Fever medicine. Willng for the virus include outpatient as well as those in emergency wards. On tuesday, the city reporting one new case of the coronavirus, bringing the total to 61. Also we are getting data giving us more insight into how the economy in hong kong has been affected, not only by the virus but also by the ongoing protests and jobless rate climb in january for fourth straight month, hitting the highest level since 2016. Construction, consumption sectors particular hardhit in hong kong. This is a human tragedy and we want to always recognize that. There are real economic effects. You mentioned hong kong. Hsbc announcing they will lay a lot of people off. What is happening with the economy . Has a ground to a halt . Sophie we have some estimates saying 40 to 50 of chinas economy was open for business last week and factories are still taking time to go online. We have several companies indicate how they have been affected. Apple being one of the latest when it comes to its outlook. I want to highlight hsbc, what it had to say good it does see a headwind there. In the most extreme scenario, that could continue into the second half, which could make for 600 million in additional loan losses for hsbc. The bank is still able to look past the outbreak and further focus efforts in asia after it generated half of its revenue in 2019. Thank you sovid much to sophie kamaruddin. Now lets turn to one of the companies sophie mentioned. Alex webb is in london on apple. Didnt they know there were supply chain problems . Alex we did, but apple had attempted to build that into its forecast for the march quarter. Its predicted revenue between 63 billion dollars and 67 billion. Now it is saying it will not hit the lower end of that range. That is creating a certain amount of anxiety given that it respecify the range, given it implies it does not necessarily know when demand will recovery. There are two pieces of the demand and supply side people people have not been able to leave their homes. Harder for made it apple to hire the people to work in their factories. It is just in the middle of our production ramp. They expect a lowercost iphone next month sometime. When those new products come out, it brings in hundreds of thousands around china to work in its new production hub and it has been harder to do that because of the quarantine in effect in the great difficulty to travel in that part of the world. David a new iphone but you need people to make them. Apple is giving is arrange going forward, do we have a sense of donerocess, what will be to get these back up and running when they can . Alex it is about how travel evolves, the ability to get people into their own factories but also the supply chain flowing from their suppliers. The higher tech pieces of the supply chain, not least the semiconductors, a lot of that manufacturing is done outside china. For those guys, it is not so much of a constraint. There might be difficulties because they are unable to import their goods or export their goods to china and in a lower end gear, the cases for the iphone, some of the circuit boards, getting that is still hard and analysts trying hard to improve that situation. David thank you so much for reporting from london. That is our colleague from bloomberg opinion. Now we turn to Kevin Cirilli for politics back in the United States. We have a low bit of a change. Were going to nevada, we will have a debate and then we will have a change. The founder of this company and majority owner will now be on the debate stage. Kevin Michael Bloomberg is set to make his democratic debate debut in nevada. He will not be competing significantly in the nevada caucus. It comes at a time in which his political rivals have sharpened their attacks against bloomberg. It also comes at a time in which the president has sharpened his attacks against him as well. Tonie sanders, according sources connected with his campaign, says they are looking forward to drawing an and policy contrast to bloomberg. It also comes when former Vice President joe biden is facing questions about the longevity of his campaign. Bloomberg has not faced a debate. He has not gone into the fray, so to speak, as it would stand. Strategyign says their will be to compete on super tuesday. David taking it forward to the caucus, where Michael Bloomberg will not be competing, are we confident they can pull off that caucus after the i will experience . I hear complications even in nevada . Kevin that is a great question in terms of election security. We all covered the debacle in iowa. An entirely different apparatus is going to be looking after nevada. It is a great question in terms of what happens. There seems to be a lot of volatility. From the sanders and buttigieg perspective, they feel they have emerged as the front runners following the last several weeks of the race. David we will find out saturday night. Thanks to Kevin Cirilli in washington. Now it is time to check in on the markets. Joining us is kailey leinz. Probably coronavirus . Kailey coronavirus and apple. The revenue warning from apple has a 4. 7 waiting in the s p 500. With apple down 3 , that is dragging on tech stocks, but also the s p 500, which is right around the lows of the session, down. 7 . That is raising some fresh concerns about the ultimate impact is going to have as a result. You are seeing the sectors queuing away toward equities more towards assets like u. S. Treasuries and gold. David as you suggest, it is not just apple. We have the socks as well. How are we doing . Kailey not well. The sox index is down 2 . 