in the 20 years since its “ointed wto? ., , ., , wto? one of the things that is interesting _ wto?e things that is interesting or different - wto? one of the things that is interesting or different at - wto? one of the things that is interesting or different at the l wto? one of the things that is - interesting or different at the wto is that the wto, when it was founded, said countries should self designate what they want, whether they want to be called developed or developing? that is it. that does not change. china is designated as developing but in the past 25 years its economy has changed enormously, and changed fast. that has brought a lot of discussion about whether some of the ways of managing the economy in china are according to the rules, or that is something anti—competitive. what we are doing here, the wto, is trying to work with members on these issues, trying to make sure that benefits of special treatments, which is what those developing country members who are pruner gates, they are able to implement agreements is perhaps a slower pace, and perhaps with more space

what does this mean for the wto? i think that it's all part and parcel of our engagement at the wto, the wto escalation of economies and among those economies all go through these changes in our relationships and the dynamic and the global economy. i see this actually not as an emerging issue but it's something that's really baked into the pie. >> great. thinking of our national security interest there's also been a lot of discussion about nearshoring and the relationship with our usmca partners. we are under know how many mature internet, but how are we doing so far? at another one of the questions coming from our friends on my. >> i think it's 23 months because it is shy one for increase over come up on the two-year anniversary of usmca being in in a fact. how are we doing? i think this relationship is strong. i think that going through the exercise of renewing our vows to each other if you will, addressing some of it, going through some couple therapy also or over the course of the process has been really importan

nermeen: fatima hassan, you wrote a piece following the wto decision headlined "the new wto deal is a for poor countries." could you explain why you think that is the case and what role you believe the director general of the wto made in enabling this decision? she is of course the first african and the first woman to head the organization. >> thank you. we have argued it is a weak deal because it is not the waer that was proposed by south africa and india. it only afcts vaccines and -- entire deal is more about summary of what to do if you decide to manufacture vaccines and export them. it deals quite signicantly with export rights and who should be opting in and who should be opting out of the deal. itoes not deal with the other element of intellectual prerty like cyrights or the recipes in the knowledge to scale up manucturing. it doesn't do with diagnostics. [indiscernible] what we need is believe countries were bullied into ience, countries were bullied into submission in the last 2.5 months, and forwa by the wto was based on what the eu and u. wanted. [inaudible] basically ensur

what does thish mean for the wto i think it's part and parcel of our engagement at the wto and among those economies we all go through the changes and relationshipss and dynamics, soi see this actually not as an emergent issue but something that's really baked into the pie. >> thinking of our national security n interest there's beea lot of discussion in the relationship with our u.s. mca partners. i'm not keeping a calendar on that but how are we doing so far as the number of questions coming from our friends online. >> i think it is 23 months. we are coming up on the two-year anniversary. i think this relationship is strong and going through the exercise of renewing our vowels and addressing some of the therapy also order over the course of that process has been important and i think it came out in an important time because none of us could have noted of course having the u.s. mca basically come up through the senate in early 2020 and then a couple of months into the pandemic i think that you never know what the counterfactual would be but i think that the timing was important gett

>> obviously, related to the wto, we need to keep global trade and foods and fertilizer operating as normally as possible and not see imposition of trade bans as we already are seeing from india in terms of wheat and malaysia with chicken. we need to keep food markets and fertilizer markets operating freely i suppose to some extend your question suggests with we need to put in place market and other measures to return us to the status quo before. maybe that is not necessarily the right thing to do. the food system was creating lots of negative consequences in terms of epidemic and greenhouse gasses maybe we need to think about putting if place in a place fro before bigger welfare payments to afford more food which is more expensive and avoid the damaging congr concerns by helping people to afford the food rather than s subsidize. >> i know this was talked about through the pandemic and now like the one on the back of the war in ukraine to present an opportunity to reset the systems. you mentioned india and india has caught flack for banning the export of wheat. in india, of course, d

