To get toay, a lot this week. Trying to understand the impact of the gradual reopening of the economy. What kind of impact it could have on jobs and productivity. We way that with the story on oil, one of the biggest of the last 10 days. Saudi arabia started doing this production cuts a bit sooner than expected. This is what im looking at overall. A lot of earnings coming through though be the big story of the week. You, have a data check for seeing the stocks in europe, the pound orally sterling up and then i quite look quite like looking at what we can expect. Is due to to speak shortly from downing street, we are live with what the Prime Minister has to say. He is back at work with the uks to tackle the coronavirus and ease the lockdown that has brought the economy to a standstill. As soon as he does it come we will bring you every headline on that. We begin this busy news monday morning here in new york state, yesterday the state coronavirus deaths dropping to the lowest of the most in months. Avernor cuomo setting out phased reopening the will begin with construction and manufacturing. It could start as soon as may 15. Probably upstate new york before moving to new york city. Governor cuomo says as long as we act prudently, the worst should be over. Plan tting a place in a plan to start easing lockdown measures on may 4. Many are set to start next week but the Prime Minister warning a second wave of infections would cause a resurgence causing irreversible damage to the economy. Todayjohnson back at work two weeks after recovering at his official Country House with talks of easing lockdowns in other nations, he is under pressure to explain the next step for britain. Report thatinancial the coronavirus death toll may bmo 60 higher than initial tallies. Mortalities in Different Countries show more deaths than usual. It if that same level of underreporting is true, the global death toll could be as high as 318,000. Officially insert currently sits at 200,000. The bank of japan vowing to buy as many government as many bonds as needed. Are talking on the measure, the bank hasnt bought at that level in recent years. More than doubling the amount. Global news 24 hours a day on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. How im read viviana, this is bloomberg. Francine thank you so much. Conversationf this about the Asset Management industry. What it means and how they continue communicating. Difficult, soe how are the biggest Asset Managers coping and what will change. By delighted to be joined the ceo of aberdeen. Thank you so much for joining us. Difficult for your business and how this changes it . I think we face the same challenge everybody else does whether they are an individual business, the interest the uncertainty with what happens next and what the next steps are. In terms of her own business, its an incredible achievement to move from crisis planning and theory to crisis planning in actuality and weaving able to get over a very short number of of our people working from home. To discuss the trends in the marketplace there important to those making those allocations. The biggest uncertainty at the moment is what happens next and i dont think theres anybody in the world who knows what that will be. Francine that would be a fair statement. What happens to markets . Will it get worse before it gets better . We are not in a fullblown crisis. I think the markets got a bit ahead of themselves with the extraordinary fiscal and monetary easing measures that banks did will be enough to get us through this. Impactsin terms of the on the economy, the reduction in gdp the come through in the second and third quarters is likely to have a more significant hit to markets once that has been fully taken into account. That depends on whether the effective inn are calming the markets perception as to what happens next. The real risk is when we see the economic damage has been and how quickly the economies can come out of that. We are assuming things pick up in the second half, but the timing of that within the second half is anybodys guess at this point in time. Do you worry this becoming a financial crisis. Could there be another liquidity problem . I think the Central Banks have done a fantastic job in terms of making liquidity available which is meant the markets that functioned. In longer the crisis goes on terms of Economic Activity being severely constrained and people being unable to go about their business in the normal way, the not liquidity crisis soon becomes a solvency crisis for businesses that are unable to restart and for individuals. Its a timing thing. If we build to whatever the new normal will be relatively steadily for the next couple of quarters, then we should be able to avoid an economic crisis. But its dependent on whether the steps that have been taken for liquidity in the market and the steps governments are taking to ease lockdown over time are progressively successful. The worst thing that could happen would be a period of easing of restrictions and then lockdowns being taken again. I think that would have a significant effect on confidence. At the moment would you be in favor of continuing the lockdown or very gradually and slowly reopening the economy . I think like our own businesses, its the most impossible decision or policy makers a politician. Circumstance is no or society wants to see an unmitigated return to work where Peoples Health is at risk. Our loved ones, our parents, our children, ourselves. We certainly dont want that to happen, but the challenge is at what point do you have enough data and testing in tracing and tracking capabilities to say we andmanage the impact bringing people back progressively to work in different businesses with different lifestyle so that we can be confident that so far as we are able to we can give people comfort but we can manage the situation. That