kathleen hayes, let's get to vonnie quinn with the first word headlines. vonnie: china were in science holdings says it's chairman is assisting chinese authorities in an unspecified investigation. it is the first public information about the banker's whereabouts since he disappeared more than a week ago. the abrupt disappearance has unnerved business elites and fanta speculation that the nations finance industry is set to face increased scrutiny. embark has been told that u.s. will hold talks on the globe i glad -- global semi conductor supply chain. the videoconference of the chip group discussed an early warning system to ensure a steady supply. we are told the parties held off on discussions of export controls and no companies were involved in the meeting. the australian treasurer says he plans to deliver a responsible budget to avoid soaking in inflation. back in october, it opted to pull most of its windfall into the budget rather than funding spending programs. >> we cannot be compliant with the inflation challenge. just because the inflation peak is

let's get you to vonnie quinn with the first word headlines. vonnie: turkey is considering whether to extend the closure of the estoppel stock exchange as it grapples with fallout. market regulators could delay wednesday's planned return to trading. the board has suspended trading but not before tens of billions of dollars in market value were lost in the 48 hours after the quakes. in national state of emergency has been declared in new zealand. a cyclone brings flooding, landslides, and power outages. the move enables the central government to give additional support to regions across the north island. flights are expected to begin later on tuesday. the cyclone comes to weeks after auckland was hit by a storm that killed four people. adani electricity mumbai has paid more than 50 million dollars worth of coupons on their debt this month. a spokesperson said all payments are being made on schedule as a group tries to rescue its shares and bonds battered by the fraud accusation made by hindenburg research. china's regulators are checking on how b

let's turn to vonnie quinn. spot is the world's richest person after briefly losing the title. his wealth has been buoyed by a surge in tesla stock price. tesla shares rose 5.5% monday, taking his net worth up. that tops his fortune of $485 million. hong kong exports plunged in january by the most in 70 years, effect by an early lunar new year. overseas shipment fell by almost 37% while imports fell by around 30%. financial secretary paul chand says slower economic growth will continue, though the end of border disruptions should ease pressure. the head of norfolk southern says the railroad will start removing contaminated soil in east palestine, ohio. that follows the derailment and toxic chemical spill that has but growing pressure on the railroad and the biden administration. the ceo told bloomberg that trains would run at reduced speed while the tracks are getting fixed. global news powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. shery: a b

i'm vonnie quinn. this is bloomberg.hery: let's turn to bell was falling this busy day when it comes to earnings across australia. however markets looking? annabelle: an interesting start to the day. asx 200, big earnings coming out. we have the numbers before the bell. a headline, estimates rather. in terms of trading reaction, we stop declining. the company is putting more money aside to buttress from the effects of deteriorating economic output. -- commented as well. high inflation will stay. households under pressure. those numbers are pretty solid. fortescue coming in with its numbers. and they did beat the average estimate from analysts, still seeing the effects of china's reopening. the treasury and looking forward to possibly china relaxing restrictions on one export for australia. haidi: annabelle in hong kong. it still ahead, global fast food chain brands reporting profit exceeded estimates. the ceo will be joining us to break down those earnings and give us their take when it comes to china's reopening. this i

let's get over to vonnie quinn with the first word headlines. vonnie: thank you and good morning. china's top diplomats says beijing and the european union should prepare for a meeting of their leaders. he urged his e.u. counterpart to help bring bilateral exchanges back to pre-pandemic levels as soon as possible. at a meeting on the sidelines of the munich security conference the officials discussed ukraine with him saying china is promoting talks for a political solution. microsoft has agreed to give kyiv free access to its computing platform. microsoft, apple and amazon had a presence at the conference over the weekend to the bind administration says tech belongs and any conversation about security. monitors in a ran has detected uranium enriched levels just below that needed for a nuclear weapon. is the second time this month they have detected suspicious activity. the iaea will report to board of governors as appropriate. the cost of cycle and gabrielle which devastated parts of new zealand last week is expected to soar into billions of dollars. the finance minister told tv n

