tv Bloomberg Markets Americas Bloomberg September 16, 2019 1:00pm-2:00pm EDT
ever. salaries are getting slashed greece is asking the european across wall street. commission to come up with a new migration policy. officials say it is dealing with which are faring the best and the worst. this is bloomberg. ♪ nearly four times the number of migrants that anywhere else in the region. north korea says diplomatic talks with the united states could resume in a few weeks. it will not consider abandoning its nuclear weapons unless external threats are fully removed. the statement today which riveted to a foreign ministry official called for economic sessions -- economic concessions. negotiations between kim jong-un and president trump collapsed in february in hanoi. in hong kong, protesters took to the streets for the 15th weekend in a row. they set fire to the entrance to a subway station and through gasoline bombs at the central government headquarters. police used tear gas and water cannons to destroy -- to
disperse the crowds. global news, 24 hours a day, on air and on tic-toc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm mark crumpton. this is bloomberg. is 1:00 p.m. in new york. i am vonnie quinn. welcome to bloomberg markets. vonnie: from bloomberg world headquarters in new york, here are the top stories. attacks disrupted five percent of the world oil production. we will talk to the opec secretary general on how the organization might respond. wall street has been in pay slump since the financial crisis. we will tell you who has had the sharpest pay decline. retail in an hour
-- an era of delayed exit. we will talk to the cofounder birch box. first, kailey leinz is with us. we are halfway into the trading day. we are getting a little redder as we go through the day. three major averages are near to the low of the sessions. the dow, the s&p 500, and the nasdaq are off play for tense of vonnie: this is bloomberg a percent or more. this is geopolitical risks markets. percolate through the market. the largest u.s. banks are more it does have the energy stocks higher. profitable than ever with big by s&p 500 energy index up help from tax cuts strong consumer spender. 3.3%. they are not super heavily it is not translating to bigger paychecks for employees. weighted in the broader indices. wall street and -- wall street as we know, energy stocks -- is in the midst of a pay slip. energy stocks are moving higher because of the move in oil. -- pay slump. there are some employees who you can see wti is up 14%. have seen their paychecks rise. >> there are pockets for sure. biggest jump on record because of ongoing risks after the saudi there has been a shift in
turn strike in saudi arabia on employment and on wall street. key facilities, crimping oil supply. towards technology. people who help with technology, heightened geopolitical risk the programmers and other i.t. also inspiring a rush into other folks. safe haven assets. u.s. 10 year yield down about they definitely demand more. there is competition with tech six basis points. you are seeing a rush into other forms -- tech firms. commodity. cold up in seven cents. on the other hand, people we think of wall street the yen is strengthening against the dollar. traditionally, traders, 1/10 of a percent. analysts, they have seen their i want to take a look at some pay cut seriously in the last 12 other payers should -- some years. vonnie: what kind of percentages other pairs. are we talking about? we can use the wcrs function to to 2018, almost 12 take a look. big oilsee the ones for years, comparing the biggest exporters such as the russian ruble and the canadian dollar. cuts are the biggest in goldman all stronger against the dollar. down in the bottom, you have the sachs. indian ruby. almost two thirds. india is a big oil importer. 60%, 50%. deutsche bank follows roughly it buys two thirds of its oil. with 40%. those prices are having the the average is about 15%. opposite effect on the indian ruby, which is lower than the that brings in banks that have
dollar. weaker by my intent -- by nine retail operations. print of a percent. where you can see the impact of what has happened with traders and bankers and less bankers you can see up top, energy stocks doing quite well, paychecks. especially the e&p companies. with those, you see 50%. earth on oil as higher by nearly vonnie: name names. which banks are faring the 11%. worst? underperformers, you have the airline and crew stocks, which retaining the talent has to be a are sensitive. factor. >> goldman sachs has seen the higher prices are not good for biggest cut. these guys. that does not mean it is only american air down by 5%. because of what traders and carnival down by 2.8%. bankers are getting paid. one analyst seeing a -- saying a it is also a shift in basement 10% spike could not $.24 off of -- in business goldman, five carnival earnings per share. vonnie: thank you for all of years ago, it was an investment that. analysis, --et bank. now, they offer credit cards. they collect deposits online. from our market analysis, we are you can become a goldman .oined by kevin divney depositor. you can have an account is a retail depositor. they have tried to become more the events of this weekend -- how did they impact how you are looking at the market? of a regular retail bank they do kevin: it is our test of energy not have offices around the country. independence to see how much the they have added people who help
