>> help-wanted. the emergency summit on jobs and growth. step down after the merger is completed. travel sick nets. the thread continues around the world and they suffer with the impact of the pilot strikes.

good morning. what do we have? one off your -- and put lycra. golf.g is the new we will talk about that. let's get to the top story. european leaders are there for the job summit. they want to lower the jobless rate across the euro zone and the meeting coincides with the parliament and the labor reforms that include making it easier to fire people and the more complicated bits will happen later. he promises that the changes will be sweeping and swift. go to the discussions

with our european partners. structural reforms are the most ambitious ever conceived in italy. dan joins us now. let's start with the summit. lowexpectations seem to be right now. what are we going to get? >> fair points. he recognizes that and does not want to have a misstep. what he is going to do is divide the complicated package into pieces. outlineseing the broad of the measures to change the labor market and includes things like welfare and unemployment system spec give incentives to companies to hire workers.

the most controversial aspect makes it easier for companies to dismiss workers and will be dealt with down the road. what he wants to do is get a consensus and a broad vote on his plan. >> he needs to do this and convince the leaders that are arriving for the senate that -- summit that he is serious and they are not going to believe talk. the want to see action. >> absolutely. he said that he needs to get the reform done so that he can show that he can accomplish things and answer the critics who say he is good communicating and talk. he needs to be pushed through the reform measures. it is going to be big for him.

how he is to be seen going to battle opposition and get it done. >> thank you very much. time, we willes and a small the ceo shoe start of that ended up re-domicile and in london ing ine -- re-domicile london. difficult phase for airline stocks and the concern is ebola. let's go to carolina hide. we saw this yesterday and today, as well. percent in the last

hotel groupss and this morning. cruises. these are being heard because of concern an immediate reaction and the tragic human side of this. where does this leave companies travel oreople not having impediments to their travel or more difficulty getting onto a plane. >> obama was talking about screening people getting on and off of planes. >> interesting. and it analysts coming was not as much of a concern as you think it is. because it is not airborne. isis bodily fluid so it

incredibly easy to be contaminated by a spanish nurse. there is not the fear factor. andave a coming to europe the first contamination in spain. it will take a hit on the financial side of things. >> air france is suffering. but it is. is problems of their making. they announced half a billion euro hit to four year earnings on the back of strikes and that is passenger traffic down and cargo down in the month of september. they say this is people put off reduced hope it will be

is what they say. they say they may see profit down and they had seven days of strikes. irony in thehe situation is that the reason the strikes are happening is because they are trying to compete with the companies they are hoping. have more seats in france and 5 million pounds in the bottom line. the sort of change and pilots need to get paid less. already, air france has backed it is interesting. the consumers are getting less patient. i did a piece of research.

air france is looking at striking pilots ahead of the world cup. it would have been having. the population thought it was a bad idea. two thirds thought, you go. striking pilots is a no go. >> what else is on the radar? would stay aloft. could.is preparing to they are selling shares and the deal is you at 2 billion euros. sharesve held their until now. said.s might get of sergio says he will step down after the merger is completed. in 2004.harge

he is the longest-serving ceo. potential sees the for mergers to create a new company. we will have more on this story. minutes get released. may maintainers their commitment with asset purchases about to end. his beginning. we will find out later. we will bring our focus back to italy. will the reforms get back on track? and thee they conversation is coming up next.

>> impossible to make strong performance and at having full consensus. you cannot if you are not willing to face obstacles or conflicts. italy needs reform. tough, the reforms are

they will not be liked by everybody. the government in the parliament has gone too long. change andeds to must change. lobbying the government to follow through with labor reforms that are promised. part of thee on changes he wants to put in place. are these the right reforms? let's talk about that. for a few have really cost start up culture is going to you small --, anes thriving is online shoe company. us as press describes

women swipehoes and left or right depending on whether they liked them or not. based on likes or dislikes, we recommend that her shoes. >> why are you here? ?hy are you not in italy why are you doing business here? >> it was not so much conscious. it was conscious and it is in the -- a great international community. and it ist of capital easier access to capital than anywhere in the rest of europe. and the taxgreat incentives that private investors have to invest in companies.

