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tv   Street Signs  CNBC  August 14, 2018 4:00am-5:00am EDT

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a warm welcome to "street signs. i'm steve sedgwick >> i'm karen tso these are your headlines >> turkey stocks rebounding after the lira pulls back from record lows sparking a europe-wide relief rally asian equities bounce back but chinese stocks are under pressure after retail sales, industrial output and urban investment data disappoint. in europe, german growth picks up in the second quarter with gdp at 0.5%, boosted by
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household and government spending sspend ing shrugging off trade war fears. a driver is arrested after crashing into the barriers of the uk parliament injuring several pedestrians. london police are on the scene london's metropolitan police say a number of pedestrians have been injured after a car collided into the security barriers outside the house of parliament officers say they do not believe the injuries are life threatening. a man has been detained at the scene. the cause is unclear heightened tensions in the capital. we had various fatal murders from terrorists over the last year or so of course the incident in parliament on westminster bridge on the 22nd of marcher where an
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unarmed police officer tackled a terrorist and lost his life in the process protecting mps and other staff at westminster is clear in the minds an area of heightened security any way. we don't know if this is a rogue traffic incident or a counterterroism incident we are hoping for a live report from westminster in a few minutes time the whole area is cordoned off and westminster station remains closed. turkey has slightly improving sentiment. up to 1,000 international investors are expected to join a conference call hosted by the turkish finance minister on thursday the call will take place amid a resurgence in turkish stocks on monday president erdogan
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hinted at economic terrorists and promised to take economic action against those spreading speculation on social media. yesterday john bolton met the turkish ambassador to discuss the american pastor being held in ankara. let's get out to willem for more we have a slightly improving trend on the lira, but every commentator has been talking about a long-term structural change required to tackle high inflation. what are we likely to hear today from turkish authorities about a plan going forward >> there's no clarity on whether they have the political will to make those structural changes, including a hike of the benchmark rate from the central bank, something they decided not do at their last meeting
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in terms of that conference call later in the week with the finance minister, he was giving a presentation on friday as the lira saw that dramatic plunge. he did not address the currency crisis at all at the time disappointing people by focusing on macro economic issues that seems to have been the focus for mr. erdogan's government he said yesterday he was looking to speed up infrastructure and construction spending in line with some of the government's planning over the five-year horizon. in terms of taking specific action to prop up the currency, he's been calling on turks to do that by buying the lira, switching assets into the local currency people i have spoken to here have said they're not prepared to do that they want to hold on to their foreign denominated deposits that make up almost 50% of the bank deposits here in terms of actions, they've
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been lashing out against domestic critics, especially those using social media they will investigate 346 social media accounts they say have been talking down the lira we heard from mr. erdogan about his foreign critics, his foreign enemies, this economic warfare now he sees being waged against turkey, in particular by the united states. listen to him talk about the souring of that u.s./turkey relationship in conversation with turkish ambassadors yesterday in ankara. >> translator: on one hand you're a strategic partner, on the other hand you shoot yourself in the foot on one hand you are a strategic partner with us in afghanistan when everybody else was leaving, you're a stra tetegic partner o somalia and in nato. >> this is all about the
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continued house arrest of an american after a failed coup attempt in 2016. his lawyer said there was no further change in his client's circumstances. >> i want to talk about the interest rates he has a wide base of voters he's trying to rally support from when he had strong arm political tactics in that country given the amount of foreign debt or loans by corporates, about 35% of fx loans on balance, surely there would be relief for those corporates if there was a move in interest rates. how do you gauge the support how do you gauge the opposition for a move on interest rates at this point >> mr. erdogan clearly has seen that the growth experienced in turkey thanks to that relatively
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accommodative policy in terms of interest rates has helped him win support to grow his base as it were since he first came to prominence back in 2002. he's managed to tamp down a lot of other institutions, state institutions here in turkey that would otherwise be against some of these ideas he has control of the judiciary, the military, and it seems now some kind of sway not only over the finance ministry but over the central bank which has hesitated when it comes to raising interest rates he may see this growth story as something he wants to maintain he has not just been against the idea of increasing interest rates, but this is part of his turkish story, that growth while corporations might have been borrowing in foreign denomination might feel a financial squeeze, while they may struggle to repay some obligations in the near-term because of the lack of foreign currency reserves, this is something he has seen make
