nalloyed was like, which was not exactly an unalloyed success as a period because there was a lot of underinvestmentins, etc, that was one of labour's ms popular policies. chris grayling is attempting to launch another review of the railway. how many reviews have week had so far? people want something dramatic. the shadow transport secretary supported getting real and track into one body so getting real and track into one body sol getting real and track into one body so i think he is not against it. they've got to wait until the franchises run out to make it happen. and fares are going up, which is the flip side. 50% increase since then. we have no time for marijuana, so hold the front page later because that is it for the papers for now. don't forget you can see the front pages of the papers online. it's all there for you seven days a week@bbc.co.uk/ papers. if you miss the programme any evening, watch later on the iplayer. thank you to chris and miranda. we will be back at 11:15pm, join us then. we have some turbulent weather, becoming blustery. his the harry kane we had. just passing the cape ver

francine: do you worry about underinvestment in the oil industry in preparation for renewables? paolo: that's exactly the issue. what is happening today as we have an oil price, and i think this will stay as it is for the next three or four years. every time the oil price moves up, shale oil in america will act as a kind of ceiling. barrel will be the price for a few years. then the lack of investment might push prices higher, even or 100region of $90 dollars, probably three years or four years, and it lets investment pick up again. and then you have all of this unknown. i remember chasing you around the world, trying to get a comment 20 years ago when i was trying -- when i used to cover opec. at the time, did you think it would change so quickly? underestimate what shale producers the u.s. would become? paolo: everyone underestimated the force and volume of shale oil. the volume, because now i've been reading that shale oil might go to 10 million barrels a day. so 10% of oil production can come from shale oil. this has been such a sight to the industry that we achieve two resu

worry about you underinvestment in the oil industry in preparation for renewables and what that wouldhe price of oil? paolo: that is the issue. today, we have an oil price, and i think this will stay as it is for the next three or four years. every time the oil price moves up, shale oil in america will act as a kind of seething, so $70 to $75 a barrel will be the price for a few years, then the lack of investment might push prices higher, even in the , probably$90 or $100 three or four years, and less investment except again, and you have all this unknown. francine: i remember chasing you around the world trying to get a comment 20 years ago when i used to cover opec. at the time, did you think it would change so quickly? did we underestimate the force that shale producers in the u.s. have become? paolo: certainly everyone underestimated the force and the volumes of shale oil. now i have been reading that shale oil might pick up to 10 million barrels a day, so 10% of world production can come from shale oil. this has been such a threat to the industry that we achieved to results -- to

and that is because of decades of underinvestment.we said let's put a line in the concrete, we accept there is groaning infrastructure in the north of england and we need to move beyond that and talk about the investment and make those investments, so if you live in the north of england, what does that feel like today? i would say travel anywhere in the north of england or the motorways and you will see the improvements. there is a commitment to improving systems. the figures you quoted, you are being very selective, you are not including all the public money that goes into transport for london. because of a funding change, they do not appear in the figures any more. i don't accept that. what transport for london does is use the fare box that people pay to then borrow more money and they also have the power for example to raise business rate levies on the businesses in london to pay for infrastructure. if you want to talk about the question of whether transport for the north should have similar powers, i think now is a great time to s

years. 3.02% or 30 would you rather invest in a company earning 50 or 20% underinvested capital? it?never more own that areere are stocks good bargains. when the market is up, that means values have gone up. you are sitting on a lot of cash. don't we have to have more fear in the marketplace before you are deploying that cash? >> i don't love it for the country as a whole but that creates prices that make me want to get the shovel out the money as fast as i can. we have been shoveling out the money. it is not as attractive as when i was buying in 2008. 1974 with the best year for buying in my lifetime. that will happen from time to time but you cannot sit around. you are never going to catch the bottom and everyone will be terrified. we keep buying as long as we find something attractive. business,n attractive and i love it if it is a juicy price, but i keep buying. rami: coming up, we dive back into the week's business dues with earnings from china's biggest bank and a sneak peek with the iphone's apple will be launching. the first compelling conversation, including an interview wit

we have woefully underinvested in drinking water for far too long. now crumbling pipes and failing systems pose a serious threat to public health and public safety. later today the house is expected to vote on s. 3021, america's water infrastructure act, the latest iteration of wrda. it is a good bill. the result of bipartisan and bicameral negotiations. i am incredibly proud of the work done by both majority and minority leader members of the energy and commerce committee on h.r. 3387, the drinking water system improvement act, which was reported out of committee unanimously in july of 2017. nearly all of that bill has been incorporated into s. 3021. i would like to highlight a number of the provision that is i am pleased were included in the final package. since 2014, i have introduced legislation to re-authorize the drinking water state revolving fund. the primary source of federal funding for our water systems. since its creation, the program has never been re-authorized and funding has been flat, despite the growing needs in our communities. s.

