again, under the dda and financing plan, the developer treasure on community development to finance and construct. public and private improvements on the island. the city is to provide public finance for the reimbursement of eligible island wide public improvements delivered by the developer. including forming and infrastructure financing district or districts, and community facilities district or districts to reimburse qualified project cost. some of these list here are some of the examples of what are considered island wide cost. the geotechnical land preparation of sea level rise protection causeway improvements, utilities, water reservoirs, parks, open space, rights-of-way, very facilities, police and fire facilities aand the related design engineering construction management permits and fees for these improvements. so, the resolutions of intent represents the first step in the formation process for either a cfd or ifd. again, these are separate formations but were moving them forth in parallel to simplify the conversation around them and the process of them. on august 29 of this mo

again, under the dda and financing plan, the developer treasure on community development to finance and and private improvements on the island. the city is to provide public finance for the reimbursement of eligible island wide public improvements delivered by the developer. including forming and infrastructure financing district or districts, and community facilities district or districts to reimburse qualified project cost. some of these list here are some of the examples of what are considered island wide cost. the geotechnical land preparation of sea level rise protection causeway improvements, utilities, water reservoirs, parks, open space, rights-of-way, very facilities, police and fire facilities aand the related design engineering construction management permits and fees for these improvements. so, the resolutions of intent represents the first step in the formation process for either a cfd or ifd. again, these are separate formations but were moving them forth in parallel to simplify the conversation around them and the process of them. on august 29 of this month, along with th

i know the finance minister was scheduled to deliver a speech. to hear from him later today? the latest developments, they said they are not sure and cannot confirm whether or not the financed -- the finance minister will give that today, but what we do know is for the , a companyrnight confirmed these reports later today definitely today that it is a probe into some of the deals. the prime minister was the head of the south african tax service. further reports coming out and really damming against the finance minister. this.have been following leadership can changed further gdp growth. i mentioned over the last 24 hours, what else have we seen in terms of market reaction? >> it really depreciated by 1.2% today, furthering that plunge. against the u.s. dollar yesterday. that is just after the report of the finance minister being summoned by this police unit. we have seen the government bench bond marks have soared the highest, the most since december. the markets are really reacting that they to the news finance minister of could possibly by the

to close the city financing has the parity in the plunged revenue revenues and an amendments necessary in order for them to content to the city financing they've provided the draft and we are working with them to finalize them any changes will be we'll only agree to changes beneficial to tjpa one requirement they have placed on approving the shortened city financing we have to have interest rate to enter into an interest rate for the shortened city fink our proposal is that we not hedge the shortened entire amount of the city financing at the same rate as you you've heard mark and ron comment we'll not use the entire amount to the proposal is that we hedge for the shortened amount we are expected to draw no-brainer one hundred and 50 mental illness at a 3 percent rate and less hedge remainder 4 to 5 percent. >> so approving that will allow us to move forward for the shortened bridge loan we did a competitive interest rate and the shortened cap when will be the same unless we determined it is no, not in our best interest if we determine that most cost-efficient to purchase tw

we know the finance minister refused to present himself for questioning. ee further declines on wednesday. the rand lost over 4% of its value between tuesday and wednesday. fromdid help were comments the president that came out on thursday in which he expressed that he had full confidence in the finance minister even though he cannot directly intervene in the probe that is currently ongoing. mark: why didn't those comments continue to pump up the rand, to give a boost to government bonds ? is there a fear he could lose his job and investors are worried about that potentiality? amo: there seems to be a real perception that the finance ministers job is on the line. that is not being unfounded, given that we saw the bond thatnd by the most since december dismissal of the former finance minister. that was an abrupt decision made to fire him. the rating agencies are kept on easy because of the developments that happened eight months ago. what we do know is that the finance minister has made it clear that he wants to continue with his mandate to steer this .conom

report that the south african finance mr. has been summoned by the police.matt: i am matt miller. i am scarlet fu. the south african rand is declining, plunging after the country passes finance minister received correspondence from a special police unit. theokesperson confirmed trimester's getting legal advice on the matter. joe weisenthal. start with you. what details can you tell us and what you know so far? mentioned, the finance minister has said he is currently taking legal advice and reserving comment according to a spokeswoman at the treasury and basically says the finance minister to reserving comments at this point in time. this basically dates to a time when he was hitting up the tax revenue collection agency. he may have implemented a rogue spy unit which may have spied on politicians. >> we wanted to mention we spoke on june 30, june, jon ferro spoke with him and asked the finance minister at the time what did he think about the rest of ports -- arrest reports. here's what he said. >> i am in the job, i have the confidence of cabinet. the preside

