Into place. What about the december 15 ones . Our colleagues have reported that is a Sticking Point for china. They have had a stay of execution on october, but they want the december tariffs on the remaining 150 billion worth of chinese goods moved. So far that has not happened. When we headed to the summit in chile, that will be a part of the problem. David President Trump said he wanted to sign something with president xi by that point. Do we know who is doing the talking . The vice premier is involved in the talk. That sounds like more than drafting. We have had that report out of beijing with a high level of involvement. I guess it will be all of the above. Clearly we need more detail. The clock is ticking ahead of the summit. Theres a lot riding on whether they can agree on a truce. Guy a rare treat, hear from conch on. Treat asian economics correspondent. Now we go to emma chandra in london. We thought they were in the final stages of a deal on brexit, now we heard from Michel Barnier it does not sound like that. Emma the more upbeat mood we heard at the end of last week dissipating into monday. No more better evidence than by the performance of the pound. After hitting a three month high and putting in the best two days in more than a decade at the end of last week, we are seeing the pound fall against the dollar today, down 1. 2 at the lows of the session. The reason for this is the eu is saying those talks over a deal, those talks we heard on friday the negotiators were entering into, still a long way from some kind of resolution. We are hearing theres a proposal put forth by boris detail. Lacking the next 48 hours is crucial for eu negotiators and eu leaders. They want to know how they will proceed when we get to the eu leader summit on thursday and friday. David what is the queen think about it . Didnt the queen give her speech in parliament . Emma the queen did give her speech, reopening parliament. We should remember the queen does not write the speech. It is written for her by her government, still headed up by Boris Johnson. In that speech, it was reiterated by the government for the queen they plan to leave the European Union by the deadline of october 31. We are still a long way from that. If we do not have some sort of deal agreed at the eu leader summit, it makes it very difficult to put anything in front of parliament. Even getting a deal in principle with the eu would still need to be approved by parliament. We could be looking at next week getting back into that discussion of whether we are crashing out with a note deal or if the Prime Minister can be forced into an extension. Last month members of parliament voted to force him into requesting an extension. The Prime Minister has been looking like he will try to fudge that. We could see action going back to the courts. David a couple of exciting weeks ahead of us. Now we go to bill in washington. There were real developments over the weekend. Not only the turkish troops into northeastern syria, but now syrian troops getting into the mix . Bill it has been a tumultuous past 72 hours. On friday we were talking about the withdrawal of 50 to 100 american forces. Now we are talking about the withdrawal of 1000 u. S. Forces. Into that vacuum are rushing turkish back forces as well as the syrian president s troops. They are both rushing to fill that border area that the u. S. Previously occupied with some of its special operations troops and allied kurdish militias. There is still a lot of confusion about this policy and what u. S. Policy is in Northern Syria at this point, what kind of redlines, if any, president has drawn for turkey. Quite a bit of tweeting by the president himself there could be additional sanctions of some sort placed on turkey if it crosses those redlines, which have never been described publicly. David secretary mnuchin keeps talking about the sanctions, saying the president has authorized them. Where is russia in all of this . If russia is supporting it syrian allies, we have a bigger problem. Bill russia is in a very interesting position because they have backed assad throughout the war and are helping his forces rush north. At the same time, Vladimir Putin has made a lot of outreach to the president of turkey and even sold him a Missile Defense system. Russia has close ties with both sides in this fight. That means it would be expected to be some sort of negotiator between the Turkish Forces on the one hand and president assads forces on the other. David thank you so much. Now we want to find out what is happening in the markets. Lets turn to abigail doolittle. Geopolitically, a lot of uncertainty. Where are the markets . Abigial youre are right about the uncertainty. Investors looking past it. Bond markets closed for columbus day. A quiet day. Right now you can see the major averages trading right around flat. Apple putting in alltime highs. Optimism despite all this uncertainty. Trade is the dominant topic. It is what could affect the u. S. Corporate profit outlook. That is what investors and traders will be looking at. Last week you had President Trump counting the phase one deal. Today of you are today you were just discussing china. Not as positive. The devil is in the details. Investors feel tired. David you mentioned apple, which is on a tear. Does that spill the