the davos gap has grown. we have seen market disparities in the environment, the market, now we are seeing failures. >> we start with collaboration embedded in our products but we also think of collaboration because we have a shared responsibility to make sure everyone benefits from technology. >> it isn't just business cos, it's you, the media, ngos, government and politicians. none of us is trusted. we have a job to do. clearly we have not communicated those things that are important about the benefits of globalization of the benefits of technology. we have to address the issue that there are people who feel and have been left behind. >> we have seen across the world the benefits of globalization, we are direct beneficiaries of that, but also retentions, cracks in the system which then found a political translation because people feel the system is not working for them. that will find a political expression. >> so lots of leaders speaking already. we're so early into davos. we have the whole week ahead of u

the world economic forum in davos, switzerland. our special guest this morning include former house majority leader eric cantor, and ceo done bear, we will talk with them about the presidential inauguration in washington. in the next half hour, a conversation with mary erdos. what a week it's been. lots of reviews as well. >> i would say that while president-elect donald trump is not here, the chinese president has been here. the new british prime minister has been here. donald trump looms very large in all the conversations in davos. american ceos, american ex-politicians are in high demand getting a lot of questions from some foreign counterparts about what to expect from a trump administration, from the markets, foreign policy. >> the uk chancellor, phillip hammond is speaking at the moment. interesting comments he made about trump and what it means about the future of europe. this morning we are pretty much mixed. the dow is slightly in negative territory. the s&p and nasdaq slightly in positive territory. coming off the back o

we're coming to you from the world economic forum in davos, switzerland. the annual gathering of global political leaders, ceos and policymakers. yes, it is chilly, but a fantastic setting. >> a fantastic setting and a lot of news. our guests this morning include jim coulter, he will join us in a few moments. at 5:15, princeton university president christopher eisgruber will be here to join us. at 5:30, stephen pagliuca stops by. and a wide ranging conversation on the economy with nourie nouriel roubini. another busy morning ahead on "worldwide exchange." a lot of headlines to discuss. here's the cover of the china daily. president xi here at the world economic forum getting a lot of attention, not just in davos, switzerland, around the world. here is his home, boost open economies, a defender of globalism. this is the front and center debate. >> huge is. huge coverage, huge headlines coming from him. big moves in the pound yesterday. we will be talking about that as well. >> best move for the pound since 1998. how do you like that for a back drop for a wo

>>> good morning from davos, switzerland. happening now, chinese president xi jinping set to defend globalization before the world economic forum. >>> a developing story, the global market cautious as british prime minister theresa may prepared to lay out her brexit plans. the expected headline, no half in and half out deal. >>> and the trump effect. general motors set to invest a billion dollars and add 1,000 jobs in the u.s. following an attack by the president-elect. it's tuesday, january 17, 2017. "worldwide exchange" begins now. ♪ >>> good morning. welcome to a very special edition of "worldwide exchange." i'm sara eisen. >> i'm wilfred frost. we're coming live from the world economic forum in davos, switzerland. this week it's the annual gathering of the global political leaders, ceos, bankers and decisionmakers. as u.s. president-elect trump prepares to take office friday. >> among our guests this morning, we have the ceo of society generale here. and we have jacob frenkel. we will talk geopolitics with ken rogoff. i

i am on my way to davos. sebastian: facebook is taking steps to deal with face -- fake news in germany. they will check facts and post think news warnings. anglo merkel's government has warned it plans to find companies like facebook and twitter if they don't identify fake news. content -- honda is forecasting sales. they are counting on rising demand in the u.s. and china. the woman who previously was the largest shareholder in disney has cut her stake in half. she reduced her stake to about $7 billion. she now has a 4% stake in disney. holdings back to a stake her husband received when he sold pixar animation to disney. that is the bloomberg is this flash. guy: the world economic forum gets underway. tom is going to be there. let's look at what we can expect. let's start with you. is davos a place to be seen this year? it's dead in that's the implication of donald trump's election. the one real current and concrete line is economic nationalism in that runs contrary to what people are gathering it davos to t

simonjack, bbc news, davos. also much more news on our website, at bbc.com/news, including our top stories and all the best video. don't forget you can find me on twitter. i'm on @bbckasiamadera. time now for all the sports news, in sport today. hello, i'm chris mitchell and this is sport today, live from the bbc sport centre. coming up on this programme: not an ace start in melbourne for murray but his hunt for a first title there continues. he faces jeremy chardy in the second round. he is 2—0 up. and ghana get their africa cup of nations campaign off to a winning start. the action is under way on day three of the australian open. the world number one andy murray plays andrey rublev in round two on later on wednesday. the russian teenager, the son of a former professional