also for older buildings, property owners underinvest in their store fronts, which gives a facade sometimes experience. opportunities, a high interest in the neighborhood for public art events and entertainment. i should add, an additional tree planting and landscaping as well. o.a.a. is working to program free public events and install a variety of new public artworks on the corridor. new businesses establishing on each avenue bring the potential for business owners to participate in advocating for the community. some of the projects we were working on then and continue to work on include providing free public programs at the new unity plaza, pursue maintenance agreement for balboa park bart station area, outside area, outside the station with bart, which continues. let me go back here. successfully raise funds, for artwork, and o.a.a. 15-year plan for the c.b.d. corridor. >> supervisor kim: thank you so much, mr. weaver. a quick question. you had mentioned some of the challenges for the corridor, accessible business entryway program, high rents, design challenges. what has the c.b.d. done

in the face of decades of federal underinvestment in public housing, they've put together a massive planilize the new rental assistance demonstration program, to undertake massive repairs across 29 public housing properties in san francisco. the rental assistance demonstration program did not offer any new funding, but instead flexibility around rules show that cities could utilize creative ways to finance the work. what san francisco accomplished, renovating 3400 homes at a total development cost exceeding $2 billion a true model for the nation. if there is one lesson to be learned from all of this work from me, it is that monumenttal things can be accomplished when an entire community across a all levels of government and with the private sector come together with a shared vision. it is my tremendous honor to introduce leader nancy pelosi. [applause] >> thank you. thank you so much. thank you so much for your great leadership and today is a very special day for us personally and officially because of what it means to the residents here. and what it means to the redenlszes here is that

they were close to retirement with a defined constitution -- contribution, very ill-prepared and underinvested. we are working with many work streams trying to reintroduce more structural components to retirement that will attach the employer.ith if we can create that, then obviously for small companies, we can change that outlook. know how topanies create a pipeline of labor anymore? do they know how to bring and apprentices and train them? larry: great companies of certainly do and they do it well. there are many great examples. companies spending more time and money than ever before on hr, retooling, retraining. the key issue for great companies is about culture. if employees are not connected, if employees do not feel their interests are being protected by their company, they will leave. this lowbelieve unemployment period of time is going to translate into more connection with employees with other companies, which is good. melissa: i be curious to hear your thoughts on this. one thing that we know is firms areis certain paying their workers a lot of money, and other firms less so. a lot o

they are very ill-prepared, underinvested. working on many work reintroduceing to more structural components to that will attach the employee with the -- the employees with the employer. if we could crate that and -- create that and obviously for creatingpanies and things like that, we could change that dilemma. know how toies create a pipeline of labor anymore? do they know how to bring in apprentices and train them? >> the great companies certainly do and they do it well. there are many great examples. companies are spending more more money than ever before on h.r., on retooling, retaining. the key issue for great companies is about culture. not connectedre with them, if employees do not feel that their interests are protected by their company, they'll leave. actually believe this timenemployment period of now is going to translate into employeesction with with their companies, which is good. >> can i jump in on this? curious to hear larry's thoughts on this. so one thing that we know is happening is certain, you know, firms

i would say that both companies, facebook and twitter have criminally underinvested what is necessaryo do that. so we're in this massive game of catch of up. they have to be committed to it. i have to tell you, i think twitter is genuinely committed to making changes where facebook is still making excuses. i say that because jack has said he takes full responsibility whereas facebook in their prepared remarks, if you notice semantics, slight change, they take some responsibility, not full responsibility, a portion of responsibility. so i think what we need here we need twitter and facebook to put money and capital behind making the upgrades they need, whether better algorithms, more people or both. we also need the government to step in and say if you don't do this, we will. i think that threat, and i think jack gets it. if we don't find scalable solutions to these problems we lose our business. i think there might not be a disruptive competitor. >> i think he gets it a little bit. perhaps because twitter is not as much a part of everyone's life as facebook has become although anecdot

