this is all within the legal frework that is within the wto .creating this idea of booster shots being bad the glob south were impoverished countries is the scarcity that is created by greed and profit. because if we had that money, we could make the vials. if we had the money, we could make the nanoparticles. we could build the factories. this really needs to be financed as war is financed. we cannot do this without really significtly raing up -- and we heard this in the aids crisis as well. we cannot make it because the raw materials are not there. it was all moot as soon as the money flowed. amy: dr. joia mukherjee, we will talk about this more next week infectious disease specialist. , associate professor of global health at harvard medical school and chief medical officer for partners in health. thank you for joining us. zane dangor is the special advisor to the foreign minister of the republic of south africa. next up, we look at the first country in the world to recognize bitcoin as legal tender. what does it mean? we will look at el salv

with the wto's rule.crats funding the government until year's end. the risky move aims to pressure. canadian prime minister justin trudeau appears to retain power after a close election however, he may fall short of regaining a majority. projections showed his liberal party winning 155 of the 388 seats. official results are due later. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. >> let's go to sophie cameroon. >> take a look at sidney stocks. banks are under pressure. we have bhp and others gaining ground as iron ore is stabilizing in singapore after a nine-day drop in future is there -- in futures there. electronics are among the biggest drags. there are concerns over evergrande and the contagion risk for markets from china. and nomura says exports are sensitive. we are seeing -- [indiscernible] concerns over slowing growth in china. the offshore you want holding above --

with the wto rules on the measures. china's move will effectively act as a veto with nobody able to immediately hear the appeal. the u.s. will soon open air travel to most foreigners as long as they are fully vaccinated against of area -- covid. i'm vaccinated american travelers will also need to test within on day of the partners, the policies are expected to this -- start in early november. pfizer and beyond tech are saying that there covid shot is safe with children and produces strong antibody responses. the findings could pave the way to begin vaccinating rate schoolchildren within months. the new school year is coinciding with the surgeon elderly cases. rishaad: still ahead, a norwegian telecom giant has had a rough time in asia. speak to the regional head about why he is still optimistic about business here. up next, whether the contagion will be a factor in the fed's land to start a taper. this is bloomberg. ♪ yvonne: this week's central bank parade continues as the bank of indonesia gets ready to announce a pol

shery: the wto director speaking with haslinda.track the biggest cap vaccination campaign, check out the vaccine tracker on the terminal and bloomberg.com. that's exciting because we do have the new resiliency ranking. giving us an inside into what is happening around the world. what a turnaround for our berlin. it was the worst place -- ireland. it was the worst place at the beginning of the year and it is now the best place in the world. i think the big takeaway is they gave more domestic freedoms to people who were inoculated, that actually helped boost vaccination levels. haidi: what i find fascinating is the idea of resiliency and high-performance has changed since this index was launched in november. back then, new zealand was at the top of the ranking. it has now fallen nine spots. this is as we know large parts of the country remain in various degrees of lockdown, the borders are still close. clearly, that focus has moved on from low case numbers, the impact on the public health system, to this idea of which countries are r

i had the radio on, wto p is the local news channel ndc -- in d.c.. i to the club with my top down, swarmed with people coming up on the subway, wanting to know i happened. so funds didn't work, everything so funds didn't work, everything overloaded the system. couldn't text then. i sat there, wondering what i should do, ultimately i drove home. i took the long way around to my house, one mile from the pentagon. there was charred stuff in the air, people were walking from the airport, carrying their bags . everything was shut down. my wife, they thought i was dead, they could not reach me. so funds didn't work, my kids -- so funds didn't work, my kids were in school. the windows shook from the explosion. my my staff saw the plane hit that morning. he was on 395 coming into the city. he did not come back to work. i never saw him again. he could not take it. we got the word, we watched a happening. i went to the speaker's office, they wondered if we could make it back. to show we were strong. i got my car and drove back through the smoke and went by the

