finance the former head of the international monetary fund now at the helm of one of the world's most important central banks finds herself in a difficult situation many expect she will continue mario drugs cause of high liquidity and super low interest rates but that won't make everyone happy. the new head of the european central bank hasn't given too much away about how she intends to proceed in her new job but she has given some indication of what she thinks the institution needs to do the zeevi needs to listen to understand markets need not be guided by market but it certainly needs to listen and understand but it also needs to listen and understand people because a currency is after all a public good that belongs to the people we can go it is widely expected to maintain the loose monetary policy spearheaded by her predecessor mario draghi the combination of super low interest rates and a massive bond buying program help stabilize some of the euro zone's weakest and most indebted economies in the wake of the financial crisis but those policies have of course been bad news for save

welcome back the international monetary fund says it's ready to renegotiate the terms of a massive learn to walk. container with its president elect a bird if a man days defeated made it shiamak korean elections last month and made renegotiating the i.m.f. loan central to his campaign argentina has a long and difficult history that if you organization is a recap. well the latest loan from the i.m.f. hasn't solved many problems the country is currently almost $300000000000.00 in debt inflation this year is approaching 55 percent and poverty is also a major concern with the unemployment rate reaching a decade high osas a channel r.t. spanish was the 1st international outlet to interview the president elect and anticipate with our host and former president of ecuador rafael carrier and described how argentina found itself in this dire situation. yet upwardly or we are now faced with problems that were previously unknown to us in 2015 argentina faced inflation a lack of foreign reserves a dollar peg but it didn't have excessive debt but after machree came he started to debt arguing it would

monetary fund it was a condition of a 50 $7000000000.00 bailout and in ecuador it was the i.m.f.'s involvement which forced the president and cabinet to escape the capital quito ecuador is a fascinating case it requested a $4200000000.00 loan from the i.m.f. and a condition of that was to cut the budget deficit so the government decided to cut the fuel subsidies which were costing $1300000000.00. a year now by the numbers it makes sense but when you cut subsidies people generally don't like it and protests forced the government to back the proposal but perhaps even more alarming is that the size of that bailout was also is similar to the size of tax forgiveness which was given to ecuadorian corporations. why would you do that why would you take a loan to help the corporations but then cut subsidies to the poorest or we did ask the ecuadorian government to explain the decision and while we've heard nothing back yet on this we do expect to interview a government minister in the coming weeks so in lieu of that let's have a little bit of context here we're going to start with the budg

as world bank we see the or international monetary fund this is what i was going to ask you what it is there some sort of proposal from the likes of the i.m.f. some some guidance some guidelines which which they put out to say this is how we can actually deal with the issue so in the recent paper they quantify how much of the f.d.r. israel and how much of this not how much of this driven by a tax of widens knowing how much is a 1st step to reforming the system and they indeed. are economists saying that they hold this better data will improve the course but there are many specific proposals to fix that international takes corporate system and one way or another there are some proposals on unitary taxation by especially n.g.o.s which would see multinational corporations being treated as one component part and then set of separate companies as it is now but there also are other proposals by european commission for example which has so far not been successful in implementing its a so course he says he hopes of. consolidated corporate tech space which would see basically a uniter taxati

the international monetary fund has warned that the eurozone economy is facing an extended slump. inside the block should come up with new ways to boost growth if monetary stimulus proves insufficient. the organization slashed its forecast for economic expansion to its lowest level in six years. morning that trade tensions a manufacturing slump and brings it could all play a role clear rush has the details. eurozone growth forecasts revised down again. the international monetary fund or imff predicted on wednesday that the nineteen country block would grow this year by one point two percent. representing a drop of zero point 7% compared to last year's expansion. slow downs in trade in manufacturing have contributed to the contractions particularly inn germany. the eurozone's largest economy is mainly driven by exports so it's been hit hard by the us chchina terror for. germany's on the brink of a chnicall recession and is forecast to grow by just half a percent this year down 1% from last year. the eueuro area second economy france is also slowing by as much as half a percent. the

now the international monetary fund says it is ready to renegotiate the terms of a massive loan to argentina with its president elect but if a mandate is to train elections last month fernandez made we negotiating the i.m.f. loan central to his campaign promises to territory and save on the fold a larger team is almost $300000000000.00 in debt at the moment inflation this year is approaching 55 percent of it is also a major concern to the unemployment rate reaching a decade high our sister channel r.t. spanish was the 1st international lets you interview president elect and and as told our host and former president of ecuador. how argentina found itself in this dire situation. yet up with your we are now. now faced with problems that were previously unknown to us in 2015 argentina faced inflation a lack of foreign reserves a dollar peg but it didn't have excessive debts but after korea came he started to add to debt arguing it would help to reduce budget surplus and the barring reached an all time record in one and a half years at some point the market told him no i'm not going to give you a