i am erik schatzker in davos. bloomberg led several panels at the forum this week. tom keenan asked the deutsche bank ceo where he sees the industry heading. tom: where is the future of big banks in five years? >> well, we are placing our bets on technology. we are not sure the fundamental nature of products will change much, although regulation tends to impact that. we don't think the demands of our clients and counterparts will change too much, and that will help us predict ourselves and use technology to improve our own controls and efficiency. and we can then use technology to improve the customer service. tom: do you need people there within the technology and innovation in the future of finance? do you still need someone on the watch? >> we do need people. we need that common sense. the more complex our algorithms get, the more we need peop himle to monitor them. we have a mantra internally, exactly as mario said, we need to replace a lot of people who are actually performing the functions of computer. we wa

tonia beckett, bbc news, davos. well, let's go live to davos and talk to one of the delegates attending, inga beale, chief executive of the insurance market lloyds of london. nice to see you again. we spoke this time last year when you were at davos. there's a very different mood this year given brexit and the outcome of the us election. yes indeed. brexit is going to be one of the topics i'm interested to learn more about today. 0bviously we're going to hear theresa may talking later. but interestingly we're still going ahead with our contingency plans, we're not going to put those on hold because i don't think we'll get any real secrets about what will be in store for certainly the city of london. so i'm here to perhaps have some meetings that will be useful in terms of where should we go to set up our subsidiary when we have to do that in the eu. and that seems to be what you and other big institutions in london are thinking at the moment, isn't it crazy that you have to have a contingency in europe on the contin

much more from davos. ray dalio say populism is the number one issue that markets had better be ready to deal with. and heads of global banks give their forecast for 2017. >> the economies are beginning to slowly grind to a higher growth rate. erik: this is bloomberg. ♪ crimes welcome back to bloomberg best in davos. i'm erik schatzker. >> we have talked over the year about low interest rates. we are having a change in that positive. i remember a conversation in june. things were much different. positive, negative, it is the same for everybody. you know, the elections in france, netherlands, germany. some positiveeen and some less positive. theo you worry about regulation. playingnot on the same field as some of your peers over there. start the to discussion with the customer. we want competition because that provides innovation. so a level playing field for us is not negotiable. we hope we can achieve. >> we have heard that a lot of the european banking sector is too complex. do you think that 2017 is a

anna: that's eric in davos. coming up today on bloomberg, we'll bring you special coverage of donald trump's inauguration as the 45th president of the united states of america. that's at 3:00 p.m. u.k. time. manus: we're going to talk trump taking office next on bloomberg. ♪ manus: it's just gone 1:24 in the morning in washington, d.c. where the world prepares for the inauguration of the president-elect. his last tweet, keeping you up to date, thank you all for joining us at the lincoln memorial last night a very special evening. and of course let's make america great. hat was the slogan and what he reiterated again. anna: china, the second largest economy in the world, keeping an eye on this. manus: you get 6.8% growth but what did you do to get that? 6.7% for the whole year, the slowest growth since 1990, enviable for any other nation, but they got there via debt. they saw debt levels grow. the amount of loans in the economy grew by about 15%. loan growth doubled the amount of growth. what does that come wit

shery: you mentioned the nature of davos, i read an interesting piece about how davos is out of touch with reality and the world order. not predict brexit. they could not predict donald trump. , andlectuals gather again do they have it wrong in understanding the world order now? mark: what has happened over the last year is, what is now being referred to as populism is a rejection of those policies, where they would all agree, generally, what great fellows they were and they were saving the world and everything would be marvelous. what we have seen is, votes from people saying, we don't support your views. had a terrible year. have aer thing is, they big group think. last year, at this time, at davos everybody was saying china was going to collapse and the rmb was going down. you should sell everything. they tend to get caught up with in the markets themselves. the markets believed what was coming out of the hedge funds attending davos. ais year, there is hopefully bit more humility and hopefully, more recognition that the world is moving in a different direction from their cozy littl