so to get into the wto that made a lot of promise. but they didn't keep those problems. and that's not that's not good. so here we are today. i think there's room today for doing the kinds of things that we did during the reagan and george h.w. bush administration because we're right back into the same environment. now of course with this audience and the theme of this conference and with your spectacular career as a lawyer before you became such a success in washington, dc. and when i interviewed myself peter and susan i asked him about how was it? what was it about your training as a lawyer and your years of practicing law. that translated readily into your service in washington while you're leading different parts of the government. what they say? when you ask them that i asked them that and they said you're being a lawyer was absolutely key to the way you went about your business. i'm sorry, i misunderstood you. yeah, well, it's absolutely was and by the way, i wrote a book about my four years as secretary of state called the politics of diplomacy and in there i spen

haidi: we spoke with the former head of the wto. for the global slowdown. one of them is the decoupling for the u.s. and china. the other is the decoupling affect freddie crackdown in china -- for the crackdown in china. is it possible to predict the broader economic slowdown that it will cause? >> i think it is a very difficult question to answer. if you look at the latest pmi and china, it was about number. worst and what we saw during the chinese new year earlier this year. i think some of that would be were attributed to what's happening with the -- what's happening in china right now. if you look at some sectors, like the tutoring sector, the online gaming sectors, because of the regulatory changes, we are going to see some impact on these economic activities. now they are talking about, it is likely over the coming years, they are going to have an impact on the property sector. on the positive side, if we see a better distribution of income between the poor and high income group, that is both negative and positive impacts. dav

bloomberg's sources say the head of the wto has privately discussed resigning. she is seven months into a 4.5 year term, which began with plans for quite negotiating victories to boost a dysfunctional organization. we are told she has fully dressed the reality of the wto's inertia and may resign if knowingly can be found on google issues. -- critical issues. 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 former olympic minister says -- is likely to be named the next finance minister. up next, we speak to general gerard -- daniel gerard. this is bloomberg. ♪ paul: asian stocks look set to start october on the back foot after the u.s. be kept the monthly selloff -- biggest a lot since march of 2020. as investors brace for the fed to win down, that's wind down, the rate environment is supportive of equities. joining us from boston is daniel gerard. you say the rate environment is supportive of equities. we have s

we see chinese influence in international institutions with the who, the wto. the question is, how do we deal with china? can we do a better job shaping their rise so it is within this international rules-based order that we set up in the wake of world war ii? china seems to want to upset it and craft it in its own image. to me, what we are both saying is the challenge with china and beijing. >> i was looking recently at some speech president xi had given. this question of the multilateral institutions and rules-based international order, their thinking as they were not there when they were being set up, so why should they abide by those rules? it is so difficult. a single party state is a completely different entity than the united kingdom or the united states or our democratic allies. i sometimes take the view that economic growth in china will be accompanied by democratic growth, but we have not seen that. it remains a completely different entity. >> a great point. you talk about the chinese communist party. all these organizations have rules and processes b

the wto says the energy crunch in the u.k.a have different causes the director general spoke exclusively with bloomberg's haslinda amin. >> the energy crunch in the u.k. and china may be slightly different. the u.k. is more the problem, not the supply of oil, but definitely where it is needed. with respect to the recent situation in china where factories have been cut down on their energy use, we are at a period when there is pent-up demand due to the fiscal stimulus that was given appropriately by many countries, to households and businesses. there is a lot of demand on the side of households but also a lot of demand on the side of businesses. some of them are stocking up inventory. this is another way to manage risks. if you put the business demand together with households and mix that with content supply coming from china, definitely. i think that this trade will be impacted. i hope not for long. i hope it is temporary. >> china's growth is already slowing. manufacturers are curbing production. this is the latest shop to gl

bloomberg forces site the head of the wto privately discussed resigning. she said -- she is seven months into 4.5 year term. now, we are told she has fully grasped the reality and may resign if no headway can be found on critical issues. global news 24 hours a day on air and on bloomberg quicktake. powered by more than 2700 journalists and analysts in over 120 countries. i'm vonnie quinn. this is bloomberg. paul: still to come, investors watching a responsible wrist -- list of funds. we will ask a representative why it is not naming any utilities in the asset mix. but first, we will speak with a est who sees em volatility ahead. this is bloomberg. ♪ >> there are a lot of value traps populating traditional benchmarks today and the value traps, they are going to be significant downside surprises because of all the disruption and disintermediation we see taking place in the world today thanks to technologically enabled innovation. this is a combination of innovation but also a call on the corporate bond market. watch out. >> that was cathie wood speaking abou