has to be driven by the data and thats were many countries in the moment are in the process of completing their gathering of daily data. Where do you see Investment Opportunities . Is it bisectors . I think there will be opportunities coming out of this. At the moment we are seeing it flow into liquidity. In terms of more longterm decisions. On the other hand, asia is coming out of the crisis ahead of the rest of the world because it went into the crisis earlier and some of the countries in asia have been extra narrow successful at mitigating the human cost of the virus. Asia looks as if its an investment flow opportunity ahead of many parts of the world and clearly there are going to be companies and sectors that will benefit from the flow, health care, i still think therell be a huge amount of investment with the Climate Change agenda. Infrastructure in the activities thend that will benefit need to get the economies going again and people back to work. Let me just jump in here. We are going to downing street. Here is the Prime Minister. But once again i want to thank you, the people of this country for the sheer grit and guts you have shown and are , itinuing to show every day know that this virus brings new toness and mourning households. It is true is the single biggest challenge this country has faced since the war. I in no way minimize the continuing problems we face. And yet it is also true that we are making progress. Icur Covid Patients in the and real signs now that we are passing through the peak. And thanks your forbearance and good sense, your altruism, your torit of community, thanks your collective national resolve come we are on the brink of achieving that first clear prevent our National Health service from being overwhelmed in a way that tragically we have seen elsewhere. That is how and why we are now beginning to turn the tide. If this virus or a physical assailant, and unexpected and , which i can tell you it is. Begun together to wrestle it to the floor. And so it follows that this is the moment of opportunity, this is the moment we can press home our advantage. Its also the moment of maximum risk because i know there will be many people looking now at our apparent success and beginning to wonder whether now is the time to go easy on those social distancing measures and i know how hard and how stressful it has been to give up even temporarily those ancient and basic freedoms of not seeing friends, not seeing loved ones, working from home, managing the kids, worrying about your job and your firm. Let me say directly also to british business. To the shopkeepers and onrepreneurs, to everyone whom our economy depends. Impatience, iour share your anxiety. Our drivet without and commitment of the Wealth Creators of this country, there would be no economy to speak of. There would be no cash to pay for public services, no way of i cang our nhs, and yes see the longterm consequences of lockdown as clearly as anyone. Urgency,y share your and yet we must also recognize the risk of a second spike. The risk of losing control of that virus and letting the reproduction rate go back over one because that would not only of death and disease, but also an economic disaster. And we would be forced once again to slam on the brakes across the whole country and the whole economy. Restrictions in such a way as to do more and lasting damage. I know it is tough and i want to get this economy moving as fast as i can, but i refuse to throw away all the effort and the sacrifice of the british people into risk a second major outbreak in huge lossoflife and overwhelming of the nhs. I ask you to contain your impatience because i believe we are coming down to the end of the first phase of this conflict and in spite of all the suffering we have so nearly fixated. We defied so many predictions. Our nhs toallow collapse. Have sohe contrary we far collectively shielded our nhs so that our incredible doctors and nurses and Health Care Staff have been able to shield all of us from an outbreak that would have been far worse. And we collectively flattened the peak. When we are sure that this first phase is over and we are meeting our findings. Rate of infection down, shorting sorting out the challenges of the testing and ppe. Time tohat will be the move on to the second phase in which we continue to suppress the disease and keep the reproduction rate down and begin gradually refined economic and social restrictions and one by one, to fire up the engines of this vast u. K. Economy. Process, these judgments will be made. We simply cannot spell out now how fast or slow or even when those changes will be made though clearly the government will be saying much more about this in the coming days. Thatt to serve notice these decisions will be taken with the maximum possible transparency and i want to share all of our working and thinking, my thinking with you, the british people. Of course we will be relying as on the signs to inform us. Well also be reaching out to fill the possible consensus across industry, across all parts throughout the United Kingdom, across party lines, bringing in opposition parties as far as we possibly can. The preparations are underway and have been for weeks to allow us to win phase two of this fight as i believe we are now on track to prevail in phase one. So i say to you finally, if you can keep going in the way that you have kept going so far, if you can help protect our nhs to save lives, and if we as a country can share the same spirit of optimism and energy whon by captain tom moore, turns 100 this week, if we can share the same sort of unity and determination as weve all shown in the past six weeks, than i have absolutely no doubt that we will beat it. Together we will come through this all the faster in the United Kingdom will emerge stronger than ever before. Thank you all very much. Francine that was the