in credit programs, because these will be developers who actually, well, they are on time and on time, who build housing, which, after all, is of interest to ukrainians today. well, these companies will still attract the buyer. and this prog

unfortunately at the central bank, at that time, the capacity supervision capacity of the central bank was very low. and we were not able to discover this show confound moved. and a group of businessmen took over premiere airways in 2008. this helped facilitate the movement of vast sums of money. cash was taken from cobble bank on the air line for nude owned to the exchange house he owned in to buy in one cable, u. s. m. baset ichenberry flanked his concerns about money laundering. he asked for help from us agencies and from quote other missions in the region to investigate the scale of these cash flows. the amount of money which will start from the couple of bank or so big. that, of course, it will talk to extremely suspicious if big bag of money will be smuggled of cash, which would be smug without the offer of gun is that that's why they found the solution through premier airways reach your so our carrier owned by the chair or the cupboard bank and they made a deal with the pilots of those the those sir airplanes. and there were stuffing the money into the food trees. they're yours

we'll have plenty more on the banks. need to look at what we heard from deutsche bank and barclays. still with us the chief investment officer at equities at l.m.g. when you look at banks, they are a barometer of what consumer spending will do and mortgages and they could potentially see a housing crisis. are you concerned that for the moment everything seems fine and could fall off a cliff early next year? >> i think the price behavior of banking stocks at the moment is really -- prerecession due to as michael was referring to the fact that they are helped by the rising interest rate environment and we have seen it flow through to earnings. clearly banks don't know what is ahead. you heard a number of managements talking about uncertainty ahead starting to prepare. it will depend on how shallow or how deep the recession is going to be going forward. and what the impact will be on credit health. so far it looks like the recession is not going to be 2008 kind. we have to be prepared to that. banks have been prepared. fran

unfortunately, at the central bank, at that time, the capacity supervision capacity of the central bank was very low. and we were not able to discover this show confound moved and a group of businessmen took over premier airways in 2008. this helped facilitate the movement up fast songs of money. cash was taken from cobble bank on the airline font mood owned to the exchange house he owned in to buy in one cable, us ambassador ichenberry flanked his concerns about money laundering. he asked for help from us agencies and from quote, other missions in the region to investigate the scale of these cash flows. the amount of money ritual stone from the cuba rank was so big that of course, it pulled looked extremely suspicious. if big bag of money would be smuggled of cash, what would be smuggled? thought the offer of gun is that that's why they found the solution. throw premier airways, reach your sir air carrier, owned by the chair or the cabal bank. and they made the dealer with the pilots of those the, those sir airplanes. and they're, we're stuffing the money into the fortress. they use v

the world bank is anxious _ needs. the world bank is anxious that _ needs. rld bank is - anxious that people don'tjust look at short—term solutions. what we need to do is not put restrictions on trade fertiliser, so as a starting point. second, use of fertiliser that is out there much more efficiently, and third, how do you invest in new and different kinds of fertilisers? ., ., , ,, fertilisers? organisations like the world bank— fertilisers? organisations like the world bank are _ fertilisers? organisations like the world bank are focused i fertilisers? organisations like | the world bank are focused on increasing supply. what is also needed is more private finance being brought into the fertiliser market. according to the new president of the international fund for internationalfund for agricultural development. investment is a key issue from the international community, the international community, the public and private sector. what we have seen over many years that we have not invested enoughin years that we have not invested enough in local production,

of the big banks as well? ana: i do not think the consumer is as strong as people think. look under the consumer data and you are seeing an increase in the amount of debt through credit card usage that consumers are starting to accumulate. that is concerning because the rate on that debt is much higher than it has been in the past. i worry about the ability for consumers to handle that debt. the banks are doing well because they are getting better margins and that would be expected. they have been very careful with the credit that they have been giving out. much more careful in the credit risk that they have. those are two things to consider. consumers are spending more money on things that are less frivolous. you see them spending more on food, health care, i am not actually as bullish on the u.s. consumer as others may be. underneath the numbers they are not as strong as people think. the holidays will be interesting . i do not think it will be a particularly strong holiday season. if that is the case, it sup