and second to the solution is is compatible with wto rules.you do not get an agreement, you will have your rebuttal tariffs automatically in place in december? or will you try to punch those down the timeline -- try to punt those down the timeline? valdis: we already postponed those for half a year after our first consultations, and now we are working with this timeline in mind. this was a timeline we knew from the very beginning, both from eu and u.s. side. so i am hopeful it would lead to results. annmarie: valdis dombrovskis, thank you so much for your time. that was the eu trade minister before he speaks with katherine tai and gina raimondo. jonathan: good to catch up with our washington growth born -- washington correspondent down in d.c. an update if you are just tuning in on tv and radio, we are softer, -0.6% on the s&p, so clear underperformance on the nasdaq yesterday and today, -1.3 four present on the nasdaq 100. a lot of is playing through what is happening with the bond reckitt right now -- the bond market right now. tom: almost g

on everyone's mind, the access in the advanced economies, i am chair of a task or's including imf, wtothere are 2 billion doses in the advanced economy. the goal is to have those to go to developing countries where they could use those doses. it's a hard logistics problem. you have to get the dose from the factory to a country that wants that kind of dose. some want mrna doses. some want astrazeneca, someone j&j and down the list. and they sit in a warehouse and are not applied people. that has to be improved. the task force is urging the advanced economies to allow a swapping of doses. if they have a delivery schedules into their warehouses in october of this year or november of this year, allow that dose to go to a developing country person and take a later delivery schedule. you don't need it. you have access to .4 billion doses. -- excess two point 4 billion doses. -- 2.4 billion doses. kailey: does the abided -- does the biden administration need to take more leadership on this? david: the world has to come together and find solutions. countries are going to want to do boosters as

the access in the advanced economies, i'm sure of a task force that includes imf, wto, and who, there are 2.4 billion access doses in the advanced economy. the goal would be to have those early doses, early deliveries, go to developing countries that can use those doses. it is a hard logistics problem. you have to get the dose from the factory to a country that wants that kind of dose. someone's mrna doses, johnson & johnson, and down the list. then they sit in a warehouse and are not applied to people. that has to be improved. the task force is urging the advanced economies to allow a swapping of doses. they have it scheduled into their warehouses in all over of this year, november of this year, allowing that dose to go to a developing country person and take a later delivery schedule. you don't need it, you have access doses. >> an excellent point, we are having a conversation about who stirs. many people say there are yet to receive the initial dose. do you need the biden administration to take more leadership? >> i think the world has to come together and find solutions to this pr

china's assent to the wto, globalization, that has been a theme over the last 20 years, and countries have to do with it in different ways. we are pushing back heavily against expectations for three hikes next year. jonathan: what does that mean for foreign-exchange? geoffrey: euro sterling higher right now on a relative basis. that is one of the key relative value calls. this trait has legs to run. we have a new japanese prime minister. he talked about trillions of yen. that is important when it comes to pushing forward the yen carry trade. the dollar will still be dominant, and turkish lira and the like, em central banks, you need to guarantee positive real rates. you need to carry on hiking. otherwise, it is a long way down to your exchange rates. lisa: .2 how this story carries out the idea of long dollar, if you have jordan rochester of nomura seeing gaining strength because the mobility numbers are up there. the vaccination numbers are up there. inflation numbers are up. this will all pressure long-term inflation forecasts and the forecast for the ecb. geoffrey: those factors ar

