not quite as bad at standard chartered, the real questions at standard chartered were very different,ng forward , very different, though. going forward, what are we looking at for standard chartered ? forward, what are we looking at for standard chartered? it is very exposed to emerging markets, what could be seen as quite a difficult time, hard to predict what is going on in the next few years. certainly, with the whole global economy looking lightly to slide into recession either later this year or sometime next year, any bank involved in emerging markets is bound to face pressures. but this is also a bank that has seen, it self, under a lot of pressure from its stock price, a steady down kick. to start making money they are now looking at the vesting some of their core holdings, selling the indonesian bank which they own 43% off, and rationalising in the areas they are not doing so well. that is all so they can pay investors back by doing a stock buyback, which seems to be the natural response of anyone under the cosh for their stock rise. but of course, doing a stock rise. but of

we are very impatient at standard charter.y partners are singularly focused on getting it up above 10% sooner rather than later. we have a good plan to do that. thereant to see us get and so do we. francine: one is the one thing you need to feel better? the u.s.-china trade relationship? emerging markets? bill: we have a number of businesses that are very market sensitive. goes upth management and down. we have a more difficult fourth-quarter in wealth management. we have started 2019 on a solid footing as markets have begun to recover, so better markets would make life easier, but you cannot have better markets forever. we know that will be up and down. there are no excuses to not hit the targets we set. good economy, bad economy, trade tensions, no tensions, we have the potential to get the cost of capital plus return, and that's what we're going to do. francine: there is so much speculation about m&a, merging with someone. is there going to be a consolidation phase in your industry? bill: is not necessary for us. that's the

with me is razia khan from standard chartered.egum. her citizenship is to be revoked by the uk government. there is a feeling among some that this is not fair, others that it is the right move. it has certainly been the subject of a great deal of debate, some making the point that citizenship isn't necessarily something that can be taken away, what are the grounds for this, it raises all sorts of issues around belonging, being of dual heritage, how meaningful is citizenship? is it more meaningful for some than others? others would of course take the view, look at what she got herself involved in. surely the government has to take a tough stance on that. the interesting thing is to make someone the interesting thing is to make someone stateless is not illegal. however, i think the home secretary had advice that her mother have a bangladeshi passport and therefore to have access to bangladeshi nationality. there is still some degree of controversy around exactly what conditions have two apply at for a full citizenship to be consider

standard chartered starts the turnaround.pledges to cut $700 million in costs. >> the cost cuts are one part of plan.whileder we are really focused on is getting our returns above 10% by 2021, which we are well on the way to doing. francine: this is "bloomberg surveillance." the brexit momentum is picking up once again. i think we should really focus on fed and possibly what a yield inversion once again means. will affect geopolitics and the relationship between trump and kim. tom: a huge day of international relations. not only the president traveling to vietnam, but now in india, and in kashmir, there are hostilities. looking forward to our conversation with the former governor. theresa may is considering a plan to delay brexit past march 29. blueprint has learned today that she is expected to let her cabinet discussed extending the deadline for leaving the european union. she is likely to keep trying to strike a deal on time. finallys says it's destroyed a major terrorist camp inside pakistan. it is the worst escalation of

expectations into today were quite negative not quite as bad as investors had feared standard charter, they came out as well. they missed their full year profits. they announced further cost-cutting not enough for investors, however. that stock is coming under a little bit of pressure zelando, they are also under pressure, and they came out, and that is as morgan stanley and citigroup cut their target price. travis pirkins beat their full year forecast. very interesting to see a u.k. construction name up so strongly today. perhaps it gives a little bit of insight into how investors are positioned around this space per s persimmon. in the auto space we've got another key earnings come through this morning, and that is shares in psa group opened lower. they required full year divideance for 2018 and lifted its profit outlook traders have blamed the price drop on a strong run-up of the stock hfd these results as well as the fact that sales missed forecasts. again, this is perhaps telling and less about how the results look on a fundamental basis. our league anetta is in paris at psa grou