- wto looking into this? yes, i thinkthat _ wto looking into this?hat one year _ wto looking into this? yes, i think that one year extension period which now expires on thursday following which this would definitely come under wto jurisdiction, would —— which could expose us to international remedies. in the meantime. — international remedies. in the meantime, swetha, _ international remedies. in the meantime, swetha, give - international remedies. in the meantime, swetha, give us . international remedies. in the i meantime, swetha, give us your opinion on russia who defaulted on debt late sunday. it was expected to happen, the russian authorities say the whole thing is a fast, the money is there, it is just because of sanctions. —— fast. it isjust because of sanctions. -- fast. it's the first default _ sanctions. -- fast. it's the first default on _ sanctions. -- fast. it's the first default on foreign - first default on foreign currency debt by russia in over 100 years and as they point out, the question isn't so much unlike other defaults, this on

the wto look at whether the rules in opposing the sanctions, and if the wto has found that it didn�*td emotional abuse was "systemic" during a 12 year period up to 2020 boris johnson�*s former ethics adviser says he resigned last night because the prime minister put him in an "impossible and odious" position over an issue he believed would amount to a deliberate breach of the ministerial code. interest rates up again — to one and a quarter per cent, the highest in more than a decade. the bank of england has raised interest rates for the fifth time in a row. the base rate is going up a quarter of a percentage point — to one point 25 % — its highest level in 13 years. the move is aimed at fighting high inflation amid soaring energy prices. 0ur economics correspondent, andy verity told me the raise was widely predicted but not welcomed by many people. well, no, especially if you�*ve got a variable rate mortgage — that is a minority of households, less than 10%. but, nevertheless, some of them are locked into their mortgages because of what the government�*s done, selling portfolios of mo

we looked at the wto conference _ it? we looked at the wto conference a _ it?- it? we looked at the wro| conference a fortnight ago, it? we looked at the wro - conference a fortnight ago, we are delighted multilateralism continues, but the reality is, the whole world has changed. we are seeing now the result of global forces, are seeing now the result of globalforces, both the pandemic in the global logistics chain meltdown, having an impact, the war in ukraine is having an impact, and those bases and beliefs we have had for over 50 years, have had for over 50 years, have now changed, and habits. sorry to interrupt you, the kind of debate we could have four hours but we don't have that time, it's been fascinating, thank you. turning to hong kong now, where the region will mark the 25th anniversary of its return to china tomorrow. in the run—up to the handover from british rule in 1997, there was uncertainty and fear about the territory's future. but, initially, the region developed into a global financial powerhouse. however, in recent years, the introduction o

the wto is one of those trying to solve this crisis. >> having 20 to 25 million tons of grain havingboards -- in ports and where houses is really sad when we see prices rising so high. reporter: at the moment there is no progress. what are your concerns? >> if we are not able to evacuate grains to ukraine now with a similar quantity that will go to waste. you can see this will work its way through the next year or two and that will be really disastrous. reporter: the clock is tiing. 49 million people are already on the brink of famine. a more prolonged humanitarian crisis could be looming. laura: a schoolteacher has been killed and several students injured after a car was driven into a crowded -- crowd in berlin. they were on a sool trip. the incident took place on a busy street in the west of the city. officials say it is unclear if it was intentional. in 29-year-old man with german and armenian citizenship was arrested at the scene. i u.k. movie chain has canceled all screenings in britain of a film about the daughter of the prophet muhammad after it prompted protests outside some

wto arbitration within this organization was blocked by the united states of america, that is, pleasecipate, but as soon as it comes to some disputes that should be resolved through arbitration this system is blocked by the american administration. what is participation? if the disputes that arise cannot be resolved, you understand, that is, well, i don't even know what it can be compared to. that is, you know how to sing it. you can only open your mouth. that's about it. uh, let's go further consumerism under absolutely this image, and the us leadership has built an american centric agenda for good. on democracy election media . the roles of ngos were simply on the verge of interfering in the internal creation of new corrupt regional formats with the connection of increasingly discrediting organizations of american states behind a scripted column of us exclusive influence in that part of the world. it's not just obvious . and probably one of the most important goals is to minimize the cooperation of the region with moscow and beijing, because everything that is now a kind of unifying

i think there will be a big focus on the backlog, there will be a lot of discussions around the wto reformbut also, low hanging fruit, i think the focus will be on july, new zealand and mexico to try to seal deals there. let's take july, try to seal deals there. let's takejuly, for example. there take july, for example. there are takejuly, for example. there are big hopes we can seal the deal —— chile. they have lithium in the car industry in germany as well and the european union is really dependent on that. they want to become, orwe dependent on that. they want to become, or we want to become a leader in the world market there, so i think that will be there, so i think that will be the focus, as well as the eu — us trade relations. and the big hopes are that the eu and us trade and technology council will advance, and i think this will advance, and i think this will be the focus of today's meeting. it will be the focus of today's meeting-— will be the focus of today's meetinu. , . ,. ., ., meeting. it is fascinating. you would never — meeting. it is fascinating. you would never pick _ me

