anders: thank you.t we saw with nord stream was a stark reminder that someone has the intent and capability to do this. we have also seen a lot of drone activity. the combination of the nord stream and the drone activity made us increase the security level. we have nato allies helping us patrol around the installations particularly the pipelines. we do everything we can to make sure we keep the people safe that work on these installations. francine: and you are confident that can be done? anders: there is great collaboration among the different countries. the governments and the companies are working with the oil and gas in norway. we are doing everything we can to make sure we can have safe and efficient energy to europe. francine: there is a lot of talk about changing the european gas markets. were we so wrong to rely on spot prices? do we need longer-term gas fixtures? anders: the big problem with the market at the moment is there is a lack of energy. gas -- we need to find the combination of reducin

anders: absolutely. russia turned into a democracy, which it could have easily happened, then we would not be fighting it right now. two democracies have never fought each other in world history. that is a fact. tom: let's continue our conversation. coming up on "market makers ", jeffrey smith. ♪ tom: good morning, everyone. "bloomberg surveillance." tom keene, brendan greeley with us as well. here is vonnie quinn with top headlines. vonnie: the senate failed to extend after senator rand paul used procedural methods to delay -- senate majority leader mitch mcconnell urged the senate to keep the spy programs in place. senator mcconnell: we should not be disarming unilaterally as our enemies grow more sophisticated and aggressive. we should not be doing so is part of a campaign of demagoguery and disinformation launched in the weight of the unlawful actions of edward snowden. vonnie: edward snowden was the nsa contractor who revealed details on how information was being collected on americans. time is runn

anders: absolutely.still in the air -- we are still hearing about ukraine from the europeans. it is still a big issue. we are not going to forget it. nato secretary-general's have called for a stronger nato presence in the baltic countries and in the eastern european countries. we are definitely not forgetting that. meanwhile, putin is wasting money in the middle east. he is trying to protect the naval base there, and he has got to protect assad. tom: what would henry kissinger do? pro, at our as a diplomacy now is radically different from the time of dr. kissinger, or are we moved on to some new evolution? -- what wehink are seeing now is that our military is trying to balance against china as opposed to -- we are balancing against about. we are rallying the allies in europe to defend against putin. we are rallying the allies in asia to run against china. tom: thank you so much. this has been a great two days in a row. anders corr with core analytics. an update on international relations. william nyehou

dani: ok, anders, thank you very much. we have to leave it there. anders opeddal, c.e.o.equinor. v.w. now coming in, it is a disappointing figure. they had seen deliveries up 5% to 10%. now they'll see deliveries flat. similar to the prior year. margin also coming under pressure. 7% to 8 1/2%. the estimate had been for 8.4%. manus: dani, they identify semiconductors undersupply, i don't think there's any shock, but supply bottlenecks. they expect those semiconductor supplies to improve into the fourth quarter. this is what we're beginning to hear incrementally from c.e.o.'s. that perhaps as china steps back a little bit on zero covid whether they do or don't, that could change the supply chain market perspective. in terms of rest they have flow, the economic outlook darkens. v.w. joins ford with a surprise decision this week to cease all activities with u.s. driverless vehicle company argo. there's a number of different things going on with v.w. but i think the supply chain is probably the biggest thing we have there. the stock, let's just see how it's indicated to open o

anders: i don't know. it is a possibility. political --nly a military alliance, it is a political alliance a stone values. reckless behavior of north korea is a global threat. that includes nato. how do you see a response right now given sanctions don't seem to stop the regime from provoking the last -- west? anders: i have to say directly that there are only bad military solution. -- solutions. we should we can to find the nomadic solutions. china is the only nation on the earth that could put sufficient pressure on tim john kuhn. -- tim john kuhn. jung un. mark: what if they just fired a m?ssile on walmart -- gua anders: you cannot say in advance it would be. case, they in that nato council would have to meet decided this would trigger article 5. mark: i wish we had an hour. thank you for joining us. is the former prime minister of denmark. where are the ultra rich investing western mark -- investing? that is fantastic. let's come back to new york and get the first word news. courtney: federal officials are one that the sout

anders: good morning to you. we are presenting our strongest results in 2012 this quarter and this is driven by both strong operational performance but also driven by the commodity prices. as you mentioned, the gas prices in the quarter have risen by -- they have risen quite sharply and that is contribute into our results. manus: on that, how much higher do you see these gas prices going? let's start there. we squeeze across europe. how much higher can we go? will this price i can door -- hike indoor? -- will this price hike endure? anders: if we have a very mild winter, we might balance this at the end of the winter but if we are entering into a normal winter or cold winter, we do see that there will be continued high prices but the level is very difficult because we are seeing the gas prices are very volatile every day but we think with a normal winter, cold winter, gas prices will remain high. we have also seen that for this quarter. it has enabled us to provide strong cash flow. 9.3 billion u.s. dollars in ca

