>> mario draghi in naples. the european central bank is set to give details on the asset purchase program announced last month. >> start your engines. we are a buyer for the largest car show. we kick it off with the vw ceo. already world market leaders when it comes to passenger cars. we still have some need for action. inrockets set to launch frankfurt. the german ipo priced at the top end of the range. 42.5 euros per share.

>> hello welcome to "countdown." >> a warm welcome to the first hour of the program. let's get to one of our top stories this morning. the european auto show kicks off in paris today. let's get straight to european correspondent hans nichols from paris. of the a glimpse of some vw brand-new models. will you be getting a lamborghini or bugatti? >>. getting pricey. be packs of rabid dogs. for we have is a fight share.

we have a fight for who is going to sell what car to what individual. they came out with an exciting concept car. it was blue. it could be silent. you could go electronic. previous.s the s. priu we caught up with the ceo of volkswagen. . to take over toyota and be the world's leader. >> we are already world market leaders when it comes to passenger cars. we still have some need for action. we are working intensively to develop ourselves further in these areas. they did roll out something

that i would call a pickup. an old vw van with the back lopped off. we will use it as an opportunity to figure out what manus cranny does on his weekend. .hat is our driving passion the market for a van. we will get more details on that story later. what about new models. when are we going to see that? >> a lot of buzz at the auto the industry has asked when we are going to get this. -- have aar him

listen. it won't take long now. we are making good progress. we will only keep details of the new car when it is here. we will let you know. i tried to press him if that meant next year. he did correct my german. for take wrong verb over toyota. we got a little news out of the ceo of the volkswagen group. >> it sounds embarrassing for you. you had to get back to those classes. thank you very much. hans nichols's from the paris motor show. ford ceo mark field will be up in a few minutes. later, we will be speaking to

the jaguar land rover ceo. -- day today.e the ecb, investors of watching for mario draghi's statement. good morning. the devil is in the details today. what details do you think we will get? how much? what assets they will buy us mark --? >> investors will demand the of the on the quantity assets come of the types, whether they are looking at rings like asset -- things like asset backed securities. this is about getting animal spirit back in europe. it is the tangible measures that get economies going to read you have an economic block of

half-a-billionaire people. is unacceptably low. we are any cusp of deflation. this is a big moment. >> do we treat this many qe -- qe?-qe as or do we wait for something more like u.s. were u.k. qe? if this is about trying to get animal spirit, make money cheaper, it has gotten cheaper and hasn't done the job. >> maybe it is not about qe but credit easing. government bond deals are very low. we have to get the cost of borrowing down for the real economy. small to medium enterprises. particularly in the peripheral countries. that is the key to drive down those borrowing costs. and you get those animal spirits going again. >> a great deal of the debate is

about the class of bonds the ecb would accept. the collateral. the story that -- they have to buy greek junk bonds. ?o they have to go that far a loosening on the collateral types? is quality of collateral -- it an issue? >> it is. when you look at an asset-backed security, the yields are low already. when you go to the junior levels, yields are higher. that is the sticking point. that can unlock the cost of capital. you are right. the market to look at for the level of detail. >> how low can the yields go? france's 1.2%. spain, 2.06%.

how much downside is left in some of these markets, even if the ecb does announce full-blown qe? spanish spreads are 125 basis points. that goes to 75 over the next six months or so. what was a very vicious circle has become virtuous. particularly in places like spain. you have growth stronger. and upgrading cycle. why would not the spread be higher? yields are lower. >> unemployment heading in the right direction in spain? in naples -- they will face protests in a city with high unemployment, even for the eurozone. when are we going to get that part of the jigsaw?

see improvements on the ground? >> that is the key issue. the reform of public finance. clearly, government has to do there bit. also, that central-bank can do their bit. multi-it will take time. >> let's cross over to the u.s.. bond markets, an interesting day. treasuries had a big turnaround yesterday. quite a big move. getting ready for the jobs report. what is your take on the u.s. treasury market? it good value or just wait and see? le blow.look a litt -- low. what is driving them low is the lack of inflation. every bond investor is hunting down inflation. in each of the major markets, lower andaggets

lower. that is a challenge for all central banks including the u.s.. how do they get inflation higher? but with been created an absence of inflation. the short-term part of the treasury market is dislocated from expectations about interest rates. do you think it is? are investors behind the curve when it comes to the reality? >> it is. fed you look at the dax or predictions, it is more aggressive than bond markets. both groups will be data dependent. when you look at the u.s. economy, it will grow at 1.7%. that is a startlingly low

figure. we are back to this idea of inflation. bond investors -- >> we should not look at them closely? >> you don't fight central-bank spirit that is the bottom line for all markets. if you think of an economic checklist of what could force yields higher, inflation is a critical part of that. it is asymmetric. if you do not have it, you have deflation. that is a bigger problem. to 2003, a lot of people have said the same kind of thing can read pace, trajectory, rising rates. you feel so secure that we will not see a rerun of that? is one big difference. when you look at the amount of debt in the economies, it is colossal.

island indicator, we should all watch. it is wage inflation. when we see that coming back in, that is when you change your mind. the u.s. economy three quarters consumers. that consumer is not getting a pay raise right now. when they do, they are off. >> who do you blame? why aren't we seeing any wage pressure right now? is the conundrum every central bank is facing the read we have had little bits of economic growth. unemployment coming down. there should be some wage growth. that is the million-dollar question be read books which we had more time to rethink of for joining us. from jpmorgan asset management. you can join the conversation as always on twitter.