29 of the 30 stocks are lower. The semiconductors are being hit with a double whammy. , but you also have fresh trade concerns. Reports the u. S. Is considering trade restrictions on u. S. Chips. That is affecting other companies, down 4 . They are getting hit on both ends. David thank you so much for the report on the markets. Now we turn to Mark Crumpton for bloomberg first word news. Mark the viral outbreak that began in china has infected more than 73,000 people globally. The death toll is approaching 1900. One of those fatalities is a senior doctor at a hospital in wuhan where the outbreak began. The United Nations secretarygeneral says the outbreak is not out of control but is still a very dangerous situation. The United States is slapping sanctions on a unit of Russian Oil Giant Rosneft for helping venezuela evade an embargo on its oil. Senior Administration Officials warn anybody doing business with rosneft could be sanctioned. It is part of u. S. Campaign to push venezuelan president Nicolas Maduro to step down. The corruption trial of Benjamin Netanyahu will begin march 17, two weeks after national elections. Netanyahu is charged with bribery and fraud, accused of accepting lavish gifts from welcome from wealthy friends and scheming with media moguls to trade regulatory papers for positive news coverage. The Prime Minister fails to secure victory in deadlocked elections last year. The jury and the Harvey Weinstein rate trial has begun deliberating. At least 100 women have accused the former movie mogul of sexual abuse. This trial involves accusations from two women. Weinstein says any Sexual Conduct was consensual. He could face life in prison if convicted. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. I am Mark Crumpton. This is bloomberg. David . Talk nevadag up, we politics and a newly expanded debate with our panel. This is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Michael bloomberg, the majority owner of our company, will be on the debate stage in las vegas at head this weekends nevada caucus to take us through the shifting clinical seen, we welcome basils michael and from washington, greg swenson, a spokesman for republicans overseas u. K. I will start with you, basil. Lpe bloomberg owns bloomberg , you also did work for him on campaign. What will having him on that stage do . Basil it gives folks like Bernie Sanders and Elizabeth Warren to sharpen their progressive credentials. You will see biden on the attack. Warren and sanders will be trying to pull everybody to the left. The truth is for Pete Buttigieg and joe biden, they will be fighting bloomberg for the center. There a lot of folks who seeing biden suffering in the polls are giving Mike Bloomberg another look. That has to be scary for someone like joe biden. Pete buttigieg is different because he represents a lot of different aspects of what the democratic electorate is looking for. I think for joe biden, this will be an important lace for him to fight through that centerline. Give us ag, perspective from the Republican Point of view. There are some who think President Trump would like to run against Bernie Sanders. Does having another solid moderate hurt the president . Greg the easy path for the president would be facing a Jeremy Corbyn type of candidate like you see in Bernie Sanders and look how that worked out for labor in the u. K. I think that would be the best option for the president. I always warn you do not want what you wish for. I think a Bernie Sanders who rallies the party behind him, like trump did in 2016 can have a chance at winning. That is not something republicans or the president wants. It is not good for the party and not good for the country to have a marxist or socialist leading what was once a great party. I think it will be easier in terms of the general election, it would be think good. David youre in washington and youre based in london. Youre doing business around the world with u. S. Involvement. Businesses see the Trump Administration, versus joe biden or Bernie Sanders or Michael Bloomberg . Questionill answer the first with the president and the democratic candidates. The Business People around the world like this president. Own government would take a page out of the playbook and let the economy, let the private sector work. It is better for growth, better for wages. They get that. There is a good perspective, especially in the countries that have suffered under some sort of socialist model or especially in Eastern Europe where the country suffered under the soviet union, under communism for 75 years. Those people understand it and do not want any part of this socialist model being promoted both in the u. K. By Jeremy Corbyn and in the eunice in the u. S. By Bernie Sanders. As far as democrats, i do not think anybody takes Bernie Sanders seriously in europe. Sometimes i think they should because the fact he is getting a High Percentage of the young vote should be worrisome to all of us. I think they would respect mr. Bloomberg much more because he is a successful business person. I do not think that is going to sell well in todays Democratic Party, where success and capitalism is viewed is looked down upon by many on the parties far Progressive Left frank left flank. I do not think that will work in the primaries but in the general election it could have appealed to moderate republicans. David lets ask someone who has worked with the Democratic Party. Tom steyer says you have to take the president on on the economy. Is there room for someone in the Democratic Party to take the president on given the strength of the economy. Basil there is, but it is a very nuanced argument. It is not an argument that says the economy is not doing well, but if you accept the argument you are accepting the president s premise that he made it better. There has to be a