egypt needs your support. yousef: let's widen out the conversation and bring hans back in. what is your view on this latest development out of egypt? the staff level trying to put finishing touches to this, financing from the gulf. would you be willing to put money to work there? > i would think so, yes. it is always a implementation risk. with the i.m.f. coming in, if the funding comes through from the gulf als i think it will be a lot -- gulf allies, i think it will be a lot more positive and eventually enable egypt to build their foreign reserve. i think it is a positive story. yousef: i like get the big picture in terms of the global economy. we had the fed minutes out in the last 24 hours. what do you make of it? did it give you any clarity? the markets sure didn't get any clarity from it. >> the fed has to look at several things, the labor market which looks relatively robust but productivity is still going down. you have a divergeance between the labor market. number two, we have qe1 and qe2. no febling

yousef: let's shift away from egypt. how does egypt compared to the rest of the region? and where do you see the opportunity in the coming months in the area, with oil rebounding , it is less likely to be a catalyst in itself. >> there is not much upside in dubai. two weeks ago, i said i thought there was a lot of opportunity with the saudis. there is a lot of opportunity in health care and education. yousef: where is the big risk for saudi arabia? >> i think the big risk for saudi arabia is the implementation of reforms, as well. a similar story with implementation of the actual reforms. it is how they will be implementing them, how they will move from hydrocarbon-based economy, that is the challenge. in terms of the budget deficit, they have enough reserves to cover it. yousef: any other plays apart from the mainstream for the big economies in the region? anything in kuwait? >> we do cover those markets, but there are no immediate capitalists there. basically, we will see a lot of info. -- inflow. apart from that, not much unfortunately. yousef: thank you. thank you fo

you were born in egypt, you spent time in egypt, and then you left egypt and you went to london, if i'm not mistaken, and then you left london and you went to saudi arabia. >> yeah. >> hinojosa: you were being raised in a family that was teaching you your belief in islam, which was that men and women are equal. >> yeah, because i saw that in the life that my parents led. my parents met in medical school in cairo, so they were both physicians, they both did their graduate studies together, and the reason that we moved to london was so that both my parents could do their ph.d.s in medicine. so i grew up in a house where the role models were a man and a woman, professional equals and partners in a marriage that they had to kind of mold along the way, because when we moved to london, my mom would tell my dad, "you know what? the dishwashing, the bed-making, the taking the kids to school, we've got to do it together here, because we have no help, no extended family, no nannies. we're in this together." >> hinojosa: and your dad, a devout muslim, was saying what to your mom? "it's okay, i get

with an imf delegation currently in egypt to potentially commit to a line of funding, egypt's economy remains in focus. joining us is the head of asset management for the national investor. sebastian, egypt's woes are ongoing. i pulled up a chart for our viewers to get a sense of the latest numbers in terms of foreign currency reserves, down to the lowest level since march 2015. 11.4% drop in the month of july, $2 billion straight off the top. as egypt continues to negotiate with the imf, how does it find a way out of what appears to be a growing crisis? >> you are right, each of doesn't have the luxury to wait any longer. pressure onmendous the local currency, it's trading with a massive discount on the black market. 40% is the official rate. as you mentioned, the foreign reserves have reached $15.5 billion in july, which means it's below the critical level of three months. tourists are a key provider of hard currency for egypt. they are still avoiding the might lose $4ey billion of tourist revenue this year. you at egyptian equities and how they perform, and terms of price returns t

using techniques that originated in distant egypt. the egyptian god horace stands out beautifully in gold against the black. on the right of the kimono are countless stars in the egyptian sky as well as hieroglyphics. in a desert, a black pyramid is pictured growing red at the peak. the image recalls the colors of the egyptian flag. on the left are plants and animals motifs popular in japanese. kimono designs. students from egypt shared their thoughts on the finished kimono. >> i honestly think that this is just a piece of art. the design is just beautifully made. >> i love the idea that combining the japanese and egyptian together to form one thing, one kimono representing both. and i love the belt weaving. it's amazing. >> reporter: traditional weaving craftsmanship originating in egypt and dyeing techniques originating in japan have helped draw these two distant countries together in a kimono that transcends thousands of years of history. >>> you're watching nhk "newsline." historic deadly flooding has impacted the u.s. on the gulf

