looking at another interview from davos. we have the international monetary chief telling bloomberg she does not see a global recession but the imf will need to come to the aid of some developing country. >> if you want to -- increasing standards of living, we have to work together for it. >> what does it mean for the next 12 to 18 months? if you look at inflation, that could lead to famine. it is going to be extremely hard for especially poor countries. you have the chance of a worldwide dutch worldwide recession. how high is the? >> we are projecting a lower growth than we anticipated last year. 3.6% versus 4.9. let's remember 3.6% is the average growth in the previous decade. we are still protecting to be in positive territory. -- two, appreciation of the dollar. three, slow down in china. all of this is making further downgrades not out of a question. for some countries, there is now an increase. but we do not anticipate a global recession. >> especially the dollar rally, it has huge implications especially for countries

a report reposts from davos. reporter: president zelenskyy continues to direct military efforts and met has not left his country since the invasion. he appealed for more funding and to pay for the reconstruction. >> ukraine needs funding, at least 5 billion u.s. dollars per month. this is why we established a fund to rebuild ukraine. we call upon everyone to join this. reporter: president zelenskyy called for russian assets in the west to be seized and given to ukraine. >> an interesting debate that will emerge soon is whether the europeans in the north americans will move from freezing russian state assets to season their state assets and using vladimir putin's work chest as ukraine's reparations fund. reporter: because of covid, this year's davos is not happening in januy. officialattend b this year the building used for the russia house has been transformed to highlight human rights abuses. it has been renamed the house of russian war crimes. the boring ukraine will continue to reverberate around davos this we

tom: we will be going to davos. we can assure you as we look back 10 to 12 years, it is occupy davos with abramowitz. she will be traveling to davos it is in a hermetically sealed case. can we move on? lisa: let's move on. tom: careful analysis of the housing market and the american consumer better. the data with mastercard on what consumption is doing she is the chief u.s. economist for mastercard economic institute. what is the distinction you see in the mastercard data? >> good morning. the data as we have been talking about has shown solid consumer. right now the transaction data is still outspending. as we look forward and think about all of these different factors driving consumer spending with costs going up, we are seeing a shift in the economic cycle towards moderation and we should see that show through in the data. in the meantime, seeing strong spending trends. tom: you look at 10% of america, another 10%, another 10%. can you state the middle class will be crushed by this inflation? michelle: i don't th

i will not leave davos with that thought. i will leave with the thought that we will need more collaboration. i'm afraid the risk of a world recession is less than the risk that we are going to walk into the world with more fragmentation. with trade blocks and currency blocks separating what was up to now still an integrated world economy with a conflict and ukraine, bad weather and inflation all contributing to rising food prices, davis, his worst nightmare appears to be coming to fruition. global trade is being dramatically affected with malaysia, for example, already halting monthly exports of 3600000 chickens until production stabilizes. while a number of the world's biggest grain exporters like russia and cassock, stand, have restricted oversee sales to protect their domestic markets. after a heat wave ravaged grain output in india and prices shot sky, high new deli band, private sector grain exports altogether. some experts say india is even thinking of doing the same with rice. the government has already imposed restri

speaking of davos, what else do you got coming up? >> tomorrow we've got an exclusive interview with mark ben benioff, the ceo of salesforce, and also wanted to share a piece of the conversation that i had with vladimir, a heavy weight boxer, a member of the ukrainian army he has come to davos with a message for the world. i asked him what it's like right now in kyiv where he is there fighting listen to what he said. >> three months ago, when russian military forces were on the outskirts of the city and you could hear the shellings, you could hear daily, hourly explosions you could recognize is it in or out. is it something that flew in or something that's coming out. the city was empty 5 million people were living and working in the city of kyiv, up to 5 million and the city was empty i have never seen kyiv empty but i saw it right in the beginning of the war now, the life is back. it doesn't mean, though, that the danger is out. we are still in the war zone >> you'll hear more of that interview in closing bell later, david, you i ju

