what is the future of the euro? >> what we have to be aware of, euro is fundamentally a political project. it is about bringing together signal, european countries have come together and based on trade. also based on a lot more. very, very clear elements along with the european citizenship. that is why we have seen despite all the problems that the euro has faced, crisis with greece. such determination amongst the european members to make sure it doesn't fall. they realize this is not just an economic failure, it is a political failure. this is something people have to be very aware of. european union will fight to try to keep this stable. it has so much wider significance. like many people, i am actually strongly in favor of the european union. as a political similarymbol like to see british join. now is not the time to be having that discussion. we aren't going to do that, not on the agenda as far as i can see barring any major economic crisis in the uk 10-20 years. with david cameron making it clear, wants to set

anchor: many thanks. 6.8 billion euros.hat's a lot of money and that's the loss that deutsche bank's c.e.o. had to explain to investors today. it's worse than anything germany's biggest lends heir reported since the financial crisis. it's the biggest loss in company history. it used to be one of the big boys in european finance and their stock traded at around $ 100 euro. just look at this dismal picture. after deutsche sold a lot of dodgy mortgages to kick-start the 2008 financial crisis, the share prices gave investors plenty of reasons to jump off the next cliff. it's currently trading at just 16 euros. down another 5.5% just today. main reason for the record loss, the bank had to set aside more than 5 billion euros for an endless litany of litigation. they've been taken to court for rigging interest rates, infor instancing commodity prices, manipulating currency market and cooked mortgage transactions. just to remind you, 6.8 billion euros. that's a lot of zeros there. speaking of zeros, the bank's top executives were i

france has promised a billion euros of economic support. do people expect that will be enough to kickstart the economy? >> the initial reaction was this might help on these short-term, but they are also saying this will not resolve the structural problems of the tunisian economy or the two reforms in the economic sector. the company -- the country needs more reforms. and they are afraid that it will end up in the pockets of corrupt officials rather than resolving the economic issues it is intended for. sarah: when we look at the fundamental reforms that are needed, when we look back, a group won the civil -- won the nobel peace prize, for civil rights groups. do they need them again? >> today's problems lie deeper, because of the last of economic reform and development. they have been part of these organizations. they, of course, have to work. it seems unlikely that the quartet that won the peace prize itself will resolve this. sarah: sarah marsh, joining us from tunis. thank you. here is what is ahead on "dw news" -- state of emergency. a

euros. let's talk with joe mckenna, our correspondent. italy is very much looking forward to this visit to kickstart its economy, isn't that? >> that's right. in the last couple of years, italy has really suffered from the falloff in trade, and the missing of the economic sanctions is going to be -- part of the talks between president italianas well as the prime minister, matteo renzi. 500 will be gathering in rome tomorrow and looking for deals in the oil sector, in the the oil gianttor, is really looking for an opening i ran in particular is the largest oil producer in the world. in the last couple of years, trade has fallen to around 17 euros per year in 2012 to around 1.2 billion euros. deals will be looked for, that could be worked up to 16 billion euros. res in -- with the unrest in the middle east -- >> with the role of isis in the middle east, and i's relationship with the syrian president, a charlotte side, it is going to be top of line, articularly when he makes significant meeting

>> we have a minimum movement of 2 billion euros, and we deliver 2.7 billion euros.eady to evaluate a proposal for the next dividentd to the board. the -- francine: -- having the ultimate investment bank space in europe . a lot of your competitors are trenching so far along, saying that it will be dominated by u.s. banks. possibility. there is a possibility that the u.s. investment bank can be the real leader for the future. there is a probability this could be the case. francine: thank you so much. carlo mussina. we will handed back to you -- plenty margaret interviews coming up. we have seen a lot of moves on the markets and on oil. thespeaking to the to greo director of the iae. guy: i look forward to that conversation. the italian market doesn't have a single stock on the upside right now, francine. italian bangs down very sharply. most men markets around europe are down 2%, 2.5%. very few stocks in positive territory on the stoxx 600. asml, most stocks are down. very, very bleak numbers. the market continues to seek safety in the yen and bunds. up next, what is

