is building what's said to be one of the biggest oil refineries in the world and the world bank is backing it although construction is set to extend beyond when the world bank said it would stop investing in fossil fuels that's by the end of this year good always funny fresh our reports we receive rare access to these gigantic construction site near lake city the man behind it. asked to meet a diverse fourteen point one billion us dollars on the construction site a beehive of people reporting to various international contractors china is one of them the space below the screen offers prefer spite from the burning sun thousands i was working here it's easy to get lost the temporary street this is one of the biggest cost structures sites around the world today and tomorrow this is supposed to be the location of the biggest horrify. every endeavor but is it sustainable done go to school to produce refined crude oil so that nigeria one of the biggest exporters of crude does not have to import refined oil any more. skeptical he sees nigeria future beyond oil i think. and i do because the oil is

is building what set to be one of the biggest oil refineries in the world and the world bank is backing it although construction is set to extend beyond when the world bank said it would stop investing in fossil fuels that's by the end of this year good always funny fresh are reports we receive rare access to these gigantic construction site nearly cost the man behind it. asked to meet a diverse fourteen point one billion us dollars on the construction site a beehive of people reporting to various international contractors china is one of them the space below the screen offers prefer spite from the burning sun thousand suns working here it's easy to get lost the temporary street tapes this is one of the biggest cost structures sites around the world today and tomorrow this is supposed to be the location of the biggest horrify. every endeavor but if it's a stable go to school to produce refined crude oil so that nigeria one of the biggest exporters of crude does not have to import refined oil any more. skeptical he sees nigeria's future beyond oil. and i do because the oil is you know we

is building what's said to be one of the biggest oil refineries in the world and the world bank is backing it although construction is set to extend beyond when the world bank said it would stop investing in fossil fuels that's by the end of this year good always funny fresh our reports we receive rare access to these gigantic construction site near lake city the man behind it. asked to meet a diverse fourteen point one billion us dollars on the construction site a beehive of people reporting to various international contractors china is one of them the space below the screen offers prefer spite from the burning sun thousand suns working here it's easy to get lost the temporary street this is one of the biggest cost structures size around the world today and tomorrow this is supposed to be the location of the biggest horrified every endeavor but is it sustainable go to school to produce refined crude oil so that nigeria one of the biggest exporters of crude does not have to import refined oil anymore. paul is skeptical he sees nigeria's future beyond i think. and i do because the dollars w

the world needs to stop depending on fossil fuels that's a scientist's view that also the world bank subscribes subscribes to even so the lender is apparently heavily invested in building the world's largest oil refinery in nigeria german public broadcaster and the art of the day news events inside an empty w. went to investigate. at this huge construction site near lagos city a new oil refinery is being built the man behind it an eco dango take estimated worth fourteen point one billion u.s. dollars his goal is to make nigeria one of the biggest exporters of crude oil self-sufficient when it comes to refined oil too but not everyone's a fan akpan ekpo says oil can't be nigeria's future. and i do because the oil is here we're. still able to move forward. and i guess office i've been developing. at the recent climate summit in kenya the world bank emphasized its commitment to ceasing support for oil and gas and urged africa to shift to sustainable alternatives how come germany who is not so much. enjoying so shy could pay a seven percent of their installed electricity capacity to come

bank says the world needs to stop depending on fossil fuels so why is it lending money to build the world's biggest oil refinery and. welcome to the program. the biggest election in history has started in india nine hundred million people are eligible to cast their vote with prime minister narendra modi and this hindu nationalist party could as favorites mr modi was swept into power in twenty fourteen on promises of more jobs and a stronger economy but his first period in office has had its shares of blemish g.d.p. growth in india has been strong indeed in twenty eight hundred india's gross domestic product grew by seven point three per cent making india the fastest growing economy in the world but it is not enough creating jobs and employment currently stands at seven point one percent the highest level in years but providing jobs is of the utmost importance in india as the population is growing and it's growing fast there are currently around one point four billion people living on the subcontinent and that number is growing by fifteen million every year the prime minister and rem

is building what's said to be one of the biggest oil refineries in the world and the world bank is backing it although construction is set to extend beyond when the world bank said it would stop investing in fossil fuels that's by the end of this year good always funny fresh our reports we receive rare access to these gigantic construction site near lake city the man behind it. asked to meet a diverse fourteen point one billion us dollars on the construction site a beehive of people reporting to various international contractors china is one of them the space below the screen for spring first bite from the burning sun thousands i was working here it's easy to get lost the temporary street tapes this is one of the biggest cost structures size around the world today and tomorrow this is supposed to be the location of the biggest or if i. every endeavor but is it sustainable don't go to school to produce refined crude oil so that nigeria one of the biggest exporters of crude does not have to import refined oil anymore. skeptical he sees nigeria as future beyond i think. of them because the oi

