>> drama for mario draghi. the spotlight will be on the president's relationship with his team. socgen ways in on the central bank. revamp, anthony jenkins tells us there will be fewer top paid workers. an exclusive conversation about how it is making use of the ecb.

welcome to "the pulse." plenty of exclusive interviews. counciln the governing threatens to undermine mario draghi's push for more stimulus. every time, it is what is at stake for europe? there may be a little bit of governing council members fed up with his antics. >> we would be very surprised if there was not disagreement pushing the limits of monetary policy. rumors, they've been around for the last few months. they are just rumors. mario draghi said, i know the

rumors are there, but i am not going anywhere. he has a term until 2019. this is just talk. the big challenge is we're still at a critical juncture. he has to do more to stimulate the economy and he needs everyone behind him. let -- >> he will never have everyone behind him. >> you want the executive board. yesterday, we talked about the report and how they sent around the style of communication, how was somehow erratic. the point of to trying to build the balance sheet. >> that is what we're watching out for.

the balance sheet, but it is also the inflation and whether banks are lending. that is the cracks of it. crux of it. a big challenge to get back -- to give banks to lend. that continues to go on. bank lending in europe continues to contract. the demand is not there. >> the other thing we're watching out for is deflation. deflation is the one thing that mario draghi is worried about. >> the fight for inflation is the foreigna exchange market and the juan not right now is the bank of japan.

>> thank you so much for joining us. situation where we are at risk of becoming the new japan? ? between beingay japan and not being japan. not entirely japan, they have been much quicker to react to the situation. >> you think the ecb has a firm handle on the situation? >> i would not go that far. battle demographics. >> this is something we have been seeking -- speaking --

thinking of the better part of the last three years. >> we are in a bit of stagnation. not quite as bad as japan, but we are clearly in error. our colleague zero bloomberg -- our colleague zero bloomberg are still so constrained. they need to do much more on the side.ural it is obstacle after obstacle. i think he is doing his bit. you will not solve these aoblems unless you manage policy. you need structural reform, no doubt about that. bigger problem in the eurozone.

wars.attle of currency clearly, japan at the moment. slacks. is picking up the in a way that is the strongest measured economy in the world. >> what is the endgame here? approaching 70% of gdp. let's talk about risk. what is the risk of what the japanese -- the bank of japan is doing right now. qe is destroying productive potential of economies. game.s a long undermining --

[inaudible] >> japan became very dependent on global trade whenever global trade slowed, japan fell over again. >> thank you so much. be bringing you full coverage of the ecb rate decision a little bit later on. stay with bloomberg for the full conference live at 130. a grouprsday morning, of oil-producing nations publishes its annual work oil outlook a little bit later on today. the president of the european commission says david cameron has problems with his fellow european leaders. he said he will rebut any false

accusations from any member state. paypal founder things comparisons of today's tech boom in the 1990's are overblown. >> i think the bubble is a type of phenomena and -- phenomenon. -- coming up, and exclusive. barclays ceo says he has found .ewer top-notch interviews

stay with us. we are just getting started.

acquisitions, i have already mentioned the

consolidation, eastern europe, retail banking, europe. attractive. these the types of things we can look at. the focus remains on the organic growth. >> speaking to bloomberg exclusively. we heard from another bank boss today. -- he spoke to bloomberg about the investment banking revamp. >> we believe in paying able toively and we are do that once we reposition the business. as it make it more focused, we will have less very highly paid

people within the organization. how far are you from this process? >> good strategy is about focusing on the areas where we have the ability to grow. we have to reshape and refocused to do that. it is part of the evolutionary process. that allows them to invest back in our franchises. >> you mentioned the most -- i wonderarea

what barb will look like in five barclays. -- u.k., we have over 3 million people using mobile banking. two years ago, that probably did not exist. much better with our customers. more technology driven in the next five years. their jobs or main much easier -- will remain much easier.

in 2007.eout [inaudible] >> i think there are a lot of lessons to be learned. they misunderstood the risk of the balance sheet they were carrying. the quiddity dried-up. retail banks failed. all banks failed. at the core of it is the understanding of management. changes being made will create a safer and sounder system.

>> barclays ceo speaking to bloomberg exclusively. guest will hear from -- hear what his company can do in the fight against ebola. ♪

>> welcome back. live from bloomberg television and radio.

news.get you some company positive numbers from news. positive numbers from siemens this morning. a 20% rise. 28 percent sairise. the owner of the world's biggest shipping company wants to get bigger. the company has earmarked up to $5 billion for oil related projects. liberty global said third-quarter revenue climbed more than 5%. billion,reased to $4.5 in-line with analyst estimates. let's check the markets.

