yousef: dubai there was some talk around dubai having lost -- there was some talk around dubai having lost its way. saudi arabia has been so aggressive with reforms they have taken the limelight, but the underlying story in dubai is intact. what would you say are other highlights that give us more perspective on what to expect for the next few years? >> has you said, dubai has a head start. it manifested in some things that is trulye international in scope and scale in emirates. if you think about the passengers coming in and out of dubai and where they are headed come this is a gateway to globalization, more than any place in the middle east. it has make them middle east a global center. that is one part of dubai. the other part is there are more ,han 200 nationalities in dubai so it is a very diverse place. that is a virtuous circle. diversity,es greater and that diversity is good for business. terms of the correlation, and we have put this up on the bloomberg to underscore the point that dependence on crude has shifted. this is for the dubai index. you won't find brand or wti -- br

build it and they will come, is dubai's guiding printable. this is by far the biggest building project ever played in the city and could put it to its ha rd est to get in the city and could put it to its hardest to get —— principle. i have been up that lived in burj khalifa. hard to believe and even taller building. now let's brief you some other business stories. the trump administration has proposed a controversial plan to open a protected areas in the pacific and atlantic oceans for offshore drilling. it fulfils a promise to boost us domestic oil and domestic gas production. environmentalists have called it a shameful giveaway to the oil industry. music streaming service spotify says it now has 70 million paying subscribers. the announcement comes a day after reports the company plans to list on the new york stock exchange. including people who use its free advertising—backed service spotify has 1a0 million active users and is valued at over $19 billion. and now, what's trending in the business news this morning: from wired — legal

dubai will be 60% at least of the total value. yousef: you mentioned the $2 billion, what you are describing as healthy balance sheets. how are you going to leverage that going forward? is this something you could use for acquisitions? see large or opportunity for acquisition in the region, because we have the management team. we have the cash. if we need, we can acquire lands. overseas acquiring that could be a possibility. you go with acquisition because if you need a big land bank or you need a management team, but we have both and we don't need to. yousef: what are your top three markets abroad that you say, those might be interesting? we are looking at london as a future of long-term market. i see istanbul as an interesting market. it has softened quite a lot. in my view, you enter a market when it is soft. he don't enter when it is peak. -- you don't enter when it is at peak. in terms of the domestic market in dubai, i was sitting a few weeks ago with a guest and he was local about the dubai government doing more to address

four to five tons of gold gold bars coated silver smuggled old to more cool arriving in dubai declared as gold when the team found the discussed it with with colucci the admitted this is the way of doing business with the with these moroccan suppliers inspectors to do some more digging and what they reveal brings us to act two some of the precious metal in kolaches coffers could be blood gold shuffling through papers auditor's discover the refinery was more than happy to. shake hands with small mining operations in sudan and the democratic republic of congo apparently colossi ask for no licenses offering cash in hand in exchange for gold proceeds from such sales in conflict torn countries are known to directly fuel gang wars which are responsible for hundreds of civilian deaths soldiers naam group leaders see in control of the gold mines as a way to money guns and power of forty two of the ruthlessly of them targeting civilians in the process so ernst and young employees calm through colossus cash transactions that's when we get to act three apparently the company deals in cash almost

i see dubai will be 60%, at least, of the total volume. mentioned 2 billion and you mentioned what you describe as healthy balance sheets. goingll you leverage that forward? is this an thing you could use perhaps for acquisitions. you have a lot of muscle, that's another way of growing a company moving forward. see any large or other acquisitions in the region. we have the management team in the cash. could be a possibility. because if you need the big land bank or you need the management team. and what are your top three markets abroad that he would say those might be interesting in the next three to five years? >> it is interesting. it is the right time to acquire lands. we sold out more than 50%. i see istanbul is an interesting market. it has softened quite a lot in the last couple of years. you into the market when it is soft. you don't enter at the peak. >> brexit hasn't turned you off at all? on the contrary? terms of the domestic market in dubai, i was sitting just a few weeks ago, and he was very vocal about dubai government doing