very much on the agenda at davos. what can we expect? very different devils this year. adrian, you know this event normally takes place in january. normally i'm surrounded by snow. it wasn't held in january because of coven 19. it wasn't held the year before, because of coven 19. so we're looking at a world that is in a very different place. now, some of the effects of coven. 19 some of the effects of the war in ukraine. but we currently have a global food crisis. we have our global energy crisis, we have rising inflation. those will be the key issues i think that will be discussed in terms of the economic side of what's discussed at dabbles. in terms of the political side, i think the key speaker is not going to be here in person. we've seen this patent many times before because the key speaker is president savanski and he'll be speaking to the delegates here in dallas in the next few minutes live from keith giving his latest view on the war. he. i think the key speaker today on this 1st day of a resumed dab was looking at a different and a world with a lot of challeng

we have a big line up today in davos. in a few minutes we have pfizer's ceo joining us on set we have cisco's ceo chuck robins as well. might also talk about china, which is a big topic here in davos. and north ireland chairman glen hutchins on the markets, the economy, maybe a little crypto, fed and more, becky. >> andrew we continue to watch what's happening in terms of the economy whether there's a recession or not we've heard from retailers and it's a tail of two cities. this morning shares of nordstrom are higher, the earnings beat estimates and they raised their full year outlook. the ceo said the company has experienced a surge in demand from shoppers refreshing their closets for long-awaited occasions. the stock up about 9.6%. that stock is still trading below levels from last week. before we got the reports from walmart and target walmart and target each had their worst day since back to 1987 but again, this is the question that we keep trying to figure out where we stand in the economy, what consumers are willin

so lensky hoping to address the forum in davos any moment now. but let's 1st look at this report. this used to be the russia house here at the world economic forum. now it's been re christened the russian war crimes house. a ukrainian billionaires backing the project to highlight alleged abuses committed by russian troops in ukraine. the world economic forum cut all ties with russia for this year summit. meanwhile, davos is rolling out the red carpet, for the biggest delegation from ukraine ever. prison zalinski will open the meeting with a video address and for ukrainians here, it's a bittersweet moment. we are here in this beautiful setting, but at the back of our mind always are these images of these horrific killings and atrocities and war crimes going on. as we speak back in ukraine, and we are here to as best as possible, represent those people and to do all that we can to galvanize the international community to support ukraine even more despite dallas's spring cheer. the mood is somber amid soaring geopolitical tensions. the war and ukraine has worse and the global food an

what we heard in davos, we need international solutions to these crises we have. lisa: some cohesion to remedy the issues with high food prices, high gas and tax prices. this is a global feel we saw in davos, the focus is on europe and what is going on with ukraine. tom: larry will join celebrating howard davies new book out, francine lacqua speaking with sir howard in the last hour. we will touch on that, as well. let's get to it. the important conversations we have, lisa is briefing us. >> this is an important day. we get personal income and personal spending, everybody has been talking about whether the u.s. consumer, how much can that end up driving further growth? we are expecting it to decelerate. i am curious to see where we go there. 10:00 a.m., u.s. university of michigan sentiment survey for the month of may, expected to say about the -- stay the weakest going back to 2011. how much does this change, we are not expecting much. a precursor for what is to come. we will have a full english breakfast with stephen major, mohamed el-erian, jordan rochester, so

tom: we are regrouping with meetings for someone who stopped us in davos. savita subramanian was with bank of america holding court on esg. she is the head of quantitative strategy. esg seems so yesterday's story giving -- given record coal prices. how does the shock of the many global risks full over into moving forward in the stock market? how do you regroup now to get ready for 2023? savita: i think that where we are now is it is past time for esg investors because the best-performing areas are defense, energy, two areas typically excluded from the esg and these types of investors. i think the worst is not behind us. we published yesterday that the realistic worst case for the s&p would be 3000 3200 -- 3000, 3200 . investors are saying give me any reason to be bullish and i think that is because clients are asking that question. there is a pervasive sent to get -- sentiment that it is priced in. what you want to buy is still very late cycle inflation. we are still overweight energy. to your point about china reopening, energy -- oil could be depressed ri

tom: at the panel yesterday in davos, sir lawrence friedman. in the most quiet moment in that too short an hour he link dollar dynamics into the food crisis and the memory of tunisia, the arab spring. focused on egypt, when you look at the fragility of egypt and the memory of the arab spring, what is the model to help begin to solve the crisis? momahed: it's a big issue. the imf months ago said a cost-of-living crisis in the west is the risk of famine and commodity importing developing countries. that is proof of fragile economies. egypt, turkey, the decision is how much you subsidize have much you pass on to the consumer? food is a particularly delicate issue. most countries will end up subsidizing. you are likely to get a repeat of 2011. however, and this is important, you have to worry about the finances. it's a difficult environment for developing countries, tom. lisa: before we move on to what is going on in rates and move ahead in this economy, what do you think in terms of offsetting the costs? something like the windfall tax announced i

