tv Best Of Bloomberg Markets Middle East Bloomberg September 30, 2017 1:00am-2:00am EDT
♪ yousef: welcome to "best of bloomberg markets: middle east." and yousef gamal el-din tilde here are the major stories driving headlines. iraqi kurds voted overwhelmingly for independence in a referendum receiving regional backlash maria turkey warned they could shut off pipelines to landlocked kurds. we look at the possible market fallouts as well. sony insurance stock jumped as carmakers were licking their maps on the news that the ban on women drivers would be lifted next year. the saudi fundraising streak continues with investors piling
$12.5 billion into its second dollar denominated bond show of the year. the markets from with our guests. if we look at the tadawul, we do not see a major reaction. .1%, but wes down have the insurance sector performing extremely well today. we have an index composed by 33 members, a good number, a good sample of the saudi market and rising 4% to the highest level since march. some of the names within the it was theup 10% to best performance for the w in seven months. there's clearly an idea between saudi investors about this is going to be a good news for sale of a new cars and especially for your insurance contracts which are of the premium segment.
that is where they make most of their money. it is good news for anyone who is willing to bet on insurance. yousef: the company says they 25%ct the car sales to rise over the course of the decade. just to get back to your point on insurance stocks, with so many investors that you have been speaking to come they have made it clear that they might not see much more of a reaction until this is actually them amended in the summer of 2018? >> yes, that is true. there are a lot of people who .re still skeptical what kind of restrictions will be there, or if there will be changes in a guardianship or anything really related to how this is going to be implemented. people are still watching. we saw the initial reaction, quite evident in the insurance sector, but that is not mean it will hold on to june for example.
investors will be watching this. when we talked to foreign investors, which is quite interesting, this is seen as a very interesting move, very important, but it doesn't make the way people purchased saudi assets at this moment. there is nothing that will change their main view of the markets. on a similar move, but not making bets the same way local investors are. haidi: ok, sally:, can you characterize what you think we can expect in terms of trading today? guest we should see a : continuation somehow of this rally within the insurance sector because the saudi market is pretty much driven by local retail investors. the decisions that usually tend to last for a while in terms of reaction to the market. we also have big news out of saudi, the insurance bond sale which is something major for the country. we saw very positive reaction in stock market last year when they issued their first international bond.
and we also have the decision by foot he been over the weekend -- in saudi the weekend arabia regarding inclusion of the country in their emerging markets list to read this would be the last day for investors to try to position themselves if they still think there is time to buy that. yousef: philippe, excellent reporting. if you so much for joining us. let's find out some of those thoughts when it comes to the issuance of what is the second , only the second u.s. dollar denominated saudi bond this year. we have the head of fixed income research at emirates. welcome to the program. i know that you like the numbers and the rab racing. let's jump into the bloomberg and see how saudi bonds have been performing. in terms of the rally we have seen and the rise since july, you can see the spike in the upside with a green bar. talk to me a little bit more about your view of how this came
out, in terms of demand and supply in pricing. they had received $40 billion worth of orders, very much in line with last year's event, at $20.5 billion. so the market is really keen on sunday exports are -- saudi exposure. it is a very rich country. in terms of its balance sheet, its percentage of debt with gdp is reasonably low, so it is a very strong balance sheet. i guess that is what makes people keen to get that exposure. that is what we have seen. multiple times oversubscribed. what that translates into is good pricing. if you look at the five and a half year tenor, the original guidance was 135 over treasury. it was actually priced at $110 over treasury. it is tightening.