market is saying the u.s. can them with that kind of banking. there is a big change. maintain its own production. it is about a global commodity credit sweeps the second one. move. much less about the impacts of they have shifted to wealth management from trading. the u.s. economy. given this 16% move in the they have located a lot of their back office functions to local crude, it would be a lot worse five or 10 years ago. countries. deutsche bank has been trying to it is a testament that the u.s. cut costs. independence is there. it is very fluid. probably needs to do more. we do not know when the they've also become more a production is going to come back online. retail bank once they acquired the threat of these exhaustion us shocks -- the threat of the the postbank in germany, which is a big retail brand. shocks is showing us they are there is a big retail shift. still out there. vonnie: do oil prices stay above not just traders and bankers $60 a barrel post this? getting cuts. ofo banks doing more off obviously, the security and retail banking. more technology. energy independence was not trying to lower cost by finding enough to stop oil spiking. we have valero down five or 6%. people in india to do things for them. vonnie: always enlightening. a great story on the bloomberg today. if this continues, it will have of money,re the topic an impact on the consumer. kevin: our thesis going into this is there was global i have a new show to tell you about.
bloomberg money undercover. economic deceleration. we just got numbers out of it is hosted by lisa abramowicz. china. there industrial activity continues to decline. the weekly program debuts we are putting oil prices lower tomorrow at 1:00 p.m. new york time. they are today. the macro events will overwhelm it takes you can the world of private debt, equity, and real the commodity prices. that said, what you tend to see estate where investors are pouring money into private is the supply response to this. markets at an unprecedented level. be here tomorrow at this time. that is more of a longer-term thing. we are not changing our is a ahead, there longer-term macro views. the economy is growing worldwide. we are seeing deceleration subscription box for everything these days. birchboxbscription outside the u.s. that is a bojo for a flat commodity price. vonnie: is the market under pioneer that idea nine years ago. beaund cofounder katia appreciating the potential for champ joins us and. escalation and war? this is bloomberg. ♪ kevin: we have an industry that is going out to the line and pulled back. we will three if that is carried out or not. because of the infrastructure that is put into place, investors are looking for entry points. some of the more value centric
investors have had this overweight energy. that is benefiting. on the cash flow forecasting, i think the where probability is way down in the sicko digits especially after some of the administration -- in the single digits especially after some of the administration changes. fed thise have the week -- can we breathe a sigh of relief? kevin: no, we are seeing the capital markets giving us a lot of intuition and insight. clearly, we were talking about the yield curve and version a month ago. we saw something interesting in a rotation between value growth and momentum. a lot of investors are looking at this. growth investing is outpaced value investing. in the last week, we have seen a six or seven standard deviation reversal. when you see these factors that
explain company fundamentals rotate like that, it can mean is there a change in the future? can be a canary in the coal mine. there have been times in august 2007 where that was the case. it was at the top of the market. in 2011, we have the same type of phenomena in the equity markets. we did not really get that. that is what investors are looking at. if value is working and >> how will treasury be investors are looking into that, it could mean we are bottoming different from other banks? >> what different -- what makes on the industrial side. we are bottoming on the pmi. you from others is that you are it has to be validated, which in every country in south asia. will be in earnings seasons. we will have a fed announcement this week. we have the capital markets telling us what the future could be. affirming or confirming what the vonnie: this is bloomberg markets. short-term policy extrapolations it is time fear latest bloomberg are. vonnie: are you turning some of biggest flash the your oil exposure and getting dry powder ready for when this