chartered standard starts the turnaround.s after pledging to cut $700 million worth of costs. the ceo bill winters spoke exclusively to bloomberg. >> the cost cuts are one part of a larger plan. we are focused on getting our returns above 10% by 2021. we are well on the way of doing. matt: good morning. welcome to bloomberg markets. this is the european open. i'm matt miller alongside anna edwards in london. anna? anna: let's have a look. half an hour in the trading day. 417 stocks going down on the stoxx 600. that gives you a sense of the commitment to the downside. london market underperforming. the currency moving on the news surrounding theresa may and the labour party. amongst all of that, this is what we are seeing for equity markets. u.k. companies bucking that trend. travis perkins up by 11%. a building supplies business. a reshuffle of the management there. the coo is stepping down. numbers came in better than estimated. persimmons up 2.6%. a new ceo being named. we have numbers looking to be in line, but brexit unce

standard chartered's neil gorsuch after dark days -- new course after dark days. at the top at credit suisse. three women promoted to executives. alix: i will take it. joining us now, peggy collins. jp morgan down over 1%. it expects a slower pace of growth. ofitive growth of 2% because quantitative tightening and higher rates increasing the need for more expensive funding. peggy: they are also saying they will invest more in technology. one of the ones first move on the digital coin -- to move on the digital coin. thingsxpect to see shooting the lights out in terms of growth for us. are going toy we grow our profitability -- increase efficiency through technology. peggy: we saw the citigroup ceo hitting that team. -- theme. saying it will expand its branches into more states, putting the pedal to the metal. it's on the backdrop of an environment in banking where we are seeing smaller players starting to emerge. alix: goldman sachs says they had 19 days of trading losses in the fourth quarter. standard chartered's ceo came up with his plan, cutting costs, reconfig

jasmine whitbread, who's the chief executive, as well as holding nonexecutive roles at bt and standard charteredwe outlined what you do but tell us more what you are about. london first was formed by business leaders getting together 25 years ago when london was last facing a bit of a moment ofjeopardy london was last facing a bit of a moment of jeopardy and london was last facing a bit of a moment ofjeopardy and was really in the doldrums and there was no leadership overall. schools were failing, transport investment was nowhere near where it needed to be. they got together to bring teachers from america over to the uk, to form teach first and lobbied the government to create the executive office of government and they got business behind paying for crossrail to get that out of the sidings as the project that was too expensive. 25 years on, london has become the best city in the world in which to do business. it is ranking top in all of the global charts, still, but there is a real moment ofjeopardy, as we all aware. the jeopardy is caused primarily by brexit. they are a number of things we hav

standard chartered is considering options for the islamic banking unit in malaysia, including a potential been gauging interest of potential buyers for the business, known a standard chartered stanek. becauseighing the move fierce competition has limited its growth prospects. >> let's have a look at what's going on with the market. this is the situation with india. down,est is on the way nifty down by .5%. tear, airon ore on a lot of this down to businesses. billion, the worst loss we've ever seen in indian corporate history. the stock is down, even though it will not go to the bond markets to raise capital. jet airways, always in the news for the wrong reasons, this time down to 10 aircrafts being grounded because of operational reasons. there are all sorts of stories swirling around this particular carrier, and its very survival is in question. this finance commerce company out with a better than expected figure, 262 million rupee profit. it is also selling off its securities division. there you have it. >> let's talk about the key events coming up this week. a pretty busy one, in parti

standard chartered will take a $900 million charge related to fourth-quarter results. violations of u.s. sanctions, currency and crime control. they face a regulatory penalty of $130 million after settling a separate investigation last month. it is due to report next week. abu dhabi is quietly easing saudi-led restrictions on qatar after the standoff began. they will allow [indiscernible] to be a to qatar. land and air traffic remains closed, and people are banned from docking in abu dhabi anti-e.u. ships cannot call on qatari ports. president putin signaled he will aim new weapons at the u.s. as the pentagon stations weapons in europe. gluten has no plans to deploy -- president putin would risk want u.s.at respond to any moves. he showed cgi demonstrations of weapons that appeared to target the u.s. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am selina wang. this is bloomberg. more, a bit oft a recap on the blowout australian jobs numbers that came through. employment being