and tax relief% on the investments in private companies. this is something that italy is catching up with and i've been talking. with the benefit of insight, i am lucky to be here because of laborbor laws that make more expensive and i know there are a lot of reforms in the right direction. >> a lot of differing reasons there. we stop guyshow do italy.ck from coming to it needs big companies to thrive and employ people.

small companies are big employers. >> why do you want to stop the? and interchange experiences we talk about globalization. it is a change of people. for this.is coming environmentvorable and has been done in the past. area.s a good the have a job. going theee tech problems? about+++ you be going

is she doing the right thing? >> i wish them success and the approach is younger and the global approach. it is not making one reform. it is making lots of reforms. we're talking about the job market and they said the other day the most important reform is the -- in order to tackle that. you can make a lot of deficiency. people come and show the way. reforms and italy has been the main investor in in the last three years.

we see a lot of young people itting the prize and i think is what renzi said. it can cause good. >> they take the lessons and what they pick up. would you get back? >> eventually. is is that women in italy love shoes. part of theing business back. i guess the industry is one of them. we are not to me doing more with it. known for two things. cool cars and engineering.

there are really competitive advantages they have. what do they have to do to take advantage? many startup accelerators. they are involved in a startup accelerator. we have a few in italy and, talking with some, the idea i there was more italy you in fronty put of people who want less access slow and they are have to put the money first and

then received the money back six months later or one month later. >> taxes are a big element. >> you know, you have to because itemployment creates wealth. addressed to incentivize -- innovation. approach that increases fiscal and innovation. the example that is good. design production. some companiesnd

are bought by foreign investors. and what is good is that they do not move the production. the largestt and investor has increased. the quality of engineering is good. out.hope they can come >> the demand that, when released, drives good things. we will leave it there.

later this hour, we'll go live to rome to talk and we will get to take on what renzi needs to achieve. we have it take for you and tech city heads into the bicycle lane. we will ask if cycling is the new golf. we will see you in a moment.

>> good morning. welcome back. you are watching the polls. let's look at what is going on with the markets this morning. carrying through to today. the ftse is down and the dax is down by 0.6%. look at the markets that tells the story. treasury andthe the five-year space with the five-year german. we talk about that japan a japan-ification.

the yield is the same. reformseting to discuss and the labor markets and to discuss what the ecb can do to drive growth. when you go over, you are exposed to new labor market regulations. and the ecb cannot too much about what is have thing. italy has structural problems. the stock price is. sergio is leaving the cup and the and will step down. this follows the -- is leaving. there is a shift towards the united states becoming less italian. the developments are not a

ringing endorsement. once 0.14. point well made. take a break. we will take about a. -- talk about it.

>> welcome back you are watching the head: -- the pulse. for currency regaining by the end of the year, according to people familiar with the prosecution he and the justice department and get guilty pleas from several firms. underwayeffort is

after an earthquake injured 300 people and destroyed 7000 homes. executive says he will step down. a merger andted could create a new leader. profit has tripled since 10 years ago. let's talk to the man who breaks stories like this one before we break a few more. malan.joined from how should we think about the exit? >> hi. spent thear and we day with them and it was for a business story that we will have in the coming days. said he is open and

done when the plan is completed in 2018. he wants to study floss of the .nd leave the floor moreys it may be splitting and it is the end of an era. he says he expects something more to happen in the next 5-10 years. he sees the possibility to create a global carmaker that is bigger than two yada. knowys the industry will the level of capital and build a new car from scratch. he says he will see new mergers and he said that he is not the he would if the right

s.portunity arise >> how all this it? i cannot see a legendary poker player doing nothing. is doing? think he i cannot believe he is doing nothing. >> maybe he will drive. over 200 miles an hour to show he is a car guy. she studied philosophy and said he would like to go back and have time to think. who knows what he is going to do. the job beingn done. he wants to. notnderstand that he does

look for a new challenge in the business world. himyone who has followed doesn't see him doing nothing. maybe it is time. >> watch his face. if anyone will find out, it will be you. thank you. say with transport. one billion in investment is a record. a novel way to keep networking. carolina hide joins the tech bikers. bike, helmets, google glasses. -- meet the tech bikers. startup investors writing and

raising money for charity. >> the goal was to bring the start of unity together to do something good for all society. >> it is the brainchild of the man in london and at the tech giant investment title. >> we are doing great. >> in its third year, it has raised 170,000 pounds. >> we have gathered around cycling and education. there are a passionate group of people who will work hard to fund raise and give access to education. >> the riders work at the cutting-edge of technology. no one can make the 200 miles to

london the easy. still, evening brings a chance to refuel and talk more business. philanthropy, these are a chance to network. >> having been in other communities, i realize you can meet people and never make it real connection. and gocycle with them through challenges, you will have friends for life. welcome isds, the warm and the beer is cold. carolina hide. >> cycling is the new golf. we will get more with a biker. again,.