the wto recognizes that the main reason for the rise in prices is various kinds of economic restrictions food prices will lead to a decrease in the standard of living in developed countries, and for low-income countries, a catastrophe may turn out at all, and the wto leadership made such a statement, the organization puts special emphasis on the problem of grain shortages , the main suppliers of which have so far been russia and ukraine, it is noted, that wheat prices in may rose by more than 50% compared to last year. flooding and other natural disasters have added to the pandemic-induced supply disruptions and caused food prices to rise around the world ukraine conflict led to a further escalation of this situation under the given fau. wheat prices. increased by 56% compared to last may. the cost of cereals increased by 30%, vegetable oils by 45%, and the world bank index of fertilizer prices in low- and middle-income countries is 128% higher than a year ago. economies around the world are facing inflationary pressure from both high food prices and energy, the poorest suffer the most.

this means that partners are introducing a ban on the import of processed wood, contrary to all wto rules. what should these companies do? and they say that let's reconfigure government support methods, for example, we want to get a much larger logistics subsidy. why because to deliver? sorry, to turkey or iran, china is much more expensive and if the same subsidy that they had, let's say , was before logistics, they do not fit into the price. and we are just talking about the fact that now we need to reconsider, reload national projects and state programs are largely for the new corridors of the south, the east, if we are talking about exports , imports, and, if we talk about small medium-sized businesses, then, of course, reconsider first of all sectoral regulators, for example, the ministry of economic development, which means the ministry of industry to the ministry of agriculture, they have an understanding and programs for development of smes, but this is not the case, for example, the ministry of energy, the ministry of health means the ministry of communications there, the ministr

consequences of the economic war, now it has become difficult for everyone why do we need the wto under sanctions? a whole bunch of internal problems america on the eve of the election cycle materials of our program iran has come to the very threshold of a nuclear deal on the verge of failure story from the scene now any major forum on political and economic topics the just-past petersburg are no exception discussing one thing, as it will no longer be like before. we do n’t know how it will be yet, however, the consensus on the first issue was already achieved two months ago, there were still enough of those who believed that their own circles were not excluded, almost everyone agrees with another dominance. the west is completed, namely, it was built on it . globalization. sample of the last decades. now is the time for everyone to have an operation on their own , when everyone for himself is, in fact, a universal copyright, perhaps we really have it, but this is in europe from such a response to africa for example, the last hundred years like this is the order of the day. the west tal

that was later extended to the wto agreements that have the same properties.bitter attack on the labor movement and in fact we have someme evidence about how great innotech it was a couple of years after nafta a study was undertaken and undertook a study of the effect on union organizing and it turns out that the affect was developed the strike breaking. there are major industries working on what used to be called scientific methods. lots of techniques but it doesn't matter if you have a criminal state it doesn't enforce the law. the effectiveness over the years has been a sharp decline in the labor move. this is happening at the time that workers want to unionize. you look at the worker's preferences and the majority want to be in unions but they declineon every year. again, last year under attack from a state corporate program of attacking. that's what it amounts to. going back to the amazon strike, it is a dramatic break from that despite the enormous advantages the corporate business system has been given by state criminality which is what it is despite th

and if we talk about exceptions, then yes, in terms of wto rules.anding the rules in order to expand the development of our economy. now india is also developing an import substitution policy and a rather powerful project is being implemented, it is called do we make in india, this is a local national production that is developing for the purpose of economic growth, and on the other hand, this is a global trend, because we see that this leads to an expansion in the creation of workers places. and this on the global agenda. and and also we see that this is what accelerates, uh, development, and now it's an important topic for russia, but india has been doing this for a long time, india despite all the pressure and pressure. we believe that it is imperative to maintain energy security, and our country and a we will purchase energy resources depending on economic feasibility and, in this case, oil from russia supports e, economic growth, and we follow this logic, and therefore we didn't uh joined uh sanctions because we have an inalienable right to act