it has requested the wto set up a settlement panel as the next step.pt tariffs of up to 200% on all winemakers after bilateral -- worsened last year. china was the top importer of australian wine. in is renewing its efforts to clean up one of the world's biggest piles of bad loans with a sovereign guarantee of 4.2 billion dollars. india's finance minister says 140 $7 billion of a nonperforming asset has been identified. the first phase seeing $66 billion worth, parked with the new banks which will be called the national asset reconstruction company. an indonesian court said that -- clean air. in the rare victory for environmental activists, the court said he must to take strong action ensure healthy air it rejected allegations that human rights had been violated. indonesian ranks ninth among the world's most polluted countries according to an air quality report. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i vonnie quinn. this is bloomberg. -- i am vonnie

regulators, we spoke with the former head of the wto yesterday and he was talking about how there's twoling contrasting decoupling. one, the u.s. decoupling from china and the other is regulatory issues in china. are we paying enough attention to the u.s. side? max: i think there should be more attention paid to the u.s.. delisting is a very real risk. it is a significant risk. i don't think that is currently being appropriately priced in because a lot of attention has shifted to the chinese side. which is critical, but not the full picture for u.s. investors. >> max gokham. . joining us from newport beach coming up, delta derailed hopes for normal working life. the latest on what lies ahead. this is bloomberg. ♪ ♪ >> the delta variant has upended hopes that life on wall street would return to normal after labor day. let's get more from jenny. we have been waiting for this week. for an entire year and a half we said, after labor day. what is it looking like? >> you are right. this was the long-awaited date that people said we would be starting our new normal. yeah, they are back. a lot

trade policy, policy rub intellectual property rights for example at the wto. amy: with hunger growing across the globe during the pandemic, the united nations is holding a major food systems summit today but the u.n. is coming under intense criticism for giving corporations an outsized role in the summit. we will speak with raj patel, author of "stuffed and starved: the hidden battle for the world's food system." and we will go to india and ethiopia. in the united states of war. we look at the new military partnership between the united states, australia, and britain. the u.s. is selling nuclear submarines to australia and expanding the military footprint. his president biden constructing a cold war with china? we will speak with david vine about "the united states of war: a global history of america's endless conflicts, from columbus to the islamic state." >> 800 mility bases, more than any nation in world history. amy: all that and more, coming up. welcome to democracy now!, democracynow.org, the war and peace report. i'm amy goodman. president joe biden sai

such a move would require consensus at the wto, where germany, the united kingdom are blocking the moveo allow generic versions of vaccines produced by companies including pfizer and moderna. president joe biden is set to lay outis administration's six-point plan for managing the u.s. covid-19 crisis. biden's speech at 5:00 p.m. thursday evening is expected to focus on ways businesses, schools and government agencies can enact stricter policies on covid vaccination and testing. the official u.s. coronavirus death toll has topped 650,000. on average, more than 1,500 u.s. residents are dying of covid-19 each day. in california, the los angeles board of education is expected to pass a measure today that would make l.a. the first major u.s. city to mandate covid vaccines for students 12 and older. in florida, a judge has ruled for a second time in favor of parents who successfully challenged republican governor ron desantis's ban on local school districts ordering mask mandates. the ruling came as the american academy of pediatrics reported covid-19 cases among children surpassed 250,000 fo

after ina and south africa proposed the move, which would require the unanimous consent of all 164 wto member nations. a handful of countries led by germany and the united kingdom have so far refused to agree to a patent waiver. joining the call for a people's vaccine is democratic congressmember ro khanna. >> this issue so fundamental if you believe that eve human life has dignityand has mal worth. we need to ensure that everyone has accesto this vaccine. the first st to getting people access tthe vaccine is making sure that we are sharing the know-how of how they can build it. amy: meanwhile, a new report contends the biden administration could unilaterally share the recipe for moderna's covid-19 vaccine with the world. public citizen says the u.s. biomedical advanced research and development authority, known as barda, invested heavily in the development of moderna's vaccine at taxpayer expense and has access to its entire vaccine recipe. that includes chemistry, manufacturing, and controls information that public citizen says could be shared with the world health organization. hurri