tech more broadly, or is it apple specific . Abigial right now it seems apple specific. Apple is being loved were not loved by investors. Right now is feeling the love. We do have Western Digital upgrading at a shop, that is a flash memory company. Overall, tech is quiet. If we do get a positive trait line on the trade topic, you can see the tech sector surge. Close ties to china in terms of supply chains and revenues, and we are going into the holiday season. If there is thought of any hope december tariffs will not happen, that cannot help out. David that is a big one, christmas shopping. Hits close to home. Many thanks to abigail doolittle. Now we turn to Mark Crumpton. Mark a former Top National Security correspondent on russia is testifying to congress behind closed doors. Fiona hill is the latest former Trump Administration official to be subpoenaed as part of the house impeachment inquiry into the president. Hill resign from the White House Security council over the summer. Her appearance comes despite a white house valve to halt any and all cooperation with what it terms the illegitimate impeachment probe. The u. S. Says there is still time to slap meaningful sanctions on turkey over its military actions in syria, following up on a story from just moments ago, speaking to reporters outside the white house, Steven Mnuchin responded to lawmaker criticism that the United States response to turkeys offensive has been too weak. Secretary mnuchin also said china trade talks are progressing. The current plan is therell be deputy level calls this week and principal level calls next week with ambassador lighthizer and myself and the vice premier. If we need to have more in person meetings to get this done, we will do that. Mark bloomberg has learned china wants to hold more talks this month to hammer out the details of a phase one trade deal reached with the u. S. Before chinese president xi jinping agrees to sign it. Afghanistans president ial Election Results should be announced later this month. Elections in in september despite taliban threats and violence. By polling was marred widespread misconduct and accusations of fraud. The world loses about 400 billion worth of food before it even gets delivered to stores. The u. N. Says about 14 of all food produced is lost annually. Asia, anderica, europe accounting for the biggest loss. More than 820 Million People are estimated to go hungry each day. Global news 24 hours a day, on air and tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. I am Mark Crumpton. This is bloomberg. David . David coming up, friday we were told the u. S. And china had come to terms on the first part of the trade deal. Now it is not so clear. We will talk with veteran trade negotiator rufus yerxa of the National Foreign trade council. That is next. Power onalance of Bloomberg Television and radio. David there are seven chapters, what we said in the original agreement. In this case, intellectual property rights, agriculture, which is structural. Currency. We broke the Services Chapter into two parts. One will be financial services, and purchases. Chapters. 54 of the that is the president says we will move to phase two. David that was secretary treasury mnuchin speaking today about how he sees progress made in u. S. China trade talks. We welcome rufus yerxa, president of the National Foreign trade council. He has served of the Deputy Director general of the World Trade Organization at the Deputy Director of the u. S. Office of trade representative. According to secretary mnuchin, we are halfway there. Is he right . Rufus good afternoon. Good to be here. Business is skeptical of whether or not this deal has been finalized. We will wait and see what happens. The chinese are saying they have to come back and finalize things. Onn if they get this deal this First Tranche of agreements, it is not clear it goes far. It seems to be commitments to make agricultural purchases. The president announced three or four times in the past the chinese have already agreed to that. It does not seem to have any fundamental changes in Structural Reforms in china. The tariffs the president has already put on the chinese are not coming off. The best we are going to get out of this deal is a delay in any further tariff increases, and some kind of commitments on agricultural purchases. Frankly, i doubt those purchases even get us back to where agriculture was before the trade war began, when we had 24 billion in exports. The question will be how long does it take to get back to that level . There was some stuff apparently agreed to, not quite clear. A lot of things in phase two. Lets go to the question of the december 15 tariffs. They agreed to postpone october 15. How could they have come to an agreement without agreeing what they will do about december 15 . Rufus that is one of the things very unclear in the announcement and the chinese are saying little about that. So far, all ambassador lighthizer has said is that is not decided yet. I have to assume we still have the risk of this escalating further. There seems to be something of a truce right now, but no real fundamental breakthrough. The problem for the president is he is still between a rock and a hard place with the chinese. He is not getting the kinds of in statel reforms owned enterprises and ip and