banker of the softbank patients happens? kevin: we were trying to get fund are having second thoughts. more of a neutral wave on much to commitow energy. to the next investment vehicle a day like today is a time you might want to pull that back. in the wake of the reworks fiasco. more because of the flat growth. try to get that to a neutral a $47 billion valuation. they are told the company might feed. be worth less than a third of that in an ipo. a day like today, you would prosecutors collect a massive multiyear racketeering not do a lot. conspiracy run out of jp morgan. in extreme volatility, until they get trending again, they two current and one former precious metals traders are can be a mistake to trade on the going to be charged with when short term. vonnie: marathon is up 11. the billing futures markets. , russellney already brought charges against 15 others. investments, senior portfolio they included traders of deutsche bank and ups -- ubs. manager. saudi aramco facing weeks or months before the majority that is your business flash. supply is restored after the devastating aerial attack. the big business of beauty. opec secretary-general says it face of thenge the is premature to talk about beauty industry with their whether other opec plus nations should increase production. popular subscription box is nearly a decade ago. now they are doing it all over
again by teaming up with he talked exclusively to bloomberg. walgreens. integrating the prestige brands >> in order to remain dependent with the convenience of walgreens. for more on the partnership, -- we haveies of oil then nine year anniversary, let's welcome cofounder and ceo to secure our facilities and katia beauchamp. operations. we have learned from the i know you were in the city for kingdom. we are going to use this the women's digital form. everyone will want to hear about unfortunate experience to ensure the evolving phase of purity. such an incident does not repeat itself. >> i does want to clarify, to you're are going into brick-and-mortar. other opec nations need to we are 11 walgreens. increase to make up for the lost inof -- we are going to be production we are seeing out of the kingdom? >> whatever decision that will be taken will be a collective 100. that will be a big shift for us. -- iton of not only opec we started selling subscriptions in 3000 walgreens this month. we are testing it in all different ways to sell subscriptions, full-size is premature at the moment to product, and to understand what begin to contemplate on what that does to our customers will be done in council forum lifetime revenue. vonnie: is this the path forward
and when. for other digital brands? we have seen it with you. >> what about what that united states is doing, capping the amazon is doing it now in a spr? does that worry you and your small way. do digital brands have to have a partners at opec plus? news that read in the brick-and-mortar retail? are focused on a leaving is thinking of consumer who does not seek out beauty. --m spr depending on the it is an everyday woman. it represents 70% of the market. our hypothesis is going to where it is only if needed. the customer is his very valuable -- is very valuable to wait.l continue to grow our business. america --n in there is no need to panic at the moment. going there make sense. what we have seen in the markets can we acquire that customer? today is an initial reaction. do they also shop digital? vonnie: was there a point when forward, the updates that you realized this is the only way to increase margins? why go into walgreens? katia: we are focused on a
will be coming from saudi arabia will further harm the markets. vonnie: forward, o ebanks are mn massive scale. if it is 70% of the market and beauty is 90% offline, we want to create a destination for the everyday consumer. a consumer who is not obsessed with beauty. the only way to scale quickly is to think multichannel. officially,go at it that is our core competency. partnering someone who has that comedy expertise in rolling out and already has thousands of beauty consultants we can utilize to have a human experience. the humanity in it is a huge part of customer loyalty. ultimately, a lifetime value. vonnie: who bears the cost? there is the risk of the walmart effect. you get so big and scale up so fast that your margins are squeezed to the minimum. katia: we're looking at different expressions. some of them are extremely low-cost. it takes -- take an existing
beauty consultant and sell subscriptions. there is no incremental cost doing that. there is some integration on the backend. definitely increasing productivity and justifying a boat up cost. vonnie: you have been private for nine years. you have seen the rework fiasco. doneand lyft have not well. is it better to delay an exit? are you happy staying private? katia: it is exciting to be private. it is ultimately about liquidity and your risk tolerance. it is difficult to know what is happening in the market and what is the right time. sometimes, it is about what your investors want. vonnie: what is your goal in that direction? katia: my objective is to could -- is to serve the consumer. if there is an ability to do that for a -- to do that as a
private company, gives us the ability to be creative and keep our strategy under wraps should we have had 8 -- under wraps. we have had a public experience in birch box. the more we can do privately, the more we can feel creative. vonnie: i think that was our answer. thank you for joining us today. congratulations on the nine year anniversary. the cofounder and ceo of birchbox. we have markets lower. crude oil up seven dollars $.99. $.99. $.99.