the banks pay 2796 and corporation tax of 1996 in the - to the banks. tax, if the bank surcharge is not produced, they would effect be paying 43% and there would effect be paying 43% and there would be, it seems like if that happens injeremy hunt would be doing what you would expect to labour chancellor to do. and there is a windfall tax on oil and gas producers and there's a sunset clause in 2025 it is possible that were not in the 2025 but will be extended and really, though, how the prime ministerjustifies on the election promises she made when she won the majority in the conservative party, i think it is difficult to credit, i suppose you have to say that hunter said it and i and the nonexecutive chairman and after accepted —— i have to accept it. liz accepted -- i have to accept it. liz truss accepted —— i have to accept it. liz truss potentially being the leader of the _ truss potentially being the leader of the conservative party, others may see — of the conservative party, others may see this with jeremy hunt and at the moment. it is a massive s

the bank having led got applause because it was the first central bank saying we don't know what we'reacing, and talked about 5 quarters of attracted recession. at the time people said this was a bank that was honest, are you invested in u.k. stocks? johanna: we are not. the weakness in sterling is a shock absorber for profits, so i think the u.k. market looks attractive in equities. in the gilt market, we have a short-term problem with the need for ldi funds to reposition, but there could be a level where we get in again. tom: presumably that is the ftse 100, what within that space would you be looking at? which sectors? johanna: the interesting thing about the ftse 100 is it is quite defensive in an global context. we are focused on risk of recession in the u.s. and europe heading into 2023, that index with cheap currency and which is defensive looks attractive. francine: what are the unknowns for other parts of the market? johanna: for dollar strength, we need to see the rest of the world recovering. unfortunately for now, we are still in an strong dollar environment. tom: i wanted

question to the central bank is the central bank going to do something about it. and in general, does the regulator worry about such a big difference, thank you, but indeed the spreads for the sale of the purchase of cash currency have increased. this reflects the fact that we are faced with serious restrictions on the flow of personal currencies into our country, and therefore here, uh, banks themselves set these spreads depending on how much currency citizens sell them. yes , how much are they willing to sell, uh, sell already, respectively, uh, back this currency. we, uh, are not going to interfere in this, because it allows us to balance the demand and supply of cash valu from the side of our citizens and businesses there. a the next question is online a tatyana voronova frank-media, please, tanya yes good afternoon. thanks for the opportunity to ask a question. and i have two of them, and in the first half of the year the banking system worked in the red. we remember those minus 1.5 trillion. but uh, as for the second half of the year, uh, we heard, including

the unmanaged central bank will be managed. , there is a system of deputies, there is a board, and therefore there is no risk. yevgeny, what were the reasons that prompted kirill shevchenko to leave his post, apart from, of course, health-related reasons? i think that everyone has them. some questions about their health, everyone wanted to go on vacation and rest. but is this the main reason at all? i think that health. i think that some uh, but just personal troubles, this is actually the main reason because there are no special reasons for that to dismiss for some, for some incorrect actions or for some inconsistency of what or for some mistakes well, in fact, there are none, that is why i consider the basic hypothesis that the time has really come for some kind of rotation and that well, these are really such difficult times that it is simply difficult for a person there to endure but in fact, it is difficult to say. and what really prompted kirill shevchenko to resign. i think it is not so important as it is more important.

liquidity and the bank will give the liquidity and the bank will give the liquidity and the ually just providing liquidity and my guess is, because that extends into the 11th of november, beyond the date of the fiscal growth plan or fiscal event, whatever it turns into, and the next meeting, that should allow us to see that all through and have a better idea of where monetary and fiscal policy is heading so the markets can be more confident about the quantity of debt the bank of ings and will be wishing to... forgive me, the government will wishing to issue and also the set of interest rates the bank of england will want to adopt in order to stabilise inflation, so i think at the moment that sounds very sensible. ., ~ at the moment that sounds very sensible. ., ,, , ., , . sensible. thank you very much indeed. that _ sensible. thank you very much indeed. that is _ sensible. thank you very much indeed. that is jagjit _ sensible. thank you very much indeed. that is jagjit chadha, i indeed. that is jagjit chadha, director of the national institute of economic and social research

the hardest. yields up by only three basis points. banks are reporting, that was a mixed bag and we had a huge rally that confused everybody yesterday. i have to point out again what is happening with the dollar-yen. we don't talk about it every day, it is approaching 149. we have not seen this level in 32 years. i don't see it getting any better. if the bank of japan has to do something different and sell treasuries to support its currency, then what happens to the 10 year? side note, back to the u.k.. >> we need to talk more about the u.s. data as well. the u.k. prime minister liz truss holding a press conference at downing street. this after she ousted the chancellor. jeremy hunt was named as his replacement. >> i want to be honest, this is difficult. we will get through this storm. we will deliver strong and sustained growth that can transform the prosperity of our country for generations to come. >> sounded convincing. it lasted eight minutes, what do we make of the press conference? >> it was flat, drained, brief. there were such long