it is again an issue of matt being much higher than supply -- an issue of demand being much higher than supply. anchor: obviously the optimism is fueled as well by the possibility of selling off assets. aramco is just the tip of the iceberg here, along with the stock exchange. football clubs and flour mills, and of course, expediting the reforms there and selling off those assets, that is a different story there are reared guest: you are right. the reforms are going on in line with the plan. the national transformation plan 2030, what they are doing right , now seems to be tracking the plan. that is reasonably comforting. in terms of the sentiment, depending on the news headline, if you don't hear anything from saudi for two months, generally investors will start getting a bit edgy that the reforms are not coming. the new one of allowing women to drive, will have a positive
impact on labor market. credence orow much you lending to that, the latest reform effort? is it a story of faster reforms are you saying that is not having much of an impact? guest: it is definitely have an impact. but has it reached its heat? i think there are still a little room to strengthen a little bit more. if you look at saudi, and a plus rated country, versus other countries, saudi still has a little bit wider leverage. the rating is in the 80's whereas korea and malaysia are in the xts. but they investors are still a little skeptical. they still want to see continuing progress. any reform plan genuinely but also fixed some kind of opposition from people who may have a different position. yousef: coming up, women will finally get to drive in saudi arabia. we did have the implications for the economy and society at
yousef: possibly the biggest middle east story was saudi arabia's decision to relax its ban on women drivers. it could have wide ranging implications. the kingdom is the last country on earth to stop women getting from behind the wheel. we spoke to our guest. about this. guest: this speaks to what it means to be a saudi and the 21st century. the leadership has decided this is an issue they wanted to take off the table and allow women to full access to transportation rights. as you can tell from social media, a lot of people who might have been a little ambivalent about it are quite happy. there will always be a core segment of society that does not like this change, does not like progress. this happened in the 1960's when the king asked for full access
to free education for women. however, this is optional. not everybody has to get a drivers license. if a woman decides she does not want to get a drivers license for any reason with liver, she does not have to. yousef: we are looking at a graphic here of female participation and how that is lagging behind a lot of the gulf this part of the world to react talk to me more about whether this sets a precedent for additional reforms. investors want to see the guardianship system eased or removed. what new and additional reforms can we ask that going forward? is this the beginning of a roller coaster ride? guest: first of all, this is not the beginning of a roller coaster ride. i think this is the end of the roller coaster ride. in the past 10 years there has , been a lot of changes in saudi society, with women getting a lot of access. there are only three things that women are not equal to male citizens. one of them is passing their citizenship to their children. this is still being debated in parliament.
the other is marriage laws. male guardians need to approve a marriage. if it is your first marriage. this is also a religious requirement, not his double marriage. a lot of women get married civilly all over the world and it is not an issue. the last one is the travel ban, the saudi travel ban. it means that you need a male guardian to allow you to travel. people get a five-year permission with their passports. however, that is also, we have heard, will be taken out quite quickly. angie: it is the boldest move yet by this crown prince. what does it mean for overall reform, overall organization? guest: i think what people do not understand is that saudi is quite a young society. the image that would have of ourselves is very different from how the west is us. we do value traditions.
we value continuity in history, but also we have one of the youngest populations in the world. we have a youth surge in our country where people are trying different things economically, experimenting with entrepreneurship. yet, sometimes all people care about are the negatives. there are a lot of great stories, saudi arabia -- there are a lot of great stories coming out of saudi arabia we touch to the head of saudi capital equity research about the case of saudi reforms riyadh >> this is a symbol of what we have now seen, which is an unprecedented concentration of power within saudi, and astonishingly accelerated process, and that has enabled the execution of reforms far quicker than we have grown used to in saudi. the lifting of the ban on women drivers is just the latest in a progression. early this year we saw the announcement of a grand vision, sorry early last year, and a
grand vision a lot like a template from the management can often report. we have seen it turn into the concrete plans and measurable actions that give credibility that this transformation program is really happening. have seen a fiscal program, a privatization agenda announced and other things. this is the latest example of that. yousef: how concerned are you that they might be moving too fast? because there are already voices beginning to criticize the latest moves them given the pace of this area as you say, it is unprecedented, historic area doesn't that also raise the execution risk or country premium on the saudi story as well to some extent? guest: i think the market context within which to understand that is that markets are already skeptical on this. saudi stocks are about 50% cheaper than their history on a price point basis. market volumes are 50% down. on the last five-year average, and is is an interesting chief market at the moment. that is the context. the second is that, of course