scarlet: let's get the vonnie quinn. vonnie: australian and chinese officials will meet in the coming days to discuss a relaxation of trade restrictions. the us trillion told bloomberg the freeze is over and we are moving to a warm spring. he says he is hopeful that breakthroughs to chinese consumers. state television reports that the standing committee saying the adjustment of covid controls have been totally right. china reported 102 deaths on monday which is down from 4000 january 4. an adani group bond jumped the most with investors saying they will address debt maturities. they are promising a plan by july. the 15 u.s. currency bonds issued by the company's have lost 738 millions dollars. global news 24 hours a day powered by more than 2700 journalists and analysts in over 120 countries. i'm vonnie quinn. this is bloomberg. haidi: ahead we will be speaking with leadership about ongoing equality issues in workplaces. scarlet: plus a ceo says strong demand for trucks is -- there drive for electric vehicles. that's comi

let's get vonnie quinn. vonnie: china renaissance holdings as its chairman is assisting chinese authorities in an unspecified investigation, the first public information about the banker's whereabouts since he disappeared more than one week ago. his abrupt disappearance unnerved china's business elite and sparked a speculation the nation's finance minister rate will face increased scrutiny. bloomberg has been told the u.s. held talks this month with three asian partners on the global semiconductor supply chain. a taiwanese official says the february 16 video conference of the so-called chip four group discussed an early warning system to ensure steady supplies. we were told the parties held off on discussions concerning export controls and no company was involved in the meeting. the u.k. and eu are preparing to unveil a proposed brexit settlement on northern ireland. it will be announced after a monday meeting between prime minister rishi sunak and european mission president ursula von der leyen seeking to so

let's turn to vonnie quinn. re now known to have been killed after two of the most powerful middle east earthquakes in decades hit turkiye in syria. millions without heating, gas, electricity or fuel during a freezing night with heavy snowfall. it is feared the death toll will keep rising as rescuers search the rubble. president erdogan says it is turkey's strongest disaster in a decade. atlanta fed president raphael bostic says january's jobs report could mean the central bank needs to raise interest rates. bostic told us his base case is for rates to reach 5.1 percent, in line with the median policymakers december forecast. jay powell speaks exclusively later tuesday with david rubenstein. billionaire -- adani has prepaid $1.1 billion worth of borrowings backed by stock. the says nearly payment will help release 12 million shares in adani transmission. donnie is seeking to restore confidence after a short seller attack wiped out $118 billion in market value and the flagship to scrap a share sale. india's parlia

i'm vonnie quinn. this is bloomberg.aidi: let's get a look at some of the movers and we continue to watch the entertainment. annabelle: this is the biggest mover so far for japan and korea, leading, no real big update except we did have that interview with the activist shareholder earlier and he is pushing to buy a 100% stake in ak pop pioneer. of course kakao would be the major loser given they had been the second-biggest shareholder in the company had of this announcement. this is the state of play in the korea but we are still focusing on what's happening with japan. more on that ahead. but in terms of what we are seeing for the japanese lenders, they are gaining. that's on the anticipation the next governor at the eo j would be forced to change settings and possibly also on rates. shery: still ahead, we will delve into that potential policy change coming from the bank of japan and intentionally the domination of kazuo ueda. and an update just had. this is bloomberg. science proves quality sleep is vital to your menta

let's get you to vonnie quinn. vonnie: the make of it is single the fastest pace of interest rate hikes in three decades may be trying to a close after raising its benchmark lending rate .5 at one point. policymakers like on andrew bailey voted seven-two to resume to order percent. i told us there is still a long way to go when the inflation fight -- in the inflation fight. >> we will react to inflation evidence that we see. we have not preannounced intention, because we have reached a point, and as i said we have started to turn a corner. that is encouraging. there is a long way to go and a lot of risks. vonnie: the cb lifted interest rates by .51% to 2.5%, the highest since 2008. policymakers say under the move is almost certain next month. their winning the most aggressive monetary tightening in euros on history is not done despite conceding the inflation outlook is improving. >> the governing council will stay the course in raising interest rates significantly, at a steady pace, and in keeping them at levels tha

let's get to vonnie quinn with the first word headlines. ie: mexico shucked markets by raising its key rate to a record 11%, matching its half-point hike in september. . the move surprised all 24 economists surveyed who had expected the bank to slow the pace of tightening to a quarter-point. the board says it could deliver a smaller hike on its next meeting. south africa has declared a state of disaster to respond to an ongoing electricity crisis. president ramaphosa said in a state of the nation address that the electricity shortage has caused immense damage to the economy. he has appointed a minister to focus on boosting power supply and handling the outages known as load shedding,. >> our most immediate task is to dramatically reduce the severity of load shedding in the coming months, and ultimately, to end load shedding altogether. now, under these conditions, we cannot proceed as we usually would. vonnie: commodity trader trafigura says it is facing more than a half billion dollars in losses after finding metal cargoes did not contain a