council of the patrol bank, respectivelyll, there are not so many candidates, besides, some bankers already have, let's say, for the position their banks and it would not suit them very well to announce the possibility of waste even in this situation is a bit of a pity for me that these declarations in the nazk are now closed. previously, this was a good indicator. there is no such appointment. i am forced to address our discussion. thank you to us and to you for appearing on the air with us. evgeny do boris , an expert from the analytical center of the case of ukraine, mykhailo demkiv, a financial analyst of a group of companies. icu and andriy yanitskyi, the host of this program, economy news, only on the espresso tv channel, together we will win, we are looking for 16-year-old natalya butyk, who disappeared in the middle of august in the city of boryslav, lviv oblast. missing girl call the magnolia child tracing hotline on the short number 116 000 since then about two weeks have passed and now i'm coming back to this stor

can it be the first bank? one you named can theoretically be removed, since the owners of this bank are under sanctions in almost the entire civilized world and in ukraine, that's why, according to my personal belief, in ukraine, he cannot own any business, and the shareholder who connected with the bloody dictator putin, i support you here, but what can customers of this bank expect, for example, citizens of ukraine who have deposits there and use loans, eh, will there be, eh, well, for example, a hundred percent guarantee that they will not be harmed consumers today, in the conditions of martial law, a one hundred percent guarantee of the deposits of individuals is provided by the deposit guarantee fund of individuals and i think that i am convinced that the depositors of the systemically important bank, which will be withdrawn according to the procedure provided for by this law, will not suffer in today's conditions, they are 100% protected. if we speak in general, then look at the impact of the withdrawal o

this is the bank of england explaining its reasoningj through that. this is the bank of. explaining its reasoning for what happened last week. in the wake of the mini budget, which wasn't all that mini, essentially the uk's financial credibility was trashed on the international markets which made uk debt far less attractive than it had been, which meant people were trying to off—load it and sell it quickly, which could potentially have put uk pension funds at risk. not to be alarmist because i know digby will gets upset about that, but it could have triggered a new financial crisis. if you have these financial crisis. if you have these financial institutions trying to off—load their assets at once, it sends the markets into a tailspin. the bank of england stepped in to buy these guilds and stabilise the market and they have been setting up their reasoning and explaining why they had to step in to do that. and also what the consequences might have been if they had the.- have been if they had the. digby, let's hear your — have been if they had the. digby, let's hear your th

if the governor of the central bank is listening... dare say he's very interested that such a senior minister is saying that. so that's on the record and that's interesting. quickly, let's move on to another of your key areas of responsibility — that is trying to deliver food security for lebanon at a time, again, of catastrophic crisis. you were 70% reliant on ukraine for your wheat supplies. you had the terrible explosion in your port in 2020, which destroyed your major grain silos. you have promised that new silos will be built in your role as one of the chiefs of food security in lebanon. where are those new silos? it's more than two years since the port explosion. where are they? yes, that's true. lebanon lacks emergency reserves of grains because we lost the silos in beirut port explosion. and that, again, is a perfect demonstration, stephen, of the mismanagement of previous lebanese governments. and i say that not to put the blame on them and lift the blame on us, but there is no country in the world that puts all its national re

head of the national bank. was supported by 290 people's deputies. he previously held the position of chairman of the board of the savings bank from 14 to 20 years. during his speech at the meeting, pishnyy emphasized that the approved the decision regarding restrictions during the war, he considers the money to cover the deficit of more than 30 billion dollars to be quite adequate. we need it, and as far as i know, international partners are ready to provide it, but for this the imf needs the design of the domestic debt policy, it must be agreed with international partners regarding the exchange rate, he emphasized that he is not ready to predict it now, verbatim the statement of the ministry of finance on the need to abandon emission financing of the budget, but it depends on our international partners and their support, according to the magnificent accounting rate of 25% adequate for the time being will be kept as such glory to ukraine of the newly appointed head of the national bank andriy pishnoy so, we wou