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lasting political solution. vladimir putin said the joint efforts helped decrease efforts -- decrease violence in syria. putind and -- president and iran's president said it should not be a haven for terrorist. the luxembourg prime minister has asked boris johnson to hurry up and make written proposals if he wants to offer his country a path out of the brexit impasse. he said after meeting with johnson, he told him we need written proposals. i hear a lot, but i do not read a lot. prime minister johnson said he remains optimistic. >> there is a good chance of a deal. i can sheet -- i can see the shape of it. when can see roughly what can be done. it will require movement. it will require the system by which that you can control -- the e.u. can control the u.k. after we leave the so-called
backstop to go from that treaty. that needs to happen. on camera statement was made outside the british embassy in luxembourg after a planned news conference was canceled because of noisy anti- brexit protesters. thousands of french professionals took to the streets of paris. demonstrators wanted to show the displeasure at proposed changes that emmanuel macron's government says will simple fire the pension system. new conditions may encourage people to work longer. a large majority of those protesting were lawyers. the national bar counsel claims that proposed changes will double the taxes members pay. in haiti, demonstrators burned tires and barricaded streets, protesting the lack of gasoline supplies in the country. fuel has been scarce for more
than three weeks. demonstrators are demanding the government take action to end the situation. suppliers have refused to deliver petroleum products until the government makes good on some $100 million in past due payments. global news, 24 hours a day, on air and on tic-toc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm mark crumpton. this is bloomberg. vonnie: live from bloomberg world headquarters, i'm shery ahn. >> live in toronto, i'm amanda lange. we are joined by our bloomberg and rbn m bloomberg audiences. >> here are the stories we are following around the world. the middle east and oil market
is thrown into chaos as saudi aramco is growing less of the mistake there will be a lated recovery in oil production. gm workers strike for the fourth time in 12 years. autoworkers walk out on the job. the company facing $15 million in earnings damage a day. two current and one former precious metal trader at j.p. morgan are charged with manipulating futures markets in what prosecutors describe as a massive multi-year racketeering conspiracy run out of the bank. startedlet's get you with a quick check of the major averages. we have energy very much in focus. across these broad u.s. markets, that is the place you can look for leadership. the s&p 500, we have energy tracking 3.6% higher in the subgroup. that is other than a couple of rate sensitive areas. we are seeing negativity across the board.
consumer discretionary and materials. up --s not helping helping out. major players in the energy patch are the ones who are standouts. a quick check of inflows to the canadian market after four months of net outflows. check out what is happening. this is not counting today's remember, we are seeing that today. this is for july. when an a half billion canadians -- one and a half billion canadians per a reversal of fortune -- fortune that will be welcome. shery: choppy, as you mentioned. -- willgy sector markets moving and fluctuating given the joint strikes we saw. we see these crude production outputs. saudi arabia taking up one third of total opec production.
9.8 billion -- 9.8 million barrels a day. that has fallen by 5.7 million barrels that are taken off the market given the drone strike. that would be around 5% of world supply. we have opec at around 30 million barrels a day output before the drone strike. of course, we have seen more confirmation the impasse points were several around saudi arabia. 19 different points of attack including at the world's biggest oil processing facility. not to mention the oil fields in karen. not surprising the move in the oil markets has been silly huge that has been so huge. -- has been so huge. uncertaintyuch about what is happening when it comes to the strikes. the u.s. has pointed the finger
at iran. saudi arabia has said early findings show -- noah barrett leads janus capital. he is with us from denver. let's start here with what we know so far. along with the fact that we cannot not now the vulnerability of the facilities. attacks have happened. they remain vulnerable. how important is it to understand the source of the attacks? noah: i think it does matter in terms of potential escalation, escalation,ot whether or not the u.s. response backing saudi arabia to go after iran. at the end of the day, it is not so much who is responsible as the fact that these saudi facilities were vulnerable. it is a huge portion of their processing capacity. over half of their processing capacity. the fact that this could be taken out with a relatively
unsophisticated attack is concerning. it highlights how fragile the oil markets can be and how quickly we can slip from what is perceived to be oversupplied market to an undersupplied market. shery: that was interesting. the huge reaction that we saw, given that we saw falling oil prices last week. when can we expect the demand picture that has upset the market to come in and offset these price gains? the events over the weekend only impacted supply. the outlook for the 2020 demand -- if you look at the eia, opec, they have been steadily cutting demand forecast for 2019 and 2020. demand is still a concern. given the spike in oil prices we are seeing, i think last i checked, oil was up 12% or 13%. that does not really get into the region where we start to
