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tv   Bloomberg Markets Middle East  Bloomberg  September 12, 2017 12:00am-1:00am EDT

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♪ yousef: stocks extending their rally after a shakeup on wall street. receding fears about hurricane irma and north korea. >> the security council's less new sanctions on kim jong-un's regime but stops short on a total oil embargo. >> almost 100 days on and no let up in the gulf. qatar says it is willing to negotiate but the saudi doc says no. we will tell you why the united
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states has been taking a renewed interest. >> it is decision day at the south african high court. the ruling could decide the fate of the anc leadership race. is 8 a.m. across the emirates. 5:00 a.m. in london. i'm yousef gamal el-din in dubai. theet us take a look at market action here across the asian pacific where we can see yet fresh eyes again. gmm is the function on your homework terminal. as you can see, equity indexes are they sickly in the green save for hong kong. a little bit more on that later. it really is about yen weakness against a stronger witness -- a stronger u.s. dollar. the nikkei 225 climbing 1% higher. the broader index in japan is added to gains for three straight weight -- three straight days. the reason is wall street
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closing at a fresh record high. a lot of people were worried about hurricane irma coming onshore and doing a lot of damage. the damage was just a fraction of what the estimate was. but there are still a lot of people without power. the msci asian-pacific regional benchmark is at a 10 year high and maintaining those gains. what are you watching, yousef? yousef: angie, you have the lack of provocation from of korea which is also helping to support that and if you look at the key commodities including msci holding on to gains at $48 a andel flat with with oil, predictions of damages in terms of the impact of hurricane irma being overdone. those are voices from opec indicating a possible extension as well. alumina, up 3%. a bit of a rebound from the drop.
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, thepread for gcc bonds gulf bonds over treasuries, the benchmark is tightening a notch. the bigger picture, the emerging markets currency index, again going to the point of what you are making about the u.s. dollar is down a fifth of 1%. we are just two hours away from the opening of the emirates market. plenty to talk about. we are seeing a lot of momentum. if you pull it up on your old bloomberg, the futures are up a 10th of 1%, 115% of the three-month average is terms of volumes. it is also important to point out that for qatar, this is the lowest level since generate of 2016 -- january of 2016. real estate and health care in saudi stocks are performing very strong with those two standing out. energy is down 3.1%.
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let us check in on the first word headlines with debra mao. america's second major hurricane in 15 days has soft into a tropical storm that hurricane is still threatening torrential rain was in atlanta. mayor philip levine saying the region dos the canon. some 7 million homes and businesses remain without power. there seems to be no let up in the gulf but the saudi led alliance on monday accused qatar of trying to bolster its image by claiming it wants to talk. this comes after the trump administration we energized is efforts to end the argument. meanwhile, doha has approached the u.n. seeking action against the blockading countries. the foreign minister of qatar reiterated his stance in the talks in geneva. >> we are willing to talk to
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them, we are ready to engage. principlessed on which are not violating international law and respecting the sovereignty of each country. >> the trump administration at's nuclearto stop the iran deal has suffered a setback. reiterated agency that iran is abiding by the 2015 agreement. >> the commitment undertaken by iran after the jcpoa are being implemented. we will continue to implement the additional protocol in iran including carrying out complimentary access to sites and other locations as we do in other countries with additional protocols. >> the future of the deal has been under threat since trump
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took office, and his united nations envoy, nikki haley last week cost -- questioned what the u.s. gain from it. trump has said he could declare a run at noncompliant to the deal in october. global news, 24 hours a day, 2500ed by more than analysts and journalists in more than 120 countries. i am debra mao, this is bloomberg. yousef: thank you, deborah. let us talk about u.s. security accounts, against north korea, washington has dropped its demands to win support from russia and china, the u.s. notssador says they were strong enough sanctions. >> today we are attempting to take the future of the north of theuclear program out hands of its outlaw regime. we are done trying to prod the regime to do the right thing. we are now acting to stop it from having the ability to continue doing the wrong thing.