@markbartontv it depends how awake we are. these two are always ahead of me. >> i don't fix so. up next, back to the biggest names in the car business. after the break. ♪ >> time for today's company

news. a more money pulled from the pimco total return fund than ever before. billions drew $23.5 from the fund. the largest withdrawal occurred on the day of his departure. at the redemptions represent more than 10% of the assets under management. fund held to 21 points expiring dollars in client money. $221.6 billion in client money.

phillips admitted during the two week long trail that it used their designs. but they argued the patents were invalid because they were not properly written any technology was obvious. pepsi is hoping to win over health-conscious consumers by introducing a new cola called pepsi true. it uses a natural sweetener. true will besi exclusively sold on amazon.com. retail sales may begin next year. >> the paris motor show is revving up. our international correspondent hans nichols's is on the ground. now?ave you got with you of ford. the ceo

thank you for joining us. we are here. beautiful? >> it is like a paris gray. we can talk cars in a little bit. tell us about this car and why you are excited. >> we are introducing not only this car but another -- other products. is about our plan for europe. making sure we have great, .ompelling cars for consumers burks there are a number of different competitors. this is a car for active families. it is stylish and it looks good. packed with technology to help customers. innovative seating flexibility. new led lights. tons of safety features. a very compelling product. >> you mentioned europe. growth is coming back a little bit, but we are not at precrisis

levels. when you think you will have a profit in your european division? throughve guidance 2015. we do expect to improve next year, significantly. but still at a loss. that is the deterioration we have seen in russia. has been recovering, but a bit of weakness the last couple of months. we have had to adjust our expectations. with the low interest rates in the pension plan. expectation is to get back to profit as soon as possible. >> 2016? >> we haven't given guidance beyond 2016. through your situation in russia. where are you with that? >> we have a great partner. when you look at the russian market, even at its depressive level, it is still as big as the u.k.. is, somewhere down the

road, it will be the largest market in europe during we have been investing. we had a -- started with only producing two products and by the end of the year, we will produce 11. we want to serve the russian customer. >> what is your timeline? a year, two years? >> we take the long view. we continue to expect 2015 to be a tough year in terms of growth. hopefully starting in 2016, we will see growth come back to the market read again, we take the long view. we are investing through the cycle. >> longview in europe as well. capacity has shrum. does more need to be done to cut back capacity? >> from our point of view, our plan has been about introducing great products. >> does that mean we are in a fight for market share? the same amount of customers fighting for market share?

>> you will see growth. lowest it hasthe been in six years. what we see -- will we see precrisis levels? growth butt to some probably not getting back to precrisis levels. it all comes back to making sure you have compelling products to grow your slice of the pie. >> let's talk about the mustang. arriving on your shores. how are sales doing? have you ever tried to park a mustang any european city? x i lived in europe. i have a lot of experience parking. we are excited about the mustang. we are shipping fastback models. just two weeks ago. the plant is working. we will introduce it here in europe in 2015. from the response we have gotten at the auto shows, a tremendous amount of excitement.

clicks -- >> give me a number. how many vehicles to its back to sell? >> as many as customers want. majority of the sales will be in north america and the u.s.. a lot of interest and a demand in europe. 50 of the mustang clubs, we have 300 total to retrieve -- total. 50 are outside the u.s. where we have never sold product before. we have high hopes. we will be selling as many as customers want. let's talk about the focus. your new focus line. tell me about it. >> it is the best-selling car in the world. >> when your wife does not let you buy the mustang. >> you look at the focus and it gets your blood flowing. it is exciting to drive, it

looks good. we are about delivering product excellence with passion in every segment for customers. customers are telling us they agree. is the best-selling car in the world. >> when someone is back in the states, when will they get a european sports engine? >> when you look at our strategy, the one ford strategy, ride and handling, it is very consistent around the world to read whether you are in the u.s. or europe or china or south america, you will get that dna. the handling of a great-looking focus. talk about china. how do you see the outlook? >> we are very excited about china. our growth there has been significant over the last couple of years. literally have doubled our share. we are in the process of opening three more plants next year.