standard chartered bank is putting aside £690 million for potential fines involving investigations in conduct authority related to financial crime controls. city centres are in danger of becoming ghost towns as shopping habits change. this is a warning from a committee of mps. they says it needs to "level the playing field" for high street retailers possibly by raising taxes on online giants such as amazon. the mps also called for lower business rates and more regeneration in town centres. the food giant nestle and several other big companies have pulled their adverts from youtube following claims they appeared next to offensive content. the firm, which shares a parent company with google, has been criticised for not removing offensive content fast enough in the past. the ftse100 has been weighed down on this morning by a clutch of disappointing results for some of the markets biggest companies. centrica, which owns british gas, has warned it will struggle to meet cash flow targets this year. that‘s all the business news. raf and us air force planes will perform a fly—past above a par

. >> standard chartered is taking a $900 million charge.enalties relate to investigations over sanctions violations, currency trading issues, and financial controls. deutsche bank is said to have 1.6 billion dollars on municipal bonds over the last decade. banks face internal questions over why the losses were not recognized quick the enough. they recognize the majority of the loss in 2015 and 2016. could file for ipo as soon as next week. they filed a -- that is your bloomberg business flash. olivia hows with the bloomberg business flash. anglo american has put the commodity crisis behind it and cut its net debt. after a full year earnings beat estimates. joining us to discuss further is the head of your in mining. what would you say is the main feature of this turnaround? what are they doing right? results, look at the you will see how much money they are making from coal. it stands out as one of the biggest contributors to earnings and their best asset at the moment. what they are making their money on is coal production. ban from thecoa

the london-based lender has been gauging the business, known as standard charter static.ing to move -- weighing the move because there are limited growth prospects. shery: electronic arts surged to its biggest gain since 2014 after their latest release attracted 10 million users in 72 hours. apex legends is the latest free to play our game. positive commentary and user look liket had online ite that hasof fortn had rival publishers scrambling to catch up. let's preview the markets' open in australia. sophie: we are seeing fluctuations for aussie futures after stocks halted a four-day gain. aside from jb hi-fi have different things to look at. -- aurizon andin others. this one missed estimates and the stock is trading at a september 2008 hi. looking at the aussie dollar, trading at a five-week low, it could be a structural week after the rba cut its growth forecast and warned about trade tensions last week. that is the start up for cash trade in sydney, and that is it from daybreak australia. we will get all of the action in daybreak asia next. this is bloomberg. ♪ s bloom

the company also launch aid 600 million pound buy back standard charter, meanwhile, has set aside $900to cover multiple fines in both the u.s. and u.k. it hopes it will cover regulatory investigations. the current probe in the u.s. focuses on the bank's alleged dealings with iranian clients since 2001 while the country was under u.s. sanctions the bank said that the provisions will also cover the $133 million fine that the u.k.'s financial conduct authority has imposed over historical financial crime controls deutsche bank lost $1.6 billion on a single bond trade involving insurance from warren buffett's brookshire hathaway. the german lender bought $7.8 billion worth of municipal bonds 12 years ago and subsequently purchased default protection from brookshire. then in 2016 after delaying the recognition of losses on the trade it sold the bonds at a loss and retired the insurance >>> coming up on the show, shifting away from the earnings space, greek finance minister tells cnbc that investors are confident in his country's economy. more from our exclusive interview when we come back. u