in sunny dubai. -- 8:30 a.m. in sunny dubai. $17,000,urrently at recovering once again. let's get over to densely humphreys for the first word headlines. deadly: saudi -- >> there were saudi risks to royal family members. according to the attorney general, security says -- risks on thursday alleged people -- that refused to leave a place in riyadh. he added that they will be held at a maximum security prison. said the u.s. is open to discussions with south and north korea at the appropriate time. trump said he would be willing to speak directly with them. operationor folk between the neighbors after upcoming talks. he also credits them for making the talks happen. >> the president called me. we had a great discussion a couple of days ago. i very much hope it works out between the two countries. i would like to see them getting involved in the olympics, and maybe things go from there. 100 percent.hat he thanked me, a lot of people have written that without my rhetoric and tough stance -- it's not just a stance. this is what has to be done if it has to be done. be talkingo

is accusing one of the world's biggest audit ing firms of covering up the tracks over dubai precious metals megacorp act one. ernst and young for an audit inspectors come to dubai and the first thing they see is a pile of moroccan gold buyers casually bundled up on a desk stacks of gold at a gold refinery could be business as usual except these buyers are literally painted silver in order to sneak them into dubai for tool five tons of gold gold bars coated silver smuggled old to more cool arriving in dubai declared as gold when the team found the discussed it with with colucci the admitted this is the way of doing business with the with these moral consult lawyers inspectors do some more digging and what they reveal brings us to act two some of the precious metal in colossus coffers could be blood gold shuffling through papers auditor's discover the refinery was more than happy to shake hands with small mining operations in sudan and the democratic republic of congo apparently colossi asked for no licenses offering cash in hand in exchange for gold proceeds from search sales and conf

- well, i tell you, my first employment, my first meeting with america took place in dubai. - in dubai. you actually came to this country from dubai. - through dubai. - right, yeah. - my first employment was with an oil company, an american oil company. - right. - and my first boss was a texan from texas. (audience laughs) - that's usually how it works. (audience laughs) - so i had gone into dubai on friday night to get acquainted with where my work will be, where i will be reporting to work on monday morning. so i wanted to go to a hotel and rent a room there and i was told that in dubai then, there were no rooms available. there were only few hotels and those were all sold out. and i couldn't afford more expensive hotels so i rented a room from a cab driver so that i could spend these two night up until monday and then i'll look for place to live. that room was nothing than just four walls and a floor and a door to it. i did not have any bed so my suitcase was my pillow and my towel was my bed sheet and i had slept two days. anyway, showed up at work on monday. i am meeting america f

four to five tons of gold gold bars coated silver smuggled out of more cool arriving in dubai cleared as gold when the team found the discussed it with with colucci the admitted this is the way of doing business with the with these moral consult lawyers inspectors do some more digging and what they reveal brings us to act two some of the precious metal in colossus coffers could be blood gold shuffling through papers auditor's discover the refinery was more than happy to shake hands with small mining operations in sudan and the democratic republic of congo apparently colossi asked for no licenses offering cash in hand in exchange for gold proceeds from search sales and conflict torn countries are known to directly fuel gang wars which are responsible for hundreds of civilian deaths soldiers naam group leaders see in control of the gold mines as a way to money guns and power for forty two of the ruthlessly often targeting civilians in the process so ernst and young employees calm through colossus cash transactions that's when we get to act three apparently the company deals in cash almo

is accusing one of the world's biggest audit ing firms of covering up the tracks over dubai precious metals megacorp act one. ernst and young for an audit inspectors come to dubai and the first thing they see is a pile of moroccan gold buyers casually bundled up on a desk stacks of gold at a gold refinery could be business as usual except these bars are literally painted silver in order to sneak them into dubai four to five tons of gold gold bars coated silver smuggled old to more cool arriving in dubai declared as gold when the team found the discussed it with with colucci the admitted this is the way of doing business with the with these moral consult lawyers inspectors do some more digging and what they reveal brings us to act two some of the precious metal in colossus coffers could be blood gold shuffling through papers auditor's discover the refinery was more than happy to shake hands with small mining operations in sudan and the democratic republic of congo apparently colossi asked for no licenses offering cash in hand in exchange for gold proceeds from surge sales in conflict