>> ftse in london. >> factory orders out of germany, a big disappointment. rising just 0.8%. outside of that, the story in the fx market. chart that you a speaks to that. another headache for mario draghi. what can he do to stimulate the economy? it is also all about the bank of england today.

we might get a rate hike this year. your headache is what is driving everything. >> it is debatable. much.nk you so the ebola outbreak has killed almost 5000 people. 13,000 have been infected and there is no cure yet. one of the most promising experimental drugs is being made using tobacco plants. >> great to have you.

you are not making a vaccine for ebola. we develop the technology. genetically modified tomato plant. >> are these other companies or governments -- are you hopeful you can turn down that? ? i don't know. >> you have managed to create

human collagen. where the first company in the world who is able to clone the five human genes necessary for making human collagen. we grew these tobacco plants in greenhouse. --your first two products next year, we hope to introduce two products. it is a gel meant for wound

healing. this is meant for ligament repair. how big a market is this bank you are going after? >> these are multimillion dollars each. tennis elbow in the u.s. alone, 3 million cases annually. --ope to get a significant takee near future, it will .

we are looking for large companies that have access to the market and will help us introduce our product into the market. >> look, bovine college is a .ollege for cows in some territories, china, japan, argentina, europe, they're quite excited from our opening. -- even now, we are

the same. in the future, we will be even cheaper. >> one thing collagen can be used for -- >> thank you so much, elliott gotkine. something we are watching very closely with that. up next, and his close of interview -- and exclusive interview with the italian business leader. it is all about the transmission mechanism. being the benefit of what the ecb is trying to do to be passed on to the real economy.

you can follow me on twitter. i will see you in a couple of minutes.

welcome back. we just had some breaking news. china has signed a deal with airbus. this is a memorandum of understanding. it boosts what we have heard from airbus. a lot of orders are being wrapped up. let's look to see if this is having a significant impact on the airbus stock price. it is currently lower, down

0.4%. the ceo sat down and exclusive interview and asked him about the european central bank. >> in terms of the monetary policy, the ecb has announced a lot. when i look at a bank, for example, we don't need liquidity. it is a question of credit demand. the question is one of confidence. an open well in the global economy? we need to innovate, education is also important. there are some structural policies the need to be at the european level.

>> pressure on european banks considering the difficult economy environment. this trend is geared to the fear. the kind of forecast we see today for europe is the one we had six months ago. it will take some time for europe to grow again. we know that next year, growth will be limited. the perspective which is given , the newers commission, to ensure you have structural reforms when and where it needs to be done. more consistency at the benefit level. that is at the heart of the

issue. what the situation in russia deteriorates? situationf all, the in russia is absolutely under control. we monitor very well the situation. reducing the liquidity provided. think this is the kind of scenario we are going to experience. we have a dialogue. the russian situation will not have a significant impact on our capital position. one of the great achievements is , we areust to show

generic and capital. ifis small, under control, we are going to maintain the situation. ecb has already done a lot to boost liquidity in the market. benefitany that should is moleskin. how does moleskin see the european market climate? we are joined by the ceo. >> qa for joining us.

give us a sense of how you see the european economy. i know you branched out. is it more difficult to do this now than it was the past years? we are said to be seeing a more cautious approach. trying to limit their exposure to risk. we had close to 15 stores in -- pe we continue to see a smart man. >> where do you see the most ?ressure

any markets that look a little -- >> i am not saying anything you have not heard from a number of other sources. -- it is typical for niche businesses, like we are. 5% ofount for less than the premium stationery market. loan. significant

>> are you impacted by ecb action in terms of lending? are companies struggling in or are younding doing absolutely fine at the moment? financiala darling of and stood to shins. our balance sheet and cash flows are so small, of course, from a bank point of view, we present an attractive client. end, it could benefit from the higher level of

liquidity reaching a balance sheet. you are in a strong position -- your remain -- your main challenges over the next 12 months. what do you want to have achieved 12 months from now? >> we have a very clear plan. 15% of bottom line growth. that is an objective for next year as well. .he number of projects

we have new categories. we were deciding over what our processing agreement for the line of accessories. smartphone cases on pc cases, and the likes. the paper-based products are in the hybrid of product carried. announced antly very important partnership with adobe. -- finally new opportunities for plenty. the challenge is in executing. deliveringused on

the results. ceo's -- it is all about execution. the moleskin ceo. egypt looks to regain its place in the top destination spots.