the bank lead that. we have been the mainstay for the channeling of funding to ukraine, to the humanitarian and administrative side of ukraine, and i am proud of the bank for that. we have done $9 billion of disbursement. one of the things the world community has trouble with is it makes pledges, but they do not materialize into disbursements, so one thing i have done in my tenure is have the bank focus on impact and actual disbursements of money, so we often talk about the commitments, but in the same breath, we talk about how much of that money reach the people of the countries, and shareholders have been supportive of both the fast response of the bank increasing surges, but also the quality of the response in terms that interaction with people in developing countries. ryan: we have seen that across a range of fundraising efforts this week in new york. i wonder if it is fair to say that you see these criticisms are calls as a distraction from network -- that work? is it politically motivated? a lot of

for the u.k. banks, i think it is too early to buy, you are seeing a pickup in provisions, that is only going to continue, loan losses, etc. the next six months. valuations are cheap on a headline basis but we are still seeing significant downgrades to earnings. and this is an early cycle, the financial sector, if you are very much late in business cycle, you need to get through the point that the recession is broadly priced, and then you look to the early cycle sectors. banks too early, i am more favorable on energy companies because i think there is a longer-term structural story around the oil price. these businesses have done very good job the last 10 years bringing down the oil price at which they can pay dividends, and there is good shareholder return. francine: grace peters stays with us, and coming up, netflix returns to growth as hollywood breathes a cipher leaf. 0-- sigh of relief. this is bloomberg. ♪ tom: open back to the open. 16 minutes into the european trading day. flat across the europe

to the bank. the other intelligence harris and the and yes was the 1st one during the bill. that was in october 2009. they send the reports to the national bank and to the i office of or south, which was the and the corruption or agency of afghanistan. we were sending a supervisor, he a teams to cover the bank into all other banks. we supervised them twice a year, but we didn't get we got similar smaller violations report of smaller violations because cover bank whenever we demanded any documents they, they cooperated with that they provided us. although most of those documents turned out to be fake. then further alarm bells began to ring. the washington post published at damming article in february 20 he 10 about the inner workings of cobble back saying it was mismanaged, corrupt and poorly regulated. it reported that some shareholders had received loans to buy luxury properties in dubai, on extremely favourable terms. meanwhile, a communication from the former us ambassador to afghanistan called

the issue is that the bank is going after— the issue is that the bank is going after it— the issue isfferent direction — governments going in a different direction and is putting pressure on the system. on the latest thing of the system. on the latest thing of the andrew bailey saying he's going to end _ the andrew bailey saying he's going to end this intervention. i can understand why he's doing it, the bank— understand why he's doing it, the bank of— understand why he's doing it, the bank of england does not want to set a precedent for intervening in perpetuity and markets, that's not what the _ perpetuity and markets, that's not what the bank of england is therefore, it's to ensure stability in the _ therefore, it's to ensure stability in the market and that's exactly what _ in the market and that's exactly what it's— in the market and that's exactly what it's doing. it's about indexing luilt what it's doing. it's about indexing guilt which— what it's doing. it's about indexing guilt which is very unusual. ultimately, if this can be further pressure — ultimately, if this can be fur

what is it exactly that the bank is worried about? nk is worried about?— worried about? the bank will be worried about? the bank will be worried of— worried about? the bank will be worried of course _ worried about? the bank will be worried of course about - worried about? the bank will be worried of course about loss - worried about? the bank will be worried of course about loss of. worried of course about loss of confidence in the markets. it is as fundamental as that. it was assumed that once they had bought those government bonds that they would have been in a position to whine that down. they are trying to do that down. they are trying to do that anyway that would not cause any panic yesterday but a further intervention today probably will and i think what is interesting politically from this is that the government has argued of course there may be some short—term difficulties but they are doing some things to address this and one of them is bringing forward this medium—term fiscal plan, as they college, to get rid of the gobbledy

the banking sector down 20%. if you look at the price to book ra ratio, it is sitting at .2 one-third of the ratio of the other banks right now. it is under valued i would say the new ceo came in in july he seems to have a lot of plans to restructure the bank. they said they will make a big announcement come q3 earnings. that is the end of october the ft reporting a couple weeks ago, they were looking to break up the investment bank to three units. one is bad bank and one advisory and the rest staying as it is. at the same time, they also announced they will have to go through restructuring which will entail a lot of job cuts i want to point out that deutsche bank analysts said they expect to amount $4 billion. that creates a hole in the finances this is one of the concerns from the investment community of how they finance the restructuring costs. >> it is remarkable after all that and the shares negatively and still sellers are involved it will be interesting to see if sellers come from the reddit forums. >>> abb