is accusing one of the world's biggest audit ing firms of covering up the tracks over dubai precious metals megacorp act one. ernst and young for an audit inspectors come to dubai and the first thing they see is a pile of moroccan gold buyers casually bundled up on a desk stacks of gold at a gold refinery could be business as usual except these buyers are literally painted silver in order to sneak them into dubai four to five tons of gold gold bars coated silver smuggled old to more cool arriving in dubai declared as gold when the team found the discussed it with with colucci the admitted this is the way of doing business with the with these moral consult lawyers inspectors do some more digging and what they reveal brings us to act two some of the precious metal in colossi scoffers could be blood gold shuffling through papers auditor's discover the refinery was more than happy to shake hands with small mining operations in sudan and the democratic republic of congo apparently colossi asked for no licenses offering cash in hand in exchange for gold proceeds from search sales and confl

four to five tons of gold gold bars coated silver smuggled old to more cool arriving in dubai cleared as gold when the team found the discussed it with with colucci the. admitted this is the way of doing business with the with these moral consult lawyers inspectors do some more digging and what they reveal brings us to act two some of the precious metal in colossus coffers could be blood gold shuffling through papers auditor's discover the refinery was more than happy to shake hands with small mining operations in sudan and the democratic republic of congo apparently colossi asked for no licenses offering cash in hand in exchange for gold proceeds from surge sales in conflict torn countries are known to directly fuel gang wars which are responsible for hundreds of civilian deaths soldiers naam group leaders see in control of the gold mines as a way to money guns and power for forty each other ruthlessly often targeting civilians in the process so ernst and young employees calm through colossus cash transactions that's when we get to act three apparently the company deals in cash almos

four to five tons of gold gold bars coated silver smuggled old to more cool arriving in dubai declared as gold when the team found the discussed it with with colucci the admitted this is the way of doing business with the with these moral consult lawyers inspectors do some more digging and what they reveal brings us to act two some of the precious metal in colossus coffers could be blood gold shuffling through papers auditor's discover the refinery was more than happy to shake hands with small mining operations in sudan and the democratic republic of congo apparently colossi asked for no licenses offering cash in hand in exchange for gold proceeds from surge sales in conflict torn countries are known to directly fuel gang wars which are responsible for hundreds of civilian deaths soldiers naam group leaders see in control of the gold mines as a way to money guns and power of forty two of the ruthlessly often targeting civilians in the process so ernst and young employees calm through colossus cash transactions that's when we get to act three apparently the company deals in cash almost

four to five tons of gold gold bars coated silver smuggled old to more cool arriving in dubai declared as gold when the team found the discussed it with with colucci the admitted this is the way of doing business with the with these moral consult lawyers inspectors do some more digging and what they reveal brings us to act two some of the precious metal in kolaches coffers could be blood gold shuffling through papers auditor's discover the refinery was more than happy to shake hands with small mining operations in sudan and the democratic republic of congo apparently colossi asked for no licenses offering cash in hand in exchange for gold proceeds from search sales and conflict torn countries are known to directly fuel gang wars which are responsible for hundreds of civilian deaths soldiers naam group leaders see in control of the gold mines as a way to money guns and power for forty two of the ruthlessly often targeting civilians in the process so ernst and young employees calm through colossus cash transactions that's when we get to act three apparently the company deals in cash almo

four to five tons of gold gold was coated silver smuggled old to more cool arriving in dubai declared as gold when the team found the discussed it with with colucci the admitted this is the way of doing business with the with these moroccan suppliers inspectors to do some more digging and what they reveal brings us to act two some of the precious metal in colossi scoffers could be blood gold shuffling through papers auditor's discovered the refinery was more than happy to shake hands with small mining operations in sudan and the democratic republic of congo apparently colossi asked for no licenses offering cash in hand in exchange for gold proceeds from search sales and conflict torn countries are known to directly fuel gang wars which are responsible for hundreds of civilian deaths soldiers naam group leaders see in control of the gold mines as a way to money guns and power for forty two of the ruthlessly of them targeting civilians in the process so ernst and young employees calm through colossus cash transactions that's when we get to act three apparently the company deals in cash