were up 50% purity your to date, up 30%. market growing. the fundamentals are healthy. a lot of growth in what we call the tier city -- tier three cities. relatively small compared to the larger ones. that is where we are focusing our efforts. >> one final question. the discussion. what do you do to stay competitive with new regulations? >> we always want to take this from a customer perspective to read customers want the best fuel efficiency, quality, safety. our approach is to deliver that. in terms of regulations, we try to meet them. at the same time, make sure we have good discussions with the .egulators on the affordability >> thank you very much. your intent is the opposite of mine with speed limits.

which is to always break them. we did not get the demonstration of how to park the mustang. but you are an expert parker and i know you could do it. >> absolutely. parisield life from the auto show. let's talk about markets. yesterday. you told us that would happen. >> we looked at the russell 2000. in index of small and medium-sized companies. the reason we look at it was there is not much brett. the companies taking part in the rally is not as great as many would like. remember the death cross? it seems as if the death cross was right. the trend very much as a downward one. >> the contagion spreckels over

here in europe. in france.g news they will miss the deficit targets. french stocks have beaten european stocks. the option traders are beginning to buy downsize protection. that is what is coming through. most of the option positions are looking for a 15% correction before the end of the year. >> that was not the only week data point. there is also the german manufacturing data. and the misery index. the ebola news was weighing on airlines. that is a wrapup of the markets. tot can vladimir putin do

revise the economy? we are in moscow to speak with the chief economist. 6:26 on "countdown." >♪ >> you are welcome back to

"countdown," i am manus cranny. let's start with the dollar. it is overboard, overdone. the right hand side of the screen, the biggest one-day drop since may of this year. as we wait for the ecb announcement. this time in august, we had volumes of around $85.5 billion

going through the system. year, lower. the dollar is giving back some of its gains. the pound, the back story is the dollar is dropping. pound, the new mpc member, beginning to show her potential colors. she made a statement. saying the downward pressure on sterling -- from sterling on inflation may be fading. the pound against the dollar, one .62. not fade as quickly as a midsummer night's dream. i am anna edwards in london. bankrgentine central

president has quit. he resigned in less than 24 hours after cristina fernandez publicly criticized the institution for allegedly leaking inside information. mario draghi spoke in naples last night. he says the key to sustained recovery in the eurozone is higher investment. they deliver their rate decision later today, and you can atch the news conference 1:30. raised foroll has ebola. almost all of the cases are in guinea, liberia, and see her of the only. -- and sierra leone. mainland's tour groups have been officially banned from traveling to hong kong. >> in moscow, the sixth annual

capital investment forum is underway. vladimir putin is due to speak at the event later this morning. the next guest is attending the forum. economist at the institute of international finance. think you for joining us this morning. issues thatll the are coming into play and russia, the sanctions are beginning to bite. you would contend that they are having more of an impact perhaps than many have thought. >> thank you for having me. what happens actually, the sanctions have been biting stronger than expected. even though they are relatively narrow. borrowers have been shutting out -- sent out completely. discounts in addition to the usual -- russia is deprived of

funding. there are a lot of different things happening. the ruble has fallen. has, under anstem enormous rusher. a lot of things the russian government has to do. >> one of the biggest debates, in our business week article, is russia desperate enough to block investors from leaving. we have had a variety of sources talking about it and read the russians desperate enough to consider that? that would be a fatalistic mood. that would bring you back to 1998. that involve the default -- pat would involve the fault. >> we will have to see what president putin says. my feeling is from the talks i had here that capital control is

not on the agenda. right now, nobody in the russian --ernment or central-bank russia is not in that situation. russian counterparts they did not work even in the late 1990's. the damage from them was bigger than the possible benefits. heital controls cannot imposed on the institution by itself. there needs to be a change in the law. the bottom line is not, at this considering capital controls. if the situation becomes desperate, that is another issue. right now is not on the agenda. >> dia think we will see new

retaliation sanctions from russia? with a risk that? -- would they risk that? taken --k they have there is a feeling that it was a mistake. morert russia and russians than the partners in the u.s.. -- let's put it this way. if the situation -- if we have this conflict, i don't expect the sanctions -- what could -- somend is happening sort of harassment of businesses in the u.s..

when they use sleek conditions to extract pressures. don't expect a broad wave of counter sanctions. they understand in the government that the counter sanctions will probably hurt russia and russians more than europe or the u.s. saudiare looking -- arabia cutting the price at which they will sell their crude. prices are going lower. where is the inflection point for russia in terms of pricing from the oil market? how much does that come to bear as we go into this? the winter quarter? >> this is the big story for russia. we have done some estimates. referenced,e have

94-90 five dollars. the losses 2% of gdp. this is something that russia can absorb at this point of time. below,oes below 90 or and stays there for a long time, say for like a year or year and a half, then russia would be in big trouble. go into ald have to deep recession. the ruble would have to depreciate further. in order to offset loss. russia is vulnerable to oil prices. a combination of older abilities. -- of the older abilities. nerabilities.