part of a strategy to revamp the bank. other story, middle east sovereign wealth funds are said to be waiting putting their money to work in the swiss lender as valuations drop. charlie wells is with us. good to have you with us. what do you think is the bigger story to focus on, capital injection from my part of the world or the asset sales, which i think is maybe what the market wants to hear more about? charlie: yeah, i would go with the latter. we are hearing that credit suisse is likely going to need a lot of money in order to conduct the restructuring we are likely to hear about on october 27, and have been talking about a long time. we've heard from people familiar with the matter that the bank's ticking about selling some of its assets in order to help with this restructuring. we know it's securitized products troopers under consideration, you know that apollo is looking into that. what we heard recently is the u.s. asset management firm could potentially be up for sale as well. that is a business unit that allows i

this is the risk of the independence of the national bank. e only thing we can fear now is that as a result of certain appointments this independence may decrease, and the influence of politicians on the work of the national bank will increase. for example, we can see this on the example of turkey, where erdogan took control the turkish central bank, as a result, is not pursuing the policy that should be pursued by an independent instruction, but the exact opposite, and as a result, inflation in turkey is already 83%, in ukraine during the war it is now 22%." further and with regard to international partners, for example, predecessor shevchenko always tried very hard to show himself as a person who cooperates with the international monetary fund and can withdraw money for ukraine . there is more help, more losses. really one main one of communicators, and shevchenko was still the person they were appointed to be. well, come on, the release of smolia disrupted our cooperation with the million currency fund for a very short time, and that's why

the primary concern for _ bank of england. the primary concern for the _ bank of england. uk _ bank of england. the primary concern for the uk right - bank of england. the primary concern for the uk right nowl bank of england. the primary. concern for the uk right now is battling the cost—of—living crisis and the bank of england's mandate is by stability, so i think on the one hand they are due to increased interest rates. on the other hand they are somewhat engaging in easier monetary policy by providing a backstop as a purchaser of bonds, so it is a bit of a contradictory mandate which i think the bank is trying to resolve by concluding the first programme by buying bonds before it can continue with the interest rate hike pass, in order to bring prices under control. ,., , , order to bring prices under control. , , ., control. the pound is up a little hour _ control. the pound is up a little hour against - control. the pound is up a little hour against that - control. the pound is up a| little hour against that fall, straight after andrew bailey's comments, so we should k

that still remains an issue for the bank. francine: if you look at the volatility we have seen, how long does this rally last? fundamentals in the u.k. are not great. ben: it is difficult to pinpoint how long the rally will last exactly but i think markets that will fret about the political shenanigans and we know the story is not over at downing street. the collection of policies that so riled markets a few short weeks ago, it is pretty clear it is not going back to that and there has been a commitment to a reversal on that and i think the bank of england has shown its credentials in terms of fighting inflation and its willingness to stand against that collection of policies that seemed to be so inflationary. the political noise can throw gilt yields and the pound around a little bit in the short-term but i think we are not going back to that collection of policies so there is room for a bit of a run. tom: in terms of the risk premium priced in to u.k. assets, what do you need to see for that to come back down? ben: time cert

and the bank's management. joint responsibility, for example, if there is a hole in the pansa bank andere is reason to believe that the teacher acted lawfully, then i am convinced that there is a council that should socialize, there is a board that must er accept er, and the law stipulates here the standard responsibility of management. thank you very much, sir . andrii andrii dupas dupas of the president of the association of ukrainian banks worked on our live broadcast at exactly 4 p.m. and we have news time espresso how could you understand to present them now anzhelika sizonenko, colleague, a word to you

you have seen how the national bank has conducted its policy over the past 6 years reforming in the banking market itself, it reformed and became more and more professional . it should also be said that in the main directions, for example, monetary credit policy , e.e., currency and exchange rate policy, e.e., this is a question . this is already the board of the national bank of ukraine, the members of the board, as well as the members of the board, they are approved for the appropriate term. well, for example , there the members advised the nano-bank for 7 years, the head of the national bank is usually also there for 7 years it is approved simply, well, in this case, we see a situation where a person, according to the state of the fish, wrote a statement, so i think that the new head of the national bank will be later, we do not know exactly when, that is, because only tonight we all started the application for the dismissal of the new head even the bank will continue to implement the policy of the national bank during the last eight years of reforming the banking sector because this pol