anders: we have energy, a plan for security to europe.ing to produce energy from 2030 and onwards. it is hard to compete. this year we will start a field in this area focusing on how we can have expiration's activity in these areas. the activity is quite high. tom: i want to review on something, the valuation gap between european oil and gas and u.s. counterparts. do you think that closes soon? you expect the gap to reduce? anders: it is difficult to say, investors will decide. i want to ensure we are delivering oil and gas higher production efficiency, making our business more resilient in demonstrating high value to investors. and i'm sure that would fit the right price our stock. tom: thank you, indeed. on the back of earnings. other stories making the news, pedro sanchez is considering resigning due to the attacks in recent weeks as a court launched an inquiry targeting his wife for influence peddling. they halted all public duties and announced a decision on april 29. secretary of state antony blinken has raised concerns over trade i

anders: it is part of our investment. a good portfolio, this is something we do investing in a good company in an industry we know well, it is premium, a part of our strategy, not in addition but apart, investing in a good company and our projects. tom: you set a goal of -- of 12 and 16 gigawatts of online capacity. are you going to need to raise capex? anders: actually this investment in or stead gave us more, so we see toward 2030 toward the target of 12-16 or less. 12-16 will be met if we find enough profitable projects. so if we have to choose we will always choose profit. tom: ok, i -- i wonder if investors will welcome that because if i -- if i want to invest i would just invest in them. what would you say to investors who -- who may not want exposure? >> we are long-term supportive investors. always long-term investor with industrial focus, able to create long-term value. tom: yeah, ok, ok. whether this is a precursor, is -- is that the signal we should be taking? anders: we have seen investment, a lower investment

anders: i cannot speculate in the market.am looking at -- and how we can improve that for the long-term. said, we maintain our guidance. the results are very much within line of our expectation. in: you have done very well the united states. you are making big orders in the united states, anders. do you worry about what is happening politically in the united states? is there a cost to you further down the road? do you think the opportunity will be as big in the united states going forward under donald trump? anders: i would say that -- i states, whatunited drives the market is the current structure. believe, and i think the rest of the market does, that it will stay in place, and it will bring the driver in the market up to 23. we do not expect any changes there. i am really happy with the performance in the u.s.. we have not changed our outlook for the u.s. market overall. a good inflow for the end of last year and we saw a good order inflow in the beginning of this year. guy: it is interesting you talk about that. that was

anders: good morning.ly, we have record response this quarter, and because of the record results in 2021, a proposed increase in the share buyback from $1.2 billion to $5 billion in addition to the $.20 per share and extraordinary dividend for the fourth quarter of $.20 per share per quarter as well. this is because of the good results. it is because of the high oil and gas prices but due to solid operations. we increased our production by more than 3% in 2021. and in particular in gas we increase production by 16.5% in the fourth quarter of 2021. dani: how long do you see energy prices staying is elevated as they are? anders: it is always hard to predict oil and gas prices, but the fundamentals that we see at the moment, it has been invested not enough in oil and gas. we see that there are low inventories in the oil and in the gas. there are geopolitical tensions, ukraine, russia, iran and the u.s. and the european gas market because of extremely low inventories, this needs to be filled up over the summer

anders corr and michael holland with us.ontinue on these important topics. >> coming up, we will discuss hacking and our twitter question of the day has to do with that. is there a company you trust with your data? tweet us @bsurveillance ♪ >> good morning, everyone. "bloomberg surveillance." keene, four day work week. i am tom keene and scarlet fu. for the hour,ost michael holland of holiday company, director of the china fund. we also have with us anders corr of corr analytics. mike, what is the business impact on china on hong kong? you'll be heading to the chinese city in two weeks. >> it is not good. that is an understatement. if it gets to be several hundred thousand protesters in the streets in the next few weeks, that will be more than unpleasant. it will be disruptive for the central government in beijing. they have lots of things to consider including that they have given -- anders' description of putin before issuing his chops. he is absolutely a strong guy and he is showing the hong kong people if you think you a

with us now is anders court. welcome. anders: thank you for having me. i suppose not entirely like china, the government has to walk a fine line between esa and prosperity. what can saudi arabia afford to peace? still maintain anders: i think to bring down some of its expenses, they may cut some services. they may cut some capital expenditures. i don't think you are going to see massive social expenditure decreases. they need to maintain stability. is crucial, especially in the age of isis. al qaeda has targeted the kingdom as a place they would like to infiltrate in the future. michael: how much money do saudi arabia have? pup and is much oil as they can and try to retain market share, the reserves have come down a lot. what they are selling right now cannot cover their expenses. their budget was at a record last year. they've got to bring down their budget to satisfy international investors. we should see some decreases. it's going to be slow. they may increase their borrowing. about: what do we know the king and his advisers? are they cautious? will t

