Should be appointed to probe unsubstantiated allegations against hunter biden. The president wants an investigation started before the election. Airport isathrow offering passengers a rapid coronavirus test with results in one hour. The tests are available to those flying to hong kong and italy. Those are two other destinations requiring travelers from britain and other countries considered high risk to provide evidence of a negative test result 72 hours before departure. The European Union is pledging 51 million to help three african countries suffering from famine. United nations is hoping to raise 1 billion to tackle the humanitarian crisis in burkina faso, mali, and niger. U. N. Says a record 2 Million People in the region need help, most of them children. 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. Vonnie it is 1 00 p. M. In new york, 6 00 p. M. In london, and 1 00 a. M. In hong kong. Im vonnie quinn. Welcome to bloomberg markets. Here are the top stories we are following on the bloomberg and from around the world. As Mark Crumpton mentioned, a possible do or die phone call between nancy pelosi and secretary mnuchin set for 3 00 p. M. New york time. The speakers has a bill for a compromised stimulus package is being written, and she is optimistic. Antitrustignificant action against an American Company in more than two decades and possibly a century. We will have the details. The fate of hotels and other reits with rmr Group President adam portnoy. Lets get a quick check on the markets. Equity indices have been rising. We have a 1 gain on the s p 500. The nasdaq up. 9 . Crude back in the green. Lower thanittle bit where it was earlier in the session. Today is make or break day for nancy pelosi and stimulus negotiations with Stephen Mnuchin. Lets get to our congressional reporter billy house. I know you were listening to the interview with the house speaker. It sounded like she wants to get this done and there is no game playing anymore. Is that how you read it . Billy that is how i heard it. She is actually turning optimistic that they are on a path to a deal but says language still needs to be put on paper, and she needs it done by the end of the week to pass next week. There are still a couple hurdles , differenceslity with Senate Republicans, but overall, she appeared very optimistic that they were trending toward getting something written perhaps tomorrow or thursday. Vonnie she said that her side ing language right now and hopefully that can be done by 3 00. Is she no longer concerned about a potential bomb for republicans or President Trump . As she usually does, she talks about values. I heard none of that in this interview. Intensity of an it may not get done by election day, but that is my aim. I wanted it done by next friday. People have to pay their rent. That seems to be more of the tone of the discussion, we have to get this done. An agreement get between democrats and the administration, that still leaves the senate and Mitch Mcconnell. Does he plan on voting on a skinny bill . Is planning now, he on voting on that separate, much. Maller bill pelosi said there are mixed signals coming from their contacts and discussions with the senate. Of course, she reminded that the president said that he would lean on the senate. Where all of that stance, i dont know. You are right, it is not just getting a deal, but a deal that Senate Republicans will go along with. Vonnie we have seen a bump in the markets. More stimulus immediately is not fully priced in yet. What would be the next step . Would Mitch Mcconnell have that boat and then immediately go back to discussions . Sideon the administration of things, is speaking with senator mcconnell . We understand mnuchin is. The president said he would be. Those talks that have happened already, i dont know. Below see said that they would wouldosi said that they try to get everything down on paper by thursday of next week, call members back over the weekend or next week to vote on it, and then handed over to the senate, who can do something on this bill. Tonie is it too jaded suggest that it would be nice for the sitting president to have something to talk about at the debate on thursday . Billy [laughter] out of think that iis the realm of the thinking. Certainly in his mind. Vonnie billy, it looks like we may be looking at Something Like 2 trillion, which is more than what republicans were ever willing to give. Not that much less than what democrats were looking for. Is it all coming in in the right parcels . Billy that is why we are waiting for the bill text. The did try to iron out wrinkles with compromises on both sides. Pelosi mentioned in the interview that may be the liability shield demand that mcconnell has could be worked out, if they dont conflict with osha standards that the House Democrats want. How that is written out is the key. Always fornk you as translating everything on capitol hill for us. Billy house is our congressional reporter. Monaco of julie citigroup. We will get the inside story on how companies are fueling up their Capital Markets to battle the economic effects of the pandemic. This is bloomberg. Vonnie this is bloomberg markets. Countries around the world struggling under the weight of the covid19 pandemic, and they are trying to figure out how to pay for it all. Sonali basakw is and julie monaco of citigroup. Thank you for joining us. Covid has change the calculus for so many countries around the world. How has it changed your job . Julie it has not really changed that much. I continue to spend time with my clients, thinking about how they are going to finance their development goals, achieve their economic goals, but how it has changed is obviously there is an intensity in terms of what is going on. , wee march of this year have had governments announce 11 trillion in fiscal stimulus. Sovereign debt is up 31 . We have seen government deficits grow. As governments are more challenged, obviously, we are having more dialogue with them about the fiscal spending, how they are fighting the pandemic and preparing for growth out of the pandemic. Certainly, how they pay for it all. Vonnie how they pay has two meanings. Where do they get the ability to pay for it all, but also literally, the process by which they pay for it. A lot of conversations among central bankers about digitization. Maybe some countries are adopting crypto to pay for things. Have you been having conversations with governments on this . Cryptocurrencies, we have had conversations, a lot of conversations about Central Bank Digital currencies, and a dialogue around that topic has increased since the crisis started. Out inson is, we found march and april, when the economy was shut down, people were not using physical currency. There was a realization there could be an efficiency and benefit of getting rid of the informal economy, d materialized in money. Dialogueis much more around Digital Currency and the benefit for digital currencies. Bankfically central digital currencies. That is one area of discussion. I think they look at efficiency, Financial Inclusion, bringing the Informal Sector into the formal economy. Certainly, governments have an objective of wanting to do that, to get rid of the informal economy. The more the economy goes digital, it has been shown, if you can get rid of physical currency, that it is hundreds of billions of dollars of increased tax revenue and reduced cost for government. Legions ofre are entrepreneurs who are willing to jump on that thought that you have proposed. What is the major hurdle for governments when adopting Digital Currency . A lot of it is in the exploration stage right now in terms of Central Bank Digital currency. A lot of governments are looking at it, but the obstacles are, you dont want to dis intermediate the Banking System. We had a Banking System built on Central Banks, so we need to figure out, if you are going to completelyize and go electronic, how do you build that on the foundation of central bank principles, and Work Together with fin tech and commercial banks to make that work . Vonnie is it a little bit of a land grab . If this was to happen, wouldnt you want citi to be at the forefront of it for as many countries as possible . How does that competition work . Julie this is not really the major focus right now. There are so many other problems that sovereigns are trying to solve right now. As it relates to Digital Currency, it is evolving. Right now, there is still confusion in the market about the difference between Central Banks afforded Digital Currency and dematerializing money versus a cryptocurrency. It is something that is a balding. Evolving. China is the farthest along in terms of Digital Currency. It is still being evaluated in the u. S. And other places. I think there will be a benefit, and the benefit needs to be focused on the objective you are trying to achieve. The objective is to be able to andide Financial Inclusion help Financial Inclusion and de materialize money in a way that is more efficient for government and society. There continues to be obstacles, but like i said, there are so many other things. When we talk about this year and the crisis, there is a lot more focus on other areas. Talk about those other areas, now that we are months in the pandemic, we have seen spending increase. How are the harder hit countries dealing with this next wave of the pandemic, shoring up the money they need for their populations . About thealked landscape of the sovereign debt issuance, up 31 . All of the fiscal and monetary actions taken in march created an environment where governments and sovereigns around the world were able to go to the Capital Markets and raise funding. That continues. Obviously, for sovereigns that dont have the fiscal space, dont have access to the markets, that is where there has been a lot of focus around official Community Support forbearance, preparing for further debt sustainability challenges into next year. When we talk about how countries are coming out of this, it is different country by country. It will be asymmetric in terms of how the recovery works, just like industry to industry. It all depends on where they were going into the crisis, the depth of the Health Care Crisis in their individual country, whether or not they have it under control. We can all agree the real economic recovery cannot begin until the Health Crisis is managed in each country. That continues to be the number one priority for my clients, to control. Under and it is unpredictable. We dont know when the next wave will be. At the same time, how do you think thered i needs to be a coordinated Global Response to monetary and fiscal policy has allowed us to stabilize things and not have a liquidity crisis. When you think about what governments are doing now, they are focusing on fiscal spending that will drive growth. Last question. So many Infrastructure Projects will be left behind as we focus on this crisis. Julie