let's get to first word news with vonnie quinn in new york. vonnie: thank you. madani says the decision to withdraw will not have an impact on existing operations and future plans. he has addressed investors in a video message saying the company's fundamentals are strong and the balance sheet is healthy. adani's comments follow a sudden decision to fold the police subscribed to $.4 billion a share offer. >> the fundamentals are very strong. our balance sheet is healthy. assets are robust. our cash flows and deliverables have been very strong. one of the markets most stable. we have a capital market strategy. vonnie: the imf says australia will dodge recession as economic growth is going to be cut in half. it is because of rising interest rates and weakening expansion based on gdp. it is expected to expand 1.6 percent of year down from october forecast of 1.9%. the u.k. has been hit by its biggest day of strikes in more than a decade. as many as 475,000 union members stopped work closing or disrupting schools and crippling the nation's rail network. they're looki

shery: let's get to vonnie quinn with first word headlines. jinping signaled an overhaul of government agencies. he told officials broader forms to agencies in the government and ruling coming his party will focus on key industries and sectors in an intensified manner. the npc is set to confirm xi's president breaking third term as president. a u.s. house committee has advanced several china related sanctions bills. the proposals approved by the house financial services committee include plans to bar chinese officials from using u.s. financial institutions and support for taiwan's membership in the imf. it is a sign of increasing hawkishness in the republican-controlled chamber amid strained relations between washington and beijing. new zealand's housing downturn deepened in february as the rbnz continue to aggressively hike interest rates. property prices fell 8.9% from a year earlier. the average house price declined to the equivalent of $582,000 u.s. the central bank makes prices will fall to 5% from the late 2012 peak -- 2021 peak by early

let's get over to vonnie quinn. vonnie: the head of the international energy agency says china's economy could be poised for a stronger than anticipated rebound creating a demand boost for oil and natural gas. the executive director says he expects china to deliver around half of the forecast increase in oil demand of almost 2 million barrels a day this year. >> if we say moderate rebound of china's economy we expect this year that half of the growth in global oil demand will come from china only. and maybe some institutions claim that china's economy may be stronger than expected putting higher upward pressure on the demand side. vonnie: new zealand's prime minister has antagonized a party on including a stance on including indigenous people. chris hamptons says the government may slow work on coke government work. she says she is shocked and disappointed by the remarks. since taking over the new state leader has been attempting to win back it'll ground voters. lowy institute has china standing in the asia-pacific h

shery: let's now get to vonnie quinn. top diplomat wang yi says beijing and the european union should prepare for a meeting of their leaders to help bring bilateral changes to pre-pandemic levels. in a meeting, the two officials also discussed ukraine, with wang saying china is promoting talks for a political solution. microsoft agreed to give kyiv free access to its cloud computing platform to analyze possible russian war crimes. microsoft, apple, meta, alphabet and amazon all had a meeting over the weekend. the biden administration says tech belongs in any conversation about security. senior diplomats say international atomic monitors in iran detected a radium enriched levels just below that needed for a nuclear weapon, the second time this month they say they have detected suspicious activity. they are discussing the findings with iran and will report to its board of governors as appropriate. the new zealand cyclone damage is expected to soar into the billions. the finance minister said it may take time to get a clear p

i'm vonnie quinn. this is bloomberg. still ahead a central bank governors is pledging to seek out his term. westpac joins us for an analysis of what is next for the rba. but first top picks among multinational brand retailers. this is bluebird. -- this is bluebird. this is bloomberg. ♪ helping you discover untapped possibilities and relentlessly working with you to make them real. ♪ because grit and vision working in lockstep ♪ puts you on the path to your full potential. ♪ go. go green. go wind turbines. go gorgeous reliable grid. go emerson software. go science people. go breakthrough meds and safe science. go space age welds for super silent cars. go big. or go home. from software that delivers new cures at warp speed, to technology that makes clean energy reliable, emerson innovation helps make the world healthier, safer, smarter and more sustainable. go boldly. emerson. ♪ we all have a purpose in life - a “why.” maybe it's perfecting that special place that you want to keep in the family or passing down the family b

