>> posing for pictures and australia. ahead of the early cp that the global economic growth may go into it over time. bright, vibrant growth and recovery in the medium or long term. >> the specter of stagnation stocks europe's economy. we will be breaking down the growth numbers, starting with france. >> it will be a tough christmas. we have an exclusive and revealing interview with andy clark. >> christmas is going to be a

compressive opportunity. >> you are welcome to "countdown." you might love to have the car but by the jacket or handbag instead. market.'s luxury good and for anybody who likes airplanes we have numbers from air busters. airbus istantly, reiterating its guidance, releasing numbers for the nine-month, third quarter. overue increasing by 4% the nine-month. cash flow before acquisition

was staying positive in the third quarter. to 2.6 billion%, euros. should beued momentum about the same level as in 2013. that is exactly matching the guidance they gave back in july. in july they told us that airbus deliveries would be about the 2013.evel as that guidance -- a lot of folks are looking ahead, that will be delivered when the first time to a customer, to qatar airways just last month. remember, this is a business that changed its name to airbus and put military and space units together to try and save some money. and weve made progress, will get more from caroline later in paris. >> g-20 nations have been arriving in brisbane ahead of

the summit. paul allen is that the venue. global economic growth is top of the agenda but what are the chances of achieving the target? mark, this is always the issue at summits like these. we hear a lot of fine words and great ideas but intercourse, these leaders have to go back and sell those ideas. a goal in this case is to raise global growth by two percentage points, agreed to by the finance ministers earlier in the year. that would add $2 trillion to the global economy. they also want to crack down corruption and tax avoidance practices. there are numerous challenges to achieving that goal, some of them described by the general when he spoke to bloomberg earlier this morning. here is what he had to say. >> we are in a very sluggish economy.

of a bright, inrant growth and recovery the medium or long term are not there, not yet there. we really should make it happen, and i believe that it is possible. we have been prepared here in brisbane. the secretary-general pointing out that the g-20 leaders have their work cut out for them trying to achieve better growth. -- achieve that growth. also on the agenda is climate change. the united states were agreeing to that emissions reduction statement. now the australian treasurer has confirmed that climate change will be discussed here at the summit, although it will fall under a broader discussion.

it will be a tough one to ignore. the mercury is climbing here in brisbane. it is expected to be 42 degrees celsius. >> cold here. thanks. paul allen at the g-20 summit in brisbane. >> uk's biggest retailers are all gearing up for what will be the busiest time of year. bloomberg's european business correspondent spoke exclusively about the ceo of --- . >> that is going to be a tough christmas. i have been in the business for 30 years. it has always been competitive. whether it is an online experience or a store experience, christmas is going to be a competitive opportunity for everybody. >> how long will this market the fundamentally challenged?

>> i think in terms of market restructuring we are going to see that for some time to come. if you look back at the course of the last five years, with we have seen a real step in terms of overall performance. i think we can expect to see over the course of the next two years continued restructuring happening within this market. >> there so much talk about price wars. how can you support profitability at this time? >> it is about planning. not trying to say we are going to get everything right. get ahead of the curb and and now we are in a year -- a year into executing that strategy. a year ago we put one billion pounds. into pricing. we are well into executing that and it is working.

if your business is starting today, thinking differently about your strategy, you are already a year behind. >> the us new tactics being employed, using vouchers to bring down prices, what do you think of that? -termey can have some short traffic, but as i said earlier on today, it is a form -- you have to change. printing five pound vouchers in the short term is an efficient because at some point somebody has to pay for it. >> what do you feel like about the u.k. economy? sense -- what is your sense? will they continue to improve? >> the economy is in a growth position and that is good to see. it is good to see the u.k. starting to have a good recovery. employment levels are at an all

-- unemployment levels are at an all-time low, good for the country and for the economy. from a company perspective, there are businesses that will win and businesses that will lose. we have got a huge piece of change next year with a general election. the general public will vote with their fiji in terms of which way they want to go and we will see how the economy continues to go. >> you talk about redefining retailing. what will the market be like? how will it be redefined? will we still have four dominant players? >> if you went back 10 years ago it was very different. there are names that i grew up with that are no longer in trading on the high street or anywhere within the u.k. that wills time, probably be the same question. businesses trading in 10 years,

who those businesses will be, time will tell. i'm sure you could draw straws. for now every businesses competing with each other. that long-terms build trust, consistency, and loyalty will win. discussng us live to the interview in more depth is caroline -- what a great interview. you touched on some of the biggest issues. this is a ceo that is getting ready for more shocks to come in his own industry. >> he was very vehemently using sure you -- using words like shockwave, that they were giving vouchers in the newspapers, you said this is a sore term strategy, not a long-term fix. eventually your shareholders will have to pay it, that panic tactic.

