This is 3. 5 hours. The committee will come to order. Welcome to the ways and Means Committee hearing on increasing u. S. Competitiveness and preventing american jobs from moving overseas. Before we get started, i want to take a moment to speak about the evil terror attack that occurred last night in the united kingdom. Our deepest condolences go out to the victims, to their families and their loved ones. Please know that you are in our prayers. Today, were continuing our work on pro growth tax row form that will improve lives all americans. This mornings hearing is strengthening americans pro competitiveness and preventing jobs from moving overseas. For years americans have watched as our manufacturing plants, middle class jobs and longstanding u. S. Companies have moved overseas devastating communities and the families that depend upon them. Hundreds of thousands of goodpaying american jobs have left and continued to leave to china, mexico, ireland, and other foreign countries. Some
Before we get started i want to take a moment to speak about the evil terror attack that occurred last night in the united kingdom, our deepest condolences go out to the victims, families and their loved ones. Know youre in our prayers. Today, were continuing our work on pro growth tax reform that will improve the lives of all americans. This mornings hearing is focused on strengthen americas competitiveness and preventing jobs from moving overseas. For years americans watched our our manufacturing plants, and longstanding u. S. Companies have moved overseas, devastating communities and the families that depend upon them. Hundreds of thousands of good paying american jobs have left, and continued to leave to china, mexico, ireland, and other foreign countries. Some of our communities have never recovered. Because when these plants and Companies Move overseas, local businesses housing value and local tax revenue disappear with them. Ive watched as 17 key Texas Companies have relocated t
A soft brexit. We will speak to kenny jacobs from ryanair. And a more sustainable path that there is an urgency to accelerate reforms grade will be joined by david litan joining us live from beijing. Less than half an hour away from the european open. Take a look at how the Index Futures are trading. We have gains on the continent, not in london but Little Movement therefore ftse futures. You can take a look at bunds. Investors are buying bunds, pushing the yield down. Bund yields remain incredibly low. The imf to bring you headlines. You can see them rolling across the bottom of your screen. The imf is raising its outlook forecasts gdp growth to 6. 7 from 6. 6 . David lipton who will be with us live says that china reforms in progress need to accelerate but so far, it looks like it is enough to lifts the imf growth 6. 7 , then china to second increase the imf has put out for its china forecast this year. Very interesting stuff on the china front. You will get that live at 8 30 a. M. L
Having his ratings cut. A source saying a debt equity swap may be on the cards if the charges surpassed ¥400 billion. Backhilippines pushing after yesterdays rally, the shanghai composite down. 2 . Given currency markets the weaker fixing from the pboc, a softer currency today, the yuan there. A stronger day for the yen against the dollar. Thats dollaryen up since november. Trading below 117 as the greenback fell against most major currencies. In the oil space, continued weakness there, oil retreating from an 18 month high after Industry Data showed u. S. Stockpiles in the u. S. Rose last to of forecast showing inventories fell. We are close to what we are expecting from opec and other Major Oil Producers next month when it comes to those promised output cuts. Rishaad thank you very much indeed for that. News,get to first word shery ahn. The bank of japan has released comments and opinions from its policy meeting that relate to the discussion before when one unidentified member admitt
Business risk warning today as it reports a charge that could top 6 billion. Were getting set for the openings. We go to hong kong and the rest of china coming on stream in just a little under a half hour from now. Lets get a flavor of what is going on. It seems like one way traffic, david. David were seeing some markets under pressure right now, rish. I think the last 30 minutes or so has maybe changed the conversation a little bit as you can see behind me. The kospi has been down pretty much since it opened. It hasnt been very down. I think if i want to take a phrase from a very simplistic way of explaining the markets. Most stocks down. Japan made it down to the yen, when dollar yen started to fall is when the benchmark basically erased its gains and where we are at the moment. We are still seeing decent gains so the overall tide is up. Australia up for a sixth straight day. I think that would be the longest streak of gains there. In sydney, going back to august of last year, ocbc j