Investment Policies that he wanted when this negotiation began. He still has not removed the tariffs. If he increases the tariffs, it is bad news for the markets, bad news for farmers, bad news for business. If he signs a deal which does not get these basic changes, people will say his strategy was not successful. David as we try to piece together what happened last week and how far it went, does it inform us the level at which the discussions will go forward on phase one. You have done these deals. You have been a trade negotiator. President trump said it is a drafting issue. The vice premier himself may be involved. That does not sound like a drafting problem. Rufus i think they had drafts earlier in the goat in the negotiations but it is not clear whether there is a meeting of the minds on what is in the initial drafts and whether each side has moved away from those positions that seem to be close to resolution last spring. Things have unraveled quite a bit since then. I know the administration is putting a good spin on this. They are saying we have lots and lots of things virtually agreed. Deal, thate a final will all have to be speculation. Business is not taking any of it for granted. David we are talking with rufus yerxa, president of the National Foreign trade council. There is a deadline with apec meetings in latin america in november. Does that put some pressure on both sides to get a deal or not, to sign something . President trump said president xi would be signing something. Rufus i know he said that. He has been less clear on the chinese side. A lot would depend if they can reach a meeting of the minds on some elements of these texts and whether there is something for them to sign. They can always sign a memorandum of understanding or a joint statement without it being reduced to a formal trade deal. There is always the possibility they will get enough of an agreement to sign some texts. The November Apec meeting is not a formal deadline. It is just a milestone because that is the next time the leaders will be in the same place. If trump thinks it is to his political advantage to get something signed, i am sure he will try to do that. The chinese seem to be stringing this along pretty well and not convinced that there is a deal to be done. There is a lot of work left to get them to that point. David we tend to focus on the u. S. China trade deal. It makes sense. We also have issues with europe and deadlines there. Where is United States with respect to european imports and potential tariffs . Rufus this is worrying because you have the boeing airbus fight where we just want judgment in the wto. One of the few wto decisions the president seems to like. Imposeves authority to retaliatory tariffs on the europeans because of airbus subsidies. Still meantime, he is threatening to impose tariffs on automobiles under section 232 of the National Security law, and there is a november deadline on what he does with that recommendation. Escalate thees not with other countries beyond where they already are with steel and aluminum. If he moves on these auto tariffs, that will be bad news. The boeing, airbus fight, i think the question is will asides try to negotiate some settlement or some solution. There is more pressure on both sides to do that. David we will pick up on boeing in just a few moments. Many thanks to rufus yerxa coming us from washington. Still ahead, big changes at boeing as the board separates the roles of chairman and ceo. The ceo squarely in the crosshairs for fixing the problem of the 737 max. On is balance of power Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. I am david westin. Is stillg 737 max grounded with no end in sight. This has led the board to take ceo Dennis Muilenburgs title. Here with us is Brooke Sutherland, who has followed the story since the beginning. Brooke i am surprised it took them this long to come to the decision. The max has been grounded for seven months and theres not a clear timeframe for how it will get back in the sky. Boeing has said they expect a Fourth Quarter return, but european regulators have said we more we need more clarity on this fix of the software system. They have said it does not go far enough to fix all the problems. The longer it drags on, the more questions you have about Dennis Muilenburg credibility and whether he did everything he was supposed to be in terms of giving airlines information they needed. This an engineering problem or a Communications Problem with regulators and with airlines . Brooke the initial issue with the max is the design issue. You need to figure that out through engineering changes. It becomes a much bigger deal when you have two plane crashes and 346 people dead. That does become a pr issue. Managing that relationship with regulators, also the public perception. It is not about getting regulators approval, it is how do you get passengers comfortable with flying that plane. I do not know if boeing is prepared to do with that. They are not a consumer company, that has not been their area of expertise. David does the street think they have the capacity to fix it . Brooke i think they do and wall street does as well. That is why youve seen the stock hold up. Today there in a duopoly with airbus. Where else will you get your planes . Theres not a lot of