big brother in egypt has always been the military. a wasn after we bought overthrown -- even after the man was overthrown, -- charlie: military stepped in. they were appointed behind the president. scott: behind morsi. there was a year of the military ruling through elections until morsi came in. charlie: what do you think will happen with the cc government? scott: i was just in egypt 3, 4 months ago. i don't think anything good. i think it is heading for a real problem. undemocratic. scott: it is so authoritarian. far more political presence. economically, the country is in the shambles. and you were talking about laila that maybe anw is internal palace coup, they will bring in another journal -- general who is more user-friendly. but barring that and some steps -- she sees things much more violent than tucker square of 2011. charlie: for your arab eyes in libya -- who are your arab eyes in libya? scott: an amazing young man from a coastal city, about 100 miles from tripoli. he has this amazing story. he was an air force cadet in the

egypt was never as repressive as iraq or syria. when all of a sudden the strong man is in trouble or gets overthrown, because people haven't been talking there is no consensus of what the do next. >> rose: there was a sort of unspoken bargain where the dictators said w we'll take care of the government, the power, but we'll make sure that you're okay. >> right. and i think -- >> rose: and you can go about your life and that will be fine. >> and that compact is starting to fall apart. >> rose: yeah. as you say, with social media, everybody i talked to, egyptians were aware of what happened in tunisia, libyans were aware of what happened in egypt, syrians were aware of what happened in libya. so it had this cascading effect in 2011 because you can't keep that information off limits anymore. >> rose: what do you think's going to happen in syria? >> nothing good. i sometimes think of syria the way i thought about lib nonfor a long time. it's so balkanized now internally but you have these outside players, how do you ever decouple all t

is it egypt? investors are clearly bullish on egypt at the moment. it is the best performing stock market. spot. egypt is a sore we cannot downplay the problems. it has gone from the arab spring military administration. the economy is not doing well. not feel that egypt is on the cusp of a turnaround? >> it is hard to say. we would like to see more issuing ament before verdict for the better. yousef: one bright spot in the region? apart from the uae? fabio: the bright spot in the --ion yousef: we will leave it there. that is hard -- that is how far we can go. bullish on his home turf. as saudi arabia's economy struggles, there are words of comfort from the imf. yousef: the top stories. halturge came to an abrupt in u.s. trading as better-than-expected jobs numbers gave the dollar a boost. it has been a volatile past few days from -- for oil. closed belowl -- $40 a barrel on tuesday. the pboc foreign-exchange trillion for3.2 july working a drop of just over the previous month. line's data is more in with estimates. gameszers at the olympic have apolog

meet the egypt commitments for the reforms and you have the executive board review and egypt says that it helps they will get to billion dollars within two months of the executive board approval. this is a program that will be sequenced and it is not clear what is next. you expect parliament to execute this within the fiscal year and a deputy finance minister told start capitalill gains tax and these are some of the measures that will be implemented. >> the egyptian stocks are up. it is good to have you on the program. let's check in on the headlines from around the world. military says that north korea fired ballistic missiles today. another landed in the city. it was 250 kilometers from a japanese city. thnewsomes after chung yang was angered by a missile the sense -- missile defense system by the end of next year. a series of exercises in the east china sea are heightening the tensions with the neighbors. they said that the discussions are aimed at at improving the speed of modern warfare. ruling thater a invalidated the claim to most of the south china sea. singapore has warned the

in egypt, tel aviv, let's get these up for you as well. egypt down .4%. course, the exchange heavyweights leaving those laggards, tel aviv closing to the upside. time to check the forecast around the world. here is beverly. >> thank you. uber executive say they would not pay more than $2 billion to acquire rival lyft. the ceo is said to oppose acquisition at any price. that's due to antitrust concerns. lyft soughted that as much as $9 billion, but failed to secure a serious interest. it willding signals loosen its grip on the riau. earlier this month, the bankers allowed banks to buy foreign currency. is current exchange rate seen as an obstacle to foreign investment. as the rio olympics come to a close sunday, the head of the ioc say that brazil has hosted what he calls "an iconic games" that still manages to confront the reality of life in the country. he insisted no public money has been used. >> there has been no public money in the organization of these olympic games. the budget of the organizing committee is privately financed. there is no public fu

--is have returned to egypt want to return egypt to the police stated was and squash the country's chance at democracy. suspending some of its military assistance with -- which averages 1.3 billion u.s. dollars annually in an effort to prod egypt. they stipulated that in the future, egypt could no longer by u.s. military equipment on credit. you can learn more about egypt and all of our quick takes on the terminal and that is your global business report. had to bloomberg.com for more stories. -- ie: >> staying global, norway oil fund is looking into potentially trimming his $520 billion stock folio as it tries to buy more property and even move into infrastructure. returning to gains in the second quarter, put pressure on its ability to generate returns. it is showing a little bit the brexit, the world's's biggest sovereign wealth fund. massive real estate portfolio by 5% after britain voted to leave the eu. you can see a slowdown at the end. some of the property it is taking out of his portfolio the mostn some of prized areas of london'cities. it is an indication of whether the norwegian