>> great to have you. let's see with the headlines are from mr. putin. comes anothers, e-commerce launch. rocket internet in frankfurt. the biggest ipo in germany this year. caroline hyde is here to tell us more. good morning. how is this one going to go? it1.4 billion euros is how is going to go. that's what we understand the valuation will be. more importantly, this company -- it is the biggest initial share sell in germany -- it is what it does for technology companies in europe. a confidence boosting exercise. zalandoet goes well,

held its price point. it is restarted in rocket internet. internet this rocket is a bit of a incubator. share sales int europe. the.com boom. boom. dotcom appliances are sold online. a fashion company. rocket internet would be the biggest deal. bring others to sell shares. mind candy. maybe spotify. it is all about the exit. when i speak to vcs, entrepreneurs, he is saying what you need is more billionaires. people to exit companies.

cash in. put them into new startups. start the virtuous cycle. entrepreneur, she says is about the virtuous circle. tell us about this business. the copy cut nature of what they are doing. >> rocket internet, there are three brothers. they don't try to say they are the creators >>. they say they are the best executors of their. -- out there. their target's europe and the emerging markets. what they do is take a comedy doing well. they started with ebay. they are fascinating. they went to silicon valley in 1998. the intern for every single company. makes a goodwhat

company. they took ebay to germany and it made their own version. that aggravates people. now they have more than 100 companies that have copied airbnb, eharmony. interest. -- pintrest. they did it to groupon. they launched their own versions in europe. groupon had to spend hundreds of millions of dollars buying them out. the board and on said, we have never seen anything like these guys. they say they are the best operators to ask -- operators. >> up next, jaguar takes on the end of you -- takes on the m w -- bmw. that conversation is next. ♪ >> welcome back to "countdown."

london, 6:45. let's head to the paris motor show where hans nichols i standing by. >> we are joined by the ceo.

they give for joining us. we are stating in front of a jack wire xe. tell me about it -- jaguar xe. tell me about it. books -- >> this is a special car. it has a lot of technology. it is combined with a very british design. a compellings conversation. >> you are trying to sell it for less than normal. are you in danger of undercutting your brand? >> not at all. . it is a smaller car in a different segment. we will offer something. something special. we always keep our profitability at the end of the day. >> you don't the gobi jaguar xe as a luxury car? be --is one segmented one segment below.

withdefine this segment this technology. lightweight technology for the body. the latest connectivity. also, with technology coming out of land rover. onher safety and security all surfaces. >> that means i can to get overland from cairo to cape town. >> in principle. >> let's talk about suvs. do you see a time when jaguar could introduce an suv? >> categorically, no. a capability. it can only be developed and produced by land rover. >> this is a definition. your definition of a land rover is an suv. suv has to have capability in the off-road area.

>>'s jaguar going to introduce something suv like? >> it might be something that is suv like from a body shape. a handling point of view, more driver oriented and road focused. >> what year might we have an suv like from jaguar? >> that might be the case -- >> next year? timingon't talk about and we take our time to develop each and every vehicle. make sure that quality is achieved. >> can we talked briefly about russia? you have seen sales down. what is your long-term strategy and do you see it bruce -- rebounding? >> we can cope with this kind of situation right now. russia but also the

ukraine will rebound. not only out of market reasons. more because people living there suffer the most. i hope the politicians are going to find a solution that the people can creates of the special for themselves. >> if that does not happen, can you see lower than 20%? case, it might be below 20 sirs and -- 20%. >> but long-term, you are committed to russia? market. a big we are absolutely committed to and we will do business there in the future. >> there is news that we might have something that looks like suv down the line, but we are not going to take it to cape town. >> no jaguar suv but maybe something is to be like -- suv -like. autos to shopping.

the owner of the biggest shopping market -- mart begins selling shares today. they have the flashiest developments. established in the uae in 1997, they have invested $27 billion building downtown dubai. including some of the most iconic landmarks. the tallest building in the world. but the goose that lays the golden egg is the mall. 5.4 million square feet in area. visitede world's most destination. with 70 59 visitors a year, it trumps times square -- 75 million visitors a year, it trumps times square. it is up from last year. >> coming up, the eu focusing on

legal status. more in thend newspaper segment. ♪ >> welcome back.

i am mark barton. we are talking james bond.

remind my opportunity to viewers that caroline hyde's father once dated a bond girl? >> mrs. hyde may not be pleased. >> he once took her for a drink. that is his claim to fame. he loves james bond. there is going to be a new book. -- they found a script for a tv program that never happened. murder on wheels. stirling moss. he was a character in the book, written by fleming. they found the script. toy have asked horowitz write the book based on this finding. inn maas is not going to be the book. now the flemings are looking for

a new double 07. -- 007. everything among friends so far. >> this is the times. giving robots legal status. apparently, when them to carry out financial transactions, you might need to have some sort of status. the right to carry robots, that is not what you're getting into. >> silicate is already happening. they are makeup right now. the. -- lindsay.

him at the moment -- she is in review at the moment. only have two redemption -- from rehab to redemption. a few had, not great -- people have said, not great. >> it was the second day of champion's the league. >> and. million. clever mark barton.