let's turn to vonnie quinn. the head of the international energy agency says china's economy could be poised for a stronger than anticipated rebound, creating a demand for natural oil and gas. he says he expects china to deliver about half of the forecast increase in global oil demand of almost 2 million barrels a day this year. >>. >> if you see a moderate rebound of chinese economy, we expect this year about half of the growth in global oil demand will come from china only. maybe some international financial institutions say that the chinese economic demand will be much time with an expected. this would put higher upward pressure on the demand side. vonnie: bloomberg has learned gautam adani is shelving a plan to raise money through its first public bond sale after the recent market turmoil. the fund was planning a january issuance, but planning has stopped. adani group is also planning to trim capital spending. an indian government -- indian government officials stepped in to address concerns over the crisis,

going to have a look at what is going on in first word news with vonnie quinn in new york. ll bloomberg's that adani has have to revenue target and scaled down. the growth target is 15 to 20%, down from the original 40%. the group is focused on conserving cash, repaying debt and retrieving pledged shares as it scribbles to undo damage from the hindenburg short seller read. the party of olaf scholz in germany has its worst election result, feeling to win for the first time since 1999. support for social democrats fell 21% to 19%, well behind the conservative christian democrats at 28%. it's a blow to olaf scholz who has been trailing since mid-2022. the two earthquakes are expected t -- many confirmed missing. new zealand is stepping up preparations for a powerful cyclone in the next few days. airlines including air new zealand canceled flights through tuesday. north land declared a state of emergency with power outages affecting thousands of people. global news, 24 hours a day. on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120

let's get the first word news with vonnie quinn in new york. vonnie: thank you.t wang yi says aging and the european union should prepare for a meeting of their leaders. wang wants to bring bilateral exchanges back to pre-pandemic levels as soon as possible. in a meeting on the sidelines at the munich security conference, leaders also met to discuss political solutions. north korea has fired two ballistic missiles on sunday. it comes less than two days after pyongyang launched a long-range missile designed to hitch the american rebound. the u.s. held aerial trails -- drills after the launch. the number of passengers moving through hong kong's airport rose thanks to the easing of covid restrictions. this makes nearly 2900% growth rates from the same time last year. the travel to and from southeast asia east asia reported the most significant increases. south korea is preparing a rapid space program following its partnership with russia. it contracted with moscow the launch a satellite into space. speaking exclusively to bloomberg, the science minister said that th

i'm vonnie quinn.ry: we had the pressure on treasury yields today across most of the curve we saw at least 10 basis point fall. we are seeing a similar picture in the asian session. our next guest says the first half will be choppy in markets. the director and investment strategist at clearbridge investments. great to have you with us. you say not to fight the fed especially in times of transition. the fed today seemed to be speaking out of both sides of its mouth. what are you seeing? guest: it's a tale of two halves. the fed talking about ongoing increases but jay powell was dovish when it came to his presser. he didn't directly talk about the fed hitting its target 5.25%. he said it was ok that financial conditions could ease in the short-term, it's about long-term sustained drops that are the issue and the market took that as positive. shery: especially on a day when we already have a metric that the fed considers important about the labor market with job openings surging. what are going to see thi

let's get over to vonnie quinn. vonnie: the two earthquakes in turkey are expected to cause the economy $84 billion, 10% of gdp according to the turkish enterprising business confederation. it based its calculations on the 1999 quake near istanbul. this month's quake has been far deadlier with almost 35,000 confirmed dead and many still missing. german chancellor olaf scholz' is party and scratched in its worst elections. support for the social democrats fell from 21% to around 90% while behind the christian democrats. the result will be seen as a blow to scholz. sources: bloomberg adani's conglomerate has scaled-down capital expenditure. we are told the target is 50% to 20% -- 15% to 20%. it scribbles to undo the damage from the hindenburg short seller report. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am vonnie quinn. this is bloomberg. shery: still ahead, the chief economist and kpmg gives us or take on the japanese