the money will be used to grow foreign investments in egypt. still, the executive board must first give its approval. joining us from cairo is tarek el-tablawy. bloomberg's north africa bureau chief. this has been a long time coming. >> yes it has. if you look back further it is actually three or four years. are drawing the request earlier so this is the first time it has moved to that -- hopefully it will move beyond this step. hopefully the government will restore some reserves. nejra: that is presumably why it is so important. in terms of the overall state of the economy, tell us a little bit more about that, particularly the foreign currency -- crunch. >> the situation is pretty tough. you've got foreign reserves that are more than 50% below their december 2010 levels. about $15.5 billion. the spread between the official rate and the black market rate on the pound is 30 or 40%. complaining they are having a hard time accessing our currency dollars or otherwise. response, the central bank has been cracking down on the foreign exchange bureau

. >> in egypt. of this matriarch political dissident family that she has been active in resistance against the dictatorship going back to the 1970's. she was against an orthodox and then under -- anwar sadat, and she and her husband, who is now deceased, she was in thetahrir quare, at the forefront. she has children who all became activists. amy: we have talked to for grilling her son who has been imprisoned and her daughters. >> and two of the three children are in prison for extended periods. the interesting thing about leila, very early on, even before mubarak was overthrown in shet a 12 day revolution, showed signs of the revolution being subverted. she was lobbying for the political leadership in the country, to essentially seize power. she was basically telling women, do not let the military step into this. she was not listened to. really, what has happened in egypt over the last four or five it is the disaster foretold. amy: we have to go to break and we will come back to this discussion. we

it succeeded in egypt. i wanted it to succeed everywhere. >> for decades gadhafi was one of the world's most eccentric leaders, known for his flamboyant outfits and his all-female bodyguards. but he was also an open supporter of international terrorism, with links to the lockerbie bombers, the i.r.a., and other militant groups. >> he kept libya under very, very tight wraps. he would disappear people. there was no freedom of any kind. massacres in prison. so he was a horrendous, horrible, brutal dictator. >> anyone who spoke out against him at all would be arrested immediately, sometimes tortured, sometimes killed. >> tracy shelton is a 34-year-old freelance journalist from australia who heads to libya to cover the conflict. >> it began with protests, as in many of the arab countries, inspired by egypt and tunisia. people started protesting for more freedom. but the reaction from the gadhafi regime was to shoot protesters, to try and stop these protests with violence. >> the violence that gadhafi unleashed o

there are definitely challenges when it comes to egypt. it helps to stabilize the current outlook for the region. it should provide some interesting opportunities in the market. yousef: when oil prices? what about oil prices? is highly dependent on commodity prices. short of being extremely low and causing distress, it should be priced in. chance to actually address some of these deficits structurally. we are now ishere not uncomfortable. it is close to where the policy would be. yousef: thank you very much for stopping by. that's it for bloomberg markets ?c+sv exit b boost for mark carney cutting a record locomotive officials signaling stimulus. crew to come back. oil rebounds to $40 after a rally in asian stocks. and no longer moving, tesla's elon musk assures investors sales are intact, despite missing estimates. a very warm welcome to countdown. i am edwards.

then i thought egypt. so even if it doesn't work out its still in egypt which is great. i rented an apartment there and i had an incredibly rich experience. people were welcoming to me. they wanted me to convert constantly. they would bring me to their homes and feed me things. i was never alone. while it can be tiresome after a while it was a great way to become familiar with the culture and learn the language. in a matter of months i was wash having basic conversationsth because i had no choice. when you were living in an apartment where everything is broken and you need to communicate and there is noe water and it's a million degrees outside, you have to learn to talk to people. so i started reporting from local newspapers and then the international radio and pieces for newspapers and really we've been doing ever since independence 20 years now.n where i still live in the region. i am rarely back in the states to see families encouraged by this book that i'm back in the states very infrequently and i've been living there now for 20 years. there is a thesis in this boo

reporter: a bid to bring investment banks to egypt. the imf has reached an agreement to land $12 billion to cairo over the n next three e years. aims at anand is at -- egyptian reform program targeted at restoring growth, creating jobs, and bringing down government that. a strong country with great potential, but it has problems that need to be fixed. reporter: among these challenges are runaway population growth coupled with food security issues. there have also been years of high inflation, falling tourism, and nervous investors. growing criticism over the handling of the economy. analysts expect the government to now devalue local currency and introduce flexible exchange rates in a bid to attract foreign investment. >> because they are cutting investment -- interest rates, it is easy for the government to invest internationally. also by doing so, it would help othere confidence amongst global investors that things are changing in egypt, and hopefully provide confidence so that more people will invest in egypt. reporter: the central