>> follow us all. keep it on there, . ♪ >> draghi in naples.

the european central bank set to give details on the asset purchase program. >> live in paris for the largest car show in europe. already world market leaders when it comes to passenger cars. the suv and pickup segment, some need for action. >> rockets set to launch in frankfurt. the german ipo priced at the top end of the range.

>> welcome to "countdown," i am mark barton. >> i am anna edwards. cranny. am manus >> europe's biggest auto show kicks off. let's go to hans nichols's who joins us from paris. you have had a glance at some of the new models. what is your favorite so far? >> i have to go with the lamborghini i saw last night. it is 8:00. the emerging team is the battle for market share. how you improve quality in europe if the overall market is not growing. we spoke with the ceo of volkswagen. he said the challenge is to improve their suv and truck segment. >> we are already world market

leaders when it comes to passenger cars. in the suv and pickup segment, we have some need for action. we are working to develop ourselves further in these areas. >> we can talk market share, russia. let's talk autos. a lamborghini if you can push a button and make it go silent? it is a concept car. market,is ready for between mark and the, it will have a few zeros -- between mark and manus's price range, it will have a few zeros. >> any word on when we will see that model? >> that is the new concept. car. from volkswagen. a lot of speculation.

like arms shows are races. each side comes up with new models. they are talking as much to each other as the consumer. i heard he had that they are getting close. -- heard a hint that they are getting close. >> it will not take long. we are making good progress. we will only give details of the new car when it is here. we will let you know. theset is the thing about ceos. they only announce news on their own schedule. trying to get them to slam the brakes or swerve or skid. i will throw it back to you. and a variety of bad auto metaphors. anna? >> no shortage of terrible metaphors. hans nichols at the paris auto show.

breaking news on property. >> we have been talking about german ipos. ipo. talk about a dubai sinceggest ipo in dubai 2007. in its first day of trading in dubai, shares up 17%. was 2.90.ice it has risen to 3.5. a great success. by 17% to read the biggest ipo in dubai in seven years. >> four minutes in. i went to the mall. i got lost. hashis is a company which -- ipos. they are going to 25% of the company. about 150 million pounds in

terms of proceeds once they have ipo to. -- ipoed. that is the top line news. they are going to repay 50 allion pounds for manchester's treasury. >> that has to do with virgin money taking control of northern rock in 2011. people set to have a payday. >> what's talk about the ecb which meets in naples twice a year. frankfurt. setting up store in naples. you are going to tell us things about naples, anna. we are not going to talk about address rates because we know they are almost zero. interest rates do not matter. what matters is that asset purchasing program.

aghi told everyone we were going to do it last month. the devil is in the details. how much are you going to spend? securitiesf asset are you going to buy? before manus answers all those questions in a precursor to the marked today, the asset desha back to securities market had its best returns in september in 20 months. investors are quite salivating. >> he wants to get me -- jpmorgan had two different answers unicredit said, we will buy many asset backed securities. in, so goes jumping

up the tide and the market. you have the jpmorganion with a asset manager, it is about getting animal. into the market to read -- intong animal spirits the market. best to not disappoint the market. plunged so fast. 75 basis frombe over 100 right now. >> interesting that they are having this meeting. having this meeting and what has been described as the periphery of the periphery. that's how he describes naples. there will be a protest march

come not something you see and frankfurt. 8:30 u.k. time. palace wherethe the debates are held. the ecb will be having the meeting. protesters are going to be greeting them. let's remind ourselves that this is a city that came highest on italy's misery index. unemployment, among other factors. it is over 25% in naples. more than double the national average. >> and youth unemployment is double. stagnation, some of the things that the ecb talks about but does not necessarily get to feel very much in frankfurt, they are on show on the ground in naples. fascinating. quotes.one of the at gap between the debates

the royal palace and every date life -- cannot be filled with monetary policy. >> we can't do everything. shall we tell you what our twitter handles are? >> promotion. >> let's start with the one at the bottom. tell us about the ecb. have you been to naples? >> i drove around naples. it was a frightening experience. >> after the break, another conversation that is all about cars. int two.e back ♪ >> time for today's committee

news. more money pulled from the pimco fund the then ever before to read investors withdrew $23.5 billion. the largest with drawl occurred the day of bill gross's departure. the redemptions represent more

than 10% of the assets. shares finished the session higher. that is after a u.s. court awarded the company half-a-billionaire dollars in damages from phillips. in the trialtted it did use their designs, but argued the patents were invalid because were not -- they were not written any technology was obvious. open to winlping -- over health-conscious consumers by introducing pepsi true. they say they will cut calories by more than a third compared to other products. truest -- at first, pepso