let's head back out to davos. final word from you guys? >> one word? one word to describe davos? >> probably optimism. >> uncertainty i think. who knows how this will go. >> you know what? i think the davos consensus is not usually spot on. last year who would have thought brexit and trump would happen? let's see what 2017 has in store. >> davos consensus, run for the hills. >> time for a coffee now. that's it for our davos coverage this year. "worldwide exchange" is up next. >>> good morning. today is the day the world is watching as billionaire businessman donald trump will be sworn in as the 45th president of the united states. >>> what's next for wall street? stocks have been on a roll since the election. we debate where the markets are headed after the transition of power. >>> and follow the money. two billionaire investors reveal their post election positions. it's friday, january 20, 2017, "worldwide exchange" begins right now. ♪

looking forward to a great days forecast from davos. malaysia and their rates unchanged at 3% area they talked about the economy and said it remains on track. inflation is expected to average higher in 2017. we have it in europe and a u.k. and we have it in the u.s. these reflation trades were in toce for donald trump took the helm. he inaugurates in less than two days. a little bit of breaking news across the bloomberg terminal. a couple of companies reporting, gazprom is one of them. what we have is third quarter net income. the estimate was for 11 billion rubles so a slight miss for gazprom. a renaissance, a resurgent for the gas companies. third-quarter revenue came in at 1.26 trillion rubles below where the market was looking for a 1.28 trillion rubles. 102 on third quarter. the market was looking for 111. on the revenue side just a bit lower at 1.2 6 trillion. let's check in on the futures. slightly better for these markets. no doubt about it. janet yellen in that kind of mood where she signs if she is ready to get on with rate hi

oliver: i liked davos. this is the big economic forum that happens every year, sort of thought-provoking and business provoking. however, what they ultimately came to do was to create that globalization, and it will be interesting to see what comes out of it. carol: especially as so many --at davos miss the donald trump connection. oliver: more bloomberg tv starts right now. ♪ ♪ >> coming up on "bloomberg best ," the stories that shaped the week in business around the world. the president-elect meets the press. hearings heat up on capitol hill. >> the plan at this point is just to trust donald. >> he is not moving where he needs to move. >> contention is an understatement. chinanomic news from causes global concern. >> i think you are seeing a bumpy road. politics might be about to change the game for drug companies. leaders in the industry tell us what they are expecting. >>

the world economic forum davos gets underway next week. oliver: we talked to simon kennedy. >> this takes place in davos, switzerland, europe's highest city and well-known for snow and skiing. every year around this time the , global elite gather, bankers, academics, policy makers, all head to this alpine retreat and discuss economic and financial affairs and the challenges facing the world. oliver: it seems like that this year they will obviously be discussing some of the major elections around the world. is that going to be a focus? >> absolutely. one of the things about davos is that it has become the grounds ground zero for globalization, the place where free movement of people, money is encouraged and celebrated. obviously that worldview has taken a bit of a shock in the last year with elections of populist figures such as donald trump and protectionist topics such as brexit forcing their way into the headlines, so it is a bit of a reality check this year for the delegates of davos, that the worldview they have had for so long is perh

i am erik schatzker in davos. many of the world's most important bank executives came to the meeting this week, and most of them sat down with bloomberg television to talk about the state of their business and the global economic outlook. >> there is an expectation that 2017 will be better than 2016. interest rates, we have talked about a low interest rate environment, so a change is positive. and remember our conversation in june, things were much more difficult in terms of valuations, and you have seen the recovery. the positive and negative is the same for everybody all the , uncertainty, political agenda, elections in france, netherlands, germany, italy, so it is always that balance between some positive and some less positive factors. >> do you worry about deregulation in the u.s.? and it will impact european banks, because you are not on the same playing field as your peers there. >> we think for any industry, strong competition is healthy and benefits the customer. that is where you need to start the discus

. -- at davos. wax i saw the president of china's speech as a major message that says, let's recognize the fact that we are interdependent. we need to communicate using the same language. >> sterling rallying today after prime minister theresa may gave the most explicit position yet for brexit. she remains committed to honoring the will of the vote. >> i can confirm today that the government will put the final deal to a vote in both houses of parliament before it comes into form. >> it is pretty clear that the european relationship will be status low. it won't be as good as it was. i think they can negotiate many things. it's important for them to step aside and renegotiate the rest of the world. >> theresa may made it very clear that it is going to be a hard brexit for britain. you get the parliamentary approval. got, what? 5000 people there? >> you pick of a mobile home and move it across. these are real things. let's work our transition plan. >> citigroup and goldman sachs wrapping up the big ear