the south african finance mr. ed a correspondence from a special unit and is getting legal advice on the matter. that is according to a national treasury spokesperson. this is after reports he was to receive a warning statement according to a text unit to read the rand -- two attacks unit -- unit.ing to a tax the rocket flew 500 kilometers before coming down in the sea of japan. this happens as there are wargames with the u.s.. powered 24 hours a day. stories.ind more anna: thank you very much. let's get a quick word on breaking news. some details coming through here pfizer. -- primarily, outside the u.s.. the agreement includes various drugs. make an up front payment of $559 to esters in a $550 million to astrazeneca. juliette: everyone awaiting janet yellen's speech on friday. there has been weakness in emerging stocks. if janet yellen is going to be hawkish, there are markets that are going to be suffered the most. philippines down, 1%. taiwan, down 0.2%. korea also impacted by the weaker currency. weakness in h

what should be take from the squaring off of the finance minister versus the government? ance minister made it very clear that he wants to carry on with his job, to focus on the mandate of steering the economy that difficult times. we know is that yesterday he was expected to make an address and that is what he did -- he made the announcement saying that growth may not reach beforeel it had reached and is bound bounds. what we know is that the two other officials implicated have resented themselves to the police this morning. it is said that they arrive for questioning this morning, but as to whether the finance minister will be called in again, we are watching very closely to see how it develops today. manus: i read one great line in the market report -- could have been worse. it hasn't shaken up much but it has moved. >> yes it is certainly moving. we saw that big plunge on tuesday evening just after the news that the finance minister have been summoned by the police . yesterday we saw further weakening and what we have also seen is that bonds are trading yesterday,ord h

inflation expectations have been rising since the police charged the finance minister. an be done quickly about the south african economy? well, what is clear is that investors local and international have a lot of confidence in the finance minister. at a time whenon the country is trying to save a possible credit rating downgrade. withow that it is limited global ratings, which affirmed their ratings of the country's credit earlier this year. said political turmoil is something that could help them with a possible credit downgrade. -- any battles currently ongoing with government. mbatha, thankg you for joining us. tomorrow, we speak with no nazeem howa.ell -- will sell all its local assets by the end of the year. hereby tomorrow. a big interview tomorrow. donald trump has been sending out mixed signals on his immigration policy. we may get clarity this week. this is bloomberg. ♪ vonnie: to politics now. donald trump has sparked a flurry of confusion about his stance on immigration. there has been talk of a softening when it comes to undocumented immigrants but trump's

african jacob zuma loses a business ally as the finance minister pushes back . have the latest after the break. this is bloomberg. ♪ >> the janet yellen's talk was hawkish enough. they said there was nothing light in her remarks. the probability of the month of rising after he yellen. german vice chancellor said the u.k. vote to leave the european union has created instability if lead to build problems the processes mishandled. the party reiterated angela merkel's message. minister said the british do not know how to deal with the outcome of the vote. a --ials are investigating an explosion. them detonated those to the laboratory. no casualties reported. local news, 20 fires today a day, powered by 2600 journalists. >> trouble brewing between prime minister. ignoring a police summons with reports he could be charged with espionage. as a wealthy indian family close to president jacob zuma plans to sell its south african businesses. for more on this, managing partner at goldman sachs. this scandal saw go to whatever you want to call it, it is it going to unfold? >>

the nation's finance minister has been summoned by police. we will have the details later.es, iran has signs that opec may freeze its production to bolster the oil price. we will talk more about that next. this is "bloomberg." ♪ angie: welcome back. i'm angie lau in hong kong. yousef: and i'm use of data bidding in dubai -- on usage in dubai. despitere tumbling, posting a profit of 250 thousand dollars, compared to a loss of more than $30 million a year ago. the carrier says prospects remained positive, and booking trends are encouraging. the parent company air asia is also down. upplier welspun survivor > is plunging, after accusations of fabricating textiles. target severed their dealings, while macy's said it is watching the developments. has lost half its value in three days. uber is the dominant layer in -- ridesharing provider in 100 countries. norththe most used in america, africa, europe, and south america. uber has retreated from china and trails in india. to theiran has added speculation that opec may freeze out production to bolster the oil price. toronto has sen