anders is with us.and, what agreed is can they come up with a solution for syria even if they agree or as the country to broken right now to really fix? anders: i do not see putin and obama agreeing on syria. obama is strongly against the assaduing of the regime and putin is all about keeping assad and power because he is keeping the naval base and target. syria has been russia's main ally since 1972 and putin wants to maintain a solid and that power position. michael: and the people that are ssad said they will negotiate with him. unless putin is willing to throw him under the bus, they will hold. anders: he has gassed his people and drop barrel bombs on him. the sunni rebels there will not negotiate. warns just saw "want of arabia" andf the borders are gone. the borders of syria are gone. turkey is a little concerned about this. andrew's core, where are we five years from now with our new borders? are there any? anders: syria is definitely a failed state at this point. tom: iraq is close to. those bor

manus: anders, thank you so much for joining us today. anders opedal, equinor ceo. the last conversation we will have at this stage, but they were all on. -- they roll on. we have the cfo of santander, what is going on with the numbers. they are on track to outperform. income is doing very well. also, dws. the cfo will join us and we will get more into the markets with more detail. but what does the cfo think about the bond market? it is going to be a fascinating conversation in terms of really old. the campari goods ceo joins us. the european open is next with anna edwards and mark cudmore from singapore. ♪ so many people are overweight now and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's golo. golo helps with insulin resistance, getting rid of sugar cravings, helps control stress, and emotional eating, and losing weight. go to golo.com and see how golo can change your life. that'

we will speak to ceo anders opedal later in the show. this is bloomberg. ♪ >> demand will have to weaken and labor market conditions may have to soften more to begin to see progress. in that world, it wouldn't be appropriate to cut rates. the u.s. banking system is sound and resilient. conditions have broadly improved since march. those have now all been resolved. it is essential that the debt ceiling be raised in a timely way so the u.s. government can repay all of its bills when they are due. it would be uncharted territory and the consequences to the u.s. economy would be highly uncertain and could be quite adverse. the case of avoiding recession is in my view more likely. it is possible we will have what i hope will be a mild recession. we are strongly committed to returning inflation to our 2% objective. inflation will not come down so quickly, it will take some time. manus: jay powell speaking at the fomc press conference yesterday about the state of the u.s. economy, banking, and inflation. jeffrey cleveland is the chief economist

anders: it is a difficult situation at the moment.irst of all, we have the supply crunch that we saw actually before the war in ukraine, then the war is adding to this will european countries try to transition away from russian oil and gas. so that is why it is so important. all i can do is ensure at equinor we try to provide as much energy as possible and we are trying to invest in the future to do our part to contribute to the energy crisis being reduced. dani: setting aside what you have already done, if there were to be a full embargo of russian energy to the west, what impact would that have on your business? anders: for our business, we wouldn't necessarily have a big impact but for european businesses it would be dramatic. we see a lot of gas is used in european industry and i think we will see european industry will have to close down and losing jobs, etc. so i think it is important that europe continues to diversify in terms of gas, to ensure, and diversify where we source gas from but also diversify in terms of different ene

anders: there are a couple of investors. matt: one guy from munich.livia: he is the 95th richest guy. anders: it's a sad freak show. in cyprus, it looks like a pirate ship. the only thing putin is missing is his eye patch. this is not a place you want to invest. olivia: why is he doing this now? ethan: my sense is that he is being backed into a corner and this is his way of handling it. it is a useful public relations endeavor. charlie rose being there gives a kind of legitimacy. matt: it reminded me of "the interview." ethan: they hoped this would be the daovsvos of the east. anders: this is now davos. matt: you see the older political leaders in the audience. olivia: you saw that shell struck a big deal with them. ethan: it's not a complet zero. matt: what is your take away as far as what we can expect from the greek-russian relationship? is tsiipros running to russia for a lifeline? anders: russia cannot afford to bail out greece. what was interesting is what you did not see. tsipros did not make a wholehearted appeal to be pro-russian. he is talki

anders: c+.d some conflict in the middle east in terms of going to saudi arabia specifically and not approaching the muslim world as a whole, including iran. in terms of europe, he's had a flail. he's been rejected by merkel, macron, and he has done one attemptingh, he is to push europe to spend the 2% of its gdp on defense, that is something that is very important from a u.s. perspective, and a to fully backusal nato is an attempt to hit a hard bargaining position that is going to enforce or encourage europe to strengthen its defense spending. that is a plus. mark: he said it was a home run. he went obviously talk is on book in that. because he stood up in the new nato building and he is outspoken on his fellow partners' defense commitments. as we approach the end of the trip, it seems like the beginning part was the easier. look at the climate accord. let's get to a man who is an expert in commodities. what sort of disaster will it be, harry, and we're going to hear this week because trump didn

anders: no.ked eight, a military solution -- when it comes to islam asked ic state, itislam is a military solution. that is why we need a reinforced fight and a coordinated fight .gainst islamic state this is also about showing to our partners in the region that the west is a credible and reliable partner. if the west is disengaged or is theeived to disengage, vacuum will be filled by the bad guys. anders, it is jonathan in london. we discussed how economic trouble was a response to foreign policy. is that situation over the month after that discussion getting worse and not better? anders: it is absolutely getting worse. the whole situation is not only complex, but i would say a disaster. that is why we need a new strategy, both politically and militarily. vonnie: does that strategy mean allowing bashar al-assad to stay in power for the time being, or not? thats: it is clear to me cannot be seen as an integrated part of a long-term solution. short-term? about otherwise we will not have rush on bo