witch. That which could be affordability there has to be a wedge. That could be affordability, you see companies canceling pensions or the fact that the minimum wage is not going up in every state. If youreeal concern older or younger about whether he can afford to live where you are. David the which you describe pushes you in the Jeremy Corbyn direction. Basil it is a tricky argument. To gregs point, if you look at where the enthusiasm and the movement, it is around those issues. It is around a sanders, around a warren. That is why joe biden is having a difficult time trying to argue for centerline. The question is if Mike Bloomberg starts to do well going forward, particularly as we get to april in new york and some of these other states that we voting, are voters going to say what we really want is someone that understands how to keep us going in the same direction without some of the challenges this particular president provides. That is what the bloomberg argument is cured david does the the bloomberg argument is. David does the president have a challenge the aftermath of the coronavirus . That seems to be a wildcard globally and in the United States as well. Will the president be tested as to how we can manage that . In termsfar, so good of how the prices has been managed by this government. I think there are some things you cannot control. If there is a slowdown in Global Growth, you will see it in the cruise business, youve already seen it in airlines, you will take a big hit. I think we are all worried about what this could do to Global Growth and the effect it will have on the u. S. Economy. He is going to have to try to be articulate in explaining that his policies have worked, and i think he has done a good job of messaging, that his policies have worked, especially for lower income people, whose wages are up significantly then a high earning orders. Wage growth is important. That is what he has to highlight because we have to expect there will be some gdp slowdown from the coronavirus. David thanks to our political panel. Basil smikle and greg swenson. Macys longterm Credit Rating has been cut to junk and now has a bb plus rating. Than 4n has more billion in bonds outstanding do to compiled by bloomberg. This is of the good bounce of power on Bloomberg Television this is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Hsbc shook up the banking world that it would be laying off 35,000 employees in the next 30 years to save 4. 5 billion in costs. The hsbc cfo talked earlier with Bloomberg Television. Areasare shrinking in where we think we have clear oferperformance and a lack long term sustainable competitive advantage. Equally in todays plan, what you see is and get investment in those parts of the business where we do think we have advantage and can grow. I think we are absolutely doing both of those things. Was anefinitely interesting comment from the shareholders and lay the options for hsbc as fairly binary. What you are saying is you are balancing those sides of the coin. Are you happy youre getting the balance right from those i nary options . we think this is the right thing for the bank to do, the right plan for now. We definitely are looking to invest 100 billion of riskweighted assets around 14 to 15 billion of capital over the next three years and parts of the business that are performing well, particularly asia. We think this is the right balance. It is coupled with a substantial Cost Reduction program coupled with organizational simplification to allows to speed up the pace of execution. We think is a great plan. To pick up on the riskweighted assets, youre at that moment of leading into the not bad asset prices. The riskweighted assets you will sell, little bit more complexion before we go. Unsurprisingly, it is in parts of the business, the markets business and Global Banking in the markets, we are continuing to exit a lot of domestically focused customers in europe and the u. S. On the Global Banking side. We are also going to Access International customers that are not producing acceptable returns. I think we will be quite surgical and ruthless in terms of targeting those parts of the business where we are not generating acceptable returns. We will take those riskweighted assets and reinvest them in parts of the business where we can see better returns. David that was the hsbc cfo speaking to bloomberg daybreak earlier today. Type of the stock of the hour. Conagra brands is the worst performer in the s p 500, dropping nearly 8 , its worst day since june after cutting it sales and earnings forecast. Kailey leinz is here with more. This is not coronavirus. Not yet. Kailey they are still taking down expectations. Flat. C sales will be they previously saw that growth as as high as 1. 5 . On earnings, what was the high end of their forecast is now the high end. The company is placing blame on weakness in the third quarter. They say they were prepared for tougher comps year on year but were not expecting this level of category weakness. They say it started in food service. Restaurant traffic was lower than last year. That is a segment that made up 10 of its business. They said that lead through to retail in january as well. That is why it is interesting to me. Conagras top customer is walmart. It makes up 25 of sales. Walmart is also out with disappointing fourthquarter numbers cu. Us something tell about the consumer . Kailey it may tell us something about the consumer for good niagara the fact that restaurant traffic four conagra the fact that restaurant traffic was lower my tell us something about how consumers are spending. My tell us more about changing consumer tastes. Avid breaking news the french automaker was