>> i think we have one of the most amazing, visionary leaders in dubai. city to theg the best of the best. i think dubai has huge potential. tourism is growing. retail is growing. some of the sectors like retail is not growing like before in double digits. get 15 million in tourism going to 20 million. i am very positive. i don't see any issue there. yousef: in terms of the success story, would you be willing to sell a bit of your steak in the company? e in the company? >> yes, i don't mind selling at the right time. yousef: one of the kearns i heard was there might be changes in the dividend payouts, what they saw was reduced cash flow. can you say, or reassure them that you do not foresee changes in your dividend policy? 2017 was a good year for dubai. do not see anyi change in our dividend policy. we have made it clear several times. we will stay with our dividend policy. yousef: are you looking to do additional projects that are built around the brand in dubai or elsewhere? >> we enjoy a good relation with the trump organization. they have helped us b

dubai is famous for its high property prices. are they set for a fall in 2018? we hear from the real estate specialists who thinks they are. this is bloomberg. ♪ ♪ yousef: dubai residential properties and rents are set to fall in 2018 as losses of high paying jobs and windowing household incomes boost vacancies across the city. a firm according to specializing in real estate in the region. tracy alloway got more with a managing director. the first thing to understand is what actually happened over the last year. that will impact what happens over the next year. what happened in 2017, or at least the first nine months of the year is that it was stable in the back of the expectation that there was going to be a recovery in this year. it was never our view that that was going to happen. but that expectation capped prices stable when they actually needed to come down more. we have seen that in the last quarter of the year restart and prices dipped about almost 3%, 2.8% in the last quarter of the year. what we need to see is that continued through 2018. we see pr

in dubai had a whip up the world ‘s tallest building with lasers. burch khalifa becoming a shimmering canvas, visible almost 100 kilometres away. hong kong ushered in 2018 in the style, victoria harbour was transformed into sparkling splendour. auckland was the first major city to see in the new year, with it sky tower lit up. five, four, three, two, one. followed by sydney, were 1.5 million people lined the harbour front to see in 2018. we will follow many more new celebrations as they happen in the coming hours. the president of iran, hassan rouhani, has appealed for calm, saying people have the right to protest, but not to commit acts of violence. in his first public comments since demonstrations against the government began on thursday, mr rouhani warned that violence and public disorder would not be tolerated. protests have now spread to many cities; and in tehran, police have used water cannon. here's kasra naji of the bbc persian service. central tehran during the fourth day of anti—government protest. these protesters are shouting death to

can everyone be a dubai? jesse: no. there is only one, in my opinion. it's a global hub. i'm accused of being negative and a bit of a skeptic, but i think it plays a special role, but also as a front door to africa. yousef: that's it for this "best of bloomberg markets: middle east." we have a busy week ahead in the region. we will be right here for the start of the trading week in the gulf. that is sunday morning at 8:00 a.m. i'm yousef gamal el-din. do join me then. this is bloomberg. ♪ ♪ jonathan: from new york city, to our viewers worldwide, i'm jonathan ferro. with 30 minutes dedicated to fixed income, this is "real yield." ♪ jonathan: coming up, core inflation accelerates, two-year treasuries jump 2% for the first time since 2008. some of the world's most well-known investors say this might be it. the bull market in bonds is over. credit investors are not showing any nerves. junk bonds with the largest inflows in over a year. we begin with a big issue, a shakeup in the global bond market. >> this will be a jagged period, the first quarter. >>

dollars under is accusing one of the world's biggest auditing firms of covering up the tracks over dubai precious metals megacorp act one. ernst and young for a new audit inspectors come to dubai and the first thing they see is a pile of moroccan gold buyers casually bundled up on a desk stacks of gold at a gold refinery could be business as usual except these bars are literally painted silver in order to sneak them into dubai four to five tons of gold gold bars coated silver.