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ordinary turkish people feel wealthier over the last few years and it seems to be a policy he's willing to stick with >> excellent work there, willem. let's get to martina who is managing director and head of research at the frontier strategy group thank you very much for joining us today let's go back to the hub of the issue. and you have said that basically it's really hard for the government to take any steps that would restore credibility of course this is a government doesn't believe it needs to restore credibility. mr. erdogan feels strong in his beliefs about interest rates, about the stewardship of the economy. how do we resolve this >> i think this is going to continue for a while i think the volatility you've been observing with the lira is not something that will be fixed any time soon. what markets need to see is action by the central bank
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that's the one thing that's not negotiable for erdogan it would take a lot to convince him to make a change given all the public statements he's made, even what he said yesterday about being the enemy of higher interest rates so they might look for some kind of negotiated solution with the united states that restores some level of confidence, but all the vulnerabilities there and the loss of credibility with government policy, those are problems that will persist >> how much damage has already been done? we're seeing a strong rally from the turkish lira today, 6.6% higher on the screen there the equity market up 2.2%. banks within that moving higher, sharply this morning how much damage has already been done by this currency appreciation >> quite significant it's not just a story of this year but also last year. we've seen a lot of political volatility that resulted in problems inthe corporate secto in turkey. pressures on the banks so if you are a corporate
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operating in turkey, you've been seeing receivables, payment delays, maybe postponed investments. all of that has meant that the economy has grown in terms of the private sector a lot lower than its potential what has proven l en high growt rates in turkey is about government spending on social and infrastructure spending. that's not sustainable especially now with higher interest rates and government bonds. the government started to try to rebalance the economy towards private sector driven growth that was part of the policy after the elections that just took place it was the ship that was going to be happening to slow down growth but make it more susta sustainab sustainable. that plan has been thrown into tatters really >> following changes in turkey from about july this year, erdogan got the power to a point and sacked the central bank
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governor which is why the market independence is fully being questioned, on temperature of that around the finance minister who is the son-in-law and a very market friendly finance minister it seems hard to correct any of these changes. perhaps the finance minister could be changed more easily than some conditions around the central bank governor because that would change some of the powers that erdogan grasped for himself. how do you change the structural program now in turkey? >> i don't think you do, at least in the short-term. between now and the end of the year, it would be hard to see a significant shift in policy. also changes in the way the institutions work. you would probably need to see a bigger deterioration to change the mind of the government that has to also be politically feasible for them to go back and say we want to strengthen the independence of the central bank >> it's common to see politicians speak a certain way to voters and speak differently
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to markets in this case all we heard from erdogan is someone who does not have a good grass of markets he's been painting interest rate hikes as an enemy even though people had extraordinary increases in repayment loans because of loans taken out elsewhere in other countries is this a man who doesn't understand markets is that a risk for the corporates doing business in turkey >> it should be about whether or not he has a team independent enough to do the right things as it relates to turkey's market position that used to be the case >> so it is about whether he understands markets now, since nobody will challenge him. does he understand markets or not? >> he has a degree in economics, believe it or not, whether or not he wants to understand them or act in a way that demonstrates that is something that i think everybody wants to
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know >> very nice to see you. thank you very much for coming in and sharing your thoughts with us today. coming up on the show, china's disappointing data seeing chinese stocks close lower. more when we return on "street signs. - i love my grandma. - anncr: as you grow older, your brain naturally begins to change which may cause trouble with recall. - learning from him is great... when i can keep up! - anncr: thankfully, prevagen helps your brain and improves memory. - dad's got all the answers. - anncr: prevagen is now the number-one-selling brain health supplement in drug stores nationwide. - she outsmarts me every single time. - checkmate! you wanna play again? - anncr: prevagen. healthier brain. better life. man: are unpredictable crohn's symptoms following you everywhere? it's time to take back control with stelara®.