>> welcome back. live from bloomberg's london headquarters. political instability and civil unrest crippled the to raising -- the tourism industry. thank you for joining us. i was quite surprised. optimistic am more than i have been a last few years. i see a lot of people around me saying, i am much more cautious about traveling's. challenge.my

as it ises i have -- ng place now, it gives me more hope for the future. meetings and many all of these meetings are reflecting an interest in egypt again. i was looking at some of the headlines today. a woman was slightly injured. a blast at a railroad station. how can you address this?

i cannot claim -- we are getting back. i am tired of dwindling. if you look at the areas, very vigilant in that respect. you find areas like that. they are all in a good situation. believe we will do our hardest to keep it coming. >> 8010?

scared, people being concerns they affect more of the region. >> the egyptian people -- a year ago, when people were confused about what happened in egypt, the egyptian people decided not to move in that direction. i think we took a right decision. i say to my friends, we are lucky.

it does not happen overnight, but we are moving into that area. >> is it going to get worse before it gets better question mark -- gets better? >> i think it is getting better. look at what happened a year ago. frequents the most >> i did notget get a lot of focus on that. what i got was most of the people i met are interested to

continue doing business with egypt. what they are concerned about is the perception of the consumer about egypt. with me. to work agencies.rk with pr at the same time, now we are open for more business in the future. >> perception is very difficult to change when you have headlines like this day in and day out. how much does the price difference play in his mind? >> the foreign office in the -- people start with that.

when they find it is safe to go -- hese areas, they look >> the foreign office tells them it is ok. said all travel a little bit dangerous at the moment. d.c. a direct impact -- do you see a direct impact? >> is picking up again. >> thank you so much for joining us. let's get you up to speed with some company news. vodafone head put to head with italia.

telekom reports earnings that topped estimates. profit jump in the european division for the first time. interest in the champagne line. it is not for its metallic bottles with an ace of spades. about per bottle start at $250. a profit surge for siemens. -- is the strategy paying off? ♪

welcome back. live on bloomberg tv and radio. we take a look at europe's largest engineering firm. surge ineported a 26% profits. hans nichols joins us from

berlin for look at the numbers. overall, the numbers were pretty strong. but there were a couple of exceptions. >> i believe it was the health care division. it was their wind turbine unit. 29 percent euros, a decrease year over year. look at what siemens is trying to do, they have a strong legacy business. the customer start going to a more decentralized smarter grid, will siemens still be there? 22%, they were up year over year. in line with analysts estimates. revenues were the same, but on

one key measure, profitability, siemens is improving. they are almost 211%. 11%.most to when they have one off write-downs on wind energy, that's over. doing a lotas been of restructuring. we have a new guy at the top the means business. our investors taking to the restructuring? >> they seem to be giving siemens the benefit of the doubt. -- he put in a new plan.

we'll have to see whether. he is making progress. he has had some challenges, but he is clearly streamlining the business. this is a company that wants to be an electric of rotation -- ation.icfic we will see how the strategy goes. the progress report seems to be working fairly well. nichols from berlin. for those of you listening on bloomberg radio, first word is up next. to talksive interview about the european economy. an attack on apple, how

sophisticated new piece of malware. a new concept that aims to change the way we buy cars. ♪ . .

>> drama for draghi as the e.c.b. delivers its rate decision today. the spotlight will be on the president's leadership relationship with his team. and socgen weighs in on central bank in an exclusive interview, he says that draghi has done a lot and his bank is happy to lend. the c.e.o., anthony jenkins tells us there are be fewer top paid workers. plus tui. we'll ask the travel giant about the health of the european economy.

well, good morning to our viewers in europe, good evening to nose asia and welcome to those just waking up in united states. i'm francine lacqua. this is "the pulse" live from bloomberg's european headquarters in london. now we have some breaking news just crossings the bloomberg terminal from the oecd. now they basically changed some of their forecast certainly for euro area growth. now this is on the back of what we heard from the european commission just a few days ago. they now see growth at 0.8% for 2014. we also spoke to the oecd chief economist. >> the e.c.b. has to look at all capabilities that it has in order to expand the available credit into the market. the european area is very dependent on bank credit. we have gotten through the bank assessments now. we are in a position of being

able to move forward with that issue behind us. we have got to be in a position of having credit made available to the private sector. have it utilized and extended and investment consumption and wages increasing. faces ng the euro area increasing risks of stagnation and talking about the e.c.b. of course. they stay e.c.b. should commit to sizable asset purchases. for more on that, we'll have rate decisions from both banks today. we're joined by bloomberg's jonathan ferro. i guess the first point, we'll get on to the e.c.b. in just a second. after the commission had to revise their forecast, the o.c.d. did the same. the e.c.b. has to be the same in december. >> no big discrepancies seen

there. the e.c.b. will have to resize there. i think the big one is that the e.c.b. needs to revise their outlook for inflation. >> that is a big one. >> given the fall in commodity prices we have seen, they will probably have to. i had a discussion with a guest earlier. said we have to look at core inflation and focus on that instead. clearly the european economy is going nowhere. it is a slow grind. ot a fall off a cliff. what more can they do? that is big question. >> there is almost like three things we want to find out. balance sheet and stimulus and then the whole discussion on inflation and deflation and japan. and the third thing is what happens to the banks. are they going to start lending to the real economy? >> yeah, after they cleaned up their balance sheets supposedly, the e.c.b. came out and identified more nonperforming lows.