the former reserve bank of india there. the indian markets that have been training for five minutes now under pressure like the rest of asia. taking a look at where we are in terms of those benchmarks. the rupee, pretty flat. it is hovering at record lows. still to come, and economic reset. this time without the bank of england intervening in the market. live to london next for a preview. this is bloomberg. ♪ >> actions speak louder than words. the prime minister -- we will have a very big physical statement, a bit like a budget in which we sent at the tax and spending plans for several years ahead. there was jeremy hunt on the challenges ahead. skidmore analysis. land joins us from the london headquarters. it is the u-turn of all u-turns. will it be enough to sink market participants and lessen the volatility we have been seeing on currency bond and equity markets? question morning to you. i just want to put this into context. we just saw the new chancellor. he is the fourth chancellor in just four months. can he bring stab

the central banks cannot walk away. nancial instability gives them a perfect excuse to keep it going meaning not tighten as much as they intended to. kriti: something that someone also said was that the boe should not be a buyer of last resort but they should be a market maker. how do you do that in this environment? >> i don't think you can. the central banks are trapped and they have to do with they have to do. they need to come up with new rules on how they support the market. they can either let the financial markets completely tank which they can't do or they can say were going to have to live with a inflation for the time being. guy: how much higher? a number of fed officials are talking about this right now, we're going to get inflation back down to 2%. do you think that's going to be possible after such a long time with low interest rates basically over inflating financial system? >> i think it's possible that they totally destroy and break the economy. if they break the financial markets, they can bring it down

bank street. well, here it is worth reminding that kyrylo shevchenko headed the national bank after the then headlii, wrote a resignation letter in the summer of 2020. he then directly said that he had done it was because of systematic political pressure that the state leadership asked him to pour money into the economy. resignations, cooperation with the imf has been suspended for one and a half years. this may now be affected by the resignation of the head of the nbu, are there any risks of losing the independence of the national bank? well, how did it happen that after the head of the nbu wrote a statement about his resignation , sap and nabu announced suspicions against him, let's talk about it further with us in touch: dmytro boyarchuk , executive director of the center for social and economic research, case ukraine, good evening, good evening. i would like to add that president volodymyr zelenskyy introduced a draft to the parliament this evening the resolution on the appointment of andriy pishny as the head of the national bank, he previously headed the savings bank well, we will return to

with central banks. the idea of gearing down, you shift down and wait to see where things go from here. what was your reaction to this decision today? charles: on our side we were expecting 50 basis points. we were not expecting they would be as aggressive. for us, it was not a big surprise. we are getting to a point where we have had very big increases in policy rates since the beginning of the year in a very indebted economy. it is time for the bank of canada to take more of a wait and see approach or get more data dependent. that is what they are telling us today. kriti: one of the things that seems to be some sort of decade-long ptsd on the side of the border is the idea that in the 1970's, this is the mistake paul volcker made. they may be pulled back to soon. do you think that fear will resonate in canada? charles: the fear could be there. i think it was explained well in the press conference. there is the risk of doing too much too quickly but also doing too little. if we look at policy, we are well a

it is the independence of the national bank. thing we can fear now is that as a result of certain appointments , this independence may decrease, and the influence of politicians on the work of the national bank will increase. for example, we can see this on the example of turkey, where yardagan took control of the turkish central bank, as a result , he is conducting the wrong policy as he should conduct independent institute and the exact opposite and as a result inflation in turkey is already 83%. in ukraine during the war, it is now 22%. therefore, the main challenge is the challenge of independence and the main task for the magnificent is to defend this independence of the regulator as the resignation of the head of the nbu, in principle, we see that it did not particularly affect the cash market correctly, but they were still able to stabilize the future and in relation to international partners, for example, a predecessor shevchenko always tried very hard to show himself as a person who cooperates with the international mon