there is a balance on social and economic policy. on social policy, it has always been the case that saudi-based -- the saudi needs to move forward two steps forward and one step backward keep the -- thecohesion going to riyad social cohesion going. there is a balance between austerity and transformation. the key difference today from five or 10 or 20 years ago is that now there is a political structure in place to take these tough decisions, and that gives higher probability of actually implementing them. yousef: we have pulled up the different sectors and how they have performed on the bloomberg hear from an investment first active. goal,oup run return crr your weaknesses have been includes emerged your balls and consumer services. if someone wanted to make some key trades off of the backs of the latest reforms, how should one position thyself? guest: which sectors directly benefit? one is, which sectors benefit and the other is where is the value. for us, the key driver is where is the value. it remains overall a top-down
call on the country's transformation. for us, the most interesting value is in the bank sector. the bank sector is the one where you are seeing valuations well below historic levels. you are seeing a system that is systematically important for the government and the broader economy, so it enjoys government support. you also have a balance. if saudi really good going on growth, the banks are there with liquidity to drive the growth. the saudi banks continue to enjoy trade. at the moment, growth expectations are quite low. there are taking deposits quite cheaply. one last thing, if you are nervous about dollar strength or u.s. rate rises, the saudi banks give you the clearest, most powerful exposure to that. yousef: how about the broadest -- the broader transformation in the economy, in terms of the impact on remittance is a broad, and the impact likely on the labor market? a lot of these women didn't have an access to a certain level of now they might be able to access those opportunities to riyadh
are we going to see some interesting shifts in either consumer confidence or overall growth, or any other arteries of this transforming economy? guest: there are many dimensions of this. the first is enabling women to drive gives you a better shot at developing a broader, more interesting services-based economy. it gives you a better shot of growing your workforce with an incentivized labor force. the second aspect is that there are roughly one million x that -- ex-pats drivers in saudi arabia riyadh this will drive that pressure higher up into the workforce. on the ex-pats side. when you look at broader frontier markets, some of the markets we cover like pakistan, bangladesh, quite dependent on the remittances from the gulf, and saudi is a big component of that. you should understand this in the broad transformation of saudi, from an ex-pat dependent
♪ yousef: welcome back to the best of "bloomberg markets: middle east". dubai international registered another month of record passenger traffic in august with a 2 million passengers. traffic climbed more than 6% as well. we have more context from the ceo of dubai airports. guest: at the moment, the capacity is about 9 million, but -- is about 19 million, but we are improving capacity, technology. by the end of the decade, we want to get close to about 100
million at the airport, which we think is quite possible. yousef: what are you seeing in terms of shift and trends? we are currently going through the gulf crisis. when you look at your numbers, is there anything noticeable that strikes you as a change perhaps and how many people fly through dubai? guest: our numbers are incredibly robust. 260hows the spread of the last destinations to dubai. the really good thing is that the trends both locally and internationally outside region are extremely positive. we have had a really good month from india, from saudi, and the rest of the world is growing strongly, almost without exception. angie: it is growing and very competitive, call, -- paul, including having lost qantas airways, decided to redirect their hub traffic to singapore and moving away from dubai even as its partnership with emirates continues.
do you see this as a growing challenge, especially as you really try to get more of asia to fly through dubai? guest: not at all. in fact, the services through dubai between australia and europe will grow, as a result of the increased frequencies that emirates put on when qantas move some of their traffic to singapore next march. so we are actually very world pride. if you look at the growth of traffic particularly from the asian region, by the mid-20 30's, we expect something like 1.3 billion additional passenger journeys to originate or terminate within asia to riyadh we are very bullish about growth. you can see in our numbers to date that the growth so far has continued unabated, and we are on track to hit those growth targets and be at about 118 million passengers by the early 2020's.
.hrough dx be -- through dxb angie: it must not have been good to lose that to singapore, how are you trying to prevent something similar to having to happen in dubai airport again? guest: we've not lost anything to singapore. we've actually increase the number of passengers between europe and australia, and the partnership between emirates and qantas continues to grow from strength to strength. we are not losing any traffic. we are growing much faster than airports in our peer group, and we are very confident that our growth will continue to outstrip all of the competitor airports around the region. yousef: just to be clear, you haven't seen an impact from the gulf crisis in your numbers? guest: the numbers i think, for themselves to. 6.6% growth in august, and just over 6% cumulative year-to-date, a testament to the fact that the spread of aviation markets direct from to buy -- from dubai gives us a global reach and