in the world forum in davos. he says the negotiations should begin in the next few months, the dividing line to return to the status quo and he suggested ukraine agreed to give up much of the donbas as well as crimea. we have anna stewart. let's start with you this hour, and the comments really about former secretary of state henry hissinger who suggested ukraine should be prepared to seize some territory to moscow in order to reach a peace deal. what is the reaction from you crane? >> reporter: president zelenskyy emphasizing. she says this is going to be a war of bloody battles. victory will be bloody. he says the world will end the diplomacy. he says there will be no concessions to putin as conditions of those talks. and that that is the critical team. this is the critical message to 35 this at davos. he outrights rejects kissingers approach characterizing them as going back to this 1938-style appeasement. >> let me remind you, it's 2022. and behind all these gentlemen opolitical reasons, those who had advise

so be as it presents claims the ongoing world economic form in davos has become a mouth piece of the west where the only dominating issues ukraine on descent is not accepted. yeah. korean ukrainian issue dominate so much of room. other topics that the forum is basically just a huge support for ukraine. divorce used to be a place where you could hear different things, different opinions. i'm a president, she temping and angler merkel came here at the same time. now it has become an absolutely and exclusively western oriented place. you can discuss something only within the given framework of their comments by the serbian president came as numerous speak as a devil shed a unified approach to the war and ukraine. according to the world's most powerful and rich ukrainians should fight until the end without any attempt to negotiate peace deal. i am totally committed as one person to seeing ukraine to the n with a when not basically resolving in some type of a treaty. i don't think that is where we are and where we should be. we are very happy to have them a fight. our fight you quinn must

musk, a source of conversation in davos. stephen auth, decades of experience, a chief investment officer of equities, he understands how to participate in the equity market in a difficult moment. i want you to discern having cash and having a little cash, 4%, 7%, dare i say 10% of a portfolio, versus the emotion of being all in cash during a crisis. stephen: you have a really good crystal ball, tom. in this environment, i challenge anyone to have a perfect one. this is one of the more unusual environments were even we, a base case, there are probably two base cases and you have been talking about them all week. will we be in a recession or a rocky landing? maybe a soft landing, but i think soft landing is off the table. rocky landing or crash landing. you want to stay diversified. we are holding cash instead of bonds and aggressive growth stocks as an offset. we are definitely long. broadly participate in the economy. this is an environment where people talked about in the past, economic slowdowns and earnings recessions. th

in davos dw editor in chief manner. caspar courage mad with the european space agency, s c o use of us for her. and she asked them what the agencies data tells us about the current global food crisis. the state is, sir, actually, i would say alarming in some countries, especially ukraine. now ukraine of course, being known as so that's the area where most of the wheat is being produced for from any other countries. not only for russia are not only for odd for our other part of the planet. so yes, sir, there we see of course, a huge impact because many fields are not being repaired because they cannot be better because of the conflict that is ongoing. so yes, there we will miss. so our huge sure amount of harvests which will not be coming. and yes, we can. we can see that the question then of course, is how can we identify other areas are in order to compensate for that under and, and work on this. and this is something that we use for dean li, since many decades already are in africa for example. where we use our satellites to estimate the production of agricultural claudser in the cou

business and political leaders are gathering in the swiss town of davos for the annual world economic form. not surprisingly, ukraine is top of the agenda. this used to be the russia house here at the world economic forum. now it's been re christened the russian war crimes house. a ukrainian billionaires backing the project to highlight alleged abuses committed by russian troops in ukraine. the world economic forum cut all ties with russia for this year summit. meanwhile, davos is rolling out the red carpet for the biggest delegation from ukraine ever. prison zalinski will open the meeting with a video address and for ukrainians here. it's a bittersweet moment. we are here in this beautiful setting, but at the back of our mind always are these images of these horrific killings and atrocities and war crimes going on as we speak back in ukraine. and we are here to as best as possible, represent those people and to do all that we can to galvanize the international community to support ukraine even more despite dallas's spring cheer. the mood is somber amid soaring geopolitical tensions.