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>> today's resolution is an urgent call for the north korean regime to change its behavior the security council will not ask off in the face of north korea's persistent provocations which challenge its repeated resolutions. working onourse of the resolution, many of our colleagues stated that it is a prologue for work on political settlement. we would like to in the very near future, see proof of that and call upon all members of the security council and all you and members to undertake specific efforts, in deed, not in word in order to find place of diplomatic resolution to the issues in the korean peninsula. >> we are joined right now by that agent managing editor. the new sanctions, a little bit watered down, what are they? >> they are basically trying to
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stop a lot of the exports from north korea that give the regime cash, such as textiles which is a main component. --there has already beena ande has already been coal seafood sanctions earlier this year and this will be indirect hit to factory workers there. the're also trying to stop oil moving it north korea, capping petroleum product. they are keeping crude oil flowing, but they are trying to cap it and limit the amount of oil that can go in. crucially, they are also trying to attempt down the money that comes from guest workers which not -- who north korea sends overseas. about whatk to me the u.s. decided to budge on its position in terms of the oil ban anda freeze on kim's asset if early, doesn't guarantee we will not see a counter reaction from north korea? >> there have been a lot of passed,fore this was
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that the u.s. might just push ahead with its resolution and make china and russia use a veto to try and embarrass them. at the end of the day, they decided that unity was more important, so they cut a deal. they cannot approve anything that russia and china will not approve. this was taking another state forward and saying, we will continue working as a unified security council, to try and rein in kim jong-un. >> what is the likelihood of multiparty talks resuming anytime soon? >> it is hard to say. there is no evidence, per se, in the public that suggests it is going anywhere. there are informal talks going on, i meeting in switzerland this week with former knick u.s. negotiate -- former u.s. negotiators and north korean officials. there is also back channels in new york which have been referred to in state media.
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but there was no sign that we are about to kickstart around of formal talks. >> watching closely. daniel kincaid, thank you for that. still ahead, no let up in the gulf, are prolonged tensions now the new normal to live with? we will discuss that. yousef: before that, how the joke medical tensions will play out before the global economy. the head of the oecd economic development committee joins us next. this is bloomberg. ♪
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♪ yousef: mrs. "bloomberg markets: middle east" to read we are live on number tv and radio. angie: i am angie lau and hong kong. nothing could be more dangerous and the economy today than it was 10 years ago, a view of our next guest, chairman of the economic and development review committee at the oecd.
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william, you are putting the warning flag up. what are we missing, or are we just staring at it and ignoring it? >> i think the situation looks to me to be very similar to the way it looked in 2008. we were seeing all sorts of audit developments in financial markets, prices of many financial assets are very high. high-yield assets in particular. vix isis very low -- the low, housing prices in many countries rising strongly. all of these are things which i think are sources of concern. angie: i would like to highlight what you are talking about. g #btv 5692. what is fueling the markets? debt, cheap money, right? take a look at the biggest economies in asia, china and
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india. we always talk about the huge debt pile in china which could be a concern if it pops. but take a look at india's bad loan ratio compared to its total growth loans. it is more than quadruple china's. if thisgoing to happen gets out of control if it is not already? >> the answer to all of these things is that we do not know anything with certainty. things could work out all right, but i think there are enough dangers there that one should be thinking about the downside. india's problems of debt, particularly government debt but also corporate debt, they go back a long way. they are significantly government problems there as well, not the least to do with state owned banks. ,hina is not a lot different except the acceleration in loans and credit growth has been absolutely astounding.
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i do not think it would has seen anything like it before. it is not just the level of debt that is worrisome, it is the speed at which the debt is accumulating. it leads you to believe that helps the vetting of the loans has not been as careful as it might have been, and that some of the loans should've never been made, will not be repaid or reservist. and is going -- re-serviced that will create problems going forward. yousef: william, you are putting out all of these warning lights. too much debt out there, talk to us a little bit about the solutions. the person of your track record, what would you recommend in terms of policy prescriptions? some of these central banks should try and assess those risks? yousef, the fundamental problem is that we do not have a liquidity problem that central banks consult.