downgraded. The outlook remains stable. The company has more than 26 billion euros in public bonds and loans outstanding. This is balance of power on Bloomberg Television and radio. From new york, this is balance of power on Bloomberg Television and radio. Im david westin. Bloomberg first word news, we go to Mark Crumpton. Mark the department of Homeland Security is waiting 10 contract loss to see construction of a wall at the u. S. And snowboarder. They include requirements for having open competition and justifying selections. The move is expected to spark criticism that the Trump Administration is overstepping its authority but similar legal challenges in the past have failed. The United Nations says Government Forces must allow humanitarian aid in conflict areas in northwest syria. The yuan human rights chief added it was cruel beyond belief that civilians are living under plastic sheeting in freezing conditions while getting bombed. The comments, day after syria pledged to push ahead with a military campaign that has displaced hundreds of thousands of people. And afghanistan, Officials Say of Prescott Ashraf gone he has won his second term, saying he won over 50 of the vote. His challenger received 39 . The election took place in september. Results were repeatedly delayed amid accusations of misconduct and technical problems counting ballots. President trump has part in the former San Francisco 49ers owner convicted in a gambling fraud scandal in 1998. He pleaded guilty to failing to report a felony when he paid 400,000 to the former louisiana governor in exchange for riverboat gambling licenses. He avoided prison and was fined 1 million and was suspended for a year by the National Football league, but the incident effectively ended his football career. Global news 24 hours a day, onair, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. David apple shook markets with this announcement that it would miss revenue targets because of the coronavirus and effects on its supply chain. There is good reason to believe apple may not be the last company with those problems. We welcome somebody whose practice it is to navigate western companies through chinese legal waters. Coauthor of the the china law blog. Thanks so much for joining us. Give us a sense of what is going on on the ground. You represent a lot of companies over there. To what extent is the chinese economy, at least in hubei province, frozen . An in that province it is basically frozen. It is outside that province where everything really just depends. David do you have a sense over all of the chinese economy there have been various estimates about which gdp growth will be reduced. Do you have a sense on how accurate those estimates are . Dan i think they are pretty inaccurate. It is difficult to get a handle on what is going on in china with respect to the impact of the coronavirus. We are basically telling our clients, asking, when will we get our products our answer is you will get them when you get them. It is impossible, factory by factory, when they will be up and running. Even if it is open, it doesnt mean they have the people. If they have the product, it doesnt mean they can get it to court. It doesnt mean that they can get it to leave port. David does the government really know what is going on, or is it moving too fast to keep up . Dan that is a great question. I think in general he knows what is going on, i dont think it is revealing to the world what is going on. David which is to say you think it is worse than we are hearing . Dan i think it is way worse. Based on what im hearing from friends in china, in various cities, and even people who read andblog who write us these are in cities like shanghai, beijing. People are not going out. I had a friend who went to the office one day. They were supposed to go that day. They were afraid to turn on the heat for fear the virus would pass through the pipes. Despite the fact that they were there that day, they all ended up leaving an hour or two later because they were freezing. We take that and we multiply that across china and you have disaster. I keep reading about how rumors are that foxconn is at 10 capacity. Volkswagen hasnt opened up yet. If these big, sophisticated companies are basically nowhere, just imagine that Small Company making widgets for sale on amazon. David we are speaking with dan harris, does a lot of work in china. Situation,ribe the how do companies go about planning what to do . Are there other supply chain they can tap into, or does not take too long . Dan foremost, it takes too long. The problem is, most of these small and midsize companies, have no plan b. 10t was sort of given up years ago when china started operating smoothly. We get people saying, and you help us get into thailand, vietnam . Talking aboutre six months until you have anything. Then they panic. The other problem that is really is, letserrated here say you get into thailand or vietnam. Us, i a client that told am so glad we have happened if production in vietnam right now, it will save us. My response was, what are you talking about . Half of your components come from china. That is the situation. , ifd do you have a sense in fact, we thought it had peaked and things were getting better, how long it would take to get things up and running . Even if you get past the virus, you cannot just turn on the switch and get the supply chains up and running again. Dan on that im somewhat optimistic. If the coronavirus were to think chinaday, i could be back to something close to normal within as little as 30 days. , it would be like returning after chinese new years. 