done is they were a step ahead of the game, putting one million pounds into price cuts. people feel that that is just a drop in the ocean, but this the him and see, this over competitive landscape is it going to change. he is bracing himself for another quarter that is going to be extremely difficult. you have to slash prices. but he will focus on the fact that sales fell for asda, but market share rose. the only one to increase their market share. but isn't it coming at the expense of sales? the big problem, the balancing act, had you support stability? that quarterly performance isn't so under the microscope as morrison's is.

what are they doing to set them apart from their peers? >> what i thought was interesting was that people who will survive are those who trust consistency and loyalty. a bit of a dig at tesco. i think where they had that novel is the prices in the london tube stops. that is where they want you to click and collector goods. they all have these small stores, the convenience, every street corner. never done that and they are predominantly in the north. they talked about two phases of recovery with london racing ahead. >> where they can win in london in cities is picking up your groceries on the way home in the tube.

you can swing by and there may not be the whole array of items you would get but if you clicked and collected you could get exactly the product you want. they are trying to be innovative and upgrade their stores, but i think overall this is a man saying i am worried -- i have got a great unknown in terms of the general election, money in the wallets of my customers, but are they coming in and spending? in theas wallowing waters of his competition. the focus hasn't been on asda, has it? >> because of this market share. market share has risen because they have been very focused on price. >> that campaign last year, buying the genes -- the jeans -- >> and discounters haven't eroded them so much.

now i think the key issue is quality. in thoseu who are pricier items, particularly during christmas? focused,felt pretty determined, pretty confident. who hasn't six children and knows what juggling time is. >> great interview, caroline. i want to bring you some breaking news we have had from abn. go.e are over 1000 jobs to this will be phased in over the next four years by 2018. 1000 jobs will go to the retail. they are going to take provisions for those job losses, the cost associated with those job losses, between 700 and 500

million euros. of all the european banks it of people in terms being late with their payment, not making their overall loan repayments. mona power of his fall by almost three quarters of a billion euros. 287 million down from 347 million. they are looking at a lot of things like cost income ratio. that is down to 51%. 2018.nd jobs will go by >> you can join in the conversation on twitter with us. tell us what you want to see more of. this is where you will find us. we will be tweeting about the g-20.

apparently the election in japan -- our next guest says the yen is in the most significant decline in modern history. we will talk to him after the break. ♪

>> welcome back. the global economy is in worse -- in the worst shape in two years according to international investors. 38% said the world economy is deteriorating more than double the number who said the same in the last poll. respondent say the european central bank is making the situation worse by pursuing policy that is too tight. you., good to see this is going to be one of the topics that is discussed at the g-20 -- the weakness in the euro zone. is that rightly the concern for international policy makers? >> they are right in their

concerns. the idea that the ecb has been moving too slowly -- there was a comment that said -- i don't think it will be the only concern. i think one of the issues that s taking to come up i a different approach to monetary policy. it was interesting earlier this defended i sat in and the policy that he still believed in exchange rate. ifould not be surprised those comments came from china or south korea. >> looking at the yen in the last 20 years -- the last time is there a level, a point when authorities think

of using the dollar to prop up the yen? is there a level -- >> i don't think there is a level per se. one of the issues that has been raised last week is the pace at which moves are taking place. japan -- when you get these 1% move weves, and the have seen since mid-october is one of the largest four-week moves in history. but here's the problem. if they were to intervene right yen, itby ye -- buy would be negating what the bank of japan is doing. right now, it is difficult to see what they can do. >> plena the other point to make in your notes is this scale of change in the pension -- the reallocated, how they're going

to do things in terms of bonds and international equities. the point you make is that they are going to boost overseas -- so that money has got to go somewhere. that is going to have an aspect of impact. it depends on what the japanese pension fund -- >> i think that has been a huge issue. you go back to the point where this really starts in to get some cuts. wanted -- suddenly people didn't understand but it was doing and you start to see the moves taking place. you start toober, get an idea of the scale. that has been a huge contributory factor. know how longon't it is going to take to make these overseas investments, and we don't know whether there will

be a hedge. that is going to have a significant impact. investorsf what other in japan are likely to do -- they will probably follow. huge, multiple effects. >> let's talk about russia. tell us where we are on the russian story. while ago saida they are not going to burn their reserves thoughtlessly. where are we on that story? >> for all intensive purposes it intense andoat -- purposes it is a free float. they are prepared to intervene. they will have to take a more practical approach. let's head into the market when there is a possibility we can have an impact rather than just being there and giving them an advantage. they are also going to do these

liquidity squeezes. but here's the key problem. this is largely down to speculative forces. that may well be partially the case. the reality is that most would recognize that one of the major reasons we go above and beyond with 25%-30% -- drop in oil prices, trending well below $80 a barrel and costing an average of well over $90 a barrel, you have an economy which is heavily focused on oil price. no surprises that the ruble is having a tough time. me.ouldn't surprise >> keeping that same thread, could we see more down with pressure on sterling? you have said you are being too cautious?