before, connected to frozen strawberries from egypt. we have more information about the virus and symptoms to look out for on our wusa 9 app. >>> we have new information on a story you first saw at 5:00. the deadly shooting in fredericksburg, virginia, on kingsville court. 24-year-old christopher williams died, and two others were injured, and police arrested one man. tonight they are looking for a second. this is 31-year-old fernando booker who goes by the name of flip. police believe he's in the fredericksville area tonight, and he's considered armed and dangerous. >>> u.s. park police looking into a weird robbery this story starts on the george washington parkway where a man got robbed of his wallet and cell phone. then the criminal ordered him to swim across the potomac river. he got across the river and called police: >>> a man was conducting medical exams without a license, and he may have inappropriately touched at least one patient. 54-year-old fabio baldarama. he may have been a licensed doctor in columbia, but he doesn't have

we have developing stories in yemen and egypt. yemen there is a speech, sorry, there is a peace talk in kuwait, held in kuwait. we are our correspondent right there. we do have as well the demonstration in cairo in egypt. >> you're a formerly journalist in iraq. how different it is at the middle east broadcasting network? >> it is much different working here than the middle east. you're more free. you don't have any, like i'm a news anchor. working here nine years. nobody is asking me what to say and what to avoid actually. >> and now on "the communicators" we're joined by hassan shiki. executive producer after alhurra news what do you do? >> i make sure we have comprehensive as news agenda for the day as possible. i make sure we have selected the right news items about the stories that are making headlines around the world. that are to our target region. to make sure we are treating those items in the best possible way to provide accurate information, in depth analysis. to make sure that we have good line of questioning, whether

even it does ever got i'm still egypt which is great. so i packed a couple of suitcases hanson savings i arrived in rented an apartment had an incredibly rich experience people were welcoming they wanted me to convert to islam constantly. they would bring me to their homes, a feed me, i was never alone. and while that can be tiresome it is a great way to have to become familiar with the culture and learn the language in a matter of months i was having incorrect the basic conversations and arabic because i had no choice with you live with an apartment where everything is broken you have to communicate there is no water with 1 million degrees you have to learn to talk to people. and drew international radio and to be doing that ever since. i have been during that 20 years now. i still live in the region. is still to back a couple times have. and i am back in the states in frequently. i have been living there 20 years is there is the thesis having looked at the region is a model it is flawed, you can pick holes or find reasons why i think o

egypt was ruled by a secular president and an ally of the united states. iraq was experiencing a reduction in violence. the group that would become what we now call isis was close to being extinguished. iran was being choked off by economic sanctions. fast forward to today. what we have, and think of this, and the decisions made by the obama-clinton group have been absolutely disastrous. libya is in ruins. or ambassador and three other really great americans are dead, and isis has gained a new base of operations. syria is in the midst of a disaster. isis controls large origins of territory. a refugee crisis now threatens europe and the united states. egypt, terrorists have gained a foothold in the sinai desert near the suez canal, one of the most essential waterways of the world. iraq is in chaos, and isis is on the loose. isis has spread across the middle east and into the west. in 2014, isis was operating in seven nations. they were in seven patients. terrible but that's what it was. today they are fully operational in 18 countries with aspiring branches

>> the president has done any number of things in egypt. the copts in egypt faced challenges. the president made a very public position that the copt community needs to be protected. while copts still face challenges, particularly in rural areas, he has also called on muslim leaders to be more assertive and robust about putting forward a more traditional view of islam as he understands it. to contest the extremist interpretations that suggest violence is justified by the islamic tradition. it is justified based on their different religious views. that has led to important changes. we have seen it in text books that are being changed in order to mitigate the extremist pro-violence messages in the textbooks. so there have been some improvement on that as well. we believe that whatever entity people belong to, if they are prepared to express their religious life peacefully, they ought to be allowed to do that. and across the world, we have said to rulers that we have the connections and influence to make a difference. we sent to them, we urge you in responding to legitimate secur

in nas sir style or baath style army takeovers in egypt, iraq, syria, algeria, north and south yemen at one point and so on and so forth. so there were always these army take overs and to the best of my knowledge, they were never defeated or rather they were never defeated by a popular and nonviolent resistance. sometimes, army takeover attempts did go wrong but this was because a different faction of the armed forces came out in opposition. so that there was maybe civil war, some kind of interim struggle, the initial initiative was neutralized and possibly overcome later or there was a subsequent personalization, fragmentation of authority countrywide. in all these respects, and in terms of turkish history itself in the 20th century, what happened in -- what happened in 15th, 16th of july represents a new departure. and i think we have to throw in a few things about turkey's precocity in third world terms in order to put this in proper context. the ottoman empire was never clonnized in the had loan 19th century when the new imperialism of the post 1870s saw the extension of colonial