therefore, it gives us good immunity from any short-term changes in localized markets. yousef: i am looking through the rest of your announced meant, in terms of numbers. flight movements in the month under review, they are slightly lower compared to a year earlier. why is that, and is it going to come back up as you go forward? what is going to help increase those moves? guest: what is happening now is we are seeing a great increase in the movements of passengers per slot. that is really good. about 246 on average, which is way above any other international airport in the world. that is largely because dominance of the a3 80 and 777. operating from the airport. the good thing is the increased and the number of passengers were movement, means that we can actually utilize the slots available to dxb in a much more effective way, giving us the ability to grow. even though some of our air
traffic movements will ultimately be the restriction that we will face in the future. yousef: speaking of rapid growth, that comes with ambitions to tap additional finance. we understand that in june, you were seeking to raise about a billion dollars for the expansion of a second airport to seeking to raise for the expansion of a second airport. where are you on that front? are you looking to test the markets any further to raise that capital? guest: the plans for expansion in the aviation sector continue at pace. we are just putting finishing touches to the new terminal station and expansion at dubai world central. we have plans to start on phase two, giving us an airport capable of happening 200 million -- capable of handling 100 20 million passengers and the expansion program along us to get up to 240 million as and when the market determines that we need that capacity. our strategy is always to grow at capacity in line with the market. we have a hugely flexible market -east master plan which will
♪ yousef: welcome back to the "best of bloomberg markets: middle east." i am yousef gamal el-din. gulf economies are taking steps to bolster their finances. we discussed saudi arabia's latest bond issuance. how the countries in the region are getting ready to sell more debt. we spoke to eric nutzen of neuberger berman. he is the cio from multi-asset classes. here are some of his ideas. eric: we think it is a reasonable action for the saudis at this point to access as many different sources of funding as possible to close the budget gap. they have been drawing from reserves, now this represents a new type of issuance in dollars
for them. it could raise the risk significantly for the dollar, because they are linked to it anyway. this is a time when investors are looking for opportunities to take advantage of yields in the market. from our standpoint and our strategies, we're preferring the from our standpoint and our strategies, we're preferring the emerging-market debt even to equity because of the positive growth dynamics we are able to see and a preference for income over capital appreciation, given the current environment. yousef: we have the current figures on the bloomberg, dive into it with me. credit default, 3 key lines. saudi arabia is your line in yellow. and for context, the qatari ones fairly similar. also turkey in there. would you say that the markets got it right? do you agree with the risk assessment?
eric: if anything, we would assign more risk to the qatari debt given the challenges they are facing and resolving the crisis in the gulf region right now. i think that there are opportunities to take bets against the market in this environment and you know, we have a pretty interesting and significant commitment to debt in the region, but bias toward saudi arabia and uae bonds. and are more shy around qatari and bahraini debt at this point. shery: it is not a 100% bet in terms of the payoff. there will always be risk, especially since we take a look at how closely tied it is to the oil prices. and then just the recognition that it has to reform and diversify its economy. what do you think you need to hear, the investors need to hear, from saudi arabia? eric: we are looking for the
message to be that they are seeking to diversify, the sources of income going forward that they are looking to gain a -- gain liquidity, everybody is looking at the ipo and how it will play out and when. and looking to diversify the funding sources. we think they are issuing debt in more diversified framework. it makes sense through time. you see how a country like singapore was obviously a very different kind of base, but they of largest sovereign wealth funds and large pools of capital and they have built a very large and diversified sovereign debt market as well. we think that is an important piece of the puzzle for saudi arabia going forward. angie: eric, how critical is the ramco ipo to this assessment, because we are already hearing about potential delays, even if
-- even a contingency plan. eric: sure. it is certainly an important piece of the puzzle, so the market can clear up an important area of uncertainty. and, but we do not expect clarity on that in the next six months or so. it could be well into 2018, even 2019 before we get clarity on that, but nevertheless it will be an important part of the understanding of the risk associated with the issuances from saudi arabia because it represents an important opportunity for liquidity and additional funding sources. and transparency that the world can gain into the economic drivers. yousef: we have seen the wti higher after a major spike overnight with the possible outage from the kurdish areas, the turkish shut down. we got gas weighing into the conversation. what will happen with this commodity that is so quit -- that is so quintessential to this part of the world?