you are a davos man. the mantle has been passed. >> i'm a davos virgin. not yet. maybe in a decade. >> you're doing well this morning. >> let's breakthrough these numbers. big beat for morgan stanley, mainly through sales and trading. they didn't get the typical q-4 slowdown, which is in contrast to bank of american's earnings on friday. the cfo saying fixed income continued from q-3 with good client activity. that was the main reason for the beat. he also said on the equity front that they are taking share from their rivals. there's further opportunity to do so moving forward. investment banking slightly beat. wealth management was in line. in terms of 2017 outlook, he said clients are seeing the world now much more in a glass half full rather than glass half empty view. he was very optimistic about things like tact changes. going to switch and cover the brexit headlines. that's the other big market mover. the pound up sharply following theresa may's speech. weirdly, she did deliver the two key hard brexit tones in the speech that the market feared. no single mar

we are in davos next week. go on a website and read bps by simon kennedy on davos. they realize they are part of the problem. tom: matthew campbell and simon kennedy, what was great about it, they pulled me in paragraph by paragraph, this new idea of populism which is front and center. -- it comesirs right over to these meetings. francine: i am doing a debate on is being skewed -- if you look at who donald trump is using in his administration, is it populism? let's get straight to the bloomberg first word news. starting with china's exports, they remained lukewarm last month, overseas shipments fell more than 6% from one year ago, global demand hurt sales and china is bracing for a potential trade friction with the u.s. under a donald trump administration. new questions about whether fbi director james comey can keep his job. the justice department has opened an investigation into his handling of hillary clinton's use of a private email server. it will focus on whether the fbi failed to fall appropriate -- follow appropriate procedures and in appropriate released in

us to talk all things trade from davos. >>> welcome back to davos. we've been talking china the last two days nonstop. the highlight here is xi jinping's speech. yesterday he defended globalization in his speech, telling delegates there are no winners from a trade war and globalization should not be blamed for the world's problems. xi's speech broadly welcomed by delegates, sweden's prime minister said she was aiming to fill the global leadership vacuum and doing it with some success. we've been asking business and political leaders at the world economic forum for their outlook on global trade this year. >> we and all of us were surprised by the fact that global trade has not grown nearly as much as one would expect five years ago. before the financial crisis, global trade was growing 8%, 9%, 10% a year. now we're down to 2% probably in 2016. we expect 2.5%, 3% this year. >> the approach of the news by this government is clear. we think that free trade is vital. one of the reasons why the growth rate in europe is like this. >> so now we're joined by

welcome back to this special davos program. we just heard theresa may speaking, the uk prime minister, taking to the stage in davos and delivering her speak there days after delivering her brexit speech here. julia is in davos and was listening. i thought two things stood out. she was determined to keep center ground mainstream politics, that they can respond to the concerns people have. and the second message about how britain needs to develop a new industrial revolution phase, which to me sounded like pandering towards the chinese, that was one of the messages from the chinese president when he spoke, we have this new revolution going on, we need to find growth elsewhere. >> i actually loved that you picked up on that. i couldn't agree more. that idea that they also -- theresa may, the uk also wants to be very much focused on free trade, to protect all its own businesses and be at the same time global, but also use it as a way to strengthen our economy. i also liked on the trade upon the she said, look, we're having discussio

just an extraordinary davos. it takes me back to the lehman davos of january, 2009. francine: when we look at the sentiment, let's not forget what is sweeping our developed world. we could look at the financial crisis and say that we have not fixed this. after a day of big speeches yesterday, people now -- tom: it has been a more normal davos. thecine: it is always in details that gives us better foreign policy and economics. tom: right now to new york city and "first word news" with taylor riggs. taylor: as you are mentioning in your open, british prime minister theresa may has been selling a brexit plan to key european leaders. she called counterparts in germany and france after her pledge that the u.k. would leave the e.u. single market. told they would negotiate in the spirit of goodwill. a court in south korea will decide whether the samsung group 's era parent be arrested in and influence peddling scandal. ay y. lee was part of a scandal that led to the impeachment of the south korean president. and george w -- george h w bush has been hospitalized. no word on

let's go back to the world economic war and in davos, -- forum in davos. here is erik schatzker. erik: thanks. i am here with ron mock, ceo of the ontario teachers pension plan, a pioneer in investment management. teachers created direct ride. have teachers we thought long-term expectations in light victory, andump's how? ron: long-term expectations are defined by what it takes to pay pensions for the next seven years. those rock -- those liabilities are what drives us. it is about innovating adequately within all of the asset classes to pull that off. of its yoump, all political issues taking place, they are important, but we look beyond an election cycle. we have to. takees not mean we do not geopolitical risk and the changing landscape into account. we have to. erik: does it affect asset allocation? ron: it affects the risks we are willing to take the next three to four years. our portfolio is a pile of risk factors. equity, inflation, interest rates, a whole pile of things. we end up doing is deciding whether we want a little more risk in each of those factors. taylor benson