85 of the workers tend to return. Things are back to normal in one to four weeks. If the coronavirus were truly eliminated, i dont think it would take that long. But that back to question, when will the coronavirus truly be eliminated . David we dont have that yet at this point. Address the question that investors are asking, people in the markets are asking, which is, is this going to be a vshaped downturn, or ushaped, or could it be longer term repercussions for western companies doing business in china . Im not an economist, so im not going to venture to guess what it will look like for the u. S. But i think i know what will what it will look like for china. China, at least on the manufacturing side, will very quickly return close to normal. And then it will go into a longterm slide. The reason i say it will go into a longterm slide is because these companies have been burned so badly by manufacturing in china over the last year and a half. Before the coronavirus, things were bad due to tariffs, duties, Chinese Companies acting worse than they usually do for fear their western buyers would abandon them. You take all of that, the coronavirus, what we are hearing from our clients, and they are not going to be able to get out of china fast enough. I see a huge number of companies realizing that they cannot keep putting all of their manufacturing eggs in just the china basket. So i see a lot of them leaving china entirely. I see a lot of them actually starting to diversify. I think that will be over a sixmonth to threeyear time frame. David you advise not only your clients in china but also the Chinese Government. Xi jinping is in the hot seat right now, maybe more than ever since he took over. Is it bad news because this may put pressure on his regime . Dan also a great question. A similar question to one that we have dealt with during every chinese economic downturn. Wentmorning, i actually back and read all the things that we have written on how to deal with china in an economic downturn. Typically, what we say is buckle up. That will be true whether it is but theyone else, Chinese Government will try to show to the Chinese People that tough on tossed on foreigners for the benefit of the Chinese People. We always say during the economic downturn, its even more important to comply with every chinese law. But what im also seeing, which is notresting, china publicizing this because they dont want to appear desperate, but they are desperate. David good advice. Buckle up. Thanks to dan harris. We will have more with him coming up in our second hour on bloomberg radio. Statesup, the united appeared to have laid down the gauntlet to its european allies at the Munich Security Conference. Wasnt really as confrontational as it looked from the outside . We will speak to somebody who was there, armor ambassador to germany, john emerson. This is balance of power on Bloomberg Television and radio. Vision and radio. David this is balance of power on Bloomberg Television and radio. Im david westin. Met with a european counterparts at the security conference in munich over the weekend with some contentious issues on the agenda, including european dealings with the tech company huawei. Nancy pelosi made it clear that when it comes to huawei, u. S. Concerns i park partisan concerns are bipartisan. I believe if we let huawei have the information highway dominance, it would be like putting state police in the pocket of every person who uses that highway. David john emerson was u. S. Ambassador under president obama. He comes to us today from los angeles. Thank you for being with us. Give us a sense about this huawei concern. It seems like nancy pelosi is joined at the hip with mike pompeo and others on this issue. There has always been an assumption among the europeans, that given the polarization in our country, if trump is forwarded, pelosi and the democrats will be against it. That assumption was shattered from the main stage of the Munich Security Conference with nancy pelosi sconce pelosis comments. The European Commission clearly understands that five g not simply a better version of 4g. It is a difference in kind rather than a difference in degree. I think they bought into the idea that it is not just for an 5g,ave important to have but its important to have a secure 5g. The question is what that means. The real issue that a lot of europeans have is they have very important economic relationships up best by summed the defense mr. From australia, who says by far our largest trading relationship is with china. Securityur largest relationship is with the United States. I think they feel a bit caught in the middle. That is something they are wrestling with. The second piece of this is, what is your alternative . The americans are saying dont but we are not really at a place where we can offer a costeffective alternative. There was a lot of discussion on the margins in some of these side events, including one where the American Council on germany sponsored, about how we get from here to there, providing an alternative. David it sounds like the stakes could not have been higher. Your successor saying the president instructed him to say that if the europeans go with huawei, he will cut them off for intelligence sharing. That is pretty serious. We did not see that with the brits. They tried to have it both ways, saying they would not use huawei or anything sensitive or securityrelated, but will allow forei components to be used nonsecure activities, functions. We will see whether or not that works. I did speak to a couple of people from the Intelligence Community about that. Record thatf the basically that is probably a workable solution. Maybe that is why the administration, apart from the president s welder reported anger with boris johnson, frustrated phone