before it entered the wto. and the banking system had assets of about 1 trillion 400 billion was bad. it was incredible. but it was much, much smaller. today, you have a 13 or 14 trillion u.s. chinese economy and the banking system has assets, i believe now at this point, well over $50 trillion. >> the tough part about your trade, i would think, is that you could envision or can you envision a scenario in which the equity and debt holders are wiped out, but the lenders are not? >> yeah, well, these have been good trades. so, if you take a look at the fxi, scott, at the end of '09, early 2010, the fxi was 41 or $42. it's the only major market, as i keep pointing out, for the past 12 years that's gone down. and over that time frame, the chinese economy has more than doubled. i mean, this has been a terrible place to keep your money as a western investor and i think it will continue to be. shareholders and creditors are just not treated well in the chinese economic model and i think that will continue >> i want to

guest: his agreements definitely allow -- china and taiwan are able to be represented at the wto.hese kinds of arrangements have been allowed. we are seeing china come out strongly to say it is not going to tolerate taiwan joining. china has been more forward leaning in trying to isolate taiwan on the international stage, maybe that's not extending into interfering with trade agreements. yvonne: we are still waiting for than those else -- results of the german election. what do you think is in store for beijing? guest: the coalition in germany is going to be pivotal to this. you have possibly the most anti-china party in germany, and possibly going to be the kingmaker on this. you have the left who is much more pro-china. the german public is souring on china, see china as more of a threat, think the eu should be stronger on human rights. i think it's pretty times ahead. rishaad: great to have you on. love to talk about. the olive branch between -- yvonne: potentially, the influential sister of kim jong-un has reached out to the south. in a statement, she said there is a mutual de

it requested the wto set up a dispute panel as the next set to deal with the issue. slapped tariffs of up to 200% on all winemakers after bilateral ties worsened last year. china was the top buyer of australian wine before the duties, accounting for 40% of its exports. india is renewing its efforts to clean up one of the world's biggest piles of bad loans. $147$147 billion of assets haven identified. parts with a new bad bank which will be called the national asset reconstruction company. an indonesian court ruled that the president neglected the rights of jakarta citizens to clean air. in a rare victory for environmental activists, reports said he must take strong action to ensure healthy air. plus it rejected allegations that human rights have been violated. indonesia rights have been violated. indonesia ranks ninth among the world's most polluted countries according to an air quality report. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. air and on bloomberg quicktake,

the access in the advanced economies, i am the chair of the task force that includes imf, wto and whon access doses in the advanced economy. the goal would be to have those early doses, the early deliveries go to developing countries where -- that can use those doses. it is a hard logistics problem because you have got to get the dose from the factory to a country that once that kind of those. someone to mrna doses. someone astrazeneca. someone j&j and so on down the list. they sit in a warehouse and they are not applied to people. that has to be improved. we are urging -- the task force is urging the advanced economies to allow a swapping of doses. if they have a delivery scheduled into their warehouses in october of this year or november of this year, allow that dose to go to a developing country person and take a later delivery schedule because you do not need it. you have access to .4 billion doses. >> it is an excellent point. we're having a conversation about boosters in the u.s. when there are many people throughout the world who have yet to receive their initial dose. do you n

services bilateral agreements, sure, but of course, the real price for us would be liberalisation at the wtonumber and quality of those trade agreements? yes, and i think the agreement that rarely was the change was the japan agreement because it did something that we were never able to do inside the european union, which was to bring data into that agreement, and i think it's a fact of life that you cannot move goods and services but not data in this day and age, so i think that was the really important thing. it was in many ways of reluctant, but i think as a stepping stone to future trading agreements that allow greater movement of data, that allow greater movement of data, that was very key. i think that japan agreement well in time be seen as a much more important agreement than many others.— than many others. liam fox, thank ou ve than many others. liam fox, thank you very much _ than many others. liam fox, thank you very much for _ than many others. liam fox, thank you very much for being _ than many others. liam fox, thank you very much for being with - than many others. liam fox, th