and now, as the world's most powerful players leave davos, the focus will turn to putting the plans and promises they've discussed into motion . let's bring up to speed now with some of the other stories making news around the world. the un security council has again failed to impose tough new sanctions on north korea. the resolution vetoed by china and russia was put forward by the united states in response to pyongyang, latest round of inter continental missile test. the palestinian authority says investigation into the shooting death of al jazeera reporter sharina block there shows she was killed deliberately by on israeli soldier, reporters death 2 weeks ago during an israeli military operation in the west bank cause international outrage. israel's request for a joint investigation was rejected by the palestinian leadership and then a goal has begun. 3 days of morning after 11 newborn babies died in a hospital fire in the town, one after officials. a short circuit triggered the fire. the disaster has sparked anger and calls for accountability in the west african country and police i

the climate activists are planning on another protest in davos to they been. they claim that in 50 years the world economic form has done nothing to make the world a better place. or these protests getting any traction been it's, it's hard to say, i think every protest counts. and it's difficult to get your message across to finance is here who were talking about huge sums of money. but what does count, terry, the end of the day is, where are these financing is going to get their returns? and with this momentous, huge shift to renewables right now, that is being sped up by this war in ukraine. it's a must for these investors to shift their money because the returns are now going to come from renewables. it's becoming more profitable. it's becoming cheaper and alone, that is really something positive that's coming out of this davos despite what the skeptics say. and thank you very much. i was our corresponded ben facility in demo switzerland. president us present. joe biden is leading calls for stricter gun control after the united states experiences daily a sc

the war has taken on ukrainian lives, aim to cape the human cost front and center for everyone at davos this year. allegations of abuse of minorities are likely to dominate a trip to china by the united nations human rights chief michel betsel. it will visit the remote scene. jang region where it's claimed, weaker and other muslim minority suffer. serious miss treatment us is label to genocide with leaders and rights activists are concerned the channel stage managed the trick for propaganda purposes. a with me now c, w report, and melanie whole, melanie, let's get some background. he, what has china been accused of doing in chin jack problems? so john has been accused of the wide spread of abuses of muslims in the weston as changing a region. the ruling communist party is alleged to have detained over 1000000 week as they're under a years long security cracked on which the united states is called a genocide. in addition to math attentions, china is also accused of carrying out a coerced relies ations of forced labor and the destruct destruction of wiggle, cultural heritage. now china ha

speaking at the world economic forum in davos there was a plea for help. if economic forum in davos there was a plea for help-— plea for help. if we received 100% of our needs _ plea for help. if we received 100% of our needs at _ plea for help. if we received 100% of our needs at once _ plea for help. if we received 100% of our needs at once back- plea for help. if we received 100% of our needs at once back in - of our needs at once back in february, tens of thousands of lives would have been saved. that is why we need all the weapons we are asking for, notjust what is being provided. that's why we need funding, at least 5 billion us dollars a month. and all the funds we need to rebuild our economy. meanwhile, russian armour continues to advance on the eastern stronghold, with all but one bridge to the city destroyed. while people talk of reconstruction in davos, on the ground the destruction continues. julian wood, bbc news, kia. let's go back to that trial. a moment of historic significance as we were hearing, what was the atmosphere in the court? it we were hearing, what was the atm

schwab says history at a turning point in for me, my phrase, my theme for davos is davos at the end of the holiday from history, the holiday from history is so over and this is underplayed this week because ukraine is such a grind right now. this news in international relations fulton to our markets. jonathan: i won't be at this event. i wonder from your perspective historically, you and i have been there a lot together, it is usually completely divorced from reality. do you sense next week will be different? tom: i sense it about every seven years davos is overtaken by the new slow and why would that not be this time around? all the mumbo-jumbo is swept away by the news. jonathan: i'm looking forward to your coverage through next week. futures positive on the s&p by a little more than 1%, nasdaq up by 1.5 percent. yields higher by three basis points on the 10 year. a bit of quiet out there, it welcomes quiet, peace and quiet for now at least. futures largely boosted a little bit at least by would happen with china. tom: let's jump into it right now. the gentleman who knows the pubs ar