dubai was built as a city to which we move people and things. tracy: but everyone seems to want to do it now. we have saudi arabia now. can everyone be a dubai? jesse: no. there is only one, in my opinion. it's a global hub. i'm accused of being negative and a bit of a skeptic, but i think it plays a special role, in the global economy as a regional and middle east hub but also as a front door to africa. yousef: that's it for this "best of bloomberg markets: middle east." we have a busy week ahead in the region. we will be right here for the start of the trading week in the gulf. that is sunday morning at 8:00 a.m. in the uae on bloomberg television. i'm yousef gamal el-din. do join me then. this is bloomberg. ♪ abigail: coming up on "bloomberg best," the stories that shaped the week in business around the world. a report from china roils the bond market that it may prove to be a passing storm. another automaker faces cheating claims. earning season kicks off with results from big banks. the ecb releases the latest of -- a set of minutes. serg

in dubai they lit up the world's tallest building with lasers. the burj khalifa becoming a shimmering canvas, visible almost 100 kilometres away. hong kong ushered in 2018 with style. victoria harbour was transformed into sparkling splendour. auckland was the first major city to see in the new year, with it's sky tower lit up. five, four, three, two, one. followed by sydney, where 1.5 million people lined the harbourfront to see in 2018. briohny williams, bbc news. there will be plenty more celebrations in the hours to come. bitterly cold weather continues to blanket the northern united states and canada, as forecasters warn that the deep freeze will continue into the first week of 2018. temperatures are predicted to remain below —10 degrees celsius in some areas. in new york, people in times square are bracing themselves for one of the coldest new year's eve parties on record. sarah corker reports. parts of canada are colder than the north pole. niagara falls has become an ice covered spectacle as temperatures plummeted. and arctic air is swee

five hundred passengers was supposed to revolutionize air travel but its only significant customer dubai's emirates is not ordering enough planes to justify production. what was hoped to be the company's biggest success is turning into a disappointing defeat with just over three hundred planes sold and few on order airbus says it will stop making the a three eighty super jumbo if it doesn't get more business from top client emirates which is now buying planes from boeing says that the dubai based airline is key for its business they're probably the only one who has the ability right now in the marketplace to take a minimum of six a year for a period of eight to ten years and then we can add some on top of that so quite honestly if we can't work out a deal with emirates i think there is no choice but to shut down the program but i'm hopeful that we'll work out a deal with emirates and others can add airplanes on top of that some hold bring mains apparently but the revolution will have to wait. the british government says the public sector continued awarding contracts to construction john de

this is bloomberg. ♪ ♪ i am yousef gamal el-din in it dubai. let's check in with the high bunds that's headlines. they say the pool may only grow by a low single-digit percentage. that number is yet to be finalized. after the bank enters its final year of the restructuring plan. bloomberg sources say airbus is in talks to sell jumbos into british airways this year. the news comes after the playmakers secure a playmakers deal from emirates this week. they have said in a pass that they were looking for 6-7 secondhand ones. now, it is said to be taking a larger number of new ones. analysty watched apple now says apple will move about 62 million of its expensive smartphones during its lifetime. that is down from 80 million. he cited weaker demand in china. that is your bloomberg business flash. yousef: thanks. let's talk about what is happening in oman. they are gearing up to host their first ever opec meeting. meet laters set to today. already insisting there is no need to change tax. it is good to have you on the program. talk me through what exa

it is been a tough week for dubai, down. the bloomberg dollar index, key to a lot of these gulf economies pushing lower at the three-year lows, down 3/10 of 1%. how much lower can the dollar go? we will find out this week from the fed. let's check in, first word headlines around the world, christine harper and. christine: servia's out -- saudi arabia has freed alwaleed bin talal and several of the prominent businessman from detention. was a billionaire chairman of riyadh's kingdom holding company, and also owns stakes in citigroup and twitter. he returns home saturday, after reaching settlement with authorities. we are told he will remain at the helm of his company. billionaire steve wynn has -- asd down after republican committee finance chair, after allegations that he sexually harassed numerous employees, and a report in the wall street journal that he paid $7.5 million to settle claims from a former manicurist, saying -- who said wynn pressured her to have sex. wynn called the allegations "preposterous." bank of england