the president is accused of illegally financing government spending. ll take the stand next monday but she's not expected to have enough votes to save her job. state legislature in california has made the nation's toughest carbon emissions rules even tougher, to cut 45% less than current levels. businesses have until 2030 to comply. industries called the new rules job killers. global news 24 hours a day powered by more than 2600 journalists. i'm taylor riggs. this is bloomberg. francine: thank you so much. nigel farage appeared at a rally with republican presidential nominee donald trump in jackson, mississippi. mr. farage spoke about britain's decision to leave the eu. he urged trump supporters to get out and vote against the establishment. here's what trump had to say in response. >> the issues we face in america are similar to the issues faced in britain during their referendum on membership in the european union. francine: with us is richard whitman, senior fellow of the europe program at chatham house, and andrew sheets, strategist at morgan stanle

one of the risks is what happened with the finance minister. t 24 hours is that it has gained more momentum. but the story has been out there for a long time. the risk hasn't been priced, maybe that is the bigger issue at play here? i think the tourists are not pricing them at the same way. vincent: political risk is hard to price. some people are saying this is the president trying to gain control of the finance ministers house. basically having a puppet in office. and finance markets do not like that type of result and they don't like uncertainty. does to your point, this have broader implications to the budget. of the ability of south africa to keep its credit rating. that was something that south africa was struggling with no matter what. so the idea being that there are broader implications than just this one instance. if they do get their credit rating cut -- vincent: one of the things people can cross their fingers for is that when yields are so high, we know that there are risks out there. we do expect the potential for those risks to ta

the financial -- the finance minister will be arrested. this is bloomberg. ♪ matt: this is bloomberg markets. hit auth african rand three-week low against the dollar as the drama surrounding the potential arrest of the country's continues. , vince, a for more fascinating story. it has been dragging on for monson months. but at the end of the day, does jacob zuma trust prime gord on or does he not? ce: i don't know if he trusts him or not. i think it is whether he wants and spending and whether the finance minister has to go back and control the budget. matt: but will he arrest the finance minister in order to get what he wantsmatt:? vince: i guess he could. the people i talked to say the charges are trumped up. this is just a way to get him out of office so he can install someone who will do what he wants. there was a period in which finance ministers came and went. there was a revolving door in south africa. vince: he's fighting this. he's going down swinging. he just announced that he would not report to the police. so that will escalate

apple has been ordered to pay over $14.5 billion, the irony is ireland doesn't want the money as the irish financeister, they say they believe apple owes nothing and they want to protect the relationship they have with companies like apple and other u.s. firms apple has hate back, saying they ultimately believe this ruling will be overruled, but i think the statement cuts to a bigger issue, which is what does this mean for other companies trying to invest in europe? their statement says it will have a profound and harmful effect on sleismt and job creation in europe and apple follows the law and pays all the of the taxes we owe wherever we operate. this is a point i think the competition commissioner made to me, that this is not really about the tax rate that apple is paying here, less than 1% in this case, but actually about the deals that countries like ireland are cutting with countries that means it's unfair on others. >> this is a company who makes lots of properties by selling wonderful products to european customers. apple has set in ways themselves are completely in their good right to do,

the finance minister was heading the tax revenue collecting agency -- you may have -- he may gue agencyp questions as to whether he will be arrested later this week. he has denied any involvement in the formation of that road unit -- rogue unit. david: retailers have used it in earnings reports -- the good old rhether excuse -- weathe excuse. what is the real cause of delays in the skies? ♪ oliver: this is "bloomberg markets." david: we turn to politics and the ongoing controversy surrounding hillary clinton's e-mail use when she was secretary of state. the fbi says it has recovered 15,000 previously undiscovered e-mails from the private e-mail server. the state department has one month to process them. generales as the presidential election embarks on its final months. to -- about how clinton should proceed. to answer all the questions that are about these e-mails. if you look at public opinion public thinksthe they've heard too much about the e-mails already. this is just part of the drumbeat. on theare really focused two candidates themselves and who would be the best president and t