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let's take a close up of the session playing out in europe. about an hour or 15 minutes of the market action. what we've got is a market bouncing about half of a percent higher it's a firmer trading session versus the losses on this market yesterday. sentiment impacted by turkey as we crossed on the morning session. investors looking at the emerging market contagion risks. you can see a different cost of trade today and sentiment picking up in the early part of trading. if we get into what we're seeing by some of the other sectors that are across the board, the market has been firmer real estate is down 0.6%
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in terms of the rest of the market components, decent percentage gains househo household, food and beverages at the top. as we move throughout the session, the defenses are gaining leadership which tells you about some of the caution underlying this market as healthcare, household goods move towards the top. there are some woes around china as the emerging market contagion still lurks on the back of investors minds. mainland china data has not helped out a trio of date to points missed on expectations. july retail sales, industrial output booth short of the mark a
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let's get up to nancy with more with a look at those markets and rei reacti reaction >> that fixed asset investment did catch many by surprise when you talk about records going back to 1996, that's the first recorded of this data. yes, in many ways it's the lowest on record you can tell this is weighing on sentiment. this is the closing picture for the greater china markets, all in the red elsewhere in asia markets ticked higher especially with the nikkei 225 enjoying a breather that gave the index more than a 2% bounce. so you have the data in focus. the shanghai closed just 0.17% lower. this was an improvement from the lows of the session. we saw closer to 0.5%. it seems to me as we watch the turkish lira catch a breather and improving sentiment around em, that has lifted some sentiment. the hang seng closed lower by
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0.66%. this is better than the picture we saw earlier coming out of the lunch break. with the data in focus, many were looking towards the yuan. it was set at the weakest since may of 2017. here, if you're looking at some greenback strength the fact that we did see somewhat of an improvement for the yuan suggests that risk appetite is in check despite lingering concerns around turkey and the broader em space back to you. >> thank you very much another stock we're watching this morning is antofagasta. it warned trade tensions would continue to cloud the short-term outlook. the stock is down 4.6% the miner did say that theo raim dividend by 35%. >> bilfinger posted a sharp rise in second quarter revenues net profit and orders also
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increased from a year ago. and eon and innogy are now set to become the third largest renewable energy provider. joining sus joining us is a research analyst. getting back to that huge transaction to the german utility space. eon will become innogy's majority shareholder, it's going to be a huge renewables business on the back of this transaction. what sort of clarity do you have around how the fortunes are playing around them? >> rwe will become the
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generation specialist and have the renewables business as well as the conventional generational business the transaction timeline is long by the time the whole deal closes for rwe, you're looking at end of q4 2019. the deal is progressing as planned. most investors have a clear idea of these renewable assets. they are either a part of eon now or innogy. i think the street has gotten around to understanding it however we think that rwe's valuation is not fully reflecting the fact it will be this renewibrenewables company >> i know you had some question marks around the dividend of rwe. today the company confirming that payout. >> our forecasts are quite positive for rwe's payout
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looking ahead. especially once it gets the renewable assets it's good what the company expects that this is not the end of the road. >> this is an extraordinary series of events that see eon and rwe swapping assets over the years. they have done it on the backdrop of climate change and the business model is what i have a real concern with going forward. you see the big european utilities. looking at the big projects still when many people see the future of energy production is small scale. it's about a micro production going forward. feeding into the big grids do we have to be concerned about the large scale capex investments? >> these companies are no longer making those large cape
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capex investments. the only thing they are investing in is large offshore wind farms investments are still needed even though it's there as backup gradually, renewables are the new thing. i think you have decent renewables like solar, pv, onshore wind, you also have offshore wind coming in. the future is renewables these plants can't be switched off yet immediately. you need it for security of supply >> but again, because we're in such a swift changing place. we have not got the battery technology that we want. the cost structure, you have given us fantastic charts, costs reduced onion shore wind, 25%