countries, but mrjohnson and the government will be exposed to accusations that they are breaching wtoknow he does not really care very much about breaking international treaties or international laws, but there are also concerns that this could lead to a retaliatory measure to uk exports and it could also dampen british manufacturers who rely on imported steel. this is another probably announcement that has not been thought through and what the likely implications of it are. that likely implications of it are. at the end of the story in the front page is the life and other developments but one of them talked about a poll suggesting that voters are turning on the government and the bank of england over the cost—of—living crisis with almost one in three say it is a public spending is significantly to blame for high inflation so it may be in other developments lying on the front page but how to the government handle that is obviously right at the front and centre of most people's minds. if the front and centre of most people's minds.— the front and centre of most people's minds. the fron

bprepared for him to put a gun wto someone's head d pull the trigger, and he wathe same soldier who washat that had happened. mark: braden chaan says he saw soldier b punch a child in the face and confront anotheboy with a dog. braden: it was on top of a mountain, and there was just an old man and a young child up there and their dog. the dog was barking but on a leash and the--he told the boy to hold the chain up near towards the head so that he could hold it still, and then he shot the dog right in front of the child. mark: so, he shot the dog as the child was holding it? braden: yes. ♪♪♪ mark: later that same year, 2012, australian soldiers were out for blood. a rogue afghan soldier named hekmatullah had killed three of their comrades. special forces soldiers from 2 squadron sas were going from village to village searching for him. mark: four corners has spent months collecting evidence on the ground in afghanistan about what happened. 2 squadron swept into the village of sola looking for hekmatullah. there they focused on the local mosque. rafiullah was just eight or nine years old

we are glad to see, recently, the wto ministerial meeting has achieved some great results. we should really revive that spirit of cooperation. we are facing more serious dangers, like a pandemic, climate change and debt and famine and energy crisis. there's much more serious issue that needs china, us and eu and many other countries to work together, rather than... we are obsessed with these ideological differences and also this kind of cold war mentality. and we really need some detente, actually, as i was talking to neil ferguson just two days ago. dr kissinger actually said, "we're at the foothill of the cold war." we need to avoid that. we really need to revive the peaceful spirit. henry wang, i thank you so much forjoining me on hardtalk. thank you very much. thank you, stephen. hello there. showers have been making their way northwards through the night accompanied by the odd rumble of thunder. not as warm for the day ahead, and there will be some sunshine around certainly, but equally a rash of showers will develop as the day goes, that's because we got low pressure

it's about strengthening the wto.we got to be careful in assuming that the brics is going to be the savior. i think the brics is going to be evolving and when it evolves, it's going to have different iterations. and that's going to be key to the stabilization of this global arena which is currently in a very vulnerable context right now. hashem: i wish we had time to continue our conversation, but unfortunately we're running out of time. in the meantime, sanusha naidu, nancy snow, and einar tangen, i really appreciate your insight. thank you very much. and thank you for watching. you can see the program again anytime by visiting our website aljazeera.com. for further discussion, go to our facebook page. that's facebook.com/ajinsidestory. you can also join the conversation on twitter. our handle is at @ajinsidestory. for me, hashem ahelbarra, and the entire team here in doha, bye for now. ♪ wÑcÑcÑcÑckkkkkkkkc [captions madt television] ♪ ♪

the wto is probably not you like this and of course there could then be a problem of a tit—for—tat forribly well for him.- works terribly well for him. we've had a department _ works terribly well for him. we've had a department for— works terribly well for him. we've| had a department for international trade response to this story in the telegraph. it says no decision has yet been made we are consulting with foreign counterparts on our proposals before making a final decision i had of the deadline the final decision will be made shortly and will balance our international obligations and the national interest. jo, what do you make of that response and the story in the telegraph? i that response and the story in the teleu-rah? ., �* ., ,, that response and the story in the telegraph?— that response and the story in the teleu-rah? ., �* .,~ ., , ., telegraph? i don't make anything of that resnonse _ telegraph? i don't make anything of that response because _ telegraph? i don't make anything of that response because it's _ telegraph? i don't make anything of that response because it's the

can this so—called poly crisis be taken on by the wto, world trade organization, as global trade ministerskraine. iam going i am going to be