once again, are you being too cautious? >> i suspect we are. one of the things -- relatively modest moves, relatively low volatility. we will see a reversion to the more normal levels of volatility, and we still have to understand how far things can move. yes, i do think as we shift our expectations and monetary policy in the u.k. that people are going to start to realize that some can trade well below 150. it is really only fair value -- lots not is that -- not a for a 30 month high. it was one of the favorite trades. >> talk to us a little bit more.

you said that the dissipation in the labor and union polls -- you said volatility rises every year running up to an election. >> if you look over the last 20 years, free of the last -- three of the last four general elections have seen a substantial rise in volatility leading up to it. we saw one year of volatility well above 16%. two, well above 10%. there is the issue. when you go by the latest polls, we are in a situation where it is too close to call. take that into account and take also into the account that the 2017 eu referendum could come into play, and the latest polls suggest it could be

split pretty evenly. suddenly you have a one in four chance that we could have a vote in three years time. that to me does not suggest a situation where it should be trading with low volatility. caution,ests to me people that have been long with may take a far more cautious you. i like the dollar, i like higher yield economies. --hink the indonesian ruby >> thank you very much. up, french gdp for the first quarter is out in just a couple of minutes. he will bring you the figures as soon as they break. ♪

>> what did they like, they like the dollar. that is what foreign exchange traders are still buying. looking for a bounce in u.s. retail sales. also, michigan consumer sentiment expected to rise to 85.7. hold a meeting to cancel next year's tax hikes.

also, i am seeing on the screen. it is called the stop loss. i cannot take anymore pain. japanese yen, the fourth week of losses, down 7.9%. keep an eye on euro-dollar. theow that anna is one of gdp numbers on the late. by .3 percent, a economists surveyed by bloomberg were expecting an increase of .1%. the second quarter was revised from stagnation to .1% contraction. that is bad news. the economy was flat in the first quarter, it is stagnated in the second quarter by .1% but

it did grow by more than expected in the third quarter. gain, bar the second quarter of 2013 which saw an increase of 187%. this is the french economy since of 2011. quarter i think that tells you what sort of state the french economy has been in for the past four years. but, it is good. ,t is better than it has been by a quarter from the last four years. you have got to be grateful for small mercies. the french economy is growing and it has grown by more than expected. >> that is a surprise on the upside and we have to acknowledge that. if we look at the revision we got for the last quarter, there have been four straight years where there has been negative growth in france.

you mention this drawn number that we had in the first quarter. that was followed by negative growth. it doesn't seem like there's a whole lot of trend or any indication that there is positive growth that will be taking off any time soon. the french numbers are the first catch of what we will get. we will get germany gdp, then we will get italy gdp, then we will get the euro area wide. italy is interesting because they have had the last six quarters which have been flat or negative. it was negative last quarter, flat for the two quarters before that. it is really germany that everyone is focused on in part because there is this hope and perhaps nothing more than a hope that the german economic engine will rescue the rest of europe. when you look at some of the numbers coming out of germany, they disappointed last quarter, they are basically flat. the expectation is .1%.

thing, the last six months business confidence has been sliding in germany. it had a steady progression heading down. the question is will this numbers ornto gdp some other noise. some of the hiring data has been quite positive. the business confidence on the way down, will that affect the overall economy? we have to wait to 26 minutes for that number to drop. off proceedings with better-than-expected growth. down from stagnation. >> time for today's company news. this seems to be an end to the big dispute in the publishing world. amazon has resolved its feud over the sale of pride and digital books. this would allow the publisher to set in cement prices. the agreement and the standoff

and cut off supplies of some books on amazon. three of the mortgage bond traders on leave according to a person with knowledge of the matter. they were told not to report for work but the japanese brokerage declined to say why the action was taken. the industry has been under scrutiny by regulators investigating trade in the mortgage market. many bankers in moscow are leaving for london as sanctions bring business to a halt in the russian capital according to people familiar with the matter. among those making the move is jpmorgan's head of russian research. bugatti is a batch on some of the world's fastest cars. we caught up with the president of the sports car company within a specific interview. he began by explaining why

london was chosen. >> the reason why we are here in london is no metropolitan area around the world sold more but gotti's than london. them are based in london. is the rightthis location to open up a store. about the bugatti, this is divided into three regions. very important is europe, especially rate britain. then we see the u.s. as one third of the market. >> how do you think the chinese market will develop? ,> this cannot be neglected also it is tough right now, but i think the spirit in the market and the behaviors of the are on the same way as

it is in some very developed regions around the world. we see a bright future also for bugatti in china. >> one final question, you talked about the brand, we have a lifestyle story. what does the middle look like when you start doing something like this? do the margins improved, do they get down? there must be a baseline benefit for you guys. sure that ourtely , we will see about 30 more exclusive boutiques like those around the much appalling area in the next five years and this will of course pay into her pocket. to guytti speaking

johnson. you can join the conversation on twitter. a little parking space. i think unite me more than a little parking space. >> whatever the size of your potentialou are a target for hackers. all you need to know about cyber security with a former army officer.