i am vonnie quinn. this is bloomberg.loud of the adani crisis, india is playing host to its first event under the g7 -- g20 presidency. what has been said about the outlook for energy and oil prices there? reporter: good morning. the global energy market is looking at two key events. the first being the price cuts on russian oil products that kicked in on february 5, and the second on china's economic recovery and the impact it will have on the crude oil market. i sat down with the executive director of the iea to talk to him about just that. >> i think we have already seen the first price cap on crude prices and we have not seen a major challenge in terms of the eligibility portfolio. in terms of the markets, we need to see an interception. what that meant is that when we look at the russian oil and export revenues one year just before the war, and the end of january this year, russian oil and gas use declined by about 30%. that is in terms of gas and oil, the revenues went down. we are seeing that measure in overcast ma

i'm vonnie quinn.is bloomberg. >> a latin american e-commerce giant has reported a surge in profits. the company's chief financial officer joins us. always good to have you on the show. you really had that record quarter handily beating wall street consensus. what drove the gains? >> thank you for having me on. a combination of sustained strength in volume of sales, verily rapidly growing fintech business with increasing revenues and profits coming in from credit and a new profit engine for us which is our advertising business. that despite being small in terms of its future potential, is a very high-margin revenue stream that is growing very nicely. >> the company is looking to increase investments in latin america this year. does that mean it will be larger than $10 billion for lester and how much of that will go to brazil? >> brazil is our largest market. it represents over 50% of our revenues. investments tend to come in line with that proportion more than half of our investments. we see significan

from singapore to vonnie quinn. 's top finance chiefs fail to agree on a consensus statement at g20 meetings due to an impasse over language of russia's were in ukraine. india issued a chair summary. russia and china disagreed with two paragraphs on the war that had been cleared in november. the group did agree the global economic outlook remains uncertain. a classified intelligence report by the u.s. energy department has identified a chinese lab leak as the most likely origin of covid-19. the conclusion was reached due to new intelligence. the judgment was made with low confidence. the u.s. national security advisor said he could not confirm or deny the report. the u.k. and the e.u. are said to be preparing to unveil a post-brexit settlement on northern ireland. a deal will seek to soften trade and regulatory barriers governing northern ireland's unique place in the u.k. and the use trading markets. european central bank will raise interest rates as high as necessary to bring inflation back down to 2%. the governin

here's first word news with vonnie quinn. vonnie: officials reached out to a key democratic ally discussing filling that vacant role. chicago five -- the chicago fed president is under consideration. he says he spoke about white house officials about the vacancy but would not disclose if any names were circulating. a key china advisor president biden is said to -- the security council. special assistant to the president and the nsc senior director for china and taiwan is leaving her post next month. white house officials say her exit plans are not related to tensions over the alleged chinese spy balloon. world bank president david is stepping down early giving the buy demonstration more time to find a replacement. the lender says he believe his job by the end of june. washington has called for reforms of the world bank to reprove its ability to respond crises including by change in pandemics. global news, 24 hours a day, on air and on bloomberg quicktake, powered by 2700 journalists and analysts in more than 120 countries. has

i am vonnie quinn. this is bloomberg.ill ahead, the ceo tells us how they combined the private wealth management. the bank chief says it is unfair for him alone to take the blame or height rate -- for rate hikes. keep it here with us. this is bloomberg. ♪ for businesses of all sizes, there are a lot of choices when it comes to your internet and technology needs. when you choose comcast business internet, you choose the largest, fastest reliable network. you choose advanced security for total peace of mind. and you choose a next generation 10g network that's always improving, getting faster; more reliable; and more intelligent to keep you ready for today and tomorrow. the choice is clear: make your business future ready with the network from the most innovative company. comcast business. powering possibilities™. get help reaching your goals with j.p. morgan wealth plan, a new tool in the chase mobile® app. use it to set and track your goals, big and small... and see how changes you make today... could help put them within

haidi: su keenan the latest, now to vonnie quinn with the first word headlines. tary fund is asking negative for a solid relief plan to revive a stalled loan program. discussion with the fun this weekend been detailed and vigorous and should conclude successfully within days. imf uzbekistan's government -- want a pakistan's government to strengthen -- north korea has staged its first military parade in almost a year. illuminated jets of flying low over pyongyang, and may be a platform for him to show off his latest weapons after threatening to exponentially expand the nuclear arms weapons. state media will broadcast pictures of the parade after they happen. australian plays -- defense apartment is removing chinese made cameras. the cameras were, quote an issue that would be dealt with. this is after details of an audit that found the chinese manufactured cameras used at 250 government studies -- sites. it is close to talking, as trade relations stall. the carrier magic eclipse was anchored off the port city thursday morning carrying metallurgical coal mined in aus