and the world bank are hosting their annual spring meetings in the nation's capital and we are on the ground party correspondents there a month as the old go brings us the latest on the from up close all of that directly ahead but first let's do some headlines and let's begin right here with another twist in the ongoing drama of the u.s. china trade war data today shows that chinese imports took a major slide in march falling seven point six percent when compared to last year this major tumble comes on the tail of a dismal slide in february a five point two percent now while these numbers are stark the picture is even more grim when taking a look at the nation's imports from the united states according to data imports from the u.s. it fell twenty eight percent while exports to america saw three point seven percent decline despite these otherwise troubling numbers from domestic consumption exports from the people's republic saw a surge last month jumping by more than fourteen percent all of this news comes as the u.s. china trade war is slowing to a crawl in contrast from previous mont

let's continue with more from the world bank. spoker today, bloomberg with the central bank -- with the dutch central bank governor klaas knot. he told francine lacqua the ecb is working well financial institutions on stimulus. as: monetary transmission works well. i'm confident with the amount of credit growth we have in the euro area economy. i would prefer stronger banks but mainly for financial stability reasons, which is outside the realm of our monetary objectives. francine: use data concern about mitigating the effect on banks in the curing system certain -- system banks have in place. : i would first need to be convinced there is a reason for mitigating. we need to preserve the favorable conditions we are currently enjoying and if is favorable credit conditions were in jeopardy, then i would start thinking about ways to restore. tltro is an effective instrument wehave used in the past and will announce we will continue to deploy in the future. vonnie: on tltro's we are expecting more details. what can you tell us? klaas:

the world bank says we need to stop depending on fossil fuels. why is it lending so much money to nigeria to build the biggest oil refinery. and the government in. suspense classes across the country to back down on street protests. thanks to business africa's richest man just found a way of getting even richer. is building the world's biggest oil refinery in nigeria and he's got the backing of the world bank itself itself as a champion of green energy it has been funneling twice as much money into fossil fuels in africa. over the past five years this project is just one example as funny reports. of rare access to these gigantic. the men behind it. asked me to birth fourteen point one billion u.s. dollars on the construction site a beehive of people reporting to various international contractors china is one of them the space below the screen offers prefer spite from the burning sun. it's easy to get lost the temporary street this is one of the biggest. the world today and tomorrow this is supposed to be the location of the biggest horrified ever

the world bank says we need to stop depending on fossil fuels. lending so much money to nigeria to build the biggest oil refinery on the globe. and. suspends classes across the country. protests. to business africa's richest man just found a way of getting even richer. is building the world's biggest oil refinery in nigeria and he's got the backing of the world bank itself itself as a champion of green energy it has been funneling twice as much money into fossil fuels in africa. over the past five years this project is just one example as funny reports. we receive rare access to these gigantic construction site. the man behind it. asked to meet a diverse fourteen point one billion us dollars on the construction site. reporting to various international contractors china is one of them the space below the screen offers prefer spite from the burning sun. it's easy to get lost temporary street this is one of the biggest. the world today and tomorrow this is supposed to be the location of the biggest horrified every endeavor but it's just a noble. goa

they want to talk about the mission of the world bank. and they -- i think they like the u.s. having a very involved and engaged role in the world bank so while they're in the media, there were questions, the reality i think was that people were supported from the beginning. i talked with president xi of china and everyone is very interested in that role. he was supportive of the idea that the world bank is -- has a clear mission, that our relationship with china is evolving in a positive way where we can be constructive together in the rest of the world >> so does that mean you're not looking at the world bank as a tool to further undermine or confront china as the trump administration has been doing. >> so there are challenges facing the world in terms of how do you have transparent projects that are high quality, where the debt is transparent. china moved so fast that in some parts of the world there is just too much debt. that's something that we can work on with china, they want to work on it they want to see a better relationship with other countries and be part of the w