anders: good morning. thank you for having me. ceo, you have to look the price in the long-term. have to be pleased with the performance of vestas. quarter, weat the actually have the record up 84% so we see a very strong market. sharetinue to gain market in that small space. have more than quintupled the value of the company since you have been running it. it have delivered tremendous return to shareholders during shareholders during your tenure. are you confident your successor can can can you on that trajectory -- can continue on that trajectory. ? anders: i am sure the board will -- the new ceo has been on the board of the company. he is familiar with the business. he has been part of outlining the strategy. it is a good choice, and makes sure we have the continuity we need as a long-term market leader in this industry. sense on you give us a trade tensions this week, how much is that impacting your business? the raw material costs, there is an impact there, but the tariffs in particular. anders: the tariff have an especiallyh

anders: good morning.e have delivered our best results since 2014, and the board of directors decided to increase the dividend 25% from the previous quarter. when the pandemic hit in 2020, we reduced the dividend by 67% and postponed the share buybacks. since the third quarter in 2020, we gradually increased the dividend based on better economic outlook, and we see stronger prices in the market. we have been able to capture that with high regularity in our production. and we also have good projects to invest in. we decided to increase by 25% this quarter. mark: good morning, i understand you raised the dividend 25%, from $.15 from $.12 per share, but it is lower than pre-pandemic. when will you get back to those levels? given the tailwinds, you would think it is a good environment. anders: we will evaluate the dividend level based from quarter to quarter on outlook and the economic recovery that we see at the moment. i want to remind you we are still in the middle of the pandemic, we still expect volatilit

anders: you are absolutely right.we are working on to maintain stability is exactly what you're saying. it is about scale and we have the biggest scale in the industry. continuous enhancement that delivers more electricity, more generation, on each product . if you look at the lowest four years, that is the case to continue lowering, because it is about scale. confident that we can continue to lead in those areas. is bigger always better here? i mean, the things are getting heavier and heavier, so you have to find costlier materials to hold them up in the air, and they are so big, they are hard to transport now to the places you want to put them. is that becoming a problem? anders: i would say that there is quite a lot to be done when generation higher and bigger blades, so we are not at the end of that technology cycle, far from it. lots ofthere is also new innovation to look at when it comes to lighter materials, blades,comes to split different types of drivetrains. it is still a fairly young industry with a lot of

anders danielsson, the ceo of skanska.market story, given the uncertainties still remaining around the u.s. election. it seems joe biden edging ever closer towards the white house. we see the stoxx six moving up to about 2.6% today. nasdaq futures are higher. there does seem to be a technology team. tech going higher -- theme. tech going higher, health care also going higher in the asian session. up next, england in lockdown. mp's back the measures. we will speak to the business minister in the u.k., nadhim zahawi. that's next. this is bloomberg. ♪ ♪ we have this big issue on the capacity to pay the dividend, which is certainly the major factor which explains why the european banking sector is down this year, and i think to a valuation which makes no sense actually compared to the long-term potential of the banks. >> we will closely monitor over the next couple of weeks and months. >> the ecb is being responsible to make sure they see a clear line of sight from an uncertainty perspective from the corona, and light of what

anders: i think investors are becoming more interested and sophisticated. looking for all kinds of ways to diversify. away from credit a little bit. a securitized offering a different return profile, a correlation aspect from it. to your point, we are finding opportunities throughout securitized credit. quite attractive single digit high-yield opportunities, cms being one. it was quite dislocated. it has rallied back a bit but there are still pockets where we are finding good opportunities. digital infrastructure is a space where we are finding a lot of opportunities. and finally clo. the sister asset class to leveraged loans is an area that we are finding attractive risk reward getting effectively much higher rates of leveraged loans and a similarly, better yields and spreads. our theme there, what we are hearing from clients is they are looking to diversify, looking beyond traditional ig credit or rates exposure. sonali: we are out of time. that is oksana aronov of jp morgan and anders persson of nuveen. from jobs to inflation. u.s. inflation data very mu

anders: you are right.ropean countries need capital, need investment, and we saw that in the wake of the financial crisis. the chinese were ready to take strategically important european companies. this would not happen this time. the european commission, as well as national member states are comparing screening mechanisms to avoid the chinese taking over strategically important businesses and infrastructure. yes, europe needs capital. europe is less naive than in the past. if europe will have to pick sides, if you think back in terms of history and what happened after world war ii in terms of containing the ussr, we had spheres of influence. the united states and europe acted in harmony and term of the approach taken -- largely in harmony. you think europe will have to side with united states? yes.s: ultimately, europe has no alternative. europe must take sides. europe must choose freedom and democracy. i saw the statement from the eu after yesterday's summit. criticism of the chinese oppression in hong ko