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lower since 2010 capacity is going through the roof costs are going -- costs of these devices are going through the floor an getting more efficient. that means investment in the current stock of products, you will be out of data in a couple years, aren't you? >> renewables, the fact they're coming down is because deployment is increasing we expect that to continue fefr the less, renewables are a smaller part of the system we can't expect them overnight to replace all of the conventional generation. there's always the issue of storage. renewables are intermittent. this summer in the uk, we have had poor windmills for june and july so you still need this large thermal generation as backup eventually we think storage technology will improve. so, you know, as you look forward to 2014, 2015, a system
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with 80%, 90% renewables should be done. >> we'll talk to rwe's cfo shortly. give us what concerns you have about the company. >> not so much concerns, but rwe for the last few years has been focusing on conventional generation after the deal they will be the third largest renewable player in europe. how they manage to transition from being a conventional generator to being an owner and operator of renewable assets is a key question >> you think it's quite a shift change >> projects are smaller, costs are coming down, competition is increasing how they cope with this new world is probably the biggest question >> every other utility i get a multiple of 2.4. >> in terms of the dividend? >> the dividend yield. it's nothing for a utility >> it's also a utility in the past which suspended dividends,
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not paid them. which is why the growth outlook for the dividends is much stronger, especially once the deal is done then you have a stable cash flow as of now, it's not one of the highest dividend yielding companies. it's growth and there's value in the company. >> fabulous. lovely to see you. >> thank you very much we will be speaking to the cfo at 11:30 cet, so we'll pitch some of those questions at him as he talks about this transition that's taking place across german utilities. we'll be backaerft this. but now, i take metamucil every day. it traps and removes the waste that weighs me down, so i feel lighter. try metamucil, and begin to feel what lighter feels like.
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welcome to "street signs." i'm karen so >> i'm steve sedgwick. these are your headlines >> turkey stocks rebounding after the lira pulls back from record lows sparking a europe-wide relief rally asian equities bounce back but chinese stocks are under pressure after retail sales, industrial output and urban investment data disappoint. in europe, german growth picks up in the second quarter with gdp at 0.5%, boosted by
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household and government spending a driver is arrested after crashing into the barriers of the uk parliament injuring several pedestrians. london police are on the scene. we are a rate hike in the united kingdom, whether we get another one or not people are pinning on wage inflation as much as anything else. we had a host of uk data hitting the wires. what would you like to know? lfs employment in the united kingdom up 42,000 over a quarter on quarter basis to 32.386 million people the poll was going for a 98,000 increase the job list total according to
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the data down 65,000 this has taken the unemployment rate to 4%, the expected rate was 4.2% this is the lowest level since december 1974 to february of 1975 for this to be inflationary, to have the bang for the buck in terms of what the mpc does next on interest rates, there has to be an increase in earnings uk average weekly average minus bonuses up 2.7% in the three months through june. that's the weakest increase since january. 2.7 % increase, weekly average earnings june was 2.8% the figure, the net figure
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including bonuses is 2.4%. the poll was 2.5 some of the improvement that did take place, the public sector pay was going up private sector was down. >> that's all those advisers on brexit, isn't it i want to test your theory do you think if we had a hot number today it would trigger a rate hike? it feels like the window for hiking might have closed after the august one we had. and there's no more room now given that the brexit scenario coming our way next year >> we have to look at it in relation to what we're seeing in the broader inflation rate the fact that the average earnings are still lagging the inflation rate, it says a lot about the broader market concerns about productivity again in the united kingdom. the productivity per hour was up
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0.4% one thing that is good about the data is the fact that output per hour was up 1.5% versus the first quarter up 0.9%. this is the biggest year-on-year increase since the fourth quarter of 2016. >> i think we're setting up for weird numbers. when you have an unemployment rate testing some of the capacity and constraint numbers, you see that wage impact don't forget the economy, when you have brexit uncertainty, that almost is slowing to an extent despite the fact there's still an employment market what is tapped out where skills have been soaked up in the economy, pay is not going up. employers don't have the certainty around demand. next year, you may see a skill shortage again >> skill shortage, we keep hearing it from all the employers all the time, a real