everyone knows that the international monetary fund is an accomplice to what happened everyone knows that european leaders who at that moment complained about loans granted by the i m f you know that everyone knows that i firmly believe that we will negotiate properly and we must tell the truth because our goal is to pay off the debt and not to a very do it at this time no meeting between fernandez and the i.m.f. has been scheduled. the molex in russia is up this week on the heels of a milestone for the end acts as the exchange cross the 3000 mark for the 1st time ever according to an analysts despite the sub par performance of stock markets in the country russia and i quote he's are among the best performing in the world now moving to asia we start in japan as the nikkei index actually is up on the week following optimism in the united states the end of a fresh when you're high at friday's open on the easing of trade tensions now moving over to china the shanghai index was hovering barely up on the week on friday afternoon despite slipping down words in the final hours of trading no

the managing director of the international monetary fund with that. i will hand it back to you in london. nejra: thank you so much, matt miller in berlin. now to some breaking news. according to people familiar with the matter, medicine company have attracted takeover interest from suitors, including novartis. medicine company is a 4.7 billion dollar company that develops a promising cholesterol drug. what we understand is that novartis has been holding talks about a potential acquisition. other potential buyers have also expressed takeover interest. , -- was drugmaker, novartis the swiss drugmaker, novartis, conducting due diligence of the company. the ceo has her abide on deals to sharpen the company's focus on innovative drugs for cancer and rare diseases. it has announced over $16 billion of acquisitions since the current ceo took over in february of 2018. this is bloomberg. let's carry on the global growth conversation with the imf managing director kristalina georgieva. she has told us there is still a heavy cloud over the global economy and tha

in berlin welcome the chief of the international monetary fund trade tensions and resulting uncertainties could shave off nearly one percent of global gross domestic product by next year the global economy is in a synchronize downturn krista leno said of the round table discussion with chinese premier league 90 percent of the world's g.d.p. is slowing compassion with last year well back chief david urged china to further open its economy reduce state subsidies and allow the market to play a more decisive role to help stem the adult. now the e.u. singapore free trade agreement goes into effect today the long awaited bilateral deal is operational the partners will begin to phase out trade. it's the e.u.'s 1st .

the chief of the international monetary fund warned that straight tensions and resulting uncertainties could shave off nearly one percent of global gross domestic product by next year the global economy is in a synchronise downturn krista leno said of the round table discussion with chinese premier league 90 percent of the world's g.d.p. is slowing with last year well bank chief david malpass urged china to further open its economy reduce state subsidies and allow the market to play a more decisive role to help stem the dollar. now the e.u. singapore free trade agreement goes into effect today now that the long awaited bilateral deal is operational the partners will begin to phase out trade. it's the e.u.'s 1st trade agreement with a member of the association of southeast asian nations or a group of countries in the in the region that have teamed up to promote economic growth the deal aims to eliminate most arrows within the next 5 years sections of some fisheries and farm products trade in goods alone between the e.u. and singapore amounts to $53000000000.00 euros a year it's hoped th

the international monetary fund has cut its full costs for the eurozone and its biggest economy germany the council of economic advisors to the government has also trained its growth out the for these year to just half a percent a council suggests that drop its treasured balanced budget policy critics of long blamed for galaxy crumbling infrastructure and problems with high speed internet access. the german council of economic experts said germany faces continued economic weakness but they are not expecting a deep recession the economic advisers recommend lowering taxes but chancellor angela merkel makes it clear she's calling the shots stuff ins are don't always follow your suggestions but they still provide us with inspiration and you will also find many of your thoughts in what we've already done. the advisers feel they are not being heard on the issue of industrial policy in particular they say the government has been too slow to expand broadband internet and it's not that enough to promote innovation in the automotive and mechanical engineering sectors they also believe berlin's ba

monetary fund both jobs demanded some degree of crisis management experience that could well come in handy in her new job as e.c.b. head. some of the other business stories making news japan's jobless rate inched up in september to 2 point 4 percent the relatively low the number of poorly paid temporary in part time workers rose many companies they're trying to cut labor costs or made growing economic uncertainty. a spokesman for the malaysian finance you want to be one m.t.b. scandal says he's been offered asylum abroad jodo is accused of plundering the nation's over and well fund purchases including the super yacht u.s. officials say he's agreed to fulfill the property including a beverly hills home and private jet and. apple is taking its 1st big bite out of the streaming market with the launch of apple t.v. plus the service has already signed up mega stars such as oprah winfrey and steven spielberg but what does the tech giant's entry mean for its rivals well netflix remains the dominant force in streaming but it's a privacy has been challenged in recent years by the likes of hul