i am vonnie quinn and this is bloomberg. rishaad: thanks, vonnie.elated stocks in light of this, from the cfo. shares for adani group and companies and life insurance corporation, which has a sizable stake in adani group, are hitting 52-week lows on the stock exchanges monday. adani ports is pretty much unchanged. certainly, the others continued to be in the red, despite this roadshow are designed to shore up confidence. let's have a look at where india is likely to do in data terms. we have fourth-quarter gdp later. this bank will tell us what they expect economic growth to slow down. this is bloomberg. ♪ haslinda: mumbai. mumbai. two minutes away from the trading day in india. the adani roadshow has just kicked off in hong kong. annabelle droulers spoke as closely to the cfo. annabelle: we have an obligation and a duty to face people and not simply do calls, but actually reach and meet in person and answer the questions. annabelle: and the reception so far? >> the community that supports you. they are that community and we have an obligation and a

let's get over to vonnie quinn. first word headlines. >> defense official said the u.s. is increasing a small contingent of troops that train local forces in taiwan. the wall street journal reported the u.s. military presence on the island will grow to as many as 200 people from 30 a year ago. it is likely to further strain relations with china already tense over the war in ukraine, and the recent u.s. at downing of an alleged chinese spy balloon. the london metal exchange will reopen nickel trading during asian trading hours on march 20. asia trading was suspended since march of last year when the lme canceled a billion-dollar transaction as it was hit by that short squeeze. the reopening should be an important liquidity boost for a market that has struggled to recover after last year's crisis. new criminal charges against sam bankman-freid have been unsealed in new york city. the counts include commodities and securities fraud. prosecutors allege the ftx co-founder and two unidentified co-conspirators illegally so

that's get the first word news from vonnie quinn in new york. ly now, more than 3400 people are known to have been killed after the two most powerful middle eastern earthquakes and decades it turkey and syria. dylan's of people are left without heating, gas, electricity and fuel during a freezing night. the death toll will keep rising as rescuers search the rubble of destroyed buildings. president erdogan said it's turkey strongest disaster in a century. bloomberg has learned the u.s. is preparing to slap a 200% tariff on russian aluminum as soon as this week. it will effectively and u.s. import of metal to russia. sources say washington wants to ramp up pressure on moscow as the war in ukraine approaches the second year. concerns have been raised about u.s. industries. south korea's taking steps to open its currency market to sell to foreign investors. it's part of the government's efforts to improve assets for offshore banks and security grams. qualifications such as securing a credit line and creating a one account. india's oil ministers at th

here is the first word news with vonnie quinn in new york. >> we are just getting worried, president to name later. an announcement to come as soon as tuesday. she would work alongside another high-profile former fed official. janet yellen as biden battles inflation and head of a likely reelection campaign. the fed governor says the u.s. central bank will probably have to keep raising interest rates to rein in price growth. she is warning that can slow economic expansion and affect the jobs market. economists expect core u.s. cpi data to show a 4% rise in january and 5.5% a year earlier. >> we are still far from achieving by stability. i expect he will be necessary to further tighten monetary policy. to bring down -- inflation down toward our goal. doing so will likely lead to subdued growth in economic activity and some softening in labor market conditions. questions, prices in india rose more than expected last month, reinforcing projections that the central bank will keep raising rates. government data shows inflation hit 6.52% in january. better that forecast. india's central ban

let's get to first word news with vonnie quinn. vonnie: thank you.ays it is canceling pre-arrival pcr tests in the daily quota for travel across the hong kong border. a statement from the affairs office as the changes will take effect next monday. china will resume group tours to the cities. a 48 hour pre-arrival pcr tests is required for hong kong and macau visitors who have been overseas within seven days. the financial times says antony blinken is expected to meet presidential asian pink and beijing during his trip beginning sunday. china's foreign ministry said it hopes the u.s. will seek results rather than confrontation. the u.s. has been pressing ahead with a campaign to limit china's access to sensitive semiconductor technology. president biden's top economic adviser will step down this month. he helped to craft much of the president's economic legislation in his first two years, including pandemic relief, the bipartisan infrastructure law, and the inflation reduction act. president biden has not named a successor, but include fed chair lael