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concern about that >> why is it not in the private sector though? >> the pound likes the figures look at that the pound, 1.28. it was a second ago. surging higher let's test our directors and our guests edward park is here to talk turkey with us as well, but look, you talk about the uk economy and about the markets. any thoughts about these numbers and karen's question about capacity constraints and appetite for higher wages? >> definitely. when we look at forward looking surveys as often people say these wages are coming up, we saw that a the start of this year as well, but these numbers are suggesting it's still fairly benign in terms of real wage growth >> does that raise red flags for you? there's a strange situation playing out where the skill shortage is happening but it's not reflected in pay >> it's partially around things
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like participation rates it's hard to know whether it's a true skill shortage and whether or not people are sitting on the sidelines and waiting. there's been lots said over the last 5, 10 years about the quality of jobs that make up those employment figures actually it's difficult to know whether that's a true skill shortage coming through or actually we're seeing a fairly high utilization rate amongst poor paid jobs >> brilliant thank you very much for that we'll come back to you on the topic you're actually booked to speak about. london's metropolitan police say a number of pedestrians have been injured after a car collided into security barriers outside of parliament. police say a man has been detained at the scene. the cause of the incident is unclear. >> a whole host of data numbers crossing today the latest really around the german economy, it's grown more than expected in the second quarter. gdp increased by a half percent
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in three months from april to june, exceeding an average forecast for 0.4% growth was manl manly -- mainly driven by domestic consumption the german economy ministry has warned a risk to the outlook remains high. i ctalian bond yields fallig up to 13 basis points after the government said it agreed to cut public debt. the prime minister goo siuseppe conte discussed the budget on monday they had agreed to preserve the ability of state finances. up to 1,000 international investors are expected to join a conference call hosted by the turkish finance minister the call will take place amid a resurgence in turkish stocks along with the lira which has
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been paring its losses mildly. giving back a bit of ground. let's give you an update on the currency it is still 5% higher versus the grown back european banks exposure with turkey are also enjoying a rebound. some of the banks across the board. unicredit, ing and bnp paribas have had losses this week but are now enjoying a resurgence. you are a turkish specialist i have found out thank you very much for joining us what is your take on this crisis i know your take it's a liquidity crisis, yeah? >> we started off 2018 thinking that the u.s. federal reserve was drawing quantitative easing. we have rate hikes there as well we have an oil price rising steadily throughout the year
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that means liquidity is shorter. so we're seeing, yes, it's a specific turkey problem at the moment when we look at it, you know, you had a relatively small economic catalyst initially. you had the sanctions against two-named individuals in the turkish government that's kind of snowballed to where we are granted, erdogan has done little to support the market or give the markets much confidence. really at its core it's a liquidity crisis >> erdogan says literally as of the last minute we have been taking necessary measures regarding the economy. it's important we keep a firm political stance on the first point, would you disagree they've been taking the right measures on the economy? >> i would say so. what was coming out of the central bank yesterday was weak. you look at they decided not to have their one week repo
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auctioning there's not a rate hike, though, which is needed. in order to put a line under this, you need a rate hike, series of rate hikes at the central bank to make it clear they will defend the currency. you probably need exterribnal credibility from something like the imf, which is a long ways away from that philosophical approach that the president has. we have to move away from that and seek western help, which both seem unlikely >> it's hard to read the context of the second line that says it's important we keep our firm political stance this does not sound like a man who will back down on some of these key policy measures. when it comes to the central bank taking leadership, erdogan can sack the central bank governor so anyone who is vaguely ambitious would not be willing
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to take a call that they can lift interest rates independent of erdogan how do we get out of this crisis unfolding in turkey? >> probably dealing with the root of the sentiment issues will be dealing with the turkey/u.s. political backdrop there's rumors overnight that there's been -- well, the ambassador at least met with u.s. officials, which is a positive step. again, you know, will erdogan be willing to sign anything or be seen to back pedal at the moment that seems unlikely for us we think the lira will stay volatile for quite some time we saw rallies yesterday which faded. so at the moment we would say the direction is uncertain but downward >> i take your point, because we already lost 1% from the highs in the morning session thank you very much for joining us today >> turkey and uk gdp expert.