we will see what the bank of england are forced to do today. : i want to see what the auction looks like. will it be a big one, will risks still be embedded in the system? more to come. this is bloomberg. ♪ hi, i'm jason and i've lost 202 pounds on golo. so the first time i ever seen a golo advertisement, i said, "yeah, whatever. there's no way this works like this." and threw it to the side. a couple weeks later, i seen it again after getting not so pleasant news from my physician. i was 424 pounds, and my doctor was recommending weight loss surgery. to avoid the surgery, i had to make a change. so i decided to go with golo and it's changed my life. when i first started golo and taking release, my cravings, they went away. and i was so surprised. you feel that your body is working and functioning the way it should be and you feel energized. golo has improved my life in so many ways. i'm able to stand and actually make dinner. i'm able to clean my house. i'm able to do just simple tasks that a lot of people call simple, but when you're extremely

anna: how is the cost dynamic developing? bankstalked a lot in recent months and quarters about higher staff costs, is that something you are dealing with? andrew: it varies by market. i would say probably more pressure in the western markets, some pressure in some of the asian markets but less overall than would be the case for a western bank. anna: andy, really good to have you with us this morning, andrew halford, the cfo of standard chartered. we have had earnings from the banking sector this morning. coming up on this program, some of the biggest u.s. tech stocks tumbled in after-hours trading following disappointing results from alphabet and microsoft. more on that sector next. this is bloomberg. ♪ >> on the high level and persistence of inflation, the rate environment, and now with a recession call both in the u.s. and europe, the recession will be around 2% next year in gdp terms relative to 2020 as you say, there is a deeper restructuring that needs to go on around energy costs, germany's export industries, our trade relat

the imf and world bank are meeting, i would be worried about emerging markets. the u.k. extbook of what not to do, but unfortunately i think a lot of central banks are watching as the boe does one communication error after another. but they are going to have similar issues. how do you continue to hike when inflation is already there, how do you make sure you don't create financial stability risk when the dollar is drying up like never before. this is unfortunately the problems most policymakers are facing in more countries than the u.k. tom: we brace for more volatility than in the euro zone presumably. how much of this kind of risk is priced into markets at this point? ludovic: i don't know, i can tell you the 30-year greek bond is more interesting than the 30-year u.k. bond. that tells you about debates we have been having for some time on brexit. tom, the real issue here is i think no liquidity risk is overpriced. i am the gilt market, the meltdown is exactly a case in point. the big question is, where should we be more worried? i'm worried in the emerging-market, east

the money was put into the vault yesterday afternoon, and the bank was robbed. ing that a pharmacy wall without signaling the time for preparation. it’s not enough that you can’t spontaneously crank up such a thing if someone and someone very knowledgeable knows exactly the time, the amount, and the conditions for storing funds. i think that this is someone from the management of the central office or employees of the same branch of the banks of the bank, from the general director of the obukhovaya to the ordinary cashier of the branch, to check for a connection with a crime from a video camera. what kind of person works? the mobile phone company is now on a business trip today in the evening you should return to meet him. and you watched the video from the entrance to the bank, nothing interesting, and the window and doors of the pharmacy fall into the field of view of the camera. no max, so sanya go, uh, to the hospital to this security guard, find out about the state of health, if the doctors allow you to go to russia a pharmacy and a bank partition, and not o

in europe we are keeping an eye on the big banks. old us about hsbc and unicredit. economic data points taking on extra importance because there is no fed speak. the u.s. conference board consumer confidence report comes out tomorrow and also in europe the german report which measures confidence as well will be something for people to focus on. that wraps it up from here. it is all quiet on aberdeen green now, isn't it? dani: it is finally quiet. i do not trust it. i am sure there will be more protesters. now we await the next step. the next step will be rishi sunak going to the king of england and finally becoming the prime minister. until then he is just the expected prime minister, but so far more calm and these markets as he lays out the tough economic environment he will face into the premiership. scarlet: the transition to a new government is happening quickly. next on "balance of power," mary lovely, senior fellow at the peterson institute for international economics. this is bloomberg. ♪ if you wake up thinking about the marke

of england, of the central bank. the government, and should remain so, despite what liz truss has been hinting at various points. she did during her leadership election, possible suggestions of a review of its mandate. exactly how it would work. even mark carney, when he was the governor of the bank of england, also trod a fine line, in terms of how much he felt he could criticise versus how much he needed to make sure that he was playing down the line. i think andrew bailey is in a tough position. but we do see public confidence in him is actually quite low. how does this all end? if i knew that, i would probably be chancellor of the exchequer, but i would not want the job right now. i have seen economic catastrophe in other countries. the most dramatic one was in 2001, when argentina had what was at the time the biggest sovereign default in history, and money vanished. the banksjust shut up. they closed their doors, people went down with hammers at lunchtime and beat the doors, and nobody had money. at the beginnin