at five years of underinvestment. nejra: thank you so much.olio manager of the blackrock world mining trust. up next, the u.s. government will slap tariffs on chinese goods. we will bring you the latest from beijing. ♪ xfinity mobile is a new wireless network designed to save you money. even when you've got serious binging to do. wherever your phone takes you, your wireless bill is about to cost a whole lot less. use less data with a network that has the most wifi hotspots where you need them and the best 4g lte everywhere else. saving you hundreds of dollars a year. and ask how you get xfinity mobile included with your internet. plus, get $300 back when you buy a new smartphone. xfinity mobile. it's simple. easy. awesome. click, call or visit a store today. nejra: good morning from bloomberg's european headquarters. europe."daybreak beijing faster response to u.s. tariffs. chinese stocks slid after the white house announcement, but the yuan holds steady. south korea's moon jae-in meets kim jong-un in pyongyang to revive talks on denuclearizat

want to do in addition to the a massive public investment in all of the goods that we knower underinvesting in right now. >> great.es i'm going to do one more round with the, with the fabulous authors, andre then i really wat to insure that we have questions from audience. so, alissa, i wanted to ask you about one particular concept that you describe in your book called the motherhood advantage. obviously, one of the reasons why we have a discrepancy between what women and men make isan because there are presumptions about mothers and how they work and what -- how efficiently they work in the economy. so i'd love for you to the try to tell us how that's actually inverted. >> so to back up, there's a concept called the motherhood penalty. are there moms in this room? can you -- right. so moms are paid less, they are considered less competent by many employers, right? each kid you have you're paid a certain percent less, actually, statistically. so when i started interviewing people for in this book and spoke to people i knew, they described something very different than the motherhood penalt

it underinvested in compliance. the search has started, that's what we've learned.agreed to remain in his position until the completion of the succession process. taking a hit there. he's been with them over 11 years. he was throughout the lehman area -- era. said he is the ceo but he is the cfo. ing talking about this, saying as far as the u.k. is concerned, barnier can have 3% of the rally. nothing is done until the ink is dry. asia has had the longest losing streak in nearly four years on the equity market. the fx market has really been pummeled. we are getting u.k. labor data today. we get to see ew. we are waiting for the italian market to open. morgan stanley says by italian stocks ahead of the budget because they are looking to cheap. we also have headlines coming could behat unicredit looking at bbva and ing and the prospects for m&a. with those names really make sense? the dax is up 22 points. you see a little bit of relief around the european equity markets. manus: it could be a bit of a followthrough from what we saw in the asian session. the s&p 500 gain

they have been so underinvested. to trade, to china, to central banks. they have completely missed this rally. they have got one of the highest cash positions they have had in years. it is so interesting, everyone talks about contrarian talk about individual investors. they came in bullish this year, the big-time fund managers. now they're es extraordinarily bearish. they have to catch up. everyone hates the rally. which makes me love it. that is the okay neas about it. it is amazing. stuart: that is interesting. i didn't think of it in those terms. jonathan, come into this please. have you seen anything like this before? >> well the obama years were quite good when it came to the stock market. back then it was really a hated rally. stuart: come on, jonathan. it was nowhere near as explosive since the election of donald trump. >> the president himself before the election used to call the market a bubble. we know that. i don't think it's a bubble. i think it's a bull market. i think it's a late-stage bull market. the

infrastructure has been massively underinvested for decades, so we are investing in midstream telecomwe are also investing in renewables, water, social, transportation, across the spectrum. alix: when you talk about the public-private partnership, that is polls, roads, bridges. that is not what you are interested in. >> about 5% of what we have invested. invested $4 billion of equity capital last year, a lot of that going into midstream telecom and renewables. alix: how much of this fund have you been able to allocate? >> 10%. if everything goes right, 20% shortly. alix: would this change if the government tries to help, is this irrelevant to how you invest in your strategies? >> it is very relevant and we are grateful that the government is promoting infrastructure. s, we can unlock more ppp' there would be significant growth in the opportunity set. alix: how do you understand the macro, geopolitical risk, how does that feed into the project you want to invest in? >> we have the advantage of products in assets -- that have already been delivered, trade risk, tariff risk does not real

the political stuff occurred the last year and a half and the idea was that companies have been underinvesting what the qe era has brought about in fiscal austerity. if you look within the tech space, these market leaders are not technology companies, they've just spent money on technology wares to disintermediate@existing businesses and so the ones that are obvious are names like google and facebook and priceline, et cetera those have done a great job of investing in tech to create new business models and our story for the longer term, which we think we're in a secular bull market, is based on the idea that the broader economy now, other industries will invest in tech more aggressively and those are the big fat pitch opportunities over the next three to five years, areas in health care and financials and even the industrial space. >> joe, how does that play into this idea that you think that the fed is the main thing that matters here and that the fed can put the brakes on never mind what corporate america is doing on the investment side >> that's always the case. the fed has been a tail wind