does davos achieve anything? i don't know, this is the first time i have been here, it is a very strange, very fragmented sort of event. with people who are clearly here for very different purposes. from your point of view, we have the inauguration of donald trump, to become the next us president, what do you think he will do in terms of helping or hindering inequality?” think it is very difficult to know what trump is going to do, he has said many different things, some of those would make inequality more severe than it is, some may do something about it. if he actually goes about draining the swamp, as he likes to call it, i think that would help. on the other hand, it is not a very good signal that his cabinet ministers are all billionaires. we very much appreciate your time, i hope that you enjoy the rest of your davos. thank you very much. you're welcome. so many people there with different opinions, different views, gives you a taste of some of the discussions going on in davos. simon back with us. and yo

forum in davos. talkingthe chairwoman about europe and about the future of europe, minding the basics which a lot of people forget, europe was built 22 piece, initially a pretty has political project to make sure countries were no longer absorb in europe, she is talking about brexit, they have a huge presence in the u.k. and says they are still committed to the u.k., one of the biggest domestic banks in the u.k. in terms of retail banking. day of full coverage into tomorrow. opec and russia scheduled to meet this we get to gaze the progress of their oil supply deal, the opec secretary-general gave us his view on the current price of crude oil. >> the rebalancing of this market will insure the margins of the equilibrium price. we are far away from the equilibrium price. the new: joining us is russian economy minister, great to have you, we have one million questions on russia and the economy and on your currency exchange. let's start with the price of oil because we just heard from the opec secretary-

let's head to the economic forum in davos. thank you vonnie, jamie dimon thank you for joining bloomberg. let's start with brexit. before the vote you went to britain and you talked about moving 4000 jobs. since then you have taken a wait-and-see attitude to what happens. jamie: this week -- >> theresa may has said it will not be in a single market, the customs union. are you close to making a decision on what you would do? jamie: trying to have a transition period. wes whole transition period, have the ability, time to move people, build systems, acquire real estate varied it's not up to us. the british people will decide and negotiate with the eu. we simply have to accommodate the laws of the land, prison and the eu, and that will determine how many jobs and how many people and how many things have to move right before thousand was an estimate in time. -- move. 4000 was an estimate in time. >> when she started she made it clear that she is higher enticing immigration over the single market and doesn't want to give a special

let us get back to davos with francine lacqua. francine: i'm looking forward to this interview, joe kaiser. you have many times cautioned about the rise of caution and the impact this could have a lot of companies because this linked to how people consume and behave. are you concerned that 2017, first of all, you see the fruition of populist votes, that the weight will continue? josef: we have already been learning about the geopolitical tension. it really does not catch us by surprise. it is about the rise of populism, but if you look at it, what i see will be the challenge of going forward. it is, i believe, nothing but the fallout from the divide between the rich and the poor. the second topic is the global migration, which has just been starting. the third topic is climate change, whether you like it or not. the fourth will take us a lot to think about, the fourth industrial revolution. number five is the short-term lesson, which is creeping up and does not help sustainable long-term -- francine: so you have politicians and ma

he spoke in davos. then our conversations with proposed economic teams, they want to be loud, noisy, and strong in the first 100 days. i think that will continue to create some optimism. on the other hand, we still have quite a bit of uncertainty about how we are going to pay for this. thatr: think says he hopes trade tactics are one of the methods the administration uses. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries, i am taylor riggs. this is bloomberg. tom: michael mckee and kevin cirilli are in washington for our coverage of the inauguration. , not only with his years of experience with various inaugurations, but also with a real understanding of where america is in its state of economy. michael mckee, good morning. what kind of an american economy will greet the president's morning? michael: actually, donald trump comes into office with one of the best economies any president has inherited. that makes the remarks that taylor talked about

oliver: i liked davos. this is the big economic forum that happens every year, sort of thought-provoking and business provoking event. this year there is a lot of pushback. however, what they ultimately came to do was to create globalization, and it will be interesting to see what comes out of it. carol: especially as so many people at davos missed the donald trump winning the election connection. oliver: more bloomberg tv starts right now. ♪ caroline: i am caroline hyde. this is the "best of bloomberg technology". coming up, the president elect meets the press. donald trump faces reports from hacking to the media itself. making sure tech titans play by the rules, our exclusive interview with the eu competition minister. our interview with mary barra, ahead.