what lessons can egypt learn from nigeria? guest: nigeria -- reporter: nigeria has had a tough time, that's for sure. since they took the decision to float in june, immediately there was a 30% evaluation. it has since devalued another 10%. that said, we are now seeing a bit of a turnaround. companies such as standard bank burnout telling -- are now telling their clients to get back into nigeria. they say that evaluation has made assets cheap, so we could see the return of foreign investments. while nigeria has experienced short-term pain, it may have helped resolve some of their issues. for egypt, i would say an encouraging example very recently. angie: sam potter, thanks for that. up, we will take a look at the g 10 currencies and ask which one is most sensitive to janet yellen's jackson hole speech? clue, there you go. you guessed it. this is bloomberg. ♪ yousef: welcome back. you are watching bloomberg. angie: let's do a quick check of the latest headlines. qatar's sovereign wealth fund has bought new shares in new york's

and with the people in the world, the pope of islam, presidency of egypt. others have come out and said, look, it is a religion. it is part of our religion, but it's a bad part of our religion, and we need reform, and we're going to go in that direction. so somehow the religion saying no. no. it's not about islam -- trish: it is. it's part of islam, and you've got to fix it. >> you've got to fix it. we've been -- trish: don't go anywhere. i want to bring into the conversation with all of us, republican strategist john thomas and fox contributor leslie marble. good to see you guys. we have been watching donald trump outline -- i would argue some strong policies, certainly when it comes to the economy and his plans for lower taxes and less regulation are by most standard very, very, very strong signals for our economy going forward. nonetheless that's not what we've been talking about recently, unfortunately, he keeps stepping in it with a variety of different topics. is this a chance, an opportunity for him to really reset the tone? because this, again, is a

egypt has been kept afloat by eight from arab gulf states. the drop in oil prices has made that aid more tenuous however. it has prompted egypt to ask the international monetary fund for $12 billion loan. here's the background. military leaders have shaped egypt's history for more than 3000 years. egypt is the arab world most populous nation and half its 85 million people are under the age of 25. the military controls large segments of the economy. here's the argument. supporters say he rescued egypt from islamists more interest ed and promoting their interest than the national good. opponents say the president promoted his own interests. military assistance averages 1.3 billion u.s. dollars annually. in 2015, the u.s. agreed to make good on its full commitments but stipulated that in the future egypt could no longer by u.s. military equipment on credit. you can read more about egypt and all of our quick takes on the terminal. that is your global business report. had to bloomberg.com for more stories. ♪ matt: this is "bloomberg markets." i

. >> relations between israel and egypt to seem to have never been better. does this make you happy and optimistic or are you concerned that these better relationships between israel and egypt happens when egypt has a leader who internationally has been criticized by a lot. he has accumulated power and how he. shimon peres: he has parted from the traditional policy. they came with a peace proposal. the saudi arabians are proposing a peace process. it is not a happy and. you can achieve a great deal. in all the ways that are open to it. >> how bad for israel would a president trump the? peres: i will wait to answer that after the elections. i don't want to get involved in american elections. i want to say one thing. willggest that america disconnect her relations with nato that america would leave the whole field open to other countries in my judgment, it is a mistake. a very great mistake. it is the first superpower in history that did not take but always gave. giving is wise. you create friends and friends of the most profitable enterprise you can have beca

>> guest: we have the president obama's speech in german and speeches in yemen and egypt. in yemen, there is a peace talk in kuwait. so we have our correspondent there. we have a demonstration in cairo and egypt. >> host: you are formally a journalist in iraq. how is it different at the middle east broadcasting network? >> guest: it is much different between working here and the middle east. you are more free here. you don't have any -- like i am a news anchor here and working for nine years and nobody is asking me what to say and what to avoid actually. >> and now on the "the communicators," we are joined by hassan shwiki as executive producer of alhurra news what do you do? >> guest: i make sure we have as comprehensive news as possible of the day, make sure we have selected the right news items about the stories making headlines around the world and are concern to our target reader to make sure we are treating treating those items in the pest possible way to create-depth analysis. and to follow-up on the issues that are related to news making. >> host: how many hours of