sanctions and foreign exchange issues the standard charter shares up by .2% swiss r's annual profit rose7% despite claims from natural and manmade disasters. however, those results missed forecasts last year, and it wasn't as severe as 2017 when a number of hurricanes, fires, and earthquakes in north america made it the costliest year ever for the insurance company. shares up by 1% in european trading. shares of lenovo hitting a nearly three-year high in hong kong trading the world's biggest maker of pc's swung to a profit in its third quarter beating forecasts. lenovo says it is optimistic about future growth in china and plans for focus on the high-end market those shares were up by about 12% in asian trade zbrierj >>> we are just getting started here on worldwide exchange up next, a housing pulse check the best global opportunities in real estate for your money we'll lay them out for you ahead. plus, johnson & johnson under fire yet again the dow component slapped with federal subpoenas over its baby powder the full details when "worldwide exchange" returns after isth and saying, "rea

standard chartered, down in the banking sector. are treading water, looking for more guidance from the united states later today. they were out yesterday. bloomberg first word news with olivia house. vowed retaliation if the u.s. follows through with auto tariffs. brussels is preparing duties on 20 billion euros of u.s. goods. the dispute follows american tariffs on american steel and aluminum imports brought against the bloc under the national security designation. talks moved to washington following beijing meetings that president trump called productive. china's vice premier will meet with the top u.s. trade team later in the week. higherch 1 deadline for tariffs is approaching. dubiouslds the distinction of having the worst bad loan ratio among major economies. it has overtaken italy for the percentage of npl's and a $90 billion pile of debt is putting some in doubt. fell.b.i. said the ration for the first time since 2016, which is too high for comfort. china announced a plan to link qualcomm and -- in cities in china. the aim

standard chartered bank will take you $900 million change -- a $900 million charge.cial controls -- the charge will at the bank.gs that earn less expects to money this year than analysts predicted. the shipper is facing headwinds from several places. >> we see a world economy that is growing less this year than last year. we see a lot of trade tensions. of course, negotiations ongoing between the u.s. and china. viviana: that is your bloomberg business flash. david: fed minutes yesterday afternoon give us more clarity on quantitative tightening. they did not give us so much clarity on rate hikes, sang several participants argued rate increases might prove necessary if inflation outcomes were higher than in their baseline outlook. if the economy evolved as they expected, they would view it as appropriate to raise the target range later this year. still with us, mark stoeckle of adams funds and bonnie wongtrakool of western asset management. you were saying let's pay attention to what's going on with the central banks. what did you learn yesterday from these minutes? d

last week, standard chartered's head said it is taking a 900 million u.s.urth quarter to cover potential u.s. and u.k. penalties. bloomberg has reported this good go as high as $1.5 billion. we are waiting for clarity. you also need to remember that the u.s. department of justice has extended an agreement on the iran sanctions. that will be a lot a focus on the call on the three-year strategy plan. what do you think we could learn from that? we just really need to wait and see what they say. there are a bunch of briefings lined up. will be very high on investor expectations. we can't really speculate on what the statement will say. you.ad: jeanette, thank our exclusive interview with the ceo. this is the motorcade at the moment. the scene in hanoi. toing up to three minutes 11:00 there. our exclusive minutesthree to 1n hong kong. this is what the have kim jong-un's motorcade approaching the destination. all ahead of donald trump flying in on air force one. he will be doing so wednesday the first encounter between the two in hanoi. coming naturally after wha

the london-based lender has been gauging interest from potential buyers, known to ask standard charteredared local rivals have limited the growth prospects. electronic arts surged to its biggest gains since 2014 after the videogame maker said their latest release attracted 10 million users and 72 hours. apex legends is the latest free to play battle game. the attraction has outpaced even the early success of fortnite. that hit had rivals scrambling to catch up. shery: so three comes online at the top of the hour. let's turn to sophie kamaruddin. seeie: korean shares could upside after the kospi lost 1.2% last week. there are geopolitical themes at play as preparations are made for the second trump-kim summit. we also have reports that three and president moon could reshuffle his cabinet as early as this week. stocks to watch, tb financial could move after reporting fourth-quarter results that missed estimates. lg corp. also boosting lower than expected. stockj logistics, the upgraded to overweight by j.p. morgan and there are reports the logistics player could be in talks with post indon