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elon musk says saudi arabia's sovereign wealth fund has expressed interest in funding to take the deal private. in a blog he posted he had a series of conversations over the last two years last week musk announced on twitter he secured funding for the deal but did not provide details. the clarification follows reports that the s.e.c. is investigating whether his statement broke market rules musk also tweeted that silver lake and goldman sachs are working on financial advisers on taking tesla private. the buyout firm is assisting musk without compensation and has not been hired as an official adviser. coming up, we hear from estonia's president as the country looks to become europe's first digital nation we'll be right back.
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. it's a special week on cnbc as we look at key trends in
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healthcare and who will be profiting down the track from the huge change taking place technology disrupting things and the healthcare sector has been singled out as the one most impacted by technology some of the world's biggest tech companies say they have joined forces with the u.s. to share medical information with doctors. the plan could face push back from healthcare providers and companies that currently make medical data software. for more you can head to cnbc.com google's deep mined artificial intelligence unit is developing new technology that can diagnose eye disease the ai algorithm was more
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definitive than eight retina specialists. a co-author of the report called the results jaw dropping this comes as deep mine is facing questions over its business model >> today we focus on estonia where technology plays a key role in the nation's healthcare system as the eastern european country aims to become the first digital country by putting the entire government online. nearly all prescriptions are digital and patient data is secured with blockchain technology elizabeth joins us with more talk us through some conversations you're having there as to how healthcare is being digitalized. >> this is the capital of estonia, this is a tiny country, 1.3 million people, but it's home to one of the most digitally advanced societies in the world.
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in conversations a big part of that growth is coming from the healthcare sector. all digital records are online prescriptions are online there's a concentrated effort for data to be online and protect that with laws a lot of the reason this has been successful is because of collaboration between the private and public sectors there's a program called e-residency that allows you to start a company here even if you don't live in estonia. you can have a digital signature which speeds up the process of getting documents through. so the idea is it's easy to set up shop here we asked kersti kaljulaid about that country's efforts to entice startups and what it means for the high-tech society. >> it started with skype when skype was sold, it is an estonian development the money came back here and they started looking for new
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digital possibilities. we have four unicorns in this country for 1.3 million. it must be the breeding ground of unicorns globally i think this development is more linked to the fact that we have a safe environment it became clear to the world when things started to go wrong for facebook who has had to apologize for overstepping, but there was no legal space it overstepped. legal space has to be created. what is right and wrong in digital world. since estonia has this space, you can use it as a sandbox for new ideas in a safe form not worrying that maybe afterwards i have to apologize, i offer digital service and someone found a way to misuse it we offer this kind of digital sand book. what was behind estonia's decision to choose to invest in this digitalization mprocess?
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>> it was not a question of firing people from civil service in order to cut costs and replace with digital, we were only developing our service software to our people we did it straight away digitally because it was simply cheaper. easier also people found it convenient. now the process has become citizen driven >> can you talk about any lessons estonia might offer to other countries looking to become a digital society like you are? >> if you want to be the best in digital, in ai, you cannot do it by spending public money or doing clever public procurement. what we do here, we become quick technology followers, offering private sectors a safe, legal environment to try out their ideas here and do it in a format which is also safe to citizens
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>> the president talked about how estonia's digitalization process began as soon as it gains independence from the soviet union in 1991 this has been a long effort for them we talked to some startups and entrepreneurs who said they tried to do business in other countries and they found more barriers when not everyone is online and you don't have a digital i.d. which is the cornerstone of this digital society here which lets you do everything from banking to voting to health records we'll have to see if this is a model that other bigger, more complex countries can adapt. our next guest says primary care in the uk is in trouble as the population grows older he says the uk health system did not have enough doctors to meet this demand. possib possibly maybe doctor link can help solve those issues.