tanya beckett, bbc news, davos. well, it is a big day for speeches because later today the uk prime minister theresa may is expected to speu minister theresa may is expected to spell out what kind of brexit deal she once and says the uk will not retain partial membership of the eu when it leaves. us president—elect donald trump says his promise to negotiate an early trade deal between america and the uk could strengthen mrs may's can. our political editor reports on what we can expect based on the evidence so far. brexit means brexit. what is that? brexit means brexit. what is that? brexit means brexit. and in case you hadn't heard. brexit means brexit. i'd ignore the platitudes, the big decisions have been clear since june. decisions have been clear since june. -- but ignore. there is no mandate for a deal that involves accepting the free movement of people as it is hitherto. unlimited eu immigration won't stay, nor the power of european judges. judges, sitting not in luxembourg, but in courts across the land. wi

trish: there you go. >> and at davos, it's a closed echo chamber. davos doesn't listen. trish: thank you very much, colonel. good to have you here. we're right back with donald trump's pick for the secretary of education. (bell chimes) ♪ nice work brother dominic. now we just need 500 more... translated into 35 languages, personalized oh and shared across the 7 continents. (other languages spoken) look abbot, i got it. it's a miracle. ♪ approaching medicare eligibility? you may think you can put off checking out your medicare options until you're sixty-five, but now is a good time to get the ball rolling. keep in mind, medicare only covers about eighty percent of part b medical costs. the rest is up to you. that's where aarp medicare supplement insurance plans insured by unitedhealthcare insurance company come in. like all standardized medicare supplement insurance plans, they could help pay some of what medicare doesn't, saving you in out-of-pocket medical costs. you've learned that taking informed steps along the way really makes a difference later. that's what it

we're live in davos, switzerland. let's tell you what big stories are front and center for us this morning. the federal reserve is out with its beige book later today. the region-by-region assessment of the economy comes out at 2:00 p.m. eastern time and comes less than two weeks before the next meeting of fed policymakers. fed chair janet yellen will talk about monetary policy today in an appearance in san francisco. that begins at 3:00 p.m. eastern time, 12:00 noon pacific. she'll take questions from the audience right after her speech. of course, we'll bring you that news as it comes. >>> also, more homeowners moved to refinance their mortgages last week. the mortgage banker's association saying refinancing applications rose 6.8%, even as new purchase applications were declining by 5.2%. the average 30-year mortgage rate fell by five basis points during the week to 4.27%. >>> some news just in involving j.pmorgan chase. the u.s. has filed a complaint against the bank, saying they charged certain minority groups hig

let's get back to davos. anna: francine joins us from davos. printing: i'm pleased to be joined by president of the u.s. bank. thanks for coming out so early. degrees --ally -20 -22 degrees celsius. give me a sense of the investment bank at uva's -- at ubs. >> the key difference is we have a different model from most everybody else. with focus on profitability and areas we know we can do good work. beingfor us means short-term or smaller in fixed income, but much more targeted and brought her in equities. printing: you don't feel that puts you at a disadvantage because this could be the year where you see the divergence place and also interest rates coming back higher? >> clearly this year and last , we, given the resurgence have been lagging on revenues. the question is have we been lagging on profitability and the bottom line, because that is what we look at. profitability in the first three quarters was 20% pretax. clearly with the resurgence we will continue to be strong. increasingwhether revenue that everyone will get fixed income greater

a lot of news coming out of davos. japan's nikkei up 1% overnight. the shanghai

the china daily reports on president xijinping's comments at the world economic forum in davos. he focused on the benefits of open markets and warned against trade wars. he said "practicing trade protectionism is like locking oneself in a dark room." in his final days in office, us president obama has commuted the 35 year prison sentence of chelsea manning, the soldier behind one of america's biggest ever leaks of classified information. republican speaker paul ryan said mr obama's decision was outrageous. this is in the new york times. the daily mail reports boxing world champion anthonyjoshua has been received a barrage of anti—muslim abuse after tweeting a picture showing him praying in a mosque. alongside the picture he wrote "prayer is a solid foundation". and it's being called the most coveted job in education — cambridge university is advertising for the world's first lego professor of play. more on the guardian website. it pays about 83,000 pounds per year. we're joined by iain anderson, founder of the international communications agency, cicero group. all three of m