will be sold exclusively on amazon. >> bloomberg takes a look at the cars of the future. tom gibson reports. >> could this be the car of the future? citreon hopes this concept will boost sales. it does not even carry their name. it certain he makes a statement. >> they are trying to take on the established idea of premium which has been set by the german brands. they are trying to do it in a french away. an extremely over styled, slightly more luxurious take on what we have gotten used to. a variety is good for the industry. >> it is certainly luxurious. companies have helped with the design, doing it some -- the sister company peugeot is in on

the action. they are hoping they can take on their german rivals. >> peugeot has a big job to be done to it -- done, persuading people they are really a rival. it is a good intention to show where they are going in terms of their brand. >> concept models from toyota, ini said to make debuts. >> they cost several million dollars to develop. what tends to happen is they up in an altered form. where the designers have in reined in. >> bloomberg. >> you have to love some of those concept cars. don't miss our conversation coming up with the volvo ceo.

back in two. ♪ >> let's get back to the paris

auto show. hans nichols is there. speaking to another guest. >> good morning. we are here with the mobile ceo. --volvo ceo.

thank you for joining us. it looks like it is in a boxing ring. take on theing to three german premium manufacturers. want to move upwards in nice -- this segment. boringo is no longer for family guys like me. >> i don't think it is boring to keep your kids safe. that is the future luxury, to show spots really for the environment and your family. that could be a premium feature. that is what volvo wants to deliver. >> how much does volvo wants to rebrand? let people know you are a sexy luxury company? >> you have to tell the world that. not just spending more money or tv ads. it is important to be clear. start with a clear base, what do we want to deliver, and speak to that message.

>> you told me only eight buttons. simple, scandinavian design? >> scandinavian design is simple functionality. we have a screen for the interface. we only have eight conventional buttons. to 50.ars might have up that is something our customers appreciate. >> you are going after the premium segment. you see auto sales coming back in europe question mark >> -- in europe? >> the market is coming back. we have had bad years but the market is growing slightly. >> it is slowing down a little bit. >> we have good momentum. we are going in europe, close to premaster than the three ium germans. >> who is the easiest of the

premium germans to pick? off? >> we are not going after anybody. we are offering something special. one important thing is not to copy. you have to offer premium spots. otherwise, you are buying a copy -- making a copy. of europe, what do you see sales like eventually and china? besales in china will 200,000 cars in some years. this year, we are selling 80,000. we are good on the way. but a lot of things to do. >> russia, how do you see things were covering their? -- there? >> is a tricky situation. the market is down 20%. we will lose some things this year.

you see that happening? we have had some soft economic data out of germany. it seems like wings are slowing down. >> i don't know if it is related to russia. the market is always nervous. it.re keeping an eye on >> one thing you may not be able to keep your eye on, if you are tell us about this car. the ability to stay on the road with economist writing. driving.onomous >> that is one of the most important things for the future. feature. safety people are distracted. looking at their mail and so on. this car will be more forgiving. it is an important step for comfort and safety. >> what do regulators need to do

to make a thomas driving -- autonomous driving a reality? >> there are more things about responsibility. in sweden, we will have 100 cars and traffic in 2017. be as important -- >> going back to china really quick, when you talk about growth, how much of an advantage or disparage are you at? considering you are owned by a chinese company? >> i don't think we have an advantage. the chinese like premium important cars. we have the buildup in our factories, we would never have established our industrial foot and so fast without the support.

>> in china, especially protests in hong kong, you see that slowing the luxury market? -- >> not really. our forecast is it will continue. maybe not with the growth rate we have seen in the past two years. >> maybe a little bit slower growth in china. you are concerned about russia. we are affirmatively saying the new cool is to take care of your family. back to you guys. >> thank you very much. hans joining us from the paris auto show. can we talk about markets? >> i'm going to do some bank of england. we will talk about the foreign exchange impact. basically saying, the downward

pressure on inflation as a wages of sterling -- might arise. she is in the camp of not calling for a rate hike. this is her first public statement. another person saying the u.k. not ready for a rate hike. the u.k. almost robust enough to return to normal. is the constitutional debate about scotland going to distract investors? >> bond investors, what are they telling us? since 2011. spanish bonds, italian bonds, u.s. bonds. if investors think interest rates are rising, wisely bond of market doing so well?

>> different signals we are getting from central banks. the u.s.. compared to what the markets are telling us. more broadly, looking at the equities story. the s&p down 1.3%. the dow down. rustle -- russel officially in correction. >> that is essentially about the fed. >> we are going to get construction data out of the u.k. on futures.20 the dax off 40. >> the asia-pacific index down. after the break, autos back in focus. as the company unveils its data.