the wto is meeting today to discuss this proposal to waive patents for intellectual property.des the uk, eu, norway, switzerland two are stalling on this. is that how it has to wear a? do we have to transmit the knowledge to regional hub so they can produce their own. i to regional hub so they can produce their own. ~ ., , ., their own. i think that is when at their own. i think that is when at the best possible _ their own. i think that is when at the best possible solutions - their own. i think that is when at the best possible solutions to i the best possible solutions to retrofit facilities. we think there are hundreds of facilities around the world that with the proper training and sharing of vaccine recipes that some investment could contribute very significantly to douse production. it doesn't happen instantly. it is a process that takes some months. in our own assessment is that for example, an investment of 25 million potentially less globally. he could produce 8 billion doses of an and are a vaccine, specifically using 14 facilities, 55 production lines. he set up th

meanwhile, the former wto bus -- boss has long been warning of the negative effects of the u.s. efforts to decouple its economy from china's. if you that to the u.s. -- we have two decoupling engines, if you will. he was talking about tensions between china and the eu over digital services and carbon border taxes. that's what's going on. really a regulatory overhang for chinese investment. not much of an overhang for japanese stocks as people vast -- bask in political intrigue following the resignation of the prime minister. haslinda: good news keeps coming in. the nikkei preaching 30,000 for the first time since april. we have the impending new prime minister coming out. we have covid cases tapering. in fact, we could have seen the worst covid cases. there probably behind us, japan. we have the addition of big companies getting into the nikkei, the likes of nintendo, the likes of -- other big names. i could add to the sentiment where japanese stocks are concerned. rishaad: further positives -- positive sentiment here, as well. 52,000 dollars, that's the price of bitcoin now. mo

vonnie: a wto panel has rejected beijing's claims against the united states over tariffs the trump administration. washington's measures targeted alleged dumping, but the geneva-based body says beijing failed to establish the u.s. broke its rules. bloomberg data showed that chinese suppliers flooded the u.s. market panels in 2017. chinese regulators have set a december deadline for 11 car healing services, including dd global, 26 instances of what it called misconduct. regulators criticized the company for disrupting fair competition and hurting the interests of drivers and passengers. india's increase in daily covid-19 numbers is raising concerns of a possible third wave. five hundred nine deaths were reported thursday. elsewhere, israel reported a record 11,000-plus new cases, with testing rates high above of the school year. 30% of those infections were in children younger than 11. the italian government is preparing its first full annual government. that is despite the economy rebounding faster than expected. the finance ministry is working on a new law to support italian families and busines

on top of we know they don't supply with international norms, the wto.nst the wiggers. they still jobs and technology so if you deal with the communist government of china, this is what you deal with you take a lot of risks. chinese are taking a lot of risks. wonderful people they've got a government that doesn't care about them at all. >> what do you want to do with the debt ceiling here? how is that going to play out? you don't want to raise how do we make sure we don't default? how is it going to play out in the near term? >> well, first off, we should not default on our debt. we got to get our fiscal house in order, hyper inflation. all the pressure theries it doesn't make any sense. what we have to do is stop wasting money. when i became the governor of florida, we were in a financial crisis in florida. over eight years, we balanced the budget, but fought borrowing money. the federal government has to say, we can live within our means. we don't to have this dysfunction and partisanship up here let's save our money the democrats right now, they, i me

ever since china joined the wto. producing success of this kind of model, growth model which is highly leveraged. so evergrande is highly indepartmented, and that's a problem now -- indebted, because all these positive factors are going away including the romance between china and the west, that's going away. maria: yeah. >> but i think chances are the chinese government is going to kick the can down the road and solve the larger problem gradually later on. maria: yeah. i mean, look, it seemed initially that the ccp was not going to bail out ever grand, but the people's bank of china pumped $71 billion into the short-term retail market last week, in the last five days to help absorb what could have been behind the scenes a partial bank bailout of ever grand. it will find a nontransparent way potentially for chinese corporate developers to finish that 1.6 million unfinished evergrande apartments that are there. what are your thoughts in terms of beijing bailing out evergrande? >> yeah. so the chinese government says i

trade policy, policy rub intellectual property rights for example at the wto. amy: wh