competition. David which has kept them going, which may keep them from making the changes they need to make. Many thanks to Brooke Sutherland with bloomberg opinion. We will turn to stock of the hour. Johnson johnson is lower as litigation concerns loom ahead of the companys thirdquarter results. Kailey leinz is here to tell us about johnson johnson. Kailey all of the headline numbers before the bell. The real focus will be on the companys commentary around lawsuits. Last week two wins in terms of the baby powder product, but was also hit by an 8 billion fine in regard to antipsychotic drugs. Those were three cases and what art 100,000 damage claims for a toiety of drugs from opioids other issues. Analysts estimate the cost will be around 20 billion. Only 20,000 cases, but they estimate the cost could be 5 billion when you consider all of the global payouts they have. David that is what grabbed my attention from the bloomberg story. Johnson johnson faces more damage claims. Do they know how big the problem is . Kailey frequently the company cannot say we know how much liability we are seeing. Already they have paid out nearly 3 billion in settlements, that is just in the past year. They have many more to, over 100,000. Analysts say when you look at the stock, some of that risk may have already been priced in. One analyst says theyre pricing in a 50 billion where the consensus is around this will cost 20 billion. For this company, unlike some of the others, they have stable longterm Free Cash Flow. Their Free Cash Flow in the last 12 months is more than 18 billion. That makes the 3 billion in settlement payouts seem like not a lot. It will not do in the company but it is not some thing you want to see. David they do have a market cap of 345 billion, so it is a big company. Many thanks to kailey leinz for her report on johnson johnson. Coming up, it is u. S. And china trade. A lot of issues facing washington. We will talk with someone whose job it is to follow all of those developments, Evercore Isis head of policy research. This is bloomberg. This is balance of power on Bloomberg Television. Im david westin. We come in with a red headline crossing bloomberg right now. The United States poised to impose sanctions on turkey as early as monday. On friday, secretary mnuchin said the president had authorized sanctions when appropriate but would not commit to when it would be appropriate. The report not as they may impose sanctions as early as monday on turkey. For bloomberg first word news, we go to Mark Crumpton. Russian president Vladimir Putin is in saudi arabia meeting with the saudi king and crown prince as he tries to cement moscows ties across the middle east. It is his first visit to the kingdom since 2007. The two nations are likely to discuss ongoing tensions gripping the middle east, including saudi arabias standoff with iran, and turkeys military campaign in syria. This is balance of power on Bloomberg Television. Im david westin. Problems for Boris Johnson and his brexit proposal. The European Union warns talks are a long way from a breakthrough. E. U. Says the u. K. Proposal for breaking the deadlock over the irish border does not have enough details. Queen elizabeth opened the new session of parliament. My governments priority has always been to secure the United Kingdom pasta party from the European Union on the 31st of october. My government intends to work toward a new partnership with the European Union based on free trade and friendly cooperation. Negotiators are trying to come in with an agreement that e. U. Leaders can endorse at their summit thursday. Haitis embattled president is facing a fifth week of protests. Roadblocks went up after opposition leaders said they would not back down from their call for the president to resign. After tens of, thousands march to the capital in a peaceful protest. Anger has been growing over corruption, inflation, and scarcity of basic goods, including fuel. The death toll in the most powerful typhoon to hit japan in decades is up to 43. More than 110,000 military and civilian personnel are engaged in rescue and cleanup operations. Vy rain led to mining and flooding and mudslides across japan. Global news 24 hours a day, onair, and tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. David the list of Public Policy issues is large and growing in washington, run u. S. China trade to the usmca ratification, to funding the government, to impeachment investigations. Sarah bianchi is at evercore to the usmca ratification, to isiing the government,. She has her hands full right now. Welcome, good to have you with us. Lets start with u. S. China trade talks. We thought we had a deal, now not so sure. What do you say . Sarah there are still a lot of questions to be answered. Even if there is complete agreement, which is not totally clear on the china side that there is, it is still a modest deal. Really boils down to agriculture purchases for some modest lifting of the october 15 tariff increases, and vague language on the other things. Think ceos and markets should not feel too much comfort. I think the other thing that people need to watch here is that, by and large, after these arrangements, democrats have given the president a fair amount of leeway on his negotiations with china. With a democratic president ial debate