let me show you what is happening with the euro-sterling rate. the euro continuing to decline. stoxx 600 up by 2.5%. ty stocks leading the charge. nearly 6% on a 24-hour basis. let's get the first word news now with nejra cehic. nejra: european stocks are higher this morning after shares in asia rallied. oil has surged with emerging-market currencies on speculation that central banks are set to expand stimulus measures. goldman sachs has done a u-turn on its euro forecast. analyst robin brooks sees a drop to $.95, less than two months after he changed his call to a dollar, saying he had badly misread the ecb december meeting. the euro has fallen this week after mario draghi signaled more stimulus. anotherrger has got 10,000 jobs. the world's largest oil field service provider reported a loss of just over $1 billion compared to profits of $302 million a year earlier. the bloomberg first word news. back to you in davos, francine. francine: thank you so much. the news ranges from the price of oil to china to all the turmoil and what that means for the world economy and what that m

euro has risen on a trade basis, about 3% of the first of december.vestors are expecting them to sound very dovish this week. if not as early as march, maybe the eerily -- the middle of the year. >> and the forecast was to be 1%, with crude oil below the level they thought it would be. is it uncertain it will have to implement more stimulus richest? >> the inflation numbers will be very challenging for the ecb, given what we have seen in oil. i think those forecast, which are due to be revised in march -- >> march is the favorite for the next fact of stimulus, according to the economist we have talked to. >> it gives them cover if those inflation forecast a revised lower to do something further . >> what about commodity currencies? we've seen a number of them rebound, the canadian dollar appreciating for the first time this year. but in general they have an quite punished by low oil prices. >> it is a trend we have seen across the commodity complex. that is a function of a low oil price. the theme that we have seen throughout the year so far, about lo

they are level authorities to receive bibles worth more than 1300 euros. they will have to wait longer to bring families over to join them. the danish government says its intention is to discourage new asylum-seekers. some say the measures go against human rights laws. through thessed danish parliament after a dynamic debate, approved by a 81-109, a build the u.n. refugee agency says sends a damaging message. >> defensive risk of feeling sentiments of fear and dissemination, rather than promoting solidarity with people in need of protection. reporter: the bill allows danish exceedingize assets 1300 euros, with exceptions of items of emotional value such as wedding rings. some have compared it to seizure of assets by jews by the nazis. are asking that asylum-seekers come in the wreckage they do come with enough means to pay for fromelves -- if they do within of means to pay for themselves -- if you can pay for yourself, you should pay for yourself. reporter: another part of the lot will see new limits on family reunification, increasing waiting time from on

he ended up pushing down the euro a little bit.where the euro is theing, it is down in 1.09-1.08 range. we will get factory numbers later this week and industrial production. that is a number they can live with and they think it will help them. when you look at where the euro is, inflation has helped the manufacturing base. especially here in germany. jonathan: hans, thank you very much. what is the most important ?umber for draghi yes, inflation is important, but what about the employment story. >> strictly speaking, inflation is at the top. jonathan: it is their mandate. >> it is their mandate. i think they would look at the employment situation and see some green shoots they are they really have to be focused on the inflation number because that is what they are responsible for. jonathan: and what does unemployment look like? hans: the unemployment number in germany is 6.3%. they have the duel mandate in the states with the fed. does seem that they are looking at price stability and following their mandate. even when you talk at

euros increase 23 billion to 23.5 euros in 2017. operating profit will be 6.7. that is higher than the forecast they give -- they gave last year. mcdermott joins the team a little bit later on in davos. vices. china's president says authorities are willing to keep intervening in the stock market to make sure that a few speculators do not benefit at the expense of the regular investor. >> we will speed up negotiations on investment agreements and tear down trade barriers. to improve thee environment for foreign investors in china and to participate actively in global governance. manus: however, george source told friends you look while -- eorge soros told francine laqua -- >> in the growth model that they investment -- a hard landing is practically unavoidable. >> you are looking at a financial crisis that would start in china when authorities also could not deal with it. basically the key issue is deflation. the condition that we are not used to. none of us have lived in a deflationary environment. the last time we had that was in the 1930's. while i was around,

we see the euro-dollar trading at 1.0907.hear anything more dovish in the press, you could see the becausel further obviously the fed is headed, for now, in the other direction. look at u.s. futures and see where those moves are. we are down across the board. we aren't seeing the kind of drops we saw earlier. by 3.5ures are down points. we were a look at a drop of 100 and european markets, we work up across the board and we are still looking at gains, euro 1% -- a0 at a gain of gain of .6%. guy johnson, brendan greeley and jonathan golub -- thank you so much. we will continue to give you coverage. stick with us on "bloomberg ." when we come back, we go back to davos. ♪ stephanie: you are watching "bloomberg ." and we are in davos talking markets. are there still deals to be done? here,e stephen pagliuca he is the director of one of the equity markets. every dayt be trading but valuations are going down. does that mean you are looking at buying opportunities? could it be m&a? loveen: that is why we private equity. you