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the underlying problem is too much debt, we have a debt resolution problem a insolvency problem. only governments can address problems like that, it is not within the realm of central banks to do so, although we have been trying to do so for the last 10 years. my prescription, and unfortunately it seems less attractive today than it might have done five years ago, is that we need more fiscal expansion for those who have room to do it. we need to structural reforms to allow faster growth and a greater capacity to serve as -- to service debt. a greater capacity to look the debt in the face and say that some of these debts will not be serviced and they have to be written off and maybe financial institutions were couple recapitalized -- financial institutions recapitalized in consequence. thething has gone wrong in mix between wage income, capital
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income and labor income. we should be doing more thinking, as has already started in china about whether wages higher at thee expense of people who have invested in capital and other businesses. all of those things it need to be done but they will be much harder to do today than that might have been five or 10 years ago. exactly, if you look at the degree of execution from some of the governments in terms of fiscal reform, they have been lagging or at least missing expectations of many analysts and decision-makers. the federal reserve meeting later this month, i would just like to get some insight from you. you are pointing to the guys in government to take action. what should the guys in the fed be doing now, now they're not getting the inflation there are looking for. you are saying they have done already more than they should have? >> i think that hopefully, in the context of changes undertaken by governments, to
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move into the space where the central banks have been, the central banks can move out, as the governments move in. having said that, it is not just simply a question of reversing the easing of monetary policy. there have been side effects of that easing that have been intimidating over the last 8-10 years. we cannot ignore that we have developed a new reality, we have to understand it. i think the tightening of the central banks, which is inevitable, the movement upward in bond yields, which is inevitable, must be done very, very carefully. they carrysaid, if is excessive, we build up more of these underlying imbalances which make the resolution even more difficult. we have to be very cautious, but we are in a very tough place. go, andilliam, for you
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connect in hong kong opens up the bond market for investors. is this safe? >> to be honest with you, i am not all that familiar. the one thing i would say, is that virtually everything we do, comes with unintended consequences. the reality seems to be historically, that people are totally unprepared at the policy level to deal with new developments that they themselves have actually instigated. so again, i would say, do what you will do that be very cautious about the possible side effects that you may not like. angie: unintended consequences. william white, thinking so much for joining us. coming up, ever debbie makes it to the top 25 most attractive leases for a financial services professionals. more on that -- i would be making it. more on that coming up next. ♪
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♪ upper darby are
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now among the top 25 cities most attractive to finance -- dubai and abu dhabi are among the top 25 cities for financial professionals. new york remains in second place, hong kong was in third. that is go to bloomberg's tracy alloway in abu dhabi. tracy? tracy: in morning, angie. we spoke to the chairman of the abu dhabi global markets on the occasion of the release of the 22nd edition of this level financial centers index by the yen group. as you mentioned, abu dhabi in the 25th spot, the first time it has made it in the top 25. exciting news for companies here. i have to say, expanding the financial center here in the emirates is a big heart of the government's plans to boost the private sector and also diversify the economy away from oil. but it is a tough job, abu dhabi is competing against sinners
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like london, zero and also to bite down the road. doha is also developing its sector as is saudi arabia. -- ied to us mad yed about mr. el-sa competing with other economies in the region. legacy,cusing on our and building financial institutions, that will make us well. you must also understand that for the region, including saudi arabia, it is growing. the pie is getting bigger, the economy -- and the economies are gcc will provide multiple opportunity for investors and others to come in. there are going to be multiple and thesey aramco,