what should we take of the squaring off of the finance minister versus the government?finance minister has made it very clear he wants to carry on with his job, to focus on the mandate of steering the economy through difficult times. what we do know is that yesterday he was expected to make a decision and that is what he did. he made a announcement saying that growth would not reach levels that the government had anticipated earlier this year. what we know is that the two other officials implicated have presented themselves to the police as requested this morning. as to whether the finance minister will be called and again, we are watching this very closely to see how it develops today. >> mark mobius, tell us -- spoke spoke to bloomberg television earlier on when he says that intervention eventually could happen. >> they're going to be much more circumspect and they probably will wait until the yen reaches 90 before taking action. jonathan: the last time the yen reached 90 was back in 2012. >> i don't think this is a decision the boj can take lightly. for that matter,

officials at the finance ministry say the surplus came in at about $5.1 billion for last month. imports were off 24.7% from last year. experts were also down by about 14% from a year earlier. these included automobiles shipped to the u.s. and steel to europe. a stronger yen made the products less competitive. ministry officials say the strong yen was mostly responsible for decreasing the value of exports. but their volume saw only a minor decline. >>> japan has started harnessing renewable energy in a new way. the country's first floating wind turbine went into full service in april and there are high hopes it will do more than just generate electricity. >> reporter: the turbine is floating near the goto islands, western japan. normally offshore wind turbines are fixed to the ocean floor. but this pillar, 170 meters long, is held in place by chains in deeper waters. the government holds high hopes for offshore wind power. three plants have already opened on a test basis. and 11 more are planned around the country. but some fishermen oppose these plans. they worry the sound and v

yousef: some reports said the finance minister was summoned by police. s get more on this story from our managing editor. what is the backdrop of this story? >> this saga has been continuing for many months now, hanging over south africa for a while, the claim that when pravin gord attacks,n charge of the allegation is he set up a rouge unit to look into president zuma's affairs. now, we have got the possible arrest. he is being summoned to the police and is taking legal advice. this is really shaking up the investors at the moment. yousef: i am looking at this chart on the bloomberg, which is showing what happened with the south african rand, and the volatility on that front. asis important to point out well that the position of the finance minister is one that appears to be, you know, continuously at risk. >> that is correct, but to be f air, the rand has had a pretty good run, and so have south african bonds. that is largely a function of the perception investors have of the weight gordhan is managing his affairs. he was able to seal off a credit ratin

no change of the finance ministry, but it seems a far more hawkish defense minister. what does he say about positions strategically in the region. >> reporter: that's exactly right. she becomes the second woman to become defense minister here. as you said very hawkish. in line with prime minster shinzo abe views on national security and his push to change the constitution here. a move certainly angered the neighbors, korea, china, but it also shows the commitment that prime minster abe has to changing the constitution. a lot of questions about whether he's still committed to changing the economy. we did see moves on the economic front. the ministry of finance as well as the bank of japan meeting behind closed doors for a second day. the increased impression here. the two sides are coordinating their effort. especially on a day. the stimulus passage unveiled yesterday. 28 trillion yen. is the direct spending was so small. 7.5 trillion yen. the larger question is what will be the impact here in japan. the ruling party said it will lift gdp by 1.3%. there are a lot of ske

yesterday, the former finance minister, who was the head when the finance minister pravin gordhan wasng up the tax agency, said it is clear that they may have to step in. call all of the projects and find out if there is enough evidence to bring charges. the law must take its course, however we cannot be paying quick and fast. we saw happened with the finance minister when he was fired in december of last year, and he basically said that we have to be aware that the life of south africans, the quality of life of south africans is at stake. and it is in the hands of people currently involved in the probe. mbatha doing his this from johannesburg. giving a downbeat on the growth sector, now answering questions on his own involvement. i was drawn to a story today talking about how politics is interrupting the trade we are seeing in markets. ubs,e a chart here from measuring carry trade performance, dropping from this year's performance or highlighting how politics can be so damaging i suppose you're looking to make money from varied interest rates, the politics and get in the way. megan:

i am here to say that developments need to be financed because the issue is not financing, the issuewe need investors, people going into these countries and development means business. we are a source of opportunity for africa. -- e's a lot of untapped euroine: that his memory -- that is remy rioux. back to you. anna: caroline connan joining us medef.ta--- from deutsche bank considering a merger according to manager magazine. important to flag the source. i am told this reflects the magazine is talking here about internal sources in within deutsche bank. it doesn't mention any source. that stories out there in manager magazine -- that story is out there in manager magazine. 17.7 billion,cap to the extent that the stoxx 600 had to weigh some of the banks comments. a impossibility. even make about the story, it is talking about bankers bonus and balancing. that is all tied. what was the line that he used echo maybe putting two companies together that are old and youitional -- line that used? maybe putting two companies together that are old and traditional. anna: that does it for count