euro lifeline last august, but athens did not want the imf on board. the imf is offering a tougher bargain than other creditors. he confirmed to me that the greek government accepts that the imf needs to be part of the process. admit it absently clear it was part of the agreement we had this summer. absolutely clear it was part of the agreement we had this summer. markus: we're going to stick to the eurozone. the french president is set to unveil his latest plan to cut unemployment. it is close to record highs. that has led some french politicians and business leaders to suggest unemployment benefits are to generous -- are too generous and should be reduced. mark thompson reports. mark: france must make changes to the benefit system, that's the message from the minister of parliamentary affairs. >> both for financial reasons and to mobilize resources to train people who are unemployed, we will have to make changes to the parameters of unemployment benefits. a proposal also put forward by prime minister manuel valls only a year ago. currently, those who

is it with the euro? the euro is a little bit weaker, but not dramatically so.ned with the em fx currencies, particularly with china and the asian currencies. tom: within the asian currencies, they are joined by a weaker sterling. bring up the sterling chart. i don't think anybody expected this. 2.10, then we come down and roll over again. why is sterling joining the rest,-- the euro and the being weaker versus the dollar? michael: i am not going to opine too much on the fundamentals of they are aonomy, but much more open economy than the united states. in certain respects, everyone is vulnerable to this sort of issue that we are seeing from china and the eurozone. tradingand the euro is .6% lower today, too. michael: there are a lot of things hovering over there. thes also indicative of point you were just suggesting, tom, that there is a currency war -- currency war is a bit of a strong term. tom: we are in the media business. come on, francine, help me out here! it is not a currency skirmish, it is a damn war, right? francine: i know the strength in the pound

weeks without work, pay of 25 euros a day at most and that's before orchard owners duck several euros for the ride to work. >> if you say no? >> no, you are going out. no work again. so you must do it like that. >> so whatever the boss says, whatever the farmer says, that's what you have to take? >> yes. >> jacob cabenna fled ghana with his wife and daughter in 2007 after they were threatened with death for threatening to convert to islam. >> my friend dead. >> your friend died in the desert? >> yes, and the guy just fall down, shouting i'm dying i'm dying. three minutes or five minutes, this guy died, just like that. >> jacob left his wife and child in libya before making the dangerous crossing to italy in 2008. he hasn't seen them ins is. jacosince.he has applied for as. we have seen many, many thousands of people coming across the mediterranean, coming to italy. does that make it harder or easier? >> hard no. >> in what way? >> simple because we came here, there are many here there is no work here. >> do people talk about wanting to go home? >> yes. many people wanted to go back ho

benefits from the euro? >> if we are to think of this, one of the great advantages, you said at the start, what is the difference between united states, europe, britain? i think the things bear in mind what made the dollar a success in the united states built on true political union. people in the united states have realized there is a fundamental agreement all americans have taken. >> the economies aren't the same across all 50 states. >> there is no confusion on identity of who we are, what we represent. currency can phase your problem. >> that is why a lot of people believe european union cannot just say this is just an nice economic tool. it has to be strengthened by greater political union. states subsidize the poor states, accept they are subsidizing because this is about the united states. it is about a single country in indevisible. richer countries will have to accept. there are poorer members, weaker members. are in europe, baby. >> armstrong: sarah grant from the joint counsel of welfare immigrant

reporter: they are seeking over 300 million euros in taxes from google.hat is twice the amount the company agreed to pay to britain and italy, a much smaller market. google defended the u.k. deal in a letter to the financial times, saying that complies with the law. a six-year audit, we are paying the full amount of tax that her majesty's customs agreed we should pay. reporter: the european commissioner announced new measures to prevent tax avoidance. markus: corporate news next. there will be no bonuses this year for top managers at deutsche bank. the news comes as the lender reports a loss of 6.8 billion euros last year. they were hit by 5.2 billion euros worth of expenses due to legal disputes. it also wrote down the value of its assets and businesses by 5.8 billion euros. john cryan does not say when the bank will return to profit, urging patience. let me say that, generally speaking, we know that restructuring can be very challenging. tonight, it requires time, determination, and patience. i know these situations firsthand and i am confident that we