coming up, there will be a lot of questions about the substance of this deal. David as you summarize, the phase one teams to be modest, agricultural purchases, transparency on fx. Evena lot of things in phase two that seem to be more challenging. If the president could get a deal, cookie implement that without congressional support, would he have congressional support . There are a lot of things the president can do without congressional approval. Ontainly, a lot of leeway delaying or eliminating the december tariffs. He has a fair amount of jurisdiction or on what he can do around huawei on delaying or eliminating the , ip. Ber tariffs if there are Things Congress are too concerned about, particularly with huawei, they can step in. The challenge is, people are starting to ask, when are these substantive proposals coming . Has it all been worth it . ,that is what he will year for the democrats particularly as 2020 heats up, he will be under more pressure. David we are talking with Sarah Bianchi of evercore isi. U. S. D it was not just the china trade, we have funding the government, usmca. To what extent can congress continue on the impeachment inquiry and handle these other things at the same time . Sarah it is challenging, as you listed that way, it sounds like a heavy to do list. Hello c and the House Democrats are under a lot of pressure to show they can do both, because the republicans are going to be questioning whether this is all about really getting the 2016 elections and cannot make progress for the country. Speaker pelosi is sensitive to the criticism and actually she will be quite aggressive when week aboutturns this moving forward, particularly on usmca but also on the budget. Speaker pelosi need that for her own caucus, for some of the first year people who said that they would go to washington and get something done . Sarah she absolutely needs that. Usmca is the best opportunity pelosi has. Drugsis prescription legislation that she is pushing as well, but i thought gets through the senate is very much in doubt given the opposition from mcconnell and others. I believe usmca is her best opportunity. She has the votes. As you mentioned, she has a caucus who wants to push it through. Analysts have suggested the markets are being affected by policy uncertainty coming out of washington, we have brexit as well. We are going into an election year. Might that give us some cause for some confidence, that things may quiet down . The president will not be elected if he has a lot of turmoil around the world. Sarah 100 . Last weekat you saw with china. Despite his posture early in the week, being very tough on china, you saw him bring in leaders and settle this town. That is what we think we will ,ee with this december tariff usmca. It is his best opportunity to settle down this economy, eliminate some of the uncertainty. The challenge is he may get drawn into some of, usmca. It is his best opportunity to settle down this economy, these skirmishes, if he sees democrats saying he is not tough enough on china in the debate. He may feel compelled to respond. There is still quite some volatility to go but we believe overall his approach will be to try to settle things down. David President Trump inserted himself into a different kind of skirmish, on the border of turkey and syria. From getting a lot of heat the republicans, particularly in the senate on the hill. Is that limited to the issue of turkey and foreign relations, or could that spill over to other issues on the health . Are waiting to see how republicans respond when they come back in town this week. They have been at home, hiding. Congress has been adjourned. You are starting to see some of them saying not only on syria as you mentioned, but other things, around hunter biden, whether it was appropriate to raise that with the chinese. There is a lot to see about some of how republicans will respond to this. I think syria was a very clearcut case for folks. Its a position that has been held for a long time. I dont think that level of pushback that you saw from republicans is quite when you will see on other issues. David sara, thank you so much for joining us. Sarah bianchi, the head of Public Policy at evercore isi. Tomorrow evening, democrats returned to the debate stage. We talked to a professor whose specialty is analyzing the impact of president ial primary debates. That is next. This is bloomberg. David this is balance of power on Bloomberg Television and radio. Im david westin. Democratic president ial candidates are returning to the debate stage tomorrow for the fourth time, this time in the ultimate bellwether state, ohio. Of virginiaty center for politics looked at the debates going back to 19 1896 and on the Buckeye State has the best record of picking president s. Voting for the winning candidate all but twice. Here with what to expect is our ,ational political reporter emily canary. Set the stage. What do we expect . Tomorrow will be exciting, the first time that joe biden and Elizabeth Warren are currently tied. It is really no ken that. The last time they were still not surpassedhad biden. She did last week. , emily canary. Set the stage. What do wethey did not really ae another, so it will be interesting to see if they go after one another. Going back to the prior debates, did they make a