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and other opportunities will provide the underpinnings of growth in the region. and i think within this, we hope we will make for ourselves a place -- this is why it rising to number 25 in of the index, is accessible to our current -- [indiscernible] moreeed to have corporation to make the whole region stronger and more accessible to financial institutions. tracy: what are you doing to attract those take financial companies and asset managers? do you have any big names coming on board and what are you doing specifically to lure them over? >> i think you will see some about this.s soon
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i believe we will focus more and anchors, and those are announcements we will make soon. tracy: you mentioned the need for cooperation amongst both countries the red we do have the ongoing dispute with qatar. how has that affected you? is it a problem for financial centers in the gulf? >> i think of the stability of the gcc economies are not in question. i think growth in the economies of the gcc and political cooperation is not in question. we hope always for resolution for all of the disputes to be resolved. that ourry hopeful growth and success will be [indiscernible] is a centerpiece in
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the government's effort to diversify the economy and was the sector. we have also seen some consolidation, notably between the abu dhabi bank and the national bank of abu dhabi. is there more consolidation to come? >> i think in terms of financial standards, that residents of national players like abu dhabi banks, the magic -- the merchant tank, are extensions. we look forward to bigger contributions from our national national banks in our success story. the same thing happened in singapore, as they built their financial center, they consolidated their institutions made them bigger, give them more opportunities to compete internationally. use thes, we hope will financial centers in the uae,
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including adgm to grow internationally. the fact that our rules and inspiredns,, and laws -- they make a difference when it comes to that. yes, i look forward to more consolidation and contribution from insurance. iscourse, our focus at adgm creating an echo system for siltex, we think it is the future and we want our national bank to compete in this futuristic platform. tracy: that was the chairman of .dgm the comparison with singapore have to say is interesting. was developing its financial center, it consolidated a bunch of its local banks in order to build up take international competitors. the idea that i would be might
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be doing the same thing, very interesting -- the idea that abu dhabi could be doing the same thing should be interesting for investors. yousef? yousef: thank you. plenty more to come. this is bloomberg. ♪
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♪ yousef: it is a 30 a.m. in dubai, 90 minutes on the markets opening here in dubai. -- it is 8:30 a.m. here in dubai. there is a conference being held -- there is talk about government debts and controllable -- which are not controllable. let us go to debra mao for the first word headlines. yousef, the un security council has unanimously approved new sanctions against north korea. punishing the regime for its
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latest missile and nuclear tests, but the u.s. had to drop key demands to win support from russia and china. ambassador, nikki haley says of the sanctions will cut 55% of gas, easel and shipments to -- gas and diesel shipments to north korea. secure bitcoin and other cryptocurrencies are being stepped up to -- which could be used to avoid trade restrictions. regime hackers are increasing their attacks on exchanges in south korea and they collected ransom payments from victims of the "wannacry" malware attack. in global oil markets, there could be cuts beyond march of next year. energy ministers from saudi arabia and kazakhstan among others says that the cuts contributed to better market stability. they agreed to keep all options open in their push to rebalance growth oil markets including
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possibly extending the production curve. the united kingdom government vote by ahe first majority of 36. theresa may had to promise a longer. for further debate and scrutiny before parliament can vote again on the brexit bill. parts of the bill i love ministers to change existing laws without constructed -- without consulting parliament. critics -- there is a risk of boycotts a second season after stopping another week shipment from unloading. the french cargo is the second rejected at the port in egypt after works -- weeks after a vermillion company boat was halted last month for a similar reason. egypt is the world's biggest buyer of wheat. global news, 24 hours or do it, powered by more than 2700 journalists and analysts in with an 120 countries.