bank that provides grants and highly loans to the world's poorest countries. i am concerned through its new private sector that is today is transferring to $.5 million to the world banks private sector investment arm. the international finance corporation that is subsidizing private firms selective without competition on the basis of unsolicited proposals it is likely to prioritize financial returns over positive development impacts which will be difficult to monitor. it also stands in conflict with the world banks own principles that calls for subsidies to be justified, transparent, competitively based, focused on impact and guarded against risk seeking opportunities. my message to treasury and the world bank is that unless these transfers stop or at a minimum are competitively based and fully transparent down to the amounts of aid going to firms and projects the administration's request for congress to authorize the general capital increase will not be a committee priority. now i would like to turn to treasury implementation of u.s. sanctions. the secretary

and there's africa the world bank says growth is sluggish despite so much investment in the consulate. the world bank says the economy in sub-saharan africa has grown only two point three percent in twenty eighteen that's down from two point five percent the year before we cannot make growth remains below population growth for the fourth consecutive year but a rebound is expected. long term trends for the three largest subsaharan economies are upwards growth in nigeria is projected to rise from one point nine percent to twenty eighteen to two point four percent in two thousand and twenty one south africa is forecast to recover from zero point eight percent to one point eight percent in two thousand and twenty one and then gola is expected to come out of recession to see growth approaching three percent smaller countries are expected to see even stronger growth from four point one percent in twenty eighteen to almost five percent in two thousand and twenty one among the reasons for some nations sluggish growth natural disasters like floods and droughts but also uncertain commodity pric

about growth as the international monetary fund and the world bank kick off their and old spring meetings and the china steps up its investment push into eastern europe western europe urges caution . is called rambling good to have you with us right here in company uber has filed documents for its much anticipated i.p.o. it is expected to seek a market value of close to one hundred billion dollars making it the largest offering in years. offers right sharing in some seven hundred cities and six cars on six continents and its ambitions include a broad expansion into freight and. there's a catch ybor has never made a profit and in warning the filing says it is unclear if it ever will just recently over rival lift made its debut on the market it has lost ten percent of its value since. for more that's going to turn a corner of booze and frankfurt conrad it is poised to be the biggest tech i.p.o. since e-commerce giant alibaba went public in twenty fourteen but over isn't earning any money why isn't that putting off investors. you know investors just seeing those tech companies differently yo

and there's africa the world bank says growth is sluggish despite so much investment in the continent. the world bank says the economy in sub-saharan africa has grown only two point three percent in twenty eighteen that's down from two point five percent the year before we can make growth remains below population growth for the fourth consecutive year but a rebound is expected long term trends for the three largest subsaharan economies are upwards growth in nigeria is projected to rise from one point nine percent to twenty thousand to two point four percent in two thousand and twenty one south africa is forecast to recover from zero point eight percent to one point eight percent in two thousand and twenty one and i'm gola is expected to come out of recession to see growth approaching three percent smaller countries are expected to see even stronger growth from four point one percent to twenty eighteen to almost five percent in two thousand and twenty one among the reasons for some nations sluggish growth natural disasters like floods and droughts but also uncertain commodity prices an

and the world bank are hosting their annual spring meetings in the nation's capital and we are on the ground correspondents there a month as the oka brings us the latest on the news from up close all of that directly ahead but first let's do some headlines and let's begin right here with another twist in the ongoing drama of the u.s. china trade war data today shows that chinese imports took a major slide in march falling seven point six percent when compared to last year this major tumble comes on the tail of a dismal slide in february a five point two percent now while these numbers are stark the picture is even more grim when taking a look at the nation's imports from the united states according to data imports from the u.s. it fell twenty eight percent while exports to america saw three point seven percent decline despite these otherwise troubling numbers from domestic consumption exports from the people's republic saw a surge last month jumping by more than fourteen percent all of this news comes as the u.s. china trade war is slowing to a crawl in contrast from previous months i

conversation with world bank's ceo. later, we hear from the managing director of the imf, christine lagarde. this is bloomberg. ♪ ♪ vonnie: live from new york, i'm vonnie quinn. this is "bloomberg markets." let's check those markets now. here's abigail doolittle. abigail: we are looking at small moves for the major averages here in the u.s. investors treading water before the real kick off of the earnings season with some of the big banks. , the&p 500 up fractionally nasdaq down fractionally. both of these on case for weekly declines. outpacing for the downside on the day, the em index, down 8/10 of 1%. interestingly, it is not a risk off picture. haven bonds flowing back, too. investors waiting for more information probably out of the earnings season, which tomorrow will kick off in earnest. as for that em weakness, this is the shanghai composite this week, four days on the weak, down for percent. it is on pace for its worst week of the year. perhaps trade uncertainties weighing to some degree, but it is up 30% on