nashwan: we have the stories in egypt. , in kuwait, soy in cairo correspondent and egypt. >> you are formally a journalist in iraq. how is it different here at the middle east broadcasting network? ashwan: it is much different working here and the middle east. it is friendlier. i am a news anchor. me what to sayg and what to avoid. >> now, on "the communicators," we are joined by an executive producer. what do you do? well, i just make sure we have as comprehensive a news agenda for the day as possible, make sure that we have selected the right news items about the stories that are making headlines around the world, and for our target region, to make sure we are treating those items in the best possible way to provide accurate information, in-depth analysis, to make sure that we have a good line of questioning when we have interviews, if we have onerviews, and to follow-up the issues that are related to news making. >> how many hours of live newscasts a day on alhurra? : combine together, we have four and half hours, including the two signature shows with the news stories that punctu

orw of mubarak in egypt. hae more point on this. long said that we should have kept the oil in iraq. [applause] i said it over and over and over again. another area where my judgment i just said it so many times, virtually every time i was interviewed. keep the oil, keep the oil. according to cnn, isis me as -- made on his much as 500 million in oil sales in 2014 alone. that's before they really got started. fueling and funding its reign of terror. if we had controlled the oil, like i said we should, we could have prevented the rise of isis and iraq. both by cutting off a major source of funding and through the presence of u.s. forces necessary to safeguard the oil, and vital infrastructure products necessary for us to have the oil. i was saying this constantly and consistently to whoever would listen. i said, keep the oil, keep the oil, keep the oil. don't let somebody else did it. if they had listened to me then, we would've had the economic benefits of the oil which i wanted to use to help take care of the wounded soldiers, and f

egypt says it will end is dollar exchange program within months. the president said officials had waited too long to act. for most economists, it is not a question of when, not if the pound will be devalued. our editor, samuel potter, has more. >> overall, we have a shortage of hard currency in the country. and at a time when the central bank has been trying to maintain effectively a pace with the dollar, unfortunately, egypt's reserves are now running low. the pressure is on to act. yousef: i pulled up a chart on the bloomberg here which shows the disparity. again, that spread is the on ee in focus now. what options does the central bank have, in terms of bringing these two lines closer together? >> yes, indeed. as a black market as well, that is another place where we can see it sprinkled the to a record 30% discount. in terms of options, i think we can agree that doing nothing is no longer an option. sooner or later they will run out of reserves and the currency will be can anyway. therefore, we are looking at an devaluation. we could see shock

egypt was ruled by a secular president and an ally of the united states. iraq was experiencing a reduction in violence. the group that would become what we now call isis was close to being extinguished. iran was being choked off by economic sanctions. fast forward to today. what we have, and think of this, and the decisions made by the obama/clinton group, have been absolutely disastrous. libya is in rules. our ambassador and three other brave americans are dead and isis has gained a new base of operations. syria is in the midst of a disastrous civil war. isis controls large portions of territory. a refugee crisis now threatens europe and the united states. in egypt, terrorists have gained a foothold in the sinai desert near the canal, iraq is in chaos, and isis is on the loose. isis has spread across the middle east and into the west. in 2014, isis was operating in seven nations. they were in seven nations. terrible, but that's what it was. today they're fully operational in 18 countries with aspiring branches in six more for a total of 24 and many believ

rip currents -- egypt and peggotty beaches. rip corns sometimes a problem. -- currents sometimes a problem. a hundred people are killed by rip currents each year when they get caught in the currents and tired and panic and drown. experts say if you are caught and begin to be carried out to sea, try not to panic. don't fie fight it and -- fight it and swim pairel and swell across once you are out of the influence of the current, try to head back to land at an angle. once again back out live here, humarock one of the four beaches beside peggotty and egypt closed for swimming. we will see what the declaration is for this afternoon. jim smith. >> a beautiful sunrise there thanks so much. >>> new this morning boston believe the city and state are not doing enough to protect them. boston herald got a copy of a letter sent to the commissioner by three union presidents. long guns for patrol officers ballistic shields and helmets he and bulletproof vests more officers to cover overtime especially in the summer and take home vehicles for

egypt was ruled by a secular president and an ally of the united states. iraq was experiencing a reduction in violence. the group that would become what we now call isis was close to being extinguished. iran was being choked off by economic sanctions. fast forward to today. what we have, and think of this, and the decisions made by the obama-clinton group have been absolutely disastrous. libya is in ruins. our ambassador and three other really great americans are dead, and isis has gained a new base of operations. syria is in the midst of a disaster. isis controls large origins of territory. a refugee crisis now threatens europe and the united states. egypt, terrorists have gained a foothold in the sinai desert near the suez canal, one of the most essential waterways of the world. iraq is in chaos, and isis is on the loose. isis has spread across the middle east and into the west. in 2014, isis was operating in seven nations. they were in seven patients. terrible but that's what it was. today they are fully operational in 18 countries with aspiring branche