they pass them because in the whole history there's only a couple reasons why campaign-finance laws have ever been passed. watching it get caught in the scandal needs to make up fo fort so it passes these things as a service to look as though it is taking action. one way to block out their opponents and both sides have done that terribly over the years. the republicans passed laws to block the union from speaking in elections. it was called the tillman act. he gives all of these giant companies i should say to the wealthy businessmen to support them. a lot of the trust owners at the time to support him in this thing and the democrats are furious. they happen t happened to have d candidate and that's why they lost they make a big fuss about all the corporate money and backing that he had. they reallif they really wanteda campaign issue and the turnaround that no one should ever be allowed to do what i just did. so he makes himself look like a hero. and also the people he now wants to target in his administration to be silent is not running for the re- election. it was utterly self-serving

there were good reasons for the islamickets to consider finance. are in a different climate at the moment. is also a huge ,pportunity, especially in asia for fund managers to look at this as an alternative product for investors. you encouraged muslims to invest in these products? when they are essentially invested in other products? compliant products have a reputation for not having the same returns as traditional ones. ofthere has been a dearth sharia compliant products. there are not that many for investors to look for poor invest into. there are certain economies, especially huge infrastructure products, in china for example. indonesia. even india. a of opportunity for fund sharia compliant. there is demand but there are not enough products. they are giving the same kind of concerns. sharia tenants are transparency and accountability. investing in real economic activities as opposed to convoluted derivate it products. there are features that can make it compelling to investors. the current climate can give that opportunity at the moment. >> tha

the finance minister mentioned the bank of japan and the government are working closely together to fight deflation. these efforts are not showing up in these numbers. very slight growth and we have seen it go between slight growth and contraction. yvonne: what about for the boj? the comprehensive policy they review -- the review the announced. they have no choice but to take action? >> one economist we spoke to said just that -- this really puts the pressure on the bank of japan to ease. seems it isg, it going to be more pressure for the boj to do something. these numbers do add to the pressure on the government and the bank of japan. . have been focusing on the state of japan's economy with our guests today. the growth numbers are a warning for policymakers to take action. take a listen. >> it is pretty much as expected. nor bad.either good the japanese economy is stalling. the fact that business investment is down, negative for a second consecutive quarter and that is the litmus test. if private entrepreneurs, business managers do not invest in japan, that really is a warning sign. boj

schwartz is in charge of taking the bond to the state finance board.. and told the politics now team he wants to see their financial plan first: (( dan schwartz, nv treasurer: the faraday future project, again, we are waiting on them for more details, it is effectively desert wasteland, the municipality of northern las vegas is financially challenged, )) ((christianne klein)) >> you can watch schwartz tell the politics now team about his concerns with the project... and if he has any power to stop it... on politics now this sunday at 5:30/// ((christianne klein)) >>> and we're your local election headquarters keeping you up to date on all things politics... on air and online at las vegas now dot com./// ((dave courvoisier)) >>> for most of the valley.. we are just a few weeks away from back to school.. and we asked the man in charge the questions you want answered. this sunday.. please watch the 8 news now special.. the parent's guide to the upcoming school year. we sat down with superintendent pat skorkowski.... we hit a lot of topics.. including an upd

listen talk to the finance minister of ireland. guess is even though it may not happen the notion of belonging to the eu under these terms is all about growth. you can't tax your way into prosperity and even though big entities like brussels, like u.s. government have the power to tax and even have the power to reform in many cases the issue is how far is it going to take them? it's not. growth is not anywhere near where it needs to be. not only domestically but globally. a fertile landscape is the way to go. my guess is we might not be able to pinpoint it but overtime these issues in brussels are are going to help the u.k. and ultimately either feed more exits or force change. john fort back to you. >> lots of pressure indeed. thanks. still to come a cnbc disruptor. trying to change the online education landscape. we'll speak to the ceo next and be sure to watch ground zero rising. freedom versus fear. a new cnbc documentary airing tomorrow night at 10:00 eastern right here on cnbc. ught i was crazy to open a hotel here. everyone