>> time for today's company news. alibaba is planning to raise as much as $8 billion on its first u.s. bond sale. they say the sale could take place as soon as next week. the world's largest e-commerce company will use the proceeds to refinance its credit facilities. the bonds will be rated a plus. standard & poor's has given twitter a junk rating. thecompany described microblogging sites financial risk as significant due to slowing user growth.

the s&p says that twitter has strong potential, however it must innovate continually to maintain relevancy. 6% at the close of trading new york. better on thursday's trade, the company was the best performer on the s&p 500," 15%. have themould insulate them from a sustained slowdown. >> we have been talking about risks to investors. let's look at the scenario that has been in the limelight. for more on this is the chief executive, john lemire. good morning, thank you for joining us. you have got three divisions, intelligence, resilience, and cyber. cyberre the three big

threats to business right now. >> we still believe absolutely that fraud is the number one risk. ip and therewed by are large businesses out there that are very much dependent on the value of the ip. and then also to straightforward theft. key one.a the reason this is such an issue is because generally speaking a lot about fraud takes place within the business. it is usually led by members of the business itself. you need to have processes and also technologies in place which monitor the networks and also understand what is going on in the networks and the people will be carried out that fraud. >> he also say that it is not just the direct impact that that might have or the theft might have. this influence how companies compared to invest.

>> this shows companies will in 12, $13 million a year. that is not sustainable. this is a man a service that they can plug into. grasp manner. >> you are delivering almost government leveled protection for businesses. how hard is it to convince businesses because you make this look like an expansion. when they say the realtor pressures are coming in and the existential loss to a public company that has a massive confidence loss of

in that organization. millionse believe that and millions of people's data were lost. the confidence is gone, the share price might be absolutely destroyed. the clients will no longer go to the bank. >> we seem to be and a time of heightened risk. whether it is ebola, islamic state, whether it is offense in ukraine. how bad are things on the risk scale right now, if there was such a thing? >> the u.k. government places cyber risk in its top three risks to u.k. national security. it is growing. the biggest threats are coming ,rom the criminal fraternity they are now creating pressures we did not sees this. data is the new oil.

the value of data is very attractive for these criminal organizations to go after. the stories run u.s. banks. it became clear that it is very difficult to separate in some circumstances. this your work extend to where this is coming from? >> their arctic abilities known for intelligence. >> make it for the chat rooms to instigate fraud or hacking the organization. what we see is not necessarily trying to identify who is carrying out this sort of activity. what methods they are using. having pervasive

monitoring type. what is going on inside. start andactually understand those methods and cope with them, stop them, and stop the losses before they occur. >> when you start to work with is it all thet time. their companies want employees. likehave engaged someone -- is it below the radar? >> i mentioned for the inside thread, there were not hundreds of consultants marching through the organization. reverence, managed services is much more covert to deploy.

this allows you quickly to get a feel. >> he's managed off-site. they have to transfer data at of the organization. >> this reduces risk. you are moving all of that sensitive information into a short environment. we have experts that are looking at the kind of risk but also in a highly secure environment. there is a massive company with vista stupid services across 15 sites, how do you know that people do not have access to the server rooms at any point. >> what to think about your technology on your perspective? there are very high quality security solutions. >> it will be the uk's first

managed service online providing defense great security. nobody else is doing that. technology, the consumption of the u.k. government. , they will give organizations the ability to access very low cost. >> defense great is the level of government protection. the source of protection that has been currently only available to government -- government for the last decade. >> companies have deep pockets. they would invest quite heavily in protecting themselves. >> the gold standard is what the government does. >> how can you offer it so cheaply. >> because it is a skill play,

it is all about being able to have a managed service. thef the top analysts in united kingdom. you are looking after say 4, 500 companies. >> they keep very much for joining us. >> coming up, the london west end, coming to netflix with a new drama based on queen elizabeth's reign. we will discuss that and much more.