president obama said it about them in relation to the wto.n relation to the fortification of atolls and islands in the south china sea. and they've comprehensively broken their word over the joint declaration. but then many people listening to this will think, look, that there's an element of double standards here because the uk held the territory for decades, and as cy leung pointed out just recently, reminding the british government, it never gave hong kong democracy. all the way, as he said, all the way until the last day of british rule in hong kong, the british government never gave the territory democracy. well, let me just unpick that for a moment. and the idea that cy leung should be regretting that is for the birds. i mean, he was always opposed. i know, but... is the uk in a position to criticise? yes. and i'll tell you why. hong kong was different from any other colony. we weren't in a position where we were preparing it for independence because part of it was held on a lease and it was always being returned to china. and when, in

but because all the agreements that well, what kind of wto is there?re are sanctions trade on lawlessness, absolutely or financial spheres disconnecting banks from the systems. what are there? excuse me, the agreements may be within the framework of any existing ones. i think that the situation is quite understandable, and these rules were set in the west. and when russia began a new, as it were, its own stage of life in the early nineties. we were forced to connect to these rules, and we connected to some of them for a long time , we were connected there for decades , but we didn’t set the rules of the game, and how could we only, i repeat, connect to those mechanisms that were, but also this, probably, suited us until a certain time, until the west began to push us further, squeeze further, or, as we now think, in general, how to nullify russia. you know, i've met before. uh, with a very, very, very, i will not give a surname, but a very famous person in the field of western media is the editor-in-chief of one of the coolest western gases. he said th

there was an agreement from the wto earlier this week to share some of the recipes for vaccines, butate in the uk, but also most people are at least six months out from the booster and their community is waning, especially to these new variance, so we need to also look at potentially boosting our own population in the autumn. ., , boosting our own population in the autumn. . , ., ~ i. autumn. 0k, kit yates, thank you very much — autumn. 0k, kit yates, thank you very much indeed _ autumn. ok, kit yates, thank you very much indeed for— and your time. and yourtime. —— and your time. —— for your analysis and your time. —— for your analysis and your time. —— for your analysis and your time. meanwhile, russia has threatened lithuania with serious consequences over a ban on the transport of goods to the russian territory of kaliningrad. the growing row follows lithuania's decision to ban the transit of some goods to kaliningrad, which is bordered only by eu countries and has no land connection to the russian mainland. the enclave is strategically important to russia and was retained by russ

of people are familiar with this that there were big riots against the meeting of the wto in seattle starbucks windows got smashed and then the national media coverage of it was like, how did this happen? why are people angry at starbucks? where did this come from? so there are currents in the 90s that like exploded in the 2000s. but since 2000 i mean there was the 2008-2010 occupy movement the 2016 bernie sanders campaign just real centerings of critiques of capitalism. across the political spectrum exists now that definitely didn't exist in the 1990s, nick. the 1990s that wages seem to be rising, but actually weren't was that related to inflation. um, i don't see it. everyone was kind of like, oh look we fixed inflation. there isn't much of a problem. the idea. was that even though economics would later see a like stagnant wage growth. like the media was covering stories. i mean, i will say i was a college. no, i was a high school student in the in the late 1990s and there was a time when burger king was offering $3,000 signing bonuses. yeah. so there is this idea signing bonus for

has taken some steps to try to break through the monopolization, large part of which goes back to the wtothat i mentioned earlier. which provide free trade agreements, that are not free trade. to ensure high profits for pharmaceutical corporations for mega media corporations and others. intellectual property rights, exorbitant rights which allow them to overcharge and make extraordinary profits even though in the case of the pharmaceutical industry much research and development was done at public expense including the moderna vaccine but the rules of the mislabeled free trade agreements allow them for monopoly pricing grants, the germans have been more adamant in protecting this than we have. the effect is to deprive large parts of the world of the vaccines they need. this is a threat to us not just to them. it means a large pool of unvaccinated people which provide the virus opportunities to mutate, and the variants that have appeared over the years have either been highly lethal but not very contagious like ebola or highly contagious but not very lethal like omicron. can't guarantee tha

e wto has not been resolved.lready passed since then, in fact, this issue has been babbled, it has not been brought to its logical conclusion in order to really resolve the situation. in fact , everything is concentrated in the hands of those, uh, institutions of the organization that are trying to cope with the situation and apartheid in terms of vaccination turned out to be not a myth, not an invention. indeed, uh part of our reality and part of the global inequality, because there are those who profit from this problem and millions of people have actually uh, become infected and died due to lack of access to a vaccine, it was said that both the healthcare system and a system of cooperation on uh, our continent but uh in matters of common. eh, a lot of character. what is really similar and can an analogy be drawn? uh, more rich uh countries and this is not a political statement about many uh issues should join the usa and china and uh russia in distributing the vaccine around the world because it is uh a pandem