eric: $60 oil is optimistic. this is a wide range, so do not accuse me of being cowardly. we see it in the $40-$60 range. 50 is around the right number. it is mostly because of the supply dynamics, rather than demand dynamics. we actually, on the demand side, we think we are in a positive growth environment and you have the ceo of the by airport. and we think that that reflects broader positive demand and growth dynamics globally, but on the oil side we have seen it coming from the united states with incredible resilience and flexibility the oil sector in the united states, and their ability to ramp production quickly. so as oil goes to $50 to $54 you will see it come online quickly in the united states and we have questions about compliance with opec production cuts and outside of opec, so we think it has become a market where there are natural governors on price. we are thinking we are in this $50 plus or minus range for some
time to come. yousef: the turkey story, we saw a remarkable rally all the way through now, over the last couple days and the last trading day they saw the steep losses, kurdish developments weighing on sentiment. what do you think about turkey? eric: we are seeing, you know we are looking for opportunities for injury and it is part of a larger story on the emerging markets, both with equity and debt. where our goal now is to take advantage of this improving economic growth environment globally, and you have to look past the negative kind of geopolitical headlines, whether it have to do with north korea or crises in this region, or the daily drumbeat of negative headlines out of washington dc. look at the fundamentals of global economic growth, inflation, interest rates, you know, this is a sweet spot for these key dynamics. and in this environment, what we are looking for is to be able to take advantage of the economic
growth at attractive valuations. and some of those opportunities we see in the emerging markets. and nevertheless, we are quite cautious given where we are with the valuations and low level of volatility, so one key thing we are driving is where we can we want to get vintage of opportunities, the capital structure so the emerging-market debt versus equity, and where we can capture more income so as the volatility arrives, we will be able to reinvest the income at higher yields and better valuations. yousef: let's bring up a chart. jumping into the bloomberg. this is the bloomberg barclays emerging markets and how it has been on the rise. the emerging market debt rebound. look at this, mozambique. they defaulted in january and they have not started restructuring talks and they are the second best this year. how do you make sense of it?
what is going on? eric: there is, i mean, argentina just issued long-term bonds. they default every how often? and the investors pile in. same thing with greece on occasion. nevertheless, there are good opportunities and we are oriented towards good-quality economies across the various regions. and where we can do good fundamental research, we can find good opportunities in these markets where we believe at 5% or 6% yield we are well compensated for the risk we are taking given the strong economic dynamics. yousef: coming up on the "best of bloomberg markets: midde east," we take a look at the opportunities in the gulf debt market with dino kronfol from franklin templeton investments middle east.
♪ yousef: welcome back to "best of bloomberg markets: middle east." now, despite rising geopolitical tensions, the trends have stabilized. we broke down opportunities and regional fixed income markets with dino kronfol from franklin templeton investments. dino: i think things are looking more constructive. we have been saying for some time that the oil cuts that opec but there are stabilizing the market. the compliance regime seems to be sticking, so i think it is reasonable to assume that all -- that oil prices will remain firm and i think this will support many of the governments across the gcc and producers everywhere. yousef: people often associate the geopolitical tensions with depressed asset prices in this part of the world, which could be the case, but it is a very
different situation ultimately with fixed income space and we put a chart together. jump into the bloomberg with me. this tells the story of convergence of the spread when you compare the emerging markets metrics with the jpmorgan middle east spreads. dino, is that here to stay the, the stabilization story? where the opportunities in the story? dino: i think you are very correct, the middle east and gcc specifically is usually known for, or thought of or perceived as a source of risk. and it is associated with oil prices which are volatile and it difficult to predict. the reality is, as you point out, very different. the facts, if you invest in fixed income or bonds, you reduce volatility and you diversify returns and you have much more downside protection.
so we in fact encourage people to allocate more to the gcc to reduce risk rather than their perception that it would increase risk. despite all these challenges that we have, this remains a very sensible investment today and it is an investment i think reduces risk, rather than increased it. which is counterintuitive, but it is a fact. angie: it is counterintuitive, because a lot of investors are under the gcc bonds. explain for foreign investors, why it is valuable to diversify into the gcc bond market? dino: i mean, if you think about it, today people are going to greater lengths in search for yields and opportunities. and right here we have a bond market that is growing rapidly, because oil prices have been low. we in fact today, represent something like 15% of the stock of emerging-market dollar debt and a temper set of the flow, so the gcc is already quite
significant. i think investors, consultants, benchmarks are behind the curve. and they have not started including the gcc as part of their everyday allocations, so part of the message we want to get across is investors should think of the gcc as a long-term investment, because by doing so they look at important diversification benefits, very good yields, and access to rapidly and quite good markets, because the gcc is home to islamic finance and others, so a lot going on at the moment. we think the opportunities are there for people to exploit. having said that, it is a market that has its own nuances. you need to be here and have a qualitative dimension to the research that you do. so i think for example, in our case, we definitely benefit from being the eyes and ears on the ground, but we collaborate with those across the globe. so we are trying to add to the gcc into the clients'