emily sherwin met up with her at the rolled economic forum in davos. i was kind of paralyzed, i few days after the war started and then i did 2 things. the 1st one, i just accepted what happened and said, okay, i have nothing at all. i have an old home. i have nothing, no work, for example, i'm out of my job. and then ah, i realized i have myself. and that's what really a made me start over a start again and come over of everything. so and then we'll try to do whatever we can for our employees and to give them job and to pay them salaries. speaking of the destruction that the war has caused 2 of your steel plants in my to you put, were actually disc destroyed by russians. so shelling, including the as of style steel plant, which, you know, has been in the headlines so much. how do you deal with the emotional shock of that kind of thing? and how do you get over it from a business perspective as well? oh oh, it can not kind of deal with it in any way. we're just ah, we just have to leave ah, to, to help as much as we can. ah, and to or, or make people fe

but he was also at davos. he said, the conflict with russia must end in 2 months, or it will spiral out of control. so negotiate or not to negotiate. and someone that i don't have a whole lot of respect for, for his political history, but his intellect is something you have to deal with here. so, or where do we stand and all of this here go head in hong kong. ah, will be that. he says, all rhetoric we should look at fact not, not the words here. and in these knots is says ellensby is clearly not willing to negotiate and we have to as, as she challenger, easy, really, the one in power. we all know that these pressed by neo nazis. and you ever saw washington that have the last say, so he's a, you know, the power has been hijacked since 2014 in ukraine. ukrainians have no sate. ukraine is not a subbing state. it's not that democracy a, you have a part of the relation to russian population is a 2nd. our 2nd grade citizens death by and parties they have been made. yes, it is clearly not that democracy is so we need

that was our correspondent, been pursuing their reporting from davos, switzerland. you as president joe biden. he is known for making unscripted remarks that can catches staff off guard his comments today in tokyo, at the launch of a new age of pacific trade initiative, or no exception of speaking to reporters, they are biden, have said that he would be willing to use force to defend taiwan if it were attacked by china, one of america's strongest statements in support of taiwan that we have seen in decades. take a listen to what he said. are you willing to get involved militarily to defend taiwan? if it comes to that? yes, you are master commitment, we may have to come in. we may, we are not look, here's a situation. we agree with the one china policy we signed on all the attendance agreements made from there. but the idea that it can be taken by force is taken by force is just not just not appropriate. dislocated gene join is foreign ministry said that beijing has no room for concessions on issues involving its territorial integrity by worn, that beijing's increasi

she spoke at the world economic forum in davos, switzerland. the reconstruction of the country should combine massive investment with ambitious reform. for example, to moralize. your claims administrative capacity to firmly establish the rule of law and the independence of the judiciary. to fight corruption, get rid of the only gas to build a fear sustainable and strong competitive economy. and thus, to firmly support you trade in pursuing its european path. ukraine belongs in 2 of the european family or if a more now joined by our corresponding christy plants and she is in dogs at the word economic for him before is could he be to you? christy. so those were nice words that we heard there from ursula, underlying saying that ukraine belongs in the european family. it sounds good, but does it mean much to ukraine? right, well i mean, this is certainly a good news for ukraine and something that might be considered bad news for russia . certainly anything that is part of positive you for ukraine is likely to anger putin. we have to remember, of co

agency. fatty bureau. climate change is obviously a major topic here at davos this week. but also we're seeing very high prices for energy in the short and medium term. what is the solution here? is it new drilling or is it renewables? i think it is immediate crisis to address because the loss of russian oil and gas is a major problem for the several countries, including european countries. we have to bring some oil and gas to the markets. but i prefer that this comes from the sources that we order to have from the existing fields, from shale oil change, guys, which can come to market quickly and go quickly. the biggest risk here is that a v make lots cane new fulfill investments which can look in the a global energy infrastructure and which at the end of the day a will diminish our hopes to reach our climate course on our all obviously hoping for a swift and peaceful end to the war in ukraine when the war is over. how should the west re engage with russian fossil fuels? i think it is russia is going to be relegated to it as significant a producer from being one of the la

more on the grim outlook at the world economic forum in davos. restful sleep per night. save $1,000 on the sleep number 360 special edition smart t be, queen now only $ $1,999. plus, 0% interest for 48 months on all smarart beds. ends monday. ♪ ♪ ihoppy hour starting at $6 at 3pm only from ihop. download the app and join the rewards program today. [sleep app ] close your eyes. deep breath in. i mean, obviously, let it out. ghaa. yeah, i'm not really sure if this is working either. >>> finally something to cheer about on wall street. the dow soared on monday. looking to bounce back from its longest weekly losing streak in almost a century. strong earnings from jp morgan chase and other banks drove the rally. along with comments from president biden about maybe lifting some of the tariffs on china. the dow was up nearly 620 points a gain of almost 2%. the nasdaq and sp 500 also surge. and just looking at futures the rally could be short lived. we'll keep an eye on that. >>> a lot has changed since the last world economic forum in davos, switzerland. the coronavirus out