worry about demand destruction. low pricesorder for to weigh on 2020 demand, we need to see something above 75 or $80 before it immaterial concern. i would also highlight -- a material concern. move from $50 oil to $60 oil does not has -- does not have as much of an impact on oil. me to wonderleads what you think of the price moves. as we look at the major producers in the u.s., they are big moves. almost 3% for exxon mobil. most a and a half for conoco. is that overdone? noah: obviously crude is a big. be athe producer side, may little bit of an overreaction. the impact on crude prices will be driven by the duration of the
outages. there is a lot of uncertainty. initially, saudi was talking about bringing a third of production back monday. they may have backed off of that a little bit. production may not come back for a week or a month. given the uncertainty, the equities are reflecting that production may be off-line a little bit longer than expected. we may be looking at multiple months of outages, versus a quick rebound in oil supply coming back in two to three days or a week. shery: have you started considering how this could affect saudi aramco's ipo and evaluation -- and valuation? noah: on the security side, it is a real concern. they have targets of bringing aramco -- an ipo for aramco. theirre is any hint facilities are not as secure as we thought were just that material amounts of supply come
off in a short amount of time, that is a concern. higher oil prices do benefit the financials for aramco. optically, they will look better. that does not nearly outweighed the impact of concerns over security and reliability of supply. shery: thank you so much for joining us with the latest on oil. looking ahead to wednesday, the federal reserve expected to cut interest rates by another 25 basis points to support the slowing economy. ,oining us is laura rosner macro policy perspectives. have you started considering what this oil supply shock could do to the federal reserve and their consideration given that it could affect inflationary pressures? laura: it is a good question. i have not reacted to it in our own inflation forecast. it is just another shock, and other increase in global policy
uncertainty trade it is not going to help -- global policy uncertainty. it is not going to help in economy that is slowing down over concern of a policy confusion. it could create if it is sustained a little bit of inflation in the near term. this is not a good kind of inflation. it would likely be fleeting. amanda: we have had the bond market signaling a change of expectations for the fed off of the most dovish. where do you think we are priced in here? that, what is the market telling us? laura: i think the optimism about trade policy and the talk --ween president trump and has improved perceptions of the outlook. we have seen a little bit of the pushback against the easing that
was priced in. last i looked, the market was pricing in an additional cut by january. it is not the same amount we saw a few weeks ago. we do not think the fed is going to be reacting so quickly to some of these short-term developments. we have seen trade policy speedbump. in aeality is we are higher trade policy uncertainty regime. the uncertainty is a tax on the economy, particularly their investment. we think the fed is going to be responding to that heightened inertainty and evidence that some areas of the economy, particularly business investment and hiring, things have slowed here we think the -- have slowed. we think the fed will recalibrate. it is not so much that they cut or do not cut, they will cut. what are they going to signal about policy beyond this meeting? that i signal, more
of a willingness to recalibrate beyond september. we think the market has moved a little bit too far in pushing the market cuts to january. shery: if you look at this chart, you can see the break picking up a little bit. to your point on the slump we are seeing in the manufacturing side of things, there are sectors of the economy where we are seeing the impact of these trade tensions with china. the empire state index slumping today. in september, capital expectations falling to the lowest since 2016. the consumer in the u.s. seems to remain healthy. when will we see the transferring to the consumption side? laura: hopefully, we will not. hopefully the fed will take out insurance. we will see a lowering policy rate. that will insulate the economy, and the consumer will keep on spending. we will get this off landing for
the economy. -- this soft landing for the economy. that is still our baseline. what has concerned us is just the fact that we had a little bit more of a slowdown in the growth profile over the course of a year. we started the first half very strong. the secondkend in half. hiring is still above the level required to keep the unemployment rate steady. we had this huge benchmark revision to payroll employment. it suggests 500,000 jobs that we thought were created between march 2018 and march 2019 actually were not. it leaves us a little bit close to the breakeven and more vulnerable the downside. -- to downside. amanda: great to have your thoughts on this. of macro policy perspective. coming up next, nearly 50,000
shery: this is bloomberg markets. i'm shery ahn in new york. amanda: i'm amanda lange in toronto. we have been watching the united auto workers union eating the first strike against nonvoters in 12 years. 50,000 workers walked out today. gm has of food billion dollars in investment in eight u.s. plants and the addition of 5400 jobs. the you -- the union says the proposer fell short with health care and the length of time it takes tenured members to get to the top scale pay level. bloomberg bureau chief joins us