anders runevad. thanks for joining us today. >> good morning. >> you have raised your full-year profit outlook. you say you will achieve a margin outlook, a minimum of 6% versus a minimum of 5%. what is behind the raising of your outlook today? development.good we increased in the quarter year on year. -- we see our work with improving our core space is paying off. it is a combination of a number of different cycles that led us to increase our outlook for the full year. >> you have been at the job almost a year. you have had a couple of turbulent years as a company. this is your third consecutive net profit. before that, you had nine consecutive net losses. do you see stability now? do you think vestas has turned a corner? definitely is financially very stable today. as you compare with a year back, we see improvements in all areas. we see improvements in revenue growth, but especially on the earnings side. ago, we had 780 million euros and today we have 440 million euros. financially, much more stab

anders: we have not been so impacted by that. comes to our own product development, commercial development, there is a lot of european investors, a lot of american investors. we have plenty of investors interested in our projects. we have not suffered from that. that goes from talking about the trade, the trade war if you will between those companies, that has not affected us either. one example is pretty much all the public projects in the u.s., we buy american. that is conditioning in those contracts. all competitors have the same condition. don't really impact us. thank you so much for your time. anders danielson, ceo of skanska. talking about the construction in scandinavia and far beyond. settling into the earnings chasm, a investorsre ignoring the risk from -- investors ignoring the risk from weaker earnings? this is bloomberg. ♪ welcome back to bloomberg markets. less than 40g at minutes away from the start of european trading, 40 minutes from basically midnight in portland, oregon. these are pictures from the demonstratio

we have our interview with anders opedal.s next on bloomburg. -- bloomberg. ♪ dani: norwegian giant equanor beat expectation by both oil production and a strong performance from the company's trading unit. i'm joined with anders opedal. thank you very much for joining us. i know in the commercial break, i asked you if they're getting a nice bonus which you kindly reminded me that they are. let me ask you about trading in general. it's been a very volatile drive. we can talk about some of the drivers for this oil market. how much was that driven by oil volatility? do you see that continue into the current quarter we're on? >> good morning, good to be here. yes, we have a solid result this quarter driven by high oil production but also good trading. we see that with all the different areas with after the sanctions of the russian oil and most of the russian oils goes to a.c.i. and china, we have been able to find new ways to market our own. we have physical oil that we're producing ourselves. we are a very good shipping. and we

anders: that has been the case during the pandemic.d dialogue, with potential turnouts. but they are postponing. due to uncertainties in the market, how the market will look like, how will it impact their own operations and so forth. i expect that to continue during this pandemic. matt: yeah, i look at -- i know you don't want to comment on the share price, but you are the chief representative of shareholders. and that's the value of their investment. it's almost back to a record high, if i look at a longer-term here, anders. you're back to basically pre-pandemic levels. i wonder if you see the business in the same way, demand in the same way. are you going to be looking at revenues in the same way, back to pre-pandemic levels this year or next year? anders: we have been working for 2-3 years now to improve margins in the construction. we have been successful in that. we have improved, quarter by quarter, improved the margin. we're going for our target, definitely. i think we can show stability there. we have lower risk in the portfoli

joining us now to discuss is anders melin.story opened with an anecdote about a 33-year-old mother who has two kids. she was enticed to the job with the promise of remote work, but as the meetings begin to pile up, she has a meeting on the calendar, goes to work and decides to quit. how often is this happening? anders: we are not sure how often this is happening, given that it is ongoing, but it is definitely top of mind for thousands of people out there, and response to the story has been really great, and it has not been difficult to pick up chatter on social media, even in my group of friends, there are many people weighing precisely these questions. i have been working remotely for a year. it works. my boss knows it works. why am i being called back into the office? emily: this is dinnertable conversation everywhere. i wonder what other scenarios are you seeing? obviously, quitting is the most extreme form, but, you know, there are a lot of options, and technology is enabling a lot of options, so how are employers debating

anders: absolutely, i am biased. i have always supported the ukraine and certainly, they should also state our commitment to collect the fence is unchanged. if someone would attack one ally, we consider an attack on would send ad that very clear signal to putin and who else it may concern that it is a strong alliance. david: are you satisfied that the president-elect has a good enough understanding of what that charter is and what it means? anders: i think he will get that understanding. already, here, you show that he moderated his very first statement which was damaging for nato because he raised doubts about the american commitment to collective defense. that would weaken nato and our -- mr. putin to test the resolve of our alliance and it is important mr. trump understands such statements cannot be repeated as president. i also think we will see a trumpent president in than the candidate. vonnie: we keep hearing that and yet the appointments so far do not suggest that. they seem to suggest what we saw on the camp