megan murphy joining us out of davos. coming up on bloomberg, we will bring you special coverage of donald trump's inauguration as the 45th president of the united states of america. remember, 20th amendment, it is at noon. that is the event. we will be on air before that, making sure everybody is up to speed. let's get a view from argentina. nicolas dujovne is the treasury minister for argentina. how does the world change for argentina as a result of what is going to happen in washington today? soon to know too yet. we have to await they announcements of the new president trump. we look forward to hear that. we think it is too soon to know yet. guy: do you think we will see a more protectionist world? that can happen. for the statements that the new elected president made before his appointment, it is likely that we will see some movement on that direction. for argentina, that comes from a totally closed economy, we had a very closed economy during the last 15 years -- i think that marginalould be because we are still op

the long shadow over davos. market hast the discounts with the positives of the trump area and none of the negatives. -- era and of the negatives. more from davos right now, me with lacqua joins john. francine: you spend one million hours saying hello to people just walking around here. john [inaudible] erik: that's why people come. john: for a long time -- erik: for a long time, being invited was a badge of honor. is it a scarlet letter? francine: did you ask -- john: did you actually read that book? [laughter] erik: we aren't getting into that debate. francine: best answer. erik: should the people coming to this event to be wary of the risk attached to being labeled an elite? -- john: this is is a question for what, the 1% of the 1%? francine: we are having technical difficulties. we have to get your microphone on. look at this, this is live television. erik: taking a short break from davos, switzerland, and when we come back, more with john. ♪ erik: back to our coverage of the world annual economic dollars

rolling out the red carpet at davos. xi jingping becomes the first chinese leader to visit the world economic forum. and seeking out the local talent. beijing cracks down on the use of foreign footballers in the country's super league. live from our studios in singapore and london. this is bbc world news. it's newsday. good morning, it's 8am in singapore, midnight in london and 3am in the turkish city of istanbul where police have reportedly detained the main suspect behind the new year's eve shooting at a nightclub. 39 people were killed and 70 injured in the attack. the so—called islamic state have claimed responsibility for the shooting and our turkey correspondent mark lohan has the latest. this is the commendation of a huge nationwide police manhunt that appears to have finally apprehended appears to have finally apprehended a 30—year—old man, as beck national, abdulkadir masharipov, believed to be the main suspect behind the istanbul nightclub attack. in the aftermath of the attack he managed to escape, to fl

i was at 48 hours ago i was in davos, switzerland. i met with ceos, all of which are super positive about president-elect trump. we had the monsanto guys last week and their are excited. they say, wow, we have a business advocate, someone with a horse sense for business, commercial instincts. recognize that we can do good, make profits at the same time, grow the economy, and central to all of this, help working class families and middle class people. >> there must be some unease though in the corporate community with what they're going to get from this president. >> yeah. >> you look at what the market has done since the election. sort of ripped higher. you used to sit with us often and talk about the markets and why they've reacted certain ways around the relationship with politics. i just wonder, just given what the markets have done as it had this great advance and hit a pause and now the dow is at a six-week low. if that reflects some of the trepidation about what the administration is actually going to do. >> i said this yesterda

tell us about the oil conversations in davos this week. >> everyone here at davos will be tracking two men, the saudi oil minister and the ceo of a saudi company. ipo that potential will probably be the largest ever ipo in the world, and it would make of the world's largest company with massive capitalization. there will be a lot of interest from bankers seeking to participate with that ipo as potential investors. they will try to understand what is going on with the ipo scheduled for 2018. that will be a highlight. of course, trying to get a better view of where oil prices will be. ago, it was doom and gloom. today the situation has improved substantially. prices are $50 to $55 a barrel. tople have seem to learn live with relatively low prices. anna: the saudi's are so optimistic about the deal, they say there is no need to extend the opec deal belong desk the aunts the six month that is already in place. will prices rebalance in the first half or will the shell activity in the united states get in the way of that? >> i think what the saudis indicated is they do not want to take much

looks like a popular one here at davos. yesterday, barack obama granted commutations to 209 people and parted to give for others. >> one of those people was chelsea manning, the u.s. soldier sentenced to 35 years for leaking classified information to wikileaks. this is one of the longest punishments ever imposed on a leak. can read the article in the new york times that says obama's decision is probably rescuing manning from an uncertain future as a transgender woman in a men's military prison. they remind readers that manning tried to kill herself twice last year. republicans are outraged by the commutation, calling it outrageous, saying it sets a dangerous precedent. that story is getting a lot of attention in the u.s. but there were other part is an commutations. one getting attention in the puerto rican press because it involves oscar lopez rivera, considered to be one of the longest held political prisoners in the u.s. he spent 36 years in jail, including 12 in solitary confinement. he was sentenced for essentially try