the investment bank looks very different. spin out a part of it or try to bring in other investors. we are hearing it into by encz, but for now the panic is holding -- we are hearing it encz by encz, but for now the panic is -- inch by inch, but for now the panic is holding. we had a memo from the ceo and the credit suisse shareholders were holding that there were no goals like that in terms of slightly loose communication, which kicks off speculation. everyone across-the-board is expecting the news to abate for a bit as the final discussions go forward. francine: tom metcalf, bloomberg's finance editor. that is it for the european market open. "bloomberg surveillance: early edition" is next. we focus on the chipmakers and we look at what we are seeing overall. we have a cross asset check. off share yuan slipping after china's foreign exchange reserves fell to the lowest since 2017. the yen is weaker against the dollar and that triggered direct intervention. and traders are trying to test japan authorities on depreciation. fut

and near banking circles about the possible candidacy for the position of the head of the national banke dismissal kirill shevchenko, well, there are many different, there are many different versions and candidates. it seems to me that we will soon see it, the only thing that seems to me is that it will not be a person from the current board of the national bank, rather than all this there will be one of the professional, well-known bankers, people who headed or are heading a commercial bank, er, and now a person. it seems to me that it is better to ask yakov vasyliovych himself, of course, but i at least i have not heard his last name among the candidates for this position during this day, well , according to yevhen, we would like to move on to the current situation with our glorious hryvnia and its glimmering exchange rate what do you think we should expect from the hryvnia in the next couple of weeks ? take and attract funds in such an amount that the hryvnia can be kept at, well , at least at 41-42, the only change that can be here is the transition of the return, more faithfully, t

yvonne: saying the central bank will enter the gilt market this friday. president biden hints that a slight u.s. recession is a possibility. pivoting back to outsize rate hikes as it continues with the current pace of tightening. rishaad: a look at what is going on with these markets, it is read over in new york, to be ok moving because of the weakness seeing into the yen. discussing the bank of england as well and andrew bailey's plans for support for the financial system. having a look at what's going on with global explain just -- global exchanges. equity markets seeing a downdraft lately, president biden saying we would see a little chance of recession. it's been ultimately about what the dollar is doing, the dollar strength, and the bank of england having its own issues to deal with on top of that. yvonne: it's more like u.k. weakness is fueling the dollar too, right? you look at pound volatility, it wasn't as bad as a few weeks ago but certainly the fact that andrew bailey was very clear that we are not going to continue to intervene, it was a shock

this was exacerbated by the bank of england the ninth report that the central bank will delay plannedore let's ring in affects strategist, david, for check of the broader markets. given the boe's quantitative tightening starting next month as planned, not to mention the massive you turn when it comes to the tax cuts, could we see more upside for the u.k. assets? david: there's more potential upside in the near-term. the market is moving on risk sentiment, with u.s. earnings coming better-than-expected, the dollar is getting weaker, you are seeing sterling rallies. there's upside. obviously, the key thing is u.k. inflation, which is supposed to go up 10%. that comes in higher than expected, that may put a dampener on u.k. assets. how aggressive does the bank of england into be? at the moment the bank of england, market supplies over the next two meetings, november december, 171 basis points of rate hikes. i'm looking for the boe to be aggressive not only in its next meeting but the meeting after. they're looking for the boe to signal that as well. it could move markets. a lot of it is

that this bank can be nationalized, i think that we are approaching the nationalization of alpha bankthis is true. but fortunately, ukrainians already have experience of how the nationalization of privatbank works, and ukrainians can see that depositors, ordinary clients of the bank , do not suffer from this at all therefore, within the framework of sanctions against russian oligarchs, these are completely natural steps. and at a time when ukraine constantly emphasizes that something must be done with russian assets in the combined layers of britain and the european union, and it itself does nothing about it it looks quite active, guys, it was a very sensitive topic at once, this is the topic of the banking system, sometimes it can be expensive, so with this decision, i think they delayed and it was right. what about it, they didn't think about it at all in the first months of the war, when it could cause a certain disturbance in the financial system, but now came back and we have such textbook examples not only of alpha bank, but for example the ocean plaza of the brothers who belong