monetary fund welcome signs of deescalation we welcome any step to deescalate the tree tensions and to rule back recent trade measures which you just mentioned and particularly if they can provide a path towards a comprehensive and lasting agreement so is this the 1st step towards a co-operative future no sooner had hoped broken out than doubts began to set in again insiders say there's already opposition building within the white house to removing the tariffs. market analyst franco berridge joins us from london now let's talk about bad communication to start with something we've got used to with a trump administration but something that the chinese is seeming to struggle with. yeah that's right i think the root of the problem is the fact that policy at the white house has been made alternately directly by the president often with high the no input or even contradicting import from various advisors so the result of this is that as we've heard this week for example with could lose recent statements the senior advisers like to add a lot of contingency into the communications they put

coming up, we speak to the director of the international monetary fund. don't miss that interview at 9:30 a.m. london time. the european open is up next. the s&p 500 limp to a reluctant record yesterday. u.s. futures flat and s&p futures turning positive in europe. this is bloomberg. ♪ >> good morning. welcome to "bloomberg markets: european open." we are live or from our european headquarters in london. i am anna edwards alongside matt miller in berlin. matt: today, the markets say sit on your hands. asian stocks traded mixed as investors weigh signs of trade progress. european equity futures point to a positive open. the cash trade in less than 30 minutes time. anna: siege

the international monetary fund has cut its full costs for the eurozone and its biggest economy germany the council of economic advisors to the german government is also trims its growth outlook for next year to just half a percent so it doesn't expect a broad or deep recession the council suggests that drop its treasured balanced budget policy critics have long blamed berlin's for galette evil crumbling infrastructure and problems with high speed internet access i asked exactly what sort of downturn germany is facing. well right now we have a downturn and certainly if you look at industry automobile manufacturing they're really in bad shape why because they're exposed internationally they export a lot they have investment goods in the whole decline in trade the trade disputes has really hit german industry pretty hard and that may last but at least for now the domestic sector services is holding up very well so we don't have a broad recession at this point why they do your colleagues say that germany doesn't need a reinvention of its industrial and economic policy but it does need to d

>> he is caught between the international monetary fund and voters who are reeling from austerity measures. pakistan is moving in the right direction. if he wants to stay on the right side of the imf, he has to pursue these policies that are hurting people. that means more tax collection, cutting back on these energy subsidies, and it the currency. one of the things that has happened is thehe inflatition re hahas gone up. babasic foodstuffs have shot up. that is hurting people. that is one of the main things this city and will try to capitalize on. purchase movement will try to expand support. that site depends on or if it can be contained it catches on with the public. >> thank you. pakistan, 74 people were killed when a fire ripped through a crowded train. the fire occurred when gas cylinders exploded, sending flames racing through carriages. dozens of others were wounded. >> morning the victims of the worst real disaster in over a decade. many who died came from the same town. they were on their way to a religious festival when fire tore through their crowded train. this is the first fu

i was at davos and the international monetary fund, the world bank, many were saying brace yourselves, this will be a bad year and we might see recession for the us and the global economy in 2020. so it began very gloomy. we might see a us recession in 2020. the stock market performance does seem to counter that. we have a demographic in the world, we have so much savings, older people, asian savings. a lot of influences pushing this. let us talk about the fun run, which apparently is really good for your health. i was not surprised to hear this. it reduces the risk significantly of things like heart failure, cancer, diabetes, other serious health issues that many of us are serious health issues that many of us are facing. it reduces the risk ofan us are facing. it reduces the risk of an early death by 27%. it is a reduced risk of obesity, high blood pressure, high cholesterol, et cetera, may be people who do go running to think more about their health and maybe are eating a healthier diet as well, so there are interlinked issues. and also research shows that what is good for your hea

the international monetary fund had also revised its growth estimates for india to 6.1%. it is rather concerning. at the end of the month, the indian economic figures are likely to come out for the gdp, which is currently growing ata the gdp, which is currently growing at a dismal 5%, the lowest in six yea rs. at a dismal 5%, the lowest in six years. experts in many studies in the run—up to that have already estimated that there are indicators it could go well below the 4.5% mark. there are several worries, coupled with a lack of industrial output, lack of consumption, lack of demand. the situation remains fairly grim here when it comes to the economy. good to have you update us on that story. staying with india, where body positivity is filtering into the mainstream, helping to create new opportunities in the fashion industry. it is getting some help from social media influencers. fashion is for everyone. that is what 24—year—old sakshi believes. a budding social media influencer, she is shooting a video on plus size dresses in delhi. but until last year, she was s