he is launching a new accelerator. that.l talk about we will find about the -- find out about that. users with targeting advertisements based on a recent location. it drives revenue by expanding the use of member data. whoill only allow users access their whereabouts. offering tv services as part of a package deal. the service will be free for web pounds a who spends 25 month. the new plan will make ee another company that offers a quadruple play package.

struggling in the u.s. and has had to offer discounts. a food safety scare is driving people away from chains. china is dealing with an outbreak of dengue fever and it is believed to be the worst for decades. it has risen in a region. let's find out what is going on. sam joins us. let's talk about the problem, the differences, and why dengue is important. it has a faster and has mosquitoes who transport the virus. >> absolutely. it is a mirror image of ebola. it is not as fatal. it is more rapid.

specific mosquitoes. you do not get it so much in the north. you do not have so many issues with mosquitoes. where we do, we don't have those types. these things are a matter of time. >> yeah. talk to me about the virus. it is not just one virus. there are useful ways of thinking about it because it is hard to treat. >> yes. there are four types of the virus that are important in the disease process, like the hpv. responsible for cases of cervical cancer. it has 19 different types. the better cover you have come of the better protection you have. dengue is difficult. you do not want to kill the

virus. we have developed a genetically engineered version. trials.-- phase three 60%-70% protection with people actually developing symptoms and have had an 80% reduction of hospitalization. >> this is good to go? at approvallooking and the issues happening my expedited access to the vaccine. only time will tell. >> are they taking smart guys off for smart far we've seen that? who loses? which teams lose?

worked on ebola. was acquired and a lot of the team is there. so, is not significant to develop and i don't think it takes resources from elsewhere to do this. >> in terms of the financials? >> like the vaccines that are out there, the monetary return is higher. -- have seen garda cell garda cell. this is a bigger problem in the developing world and emerging markets are not poor. as a vaccine that you need to deal with governments with. giverat probably puts a

on the financial upside. has thesure that a one right number. >> always a pleasure. nice to see you. help wanted. italy was prime minister. we go to rome to talk about whether renzi can fix the unemployment problem and how quickly. we will see you in a moment.

>> i am the first to say that employment in newly is not created by air law, social benefits, justice system roof warm, fighting against corruption. all of them together attract investments. touting benefits of labor and fiscal strategy. he faces a confidence vote on these rules. shouldn't be going faster? tennessee tech when the right things? should he be looking at the taxation system? where should he take it away? andcisco joins us specializes in public policy

analysis. to haveleasure it is you. is he all when the right track right now? is he on the right track right now? he has nosay that alternative and is close to the final quarter, when the government assesses his capacity bill.a fiscal stability this is the time of the year when they look at this and he has to close the gap between ambitions and delivery. the labor reform that he is putting forward serves multiple purposes. avoid gettingo the troika and the other served is overcoming resistance from

his party. italyor legislation in complicated and -- is complicated and a lot of detail needs to get right. how easy is it to get it right? difficult.y little headroom to square figures is one of his main problems today. not just discussing principles. this is one of the things we are seeing these days. we compare the notes with the seeres provided and we

little simulations. scheme renzi is using has the parliament and the government doing the implementation decrease and has very little numbers. how much is the government -- provide.overnment how much is the government generating with tax revenue if it is paid out in advance. have nois questions answers. with what this means. we are beyond the point where

you discuss principal. >> chen the administration survive. say he is successful and the numbers start going up with companies doing what they have done in spain. can the administration survive the? is it strong enough? >> there is some things -- this is something we will not be able to assess. the decrease and the blank check. arereality of labor laws not justified by the laws of sub they are defined by courts and tribunals. how crucial judges

can be when it comes to interpreting the content of the law. how accurate to you are. terms, thevague interpretation powers of the judiciary will be extensive. if you are accurate and precise, you leave little room for interpretation. much thetand how government has, we will wait. italy has little headroom. they is no 10 billion that can provide and subsidies. there is little of that. it's ok. i want to point that out. anally, can i ask you

question about what small companies get out of all of this? so they can get capital and stop so you can get growth. will we get a focus on businesses that can grow? can they make it happen? backall companies are the road of italy's economy. is movingking element towards a single contract. simplifym seems to legislation and eliminated many tothe flexible contracts move towards a one-size-fits-all. ism not sure the approach what they need today. >> ok.