with the latest. i want to start with a 50 million figure. from what i've seen, the inventory buildup for the company repaired them well for workers off the job. they have a lot of inventory. what is the 50 million cost come in? david: the 50 million is still a loss production. they have inventory. that will keep them flush for a well. they will have enough vehicles to keep selling. pretty quickly, they start to draw the inventory down. automakers book revenue when they build a vehicle. be atof the inventory may a dealers. the automakers keep the chain going by feeding the dealers. it does not take long for them to start feeling pain from a walk out like this where they have no production going. shery: where workers taking this offer from gm? david: what gm's offer addressed
was job security. they offered 7 billion in investment. that is vehicles at eight different plants in four states. up to 5400 jobs coming in. a battery plant in orange town. that helps them out. there were raises. there is an $8,000 signing bonus. the unions still want some of the entry-level workers who only make -- they make under 20 dollars and are. the bigger issue is temporary workers. 7% of gm's workforce is made up of thames. unions hate temps. it is an -- they see it as an affront to what they do. they are members of the union, but they are not permanent workers. the uaw would like to see those people have a chance at becoming full-time members. right now, they have to apply for a job. the union wants some sort of set
path for them to become a permanent worker. gm wants more tabs. -- more temps. japanese plants have as many as 20%. amanda: do we expect this to resolve any time soon? david: i talked to the lead negotiator this morning on the picket line. he says they are still full of -- still far apart. there are a lot of issues to resolve. i would not expected in the next day or two. shery: thank you so much. joining us with the latest on the jam straight. the iranian president and russian president lighting repute -- vladimir putin and the turkish president speaking in ankara. we have heard comments from the iranian president who says the many people are defending themselves. the attack is a result of the attacks on yemen shared is in
relate -- on yemen. sayingnt putin is also there is a humanitarian catastrophe in yemen and calling for conflicting sides to seek an agreement. he is saying he is ready to sell as/400 to saudi arabia. iranian allyeading in the middle east. spokesperson:or on countries not to rush to conclusions over who was responsible. we are seeing the press conference -- turkish president erdogan speaking at the moment. this is bloomberg. ♪
manipulating the precious metals futures market. joining us is joe dolan. the significance of this is it is not an isolated case. whole point is there might have been a broader manipulation across many years. is: what the u.s. government claiming and what they were talking about this morning is that this has been going on for about eight years. specifically were talking about -- you're talking about jp morgan. the names refer to these jp morgan executives. they had been spoofing the market for the better part of eight years. silver, gold, platinum plating. all of the precious metals. there is always talk. i've been covering gold from most eight years. there is always talk about some kind of manipulation. you hear that in every market. now that this comes up, and makes you think twice. this is interesting.
they are claiming racketeering charges. these are high claims. amanda: i guess what judge out at me -- we think back to the library scandal. pay one file finds and speeding tickets -- what feel like fines and speeding tickets. our market for dispense paying enough attention? or do we just go, this happens and move on? joe: it is a question i have been bringing up to various people. asking them, where it is register for you? the common reaction is, we have known about people spoofing in the market. people just have to deal with it if they are traders in the market. in terms of -- do we not give enough credence to this or worry about enough -- i do not know about that. it seems that the u.s. government is taking it quite seriously. to bring up these charges and go
after these jp morgan traders, we are talking about big names. the head of the precious metals market. i do not know in the long run when -- what it means, but they seem to be passing some sort of message. amanda: we will keep watching and watching report on it. a quick reminder that you can catch all of the interviews on your bloomberg. the function is tv . from new york and toronto, this is bloomberg. ♪ here, it all starts with a simple...
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mark: i'm mark crumpton with bloomberg's first word news. americans will be paying more to fill their gas tanks. price tracker gasbuddy says the attack on an oil facility in saudi arabia that sent futures prices soaring, will likely begin filtering through the gas stations later this week. a senior petroleum analyst at a likelyy says prices are
to climb $.10 per gallon if aramco can return to operations in one or two weeks. if repairs take longer, prices could jump $.25 per gallon. iran is taking a step to ease the tensions in the region. teran says within days, it will release a british flag tanker that has been detained for two months. the ship was held after the british seized the ship carrying iranian oil. a special united nations back finding mission wants myanmar to be held responsible for alleged genocide against its muslim minority, that follows two years of documentation of human rights violations by security forces. the group says myanmar security forces killed thousands and caused more than 7