it is about demand. credit, supply. you need demand to match it. the banks say we're ready to lend but demand isn't there right now. emand isn't there. >> a little bit of a catch 22. the u.k. launched an investigation into the small banks and how they deal with small businesses. that demand might not be there because they are afraid to go to the bank because hay know they might not get it. it is quite difficult to severe that link. saga. there may be some opposition to draghi's leadership style. >> yes, which is why the news conference is so fascinating. today he has to step up and say look, i'm still the man. i'm still in charge. can he do that and the other question is whether it is over style or substance. that is a question we had yesterday.

if it is over style, big deal. if it is over substance and they are unhappy with him and what he wants to do, then we have a different problem. >> they are being kept a little bit in the dark. >> yes. some of the things he has said, the public, the investors are starting to use that as a rod in their own back. that was deliberate. >> i know you'll try field the questions. for that news conference, jon will be covering that for us later on. let's talk about a tie-up. ravel giant tui. joining me for what the deal means, c.e.o. peter long. great to have you on the program. i want to get your sense of where the european economy is going. are we spending less on travel because we're concerned that we may lose our job or certainly

that growth is not going to be kick started in europe? >> i think what we're seeing is still very positive demand more olidays. uncertainty. as long as there is employment and they are not concerned about becoming unemployed, then they will continue to book and that is the pat thearn we're seeing -- pattern that we're seeing for this winter and next summer. >> where do you see the most weakness? if you look at europe, is there anything surprising? france and italy are not doing great. is there anything in your bookings that point the a slightly more optimistic stance or more pessimistic? >> our two biggest source markets are the u.k. and germany. that's where we're seeing strong

performance. in france, it is a different situation performs as we all know, the economy is that much weaker there. we reduced the size of our program. our two main markets are performing strong. the u.k. and germany. >> we talked about the european economy globally. where does it flank terms of people continuing to go on vacation? >> i think we have seen a strong performance this year and we gave an indication, we confirmed actually a couple of weeks ago in terms of our own guidance, which is very positive. for tui travel, we are predicting a strong year for 2014. we confirmed that a couple of weeks ago. >> are you affected by the ebola scare? your rival said certain trips, especially to africa, have severely been affected.

>> well, i think the answer for us is no. no impact. i've been through many crisis, whether it is bird flu, swine flu, sars. this is not having an impact on our bookings and demand for holidays for this winter or next summer. clearly if you operate in the destinations in africa, there might be some weakness, but to be quite frank, that is not where the scale of our business is. >> peter, just give me a sense also on club holidays. how do you see that segment go as we understand that one of your main rivals in that segment, club med may be bought by a chinese business. does that make a difference on how you operate on this segment? >> no, we see strong growth in this market where we're offering

all-increwsive holidays. really that is the backbone of our business. we're seeing huge strength there. >> all right. peter, thank you so much for that. peter long, the c.e.o. of tui travel with great insight into the economy and the world of travel. still ahead, drama for drag quay. spotlight is on the -- for draghi. the spotlight is on the e.c.b. president today. his management style is in question. we'll have details next. apple under attack. its malware is targeting ipads and computers. we'll have more on that. stay tuned. ♪

>> the e.c.b. has announced already a loss. when i look at a bank for example, we don't need liquidity. it is more of a question of credit than liquidity provision. c.e.o. was socgen's speaking to bloomberg about the e.c.b.. it is all about the e.c.b. and what we will hear from the news conference. check out euro. this is the level we're seeing at the moment.

it has been strengthening. let's see if it is continuing to do so. 1.2510. of course all the talk we -- we have been talking about it with jonathan ferro. there are three key questions that the e.c.b. has to answer. first of all, it is balance sheet. what it does with the european banks after we had that a.q.r. over 10 days ago. stimulus, we don't think they will do anything but maybe we'll have some kind of intimation about what they will do in the next couple of months. inflation is a big one. we're more concerned about a possible deflation and of course the draghi leadership issue. we hear rumors that some of the people he works with are a little bit concerned that he is not transparent enough. let's also check at pound/dollar. 1.5961. there ises there b.o.e. decision today. we'll have to see how and what mark carney does with this economy. now let's get back to our top