the new president of the world bank has told the bbc he is looking forward to a constructive relationship with china. david malpass took over the role just this week and in his previousjob, and the trumpet ministration he was critical of the worlds second largest economy. speaking to michelle fleury come he struck a more collaborative tone. —— trump administration. we have common goals. we would like to see the world do well. i would like to see china do well. the world's second largest economy, it is going fast, and the more progress china can make in growth, that helps countries around the world. but i do think and i want to stress, that their activities need to be transparent in terms of their activities abroad, full disclosure of the types of debt and trying to have a good quality projects abroad. something that i think they can work harder on and do better on and something that will encourage and work with them on doing. iam encourage and work with them on doing. i am looking forward to a good constructive relationship with china, one that benefits countries around the world. is

and the world bank are hosting their annual spring meetings in the nation's capital and we are on the ground party correspondents are among those they'll go brings us the latest on the above quotes all of that directly ahead but first let's do some headlines and let's begin right here with another twist in the ongoing drama of the u.s. china trade war data today shows that chinese imports took a major slide in march falling seven point six percent when compared to last year this major tumble comes on the tail of a dismal slide in february a five point two percent now while these numbers are stark the picture is even more grim when taking a look at the nation's imports from the united states according to data imports from the u.s. it fell twenty eight percent while exports to america saw three point seven percent decline despite these otherwise troubling numbers from domestic consumption exports from the people's republic saw a surge last month jump in buy more. in fourteen percent all of this news comes as the u.s. china trade war is slowing to a crawl in contrast from previous months

and the world bank are hosting their annual spring meetings in the nation's capital and. we are on the ground harvey correspondent there a month as the old go brings us the latest on these from up close all of that directly ahead but first let's do some headlines and let's begin right here with another twist in the ongoing drama of the u.s. china trade war data today shows that chinese imports took a major slide and march falling seven point six percent when compared to last year this major tumble comes on the tail of a dismal slide in february a five point two percent now while these numbers are stark the picture is even more grim when taking a look at the nation's imports from the united states according to data imports from the u.s. it fell twenty eight percent while exports to america saw a three point seven percent decline despite these otherwise troubling numbers from domestic consumption exports from the people's republic saw a surge last month jumping by more than fourteen percent all of this news comes as the u.s. china trade war is slowing to a crawl in contrast

let's continue with more from the imf world bank spring meetings. tom keene is there with a special guest. a special guest. thank you so much. to all of you worldwide, an important conversation on the ands of politics, finance, borders and tension. that can only mean austria. austria is at a point and its history where they are front and center on these themes. with our stuff finance minister finance mr. of austria -- finance minister of austria, hartwig. -- hartwig loger. right now, your politics are remarkable. how does your finance fit into their coalition and populism of austrian politics? loger: the politics are strong in a conservative way. we first have the long 65 years and will reach a budgetary surplus which was down the last time in 1954. over this time, it will be the , so out ofin 2019 these, we try to stabilize and look forward to seeing enough money for investments in innovation, things like that. tom: there is a wonderful monograph on populism, but it is not a thing now. in your nation, their freedom party is up. anddoes capitalism w

>> banks were very important in world war ii. if we look at the memories of that in terms of war bonds that were issued through the banks to individuals. i looked up documents where you could see at the put out - - ads being put out. thing open up an account, get a war bond certificate. all sorts of deals that were being sort of run by banks as well as providing their own money into the war effort. as well as directing some of that war effort. different banks provided different funds ii, there's a lot of communication going back-and-forth between the people running these institutions. like tom lamont who was running morgan bank at the time and the presidents staff as well as fdr. >> before we leave collusion, what's the role of the imf and the world bank and the world money situation? >> talking about coming out of world war ii, the idea was in the meeting was held in 1944 where the leaders of the international sort of community came together to talk about how to fund. ultimately the reparations that needed to be done in the wake

he certainly said he thinks that the world bank and u.s. needs to try to deal with china more constructively. he has criticized that they get money from the world bank when you're the world's second-largest economy. an interesting start. shery: thank you so much. here with the latest from the imf and world bank meetings. let's see how this macroeconomic environment, not to mention the latest geopolitical headlines will affect currency markets. joining us now is bny mellon fx .acro strategist, john velis great to have you with us. let's start with the u.s. dollar. we have seen it range boundaries. this gtv chart on the bloomberg showing the dollar trading range has been caught by conflicting forces, from trade headlines and dovish fence, not to mention global growth. which side will win? that i would have to say think in the short-term, i'm getting a little more optimistic. we have seen some green shoots of greece -- a decent data in china. i will remain in the skeptical camp about the progrowth generally. i can dismiss the china numbers for