actually, what we have seen from this crisis, governments, as we are coming out of their budgets, rolling them out now, they are focusing more of that fiscal spending on productive fiscal spending. When i say that come its about supporting job growth. The eu social bond, and it was all about supporting programs. We are seeing is there is a lot of focus on esg. That aligns that fiscal spending toward sustainable growth. I think be see more investment in infrastructure. That will be highly around technology infrastructure. One of the things the crisis exposed is a technology divide. Vonnie fabulous conversation. Julie monaco, global head of the Public Sector at citigroup, and our own sonali basha. Basik. This is bloomberg. Vonnie this is bloomberg markets. Vonnie quinn. The rmr Group Oversees over 1800 leases, close to 92 million square feet of commercial to medical offices, retail, and more. Since we last spoke with adam portnoy, more hotels have stopped paying rent and it is causing a shift in their portfolio. Lets get an update now. There was a little bit of a wrench problem the last time we spoke but it is holding up. Now you have broken with some brands because the rent problem is not going away. Talk about how your portfolio is adjusting. Adam great to be with you again. Right, wecap, you are are a large, diversified asset manager with commercial real estate all over the United States. That sets us apart from any of our peers. We have properties in every state. Veryallows us to have a diverse portfolio. Within our hotels, you are right, we have had some longstanding partnerships unfortunately, part. Groups, marriott, intercontinental groups, have decided to default on their agreements with us. Situations, a lot of our competitors would be in a bind about what to do and taking back such large portfolios of property. Again, given our diversity and scale of our organization, we feel confident about our ability to take back those hotels. Vonnie lets talk about what is actually happening. You are taking back some of the hotels and you are rebranding them. Some of them are going away. You are deciding what to do with the rest of your hotels. You are actually positive on this. You would think if those agreement were going away, it would be a problem. Adam generally it would be, but a lot is changing in the hotel industry. We think this is a great opportunity for us because it gives us a tremendous amount of flexibility. We are going to take back over 200 hotels. Not all of them will stay hotels. Given our ability to reposition our assets, that sets us apart. We will be able to turn some of those hotels into multi family, we will sell some of them, but from an opportunistic standpoint , we are going to be able to rebrand many of those hotels as i am highlyls, and confident that they will perform as well or not better as they were as marriott or intercontinental hotels. Vonnie Service Properties trust , the one that owns the hotels, is down 70 this year, so a tough reit. I am curious how you are managing to work with more difficult parts of your company, including senior assisted living. Adam it is very interesting. One of the advantages of having a broad platform, we touch all kinds of commercial real estate. Hotels are not doing well in these times. Senior living is not doing nearly as bad as hotels but they have occupancy challenges. It is hard to admit New Residence in this environment. But other parts of the portfolio are doing well. 00 we have a large000000000 000000000000000000000000 there are different parts of the portfolio. Some are doing well, some are struggling. Expanding inre nashville, which i find interesting. It is an urban center, we know financial jobs moved to nashville and other places like that, but why would you be developing an urban centric area, a people centric area . Bank that is on the east in nashville, an upandcoming area. We own about 20 acres. That gives us the ability to be very opportunistic, think long term about that site. Today, that site is currently operating as a truck stop. But the land and the area around it has really changed over the last 20 years. It is an Incredible Opportunity to do mixeduse development. That will be a longterm project. We are putting the first stakes in the ground today, trying to get some approvals through the Planning Committee in nashville. So far, its gone quite well. We think thats a project that veryfew years could be rewarding for us as an organization. Given the size and the breath of the organization, we are able to take some of our assets, such as these travel centers, this truck stop, and reposition the property into a better use. Portnoy, rmr Group President and ceo. So youre a small business, or a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. Mark im Mark Crumpton with bloomberg first word news. U. K. Prime minister Boris Johnson is forcing Greater Manchester into the countrys tightest coronavirus restrictions, after the government failed to Reach Agreement with local leaders. Move means the government is now set to impose the highest level of restrictions on the area andh includes closing pubs bars at do not serve meals and restrictions on mixing. Movingst proceed with manchester to the very high alert levels. Manchesterwould put nhs and the lives of many of manchesters residence at risk. U. K. Government will give the region 28 Million Dollars as well as an unspecified amount of doing to cover the lost revenue. Iran is seeing its worst coronavirus num