standard chartered is taking a $900 million charge tied to regulatory probes in the u.s. and u.k.ties relate to sanctions. the bank is bracing for a u.s. fine related to its past dealings with iran. deutsche bank reportedly lost $1.6 billion on municipal bonds over the last decade. it faced internal questions over why the false accounts were recognized quick enough. francine: let's keep the conversation on banking. barclays h-shares rising after announcing buybacks and cost cuts.that follows a mixed quarter. the ceo talks to bloomberg. mcfarland, in his chairman's letter announced this morning that the board unanimously is going to recommend that shareholders did branson get onr. the board. we want to listen to all of our shareholders and their thoughts, but to have that engagement between shareholders and management and the board, we don't believe a board seat is necessary to do that. >> let's talk about brexit. you say you are very well prepared for it. yet taken a charge in this. hsbc are worried about corporate credit. are you seeing any concerns, anything at issue for us that

. ♪ >>> some of the big movers across the globe today standard chartered is setting aside nearly $1 billions from investigations in the u.s. and the u.k the bank has been under scrutiny for several years for alleged violations of u.s. sanctions and foreign exchange issues. swiss re's annual profit rose 27% despite claims from natural and manmade disasters. however, all disasters are manmade now, aren't they the results missed forecasts and last year wasn't as severe as 2017 when a number of hurricanes, fires, and earthquakes in north america made it the costliest year ever for the insurance industry shares of lenovo hitting a near three-year high in hong kong the world's largest pc maker swung to a profit in its hird this quarter beating forecasts lenovo says it's optimistic about further growth in china and plans to focus on the high-end market. >> new this morning, volkswagen ceo is sounding the alarm on u.s. auto tariffs. this is an interview with the financial times. herbert dee says tariffs could cost the german automaker in a worst case scenario $3.25 billion annually he added that th

chartered standard gives us its currency outlook and tells us why it sees more yuan weakness ahead. >> none of the major central banks are in a position to do so after promising to tide volatility this year. this is bloomberg. di: this is "daybreak asia." shery ahn: investors can count asian credit among the big far.rs of the year so our next guest sees more room for the rally to run. great to have you with us. what is driving this surge? >> i think the 3.5% return in the month of january is certainly fast and serious. we should be expecting this type of return for the rest of the year, but to really put it in context, what has been really driving it has been a change in sentiment in terms of expectations of some type of resolution of trade between the u.s. as well as china, and then on the u.s. side, i think a more has certainly put a pause on for the rate hikes, so with those in the rate -- with those two things in the pocket, january was a very strong month. >> charts on the bloomberg show credit spreads in asia among high yields are really starting to tie in already. what would ha

>> yes, what we do t see inms of charter school closures, that it is more likelyf to be closed fiscal impropriety rather than lack of student performance on standardized tests. >> janelle, you talked earlier abo gavin newsom's call on the superintendent's panel for charter schools an the impact they're having statewide. what would you like to see coming out of thisit study? >> would be great if we could establish some consensus. i thi the debate is so charged, with one side saying, nope, there's no effect on ls, anional public sch if public schools would just improve, we wouldn't have this problem. on the other eride, is, deep concern, and criticism of the growth of chartera schools, it would be good to have a party that's perceived as somewh neutral, to take a look at the numbers. one of the things that districts have, that districts have raised, as a concern, ise that aw does not allow them to deny charter applications on the basis of fiscal impact. so even if the district isre a that opening another charter school will further destabilize its inces, those aren't grounds to deny it. and so this is something that i think the soeate reallyneed to take