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and dr andrew gardner is the ceo of doctor link. we are watching care in the communities, we are all seeing the problems just tell us what you think the big issues are and what services like doctor link can solve >> i have been involved in delivering healthcare services to the nhs for many years. a few years ago we realized the issue of doctors and other clinicians, their availabveiavay was a larger problem and at the same time the demand from patients was getting bigger. there are more and more people living longer. the analysis we show shows obesity is putting demand through things like diabetes and blood pressure so we're in a situation where demand is going up, no increase in the supply of the professionals to help us >> unless we get a solution from things like doctor link, which you will tell us what it is, we
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will see more stories like we saw this week in the papers, people are not going to their t parks, they're going to a & e instead, which is a disaster and leads to a loop of problems what is doctor link is it for the surgeries or for the patients or both >> it's for both, but it needs to be embracedly the sur lby thy we are helping to get patients to put their symptoms in they put their symptoms in once the system assessed their symptoms, it's ability to say you don't need an appointment with a doctor, or yes you do, but very urgently. or it can say there's a walk-in center five miles away, which could better deal with your sprained wrist so we're trying to assess patient symptoms then point them in the right direction with the right urgency. >> i must say i've seen something like this at my local
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healthcare center in the uk. it's been fantastic. you couldn't get an appointment for days and days, possibly for a week it alleviated some of those problems the question i have is around the algorithm. one of the problems with them is they contain elements of birias becau bias because of who creates the algorithm. do you think there is bias with this >> we don't think so they're based on guidelines, best medical evidence. it's not one doctor putting their view on how you should diagnose a situation we use specialists in each area to do the algorithms and they're reviewed by a body of clinicians to say is this safe and accurate we are probably the only people who have gone through quite an intensive process and as our indemnified, the insurers say
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these are safe for pains ttient use. >> the other point of concern i have, having seen this play out in reality, you don't actually end up in front of a doctor these days you can even get antibiotics scribed over the phone once you have been through some form of triage like this does that raise concerns about misdiagnosis down the track or too much access to free drugs and exacerbating superbug issues by having too many antibiotics >> i think the purpose of what we're doing is to work with gps to give them more time to see the people they should see i think one problem is people are fearful. all the surveys we've done, people say they want to sit in front of their gp when they need to often they can't get access to that gp. either they can't get through on the phone, when they do, they say it's three weeks away before you get an appointment
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this helps it takes more information about the patient before the patient actually enters in with the gp it assesses how quickly you need to see the gp. so we think we're going to give the gp more information when you sit in front of them and free up the time that gps can use on people with long-term conditions or specialist needs. it will only divert those things where it's necessary to see the gp >> thank you very much for that. andrew gardner with us, co-founder of doctor link. we have had more comments from erdogan who says we will boycott u.s. electronic products it's hard to say what products so far who >> who is we the young average turk wants the same technology. >> in turkey, the iphone is expensive. and in the past this country has gone after technology. there were reports crossing a
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couple years ago, they wanted to be like a silicon valley it's hard to see what those are. if you look at share immplicat n implications, shares of a home appliance company there have popped on those comments and erdogan saying delaying production, switching to for win currency means giving in to the enemy. so he's lifting the rhetoric >> that's it for this show for the rest of our viewers, we'll go to u.s. programming right now. "worldwide exchange. xfinity mobile is a new wireless network
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it is 5:00 a.m breaking news out of turkey, the turkish president calling for a boycott of some u.s. products. he's speaking in turkey now. also breaking news out of europe the eu gdp just crossing we'll run you through their economy. naming names tesla tapping top talent to help explore taking the company private. bitcoin dropping below 6,000 for the first time in a month. all the others are down big as well game over. tencent shares are tumbling in

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