it's developed with institutions like the international monetary fund taking o under that everyoe knows will never be paid at the world financial crisis. >> i noted in the financial finl you also teach constitutional law but i'm so impressed by your knowledge of bankruptcy law and international trade law. how did you learn all this? >> guest: i thought to myself in the middle of writing the book i thought how did i get into the subject of death, and then i remembered well, my students have debt. the school, it was after the financial crisis in the country everybody was dealing with that and if we are lucky that they offer us is a kind of skeleton key to learn the tools to deal with the challenges they arrive. >> host: i want to talk about another form of forgiveness that you write about pardons. but before we get into that, let's talk about this moment in american history. there is this idea of cancel culture which is especially on the internet when someone does something that the twitter universe views as wrong and that person gets canceled. how do you feel about that? >> guest: i'm wo

if that happens, we are in agreement with the international monetary fund, monetary policy won't have the answers and we will need to look to fiscal support. now that bloomberg has learned that the summit may not happen until december, what would that say for the upcoming mid-december tariffs? what happens if those are not delayed? >> that's absolutely the key question to focus on here. we have got a new set of tariffs that has come into place and they are very impactful. they would hit things like consumer electronics. the kinds of products that u.s. companies like apple produce in china and then shipped to the united states. it would also mean that effectively all chinese sales to the u.s. are facing punitive tariffs. markets, the critical question is, will this affect the trade deals that have been done and, beyond that, when will it be done and can it be done ahead of the december deadline? if not, i think that is going to be, that is going to cause people to look again at their risk portfolios. drill backant to into the imf forecast around brexit and the numbers that they are sug

cole is not the only one concerned the united nations and the international monetary fund have called on the government to act up to cambodia was placed on a global money laundering watch list. but in this rapidly transforming city danger doesn't only come from hardened criminals. with construction taking place at breakneck speed the pressure to build so quickly has proved fatal. last june 28 cambodian workers died when the 7 story building they were working on collapsed authorities had twice ordered the chinese contractor to stop work at the site because of safety concerns since then 40 more buildings have been condemned another 70 await inspection. by one high long is a chinese tycoon with began bishop. so this is the casino floor. you know. he's building this $150000000.00 casino and hotel complex which he insists meets all safety standards. we're going to imagine from now on the hydrogen allowed but. i'm though. there were tears of. years of holiday on the the seas the maybe they can fly. over here i'm here and he's a man in a hurry. he wants to open the door within 8 months. or.

monetary fund. they demanded crisis management. experience which could come in handy in her new job. phil: our financial correspondent in frankfurt told us about her plans for a new role. >> her first task as president of the ecb is going to be to build a coalition n to gain comn ground within the government -- governing council. there has been discrepancy how the ecb inc. they should be proceeding with monetary policy. -- thanks they should be proceeding -- they have not done a review in 16 years, looking at negative interest rate policy and the effects on savers and economy that banks through the eurozone. she is going to continue on this push mario draghi started and to get countries like germany that run budget surpluses to do more in terms of spending. there is not a lot of resistance. they say they are sending -- spending as much as they can but investors will look for political hills to help her do something mario -- political skills to help her do what mario draghi could not. no to some more

monetary fund both jobs demanded some degree of crisis management experience that could well come in handy in her new job as head. of the days of the stories that chile's president sebastian pinera suspect has offered to host the annual united nations climate summit a chilly had to withdraw as hosts the country was hit by serious and government protests at the un supplanted part of the i.p.c.c. who considers points of next week. nearly $200000.00 residents of sonoma county in california have been allowed to return home after their houses were spared by wildfires that continue to burn in other areas the fire service is falling winds allowing it to make headway against the blazes the fires destroyed at least $140.00 homes in the county. now this month marks the 30th anniversary of the fall of the berlin wall celebrations of that historic event are taking place across germany one of the most eye catching is at the landmark brandenburg gate here in the capital 30000 people have left messages saying what they for the war means to them and what they believe is worth fighting for today. gan

the international monetary fund has projected that the european economy will grow at its lowest rate since 2013 in the organization's latest regional economic outlook report the i.m.f. predicts real g.d.p. on the continent will level off to 1.4 percent this year down nearly one percent from the year prior but will see a bump to 1.8 percent in 2020 growth year over year for the eurozone was just 1 point one percent that we can see and will growth rate as we mentioned since 2013 weakness in manufacturing and trade are pushing the numbers down in europe while the services industry throughout the continent remains strong dime off also suggested european officials make plans for a synchronized fiscal response that may be necessary to counter stagnating in this stagnating economy in the region now to break this all down and what this all means for the state of the global economy we welcome back professor richard wolffe author of democracy at work a cure for capitalism thank you for being with us again professor worth what do we need to know about the stagnating growth in the euro zone. it