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i'm debra mao, this is bloomberg. angie: let us get the latest on the markets right now, another 10 year high maintaining across the asia-pacific. here is juliette saly in singapore. juliette: thanks to the record high in wall street, the asian markets were propelled again led by the japan index which had the biggest jump in three months yesterday. holding up to the gains by 1.2%. you also have the apple suppliers rallying in taiwan ahead of the apple event, up a third of 1%. the commodities space, positive most in australia banking stocks lifting the asx 200 by .7% and india coming online in the last hour or so doing very well like 1%. what is moving in terms of index points, it is a lot of that tech players, tencent, and others
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doing very well. australian banks are also doing very well. we have seen some movement coming through as well in the carmakers in hong kong and china which rallied hard yesterday on the weekend announcement from china of the push toward moving away from fossil fuel vehicles. if you look at some son, of course, apple's biggest competitor is a little bit street. australia as well, citigroup saying that amazon could launch in australia within 60 days. we have seen what that has done to the supermarket giants in the u.s., one amazon took over whole foods. speaking of australia, a little bit of doubt coming through in terms of business confidence. fallen to the lowest level we have seen since november 2012. garfield reynolds did this chart which you can see in the m-lab function showing that if we continue to see downwind coming through, consumer sentiment,
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jobs on thursday, you could see the aussie dollar fall. the strategist is suggesting the aussie could move down toward 78 u.s. cents -- toward $.78. are black energy stocks having a little bit of a switch up today. yousef: thank you, juliette for the overview. saudi arabia, the coalition led by the country which severed ties with qatar has issued a statement saying that qatar has to talk qatar's offered is just to improve its global image. we are joined by someone here to talk about this. i would like to start off with the fabulous work you and the team have been doing in terms of recovering some of the reasons why there has been a renewed push from the u.s. administration, to try and get them fresh momentum in resolving this standoff. >> we understand that president the visiting kuwaiti
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delegation at the white house last week, he believes that the gulf region, the gcc faces one major challenge, and that is iran. they cannot face that challenge if they are busy fighting each other. he said that he is determined to fix the situation, and followed that by a flurry of quotes which we see and it up a sickly -- ended up setting up the phone two between the conferences. the sense that we got, he said publicly at the press conference with the kuwaiti leaders that he is willing to act as a mediator. for the first time, we get a sense of why he spurred into action to get this quick into best to get his quick resolution. it could be that we will see more. angie: to remind everyone, we don't need to though, trump publicly backed qatar at the outset, before rex tillerson
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came in, tried to clean up whatever was left in the region as a result of those comments. that thiseople say mixed messaging from the u.s., is actually elongating and prolonged in this standoff. >> exactly. we all know that prices -- that the crisis started even after trump visited saudi arabia and he backed saudi arabia publicly. then he took a backseat, after saying that qatar should stop terrorist backing. we have seen it rounds and rounds of talks. in between, the president put in the odd phone call with leaders of the uae and saudi arabia and you are right, analysts were saying before that one of the reasons why the crisis is taking a long time, now approaching 100 days, is publicly, the president backed saudi arabia and then
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sent the secretary of state to try and fix the situation. messages two distinct coming out of the united states and even though kuwait is leading as original mediators, analysts say that it is the u.s. that is ultimately the key player. all of these countries are u.s. allies. i am breaking lines, we need to get you up to speed with the event that is being hosted in beijing. we had earlier comments from officials and now from the imf director come up pointing out that china is making an effort to bring in financial risk. rein in financial risk and also saying that the local economy is in a better position now than it was in the last years -- the last 10 years. lagarde is saying that the horizon remains clouded.