thank you forjoining us from davos. so, president xijinping forjoining us from davos. so, president xi jinping will be speaking soon, what are you shope he'll say? well, i think with trump's election and brexit, the world is looking for leadership that will bring back globalisation and multilateralism and i don't know the content multilateralism and i don't know the co nte nt of multilateralism and i don't know the content of president xi jinping's speech, but the fact that he is coming gives us hope that there will be strong leadership that will help globalisation continue rather than become stalled. china coming on to the world stage, just as this protectionist president—elect is starting his newjob in america at the end of the week and as we're negotiating brexit, do you think that gives china an upper hand? well, it is an interesting opportunity because china is now ready as very fast growing economy as well as a very strong tech sector. we at sinovation have invested in some of the world's best technology company and they are based in china and they are doing fa

let's head to the economic forum in davos. thank you vonnie, jamie dimon thank you for joining bloomberg. let's start with brexit. before the vote you went to britain and you talked about moving 4000 jobs. since then you have taken a wait-and-see attitude to what happens. jamie: this week -- >> theresa may has said it will not be in a single market, the customs union. are you close to making a desi

and then fly to davos to explain more. the other big thing in davos is that the chinese president xi jinping will open a ceremony in defense of free trade. the other big ticket item of course has been donald trump's comments over the weekend calling out germany for its immigration policy saying the german chancellor angela merkel made a catastrophic mistake in allowing 1 million migrants into the country. the german government has largely shrugged off the claims. also, i want to take you to a corporate story moving the needle in south korea. the prosecutors are seeking the arrest of samsung's heir. it's the latest turn of events that has led to the impeachment of the south korean president. >>> just ahead, the passing of a wrestling legend. >>> plus, saying good-bye to the ringling brothers circus, an act that has been around for nearly 150 years. you're watching "early today." lulu's hair just floats. uhh help me! (doorbell) mom, check this out. wow. swiffer sweeper, and dusters. this is what i'm talking about. look at th

davos,n our coverage in four days. us one you stay with economics, finance, international relations, and a good cup of coffee. this is bloomberg. ♪ >> for us, it is important to create option alley. as long as we have market access so at least for the next two years, i think the pressure is not that high. the pressure is to create the ionality.w eddie -- opt francine: we are 90 minutes away from the theresa may speech in london. tom: before that, the speech scheduled with the president of china. i look at what he was talking about, and it is a typical ceo response, just to delay. john mickelthwait, what are they waiting for? is there a touch point? john: i think article 50 is one and maybe, it depends on how this current speech goes down, maybe some will make decisions now. if you know britain is not going to be part of the single market, that makes a big difference. if you own a big bank and no passporting not happen, that makes a big difference. tom: sterling is back to 1985 levels. what does that mean to see weak

i think this will be the major theme of his speech in davos. you said it could be a way to counter the anti—global trump protectionist rhetoric. why is it important for china to be there now? davos really gathers all the major government and corporate leaders throughout the world into one single setting where they can put their heads together to talk about the challenges that the world economy would face in the world today. i think in this kind of forum, the leaders, both government and corporate leaders, can really compare notes with each other, talk with each other, engage with each other and come up with more coherent themes for how the global economy needs to be developed this year as well as beyond. i think this will be important for the global audience to listen to what china has to say, to what president xi jingping has to say about how china can get its act together and become a leader of free trade and globalisation in the years to come. a chance for china to become more globally influential but given donald trump's criticisms of chi

lots of reaction to theresa may's speech, but what is the news in davos about it? well, i think kirstie, today here in davos we had the sort of day after the party. i think the speech itself, while not made here by theresa may, went down pretty well. there is this idea at least we had some certainty all the nods and winks about being in or out of the single market were over. theresa may made it clear britain was coming out of the european union, but today, a bit of the hand over, the day after. we have had news today from banks here, hsbc based in london and the swiss bank ubs they will be moving jobs or are looking at moving them from london, on to the european continent, because britain would be out of the single market and that would mean that some of their service, they provide from london, would have to be provided from within the european union, and as you say, kirstie, noises off from the foreign secretary, some negative reactions from france, to the comments by borisjohnson and really a negative thought today, from davos.