i am yousef gamal el-din in dubai. u.s. markets close for mlk day. the asian session off to a strong start. the global map gives us the pulse. gains in the hang seng, up .6%. asx 200 up as well, .3%. on the foreign-exchange side, a move in the mexican peso off the back of positive whispers around ,he future outlook for nafta the yen rising to a high against the dollar. some of it on governor kuroda's comments, but also short covering from traders. interesting moves in commodities. the weaker dollar feeding into these trades. 1.2%, leading the complex higher, even after china data missed expectations. let's cross the board and let me show you other key asset classes. brent crude, a lot of commentary , still new highest close in three years. more opec members calling for cuts to be kept through the end of the year. story.gain weaker dollar -dollar is one spot where it is not feeding through. the gains friday. as we come back from the holiday, the earnings season kicking into higher gear. let's get you a preview of what will be coming up. we will speak

dubai already has the world's tallest building. so with a slump in real estate prices, why does it want an even taller one? a warm welcome to the programme, briefing you on all you need to know in global news, business, and sport. and you can be part of the conversation. a group of mps here in the uk wants a 25 pence charge added to every disposable coffee cup sold, with the money raised used to improve recycling facilities. billions of cups are thrown away each year, mostly ending up in landfill sites. goodidea? tell us what you think, just use the hashtag bbcthebriefing. north korea has accepted south korea's offer to hold talks next week. it will be the first time since 2015 that officials from the two sides have met. no coincidence perhaps that the news breaks just hours after south korea and the united states agreed to postpone theirjoint military exercises, which north korea sees as rehearsals for invasion. they'll be suspended for the duration of the winter olympics. sophie long reports from seoul. north korea accepted the o

. >> in terms of the domestic market in dubai, i was speaking to -- and he was very vocal about the dubai government doing are to address what he says clear signs of oversupply. would you agree with either the oversupply story or that the dubai government needs to do more in the market? >> i think we have one of the most amazing visionary leaders in dubai. he has moved the city from a small village to where it is today. i think dubai has huge potential. tournament -- tourism is growing. retail is growing. some sectors are not growing like before, but that is a mature market. tourism5 million growing to 20 million, and the government has a vision, so i'm very positive. >> in terms of the success story, sharing it perhaps more with intentional -- with potential investors, would you be willing to sell a bit of your stake? >> yes. i don't mind to sell a bit on the right price. >> i spend quite a bit of time with analysts, tracking your company. one of the concerns i heard was that there might be changes in the dividend payout over the long-term because of what they saw as reduced cash flow. t

i am yousef gamal el-din in dubai. remember the handoff from the united states, gains for a fifth straight session. the european session was strong. we saw the biggest weekly advance since april. we are seeing risk assets continuing with strength into 2018. outlook from companies will dictate the next move for indices. the u.s. dollar weaker after pretty much snapping a set of declines. you're looking at again story standing out. the yen up the most in a week after boj reduced purchases of superlong bonds. -yen slide is looking like a risk aversion team. s&p futures a little retreat. zinc futures outcome of the story around supply side risks, the squeeze around those stockpiles. let's look at other key risk assets. we have a story on brent crude. just above $68 a barrel, up 1%. u.s. inventories have decline for an eighth week. u.s. 10 year study at 2.49%. this is a story of treasuries giving back and gains. gold holding steady. euro-dollar with political risks front and center in europe. you're looking at declines of ,

this was a great cultural change for me moved from delhi to dubai and the work in one minute was really fast there was a lot of multinational said i could i could novel with spanish people pakistani people people from what i call people from china so it was a great beginning for me right now i'm working with. the management concerned consulting space in the butt and i currently travel to where my project is four days a week and the weekend i'm in dubai three i'm going to. be a hire made i will not lend any. idea. or to. the ways. let so far only. next stop is going through i t capital of india where roger. working with my city's parents as a software engineer in the research and development institute currently i mean to me i'd be a battle of wits. here joining all those two hundred sixteen and since then i'm working with them. obviously and working for electric and hybrid vehicle software development but i say when we met we're going to do this with a broad had my intensity. is scored. then after you join or you become a put a parent and they were imagined like the way i was thinking th