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>> welcome back. we've had breaking news. the company's operating profit up by 9%. the chief executive officer joins us now. good morning peter. you have raised your operating profit forecast. you say it will rise by 9%. it was 7% to 10%.

what is behind it? >> i think it is about a good summer that we had and strong trading in the high season. that has resulted in an uplift at the upper end that we gave. >> what was the trend in the summer. what types of holidays? what pricing? late-booking rong market. more people taking all-increwsive holidays. we saw strong trading in our big markets in the u.k. and germany. >> are you getting a sense that your clients, that the public that is using you, that are cautious about spending, where

are we in thing habit? >> i think there has been caution. that is why our customers are taking all increwsive. when we look at bookings for the winter and for next summer in the u.k., we're encouraged. r next summer, they are up 11%. we've had a strong start. maybe that confidence is starting to filter through. >> do you get a sense it is deserved? the u.k. is set to be the strongest g-7 economy this year. are you getting that sense? >> absolutely. we have to see income levels increasing. they have been broadly flat for our customers. everybody is much happier in

termses of the whole economic environment. >> tell me about some of the geopolitical factors, russia and ukraine. what is the reality on the ground now? >> tough in terms of the weakness of the ruble which is devalued by 20%. costs have gone up but the ability to recover that has been difficult. russian businesses had a difficult summer. >> are you cutting your offerings to both sets of clients? >> yes. we're taking a cautious view for next winter and we will do the same for next summer. >> there is always geopolitical hotpoints. egypt is a big market. many governments are advising their citizens not to go to certain areas like an area

where many resorts are. what are you saying now? >> we follow all foreign advice. the nature of our business is we're operating on a global basis. sadly there will always be something going on somewhere in the world. we have to build that into our mobile. when there is a weakness in demand, we adjust accordingly. >> are bookings down in egypt? >> no. when you compare the comparativest against last year, bookings are up. we're operating to the red sea up.bookings are >> is there a sense for north africa, with the terror fears that travelers are reluctant apt to go to tunisia, kenya?

>> i think there is inevitably some caution, particularly when we're thinking about young families. i think they are focusing more ongoing to the greek islands and the spanish islands. there is some impact. >> the big story is the imminent merger between yourself and your parent company, tui. you need the backing of your shareholders. are you confident you'll get 75%? what are shareholders telling you? >> very positive. i've been on the road for the last few weeks and will continue on the road until we get to the votes. so far the shareholders i have met, they have received it in a positive way. i'm encouraged. >> you will be co-managing it if it goes ahead with the c.e.o. of tui.

what happens then? hat do you do in 2006? -- 2016. >> i will join the supervisory board. we have a transition of responsibilities where i pass over my knowledge and expert's of tourism to fritz during that period. >> the main purpose of the merger is future proofing the business. you have to try and beat that sound bite. what is the main purpose of this merger? he says it is to future proof the business. from your perspective what is it? >> the purpose of a merger. i'm not going to answer differently. i'll describe it in a different way. that we get continuing growth

having access to the tui hotels and we can expand them and get more unique content and that's what we mean by future proofing the business. >> thanks. we'll see you soon. we'll no doubt hear more about mp ui an tui travel. >> 7:37. here in london. more onen the i.p.o.

>> welcome back. the misery index is a chart i've never looked at before. look at the misery indegrees. it is a measure of wellbeing for specific countries. it combines the unemployment and inflation rates. this is a list of countries as measured by consumer prices and the jobless rate and you get a figure. the figure for venezuela, at the top of the table is 59.5%. greece is third, egypt, spain,

turkey, croatia and so on. the g.d.p.-weighted index is 8.2%. far, far down from that. greece stands out. 26.3%. the reason it stands out is naples. the e.c.b. has this monthly meeting. great s in the bloomberg story today that talk ugses about the troubles naples is experiencing. naples score is 26.7. the worst in italy. it would be worse than greece. greece is 26.3. if naples was a nation, it would be stripping out all the other cities in the world. just going down the list quickly, you can see where some of the other countries lie.

12.36%. you'll sigh the u.k. and the u.s. as well. at the bottom, bottom of the misery index. thailand. 2.8%. because it has got low inflation and extremely low unemployment as well. >> this is for the european union as a whole. misery has come down a lot in the european union. the e.u. misery index, the latter part of 2012 -- >> that will be the inflation. >> go back to venezuela. you have a job and -- >> worsening economic climb. developed by an american economist who served as the

chairman of the council of economic advisors in the u.s. the misery index is also an american death grind band. there you go. your fact of the day. formed in 2001 in baltimore. >> you have really gone off there. >> let's talk about i.p.o.'s on the heels of alibaba. what is the story? >> it has gone big. 4 2 1/2-year-old. 1.6 billion euros is how much they have managed to raise. this is the biggest i.p.o. we have seen so far technology in

europe this year. it is biggest initial share sell we have seen. hopefully a confidence booster to lure in other technology companies to sell shares. this is what everyone aims for. the exit. you want people to sell shares to create more billionaires to get money flowing in europe. they went for slightly more money and didn't trade that well on the initial selling. he said you need more billionaires in europe if we're going to compete against silicon valley. >> who'll get rich in this one? >> rocket was set up by three brothers. oliver is the middle brother and front man of rocket