emily ukraine's president vladimir zalinski is due to redress the leaders gathered there in davos. what are they expecting from him? well, so, and he will be addressing a really influential audience today here and voice, you know, with over 50 heads of government and attendance, 2500 delegates from you know, business and joe's all sorts of decision makers as it were. and of course, that has a practical aspect for zelinski, who i think will be calling for the world to unite behind ukraine, even as the war still drags on. he may also call for russia to release 22000000 tons of grain which are currently stuck in ukrainian ports because of this war. and i think you'll be really calling for the world to come together. zelinski, of course, in the past has made passionate speeches to various parliaments, and usually you kind of tailors his messages to his audience. so it will be interesting to see what he says today in the past. for example, when he was addressing, addressing the u. k. parliament he referenced kind of winston churchill war time speeches in germany. he talked about a new w

backed up with evermore sanctions, the position of official kid is not so clear when addressing the davos crowd to cranes zalinski called for negotiations. one of his chief negotiators refuted this . so where does he have stand? with cross talking official care, i'm joined by my guess, margaret kimberly in new york, she is executive editor of black, a gender report in paris. we have rachel marson. she is a political columnist, strategist in talk show host and in hong kong we have angel juliano. he is a political and financial analysts or across like rules and effect. that means he can jump in any time he want. and i always appreciate, ah, let's go to our guest in hong kong 1st here. i mentioned day davos in my introduction, zalinski talking about out there has to be negotiations. also. his chief negotiate refuted that immediately after the ukrainian president said, henry kissinger is some one i usually don't invoke in this program, but he was also at davos. he said, the conflict with russia must end in 2 months, or it will spiral out of control. so negotiate or not to negotiate. and someo

and now, as the world's most powerful players leave davos, the focus will turn to putting the plans and promises they've discussed into motion of his years was a fundamentally different event. so a did it bring, i did it bring fundamentally different insights. i asked at dw correspondent christie papason, who was there? i mean, i think the real question is what really was possible with davosto this year? we had a german chancellor, olaf sholtes here this morning, but he was the only g 7 lead to show this year. and if we take a step back, it may be mm, it makes sense why i doubles is associated with the rich and powerful with luxury up here in the mountains. and global leaders have a huge laundry list of issues to deal with a right now. everything from obviously the war ukraine, but also the ongoing pandemic. a looming food crisis right at rising food prices and a continued threat to the global economic recovery. so many of them are off dealing with those issues. meanwhile, the people who are here this year, the delegations, and the politicians in the business leaders. they're also conce

. >>> we go to davos with the one-on-one interview with the new york stock exchange president. it is tuesday, may 24th. this is "worldwide exchange. good morning, good afternoon or good evening i'm brian sullivan on a busy tuesday. let's kickoff the hour with the check of the markets stock futures are lower across the board. wit we had a beautiful day yesterday. some of the best days this year. look at the nasdaq futures dow futures down 300 points. nasdaq futures are down nearly 2% that holds throughout the day and we pretty much wipe out all we gained on monday. speaking of monday, we had a nice gain an crocross the board. the nasdaq is still down 10% in 30 days. one of the worst runs in a long time in the bond market, yields coming back down below 2.8% energy and oil is what remains natural gas quickly becoming the story in energy. i know we talk a lot about oil and gasoline the price of natural gas ticking up to 9 bucks. natural gas is up exactly as of this morning 200% from this same day last year. that is going to hit your power cost and the industrial sector and plastics

coming up, we will hear from the intel ceo in davos, plus his thoughts on the vm ware deal given he was previously ceo of vm ware. this is bloomberg. ♪ emily: continuing our coverage of the potential acquisition of vm ware by broadcom, we spoke with the former ceo of the vm ware from davos. here he is with my colleague haslinda amin, talking about all things, and also chip supply. pat: we definitely think the supply-demand balance is 2024. a year ago i sent to 2023. since then we have seen a number of equipment the proteins move out. our equipment has moved out. overall, 2024 until we start to see a reasonable balancing of the semiconductor supply chain. haslinda: so it will get worse before it gets better. we are talking 50 or 60 ships at this port in china waiting to load. that is causing a lot of headaches? pat: yes, the supply chain issues in china. but it comes on the back of many other supply chain issues. we are already beaten down and we have to work through it. may be a softening of the economy, a little bit of consumer softness gives us a bit of breadth. the shanghai ports h