Prime Minister, Boris Johnson speaking at downing street saying he is no doubt the u. K. Will come back thatger and also implied locked in will be incremented. He says he understands the impact but wants to avoid a second round of infections. He also wants to get the economy moving as fast as possible. Lets go back to douglas flint. Difficult balancing act. Job . They done a good yes i think they have. One of the disappointments for me is its very easy to look at individual aspects and say could you have done more or less or could you have done it better. There is time for reflection on all these things once the dust has settled and we are well over the crisis, but i think the challenges that it had to be addressed by government in a who short space of time, would want to be in that position. While yes of course there are things they could have done better, i think theres been an extraordinary effort to have got to the stage and weve got to, not only done well but in many cases magnificently. The front line have been extraordinary and we owe them gratitude. We should be looking at the positives rather than trying to nitpick the things that maybe didnt go as well as they could have. These rich ordinary times. Funds facing an extreme uphill battle. Investors you say to who rely on that income . Its clearly very difficult. Includeffering most those who are retired with no ability to add to their pool of , much less than it used when when virtually Interest Rates are virtually nothing. Theyve been significant the curtailed in the crisis. Areng said that, businesses having difficulty in terms of the cash flow and funding have no choice but to cut dividends. , ipanies are seeking support think for those companies that can pay out a dividend and we are very fortunate and pleased and says something of our resilience. We are pleased we were able to recommend to shareholders that we do pay our final dividend. I think companies that have the sense to do so should in those that put their Business Model and the jobs of their colleagues at risk should not pay dividends , they should make their Balance Sheet more resilient and they should prepare to resume dividends once they have gotten the Business Model in the new world post covid. There is going to be a new way of operating for virtually all businesses after this. Im afraid part of the consequence of this crisis that those who have relied upon their capital performing in the way it expected they expected will be disappointed it will be less then what they hope for the shortterm. Hopefully the measures taken by the government and Central Banks and the companies themselves means in the long term it will be a better position. What does it mean for consolidation in the Asset Management industry this year . Is it on hold or does it accelerate movement . I think things will be on hold until there is a greater clarity in what is going to happen after covid is dealt with in terms of moving to the next stage. It wouldnt be possible at this stage to do due diligence. Sure that when this is over across all businesses but certainly in our sector, people will look at the benefits of diversification having a Broad Product range, a greater distribution, having greater modelin a lower revenue if markets stay at levels lower than where they were before we went into this, then yes im sure there will be some consolidation that takes place to adjust Business Models but i think we are well ahead of that being possible to do or become contemplated. Our responsibility is to make sure our workforce are well looked after and that we are agile and the way we deal with them and also respecting the fact many peoples family circumstances will be very different and whether theyve got children at home or parents they have to look after. We have to be very thoughtful about our colleagues at the moment as opposed to looking for opportunities that would add a greater strain. Francine douglas flint, thank you so much for joining us. Chairman of Standard Life aberdeen. We will have more throughout the program. Heard from the u. K. Prime minister, back at work. Coming up we speak to miles , chief executive of ds smith. Greatbout packaging, a look at what consumers are doing. In the meantime, this is what your markets are doing. This is bloomberg. W . W . Uhiono francine well, good morning, good afternoon, good evening. Happy monday. Another week, and a lot of people working from home, the Prime Minister of the u. K. Stay saying we are still staying in lockdown. Coronavirus the debts are dropping to the lows in almost a month in new york state, Governor Cuomo setting out a phased reopening to begin with construction and manufacturing. It could start as soon as may 15. Probably upstate new york, before moving to new york city. Governor cuomo saying, as long as we act prudently, the worst should be over there, now to the e. U. The Recovery Fund should be worth 5 trillion euros. Midperimeter says by september, the funds need to be available. E. U. Leaders have not resolved. If its Member States will be given grants or loans. Balance acult to market with output cuts. The massive glut is taking tanks to capacity around the world, despite saudi arabia beginning to curb output ahead of the start date for opecplus reductions. It is starting to cut from about 12 Million Barrels a day to the 8. 5 million of barrels. We end with speculation about north Korean Leader kim jonguns health intensifying this week and after unverified reports about a visit by a Chinese Medical Team and the movements of the leaders armored train. Fuelingweek absence is speculations, but south korean officials reject the idea that kim is either dead or dying. Global news 24 hours a day, on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in im than 120 countries, viviana hurtado. This is bloomberg. Francine . Francine thank you so much, viviana. The pand