thank you very much for your analysis. buffett bets and leads the charge. a bloomberg exclusive. we will discuss the risks facing the industry and if ciber-insurance could be the next big thing.

>> good morning. welcome back. theme tell you about headlines. warren buffett is taking advantage. looks set tohaway make a steady profit. automated driving features as luxury sedans and would better position the carmaker and markets. they announced that they will have a driverless car ready. world's top market for energy. projects since

march. will they be able to afford them? we complete all of the projects. the first word is up next. the second hour of the polls. talk about what happens next. >> new golf. bikes been in paris with a that must be uncomfortable. networking with very few sports generating. there for the out insurance industry. the market is soft and premiums are down. how much business is being written.

remember, you can join the conversation. take a break. we will see you.

>> help wanted. emergency summit on jobs full the ceo says he will step down after the merger is completed. sickness. impactsuffers from the of the pilot strike. good morning and a warm welcome

to those waking up. this is the pulse. what do we have for you in the next hour? we will find out how deals are being done on two wheels. we will find out why a little later. we will take you to the top story. european leaders are meeting on jobs with a challenge. the meeting coincides with the vote in parliament's and -- in parliament. making it easier to fire people. , among others. follow --it easier to fire people, among others. >> we will go to discussions

with our partners with a plan of structural reforms that are the most ambitious ever conceived in italy and a time frame for implementation never seen in europe. >> let's find out what is happening. we are joined now. ands start with a summit what are we expecting from it? anything concrete? >> some skepticism about that. this was supposed to be held a few weeks ago and it was to lead. we will soon a reiteration of the commitment to from oh growth.

and, apart from that, i am not ise how much concrete action coming out of this. pressure really have from the european partners for the reforms to take place and quickly. we need to see action. absolutely. he is getting pressure inside and they want to see slogans measures adopted by the parliament. unclear as to how much detail is included that

they would have to debate the degrees and the reform is not going to be swift. for him, he wants to get a clear signal that parliament is on his side in the broad outline. >> thank you very much. airline stocks are down this morning. caroline hyde joins us now. we saw this yesterday. >> across the board. airlines and cruises. a see this spread of dangerous disease that impacts travelers and screening for ebola. they have been down over the easyjet ands and carnival lower.

what is desperately sad is affecting stocks. you have jpmorgan saying this is not as much a material risk as the market is thinking. they compare the concern to sars. it is airborne and it is easier to be effective. and that is was inflamed the concerns. this can be overdone. >> ok. not so much. we know what the numbers are. it had an impact and will carry on having an impact. problems,ause it has you have employment. >> two weeks of strikes.

it started and ended at the end of the month. be the impactwill on full earnings. is the top endos of the range. in people ther length of the quarter and the tickets, they are put off. it is not the kind of strikes. it is pilots threatening to strike and a third of the population thought it was a bad idea. two thirds were behind them. they did not like what the pilots were doing and the irony reason they have taken a hit is because the companies are trying to adapt.

are giving easyjet new passengers in 10 days and, suddenly, people were stranded and they had to get on board somewhere else. >> hugo? a lot of people make the trip south because they know the planes will be there and they can go wherever they need to go. havelot of these companies relationships they may not want to change quickly. a relationship with 40% of the companies and you wonder what it will be in 12 months. >> to have been allowing tickets and for you to book your own number of seats. many analysts have been saying

that when you tried, you cannot go back. >> you goe over through. i can get on a plane. >> and do business. >> certainly. onf the flights are grounded a daily basis. >> thank you very much. indeed. >> what else is on the radar? by half. cutting state planes --an playmaker the european plane maker plans to sell shares. downo says he will step after the merger with chrysler is complete. and we charge in 2004

will have more on the story later. later today, the federal reserve inlast you -- meeting was september. the fed completed asset purchases. they were done, almost and you wonder how language will change. it is interesting. the markets are paying attention. a bloomberg exclusive is coming up. of lloyd'se the ceo of london. cyber insurance. and ebola. we'll talk about that. we will find out about that. how do they employ talent? how do they get new talent? all of these questions