as western countries suffer from an energy crisis amid disrupted supply chains, business leaders at davos called for a more integrated approach to global trade or to correspondent on quarter comments . with the world fracturing into different political camps, the west may be losing its footing at the helm of international affairs. still at this year's davos forum, western business leaders made it clear. globalization must not be impeded. we cannot let globalization reverse. i will not leave davos with that thought i will leave with the thought that we will need more collaboration. i'm afraid the risk of a world recession is less than the risk that we are going to walk into the world with more fragmentation. with trade blocks and currency blocks separating what was up to now still an integrated world economy with a conflict in ukraine, bad weather, and inflation all contributing to rising food prices, davis, his worst nightmare appears to be coming to fruition. global trade is being dramatically affected with malaysia, for example, already halting monthly exports of 3600000 chickens until

it's being held in the mountain resort of davos, switzerland. there we go. see the stage now this saw use gathering is considered one of the most crucial in the forums. 50 year history, it's being held as the war and ukraine, the coretta buyers, pandemic, and climate change can birds to trigger turmoil around the globe. good morning. what's listening as close to the counter of the forum introduces german transfer. all of shot all of choice. is this real? i to be phone provider. see in the home here? sure. i'll buy g r. i was foreigners, council girl with from as chinese and out the federal republic of germany before your family here we gather here, but i am sure critical moments. we just saw this. all i believe is yours, your own as we've cleaned throughout the no manual didn't come in for this week to interview it is a critical moment for europe and the international community of work session across your logo, di, following the russian aggression against cramer and the world. has changed differently than germany has also seen a watershed moment by under you

haidi: ecb president christine lagarde speaking with bloomberg at davos. our next guest says that growth fears are overdone. joining us now is manpreet gill, head of investment strategy at standard chartered. always great to have you with us. what about 2023, and what about when -- reduction start happening in earnest on the balance sheets? >> it really depends on inflation. voluntary reduction is one factor in on its own, until combined with policy that is really tight, it is something i am less concerned about. the key here is a lot of pain that we have seen this year seems ultimately -- raising higher fed expectations which went on longer than the market expected better if we are at the point where the fed is delivering on what is priced in, which is a determinate of inflation not rising further, we think that of course might star t to cool concerns about the rising fed rates. and that gives us room to optimism given where we are today and looking out for the rest of this year. haidi: what is going on when it comes to positioning on bond markets at the

whether davos has failed to rise to many of the world's challenges given its 50-year history. tack a listen. >> you see every day how the world is falling apart. there's different things we have to manage. and you can exchange in small circles ideas. you can take some decisions. but it was so important to bring the global community, the global stake holder community together in person again because it's only the personal interaction which creates trust, which recreates trust. >> isn't the reality, though, that everything that davos stands for is on the verge of failure? give you an example. number one, the war in ukraine. all the idea of some sort of common views on a european way forward. number two, china unilaterally shut down, everybody else is open. number three, we're failing on our climate targets. so what's the purpose? >> for us, davos has never been as important as it is now, particularly for the reasons you mentioned. we cannot prevent a war in ukraine. we cannot take away covid and so on. but we can create coordinated responses to those challenges, and that's what

alix: that was stephane bancel speaking from the world economic forum in davos. we often just heard from u.s. secretary of state antony blinken. the lack of access to chinese markets. let's put a threat into all of this. joining us on the phone is tom orlik, bloomberg economics chief economist. i want to focus more on that zero-tolerance covid policy. premier li was talking about being aggressive in trying to get more stimulus into the economy, which contrasts with xi's zero covid tolerance policy. what is your understanding of it? tom: there's clearly a tension there, but not a tension that can be managed. you either like the economy down to bring cases back down towards zero, or you stimulate, which requires opening the economy up, having more people going to work, more people going to the factories and construction sites , and inevitably you have an increase in virus cases. so there isn't really a happy compromise between the two, and until either covid zero succeeds completely and there's no more virus in china or china ultimately decides to live with the vir

i mentioned day davos in my introduction, zalinski talking about out there has to be negotiations. also. his chief negotiate refuted that immediately after the ukrainian president said, henry kissinger summoned.