and, of course, undp would be one of the agency for the work and the world bank here also the previous, so there several funds and i do think it is a good to see and perhaps to a mapping of this kind of initiative. we would know that it's easy to start up something and close it down but, of course, there could be some coordination. i think there is also between these different funds we could perhaps improve it. but, of course, the political initiative is important. so that's many times also the reason why we start off with new initiatives and maybe it's a matter of packaging in how to make something out of what we already have to showcase that there are countries taking this seriously and the challenges that we have. >> we are dealing here with something where we cannot have template solutions. we need to be aware of this and brightly, the analysis is extremely important when working in fragile context and so what i think is, if further funds should be developed, the existing experience should be analyzed. and one should be really aware that they cannot have something one size fits all

and its agencies, the world bank and others as well. i would say the reason for this is because they bring resources , and i am not just talking about money but resources that , as a national actor you may not have. secondly, as national actor s, sometimes you come with baggage, and that is not always good in terms of achieving the impact that you want. so sometimes it can be really useful to work through other agencies, other multilateral actors. and finally, there's a question of legitimacy as well. legitimacy i think is something which is subjective. it is basically how you are seen by those you are trying to impact. and legitimacy isn't just i think, it's not some vague concept. it means leverage and impact and getting the results that you want. so i would say there is definitely an important role for multilateral actors because of what they can bring to the table. >> in a way, it strengthens the multilateral, strengthens the voice of the country, the government of the society instead of having many individual donor countries coming

and those of the imf and the world bank please join me to think mister secretary. [applause] [inaudible conversations]

treasury official david malpass has been elected as the new president of the world bank it was the trump administration's unanimous pick for the job it has always gone to an official from the united states while the world bank's sister organization the international monetary fund is headed by a her people. french finance minister brutal america says his country is sticking to its plans to introduce a digital tax on companies like facebook or apple despite opposition from washington the three percent levy would apply to high tech firms operating in france with an annual global turnover of more than seven hundred fifty million euros the european union says greece has fulfilled its reforms as part of its exit from its bailout program last summer so the bar has now approved a nine hundred seventy million euro debt relief payment to athens the money consists mainly of east and b. and other eurozone central bank profits made on greek government bonds during the bailout period. european regulators have accused b.m.w. dialer and fox wagon of colluding to prevent competition on emissions cleaning

and world bank are holding their annual spring meetings. a couple of years ago there was optimism now the head of the international monetary fund says growth in the global economy is certainly slowing we're now talking about synchronized slowdown by seventy percent of the global economy so our forecast for growth this year is three point three percent. going back up we hope in twenty twenty based on awful cost to three point six percent at the end you will spring meetings of the world bank in the international monetary fund in washington the i.m.f. director says the world is facing a time of high uncertainty lagarde blames what she calls self-inflicted wounds in chief among those is the trade war between the united states and china the i.m.f. chief economist says the world's two largest economies must resolve that conflict or risk further destabilization around the globe the escalation of u.s. china trade tensions needed credit tightening in china macroeconomic stress in argentina and turkey disruptions in the auto sector in germany and fin

about growth as the international monetary fund of the world bank kicked off their annual spring meetings china's steps its investment push into eastern europe and western europe urges. congress colder welcome to the program. right shane company has filed documents ford's much anticipated i.p.o. it is expected to seek a market value of close to a hundred billion dollars making it the largest offering and years were offers right sharing some seven hundred cities on six continents and its ambitions include a broad expansion into freight and real deliveries there is a catch number has never made any profit and the morning fighting says it is unclear if it ever will just recently over rival lift made its debut on the market has lost ten percent of its value ever since. it's a recurring refrain by now but with diminished urgency at a news conference marking the start of their annual spring meetings the international monetary fund of the world bank said seventy percent of the global economy is caught in a slowdown trade tensions debts distress and for policy making aren't exactly exactly helpin

and just briefly the world bank has slashed its growth focused to sub-saharan africa this year to two point eight percent down from three point three africa post the world bank's biannual report on african economies released today cited a volatile global economy amid rising trade tensions as a reason for the cut its mystic challenges in sub-saharan africa's biggest economies like oh production area associated to the downgrade is joining us. tara poker. u.s. president donald trump is ignoring the rules of free trade and setting global markets on an issue but our europe in germany doing that much better. who are the winners and losers in a high stakes game. in sixty minutes long. what secrets lie behind the small. find out in an immersive experience and explore fascinating world cultural heritage sites. the world heritage three hundred sixty getting. this. coming up in the next fifteen minutes is drowning in plastic waste we speak to the woman who's trying to make a country's government. and its five thousand years also coming up. live. reaping life into the building its books and its r