>> you are watching the polls. here is what is happening. pay attention to the right-hand side of the chart. the greenback running out of steam and being challenged. we get this later on. it will be interesting. removed one has to be and we are coming to the end of

the asset purchases. learn aboutgoing to policy tightening? dollar anothere spark or reason to get back? we will find out. bloombergg you a exclusive. cruise line stocks and hotel stocks. is the insurance industry exposed? a lot to talk about. the world's largest insurance markets. the story is about what is happening and the risks that we face. business -- is business exposed. >> part of this will be covering

businesske profit for if they are him. if there is something like ebola, people may not use hotels and that is why you see stocks being affected. it will not affect insurance stocks. it means some claims have to pay out if people are suffering loss of profits. understand howo exposed.ness is can you get your arms around the number? >> we understand the exposure around the world. ago, it back sometime was not huge. there were claims paid out. rates are having the impact on business. money the reasons is

going in to anything with a yield and we look forward from here. understand theto business being written because of a flood of capital and having the impact on the company. >> yes. interest rates are low. it is good for the market. lloyd's is about underwriting profit. we have two sides of the balance sheet and the assets. we are not investment fund managers. we protect the money and the has that lloyd's always underwriting is a key thing. it means that capital is coming

and it isarket attractive. world withve in a the interest rates. >> in terms of the business getting written as a result of that, it is easy to write when the competition is as fierce as it is. does it mean that we go over the line and further down the road? ? road?n the you are making sure businesses exercising authority. they is a unique case and have regulatory oversight. andre able to underwrite from outside, i am not concerned. thes putting pressure on those are not

liabilities. and you do not have to wait for years to find it out. they understand what the right technical prices. opportunity to bring capital closer. >> everybody wants to know. we have been in it for 26 years and have a long lease on it that is not about to expire. the onwere talking in tour him about talent and the ability to attract talent.

the insurance industry is not sexy and you will need to change that down the road. it's?g a problem is how attractive is lloyd's? >> it is global. and the global nature of the. everything that goes on in the not direction. you have to bring people and explain how important it is and how exciting and dynamic it is. that, take the heart of we are providing coverage for business. click how big of an opportunity is this?

businessis it to price around the space? once we love data and want loads and loads. cyber is a new risk. we are cautious about it. usinge lots of people insights and experience to come up with a product. >> is big. there are many around the world. businesses are not buying coverage. it will grow dramatically. -- what kind of coverage and you offer? -- i am a ceo of a company and i am thinking, how do i deal with this? fore can provide coverage getnues and assistance to

businesses back up and running. we provide services to help people get to instances and if damaged, >>ion is cool. interesting stuff. we will have other big guests throughout the day. from thepeak to max vanity fair conference. keith on xander, the former director of the nsa will talk to us. looking forward to that conversation in light of what we are hearing about cyber insurance. we are taking a break and we will see you in a couple of minutes.

>> good morning. welcome back. you are watching the polls. downo says he will step after the merger. find out what is going on. how do we know this? and we urge to orient. automakers.

in: the end of the air. >> for sure. not tomorrow. he changed fiat and arrived when they were on the verge of bankruptcy. he got the end of the andnership and got chrysler managed to merge to regional players to make half it into and it willve years be crucial to show he can make the right model. that is what he wants to do. we have spent a lot with them and the chairman.

and, he is coming. >> looking forward to that. who takeover? over watch mark -- takeover? inherited itan from his grandfather and he was not concerned. he did an outstanding job. we have strong internal candidates. he hinted at the fact that there may be more than one person to take his responsibilities. of thehave more than one people on the front lines of his team. that is of the only thing he told us. and he sees the merger coming

with the possibility to create the biggest carmaker, who was bigger than toyota. he says he does not know if it will be part of the process. thisll look at opportunity. >> while. more to be done. joining us from milan. let me get you news. earning season's and released third-quarter results. is price of aluminum expected to boost numbers. onncore has pulled the plug their bid. it is now prohibited from making aaron. on the u.k. rules. we will watch on that one. the board rejected the merger proposal. on go pro.take

the company is going to unveil a camera. they're looking to diversify. still to come. biking is the new golf. find out why.