billion euros. that is breaking news.ejra: toyota shares have risen on the news it is planning to buy out the remainder of its unit. they hold a 51% stake, considering several possibilities, including it making it a wholly-owned subsidiary. that came as they announced global sales of 10 million last year, meaning it is the world's top automaker. capital management says it made important mistakes last year. they said they also learned humility in its worst annual performance ever come with a net loss of more than 20%. rose 20%, after oprah winfrey tweeted about losing weight after using the program. she posted on twitter, and she said she lost 26 pounds, despite eating bread every single day. that is your bloomberg business flash. manus: i could talk you about weight watchers, but i will not. i am with oprah. it works. let us talk about a much bigger issue, the fed set to release its first policy statement since the rate hike last month. while reserve officials are expected to continue raising rates this year and next, bon

it is very difficult to know what the fair value of the euro is.not know if it is 115, or 112, 118. usually currencies tend to overshoot, so we had the euro at 135, 140. clearly that was not -- you know, the purchasing power parity was not there. it is probably more at 115, so it is roughly where we are today. if it overshoots, it is very hard to know. at the end, currencies move according to improvements. again, our business in europe we expect to do better over the next few years because our customers are doing better. you know, i was just with a customer who buys a lot of things from china, and consumption is going up in spain. and the cost of, you know, of all those products to import is going down, so they are going to be very competitive. spain has been growing exports in a very significant way over the last 12 months. and so, you know, that should be -- that is one of the effects of the cheaper euro. francine: what is your main concern overall? if we have a global recession, is there something the markets or you think bankers are not really

billion euros.sly, it was half that level. s, hee previous yerae he has created some capital. these are the main reasons. flexibility and now ihis family controls flexibility for the group. jonathan: more like a luxury company. there has been some success there, at least as far as the ipo is concerned. what does this mean for the f1 team as well? >> it will be interesting to see how ferrari develops from here. they sell about 7000 cars a year. they might increase to 9000 cars. they are a luxury company, but they still have to produce cars and cars have a different margin level than a handbag and a different level of investment that goes into creating a luxury car. there are only so many cars ferrari can sell. how much they can get out of the name remains to be seen. there is a ferrari world in of th abudabi. age. is very key to the im they have to keep the formula one brand competitive. at the same time, they have to serve the formula one fans. that means articles like t-shirts, based all caps, that

tighter border controls could cost the german economy 10 billion euros a year, analysts say. trade associations are demanding that politicians ensure smooth movement of goods, but the german government is thinking about extending the border measures for four more month. brent: thank you very much, have a good evening. the australian open tennis match, a rematch of last years women's final came early, serena williams faced rival maria sharapova of russia and two of the loudest players in the game battled it out. >> they were few and far between against serena williams, the world's number one. instead of power to take the first set, serena's power did play a part in the second set. williams established an early lead and never looked back. dominating the match in every way. the defending champion be sharp over 6-1, extending her winning streak against the russian. novak djokovic last lost at the u.s. open in 2014. this match was a little payback. he won in straight sets, advancing to the semi's where he will face roger federer. the 17 time grand slam winner kept him guessing on

and the industry shop -- shrunk down to 1.2 billion euros.much trade will increase is hard to estimate, but first the you and iran - - eu and iran will have to align priorities. iran is hoping for more foreign aid to boost domestic production and exports. hassan rouhani is in paris today, so we will bring in lisa lewis who is in paris. what is on his business agenda in france? >> the iranian president will meet with business leaders from midsized companies, but also from large companies. he will make at least three major deals. one of them with airbus planes and there will be a joint venture between the french carmaker peugeot and the iranian carmaker khodro. they will produce cars that will be sold in iran and countries in the region. and their deal -- third deal to be announced will be a construction deal, constructing an additional terminal in toronto -- tehran at the airport. >> how the french public view these close public -- close business ties with iran? >> according to a recent poll, 50% of the population says, we really should not de

the euro stronger this morning. that's factoring in. overall pretty negative mood on oil and of course on china overnight. >> the dax the lowest of european trade today i think partly because it was closed a day earlier. >> the thursday, new year's eve. >> across the world and germany didn't take part in those. now what will today and this year bring for investors? let's check out the so-called january effect. the theory here is that stocks have dropped in december for year end tax selling reasons rallied back as investors buy them at cheaper prices. meantime, the stock traders almanac say the direction of trading in january predicts the course for the year 75% of the time. have to see if that holds. as for broader markets, check out the yield on the ten year. 2.22% this morning. a little bit of buying. a little bit of safe haven seeking. we're down from close to 2.3 level that we finished the year. the two-year treasury note yield is above 1%. we haven't seen this in about 5 years, the two-year yield best known for being influenced by