treasury official david malpass has been elected as the new president of the world bank it was the trump administration's unanimous pick for the job it has always gone to an official from the united states while the world bank's sister organization the international monetary fund is headed by a repeat. french finance minister brutal america says his country is sticking to its plans to introduce a digital tax on companies like facebook or apple despite opposition from washington the three percent levy would apply to high tech firms operating in france with an annual global turnover of more than seven hundred fifty million euros the european union says greece has fulfilled its reforms as part of its exit from its bailout program last summer so the block has now approved and nine hundred seventy million euro debt relief payment to athens the money consists mainly of east and b. and other eurozone central bank profits made on greek government bonds during the bailout period. european regulators have accused b.m.w. dialer and fox wagon of colluding to prevent competition on emissions cleaning

the imf and world bank spring meetings are under way in washington with christine lagarde and others warning of a quite uncertain outlook. hays is in d.c. for the meetings. we continue to hear this pessimism growing among policymakers around the world over the state of the global economy. what are we hearing now? kathleen: a number of different things. i think everyone agrees that broadly, the global economy is slowing and broadly, the biggest risks are the u.s.-china trade war and the risk of a no deal brexit, but everybody knows -- the stories have been different for every country, and when i the new chief of the central bank about his concerns about growth and inflation, he was pretty sanguine on the onnomy, pretty sanguine borrowing a lot from china and japan from some of their important infrastructure spending. he also seems that despite all of that, inflation is low enough that maybe the bsc could consider cutting their rates at the may meeting. let's listen to what he said in an exclusive bloomberg television interview. is the agenda, we increase interest rates by 1.75% , 175

the world debt transparency are important issues and i think the world bank combined with our build act and other things can be a serious competitor to their belt. >> thank you. with that, i give back the balance of my time. >> i yield myself 5 minutes. thank you, mr. chairman, for being here. as i was reviewing your statement, in paragraph 4 of your statement, you note that opportunity zones are a key component of the tax cut and jobs abilitying. you also say opportunity zones will offer capital gains tax relief for investments in businesses in distressed communities. so i would like to know when is that going to happen? how much -- how many dollars will be put into distressed communities? and how will you deal with to protect and assure us that we won't have genderfication in these communities. >> so when is it going to happen? it has already started. we put out some regulations. we are putting out more regulations. we hope to get those out in the next few weeks. critical to uncertainty. >> where are the dollars, what communities, what states? do you have any in columbus, ohio? >> the

treasury official david malpass has been elected as the new president of the world bank it was the trump administration's unanimous pick for the job it has always gone to an official from the united states while the world bank's sister organization the international monetary fund is headed by a repeat. french finance minister brule america says his country is sticking to its plans to introduce a digital tax on companies like facebook or apple despite opposition from washington the three percent levy would apply to high tech firms operating in france with an annual global turnover of more than seven hundred fifty million euros the european union says greece has fulfilled its reforms as part of its exit from its bailout program last summer so the market has now approved and nine hundred seventy million euro debt relief and to athens the money consists mainly of east and the other eurozone central bank profits made on greek government bonds during the bailout period. european regulators have accused b.m.w. dialer and fox wagon of colluding to prevent competition on emissions cleaning techno

the world debt transparency are important issues and i think the world bank combined with our build act and other things can be a serious competitor to their belt. >> thank you. with that, i give back the balance of my time. >> i yield myself 5 minutes. thank you mr. chairman, for being here. as i was reviewing your statement, in paragraph 4 of your statement you note that opportunity zones are a key component of the tax cut and jobs abilitying. you also say opportunity zones will offer capital gains tax relief for investments in businesses in distressed communities. so i would like to know when is that going to happen? how much -- how many dollars will be put into distressed communities? and how will you deal with to protect and assure us that we won't have genderfication in these communities. >> so when is it going to happen? it has already started. we put out some regulations. we are putting out more regulations. we hope to get those out in the next few weeks. critical to uncertainty. >> where are the dollars what communities, what states? do you have any in columbus, ohio? >> the fu