>> good morning. you are watching "the pulse." here in london. i am guy johnson. the united states is ridding charges against currency bank rigging you probably at the end of the year according to people familiar with the matter. prosecutors may also take action against individuals. that is likely to happen next year. the justice department is looking for guilty pleas from several firms, apparently. angela merkel and france while

holland are meeting today. mario draghi calls the "main enemy." but he'll renzi faces a confidence vote today. the proposals include changes that will make it easier to fire officialsd challenge in court. you will make the case today, probably not the main event. the really difficult vote will be further down the road. >> i am the first to say employment in italy is not created by a launcher dismissal, by social benefits for workers, by the justice system reform, by the fight against corruption. but all of these things together result in a business context that contributes to attract investments. >> matteo renzi. on that story later.

let's talk about what is happening in the markets this morning. >> but the color of the map to the story for you. another day of losses for much of the eurozone. in london. ftse just off session lows. down.urt, the dax, . the big discussion will happen down here in milan with matteo s hollande, and angela merkel. when you look at the facts, once you go beyond 15 employees in italy, you're exposed to whole new set of labor market laws and makes it very difficult to grow the difficult to adapt. italy.could change in 15 years in and out of recession. it was not the financial crisis that cause these problems. elsewhere, this is a big debate. it is the bottom markets. money atan borrow

0.9%, just off the record low. about the german bond market, check this out. -- i will tells you what it is. zero point 14%. you could write japan and it was exactly the same thing. here's the question. italy has got structural problems. needs to reform. does it point towards a recession in europe's largest economy? you can borrow money this cheaply, guy, then why not just borrow it? >> start investing in roads and the infrastructure, particularly, in the west of the country. people are beginning to complain about. there are lots of cases we could be fixing -- would provide some growth. is it going to spread out across europe? will be demand dry the rest of european economy? thank you very much.

let's look at what the questions will be asked and 25 minutes time. "surveillance" taken to the airwaves. >> nice explanation of what we're seeing in europe right now. we will continue this discussion. michael holland will join us this morning to look at the equity markets and the ramifications of what to do given what we're seeing. in the imf meeting, disinflation, slower economy. professor from columbia university will join us. and he is an arch supporter of prime minister modi. richard hass also really focused on the lack of wage growth in america. we will deal with that in the 7:00 hour. with lots of lots to talk about about these markets this

morning. looking at the disinflation expectations that are priced into the market. when wageraise rates growth is so low. thank you very much, tom keene. alreadypanies raised more than $1 billion, record amount. cash, textedising has found a way to keep on networking while also raising money for charity. caroline hyde on their right from paris back to london. bike, helmet, google glasses -- bp tech bikers. investors writing wield a wheel from paris to london, raising money for charity. >> we started this three years ago the goal was to bring the startup community together and do something for the good of all society. >> tech bikers is the brainchild

of this man, the man behind google campus london and now at the tech giants investment adventures. >> we're doing really great on fundraising. >> they have raised over 170,000 pounds of the money donated to literacy charity. >> we gathered around citing an education. as long as there's a passionate group of people that are willing to do the challenge but also work hard to fund raise, to help kids get access to education. >> these riders work at the cutting-edge of technology, but no fancy tech and make the 200 miles to london easy. still, the evenings bring a chance to refuel and maybe talk a bit more business.

beyond philanthropy, it is a chance to network, bring together talent. talks having been another starter committed these around the world, i realized you can meet people over networking 50 times but you never make a real connection. but if you cycle with them for three days and you go to the same challenge, you're going to friends for life. >> and afterward, all of the sore muscles, the welcome back home is warm, and the beer is cold. caroline hyde, bloomberg. >> ok. the big question as a result of all of this, is cycling the new golf? is this where the deals get done? let's find out from one of the tech bikers who was on the right. -- ride. is launching. a think tank venture as well. caroline hyde is here as well. you are on the bike ride.