story. draghi's drama. joining us for what it appearance in europe and draghi, and bloomberg's john frankfurt. i want to get your taken to ground. what we should be expecting from mario draghi at the news conference. it is all about the news conference, isn't it? >> it is where he tells you what was discussed and decided in the governing council meeting. that is going on at the moment. then it is one of two stages where he has a chance to stamp his authority. if there was a rift, there was a governing council dinner last night and a meeting this morning. you can imagine what all happened at both of those events but particularly meeting will be of supreme importance when questions are asked at the press conference today. in terms of actual monetary

policy decisions, if draghi wants to gets something across to show that he is serious of getting inflation back to his goal of just under 2%, it is possible we'll get some kind of minor announcement. it is hard to believe that we'll get any major changes to policy right now. >> john, questions about balance sheets and stimulus and also when will european banks start lending again and when will that demand filter through the real economy and inflation and his leadership style. which is the one he will get the most questions on? >> i think the questions around his leadership style, the rumors about the 7-10 dissenting members are going to be the focus of the news conference. i think ultimately the market has to look past that and actually substantial mario draghi enacting substantial policy action and not just the rhetoric we have seen in recent years.

>> what do you make of it? sometimes it seems like a storm in a teacup. i know there is dissent. this is a highly political -- european central bank. they have different interests. can you imagine this happening at the fed or the bank of japan? this is a completely different situation. >> i think as we approach the g.d.p. ratios across sovereign developed nations ultimately central banks become politicized. i think half the problem draghi has is balancing germany's need for lack of intervention. their need to not see policies that could be inflationary down the line. and ultimately that is impacting his ability to actually put in place some of these measures that the market is looking for. at ultimately was the -- the corporate bond bank recently and it would not surprise me if that had come from draghi's camp in

that he wanted to put a shot across the bows of the bundesbank. there are other ways that i can get around the issue. >> just a question here. the reason the rift matters is it is possible that the a.b.s. program, the bond program will not be enough to expand the balance is sheet to the extent that the e.c.b. has signaled it wants to do so. maybe as much as $1 trillion and therefore more measures may be needed. we will get better indications today. would you like to see numbers? no doubt. you're in the markets. what kind of numbers do you expects to hear today or would you like to hear today that would change your view over how well things are going? >> i think that the market has been following rhetoric since his famous we'll do whatever it takes comment in 2012. inhink any move for guidance

termses of where he wants to take the balance sheet. he said back to the 2012 level. that is a trillion euros. and ultimately, we need to see how he is going to do that. whether ultimately sovereign debt purchases will be allowed. how that is actually going to be enacted. ultimately private sector, q.e. , a.b.s. purchases are not going to be enough. i think ultimately what we need is more substantive guidance from draghi. if we get that, that will be very dovish. >> paul, let me ask you a question since you're on the the ground in frankfurt. how much do you think looking at the bank of japan, i guess one of the things that surprised me, we talk about europe but if you're the european central bank and looking at what japan is doing and people say hold on, there is a chance that europe might be the next japan in terms of inflationary pressureses and

you see what japan is doing, you'd be quivering in your boots. >> well, the e.c.b. very regularly says we do not see a japan-style deflation scenario. that tells you two things. one is they may believe that is the case because japan is not in the euro area. it is a different kind of place. it also tells you they are not looking at japan and learning lessons from that. japan sa place where you a single central -- is a place where you have a single central place and a central bank. >> i think that ultimately the difference is that japan are urther down q.e. experiment. they are further down the road and come out and said there is no difference between political regime and the central bank. that is much, much more difficult to achieve in the euro area. ultimately that is still fragmented. political sli still fragmented in terms of a desire to enact

q.e. or stimulus. so, i think it has been much easier in japan to achieve that. it has been much harder given the political makeup and the fragmentation that we have in europe at the moment. >> will draghi have to address the concerns that we see about inflation a little more strongly? in the assess quality review they didn't talk about the possibility of deflation. will that have to change? them are -- let's call guesses where inflation is going have been wrong all down the line. that will keep getting worse. ultimate think eurozone is -- many areas are on the brink of deflation there. youth unemployment problems. huge issue with demand side in terms of the economy. if you think about the policy that created the sovereign debt

crisis in the first place, it was an inappropriate policy set by the e.c.b., by germany. not for the whole of europe. today we have a mirror image. the e.c.b. enacting a policy for the whole of europe. only this time it is tied to metro policy. >> it is tricky. it is a difficult job draghi has. guys, thank you so much for the conversation. we're back in just a couple of minutes. coming up, we're behind the enes of the striking new calendar featuring actress and bond girl eva green. ♪

>> welcome back to "the pulse" live on bloomberg television, streaming on the ipad and bloomberg.com. neither shaken nor stirred, former bond girl eva green is the star of a calendar. you can't buy one. we spoke to the star of the shoot. -- to campari.of a very stylish, classical brand

and also reminds me of my mom. she has always been a big fan of campari. it is a calendar. you have 12 pictures. the photographer is just fabulous. i already had the history of aking all of the campari cocktails. that was given to me. i worked very closely with eva green. each month she was a different character. >> every picture is very different. in january i play this kind of cortizan in a beautiful dress. it is very romantic. then in another month i play an astronaut. it was really cool and very elegant. i didn't feel just like a model.

