quinn the world's largest cryptocurrency has finally dropped slightly following a decision by turkey central bank to ban cryptocurrency for payments the central bank of the republic of turkey said the use of crypto currency than other crypto as that based on distributed ledger technology would be prohibited as a payment whether directly or indirectly joining us now to discuss this and other crypto related news it's boom bust co-host and crypto analyst ben swan and christy i always a pleasure to talk these things over with you guys chrystia i want to start with you why did this announcement by turkey cause a pullback on the bitcoin price. going to come up a little bit spiking down 4 percent of course recovering on friday after turkey central bank and our purchases site east transactional risk so this is you know basically made us additional assets could not be used to regularly or indirectly to pay for goods and services and this decision could stall turkey's kamar which has gained a lot of momentum in recent months as investors have been looking to hedge against the euro depreciation and also be

turmoil at the top of turkey central bank has done nothing to help the country's economic woes as it makes its latest interest rates decision we'll look at the problems facing turks. also take a look at the new hope for german businesses desperate to escape coronavirus restrictions and encrypted tracking in tracing smartphone. business in berlin welcome to the program. so far in africa is set to record the slowest economic growth of any global region this year as it struggles to bounce back from a pandemic triggered downturn the international monetary fund says the region's economic region's economy is on track to expand by 3.4 percent in 2021 that's well below the global forecast of 5 and a half percent the i.m.f. is urging wealthy countries to do more to help african nations access vaccines and financing the global health crisis and its economic fallout is thought to have plunged 32000000 people on the continent into extreme poverty last year. let's discuss this further with our correspondent. who joins us from the kenyan capital of nairobi have you on the program as ever just expl

turmoil at the top of turkey central bank has done nothing to help the country's economic woes as it makes its latest interest rates decision well look at the problems facing tax. i would also take a look at the new hope for german businesses desperate to escape the coronavirus restrictions and encrypted trucking tracing small. this is doing business on robots in berlin welcome to the program. sub-saharan africa is set to record the slowest economic growth of any global region this year as it struggles to bounce back from a pandemic triggered downturn the international monetary fund says the region's economic region's economy is on track to expand by 3.4 percent and 2021 that's well below the global forecast of 5 and a half percent the i.m.f. is edging wealthy countries to do more to help african nations access vaccines and financing global health crisis and its economic fallout is thought to have plunged 32000000 people on the continent into extreme poverty last year. let's discuss this further with our correspondent joy during barrow who joins us from the kenyan capital nairobi the

weekly look at the world of business and economics this week turkey versus the markets from unconventional economics to the firing of central bank governors it's all unsettled the international investors look at whether turkey's economy could be heading for a bust just in time for elections in 2023 also this week mozambique huge gas reserves big investors but also an insurgency that could end its route out of poverty and a court victory for the employees of south asia's ship breakers but could it also see the demise of the industry that scarred the beaches from bangladesh to pakistan . in just 2 years' time turkey will mark a 100 years since its inception as a modern republic and the man on the 100 lire note mustapha kemal ataturk was elected its 1st president but almost a century later and the man currently holding that office is finding himself in an uphill economic battle with elections not far away which up type of prime minister 2003 president from 2014 has always been an expansionist capitalizing on turkey's strategic position both geographically and politically i can 2011 when he announced a controversial plan to build th

central banks. this is a political statement. this is political fear i don't think turkeye charge on this and i would brush this central bank's comment off a lot more than i would other central banks. >> all right big move there by the turkish central bank our last topic if you're looking for something to watch this weekend, might we suggest the falcon and the winter soldier enough people are watching it. the disney plus show premiered back in march and the streaming service hinting back then it was the biggest debut in its short streaming history. it drew in 495 million streaming minutes. disney inverss seemed happy about the news it's a streaming story has been for a while with disney disney is capitalizing the most on this. are these franchises the one driving all of that viewing? >> think about it, i think families are early adopters on disney, the streaming service. anybody with kids knows there are hours of programming now it's interesting because they getting adults to sign up for this it's going to be drawn in. those of us who already subscribed might watch what we