you have been in davos the other day and you are here in the uk to meet british mps entry must be very keen to keep this at the top of the agenda and the top of everybody�*s mind. that is what you here, isn't it? the top of everybody's mind. that is what you here, isn't it?— what you here, isn't it? there are two places _ what you here, isn't it? there are two places i _ what you here, isn't it? there are two places i see. _ what you here, isn't it? there are two places i see, and _ what you here, isn't it? there are two places i see, and the - what you here, isn't it? there are two places i see, and the first - what you here, isn't it? there are| two places i see, and the first that there will still be delays in providing ukraine with what you need, with the second threat is that the world leaders. taking ukraine as the world leaders. taking ukraine as the new normal. we have seen how quickly the emotion can pass and when the war started in the east of the country in 2014 and we know that we need to seize this opportunity right now and get as many support and have the allies to gi

from that world economic forum in davo's, switzerland. this is 45 minutes. [background noises] >> good morning. it is an honor for me to welcome you to die vos. we gather here at a critical moment as we have seen throughout the many discussions this week. it is a critical moment for europe. following the russian aggression against ukraine, the world has changed. germany has also ceased a watershed moment. a strong europe is crucial to this. this is why we are looking for it this year. once again, welcome. [applause] >> one somewhat like me comes here i am thought about the great novel "magic mountain." [indiscernible] we too have experienced -- it ends with the thunderbolt. we too have experienced a thunderbolt. russia's invasion of ukraine does not mark the outbreak of some little conflict somewhere in europe. they are behaving as if they have the right to we draw orders. putin wants a return to a world order in which strength dictate what is right, in which freedom, sovereignty and determination are not for everyone. that is imperialism. that is an attempt

i had a conversation davos on the black sea. william halsey without a pearl harbor came back and supported nimitz and the navy under a lot of heat and he went out to sea aggressively. how are we aggressive in a black sea contained by the bosporus strait? >> the black sea is a russian like. their fleet controls about the good news is that there are nato allies around the black sea including turkey. we have nato warships in the area. united states can flow warships there and we need to look to the sea because of grain and agrarian products bottled up in ukraine. at some point, the international community i believe will have to consider escorting grain tankers in and out of odessa. now they are choked off and that will lead to maximum impact to north africa. we need to open the seas to ukraine. i think that's the next big muscle move. tom: are we measuring risk correctly? in your book, admiral halsey got a lot of things right and he had a difficult 1944 in the philippines. we are worried about failure like admiral halsey faced. are

he made the request while speaking virtually to the world economic forum in dabo's, switzerland -- davos, swi tzerland. >> ladies and gentlemen, it's a great pleasure to welcome to this opening session let a mere silence, the president of ukraine. tomorrow marks three months when on the 24th of february, russia began an unprovoked and unnecessary war against ukraine. an act which is cost thousands of lives has caused 6 million ukrainians to seek refuge. every country has vowed to live in peace, due to term in its own means of government and choose the strategic alliance it wants to have. every country's territorial borders must be checked it. as the president of switzerland has shown us of international law. to world war ii order. mr. president, now on the first official day of the world economic forum in their meeting 2022, we convene in davos at the most consequential geopolitical moment in the past decade. mr. president, we have all seen the leadership, the courageous leadership. we are eager to hear from you on the plans you have for your country and your people. your wish for peace

like davos and aspen on panels and no one has gone to public anything. and so for me, i'm really proud and it's partly why i'm an advocate for public institutions. and the journey to forward in so many ways was made possible by ford because the ford foundation indeed. funded the early experiments on what became head start in the new haven a town. you are familiar with and the new haven schools and i of course went to college on a pale grant that too was something the ford foundation invested early research in and i was lucky enough to run up community development corporation in harlem, which again was something the ford foundation was very involved in so it felt like for me when i was lucky enough to join forward that in some ways. i was coming home. um, so i guess i was going to ask you in a sense how that history. informed your your service at ford, but you've literally explained that you know, you bring to the foundation a series of experiences. and backgrounds that few other of your parentheses have and i obviously that's that's shown, you sort of a