i am yousef gamal el-din in dubai. investors are betting on an expansion in corporate earnings. asia up 8% this year. let me show you the broader market. let me give you a quick tour, asian equity session higher, led by the kospi. china down 1.2%. to theto your attention foreign exchange space, the yen the study after the boj clarified comments on friday. japan still getting its head around a stronger yen. big moves in the swiss franc sanctions are expected from the united states, and in aussie dollar retreating from iron with losses in ore. , a squeeze concern on the supply side driving price gains. and showtch the board you the energy trades with brent crude specifically, still the years aslose in three hedge funds increase their bullish bets to a record high. up. 10 year, we have marched , 2.68% currently. the gold trade mostly unchanged. stand out in emerging market has been dollar-lira. let's check in on first word headlines with debra mao. u.s. trade representative robert lighthizer hopes a deal can be done to sa

twitter live streamed dubai's 2018 speck cal. featuring a water show, very impressive lights, choreographed in music and that stream included a twitter time line even featuring new year's eve related realtime conversation and direct message feature. letting viewers learn more about the festivities. >>> recreational pot sales begin tomorrow in california. and more than 70 businesses across the state have received their permits to begin sales on january 1st. one of the first businesses looking to make a sale is the harbor side cannabis dispensary in oakland. they are set to open monday at 6:00 a.m. the dispensary's website said they will offer gift and prizes to the first 100 people in line. the law allows people 21 and older to grow six marijuana plants at home. smoking in public is still banned. >> some people aren't waiting until midnight to celebrate the new year. >> coming up, taking you to a local party for those whose bedtime comes way before the stroke of midnight. >> i'm spencer christian >>> thank you for staying with us.

i am yousef gamal el-din in dubai. banksng markets, central normalize rates, questions about not on effects for emerging markets. rating says the balance between negative and positive outlooks on the top 20 emerging markets has markedly improved. with us again is our guest. the to build up on some of highlights and some of the bigger stories out of that report. late last year, you had concerns about credit growth in china. where does that currently sit? by theu been convinced authorities they are doing sufficient work to address those weaknesses? >> not let. we have lowered the rating on china. concernson the back of for financial stability down the boom, which credit if you look at it, it is the largest and financial history in absolute terms -- it is slowing down. they have been trying to slow it down. my hope and expectation has been after president xi jinping gets his new mandate as enthroned to a more powerful position that they would step up the measures. this balancing act between growth on the one side and stab

when i say i'm going home that's where i'm going but but i have a place in germany in turkey and in dubai why because i'm traveling so much and and in turkey i have to say there's a place that i used to go for holiday and it's just perfect it's on the lake there's turtles larger than this table you can swim in the lake you can fish and it's like a village it's quiet and it's my downtime ok about dusk it's our thoughts exactly is it a little motor is kind of the stock offical to defend you two on the leash to gather too much money time you're going to sleep meds and go home to the past and it's only seen verdun op done mukesh down more of ones it's now and i'm up to it with some talk of doug you know about the i believe i believe. but yeah from a direction and time land and then high mud land that's. a myth and you find a bomb and i'm sick of the tartars one bit as much as. some of those oh ya clobbered us isn't trinamool meant. of course to have missed. out but dodged trying to scream past never as a high status quo to feel if d'argent hostess leave. the slots to lead to smear. few of min

>> the dubai market you can argue it is probably the cheapest emerging market today. here are companies, like emirates, four, five times earnings. delivering 17%. 8 to .9 times. with a fantastic franchise. increasing. n.p.o.'s dropping over time. this is not something you will find in any other emerging market. the reason for is two-fold. one of them is retail investor sentment is low. because we're seeing austerity across the country, more now than dubai in terms of government spending. we're coming from another oil shock on the downside. that is not helping the sentment. institutional investors are coming back to the market but i think retail will need time to recover. that's why you'll see close og that gap because it is definitely not justified. yousef: always a pleasure having you on the program. thanks for stopping by. let's again get you a preview of what is coming up next. larry summers is not certain about where treasury yields are headed. a must-see conversation. this is bloomberg. ♪ yousef: former treasury secretary larry summers is not certain where trea