portfolios. angie: certainly, it does seem really smart until you take a look at what was just done to black walk and goldman sachs, and really causing is a lot of concern about understanding what global -- actually means. there is a court case happening now and likely going to really dampen people's enthusiasm for this investment as well. how do you explain that? that is likely going to be a headache not only for a lot of people in the region trying to raise funds. dino: i think you bring an interesting story. i mean first of all, i would say that then a gas is not by any stretch a representative sample. this is a high-yielding oil and gas play operating in critics and and egypt that kurdistan and egypt, so it is an interesting story but not representative of the gcc, which is investment
grade, highly rated, much more stable. but having said that, this story really is just one about the outrageous claims made about the company and it would be laughable if it was not a serious issue, especially coming from a company whose founder or chairman is supposed to be advocating for corporate governance and you know, transparency across the region. so our take on that is basically that this is an isolated case, don't use it to really, do not use it as a representative. i think it raises interesting issues. you do have some risk. this is more of a willingness to pay, rather than an ability to pay issue, and it raises the issue on how you deal with these pay risks, so to speak. and i think, as an investment manager you do have some cold. you can -- tools. you can have a very solid framework to invest. you need research for high-yield
names. and you need to be able to incorporate an important qualitative dimension, which you can only get with interacting with the management and having i think a very solid take on the firm. we have avoided the pitfalls there and i think many others can. and this, if anything, demonstrates if anything that this is an area where you can generate -- and this is one of them. and it could be a decent investment going forward. yousef: coming up next on "best of bloomberg markets: middle east," we spoke to the ceo about sohar ports & freezone about expansion plans. this is bloomberg. ♪
the ceo of sohar ports & freezone. mark: our port is divided into separate clusters and one is a chemical cluster and oil cluster, and we want to expand that further. we have no space left, so we're going into reclaiming the seed to make sure -- sea to make sure that we have -- for chemical related products. yousef: we have put the function up, which really highlights some of the activity close to your port. this is right here and this is the activity in the area. this underscores, as well, your geopolitical, not your political, your geographical positioning and the advantage it entails. talk to me a little bit about the gulf crisis and how it could be a bigger opportunity for you. have you seen more interest in sohar as a result? what has changed in terms of tone since the crisis?
mark: we are a very large port and what we see is a small increase in container volumes, especially. so they are not feeling from sohar and up and down, so it is increasing. so it is there. there is not a huge increase for the rest because of the crisis. i would rather have a very stable gulf because it will effect the investors. the more stable, the better for us in the end. but we do benefit a little bit from -- angie: good point. mark, what is the strategy for tapping into the oil market in the region? mark: um, we operate as a land so i cannot say if we have a real strategy. we see that they are interested in us as a strategic hub, and just outside of the gulf, and
that's when we go to all the parties in the market and say that we are actually going to reclaim land and build new land and we are looking for new customers. we will have a draft of 25 meters, which can attract the big carriers. angie: alright, so you are looking for new customers, where are you looking and who are they going to be, what is the makeup? mark: we are looking worldwide, this is a worldwide market. we are thinking singapore, of course. looking everywhere, also for others in not only oil, we are looking for customers who want to have a deep draft. maybe 23 or 25 meters, we are interested to accommodate the vessel. yousef: you talked about growing trade with china last time you were on the set. is that still a very much top priority for you?
how has that evolved since we last spoke? mark: it is slightly growing. last time i remarked that the president would have a change in the supply change. he did not do anything, so clearly no change for now. but it is slowly growing. it is an enormous market and we are attracting more and more of these volumes. and one of the problems is many people do not know where the country is. we have to talk about how beautiful and stable it is. yousef: do you see interest from iran as well? how do they rank in your list of priorities? mark: of course, we are very interested in iran, it is a huge country. but there is a problem with the americans and we do not want to end up with the americans, with that problem, so we are making sure of a carefully. but we're interested. it is an enormous market and we have connections to those
♪ yvonne: coming up on "bloomberg yvonne: coming up on "bloomberg best," the stories that have shaped the week in business around the world. politics dominated the headlines, from berlin to paris, to tokyo, to washington d.c. >> this is a now or never a moment. >> we are encouraging a tax plan that encourages you to invest in our country and the future of our country. >> mergers in europe. women get the right to drive in saudi arabia. and janet yellen speaks and caution is the message. >> this is a topic that we do not understand it all and we may have made mistakes. >> finance ministers speaking