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those are comments from irene lagarde. let us talk about the events happening with the economy in this part of the world, specifically the saudi arabia and qatar stories. geopolitical crisis is dragging on, we just heard from , as this drags on, they are trying to steer away the economies from oil dependency. we are joined by the chief economist from the abu dhabi bank. welcome back to the program. as the data continues to trickle in, the currency forwards for the qatari and saudi currencies, it tells me that there is possibly the lowest level of concern since the beginning of the crisis. what kind of economic price are they paying? >> it seems to be a contained impact on the economic side. the effect is much greater on qatar. fx reserves in the
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central bank deplete. but deposits in the banking sector were cropped up. the critical area will be raising overseas funds again. indications are coming up but qatari banks are looking to asia and europe as well, which is critical to the economic investment program i had the world cup in 2022. buffers large financial , qatar is in a solid position to contain the impact. the impact on the other gcc countries such as saudi arabia and uae have been allegedly contained so far, outside of the energy markets. trade is limited, markets are taking it in stride. angie: i would like to reinforce it with our chart, in our bloomberg. let us take a deeper dive here, monica. aec is unchained, sounds like
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top 40 songs but in fact, emerging equities are flourishing. we have taken a look at saudi arabia, russia and indonesia and circled the lows here for you. saudi at the three year low here, and russia among their 32 month low. india, their three-year low. what we are actually seeing is that these indexes are now moving in the same direction as crude, less than a quarter of the time. sign that the disassociation from energy, as we see emerging markets functioning on its own for other reasons? monica: absolutely. i think if you have a large move in the oil rise, especially on the downside, you will see it reflected. what we are seeing is consensus between the opec and non-opec producers. a relativelys been solid and saudi arabia has particularly focused on that and
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now the discussion for the deal to be extended further into 202018 -- 2018. markets are feeling the oil will be relatively stable and you are seeing an ongoing restructuring of the economy. i think that is all being taken into play in the markets. yousef: monica, hold that thought. we will talk about crude oil and the outputs over there. monica stays on the program. we will dive deeper as well into the story coming out of south africa. the high court could sway the anc leadership race. we will give you all of the details. this is bloomberg. ♪
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♪ yousef: blas give you a quick check of the latest business headlines. areting offers china who planning a mandatory cap on rates for electric cars.
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stricter rules on admissions and fuel economy. they honor association says the policy may be announced as early as this week. companies will be required to maintain a minimum energy vehicle credit score. facing fines for noncompliance. hong kong's official has agreed to buy a stake in a japanese maker of electric cars. lee and to other investors are buying a take in the company's holdings. they distributor of watches and jewelry in the process of acquiring japan's glm, a electric sports car maker. this property company says it will finance 8 billion -- finance $2.2 billion to a company. china says the structural engineering company will take
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place -- will take part in the development. ask we chose china because we had previous relationship with them and they come as you said, with financially a good background. we can accomplish the project and help with the finance. angie: as opec and non-opec nations push to rebalance world oil markets, the extension of output cards he owned next march is now eight growing possibility. the saudi energy minister has agreed with his venezuela, kazakhstan and uae counterparts that all options should remain on the table. , chief economist at abu dhabi commercial bank. they will think support oil prices in the short-term and have seen that despite developments with hurricanes in the u.s.
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i think the support it provides will be temporary and we saw that at the end of last year, and the beginning of 2017, what the deal was initially made. oil prices went above $56 of a barrel. will be the interplay between the traditional producers and theshale producers. -- traditional producers and the youe producers to read if see a rise in oil prices, production will increase, technology requirements are relatively small for this to happen. we continue to see a balancing and oil prices really remaining between the $48 a barrel and $55 a barrel range in the term. yousef: monica, i would like to use this opportunity to switch to the emerging markets conversation and oil has an impact on that discussion.
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hours, this24 company is one of the best performers. basis, oneone-month of your top three performance is which gained.ra we have an advisor to the turkish president saying that the central bank should intervene in the exchange rate using "the 12 in its hands." handsng the "walls in its -- using the tools in its hands ." monica: if you look at the inflation rate that came out the last month, aesop both headline and co-inflation back in the double digits. the two key factors for that is the pickup in a domestic demand, and the other is the weakening of the turkish lira. we have seen the trading and the critical point for that has been the strengthening of the euro.