internet. since 1998 they all went to silicon valley together and shared a one bedroom apartment. understanding what it takes to make a great businessman. oliver himself wrote a dissertation on start-ups. america's most successful start-ups. >> this is going to be a group -- >> it is a company that does copy catting. takes a model that works and takes the model and puts it europe and then in the emerging markets. that is where the art is. new, untried and untested areas. roupon had to buy out the copy cats. they said these guys are the best operators they have ever

seen. how will these shares trade? many feel they got a bit greedy. >> let's head back to paris. hans nichols is there. has anyone been foolish enough to let him behind the wheel of a car? over to you. >> i'm joined by the rols royce thank you for showing me this beautiful car. tell me about sales. they don't come inexpensive. >> no, they don't. one of the -- if not the most luxury brand on earth and these cars cost quite an amount of money. for good reason. >> we can go inside in two seconds. tell me about sales. you had a record year last year. do you expect another record year? >> yes. i'm confident that we should see again this year a record

year. probably probably break 4,000. >> 4,000 billionaires out there just waiting to get one. >> i'm going to pretend to be one of those billionaires. they all look the same from the outside. >> ok. i'm going to attempt to step in here. this is my first step into a rolls royce. i should act like i know what i'm doing. clearly i don't and we are back here. all right. tell me about some of the luxury features on the inside. >> this car here celebrates what we call be spoke. which gives you as customers the chance to -- the car to your own fingerprint. that car is called the metropolitan car. it is very much related to cities, city landscapes.

it takes at least a couple of days to finish. it is comprised out of 500 -- then of course it is lovely embroidery all over the car. >> are you supposed to eat in the back of the rolls royce on a picnic table? r rewith fridges in the cars. everything you like. >> i suppose if you're a billionaire your mom does not impose the no eating in the backseat rule. >> tell us about how billionaires differ across the globe. what are some of the unique requests? >> they don't differ a lot by all means. they are cosmopolitan people. many of our clients have entses in -- residences in

national cities worldwide. when you pay that amount of money from our car, you can expect the best. >> what spernt of your customers buy more than one rolls royce? >> we have customers with a whole collection of cars. we are talking about customers who have over 100 cars in their garage. at least 10-12 cars in the garage. people who are i would say have garages like we have wardrobes. >> who washes them all? probably not the owners. >> no, not the owners. >> we have seen some geopolitical risks in russia. the market is down. how have your sales been going n in russia? >> people invested their rubles into some real assets.

rolls royce is a proper investment. keeps a value over a long, long time. >> what percent were they up? >> they were up around 15% to 20% compared to the previous year, which is quite essential. >> ok. well, next time i have an extra 350,000 pounds, i'm worried about it. i may park inside a rolls royce. my kids would spill the cheerios in the back. back to london. what could safely be called a comfortable interior. >> you're not supposed to eat cheerios in the back of a rolls royce. i'm pretty sure about that. nice. thank you, hans. from the paris auto show. jumped 20% at the open.

> established in the u.a.e. in 1997, they have invested $20 billion in building do you want dubai in some of its iconic landmarks. including the tallest building in the world. the goose that lays the golden egg is the dubai mall. over 1,200 shops. it is the world's most visited destination. with 75 million visitors a year, it even trumps new york's time square. they had a 167 million dollar profit in 2014. >> after the break, business as usual for the european monetary

policy makers, the e.c.b. we'll take a look at what to expect from the meeting today in naples. stay with us. ♪

> welcome back to "countdown." investors will be listening to what mario draghi has to say. so will jonathan ferro.

he will tell us what he will be watching for. different location. same conversation. >> very much so. we should talk about naples. knowing a lot of people in the south. friends, family. are far from miserable. let me tell you. a great football team. > you want to get your balance sheet up. how do you do it? not many think draghi will come out and say this is how big it s going to be. >> you going continue to talk the euro down? not directly. >> they talk about it a lot. t is on a downward trajectory.

>> jon, thank you very much. jon is up next with "on the move." you can watch all of the action on the e.c.b. we'll have the rate decision. then we will have the monthly speech. stay with us on bloomberg. ♪

>> welcome toe "on the move." i'm jonathan ferro. after yesterday's global selloff, this is what is on the agenda today. the e.c.b.. same old question. they face another down turn in economic data. if you're looking at the euro, it has foulen 4% against the dollar. how much will that help the bottom line of europe's exporters? this hour we speak to the c.e.o. of audi and of course

pimco. they have a $23.5 billion problem. fell from uch it the return fund last month. many expect the withdrawals to continue following the depart cher of bill gross. ftse down .2%. dax down .3%. anus cranny has the open for us at the touch screen. >> you're right. that is the critical part of the agenda. european equities. the futures indicate a lower opening. he u.k. down for a fourth day. we'll look at the construction purchasers managing index.