. burdened intellect freedom of transit is guaranteed not only by agreements with the eu within the wtonot part of a package agreement between the eu lithuania and russia, see how interesting lithuania is doing well, i remember right here, i don’t remember the sanction on allegedly fulfilling its obligations on freedom of transit does not fulfill correctly said the president at the st. petersburg forum there were absolutely no obligations left for the west, but only one solid interest, another part of this agreement was the recognition of the borders of lithuania itself by russia listen, if lithuania itself did not give a damn about the agreement on which its current borders were determined, then with what fright should this agreement be observed by russia's head commission of the neighbor for the protection of the state sovereignty of the russian federation andrey klimov said that if the european union does not correct the situation with the transport blockade of kaliningrad, they themselves will disavow for russian federation documents on lithuania's membership in the eu gentlemen bos

that would be against wto rules unless there is a justification.ng to do. imore reject the advice of his adviser, then it was nothing to do. were you surrised? then it was nothing to do. were you surprised? i— then it was nothing to do. were you surprised? i don't _ then it was nothing to do. were you surprised? i don't know. _ then it was nothing to do. were you surprised? i don't know. there - then it was nothing to do. were you surprised? i don't know. there was| then it was nothing to do. were you | surprised? i don't know. there was a ve lona surprised? i don't know. there was a very long gap — surprised? i don't know. there was a very long gap between _ surprised? i don't know. there was a very long gap between when - surprised? i don't know. there was a very long gap between when i - very long gap between when i produced my report in a conversation with the prime minister and when it finally saw the light of day with the prime minister setting out his position. so, i mean, idon�*t the prime minister setting out his position. so, i mean, i do

mean for pacific rim starters pray that's why you see the imf and other institutions start to follow wtoith sub 3% global growth. no one including michael has ever thought of. jonathan: a lot of people might consider that global economic recession. tom: there's no question. jonathan: the chief u.s. economist at jp morgan looking ahead to chairman powell tomorrow. pce data, a whole bunch of data this week. this is bloomberg. ♪ so many people are overweight now and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now, there's golo. golo helps with insulin resistance, getting rid of sugar cravings, helps control stress and emotional eating, and losing weight. go to golo.com and see how golo can change your life. that's g-o-l-o.com. jonathan: good morning to you, this is "bloomberg surveillance." through most of this morning, we stay that way, just a quarter of 1%. on the nasdaq 100, up just about 1/10 of 1%. in the commod

in the joint declaration, the group also called for reforms by international bodies like the wto and. a major increase in australia's mining sector has uncovered dozens of occasions -- of cases of abuse of women. the west austrian government describes it as horrific, citing a failure of the industry and oversight by the government. the investigation recommends compensation for some workers. the january 6 committee investigating the attack on the u.s. capitol has heard first-hand accounts of how donald trump attempted to pressure top justice department officials into supporting his claim of election fraud. the showdown came in the days before the strumming of the capitol. doj officials say that then-president -- global news 24 hours a day on air and at bloomberg quicktake, powered by 2700 journalists and analysts in 120 countries. this is bloomberg. rishaad: we are looking at softbank shares before the close. 1.4% to the upside. this is really after the company had a record quarterly loss. there's potential for long-term gains. also talking about company performance and comparing it t

conservative, we fueled it and for the fact that the institutions were preserved and moved on, these two wtosrt of the institution markets and uh hmm and actually work with these problems. in my opinion, to a greater extent lies in the inner plane. the first break in external ties - of course, but there is still a lot of uncertainty, because this is the subject of political decisions not only in our country. uh, but accordingly, i think about all this we will talk in more detail during this session. thank you oleg please, and i would add two more points to our colleagues that sounded to some extent, but i would like to draw your attention to them. the first is that in developing countries, to which russia still belongs. uh, infrastructure plays a very important role, and a lot of effort should be spent on it. unfortunately, the state here you will not see that private business is coping entirely, both with the physical and, for example, with the financial infrastructure , and therefore the participation of the state in this development will be very large and, i hope, very confident and effici