there was a real collaboration, which is very important. i felt we were just having fun, playing characters. because of my mom, it is kind of iconic to me. >> it was interesting. i actually caught up after the event last night, we caught up with the c.e.o. of campari. he is celebrating the calendar, which is massive by the way. campari has been doing well the last three years. there is a culture of cocktail that is gripping europe. years ago the italians would drink campari. now it is catching on especially here in london. he said i'll hold off acquiring anything else until these are fully integrates. it is an interesting company. coming up, an attack on apple. details on the new malware that

zeroos in on the tech giant owes products. plus you shop for clothes and furniture on line. how about a vehicle? we'll show you the first digital car dealership. ♪ .

>> welcome back to "the pulse." here are bloomberg's top headlines. the european central bank colts its monthly meeting in frankfurt later today. the ecb is unlikely to move its benchmark interest rates but, it's made by aro draghi at his news conference could give insight into future plans. you can see his press conference live here and in full on bloomberg tv at 1:30 p.m. london time. another central banker in the spotlight, mark carney.

expected to announce his leaving interest rates at a record low of 0.5% later today with the european economies worsening and brings recovery appearing to stop. urging significant monetary easing for the euro area at a time when the region's central bankers are increasingly divided. the oecd chief economist said monetary policy should not be the only focus. >> the biggest misstep is the combination of premature monetary tightening and also a reluctance to use the instrument of fiscal policy because of concerns over long-term debt trajectories. and in conjunction with those two, it would be a failure of using the opportunity to move forward on structural policies. all of that, let's check in on the markets with jonathan ferro. >> so many corporate earnings

this morning, yet the macro pitch dominates the map you're seeing. much of the eurozone in the red. i am standing right on top of one third of 1% lower on the dax in frankfurt. the oecd predicting growth of 0.8% in euro zone. urging the ecb to do more, to buy or assets. the pressure is on mario draghi. going vertical over the last week, up 4% over the last 30 days. this is the bank of japan doing much, much more than the ecb. what we have to get our hands firmly over is the fact the ecb is a much more conservative institution than the bank of japan. the bank of japan isn't just buying government bonds, they are buying etf's. they have not bought a simple sovereign bond for a good two years. elsewhere, looking at the euro

spot, not just going to be about a news conference dominated by whether we will get extra stimulus or not. remember, we still have to wait for the last set of measures to start to kick in. maybe they say patient, as they always do. maybe they wait until december. the element of this, as you know, francine, is the excitement, the theater. there's mutiny on the council. that is something everyone was a little bit of color on. >> thank you, jonathan ferro. minutes from now, it is "surveillance" with john -- tom keene. under you're focusing on the european central bank. it is so much more than europe's concern. this is central banks around the world diversion questec of a kelly. --cks no question about that >> no question about that. i like his comments about what we will see from draghi but i'm interested in the press conference at 8:30 new york time this morning.

it will be fascinating to see how he finesses comments on the bank of japan with his bundis think as well. rbc capital markets will join us, emphasizing record highs in the dow. the equity markets doing so well worldwide. a will also for that into discussion of the elections. yesterday, the pageantry in the east room of the white house. phil mattingly with a tart question to the president. the president reacting. join us fromill foreign affairs magazine to take the domestic ballet and take it over a broad and all of this coming as the president travels to china next week. >> that will be a big focus for us here. everyone will be on that. thank you so much, tom keene. barclays ceo antony jenkins is the bank will have less top paid

workers in the future. he spoke to bloomberg about the investment banking revamp, and much more, in an exclusive interview. believe in pay, we paying for performance and we are able to do that as we reposition the business. of course, as we make our investment bank more focused, that means we will ultimately have less heightened paid -- higher paid people, but that is in line with strategy. >> job cuts. we heard earlier from a higher into parts of asia. >>. focusingtegy is about on the areas where we have the ability to grow. we have to reshape and refocus to do that. it is part of this evil lucian or a process we were discussing earlier on. -- evolutionary process we were

discussing earlier on. it allows us to invest back into our franchises. in asia and africa, which is an exciting growth opportunity for us. you mentioned before, technology. what will barclays look like in five years time? >> if we focus on things like regulation, technology is much more profound, in my view. the reason for that, the cost of technology is falling exponentially. capacity isties increasing exponentially. it cannot be transformed. -- it can now be transformed. >> an attack on apple malware may have migrated to new family of apple operating systems.

