Businessweeks editorinchief, joel weber. We begin with jay powell. Joel take something complicated and this still it down to its most simple form. Istill it down to its most simple form. The cover is an expression of that this week. Jay powell, fed chair, probably the most important person in the world of finance. He heads the Financial Institution that is probably the most important anywhere in the world and for a year now, hes been the target of trumps friend are ire, because trump wants lower rates, lower rates, and jay powell has basically been a stoic figure through all of that. Carol we believe this is an independent organization, and for the first time we are wondering is it going to remain independent . And can they continue to fend off the executive branchs desire for lower rates . Right . We will see what happens this next week with rate cuts. The market basically thinks there will be a rate cut. The bigger story is one we wanted to ask to dig into, which is for a year now we
The cover figure on this week. Fed chairman jay powell. Joel jay powell is probably the most important person in the world of finance. He has the Financial Institution that is probably the most important whenever institution anywhere in the world. For a year now, he has been the target of trumps twitter either. Trump just once lower rates, lower rates, lower rates. Wants lower rates, lower rates, lower rates. Carol they have been an agency for so long. We are wondering if they will remain that way. The market thinks they will be a rate cut. The bigger story is one that we wanted to ask chris to dig into. For a year now, we have been living through this tension between trump and how. More trump than powell. It is onesided. Chris got to is that there is not much of an effect on policy standpoint for the fed. This will take a few months to evolve. This could be radical. Shelton is nominated for the fed. We dont know how that will go nor what you might do if she gets into that seat. A good
Surveillance. Goodning orbit more afternoon or good morning. We saw a bit of a lift in asian stocks. Now, the stocks europe 600 down. 27 . It always honest President Trump and xi jinping can find a solution. They will sit down and we will see if we have something at the g20. The u. S. 10 year yield, the story of the day, actually, the year. The nymex at 54. 12. We understand opec may have found a date with a could meet, the first of july. Coming up, we have an allstar guest lineup. At 930, we have an excuse of interview exclusive talking luxury and the chinese of watching. At 11 30, we are joined by blackstones chief executive Steve Schwarzman. And later on, we speak to the facebook coo sheryl sandberg. But first, lets get straight to bloomberg first word news. A bloomberg scoop. President donald trump asked white house lawyers to explore his options for removing Federal Reserve chairman Jerome Powell. Happened earlier in the year, less than two months after trump discussed firing him.
On the time, stay up to date with events, and now a new series is on air on channel one film bison, the case of a fashion model, the denouement is getting closer. In accordance with the protocol, exhibitions will be organized in portugal dedicated to the achievements of the ussr in various areas of public life, success in development, youth , we drove 22 km, this is according to the speedometer, then we turned along gorkovka, it turns out 22 km, so in place there is some kind of. Then an old church, in the background there is some kind of tower, with some kind of red beacon, what could it be . The antenna of the komentern radio station, the most powerful in the world, by the way, yeah, half a megawatt, im in the house peony, to hell with the commentary, how many meters is she . 200 m, it can be seen from everywhere, and the moon, what did you have under your plans, but i also need to ask people who know, find me. Quickly the phone number of the planetarium, yeah, now its 153, then 06 1
Time for a look at the Business News now with tadhg enright. Luxmy gopal, thank you very much. We are going to talk about tax. A new report, funded by the european union, has found that the worlds super rich are still able to pay low rates of tax, despite decades of efforts to reduce evasion. The study says there are still too many loopholes and billionaires are able to pay less than 0. 5 of their wealth. The eu tax observatory, which is behind the report, is calling for a new global minimum tax on billionaires saying that if the richest 3,000 people in the world paid 2 , then it would raise 250 billion a year. Earlier, i spoke to Richard Murphy a Tax Reform Campaigner and professor of accounting practice, Sheffield University Management School and asked how feasible that would be. The good news in this report today is that a lot of measures that are being put in place which i campaigned for over the last 15 years are working. For example, tax havens are now causing one third of the ha