the announcement on saturday comes as a police investigation to the finance minister. ned live. they clearly know the political story is in south africa. they are very close to him. we know that, despite her denial. are we signaling that he is losing power? >> good morning. certainly it is an indication of that. one of the people we spoke to certainly calls it that. they say that the president may even be a lame duck at this point. the local elections saw the ruling party lose a significant number of votes, and as we head off to what is the national elected conference for the ruling party next year, the amc does seem to be separating and seems to have a lot of factions. dwindling, power is perhaps it could affect their decision to leave their shareholders in fin south africa. guy: a lame-duck, let's explore that. there is no indication of the moment that he is going anywhere. what you are indicating is that maybe people are beginning to say he doesn't have any authority anymore. how does that leave south africa? >> well, regarding the analysts i spoke to, he mentioned s

perhaps the economy will get a bit of a boost from the finance ministry instead. : still to come on the program, headwinds facing cathay pacific. we will discuss the airline's earnings and outlook. this i haidi: it is 1:30 in tokyo, the last 90 minutes of trading. .4%. up yen hasve, since the pared gains in the tuesday session. exports in japan seeing modest gains. volumes are pretty thin on the ground there. we are getting a little willtainty on what the fed do in terms of when the next rate hike will come. ♪ haidi: top stories on "bloomberg markets middle east," oil halted advances after its biggest four-day gain since april. there are implications saudi opec output talks may be revived. cathay pacific comes down to earth with a bump. profit came in at the equivalent of 45 billion u.s. dollars. estimates had been for 130 million. they reported a loss on fuel hedging. the carrier has stopped hiring non-operationally critical staff. lunch but was down 1.5%. fori: ftse relaxed criteria companies wishing to join the qatari emerging markets index. ftse eased liquidity

then there is the issue, for example, foreign finance for a mosque in the netherlands, we do not want foreign finance. we have seen before other terrorists are being financed as well. it is a very broad question. small amounts of money and big amounts of money can play an important role in the development of terrorists. i think the answer still has to be found. the united states listing plays in how we canole act quickly to get listingsrigh t? >> just because we do not speak to it does not mean it is not ongoing. there is an investment from the treasury department, looking at the issue of terrorist financing. has been working on this since i was at the state department 15 years ago. that effort is ongoing and complicated. we are building better tools to better understand that phenomenon. coming out of paris and brussels, working with european partners, we were able to uncover some of the connections using financial tools. nott is part of the fight, one that we have forgotten about. tool in important dismantling organizations across the globe. >> i think we have come to the close of ou

subject to the executive director approval the term of the contract to remain in effect until the financing is complete i'd like to introduce erica and welcome her back. >> finally we have a recommendation of the law office of alex chow for a disclosure services for the take into consideration exempt transbay infrastructure bonds invited is $50,000 comprised of a base rate of 4 thousand nine hundred and also an allowance for alleyway compensation not to exceed 6 thousand for the participation and credit discussions for the taxable housing bonds the reason as we go forward with our new bonding authority certain elements that are unclear they'll be and i applicable to the bonds more efficient to have mr. chiu participate in the early discussions the first bonds for 23 million housing bond rather than the whole financial team back to square one he'll have compute with the definition of the disclosure items we'll get to that and the contract allows for expenses not to exceed 25 hundreds and a contingency of 7 thousand subject to the approval the executive director and as with the other contract

we have yet to see what is going to happen but we do know the finance minister did make an adjustment the economy is at the forefront and that he does not anticipate the economy will grow beyond 0% this year. market the south african is getting a battering. lasts lost 4.8% in the three trading sessions. how will investors react to this latest move? guest: what we did see is when the finance minister released his statement last night we saw an immediate reaction furthering decline when initial reports came through. going to the dollar mark which is a psychological level people have been happy that it has been below. that was the biggest drop since december. >> they are joining us live from johannesburg. that is it for this edition of bloomberg markets, middle east. angie: all these top stories from london. countdown is next. ♪ awaiting wyoming, the jackson hole symposium is kicking off as investors seek clarity from the fed amidst mixed messages from officials. ready to drop, templeton investment says helicopter money in japan could come as soon as next month. and -- citizen,as an amer

the elemental response is that public financing is the law of san francisco. the ethics commission has important responsibility in the execution and administration of that wall. as i just said, and i will repeat it, i believe in law enforcement. i walked accordingly. now, let me ruminate for one more item that is relevant. proposition 73 included several provisions. one of them barred public financing. all three of us i'm a democrat republican, independent, included that because we believe in it. another one also banned one political office holder taking donations and then transferring them to another or [inaudible] unfortunately, that provision was held unconstitutional. the public financing clause was held invalid in los angeles superior court and a lawsuit initiated by the city of los angeles on the ground that state law could not regulate a charter city. los angeles was and is a charter city. the easiest way to describe the reason for my feeling is that, personally, i would abhor the use of money i paid government in taxes,, fees, to be used by a -let's ta