out of my dressing room on this large stage and walked towards the lights, the theya, thinking, now, will accept me as batman or will everyone began to laugh. it is really a germanic moment. everyone was in awe. they all accepted me as background. >> that was batman. >> he was talking to bloomberg. >> partly owns around for two

years. they were offered the role of james bond. offered diamonds are forever. he believes the role should be played. >> where should we go now? >> a bit of arts and culture. the taurean albert in as youbridge, two huge walk into dna. david's michelangelo will be there. a reproduction, along with a married of other reproductive

and i think the point that she makes is that i suppose it brings that whole concept of whether you're looking at something which is virtual versus actually seen the real thing. >> there is a slight sense of disappointment and then you read a bit of that. i am disappointing with that comment. >> he didn't say she was a snob and didn't say i was robbed to be fair to polly. >> the queens new starring role, the times concedes that they cleano idea whether the streams anything from netflix but she will be starring on netflix. was the day of getting out there and content. they're going to do a 10 part

drama series called the crown. this is based across the queens rain and her relationship with her prime ministers. it is based on the audience. three different actresses are set to play the queen. >> gs a few parts. this is the greatest amount of money taken at an auction of art. this included two andy warhol pieces. well done. "countdown" continues in the next hour. we are going to talk to britain's former u.k. ambassador to russia. that is andrew wood. tuned for that

conversation. we will be back with some gdp data from the west of europe. stay with us.

>> on europe's battle against stagnation. france's economy grows faster than expected and germany's gdp numbers are due now. oecd warnedof the the fight for global economic growth might go into extra time here in

>> welcome to countdown. have breaking news for you now. from germany and growth in germany, gdp for the third quarter comes in at 1/10 of 1% for september. that is the third quarter and that is a turnaround because we had a contraction in the second quarter. germany has managed to turn it around. it is very much in line with the german government. they cut their outlook for german growth rates a couple of

weeks ago. in june the germans believed the 1.9%, rate would be at angela merkel has not come off well in the global panels -- polls. a turnaround for germany and a similar bit of good news earlier for france. >> my take is you will hear a bit of a sigh of relief and away from brisbane, australia where the leaders are gathering the country do have positive growth in germany and that is after the tough sanctions in russia and the doom and gloom and the negative ethos numbers. grew likehat germany you said only .1% after contraction last quarter is undeniably good news. the question is, does this calcify that dynamic in europe and that is where germany is

limping along and does not want to do anything in terms of quantitative easing and the rest is europe slumps. they had a contraction last quarter. all eyes are on italy. in justill get italy about one hours time. after that we get the pan-european numbers, this is a mixed signal. looking to the gdp numbers to provide a great deal of clarity and perhaps ammunition on whether not -- whether or not you should be eyeing government bonds you will not get it from these gdp figures. weekend asbe a busy the leaders began arriving in australia for the summit.

global economic growth very much the top of the agenda will what are the chances of achieving those targets. that is always the issue at summits like these. plenty of mobile ideas that get discussed and then leaders have to go back to their home countries and implement them. in this case there are two is to targets, the aim raise global growth by two percentage points adding $2 trillion to the global economy and creating jobs as well as cracking down on international tax avoidance. the challenges are many. earlier today on bloomberg one of my colleagues interviewed the oecd see secretary-general and here is what he had to say. sluggish economy

and the prospect of a bright, vibrant growth and recovery in the medium-long-term are not there. not yet there. we should make it happen and i believe it is possible that the grant has been prepared -- ground has been prepared here in brisbane. g-20e leaders of the nations will tackle this list and have been arriving steadily this afternoon and have been greeted by an impressive amount of security. 5000 police officers out in force. soldiers as well, 13 streets have been closed and a public holiday has been declared in queensland to ease the security situation and the u.s. delegation requested the roundabout be demolished so the

president's motorcade would not have to slow down on the way to the venue. they drew the line there but the is $120 billion. spoke to theyde boss of asda and asked him about the stakes of the u.k. economy. the economy is in a gross position and that is -- growth position and that is good to see. unemployment levels at an all-time low is good for the country and the economy. perspective, back to one of your earlier points this is one of the things we will lose. huge change of pace next year with a general

election and the general public will vote with their faith in terms of which way they want to go. redefining, what will the market he like and how will it be redefined. will we still have four dominant player's? -- players? >> there are names that i grew up with that are no longer trading on the high street or anywhere within the u.k.. in 10 years time it will be the same question. those businesses will be, only time will tell. now, every business is competing aggressively with each that and those businesses build trust, consistency and loyalty will win and those that do not won't be the businesses

here in 20 years time. >> that was the boss at asda, what do you make of the shockwaves? join the conversation on twitter if you would like. >> 1000 by christmas. >> that will be a tough christmas. steal, borrow and followers. come, we will be talking to britain's former u.k. ambassador to russia. andrew would about the ongoing tensions with ukraine. ♪ >> at the end of the week we

have seen rising tensions in ukraine as fighters scrambled to intercept russians plane, let's -- stock of the western relations with russia. joining us now is andrew would. can you explain putin's behavior , he put his arm around president obama, patting him on the shoulder and put a shawl on