the head of the wto previously said she wanted to end the morally unacceptable in equity to access toovid-19. this delivers a blow to vaccine manufacturers. hong kong's outgoing leader is urging residents to avoid banquets and other large gatherings emerged -- emid -- amid a resurgence of covid-19. it has the highest level in two months. fewer than two dozen of those people are in serious or critical condition. global news 24 hours a day on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ >> the problem with a deep recession, right now, is you are not getting the fundamental drop-off that the big earnings -- right now, as we sit, it is going to be a shallow recession because we have not had the drop-off in fundamental to the magnitude of a deeper recession. jonathan: the word "recession" -- we need to talk about what kind of recession we get, if we get one. andrew slimmon there from morgan stanley. futures up 0.9% on the s&p 500, the nasdaq up a little more than 1/100th of assent -- of

feels different from 3% wto, sub-3%. oecd comes in at a solid 3%. jonathan: i will move past this because we are friends. it didn't take him long, did it? let's get back on the rails. tk, pushing $134-yen. tom: things are not unraveling. i don't want to be inflammatory, but the market is absolutely fascinating. vincent reinhart would say, level doesn't matter, it is the rate of change and the rate of change of the rate of change, the second derivative. they are in play now. german 10-year and japan, we could spend the whole show on japan. jonathan: let's start there. lisa, the japanese government on market did not trade once in yesterday's session. today yields higher in the u.s., higher in germany. what are they doing in japan? nothing at all. they are increasingly isolated. it is in the fx market and everyone else is pushing against it. lisa: that is going to tweak me, because it is not a market. there is nothing markety about this. it is controlled by the bank of japan. the pressure reliever is coming from the currency pairs we are seeing having

as much as three months' wto of water barreled down this valley in three days, breaking record high riverrastructure, built for what was normal last century, not for the extreme and unpredictable that is becoming normal in this. for the benefit and enjoyment of the people, says the grand old gate. not right now. this northern entrance likely will not open again this summer, because that one road in will take months to fix. >> there is nobody here. there is one hotel that's actually shutting down, told all its employees to go home. >> reporter: you were booked? >> we were booked solid for a year. we were booked for a year. >> reporter: gardner, gateway to the park, now a ghost town. probably will be for months. >> it's a yellowstone town. and it lives and dies by tourism. >> reporter: there should be more than 10,000 people in the park on a summer's day. today just a few hikers left in the back country. and all this might not be over. there is still 12 inches of snowpack up there, and high temperatures are forecast for the weekend. more snow might melt, and the yellowstone river might rise

virtual summit hosted by beijing, the group also called for reforms to international bodies such as the wtond imf . new york's transportation authority says it is drafting rules to keep weapons of mass transit, this after the supreme court struck down a state law limiting who can carry a handgun in public. the landmark ruling is possibly meaning more guns on the streets of all american cities. it comes as a u.s. senators are moving towards approving new gun safety measures after recent mass shootings in new york and texas. a major inquiry into australia's mining sector has uncovered dozens of cases of sexual abuse and harassment of women in the industry. a report by the west australian government described those incidents as horrific. bhp and rio tinto are among those named in the investigation, which recommends compensation for some workers. 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. paul? steve:. paul: still to come, we discussed the outlook for emergin

walked back and in some cases they have been more exemptions have been carved out and of course the wto and others but this is i agree very much i didn't go into a lot of what we were doing and certainly we agree with the promise these kind of policy restrictions can be every bit as damaging as some of the other obstructions to food circulation and as we've seen elsewhere. finally, is journalism enough, journalism has never been enough. it's necessary but it's not a sufficient. even when we cut our teeth together in the balkans you needed the reporters to go in and uncover the death camps and the policymakers to do something about it. i think you're pointing to something different which is how can truth and facts prevail or breakthrough and that's where the responsibility not only of government but now countries that account for the global gdp or have the equivalent of more gdp than 70% of the countries in the united nations which for my class at the kennedy school i would show all the flags of all the countries at the un and rank them by gdp and i would put facebook's flag among them a