bank that provides grants and highly concessional loans to the world's poorest countries. i am concerned that the new private sector window is transferring $2.5 billion to the world bank's private sector arm. the international finance corporation. it is subsidizing private firms, selected without competition on the basis of un- solicited proposals. the psw is likely to prioritize financial returns over positive, development impacts which will be difficult to monitor. the psw also stands in conflict with the world banks own principles that call for subsidies to be justified, transparent, competitively based, focused on impact and guarded against rent seeking opportunities. so my message to treasury and the world bank, unless this transfer stop, or at a minimum or competitively based and fully transparent down to the amounts and purpose of aid going to which firms in which projects. the administration's request for congress to authorize the ifc increase will not be a committee priority.ca i would like to turn to treasury implementation of u.s. sanctions. the secretary also m

treasury official david malpass has been elected as the new president of the world bank it was the trump administration's unanimous pick for the job it has always gone to an official from the united states while the world bank's sister organization the international monetary fund is headed by. french finance minister brule america says his country is sticking to its plans to introduce a digital tax on companies like facebook or apple despite opposition from washington the three percent levy would apply to high tech firms operating in france with an annual global turnover of more than seven hundred fifty million euros the european union says greece has fulfilled its reforms as part of its exit from its bailout program last summer so the market has now approved and nine hundred seventy million euro debt relief payment to athens the money consists mainly of east india and other eurozone central bank profits made on greek government bonds during the bailout period. european regulators have accused b.m.w. dialer and fox wagon of colluding to prevent competition on emissions cleaning technolog

i think china really wa nts to world bank? i think china really wants to evolve its role within the world, ina wants to evolve its role within the world, in a constructive way. they area world, in a constructive way. they are a world leader, they want to be are a world leader, they want to be a world leader in terms of development. what other business stories has the media been taking an interest in? shanti kelemen from couttsjoins us again. which one are we going to start with? let's start with this one. yes, this was in the financial times. a big bank, merrill lynch, it says it has managed to sort out an algorithm looking for an clear language in investor calls, when companies are talking to investors about what is ahead. if these people, the top of the tree, are using an clear language, this bank will sell the stock. what do you make of that question of yes, it's pa rt of make of that question of yes, it's part of a lot of the data analytics, you have seen people doing things like scour reports to find trends, what things a

and the bank of japan and on to that people's bank of china and the major banks that the world decided to electronically advocate money to put into their systems and then they are still going. this thing that was an emergency and considered to be an emergency back in 2008 has become policy. it's become monetary policy and even though people don't think of it it's our economic policy and there's this body that can create funds when necessary and has no legal cap to how much they can create. there is a cap in terms of how much conversation they might have about what they've created but for public opinion may be about political opinion may be but there is no legal cap to what any of these central banks can create electronically in the guise of helping the financial system or in the guise of helping the general economy and that is why they have so much more power than they had before because they now know this and in different ways over the last year's decade plus since the financial crisis that is what they operate and whoever is putting the federal reserve or european central banks and i

the us has a longstanding, if informal, right to select the world bank's leader. indian carrier — jet airways has temporarily shut down operations from wednesday night onwards after it failed to secure emergency funds from lenders. the airline said it had no money left to pay for oil and other critical services. jet airways has been struggling due to high debt. sameer hashmi is in mumbai a very sad time for the airline because this used to be a huge carrier and very real respected around the world 7 carrier and very real respected around the world? that's right. look atjet around the world? that's right. look at jet airways it was india around the world? that's right. look atjet airways it was india 's oldest private carrier, started in 93, at one point in time it was the largest carrier even within india and then in 2000 s started flying international, it had, you know, maximum numberof international, it had, you know, maximum number of passengers flying oi'i maximum number of passengers flying on international routes because of connectivity but things started

and the world bank holding their annual spring meeting. a couple of years ago there was optimism now the head of the international monetary fund says growth in the global economy is certainly slowing we're now talking about synchronized slowdown by seventy percent of the global economy so our forecast for growth this year is three point three percent. going back up we hope in twenty twenty based on awful cost to three point six percent at the end you will spring meetings of the world bank in the international monetary fund in washington the i.m.f. director says new world is facing a time of high uncertainty lagarde blames what she calls self-inflicted wounds in chief among those is the trade war between the united states and china the i.m.f. chief economist says the world's two largest economies must resolve that conflict or risk further destabilization around the globe the escalation of u.s. china trade tensions needed credit tightening in china macroeconomic stress in argentina and turkey disruptions in the auto sector in germany and fin