right, egypt doesn't have the luxury to wait any longer. they're under pressure as the local currency is trading with a discount on the black market. official rate. as you have mentioned, the foreign reserves have reached five point billion -- $5 billion in july which means the total import is now below the critical level. tourists are a key provider of hard currency. they are still avoiding the country and they might lose $4 billion of tourist revenues this year. >> that may be the case, but if you look at egyptian equities they arehey perform, still the leading index in the middle east. how do you reconcile that perhaps there's a view that egypt is on the cusp of a turnaround, if they do come to an agreement with the imf? can you buy into that view? >> we have seen a lot of local investors taking some positions recently, but the figure you mentioned is in local currency. if you look in dollars, it would not look as good as you have mentioned. we know that some sectors might benefit a lot from the devaluation. i'm thinking for instance of

they've moved away from the eastern mediterranean places like turkey, egypt and tunisia and shifted to perennial favourites" instead, holidaymakers are looking to the sun, sea and sangria of spain as well as portugal. in spain, in the first six months of this year alone, nearly 33 million foreigners visited the country..that's an increase of almost 12 percent from last year. (craig lever, british tourist) clever to go to these types of dangerous countries. a place like portugal is much safer, much quieter and it's better to play golf. " (isa soares) "and while some have gained from what has been a summer of shocks, be it a cascade of attacks in europe..or the fallout from brexit, others, in particular european airlines and their investors have been rattled by it. easyjet's stock price has fallen 43-percent since the beginning of the year. low cost operator ryanair saw it's price drop by agent thomas cook has seen 50% of its value wiped off during same period." for the time being the terror attacks do not seem to have put people completely off travelling ... but it is affecting their ch

we had news out of egypt about foreign currency reserves. two years ago, you are bullish on egypt. you said egyptian notes for one of the best plays, if you can ignore the ndf. down, and the trend will continue. we are not at alarming levels to completelywe are seeing negotiah the imf. >> egypt has strong potential on the longer term. there have been a number of challenges, not so much economical, that we expected to see. stabilization on the terrorism front. it's still going to bring up some momentum in egypt. yousef: what is the other bright spot in the region where you would say, this is somewhere i want to put my work? >> i think qatar is one of the regions we should not neglect in terms of its fundamental position and its growth prospects with more infrastructure coming up. there will always be some near-term volatility here and there, but i think there is something left with the assets there. i do find it is expensive. nevertheless, compared to developed markets, there is potential. i'm concerned about the new wave of supply that is probably going to come within the next coup

in the middle of that war that egypt was fighting with israel egypt's fighting with israel, the soviets are supplying the egyptians, and they shipped in a shipnuclear weapons. we went to def con 3. it didn't last. the soviets didn't nuke israel, or give nukes to egypt, but because of that one presidential brief, we went into a state of readiness for war that we would not reach again until the 21st century. and now we know, 43 years down the line. i mean, this stuff is sensitive enough to put the hair up on your neck even 40 years later, right? well, now this year's presidential candidates have started getting their intelligence briefings too. hillary clinton's is tomorrow. is there are two super interesting questions about that, and that's next. ♪"all you need is love" plays my friends know me so well. theyan tell what i'm thinking, just by looking in my eyes. but what they didn't know was that i had dry, itchy eyes. i used artificial tears from the moment i woke up... ...to the moment i went to bed. so i finally decided to show my eyes some love,... ...some eyelove. eyelove means hav

telecom egypt will sign a deal for 4g. authorities have set basic a september-- set 20 second deadline to pay for licenses. they say telecom egypt's arrival in the market will add to competition, and customers will benefit from better prices and services. iran invites international oil companies to submit aids in october. it is part of tehran's plan to receive billions of dollars to raise production following years of sanctions. they expect to sign three next month, worth a total of $10 billion. the big concern is iran's southwestern border with iraq. theo electric shares jumped most in a year after a politician opposed a restart of one of his reenactors dropped his election bid. the politician was against plans to restart the nuclear plants, which was the world's largest. by assays it profited much as $97 million a month. a prosecutor looking at bhp's disaster in brazil says he to propose charges by the end of september. the examiner is examining alleged negligence that may lead to charges of involuntary negligence. nine