international correspondent hans nichols joins us from berlin. what do we know and what do you make of this? without a lot of these products did not have to do with viruses. >> this comes from a report, discovery or a charge, from palo alto networks, a research company on the west coast. they say they have discovered our software called wire lurker that can get onto ios operating system and osx. crucially important how many numbers, if this malware is on computers, they say it has infected 400 applications, apps, in the mean 350,000 users. here's how it works and why this could be a potentially serious deal for apple. it goes from your ubs cable. if you take your macintosh, your iphone, plug it into her whereosh to sync, that is some of this takes place. that is why he gets the name

wirelurker. the company is not set whole lot about this. this broke late last night. a lot of this has to do with internet security in china mobile security in china and a crucial question that is left unanswered is whether or not this wirelurker will affect the ios a big operating system, a new system released with much fanfare. frankly, got some very good reviews for its security protocols. questions about this and when apple wakes up in the west coast wakes up in a few hours, i suspect their press office is going to get a number of calls. that veryto ask about thing. we have not actually heard back from them, right? apple has not made any official announcement just yet? >> we have not heard from apple, but this did happen late last night in san francisco. some time.have it doesn't seem like there's necessarily stalling, just the natural progression of things. nichols, ourhans

international correspondent from berlin. coming up, shifting gears. you shall foreclose close and furniture online, but how about a car? the world's first digital dealership after the break will stop -- after the break. ♪

>> welcome back to "the pulse." furniture, clothing

online, but how would you feel about buying your car online? today, the first digital car dealership is launching in the u.k. --is a collaboration between here to tell us more about it are the ceos. thank you for coming on the program. this is quite exciting. i was surprised to read about this because i still imagine car salesman tried to sell you the car. is this radically -- do we need to stop thinking about what we done over the last 100 years and see this as the shop of the future? >> the way you buy a car today will be different in 50 years time. it is really, when will that change and how will that change? is theeve now opportunity. they've come to us with a great proposition and we believe people can buy a car online or in-store, it is either. clocks how difficult was this? you did research because you

needed to make sure you don't lose customers. you have to be absolutely sure this is what people want. >> i have 20 years building a car business, quite a successful car business in the u.k. the frustration i had with buying cars, with the process, it hasn't evolved in the way we buy everything else -- food, their plane tickets, everything. therefore, building something that actually took the need to interact with the salesman am a which is worth that we needed to be, and it has taken us two years to build the web system. -- the ability to bring a to life. this a great idea. it is great for you to be seen as being digitally focused. buy everything online. spending 20,000 pounds online?

i would be a little bit nervous. >> it is the right time to do it. everybody historically has always thought, my car is the second-biggest purchase that i make. it's not anymore. after you can buy your phone for 100 pints amount in a car for 100 pounds a month, it is not completed different opposition. and people nowadays well by their car as a finance proposition, not spending 15,000 pounds on a car. >> we have seen some images. it opens today. there are no real salesman, but you can still test drive. this is crucial. who would buy a car if you cannot drive it? >> first of all, we do not have salespeople. we do have what we call angels, which present the product. commissions. it is all about great people, great personalities showing the product and being enthusiastic about the product.

>> like an apple store. >> it is having people enthusiastic about the product. if you believe -- like you said, great pricing. with the ability to do everything in a car process, dispose of their old cars, the gift finance options. -- look at finance options. it is important that the customers to want to drive the product, so we came up with a revolutionary idea. the customer can come drive the car as long as they bring to parts of the drivers license, the cars are all gps tagged so we can see where they are driving. come back in an hour after having a testdrive without anybody with them. >> why not just get better salespeople? >> what is interesting, 2.4 million cars and u.k. will be sold. we're looking at people who like what they do today. we are not saying, let's get rid

of dealerships at all. it really fits for a lot of people the way they buy cars. we're going for in alternative. some people say, i want to buy my car online. i would like to go to a store and want some shopping i would like to get a carbine experience as well. an alternative. >> everybody wanted to be seen as a tech company in 2000. is this the future of the way we will shop? what about the next 10 years? or is it just companies in general just trying to be a little bit cooler? believe, when you buy a car, you can either buy a diesel, hybrid, electric or fuel-cell car. you have lots of choices in terms of the types of propulsion for a car. what you haven't got is a choice in the way you buy it.

you have to buy a car through dealership. now we're saying, how about you buy it online or in a store? it is offering an alternative today and in the future. >> and it makes it so much cooler. this is about brand image. that may be more important than it was 15 years ago? it definitely is important. and the way that the store is position. the alternative is, you have to go out of town to a car dealership. your we are today, 27 billion past our store. with a project that image in a cooler way but also get the customer the access and ease to come in and out of the store and not be harassed by salesman. let them look at the cars in their own environment. the pricing is really important. customers coming up to the barrier and looking in the store, asking -- we have seen customers coming up to the barrier and looking in the store and asking what is going on.