the shoulders of the resident of china's wife. >> and she took it off very quickly. veryd obama almost winced -- winced. publicas a great need in to show that he has people he can talk to effectively, because he is pretty isolated. so it was for show, obviously. it does not mean he loves president obama. >> does it work, the charm offensive knowing what is going on. >> it has worked in the past but if anyone does not know that his word is worth nothing they are ignorant. >> you said in notes running up to the interview that part of the west fundamentally don't understand what russian leadership is all about. whether serving the people or holding

russia together and the two don't lead to the same conclusions. >> fundamentally -- very strongly in the russian tradition, that the people are answerable to the government and not the other way around. if you look at the way they treat their own soldiers it is very clear that these are people of no account. that is quite typical. so far we have the g-20 and saying hees, he is wants them to realize that by being an international statesman , does putin remotely -- i am an actions soerver, his far look like somebody on the point of complete disrespect for everything in the world. >> i think that is how he does

feel. he has very much bought into his own rhetoric about the world being against putin and russia and the west in particular. that is part of his appeal at home. biography, it his the week are beaten so you must show yourself to be strong. this is normal behavior as far as he is concerned. >> we are now getting a sense of what we might get on monday when they meet in brussels. the doesn't seem to be much. they seem resolved to expand personal sanctions, sanctions that the rebels themselves and people who are helping the rubbles you're not planning on traveling to france, do not care if they are banned. is it pathetic that that is all the eu can do echo if nato comes

out with this big declaration that russian troops are pouring over the border into ukraine? i think it is pretty feeble. russianaying into expectations about the eu. hand, i think support for sanctions in the net it sates and congress in particular is pretty strong. and that matters because that is long-term for russia. eu perhaps will come around, it depends how many troops have undeniably seen what happens. it is a serious situation. >> when we have david cameron talking tough going into the there should be

more sanctions but knowing he will not get what he wants on monday, is there scope for unilateral action-? for the germans who seem to want something more, for britain to do something or are their hands tied? >> i don't think their hands are tied in practice because there are things you can do to make your existing regulations stricter. vulnerable toe direct pressure on the financial system. thingsd think there are britain could do and germany could do to back that up. the biggest sanction of all is that nobody wants to invest in russia. whether they are russian or foreign. the russian economic situation is ready serious. >> when does the russian economy

become putin's achilles heel? >> that is a question of timing. it is his achilles heel right now. nobody inse that their right mind is thinking of the countries national interests as opposed to various motion to accept more responsibility in ukraine. increase the dislike of people to put their money in russia and make money quick pressure. nobody would have wished to run the risk of popular opinion in russia itself. all of those are short-term things they can avoid. >> fantasy as if waiting for the sanctions actually result in president putin taking his military strategy in the ukraine

copy us to post -- you sanctions of changing any of those?hat -- say that i don't think you know that it is getting tough and i will retreat to part from this trillion per minister commenting that kangaroos cannot jump backwards and putin is a kangaroo. he is consistently double down rather than quit. 40 closehave been encounters between russia and the west since the annexation of crimea. is there a big risk to have a big misstep here? that,re is a risk of

there are all sorts of accidental risks. no one would have predicted the downing of the malaysian airline. risk of accidents of observers getting killed. there is a significant risk arriving from the russians going into the ukraine itself. there is no promise they would stop. >> thank you for joining us today, always good to see you. the former u.k. ambassador to russia. the rise and fall of a multibillion-dollar bond sale.

>> bugatti is a badge on some of the worlds fastest cars and now it is expanding to something a little different. it is a lifestyle boutique. we caught up with the president for an exclusive interview and he began by explaining why london was chosen as the flagship site. >> the reason we are here in london is that no metropolitan areas sold more view gotti's then london, so -- more view gotti -- bugatti's then london.

we think this is the right location to open a store. our customers, when we talk about the bugatti are divided into three regions, very important is europe and great written, then the u.s. as one third of the market and the middle east. we are already starting to sell bugatti into china. be chinese market cannot neglected. also it is tough right now but i think the spirit in the market and the behavioral structure is the same way as it is in some very developed regions around the world during -- around the world. peoples purchasing behavior and we see a bright future for

bugatti in china. very popular here you have the brand and a lifestyle store, what does the p&l look like when you do something like this. is there a baseline and if it? the boutique idea that we are following up around the world, we will see about 30 more exclusive boutiques like those in the next five years. this will of course pay into our pocket. linkedineiner, the chief executive has been speaking about the u.s. jobs market. and with bloomberg's a senior executive editor.

they were at the event in washington. jobs inillion available the united states and that is a number nobody talks about. that number is the highest it has been in 13 years. there is very little talk in the country about where those jobs are, the composition of those jobs and the skills required. the skills of the aggregate workforce currently looking for more work and at linkedin we are in this unique addition we can start to make those matches and shine a light on those gaps. >> we will bring you coverage from washington throughout the day. raise asa planting to much as $8 billion in its first bond sale. the world's biggest e-commerce company will use the proceeds to

refinance the credit facilities. meanwhile, standard & poor's has given twitter a junk rating. risk isd the financial significant do to slower user growth. they say it still has potential but must innovate to stay relevant. hughes fared much better, the best performer on the s&p 500. in talks to buy the oil services company. takeover would be faced exclusively by antitrust regulators. says it's superjumbo program should rake even next

year. the earnings coming up next.