how much business gets discussed? i guess a lot. it is a long way from london to paris. >> it is a joint endeavor. you tend to be more expensive with people than you are in a 10 minute conversation in an elevator or business meeting. >> i was amazed. i thought, was this a lot of hypothesis? you are there panting alongside each other. >> is it on the ride or in the evenings? >> both. totally both. i was impressed the amount of people, the snippets of conversation -- "i'm thinking of this deal." there was one team -- a tandem, a startup, he happens to be blind writing behind him, and been chased by the money all the way. there was constant discussions about deals being done, how people were innovating, where

the growth was. crossing the channel on the ferry, glass of red wine in hand discussing with the opportunities lie from google ventures and is worried about having to turn down deals. >> will we see more of this? in all seriousness, when you look at the tech landscape, do we need to be more innovative in the way we interact with each other? >> i think it is happening organically anyway. i've been on a number of bike rights just on an afternoon with people i've ended up doing business with. think the idea that golf is being replaced by cycling is absolutely true. if people can do their fitness and the networking and their enjoyment of outdoor solid ones, then it beats golf hands-down. >> with golf, people don't have time to get around the golf course. i get on my mountain bike quite regularly.

the time you think about in terms of the duration of these meetings, i guess? >> you can have in our blast around the woods are spent three days on a bike biking to paris. rode from what you paris to london on. i have written one of these around central london and they're really uncomfortable when he hit a pothole. >> the french don't to potholes the way the english do. that made the journey much easier. the gaping despite. --was done in the charity they donated this bike to me. it was done in the charity colors. it was going to be donated for a charity auction next month. these are quite heavy. >> they had to do people writing bronson bikes. and -- forgot

it was really interesting about cycling rather than golf. people are put off that they don't play great handicap. perhaps more males than females play. the work plenty of women on the cycling trip. you can begin the level. he did not have to be the most timeless biker in the world as long as you could cover that ground. i hadn't cycled for six years. the maximum i had ever done was an hour and a half, and i coped. it was absolutely fine. works with strong and weak cyclists. the networking continues to happen. >> you started a business. is it useful vehicle for talking to guys who will be investing in working with, whatever, how important are these kinds of things you're going to be doing? >> i probably met half a dozen ride from paris only the investors, comedies i invest in, or people i want to employ when i start my new

business. >> maybe we should be investing in bike companies. there's got to be something slightly -- >> when i was interesting shooting with a champagne company, they said they're going to be doing a networking event by cycling. champagne. to they're all of these companies building up doing these day trips, weekend trips, for companies to get together. the positive side, you could to raise money for charity as well. that is a was got to be an upside in something that brings people together so you can see people are doing good. only for their own business, but a great cause as well. >> can i get a sense of where you are at the moment? a lot of noise about it at the moment. how much progress is being made? what is the area we should be thinking about? >> huge progress.

i think london is a real hub. we always had high standards he or. bringing it together gives us an edge. people saying maybe it has are ready reached its peak, but nearly 500 billion will be spent on i.t. in the next year. we have a long way to go in that sense. >> thank you very much. u.k. or of google announcing the tv services as part of a package deal. we will speak to the ceo very, very shortly after this break. we will see you in a moment. ♪

>> welcome back. ee in the u.k. has announced it will announce -- stream tv on a set-top box. in mexico latest company to offer -- it makes it the latest copy to offer the quadruple play package. on the talking tv. i'm pleased to say we're joined by the ceo of ee after the presentation of sofas. this is the true battle of the living room. thank you for joining us. what you and bill today, i want

to show viewers very quickly, basically, something innovative. you're not going to pay for content. i've always been told content is king. why no u.k. content? >> in britain, 80% of the content are free to air channels. on the success of the back of bbc. free channels are what people want to watch. we're seeing increasing appetite for all of the services, youtube and other applications. we've integrated that in an exciting ee tv package which is for our existing customers at $9.95 a month, free with -- >> the price is attractive. this is basically eetv alone you to have a television in her home plus three devices were you can watch replay, download, existing channel tv. what is the weakest thing you see or what is the one thing you would like to work on in the next couple of years? buyingffering are