>>yes, what we do see in terms of charter school closures, that it is more likely to be closed for fiscal improprietya rather lack of student performance on standardized tests. >> janelle, you talked earlier about gavin newsom's call on the superent's panel for charter schools and the impact they're having statewide. what would you like to see coming out of this study? >> it woulde great if we could establish some consensus. i think the i deba so charged, with one side saying, on , there's no effec traditional public schools, and if public schools would just improve, we wouldn't have this problem. on the other side, there epis, concern, and criticism of the growth of charter schools, and it wou be good to have a party that's perceived as somewhat n tral, to talook at the numbers. one of the things that dist have, that districts have raised, as a concern, is that the law does het allow to deny charter applications on the basis of fiscal impact. so evs if the ict is aware that opening another charter school will further destabilize its finances, thogr aren't nds to deny it. and so this is something that i think the state really does neeo take up. for di

standards of transparency. more information sharing and accountability for all public schools, traditional and charter schools. [applause] we also need a new president for the state board of education to work with our superintendent. [applause] my pick for deposition is linda darling. [applause] thank you, linda, for doing this. [applause] there is another urgent moral and thatmust confront is homelessness epidemic. [applause] california -- so many arealifornia's homeless invisible and left behind by our society. there are too many on the streets who are suffering from bipolar disorder, schizophrenia, many of them self-medicating with alcohol or drugs. as a consequence, our homeless crisis is becoming a public health crisis. last year, we had a hepatitis a outbreak. in san diego, there was an outbreak of syphilis. typhus in los angeles. typhus? a mid-evil disease in california in 2019. i know mayors, county supervisors all around the state are working hard to reduce homelessness and underlying causes but we have to have their backs. that cannot do it alone. -- they cannot do it alone. [applause] all the mayors

on new york's race to the top application, and which helped us raise standards and increase quality school options, including charterscked them. all of this work helped us increase graduation rates by 42%, and substantially reduce the racial achievement gap. you should also know that since leaving office, i have made education and access to college a major focus of my philanthropy's work. and we have accelerated progress there, too. but as dr. king would have been the first to say, we still aren't moving fast enough. in fact, i think if he had seen the progress, the little progress that we've made in giving all minority children a sufficient education to succeed, over the past four years, he would be shocked at how little has changed. and i think the same is true for other issues, that the reverend sharpton and i worked on. including another problem that will not surprise you. and that's the environment, as the reverend mentioned. the worst air pollution in new york city was in poor black and hispanic neighborhoods. you know this if you live there. children from those neighborhoods suffer much higher asthma rates tha

charter mandates that our program is responsive to which we'll touch on. there's a specific mandate to a measure and report on the city's streets parks sidewalk standards and how we're doing. there's a specific mandate for whistleblower program. specific mandate for reporting on the city's management and employment practices and how well they serve public services. then some broad general mandates about transparency, reporting to the public and working to keep our performance reporting at a very high level as is the expectation of local governments now. there's two units. my part which is performance and technical analysis and then tonia's part which is internal audit section. we listed on the slide the basic mandates. the performance measurement side for our part, if you spend some time exploring our website, you'll see a long list of reports. but probably the more interesting and dynamic consent is performance website which has the main public creature is something called performance score card, which is about 80 measures, critical ones for all city services that give member of the public an idea of the city's most critical performance, how well we're do

standard chartered bank is putting aside £690m for potential fines involving investigations in britain authority related to financial crime controls. city centres are in danger of becoming ghost towns, as shopping habits change, a committee of mps has warned. they says it needs to "level the playing field" for high street retailers, possibly by raising taxes on online giants such as amazon. the mps also called for lower business rates and more regeneration in town centres. the food giant nestle and several other big companies have pulled their adverts from youtube following claims they appeared next to offensive content. the firm, which shares a parent company with google, has been criticised for not removing offensive content fast enough in the past. the ftse 100 has been weighed down on this morning by a clutch of disappointing results for some of the market s biggest companies. centrica, which owns british gas, has warned it will struggle to meet cash flow targets this year. elsewhere, shares in online estate agency purplebricks fell by more if than 30% after it said it was parting