optics they were at least on the same page. financeister meeting with the bank of japan governor co-da today saying they also discussed the issuance of more 40 year japanese government bonds. the larger question here is what does the stimulus passage mean for the economy. now the ruling party has come forward and said they expect this to boost gdp by 1.3% in the near future. skeptics put that number closer to.4%. this marks the 26th stimulus passage that has been passed here in japan since 1990. there's increasing fatigue of another stimulus passage and you have to ask the question, a lot of people are wondering when is prime minster abe really going to go for the third arrow structural reform which people think will have a bigger efelkf on the economy. >> using every instrument and tool they can get their hands on. as the economy goes from positive to negative gdp, what is the mood, what is the vibe there. what's the awareness that people have of what's going on and the seemingingly increasing desperate policy moves to fights it. >> i

there is a huge opportunity in asia or france to look at the islamic finance. >> how do you convert muslims to invest in these products. they have not had the same returns as the traditional ones. there is compliant products i believe that the heat infrastructure projects in indiaand indonesia and are creating opportunity for the sharia compliant and they the shariat nts withce -- tena investing in what many investors may not be familiar with, it can make it quite compelling to invest into and i believe the current climate can give that opportunity. >> that may be the case. the industry faces the challenge of a lack of standardization. differences in opinions. how do you deal with that on a global level? think that the markets have been talking about this for quite a while. mandate that says we will invest in certain industry. you an example of mandates. there are contracts that are more legally binding and you much moreo a expansive law firm and you would and a global recognition confirmation of harmonization's that are unfounded. market sees this as a mandate from investors, there are opp

financial sector and the industrial sector are not the same thing and finance and excess drives at the expensive industry. finances should be should be like a lubricant, few drops, but a barrel is not good. it can be done but it can only be done if we do something to end in tax policy that favor debt over equity and we can do that, those are easy things to do if there's a political will to do. the second paradigm shift relates to individual taxation. the unpopularity of the death tax, that's what is sometimes called, is a rare violation of the notion that the electro public is wiser than those intellects. that is something i usually i usually believe, in this case it's wrong. gift and a state tax is a solid as its historical roots. it's probably it's probably the first form of all taxation. and you know, you know, there's a $10.8 million exemption for a couple so what are you worried about when people say they can't pass on a small business or family farm, of course you can. but exemption is not the worst hole. the worst is is trust. trust have a good reason to exist, if you have for e

there's the concern about the finance minister, he is in dispute with the president, what kind of legal issues he could face. yields are shooting up. higher in yields are the west today, but on a smaller scale. a modest take higher, 1.56 on the 10 year. scarlet: let's talk about the turkish lira. turkey launched its biggest military operation in syria to fight back against isis. did parents losses after joe biden voiced support for turkey during a visit. north korea launched a ballistic missile, so a lot of geopolitical concerns here. the weakness in the won is a relief to the government. over the past three months, the won was one of the best performers. that is painful for the nation's when you compare it to the yen. joe: oil has been swinging back-and-forth, but has not had a good day, down 2.8%. it had rallied earlier in the week on the hopes that oil-producing countries would come together. let's check out gold, which also got hit pretty hard. early in the morning getting slammed, down by 1.4%. the theme of the day between treasuries, yields rising, goal ,own,'s docs flipping expec

the u.k. because if you want to take part, you need to finance this. hird issue, there is the margin issue. it is possible not only to have goods and services that goods the people. this is linked with the and will solveat the migration issue. it was the most important issue, the migration issue. is a challenge for both sides to work together. as a long process of negotiation during two years. vonnie: how long is it palatable for your governments and the wider european union to wait for the united kingdom to say exactly what it wants? we are still waiting for that. of course we will take note it as a very clear decision. there was a request to take part in the european market. they want to stay together. part in true to take the international market, and we prefer to do that, it is very to share the charge of that. we know that we have the same situation with norway. a are all of the opinion that they want to take part in certain activities of trade and investment. if it is true it is the same situation for the u.k., we will negotiate that. it is very c