now some of the other global business stories making the news turkey central bank has banned the use of crypto currency is to just pick going for purchases citing transaction risks isn't a lack of regulation and supervision and possible use for illegal purposes the bank says payment comes at a time when the liver lungs weaken inflation stubbornly high. australian coaches found google guilty of breaking the law reverse collection of personal use the data the judge found the tech firm misled android users about the way their location information was being gathered australia's consumer watchdog is seeking financial compensation. and here in germany the coronavirus vaccine rollout is picking up pace but it has been slow to get going as a result some germans have been looking elsewhere to get jobs including to russia. a tiny needle prick and a covert 1000 vaccine sputnik v enters heintz get bloodstream. certified as being highly efficacious pinker known as one of several germans who pay 2000 euros for a vaccination vacation his wife is also getting a dose of sputnik v. . just as there is.

as a watershed event for the crypto industry also coming up judgment day for turkey's new central bank chief will he fulfilled president add one switch for low interest rates we talked a while correspondent in istanbul. time to german businesses hope encrypted tracking and tracing with a new look at will soon end to the need of lockdowns. welcome to do business i want to jones of berlin good to have you with us now it was a highly anticipated i.p.o. and it didn't disappoint crypto currency exchange coin base made a dramatic stock market debut on the nasdaq amid a frenzied interest in bed quiet and other virtual currencies. surged on its 1st day of trading its market value at times topping $100000000000.00 that makes it the largest i.p.o. since facebook in 2012 while some analysts hate it as a watershed event for the trip to industry of us warned of a potential bubble as wall street correspondent quarter gave us his view it was a good start for a coin base at the u.s. stock markets to stock up by a good 30 percent bringing it to a market valuation of around $85000000000.00 at some point

turmoil at the top of turkey's central bank is the nothing to help the economic woes that look at the problems took sufficing. were also check out the new hope for german businesses desperate to escape the right of a. restrictions and encrypted tracking tracings month and. this is due to be business on robots in berlin welcome to the program. the u.s. economic recovery is picking up pace with optimism driving the dow jones index past 34000 points for the 1st time data shows that americans want to get spending again retail sales rose nearly 10 percent in march and fewer workers are losing their jobs 576000 people applied for unemployment benefits last week as well below forecasts and the lowest number since the pandemic hit so let's cross to financial correspondent in new york quarter and discuss yet more positive signs for the u.s. economy what's driving it well i mean partly just a modest checks since early march about $400000000000.00 in both similar checks from the last pickets have been sent to americans so that clearly made quite a difference and then also spring is there even if

well turmoil at the top of the turkey central bank has done nothing to help the economic woes that well look at the problems the turks are facing. now also check out the new hope for german businesses desperate to escape coronavirus restrictions encrypted tracking tracing smart. is the state of the business and robots in berlin welcome to the program. the u.s. economic recovery is picking up pace with optimism driving the dow jones index past 34000 points for the 1st time data shows that americans want to take get spending again retail sales rose nearly 10 percent in march and fewer workers are losing their jobs 576000 people applied for unemployment benefits last week as well below forecasts and the lowest number since the pandemic hit so let's cross to financial correspondent in new york and discuss yet more positive signs for the u.s. economy what's driving it well i mean partly just a modest checks since early march about $400000000000.00 in both similar checks from the last picture of consent to american so that clearly made quite a difference urban also spring is there even if it

now at some of the other global business stories making the news turkey central bank has banned the use of crypto currency is to just pick coins for purchases citing transaction risks include a lack of regulation and supervision and possible use for illegal purposes the bank says payment comes at a time when the liver and lungs weaken inflation stubbornly high. australian court has found google guilty of breaking the law over its collection of personal use the data the judge found the tech firm misled android users about the way their location information was being gathered australia's consumer watchdog is seeking financial compensation. and here in germany the coronavirus vaccine rollout is picking up pace but it has been slow to get going as a result some germans have been looking elsewhere to get the japs including to russia. a tiny needle prick and a covert 1000 facts sputnik v enters heintz bloodstream. is certified as being highly efficacious pinker now is one of several germans who pay 2000 euros for a vaccination vacation his wife is also getting a dose of sputnik v. . just as t

also coming up judgment day for turkeys and you central bank chief will you fulfill president of the once wished for low.