difference . We certainly saw Kamala Harris bump after their first one. Has anyone benefited from or heard from the debates so far . Aside from the harris bump she saw that, and before the next debate had already gone back down. So there really has not been any clear advantage coming out of the debates. We have seen warren has been going on a steady increase, whereas biden has remained the same. It has started to even out the past two months. Be a big night for several people on stage, but perhaps not as big as Bernie Sanders. , he willheart attack be on the debate stage. I supposed to go be looking to see how robust he is. Emma yes. Bernie sanders canceled all of his events since. This will be the first time that he will be out there on stage talking to the public again. People were worried whether he would make it to the debate. Next day, he plans on hosting a big rally in new york. David thank you so much to emma kinery. Tomorrows debate is part of the primary process. According to the work of a prominent expert, the fact that it is a primary debate may make it even more important. And they have certainly made for some memorable exchanges. You are not worth being on the same platform. I tell you, mr. Clinton, dont try to escape it. That will becies gone when i get there. Commerce, education, and what is the third one . Epa. There we go. Theemma American People arek and tired of up hearing about your dam emails. Thank you. Now professorome Mitchell Mckenna read coming to us from columbia, missouri. You have made a specialty studying the primary debates. You have concluded they may be more important than a general. Why is that . Mitchell thats right, and good to be with you. Since primaryound debates have taken off really in the mid1980s and now we see these primary debates generally feature 10, 12, 15, we have had rounds of 20plus primary debates. That is where we see more movement in terms of commitment to a candidate no choice, then to a general Election Debate. When a general Election Debate comes around in october, september, just a few weeks before the election, we found little movement, influence of a general Election Debate. Usually 2 to 3 of leaning or undecided voters may make a decision on that debate. Whereas we have seen as high as 30 , 40 over several weeks of one partys voters make their little movement,decision, and to debate performances by these candidates in the primary debates. For that reason, these primary debates really are important can be important moment for these candidates in persuading voters. Win back 20 years to look at all of these things. We remember rick perry last go around really got hit hard by having a couple of gaps in a row. In general, is the upside as big as the downside or is there a bigger Downside Risk . Certainly we could point to the upside, and we see this tomorrow night with an historic field of 12 candidates. This will be the largest field on a single debate stage. The upside for many of these candidates who have yet to gain a national following, they may come from a specific state, may have a statewide vote as a u. S. Senator, even as member of congress, but in terms of a national following, we see this in a National Debate where , maybe the second tier even a third tier try to capitalize on a moment, trying to find some response that will propel their narrative that will gain some traction. N for the front runners this is what i think makes tomorrow nights debate particularly pivotal. No we have a number of front runners that are at a point of whether they will hold onto that frontrunner status. Joe biden may be eclipsed by Elizabeth Warren. She may continue her momentum. What Bernie Sanders . His his supporters look at candidacy with some skepticism after his recent Health Concern . If that happens, will that change the dynamic . Will they shift to Elizabeth Warren . Occurs, well that spell trouble for joe biden . I think there are number of interesting questions to be answered out of the debate tomorrow night. David we are talking with professor Mitchell Mckinney from the diversity of missouri. With that in mind, looking at the front runners you have, if you were advising them, would you advise them to play not to lose, or play to win . Mitchell mckinney from the diversity of missouri. With that in mind, looking at do they want to make a big splash or avoid a mistake . Mitchell certainly, if we take those three front runners, there may be some differences. Bernie sanders has, in his previous debate performances, really delivered some vigorous debate performances, even to the point of almost ridicule with his very strong, sometimes blustery shouting. Do they want toagain, will we se Bernie Sanders . I dont think he can play it safe. If so, that may continue the questions regarding his candidacy. With joe biden, we have seen some uneven debate performances, if she will come in the first three debates. Moments ofbeenwith joe people questioning, is he up to this . Will he maintained his frontrunner status . Now certainly with the impeachment inquiry going on where he is centered, his family, his son, the president attacking him, will we see a vigorous defense . Elizabeth warren, again, as she is emerging as a potential rival in the front runner status, will she be on the end of sort of an incoming barrage of