content further down the line? >> we believe this is a unique tv experience. it is to about with mobile in mind. comes from.e ee it allows you up to three devices. you can basically get rid of the remote control and user smartphone or tablet as your remote for your big tv. some exciting new features, with a flick of the finger, you can basically move from this screen and get on the big screen. >> you been working on this for the year. what is the most surprising thing you have seen in terms of ee in audience or metrics? why and how is the way we consume media going to change in the next couple of years? >> what surprised us mohammed people are consuming tv and video now on smart phones and tablets. -- what surprised us most is how people are consuming tv and video now on smart phones and tablets. that triggered for as an important change in our shadow g to say, we have to consider etv

for the home and there we have it. >> do you think this will spur competitors and offer quad play? think we are the competition in the u.k. since the start of ee. andere the first with 4g share plats and now ever really solution.ew eetv proxy would say is your network and not offering all of the services, you would be left behind? >> our competition is left behind on all categories of products we have brought to the market. we keep innovating and staying ahead of the competition. >> anything down the line that may enhance this product? i'm thinking of sports. >> we're working with many content partners on the next phase, but we have a very future centric model which allows us to quickly introduce new content when necessary on this platform.

we're talking and working with different partners. have a benevolent pinpoint exactly when this will be launched because you are keeping this under wraps. how long are you giving yourself to actually see the success? five or six month's from the day you start or will it take longer? insuccess will be visible the broadband base. that is what we really want to do. it is a free service for someone who takes an ee broadband at 9.95. for us, the success will be imagined by him and he knew broadband customers we're getting, and how loyal these customers will be across multiple products. >> conceptually, is this a new service or just something that makes much more attractive for previous services of broadband and mobile? >> it is a truly new service, but we offer it exclusively to our existing and new ee

customers. >> thank you for joining us. ceo of ee. rest assured, kevin bacon will be back on our screen to explain this to you. i know you're a big fan. >> "footloose." what more can a man want? thank you. we're going to be back in a couple of minutes. ♪

>> good morning.

you are watching "the pulse." we learned russia's central bank sold $429 in foreign currency on monday. -- $420 million in foreign currency on monday. what they're trying to do is slow the ruble down. it is weakening aggressively. we're getting some key lines in the sand, art we? >> 40 rubles to the dollar, that is the exchange rate. that is what russians watch. many of the russians that the central bank will be worried about are watching that on the street where the exchange rate won't be the spot rate that you and i are looking at. it will be well over 40, 41, 42, after the exchange currency -- the exchange current takes his cut. a simple as when russians see that 3 turned into a 4, they go, hm. the last time this happened, it was a two turning into a three,

in 2008 during the financial crisis. what happened then and happens now, in addition to the holidays and russian getting more expensive overseas, they start pulling the rubles out of the bank. that is what we saw in 2008. that is what essential bank will be very careful to avoid this time around. 40 is a really important number. a lot of russians will be saying -- they are shocked to see the ruble has declined as much as it has this year. we know it is the world's last inworst performing currency the last months. >> what is the central bank going to do? >> they're going to spend their money. they are going to defend this position. we know they spent $400 million on monday. we can deduce from indirect evidence they spent $2 billion of that within the two preceding

days. they spent $40 billion just on the back of the decline of oil in the first three months of the year. billion dollars of reserves, although, that money has a lot of people lining up to borrow it. they can do that. we can expect interest rates to go up at some point. maybe they will get some really from oil, maybe oil will go up -- >> it is going down. brent might take out 90 the next two days, 91 now. a that happens, we have problem. >> estimates arkham the central bank was been up to $30 billion defending the ruble. >> what are we watching for the rest of the day? the trial will be fascinating. fed minutes. that is the big story. the ruble versus the dollar. the fed minutes will be critical to what happens next.

the rise in the dollar has stalled a little bit. does the minutes today provide the spot and it's to get it going? "surveillance" is next. we will see you tomorrow. ♪

market signal economic slowdown and disinflation. the german tenure, the yield grinds ever the lower.

joining me, olivia sterns and adam johnson. let's get to this morning's top stories. markets continued their decline. asia and no europe see lower equity prices. bond yields grind lower in germany. european leaders will meet on recession fears today. yesterday, the imf caught its global forecast. that moved markets. we saw that yesterday. it continues today. in hong kong, protest leaders will hold the first direct negotiations with government leaders. the government will not talk .bout the 2017 leadership election protest leaders decidedly not happy, although, things there moderating after what we