emily: that was bloomberg's anders melin.up, bitcoin prices have been hovering at record levels once again. we take a deep dive at what is driving the crypto craze next. a reminder that all episodes of "bloomberg technology" are live streaming on twitter. this is bloomberg. ♪ ♪ emily: welcome back to the best of "bloomberg technology." i'm emily chang. cryptocurrencies like bitcoin have been surging this year. causing interest in digital assets to spike. this week, we took an in-depth look at the rise of virtual currencies. we began by looking at what has made the market so volatile. caroline hyde reports. caroline: cryptocurrencies are in the midst of a record heading run. big corn, as close to a household name as you can get in cryptocurrencies, have shot up over 350% so far this year. in fact, it jumped from just over $1000 at the start of the year to over $4500 recently. ethereum, number two in the digital money market, is on the move as well. >> we see companies across all industries looking to see how they can use this

anders corr advises the u.s.ons command and he thinks that nato is not merely in our -- not merely large a lot of -- not nearly large enough. the last week in ukraine shows vladimir putin is on ambivalent about what he wants there. do we need to also be on ambivalent about what our goals are? quick our goals need to -- >> our goals need to be to protect democracies globally. we have some democracies in europe, but we are not including other democracies like ukraine. and we are not even fully including some of our nato partners. we need heavy armor to protect our nato orders like poland and the baltics. but we need to expand that because we are also seeing incursions from china into philippine territory, maritime territory. those that are occupied by china since 2012. >> you also right that we should hold up to the treaty that we have with the philippines, with ukraine. why not just draw a line around these guarantees in the already made instead of creating bigger ones with nato? >> i think we can do both. we need

anders: a number of ceos have contracts. he did not.lan or a change in control contract, which outlines if you leave this job or get fired under x or y circumstances, you are in line for these payments. in this case, the board classified it as not the most severe of x's. that is right. amanda: we have the chief people officer also resigning. any indications whether those two things are related? anders: we are not sure. it is a bit early and this was a bit of a surprise. we are waiting for more details to come out. watch yourwill reporting. thank you for that. appreciate it. course, very little forgiveness sharing in the market today for another consumer name. under armour heading for its worst day in two years, down 15%, after the company said federal officials have been looking into accounting practices for almost two years. there is the unpleasant news of the fcc investigating it all. the fact that it has gone this long will raise eyebrows. shery: right now, they are investigating whether or not under armour did that quarter to quarte

why now, anders? working on improving our oil and gas portfolio and improving the profitability and also increasing the robustness in our portfolio. we see this asset is not as profitable and robust and there has been quite a lot of interest in buying this so we have -- we found the price very attractive and we are able to take this consideration and reinvest it into more profitable projects. we have an outlook for several projects in 2021 and 2022. the break even for those projects is around $30 with a value creation of $3.9 billion. we are actually reallocating the capital for some of our assets that are struggling with lower prices into more profitable projects. annmarie: the other big takeaway of course is you lifted the dividend. last summer lawmakers in norway had their generous oil tax package. there was this expectation that dividends would remain in line and this dividend hike, do you think that is in line with what lawmakers were expecting from you? >> we had the package in 2020 that is post

anders: thank you very much and good morning. take a look at the average 7.78ng price, it stands at which is a improvement. we see a very stable environment. is the onshore wind power market getting to tips to be profitable? anders: there's definitely profitability for the industry -- definitely profitability for the industry has come down but i'm happy of where we lead the industry both in terms of revenue and profitability. we delivered a quarter of 9.8%. we have good product plans going forward. we need to stick to those plans and execute those product launches. flipside, we see more volume and we clearly see that the market. the market is strong. market intake is up 25% and we had a record high. how will subsidy the -- subsidy free projects affect your business? anders: it's across the globe that we go to a subsidy free market and an auction type and that is very beneficial for the industry that we can compete without subsidies. it describes are we see the volumes going up. the day after we saw u.s. midterm elections, what ki

anders: we have seen things go both ways.ng -- sergey brin of alphabet kept all of his shares there. coin, other side of the splitis steve wynn who amicably with elaine, but things turned sour when steve got remarried. they eventually ended up in court. billionaire an oil who went through nasty divorce proceedings and cut her a $900 million check. while in court, he was fighting to keep an even bigger share, roughly $17 billion -- share of the roughly $17 billion fortune. emily: there's a question of what she will do with her newly independence. emerson collective now has hundreds of employees. what you imagine she will do? brad: i don't think we know enough to say. in a conflict novelist and has written two well-received books. she runs an anti-bullying organization. she's been a private person for the last decade or two. we haven't heard much from her. emily: she has actually talked about how she doesn't love social gatherings. interview the one vogue magazine before one of her books came out, but she has been a private per

anders: i don't recognize the order you are talking about.y is one of the markets we and we are seeing fairly stable development there. order. recognize that i think it's a market that came up but has now come down a bit. i see a burusan joint venture getting it. those are turkish when plants vestas. from vestas. i don't think those are unconditional orders from all so it doesn't count the same way in our backlog in that's probably why. to your question, in turkey, as i said, we saw high activity --els in turkey we seen from a delivery point of inw, turkey has been down the last year or year and a half. it's been compensated by other markets in europe. i wouldn't say we have a big reliance on turkey is a market overall. thank you very much indeed for your time. anders runevad, ceo of vestas wind systems. the share price rising. slumpcurrency had a that's all 10% marked off their value in 24 hours. bitcoin ethereum have bounced back somewhat. we got john lubin's take. he said the cryptocurrency market is stronger after weathering this year's a