attacks which usually happens to a front runner . If so, how will she respond . I think we saw in her last debate, which was the first time she was next to joe biden, she did play it somewhat safe. There was not a lot of attack of other candidates. She faded a little bit on that stage, letting Bernie Sanders try to defend some of the more liberal policies. Will we see Elizabeth Warren continue that approach . Each of those candidates, i some difficulties in terms of what they must do in the debate. And that is only three of the 12. Im sure we will likely see one of the other nine or maybe more to capitalize on a warren, aga, moment and try to have a breakout moment tomorrow night. David get some attention. They give so much, professor. That is Mitchell Mckinney, professor of political communication at the university of majority. Coming up, we have three new winners in the novell prize of science. Michael mckee will be here to talk about it. 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 nobel prize in Economic Sciences was announced earlier today and it went to three bijan banerjee, esther duflo, and Michael Kremer of harvard. The thing they share is there work on global poverty. Years prize in Economic Sciences is about alleviating global poverty. How to reduce global poverty is a fundamental but also daunting question. This years laureates have shown it is best to bring down this daunting issue to smaller, more precise questions, questions you can credibly answer. David we welcome to explain all of this, our International Course being correspondent michael mckee. Expired what they have done that is groundbreaking. To get aerty is hard fix on. The government has even struggled to define what poverty is. When these three have done in their Work Together and separately is break it down into different tasks. One thing they looked at is how to improve vaccination rates. It is not just a matter of throwing drugs at a country. You have to have a Health Care Delivery system, you had to have doctors to deliver the medication. You have to convince people that getting stuck with a needle is a good idea. They worked on microcredit. How to help people at the bottom and get enough credit to start businesses and grow. It has contributed to the decline and poverty around the world. Hard to put a number on it, but by showing results oriented and detail, data oriented work, can help. Sometimes when these prizes are announced, im not sure what it is for. This sounds pretty actionable. People can put this into practice around the world. Mike that is why it got so many cheers from economists everywhere when this was announced. It is a field in which these people have gone in and made a difference you can see. A lot of economic work is conceptual, the kind of thing that you create a theory that helps somebody else solve a problem somewhere. In this case, they show directly the connection between economics and results. David i dont want to take anything away from the results, but we cannot ignore the fact that we have a relatively young woman. We dont always see that with the nobel prize. Mike esther duflo. Only the second time a woman has been named a winner. The first one in 2009. It took a long time before a woman was appropriately honored. She is young, which is unusual for nobels. They usually give them to somebody at the end of a career. In this case, it comes in early in her career. And even for her husband, and the others, they had many productive years ahead. This is an effort by the Nobel Committee to encourage is kind of work. David the one clear winner here is cambridge, massachusetts. Many thanks to michael mckee. Thank you for being here. Coming up, balance of power continues. We was being to jacob kierkegaard as the clock ticks down on brexit. This is balance of power on Bloomberg Television and radio. Mike from the couldnt be prouders to the wait did we just winners. Everyone uses their phone differently. Thats why Xfinity Mobile lets you design your own data. Now you can share it between lines. Mix with unlimited, and switch it up at anytime so you only pay for what you need. Its a different kind of Wireless Network designed to save you money. Save up to 400 a year on your wireless bill. Plus get 250 back when you buy an eligible phone. Call, click, or visit a store today. Mark im Mark Crumpton with bloomberg first word news. A former Top National Security expert on russia is testifying to congress behind closed doors today. The only hell is the latest Trump Administration official to be subpoenaed as part of the house impeachment inquiry. Hell resign from the white house National Security council over the summer. Her appearance comes despite a white house vowed to halt any cooperation with what it terms the illegitimate impeachment probe. United states is imposed poised to impose sanctions on turkey as soon as today in response to the countries military offensive in syria and reported atrocities against the current. The initial round of abilities would be aimed at a wide range of individuals and is waiting for President Trumps approval. Horses tell bloomberg the department of state, defense, and treasury worked over the weekend to drop the terms. More violence over the weekend in hong kong. A Police Officer was slashed in the neck by a protester. Police alsth