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wesley euro likely to see further support going forward, this will be one of the key areas that the central bank could use to reduce some of the inflationary pressure and keeping monetary policy tight. angie: monica, we live it there. thank you very much for that. is setfrica's high court to roll on whether to overturn the election of anc leaders allied to president jacob zuma. the court's decision here could slay the outcome of the race to lead south africa's ruling party. for more on this, we are joined ndaba fromg's emo johannesburg. how is this significant on the presidential race? >> we are only about three months away from the electric conference when the leaders will be elected in the ruling african national congress. this ruling is significant in
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the sense that it could be leading to the kingmaker. ulu-natal is kwaz the province with the highest branches for the anc. the front runners are the deputy president and the president's ex-wife was also the former au chairman. , looking ahead, could this ruling have any bearing on whether the anc even has a conference to elect leaders in december? current leaders of the anc have tried to assure people that the elections will go ahead in december regardless of what ruling the court gives today. significant is that the court is known to be a kingmaker. they could very much have a bearing on the conference, in terms of who wins the election
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in december to lead the anc and possibly take over from president jacob zuma for the national elections in 2019. this is something that not only the markets but the country and large will be keeping -- the country at large who be keeping an eye on. angie: thank you very much. we will leave that there but bloomberg subscribers can continue watching the interview. eventshis week, more that you may have missed earlier are all available on the bloomberg app. ♪
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♪ angie: we are counting down to the market opening in the emirates in about half an hour. yousef, what is in focus for investors right now? yousef: let us run you through this, fixed ratings have been downgraded qatar from eight to a positive.
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the outlook has been changed to negative following on qatar's sovereign rating. qatar'sngraded rating to a negative rating. the qatar government directly and indirectly owns 68% of the stock and s&p global ratings are running the ruler over qatari banks in general as well. its rating onrmed qatar's national bank and a few other names with a aa negative and a positive. the agency says the negative reflect the outlook of qatar on a sovereign basis and the deterioration of qatari bunks profile amid weaker economic growth. in kuwait, the national bank of kuwait, the biggest lender by gained 1.3%,,
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the highest level since march 2015. it has been one of the beneficiaries of the inclusion of kuwait in the emerging markets list. .hares up nearly 29% of the nbk plant,ional waterpower is planning a 50% stake sale for the start of 2018. the best performing index in this part of the world, just short of 20%. angie? ofie: the prime minister this country has -- the prime minister of nor has one a reelection. anna edwards joins us from london. could this election result in -- an impact on your was oil sector? the reelection of the prime minister there, the green party had expected to do better
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than they did, and if they had done better, they were pushing for an end to norwegian petroleum exploration. they failed to live up to their billing as possibly the king makers, in this. there was a sigh of relief being briefed by the -- being breathed by the nation's oil industry. havef: anna, theresa may won her first victory. what is next? anna: this is a key piece of legislation and it got the go-ahead. it was a vote on the principle rather than the details behind the exit repeal bill. t is the legislation that takes that eu law and turns it into british law. theresa may is vulnerable to rebellion because she doesn't have a majority but she got through here because her party
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was loyal and she managed to get part of the opposition labor party to go with her. it will go into committee stage where they debate all the detail and things could get trickier here. in the u.k. has been impacted by the week pound. k pound.ea angie: before we go, the countdown is on for the biggest event in years for apple. the tech giant now worth more than $800 billion is expected to unveil three new iphones including a premium model called the iphone x that carries a price tag of $1000. it will take place at steve jobs's auditorium in california, the first time they will be opening up to the public. yousef: yes, angie and regardless if you're looking at the bullish or bearish predictions on the iphones, it
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was down to the fortunes of the world's most valuable company are highly sensitive to the unpredictable habits of millions of current iphone users. there is plenty more ahead, this is bloomberg. ♪
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>> punishing pyongyang. the u.n. security council unanimously approved sanctions over north korea. u.k. lawmakers passed theresa may's reveal bill. -- repeal bill. the historic victory. voters embrace the promise to cut taxes. and vw voltage. the world's biggest carmaker to gos sweeping plans electric. we are live at the frankfurt motor show.

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