>> welcome back to "countdown." it is friday, we got there. those political leaders at g-20 have a bit of sunshine. germany returning to growth, france returning to growth and what the euro did at 1.2441. interview, saying that the ecb could start to buy company debt or state debt. not yet.

delayed.cb could be threat to thee eurozone, deflation trumping the threat of inflation. overalle what the numbers come in. the dollar is generally higher. retail sales in the united states of america. the dollar yen moving and 1.1610, again at new speculation overnight about a press conference next week to cancel next year's sales price pack. bloomberg tophe

stories. fighters tracked down and aleutian transport plane. there has been an increase in russian military flights in the baltic region and warships are near australia. to the us trillion parliament david cameron says they will do what is needed to stop british extremists. 's would allow the seizure of concorde from people's --spective who are planning the seizure of passports from people suspected of planning to head to iraq. >> 18 months ago as mayor and i

have to finish that off and do my best. >> you can watch that full .nterview tonight on bloomberg we had a surprise from france as the economy did grow faster than forecast. germany came in as expected and we will bring you those gp numbers. is out in 90 minutes in the eurozone at 10:00 a.m.. service hassche launched it train stations across the country to tackle the problem of illegal -- the multimillion dollar project to improve the infrastructure. once in theers were

golden age but the profession has died out. >> that is my business madame. >> that is no business, that is social injustice. >> that depends on the tips. >> the tips are looking good. we have seen significant demand for the quarter. the reason why we launched the service was white the legal war. >> there is usually a guy who offers to carry my case and last time there was one who off -- asked for 15 euros. i said i'm not giving more than three euros and now i am more aware. once to improve

the passenger experience for the station itself. official porter service is part of that strategy. in the next five years more than eurosros -- 150 million in upgrading the station. newservice revamp signals a direction in the italian railways. one they say is putting the passenger first while bringing brak -- bringing back the long-lost glamour of train travel. third-quarterd results just a few hours ago. what you make of the numbers? >> airbus estimates their third-quarter profits is at 821 million euros, that is up 16%

and four 2014 they are maintaining their targets and they expect their bus to be stable. they also expect deliveries to be stable, last year they broke the record of 600 26 planes, however they say their net orders in the first nine months of the year they have had nearly 800 net orders. they are focusing on the next generation which is competing with the boeing dreamliner and the a3 20. 50y say today that the a3 remains challenging but they will send their first one to qatar airways by next month. well it is selling very

is their fastest selling and history. $20just this month ahead billion from china. >> with a picture like that you paint it as being not a challenge insight or these guys. what are the big challenges ahead? technology? expenditure? investment? >> of course there are some challenges ahead, if you look at they'vees of airbus dropped nearly 15%. net income it has dropped by 41% because of the negative exchange rate on the u.s. dollar liabilities. then you have the big spreadsheets, the biggest airplane on the market which is not selling that well at the moment because they have had no new deals this year, so the

question is whether they will be able to maintain their production target. course you have the struggles of the defense division. the military plane has had some delays. they say there is a negative cost and that they are assessing the program and are still checking 6000 jobs. >> anna has helped me with this, the loose police helicopters and firefighters and the young tiger roaming around paris, is he chasing you? not chasing me quite yet because he is in the suburbs. he was first seen yesterday nearng in the supermarket

disneyland paris. the hunt has been lighter overnight but has started again this morning. more than 100 men with helicopters flying. if you look at these pictures the is about one year old and weighs around 100 kilograms. they are encouraged to drive their car instead of going by foot. there will be security today in front of schools and the big mystery around the tiger is where it came from because no zoo has reported a missing tiger tigere expert says the can survive for a few days without eating but at some point it will get hungry and so he advises people who see the tiger to make a lot of noise but not move. it reminds me that if you go

down to the woods today. - be careful, you do not want to be breakfast for the baby tiger. >> remember the old photo of the east of the moors? a similar photo, a bit faint and fuzzy. carolyn sent round the advice from the circus head and it ended chillingly because it said it is most likely it will find its way to a farm where it's predatory instincts will take over. chickens watch out. >> you know what to be a chicken in paris. >> 20 minutes until the opening of the european equity session, stocks have some amazing features.