call with him, that may be where they are coming from on that. You are right, the stakes have been raised. From what ive seen, folks in the Intelligence Community ive spoken with, i happen to believe this is a very serious issue. I find it stunning that the country that invented in effect social media, this whole new level of technology, that we are into, doesnt have the lead on this now. Of course, huawei stole a lot of the wonderful i. P. That American Companies created over the years to help jump this far. Because of the subsidization of the company, they can underprice Companies Like nokia, erickson, who are trying to do the same ring. That is something we need to address. I was encouraged by comments on our side that evidence, the National SecurityCouncil Expert on technology, robert blair, made about efforts being made to try to move us toward having a genuine alternative. David lets turn back to germany, the country that you are ambassador to. Angela merkel is having trouble in her leadership situation. How vulnerable is she . Some people are saying that we run on yourou to term as chancellor if you cannot form a coalition party. John she had troubles after the 2016 elections, and then some setbacks when she decided to step back as party chair a year ago. Now this situation where her chosen successor decided to step down as well. Ive been saying from the beginning, and i will continue to say, i believe Angela Merkel will serve out her full term. A couple of reasons for that. , she isne, dont forget about to assume the presidency of the European Council this summer. It is a sixmonth term but it is pretty consequential. A lot in the german political of that ande aware dont want to give up the opportunity that provides for germany. For one thing, they have scheduled germany hosting for the European Council, a summit with china in the fall of 2020. Certain way, they would like Angela Merkel with her knowledge and prestige to be chairing that. Of course, the question is, who succeeds her . Thatas already indicated she would not run again for chancellor. So who succeeds her in the Party Leadership . Presumably, that person will then be the partys chancellor candidate. There is a lot of conversation about that. My guess is, in the next couple will announcecdu a timetable for making the decision, probably will end up not with a normal Party Conference in december, maybe may or june. There will be an extraordinary Party Conference to choose that person. But i think everyone is cognizant of two things. Forer one, is important merkel to stay in her chancellorship through, at minimum, through being president of the European Council. I think there is a everybody i talk to, journalists, party leaders, political operatives are about as confused about who may win this contest, as democrats are about who may earn the right to challenge donald trump. One thing everyone knows for sure, the next German Government will have the greens in the coalition. The only question is whether top and have the chancellorship, or the Coalition Partner perhaps with the cdu. There is a lot of thinking about who would be the best top and he chancellorship, or the coalition candidate to make sure the cdu comes in first, or the cdu csu combination comes in first. I think we will know a lot more in may or june. Im confident that Angela Merkel will be in the chancellorship to the end of the year. If she is through the end of the year, it doesnt make sense to hold elections when they are set in january and be very for september. That is clearly her intention. David thank you so much for your time today, john emerson. This is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Im david westin. The u. S. Is sanctioning a unit of russias Largest Oil Producer , rosneft, over ties with venezuela. Here to explain what the sanctions are and how they may ourct the oil market is guest. Explain what this agency does. The sanctions announce the trading arm of rosneft, based in switzerland, and also targets the chairman of that unit. Already, there is a wide array of sanctions placed by the u. S. Government on venezuela and companies, preventing them from doing business with venezuela. Production, al shadow of its former self, the oil coming out of the country, going to places like china and india, is coming through rosneft to. This is another attempt to cut that off. David mike pompeo tweeted about this, saying that this is maduros name lifelines to avoid our sanctions. Is that correct . Overstatement. Venezuela is terribly dependent on any cash it can get its hands on. It will hurt them, for sure. The other question now is what will happen with other Companies Operating within venezuela. Chevron now has a waiver from the state department that is due to expire in april. A lot of speculation about whether it will be cont allowed to continue to operate. David another screw to tighten, perhaps. Thank you so much, simon casey. Coming up, balance of power continues on bloomberg radio. We will talk about a new plan that could help ease inequality in schools, at least in the state of maryland. This is balance of power on Bloomberg Television and radio. Omberg television and radio. [ fastpaced drumming ] [ fastpaced drumming ] lisa im lisa abramowicz. Welcome to bloomberg money undercover, a show that provides valuable insight into alternative investments. We take you inside while the world of private debt, equity, and real estate. Lets get to the burning issues in private markets. Saw thanks envisioned fun seeing losses with its earnings raising alarms about lofty valuations. Cash piling into rental homes with a big bet on the future of housing. And we look at the intersection of private equity and sports