. >> well cryptocurrency taking a hit this morning after turkey's central bank announces they are goingof reasons for the ban including lack of supervision and lack of a central regulatory authority oversight. other countries like india, are considering similar measures versus the dollar, there is bitcoin right now as you can see , versus the dollar. bitcoin is still above 60,000 and change there, and this , mercedes benz unveiling a battery-powered counterpart to its top mercedes s class, the e qs due out later this year its got one of the big features that everybody wants that's that touch screen panel this as more german automakers are trying to compete with electric car giant tesla and i want to bring you morgan stanley earnings they were crossing just as we were going into headlines right now the stock is slightly down it was a double beat the estimate was $1.70, morgan stanley coming in at 2.19 a share, this is the last of the big banks to report this week, maria, and the revenue was a beat as well, we were looking for 14.09 billion on revenue that came in at 15.75 billion. what e

erdogan defended the countries policies in turkey, saying the central bank could dip into reserves oncegain if necessary. aussie momentum is a little bit forced out there ahead of a reading on business confidence in australia. the offshore yuan trading below 650, holding and it -- an eight day gain. looking ahead, city recommending going bullish you want exposure. u.n. basket strengthening into china strong trade balance. shery: let's turn to australia. it canceled agreements between china's belt and road initiative and the victoria a -- state government in a move that could worsen strained ties between the two nations. it comes as lawmakers in the u.s. will step up efforts to counter china. let's bring in our markets coanchor. why has it pulled the plug on this belt and road deal? >> there was some random of understanding and a framework agreement. the first one was signed in 2018. it was always controversial within australia. it was signed by the state of victoria, the second most populous street in australia. what we have heard from the foreign minister is that these deals will be as

inflation expectations for the country have jumped in recent weeks on doubts over whether the central bank of turkey will keep policy tight it's expected to make a decision on interest rates later this week. french lawmakers have approved a ban on short domestic flights they want to abolish domestic flights on routes that can be covered by rail in under 2 and a half hours government is seeking to lower carbon emissions even as the travel industry reels in the global pandemic. the 1st rated restaurants and small business owners have scuffled with police in rome during protest against continued coronavirus restrictions around 200 demonstrators tried to reach the office of prime minister mario draghi the 2 are held back by police in full riot gear. now sudan will receive $400000000.00 from saudi arabia and the united arab emirates to fund the country's agricultural product production imports this year according to sudan's news agency suna it's money that could do a lot of good for farmers that if it wasn't for another major problem plastic pollution excessive waste is hampering growth and threatening l

inflation expectations for the country have jumped in recent weeks on doubts over whether the central bank of turkey will keep policy tight it's expected to make a decision on interest rates later this week. french lawmakers approved a ban on short domestic flights they want to abolish domestic flights on routes that can be covered by rail in under 2 and a half hours the government is seeking to lower carbon emissions even as the travel industry reels in the global pandemic. of frustrated restaurants and small business owners have scuffled with police in rome during protest against continued coronavirus restrictions around 200 demonstrators tried to reach the office of prime minister mario draghi the 2 are held back by police in full riot gear. now sudan will receive $400000000.00 from saudi arabia and the united arab emirates to fund the country's agricultural product production import this year according to sudan's news agency suna it's money that could do a lot of good for farmers that if it wasn't for another major problem plastic pollution excessive waste is hampering growth and threatening liv

we are seeing that in turkey and russia and central banks that might have eased recently like mexico.l message out of the stimulus package frhe. that will lead the charge. the reality is there are two downsides. it is likely to be uneven. the long-term is still quite sobering given the pandemic. one stat that stands out is the imf projects that by 2024, global output will remain 3% lower than what was projected before covid. those countries relying on tours and will be suffering the most. -- on tourism or be suffering the most. haidi: what are the other big topics the meetings will likely a writ -- will likely address? >> one of the big ones is the vaccination drive. the u.k. versus europe debate. we are entering the worst fear a lot of policymakers had early in the pandemic about vaccine nationalism and not having the everyone benefits when everyone gets the vaccine attitude. where likely to hear a lot of talk about how to keep the peace on this issue and make sure that more doses get to the areas that need it. the other big one at the same time is the guidance on how to keep easy mo