. >> i think that this can be nothing but a positive for this and it is the funding and tofor egypt to fill whichent that agreement will be forthcoming and it will happen. , then to that implementation is the key and there is low hanging fruit that egypt and implement and there are more fundamental reforms that will be tricky for them. >> what else are you watching in the middle east? >> we were seeing some interesting trends developing thewe were talking about itering in this region and was largely tactical and we are looking at lebanon and interesting trends that are developing their that are worth investors taking a look. .> thank you for joining us he is the citigroup chief economist. still to come on this program, slight risks. near misses and drunken pilots. we are live in mumbai. this is bloomberg. >> welcome back. you are watching bloomberg. jet airways were down and the stock was reacting today with the indian markets closed for independence day on monday. shares were down and it goes against a backdrop of this market and the indications are -- we're joined now from mumbai. wh

they've moved away from the eastern mediterranean places like turkey, egypt and tunisia and shifted to perennial favourites"instead, holidaymakers are looking to the sun, sea and sangria of spain as well as portugal.in million foreigners visited the country..that's an increase of almost 12 percent from last year.(craig lever, british tourist) "with what is happening in the world right now, it's not very clever to go to these types of dangerous countries. a place like portugal is much safer, much quieter and it's better to play golf. "(isa soares) "and while some have gained from what has been a summer of shocks, be it a cascade of attacks in europe..or the fallout in particular european airlines and their investors have been rattled by it.for the time being the terror attacks do not seem to have put people completely off travelling ...but it is affecting their choice of destination...and for so many here in europe...safety and security are now paramount. several airlines have seen their stock drop by almost half since the beginning of the year. coming up: what michael phelps and "ducks

in the middle of that war that egypt was fighting with israel egypt's fighting with israel, the soviets are supplying the egyptians, and they shipped in a shipnuclear weapons. we went to def con 3. it didn't last. the soviets didn't nuke israel, or give nukes to egypt, but because of that one presidential brief, we went into a state of readiness for war that we would not reach again until the 21st century. and now we know, 43 years down the line. i mean, this stuff is sensitive enough to put the hair up on your neck even 40 years later, right? well, now this year's presidential candidates have started getting their i love that my shop is part of the morning ritual around here. people rely on that first cup and i woul't want to mess with that. but when (my) back pain got bad, couldn't sleep. i had trouble getting there on time. then i found aleve pm. aleve pm is the only one to combine a sleep aid plus the 12 hour strength of aleve. for pain relief that can last into the morning. ♪ look up at a new day... hey guys! now i'm back. aleve pm for a better am. i'm one unlucky guy. the chance

we have egypt coming up as well soon, plus this huge amount of corporate's. there will be a huge amount of drain on capital looking at investments in the middle east. until we start to see some of these issues happen, able be difficult to get a read of how much dry powder there is for the saudis to try to move up. manus: thanks -- yousef: thanks for stopping by on the program. it still to come, big changes are on the cards as china's energy majors. that's next. this is bloomberg. ♪ yousef: welcome back. a quick round up of the middle east. the uae oil minister says he expects stability in the market quite soon. opec prepares to hold informal talks in algiers next month. the minister says he sees the current share of the market and what he calls a good level. he also said that any decision on output will require the full agreement of all opec members and other major producers. hastunisian parliament approved a new government under prime minister yousuf shape. the capital has more women and younger members, but retains the same ministers of defense and home i

[applause] we will partner with king abdul of jordan and the president of egypt, president c.c. and all others who recognize this ideology of death that must be extinguished. [applause] we will also work very closely with nato on this new mission. i had previously said that nato was obsolete, because it failed to deal adequately with terrorism. since my comments, they have changed their policy and now have a new division focused on terror threats. very good. very, very good. i also believe that we can find common ground with russia in the fight against iciss. wouldn't that be a good thing? wouldn't that be a good thing? [applause] they too have much at stake in the identical of syria and have had their own battles with islamic terrorism as bad as ours. they have a big, big problem in russia with iciss. my administration would aggressively pursue joint military operations to crush and destroy iciss, international corporation -- coorms and cyberwarfare to disable their propaganda and their recruiting. their recruiting is taking place right now, and they are setting records. it's g

it is spreading beyond syria and iraq in egypt, and yemen, and libya and somalia. so the idea is it isn't about defeating isis militarily and this is important. it is about what you do with the idea that is expanding and spreading near and far. >> host: on that point, i want to read a quote you cited in the book and i think it is shocking. i think a lot of people are not aware of the sago, islam, mother was never a religion of piece. islam is the religion of war. your prophet dispatched with the sword. i think that obviously every time an attack happens whether it in the west or broad there was a problem for muslims everywhere because isis doesn't speak for all muslims. nevert nevertheless, a small minority believe violence is justified. do you think this is a recruiting point for people that join isis? that they believe islam condones violence or is this baghdadi propaganda? >> guest: you are asking several questions in one. we will go back to the initial critical question about redefining what islam is all about. to people saying is isis islamic or not is a silly