is there a danger of underinvestment that leads to $100 a barrel? way,: if the u.s.its iran is going to be cut out of the market. the question then is, does that push the price up? there is a lot of uncertainty out there. i would say the market supply looks reasonably good. as a consequence, i think the downside for oil, which ought to mitigate the inflationary in the western world. oil kind of has a momentum of its own. it can go very quickly.francine: what kind of forecast? i would say for brent, we're looking at something around 70ish by the end of the year, maybe slightly lower. francine: what is the impact on do you selloff some of the developing markets that are also exposed to oil? peter: you wouldn't want to go to short with these markets. moment, oil, at the is playing a minor role in our thinking. low.pan in trade is very i think we are really bottom fishing if he tried to trade. -- you try to trade. francine: there has been question on whether or not opec would be able to fill the vacuum. do you think they would be able to? peter: i think they will struggl

and want to do, in addition to a massive public investment and all of the cuts we know we are underinvested and right now. >> great. we are going i'm going to do one more round with the fabulous authors and then i would want to ensure that we have questions on the audience. alissa, , i would ask about one particular concept that you described in your book called the motherhood advantage. obviously one of the reasons why we have discrepancy between what women and men make is because there are presumptions about mothers and how they work and how efficiently they work in the economy. so i would love for you to try to tell us how that is actually inverted. >> so to back up, there's a concept called the motherhood penalty. are the moms in this room? right. moms are paid less. they are considered incompetent by any employee for each kid judge are paid a certain% but less statistically. so i started anything people for this book address book to the people i knew, they describe something different than the motherhood penalty. they described, they may been penalized at the workplace but they felt th

cycle, weood is long have seen substantial underinvestment. we were telling the story and 1995.04. it will play out. the question is when. it's going to happen, but we are not there yet. francine: the saudis say we could put extra barrels out there if there was demand. demand?t see the are we underestimating the china slowdown will put pressure on oil demand? >> look at their exports. the summer, they put out a lot of oil on the market. the front end of the brent collapsed and they backed off. we had too much oil in this market in august. it came back off. we have seen china re-into the market. what is the impact of the trade war? they are de-stocking copper and oil, and eventually you can do it to a physical limit. the chinese are back. that is the main reason we are it $80 a barrel. francine: on the trade war, the worst-case scenario is it escalates. how much does it shave off gdp? how much oil demand is lost? upover three years, we come with 500,000 barrels per day, which is significant. francine: is it three years, 20 years? >> on the trade war? down ifside will break you ta

a probe found that the bank underinvested in compliance. that is your bloomberg business flash. lee is with us in washington. right now joining us is jonathan krinsky. he is from bay crest partners. he is a technician. before we get to lehman and the part, you have a brilliant of one of your recent notes where you say when you break out to new highs, it matters. it has happened 31 times since time began. goodis a good single -- a signal. >> if you think what has to happen for the s&p 500 to go at least six months without a 52 week high, that is the bear market. there is a lot of churning and pullback. we had that from january until august. 94% of the time when you have that occurrence, you are higher 12 month later. that does not mean you cannot have a little weakness in between. tom: let's go to the chart. we look back 10 years. the bid fell away with agony in early 2009. i went to focus forward on what you learned as you were within the market. how did you stay in the market and how do you stay in the bull market right now? >> when you are talking about this bull market, it is

much as today's unbalanced budget leads to future debt problems, today's underinvestment in r&d leads to future innovation deficits. i commend my colleagues from both parties for working together to bring this important bill to the floor. we want to be clear that this is just a first step. we need to double down on our efforts and to reprioritize federal research and development. i want to highlight and commend an organization that's a leader in the field of quantum information science and engineering, and that made significant contributions to this bill. the chicago quantum exchange is partnership between the university of chicago, argon national leb, and the accelerator lab. i want to thank chairman weber for bringing the science committee's subcommittee on energy out to argon earlier this year. he spoke about some of the great work that they are doing there. the chicago quantum exchange was created to develop and grow interdisciplinary collaboration for the exploration and development of new quantum enabled technologies. and help educate a new generation of quantum information scie