the spring meetings at the international monetary fund and world bank continue in washington, d.c. officials pounding the table about slower global growth and the risks that could weaken it further. david: with more on this, kathleen hays, our global economic editor is here to wrap things up for us. kathleen, how do we put it? there is a sense that officials around the world have rethought their economies and what is the key takeaway? where do they see these economies going next? kathleen: i think they figure the risk is they get weaker and the hope is they won't because there will be resolution of big risks the imf has been talking about all week. i loved when christine lagarde said today, a year ago, we were talking about synchronized growth and now, we are talking about a synchronized slowdown. of course, you can look at the slowdown in europe and the risk it poses. ,hristine lagarde had hers trade tensions between the u.s. and china. you've got a buildup of debt, corporate and public debt and of course, the fallout from brexit. she said the extension granted by the eu to theres

coming up, we are live from the imf world bank meeting. do not miss our interview with christine lagarde as well as the governor of the bank of italy and the south african reserve bank. that is with francine lacqua and tom keene in washington dc. let's get first word news now in new york. wall street chiefs face a grilling from congress yesterday, question about everything from income inequality to ties to politically controversial industries. ofpite the wide array topics, there was a consensus that cybersecurity is a major issue facing the system. >> cyber security is the biggest risk the financial system faces. >> i do believe that cyber is a clear and present danger. >> this is the single most existential threat to the financial system. >> we are in a war on cybersecurity. >> today in india, a marathon six-week election begins. 900 million voters are eligible, the prime minister is seeking another five-year term. the opposition is meant by that led by a congress party. sudan's president is reportedly stepping down following months of an

head of the world bank. that had to do with chase or banks and they go to the public and they will go back to the world bank so they could use it for projects they deemed appropriate or necessary. >> one final character before we runout of time david rockefeller. >> david rockefeller was interesting. he was at part of a major shift that happened between banking and washington. between watt street and the presidency. he came from a time were there was a depression. he married into the family the family was fascinating. they go through multiple decades. there was global policy and nelson became the vice president while david was running chase. that was the major bank. it still is. it's a major power player at chase. david during his time as he rose to become the chairman was also working more and more hours with other foreign policy initiatives. they made loans to latin america and other developing countries. rather than being fully aligned and influence came. now, they have the stability to access money comin

the world bank and international monetary fund of kicked off their annuall spring meeting amd a a rocky stretch f for the glol economy.. it's the first major event f for davidd malpass since he became president of the world bank group having been nominated by donald trump. he noted the rise in extreme poverty especially in sub saharan africa and calls for action. and technology counterpart christina gal to describe as a delicate moment for the global economy tickle. the guard will be in her short - reforms in the decelerationn has let's see if it has it was seen in both advanced and developing caught economies and it coincided with three other warning signs.. waning structural reforms in major economies. financial stress in some large emerging markets and elevated policy uncertainty globally. the big debut for dead not personal be interestining to see what kind of tone he strikes going forward as trump's choice for that position i'm sure you have all of that for us thank you very much and they can't we do that all business it is that we take. usual 04/11/19 04/11/19 [captioning made pos

that was the take away from the wrap up of the imf and world bank spring meetings. these are precarious times we are operating in despite policymakers not seeing much of a recession. the aussie dollar trading at 51.77, the boost from exports providing some tailwind for the aussie dollar. often seen as a proxy for economic rebound. at aussie kiwi pair trading 1.0602. shery: the imf chief saying it is a delicate moment. in the fact -- in the past she had talked about the precarious state of the global economy. let's get a look of what's to, on daybreak australia. the imf saying there is an initiative to aid regional growth. this is bloomberg. ♪ haidi: 8:30 a.m. here in sydney. commuters getting the working week going. the market open is upon us in 90 minutes, futures looking flat at the moment, broader across asia. we are looking at a higher start as u.s. stocks punched out another winning week on friday with the s&p reaching the 2900 level for the first time in six months. not good enough for president trump, saying if the fed had not done what it did when it comes

more on the imf and world bank more -- meetings. viviana: uber is hoping that potential investors will look past its $3 billion in operating losses. the number -- they revealed a number of details in their ipo finding -- filing. foods, uber eats, had 1.5 billion dollars in revenue. uber wants to raise $10 billion and its public offering. your own powell telling democratic lawmakers -- jerome powell telling democratic lawmakers the fed will not caved to political pressure. the european union clearing the way for trade talks with the u.s. bloc trade cave -- chief gave the ok for cuts. the president of ecuador lashing out at julian assange. he called him a bad mannered guest during his seven years living in ecuador's embassy, saying he hit embassy officials. julian assange was dragged out and arrested on charges. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am viviana hurtado. tom: it is breaking news, something people have been waiting for.