give them a steady contract for work and a minimum of 40 euros a day. but the unions are up against carpalato, basically, mafia governed work. >> workers are paid less than the minimum wage and earn a maximum of 25 euros per day. >> could farmers here harvest their crops and make a profit without workers working for less than the minimum wage? >> unfortunately, the agriculture sector has also experienced a crisis these past years but i'm convinced no crisis can justify exploitation. pasquale amante runs his famil family's clementine orchard. >> how long have you been here? amante insists he doesn't hire undocumented migrants, that he only uses family members for labor. he says low orange prices are decimating the industry make it impossible to pay workers enough to make any profit. there is a temptation on the part of the producers to pay under the table. do you think it's right that producers do that? but as we traveled throughout calabria speaking with dozens of migrant workers a starkly different picture emerge. >> if i go to work today, sometimes th

thanks to the foodloop discount, he's saved 2 euros on an overall bill of just under 9 euros., could he imagine using an app like this in future? bernd: yes. it's a good way of saving money and helping to ensure things don't get thrown away. reporter: but he'll have to wait a while. the app is still only a pilot project in germany. the major supermarket chains have yet to sign up. host: here in germany, several initiatives are trying to prevent the waste of food. the idea behind one of them is so simple that it sounds like something my seven-year-old daughter could have come up with. just stick what some have left spare into a big fridge and everyone can come and take what they need. of course it's slightly more complex than that, but not much. one of the places this has put into practice is berlin. there more than a dozen public food sharing fridges are located. in the whole of germany, the number of these food savers has risen to more than 120. they are filled by some 8000 individuals and supermarkets taking part in the initiative. whoever wants to donate puts up a note on t

strike in france may have paid dividends as court has ordered uber to pay taxi drivers 1.2 million euros. we will have details in our business update. berlin looks for buyers for a sprawling lakeside property that once served as a love nest for a top nazi official. the template iranian in "live from paris." details later on in "live from paris." france's justice minister has resigned this wednesday. christiane taubira has often openly criticized francois hollande's government. news of her resignation came ahead of parliament's debate over a controversial constitutional reform that would allow people convicted of terrorism to be stripped of their french citizenship in certain circumstances. expressed taubira has reservations about that plan, and news of her resignation spread -- as it did spread, she upeted, "sometimes to stand for what you believe in is to leave." use day to fight for what you believe in, and sometimes it means you have to go. used toristiane taubira explain why she is stepping down from her role as france's justice minister. the timing comes as no surprise. parliament i

euro is onet, the that would happily see a lower currency. yen is a different set of circumstance. that is also a problem. sayaw headline politicians the pound is too strong. in terms of weaker currencies, i don't see many defending central banks complaining about that. it's a very different story. control see some heavy from china. much. thank you so you've been waiting for it. mat against mark. that is coming up next. ♪ betty: it is time for our most telling battle of the international chart and you can access these charts on the terminal. kicking things off is matt miller with a chart that looks like the snow that piled up. chart tells an amazing story. i am going to win this battle. we have better terminals here in the u.s. take a look at this. the crude price track lee. the blue lines here are opec's output. saudi arabia is going to capital into the wells and bring oil out of the ground. this is the department of energy forecast here in can see when theirll in 2008, opec cut output. they have done that every time there is a serious drop

are the only gainer on the euro stoxx 50 this morning.illion subscribers to its online stream service including 4 million from outside the u.s. both figure surpassed analysts forecast as a projection for growth in the next quarter. that is your business flash. guy: let's update you on the markets. we are seeing a selloff and europe. equity markets are being sold aggressively. fairly punching numbers being distributed. the dax is down 3%. the cac down 3.5%. it's mining stocks, oil companies, bank stocks that are down sharply at this point in time. the euro stoxx 50 under down 3.2%. let me show you other numbers because these are instructive. this is the picture around the world with various asset classes. oil trading sub 27 when it comes to the wti. we have seen that from the break contract. the ruble flirting with an intraday high. dollar-yen broke through 1.1613. that is the year low for doll-arar-yen. great guests to add context to what we are seeing. back to you. francine: you were just showing us the global or markers that could joan

instead of 45 euros. for the exact same shirt, a woman will pay more than a man in certain cases. and for everyday goods -- deodorant. there is no -- there is another cartoon you can see here. as our razors. the fact that they are pink will make it more expensive. in its editorial, the paper says that the fight for equality is a vast one. you have big fights, fighting for the right to vote, and little every day fights like these fights for goods that are just more expensive. these little every day fights are just as important, and ion" says it is just the beginning. molly: thank you very much for that. from more -- for more, you can france24.com/inthepress. we will be back with an update and will cross to new york for more on the republican debates that took place last night. donald trump backedúúúftf7l