turkey's economy continues to suffer from high inflation the new central bank governor says tight policies will continue until the hike goes down one u.s. dollar is equivalent to more than 8 turkish lira now inflation has been on the rise since the failed coup in 2016 u.s. lawmakers and activists have been rallying against the construction of an oil pipeline in the city of memphis environmental activists say the pipeline puts at risk the drinking water of low income residents the majority of whom are african-american and this man your apollo reports from tennessee some of called the proposed energy project a case of environmental racism. for months residents in south meant this had been fighting against the construction of an oil pipeline dorsey says she's worried over what it might mean if a proposed oil pipeline were to cut right through the neighborhood she's lived in for most of her life my bow. wow would be buying it the rule man may behold there's a growing movement among the local population against the plans for the energy project the concern from activists like justin j. pearson i

turkey's economy continues to suffer from high inflation rates the new central bank governor says tight policies will continue until the one u.s. dollar is now crippling to more than 8 turkish lira inflation on the rise since the failed coup back in 2016 now a new malaria vaccine is being hailed as a game changer in the fight to eliminate the disease the oxford institute vaccine has proved 77 percent effective at stopping infections and is now entering larger human trials to rule out side effects malaria kills hoffer 1000000 people every year many of them children support from dakar with nicolas. it's in this 100 kilometers away from brick you know francis capital ouagadougou deep in this how the region that a groundbreaking discovery was made here blood samples were analyzed from 450 children given an experimental vaccine against malaria developed by scientists from oxford university's general institute scientists say the results of their year long study are extraordinarily i have been part in other studies like these but never have i seen such good results all the mothers that are tak

turkey's economy continues to suffer due to high inflation rates the new central bank governor says that type policies will continue until the rate goes down inflation has been on the rise since the failed coup in 20161 dollar is equivalent to more than 8 turkish lira at the moment saudi arabia is closing its borders to lebanese fruits and vegetables until further notice the decision comes after a $5300000.00 illegal pills were found in a public granted shipment going through jeddah air force jet a port lebanon's agriculture minister says it will be a big hit with fruit and vegetable explore exports to saudi arabia worth some $24000000.00 a year in zimbabwe an air force helicopter has crashed killing at least 4 people including a child it came down to a house in a farming area east of the capital harare a helicopter was on a training mission with 2 pilots out a technician when it disappeared from the radar all. armenians around the world are marking the mass killings of the people that happened during the 1st world war. in armenia's capital yet of on the prime minister and president were

turkey's economy is continuing to suffer from high inflation rates the new central bank governor says that type policies will continue until the rate goes down inflation has been on the rise since a failed coup in 20161 the us dollar is equivalent to more than 8 turkish lira now . saudi arabia is closing its borders to lebanese fruits and vegetables until further notice the decision comes after a $5300000.00 illegal pills were found in a public granted shipment going through jet a pause lebanon's agriculture minister says that it will be a big his with fruits and vegetable exports to saudi arabia worth something around $24000000.00 the. armenians around the world are marking the mass killings of the people that happened during the 1st world war is a live pictures from armenia's capital gallivan where the prime minister and president are among those paying tribute to victimise armenians say the killings committed in the final days of the ottoman empire amount to genocide the turkish government denies this. us president joe biden has called on a global leaders to work together on a tran

turkey is kind of reverse monetary policy settings. we have a very orthodox central bank. growth is pretty weak. long end, south africa is kind of interesting i think. i thing it is one of the places people tend to look. it is challenging. love these individual em markets look difficult. brazil, turkey, russia all have their individual challenges. alix: you totally set me up or my next segment, and i didn't even ask you two. tim, thanks a lot. tim ash, bluebay senior em strategist. coming out, we have an exclusive interview with the central bank governor of south africa. we will break that down with arend kapteyn, ubs chief economist, joining us next. this is bloomberg. ♪ ♪ alix: live from new york, i'm alix steel. this is the european close on "bloomberg markets." south africa's central bank will continue with accommodative monetary policy since it -- policy to support an economy ravaged by the pandemic. that is the message from the central bank governor. he spoke with dani burger of bloomberg earlier today. >> for as long as inflation -- the central bank will have more r