we will speak to anders borg live from stockholm. this is bloomberg. ♪ >> we thought at the last minute, the u.s. government will come in. i was trying to get a phone call from our u.s. had -- head. that was the worst-case outcome. we had not expected that. it was clear confidence in the banking system was waxing and waning. only a serious recapitalization of the banking system in the united kingdom and the united states would resolve the problem. >> when i request how much debt trillion, market, $90 that is what started to worry me. >> you realize things were much more interconnected than you thought they were. and what seemed to be small markets can have much bigger effect than you thought. >> our members into a good friend of mine, i am down on paper 100 million quit today. >> as human beings we tend to say this time is different. history tells us that is not the case. >> as you look at the banking system, there is more capital today, but there are lessons we must continue to press forward on into think about what vulnerabilities

anders: making a lot of money is not seen as a bad thing in the united states of america.ow that. cook got a bit of a push back for his compensation when he first signed on with a large $370 million award. it was at cook's request that part of these shares would talk to the company's share price performance and if the shares do not beat at least two thirds of the companies in the s&p 500, he gets fewer shares. thus far, apple shareholders, if you have been an apple shareholder, you have been doing quite fine. in the bigger scheme of things, people in the tech sector tend to get more of a carte blanche when it comes to it as opposed to other sectors such as banking. caroline: tim cook says he will give most of it away. thank you very much. great reporting as ever for us. coming up, we bring you an exquisite conversation with dell chairman and ceo michael dell. his thoughts on the future of the cloud, next. check us out on the radio. you can listen only bloomberg radio app, bloomberg.com, and in the u.s. on sirius xm. this is bloomberg. ♪ so we need tablets installed... with

on cohn pay package is anders mcmillan. payday to us, but there is no saying that if he hadn't hung around a little longer at goldman sachs it wouldn't be longer when he did leave. >> exactly. this is not necessarily new money, these are awards that were outstanding that he was likely to earn if he stayed on and he is getting it up front instead. david: break it down, what are the component parts of this unprecedented -- did we see something similar back in 2006? anders: it is certainly not unprecedented. as an executive going into the administration you cannot hold these securities. there was about the vicinity of $60 million or $70 million of restricted shares that he had earned, but they had not yet invested or they infested, -- invested, but there were selling restrictions. 240 $3 million is a massive amount of money but how long had he been at goldman sachs? david: 26 years? vonnie: is that a lot of money for 20 years at goldman sachs? we are talking about a very elite slice of life and he had been there for 20 years.

anders aslund is one of the great watchers of all things russia. he knows mr.e words --. athens' what has changed for vladimir putin? >> as you have seen, tom, the markets are incomplete turmoil. even the first central bank in the government are not posting the big state exporters to exchange their hard currencies. volatility,g lost which the ruble is collaborating on. movesare starting to see supporting other banks as well. do you think there are backroom conversations going on a lot like what is happening in the u.s. in 2007 just on how to deal with this? >> the russians are used to take care of the banks, so they have all of the institutions, or you can see in this case, that they have acted resolutely. seen agest banks have certain but not big run on the and they will be run on the currency. these things are likely to get worse rather than better. >> what about the relationship with china here? it may be russia's last hope at this point. what is i due to u.s.-china relations? i do not want to exaggerate the russia-china relationship. china is open now, two

anders, thanks for joining us. lots of headlines to get through.et's jump off with the share buyback and the cash dividend of $1.8 billion. as i built on a very -- is that builds on a very bullish forward outlook? >> what we are presenting today is a strategy where we are increasing our investment in renewables but at the same time increasing our cash flow and returns. that will enable us to give an attractive capital distribution to our shareholders. we are committed to provide more attractive capital distribution through energy transition while also investing. this capital distribution we are announcing today is an increase in 20% of the cash dividend from $.15 to $.18 per share. we will grow this in line with the long-term underlying earnings. in addition to this we are announcing our annual share buyback program for 2022. this is part of capital distribution. we are starting this share buyback now after the second quarter with a $600 million program. we are able to do so based on strong returns from our oil and gas business and also because we

a guy like anders corr can get russia andrg and go ni know what is going on. going to talk central banks. >> we are. let's talk u.s. stocks. they eat out record highs yesterday. -- eked out record highs yesterday. allan meltzer lisa shalett is with us. japan is finally stirring. are we celebrating too soon? don't think so. european markets and japanese markets have really lagged year-to-date. the concern about global growth has been pretty profound. so i think the fact markets are starting to perk out, particularly outside the united states, they trend i think will characterize 2015. u.s. markets have been outperforming for 6.5 years. that is a pretty long trend in the global context. so our sins at morgan stanley is that in 2015, we may invite see u.s. markets doing ok, maybe up 5%, 6%, 8%, but international markets potentially have double digits. >> when it comes to japan, it looks like all it took was one measly sales tax hike to knock the country back into recession. isn't that evidence that abenomics isn't working? >> absolutely not. if you take a step ba