international investors with the details of what is on investors minds after the break. ♪

time for today's barth shot.

in the left-hand corner you have apple and in the right-hand corner you have the russian stock market. this guy has finally lost his marbles. ,f you owned apple and sold it you could buy the entire stock market of russia and still have enough change to buy every single russian and iphone 6 plus. that is my stat of the day. on july the 22nd, the total market capitalization of all the public companies in russia fell below apple which is of course the world largest company. the value of russian equities to 531 billionne

dollars, apple meanwhile, as you can see, this goes back to 2003, apple this year has risen to 652 alien dollars, so the gap between apple and the russian stock market is $121 billion in apples favor. millionthe price of 143 contract free, 64 gigabytes iphones. i bet that is blowing you away. russia is into the only market that apple has surpassed. it is bigger than singapore and italy which have the 17th and 18th the biggest stock markets in the world. russia is the 20th biggest. >> that was useful mark and also incredibly unnecessary.

today's economy is in the worst condition in two years. that economy is deteriorating, more than doubling the number who said the same. respondents said the european central bank is making the situation worse by pursuing monetary policy that is too kind. now to the chief investment officer james. thank you for joining us. the diversions and monetary policy, that will be a guiding force to your investment? >> absolutely, it is very clear to me that the states of the into titan money at some point -- tighten money at some point and the u.s. will justify tightening.

think in europe it is not just the central bank that needs to get the play, we need to see governments spend more money. i certainly think we will need to see more government spending and that will only work if we see real supply side reform. and will the politicians have the appetite? >> we talk about politicians, the poll talks about a lot of 72% sayst on merkel, that merkel has the right policies but that has plummeted. politicians don't have the appetite to deliver in europe or in >> to me france is the

biggest issue, followed by italy. germany is suffering because capital outflows lead to inflationary pressures. experience and are extraordinarily competitive. speakingast relatively had a dozen years with no growth, france is mired in a world that has real rigidity. less reform is -- that is what france needs. >> james if you had all the money in the world -- >> i would buy russia. i would trade apple for the

entire russian stock market. >> you can replicate apple exposure relatively easily where the russian stockmarket is very valued and if you could take the risk that is necessarily implied by getting into bed with mr. --in, >> you'll wait a bit of time to own this russian basket if you did that trade. significant but it comes down to what your expectations of what russian policy is all about. and i do not believe mr. putin represents a genuine expansionary effort to the west. i expect him to lean toward the old ussr. he feels this debt to russia that he must discharge. in due course he will be rehabilitated to the global arena. >> we have a lot more to talk

about, you're looking at a live shot, is it murky? is it gray? it is. equities on the other hand. the big score from james nevin when we come back. ♪ >> james is here, the investment

management chief. thank you for sticking around. you are optimistic for the first half of next year but you see a ,ignificant market correction what is troubling you about the second half? two key events, the tightening by the federal reserve. the second issue is what will margins andrporate there has been a significant shift to labor getting more pricing power and this increased move to pricing power will diminish corporate margins. can i take us to oil and the implications of the oil price, jumping like an elephant or other analogies, halliburton and

baker hughes considering a merger. is this what we are going to see more of, oil companies and businesses getting together to cut costs. they see distress and interest to shareholders. think they are connecting in terms of the way they will add value in the marketplace but there are great opportunities to buy superb oil companies at knocked down prices. i will be looking at chevron and other companies that i believe are bargain-basement. it is very clear why the oil price is where it is. they reduce their supply by one million barrels a day they will still be making more than were

pumping prior to the arab spring. if you look at the underlying supply trend in oil, it is quite possible to see not just the collapse but it also could go up. you have one minute, ,ommodity prices in iron ore same story for metals and mining? >> i think metals and mining has a much better outlook thomas secondly the long-term credentials are much more attractive. i really worry about the oil reserve picture. think it is a fantastic company. >> great to see you as always.

move is ups, on the next. we had the french and the german gdp numbers, jonathan ferro takes it away.

>> welcome back to "on the move ." moments away from the start of european trade and equity markets. happy friday, let's get straight to the morning notes. 0.1%ny delivers gross at in the third quarter. forecastn government growth of just 1.2% for the year. 0.3%, gdp comes in at townsend back from the previous three months. do ink ahead to the gdp two hours time.

the world's 20 largest economies convene in australia this weekend. note, that'sorning what we're watching this morning and this is the futures market. futures up a nine points, dax futures up by 25 points. recession,avoids france gets a little bit better and 89% of the global polls at is europe's deflation greater than the strength of inflation and angela merkel's policy not rubbing that well with the global culture either. policy is too restrictive. that is a number that they will make that message at g-20 but will anyone listen to it?