incidentally happening in brazil, canada, france, and turkey, and other places, is certainly not good for the economy. >> do you have any plans to attack the central bank more loans this year? >> we already have, as i said, over 10 billion u.s. dollars. and you can ask any plans to increase that amount. >> you down. do you think you will ask for an extension or payoff that 540 billion dollar loan from the central bank? >> we will probably look to wind it down sometime late this year or early next year, depending on the situation. >> just to clarify something, it sounds like you are saying you have a little hit to the economic growth. your growth target is 6.5%-7%. how much do you think it might drop, or do you think it's negligible? >> this lockdown probably will cost us one half of 1%. kathleen: in terms of more borrowing, any plans to borrow in the u.s. dollar bond market? carlos: yes, we will tap the u.s. bond market before rates skyrocket in incidentally we just issued the first ever zero rated summarized bond last week of about 500 million u.s. dollars. kathleen: are you concerned about how much debt is going to go up right now? i think a lot of c

to turkey where the pandemic weighs on an already ailing economy in addition the turkish lira plunged to almost record levels off the president as one fired his 3rd central bank chief in 2 years to install a like minded critic of high interest rates a rate decision is due today. restaurant manager touches at his wit's end the lockdown forced him to shut his business with its 15 employees for months and now into ramadan as well because of rising coronavirus infection numbers to make matters worse inflation is running at a rate of 16 percent per month and. we wanted to invest but we weren't able to we were too afraid we don't trust the economy because we don't know what will happen tomorrow because there is despair and insecurity. here a lot of turks have lost faith in their economy many are unemployed and can barely afford anything as a lier as value plummets shopkeepers and bakers are forced to constantly raise their prices flour and other ingredients are becoming more expensive by the day the pandemic has also kept tourists away which for many was their main source of income . my pockets are empty of course as the crisis affects me because we have no money t

central banks watching closely for its next experiment this time it's targeting surging house prices. iraq has no gold deposits yet it's become one of the country's top exports billions exported to turkey we find out why . was a nation responsible for the biggest share of greenhouse gases in the atmosphere today president biden has pledged more money and made new commitments to fight climate change after his predecessor walked away from commitments to reduce harmful emissions that threatened to wreak havoc to global weather patterns rising sea levels and displacing people washington is making climate change a priority and it once the number one and number 3 big emitters china and india to contribute more to the fight was a pandemic has proven where there's a will there's a way and money is no object in fact the global cost of a transition to renewable energy by 2050 would be $73.00 trillion dollars that's according to stanford university which researchers believe could be recovered over a period of 7 years and there's added benefits the shift to a 0 carbon global economy would create $28600000.00 more full time jobs than if nations continue their current reliance on fossil fuels well n

central bank governor. yet another in a couple of years. they have weakening currency. there is pressure to hike rates but the government does not want them to. anna: lots to watch in turkey spending the last hour with us. the european equity market open next. u.s. futures strongly to the upside by 0.3%. this is bloomberg. ♪ ♪ ♪ >> welcome back to "bloomberg markets: european open." a minute to go until the start of cash equities trading. jerome powell tells david rubenstein a taper will come well before any rate rise. market attention stays with corporate results. bank of america is next today. coinbase shares on the crypto exchange's debut as bitcoin falls from record highs. taiwan's largest chipmaker sees profits climb as the global semi conductor shortage shows no signs of abating. welcome to second hour of the european market open. we look to be in slightly better form in terms of appetite for risk than we were just an hour ago. european futures point modestly to the upside. and a contrast with the start of the week, it seems ftse futures are showing more upside than cac futures. we could see some gains coming through in london. yesterday, one of the big stories was