joining us right now is anders runevald ceo. i'm looking at the stock down 5%.hat you think investors are disappointed? >> thank you very much. i can't really comment on the market, but i can comment on the result. i'm very satisfied with our results. we have seen great improvements in earnings year on year. >> let's talk about something dominating danish business right now. it is the danish currency and a central bank in denmark keeping trouble keeping pegs to the euro. >> overall, vestas is a global company and with operations and manufacturing across the world. it is in euro, in u.s. dollars, and in shiner. we are also a danish company. of the 20000 investors, about 4000 are based here in denmark. >> as far as you are concerned we saw the situation play out in switzerland when the swiss franc surged. you see the same thing happening to your country in denmark? >> my focus is of course running vestas and the vestas business and not in the currency exchange rate business. i think that that is a question for the central bank and the expert in currency trading. >

>> is this a failure, anders corr, of egypt? have the "failed"?g to egypt is put pressure on hamas, which is a good thing. we do what hamas to stop sending missiles across the border. it is destroying the palestinian people. it is a tragedy for the palestinian people that hamas is doing that. the question is, why is hamas doing this? what pressures are they getting from outside forces, possibly iran, to encourage them to take actions like this? >> egypt and the u.s. and the pope has failed. nothing has worked. which is why volatility is spiking. that is our single best chart. yesterday's 30% increase in the it means for all of us trying to make sense of so many difficult events. we will be right back. this is "bloomberg surveillance." ♪ >> morning, "bloomberg surveillance." we have our top headlines this morning. >> the surge of children crossing into the u.s. from mexico was slowing. the border patrol says they have held fewer detainees in the last 10 days, more than 57,000 children have poured into the u.s. without their parents since last octob

anders: that is a frequent debate among pay consultants and people in the boardroom and the executive. is share price really a best performance? some say you should focus on internal metrics like revenue or product development, which will in turn drive share price, share price being the ultimate goal, but that is not the journey to get there. the way apple's award for cook is set up, it is tied to share price. the board can change that. it has been successful both for shareholders and cook himself. i would not say that i see any change is coming in the near term, but who knows? caroline: how does it fit with those who work at apple, with the general public? i am speaking from london where there was so much han handwringing and general public outcry when you see ceos pay significantly more than the average employee and the average person on the street. how doe is it absorbed in america, where it is a little more of the land of those that can make it? anders: making a lot of money is not seen as a bad thing in the united states of america.we know that . cook got a bit of a push back for

anders: investors largely think this is ok.e are a bit uncomfortable with big numbers, but generally the line that investors stick to is, if there's a lot of performance, it's ok if there is a lot of pay. tesla just kind of drew that to the extreme a few years ago and said, what if we pay this guy $50 million if the share price goes up or than tenfold or the market cap rises? investors buying large said, we are fine with that. we are now seeing that spreading too many other companies with big awards with really lofty targets. in an upmarket, that really works. emily: much more to that pay index, check it out at bloomberg.com. meantime, grocery delivery upstart instacart is shaking up its executive team with yet another facebook veteran. carolyn embers -- emerson will serve as the president. i sat down with the ceo who recently joined the company from facebook to talk about emerson joining the team, and how demand for grocery delivery is evolving as the pandemic drags on, and what the business looks like the head a highly antici

emily: that was bloomberg's anders melin., bitcoin prices have been hovering at record levels once again. we take a deep dive at what is driving the crypto craze next. a reminder that all episodes of "bloomberg technology" are live streaming on twitter weekdays at 5:00 p.m. eastern. this is bloomberg. ♪ so new touch screens... and biometrics. in 574 branches. all done by... yesterday. ♪ ♪ banks aren't just undergoing a face lift. they're undergoing a transformation. a data fueled, security driven shift in applications and customer experience. which is why comcast business delivers consistent network performance and speed across all your locations. hello, mr. deets. every branch running like headquarters. that's how you outmaneuver. ♪ emily: welcome back to the best of "bloomberg technology." i'm emily chang. cryptocurrencies like bitcoin and ethereum have been surging this year, causing interest in digital assets to spike. this week, we took an in-depth look at the rise of virtual currencies. we began by looking at what has m

caroline: that was michael anders of iconiq capital.hey have bet on the past winners, they bet on the snowflakes, the data docs. now making big bets on the likes of data breaks but they continue to invest in this moment even though we have this tipping point. they like this environment where you have to do more work and i think mike putting money where your mouth is, insurance technology that committed more money to that particular gen ai business just yesterday. jackie: that is right. not always the covered names, always a little underappreciated, but crucial sectors. let's go to the bloomberg best conference for a conversation with kkr co-ceo along with bloomberg's sonali basak. sonali: we will get to some of the things underpinning those goals but we will start with the big view on where the world stands today. as we have been talking about, in the u.s. come investors are trying to shake off that terror of that exists right now. the markets have been very jittery. investors are digesting how these trade policies could be in the futur