we assume -- we have seen really positive signs. >> and you say this is an alternative to shopping. but it really is the end of dealerships? shop of thehe future, we will not have any dealers. >> my mom and dad, when they going to buy a car online, definitely not. but my wife go into a store and buy gekko possibly. my kids would be much more interested in looking at something online. it comes back to the point, let's just watch it and monitor it. i think dealers as well can embrace some of the things we are doing. the consumer changes. we as an industry is to continually change and six at the what the customer wants. old and he 2.5 year thinks he is allowed to shop online. thank you so much for coming on.

draghi's drama. his management style in question. details after the break. ♪

let's get a quick currency check. i want to show you the euro

dollar because it is all about the ecb. we don't expect mario draghi to add any monetary stemless as they start assessing the impact of the previous test, but inflation, balance sheet expansion, we hope to hear on that in the news conference. is for-century castle sale. the price is a lot more for double than you think. -- affordable than you think. there's always a catch. once nichols reports. our correspondent hans nichols reports. >> step into your own fairytale. yours for just 350,000 euros. scaling a castle wall is a lot easier when someone isn't pouring hot oil on you. if you take ownership of it, that is when the real obstacles begin. inside, you may find more brothers grimm for the disney fantasy. the ruins may seem medieval, but the problems are very modern. the challenge of selling this

56,000 square meter stronghold located outside of berlin falls to the local municipality. the mayor has traveled as far as dubai to pitch buyers. but the argan sticker price has a catch. >> investments in this castle depends on the renovation costs between 3 million and 6 million. >> under communist rule in the old east germany, castles and manor houses were left to rot. their shells. the countryside. many are for sale by cash strapped authorities. >> as a residence for one family, it is a little big. for a five star luxury hotel, a little too small. something in between is exactly the right thing for this castle. >> this is the dining room. harvest banquet or hunters feast. if an angry mob crosses the moat address them from this balcony. if you get castle fever, you can

cross over on a rebuilt medieval bridge and head into town for a beer. a look at what's we are watching, we're joined by hans nichols and jonathan ferro. we just found the perfect castle in which the ecb can have their board meeting next time, right? >> yes, but they can't get there because it is an east germany, and that is the challenge. 85% -- this big massive railway strike taking across german is paralyzing potential parts of the economy. bmw ships a lot of their cars on rail. let alone what it is going to do to the 20th anniversary celebrations of the fall of the wall this weekend. it is a big mess. everyone is wondering how they're going to get around. in some cases, you cannot fly because there's also concern maybe you'll have strikes from lufthansa again. the only option is to take your bike -- or i guess you could drive. not in your case, because we all

know you cannot drive. we always look for the option to mention that on air. >> this is mario's nightmare. everyone is stuck because they cannot get out. for the newsg wins conference when it starts, no change expected for the policy. let's start with a theater of the news conference. the reported dissent his leadership style. i imagine -- >> i would agree. >> i imagine question after question after question. on the actual substance, the monetary policy, i think will be interesting what he says about the asset purchase program, how it is coming along and whether they can do more. what is interesting about today, typically we go into a meeting and it will be a vision or hawkish. it is more on the fence. are we going to see 126 or 124? i don't know. it is difficult to call.

but it is. also what he will say about inflation. commission has had to advise -- revise the forecast. hinting it is worried, but also kind of trying to ignore it. >> we get another set of forecasts were them in december. many expect them to downgrade. december will be a key meeting because we also have the outcome of the chief funding. is.ill see with the pickup it is about patience with the ecb. slowly, slowly, slowly. i expected a will be no different. >> and at the same time people are saying, draghi is ahead of the game compared to some of his previous -- >> draghi versus trichet. >> thank you so much. that is it for "the pulse." tomveillance" is next with keene and his team. we will bring you that ecb press

conference live and in full. jonathan ferro is the man behind that. you can follow us on twitter. we will see you later. ♪ . .

this is "bloomberg surveillance." >> the president and senate majority leader about to end gridlock in washington, just do not mention deportation,

immigration reform. cheap oil will keep recession bears away. and giving shareholders a greater say in who sits on the board, ebay gets it wrong. good morning, everyone feared this is "bloomberg surveillance." we are live from our world headquarters in new york. 6 andthursday, november joining me as always is scarlet and brendan greeley is here today. do we start with the elections? >> no, we have to start with president obama's response to her he says it is time to chart a new course forward. the gop is also on track to having its biggest majority in the house in seven decades. the president promised to work closer with the opposition heard >> part of my task is to reach out to republicans, make sure that i am listening to them. i am looking forward to them putting forward a very specific agenda in terms of what they would like to accomplish. let's