let's get to howard davies, chairman of rbs. sir howard, so many questions. unfortunately a limited amount of time. let me start with the most pressing one, which is we are in a phase one, and we will find out from the u.k. government how long the lockdown lasts. we heard from the chancellor about furloughs. when you're planning to bring your people back to work? when does the phase two start for ubs, when people will be willing to go back to work? howard: we don't yet know. we are planning for different possibilities, but we are hoping to hear something from prime minister on sunday, which will give us an idea of what we will be allowed and recommended to do. i think in our case, the working at home has worked pretty well for the most parts of the bank for, but clearly there are challenges in the trading room. we have some people who are there, and it looks as it the trading floors will have to be .uch less well populated we are looking at using another location to add to our capacity. we have 11 plans, we are still lacking any about with the government's in

up next, we talk with hedge fund chair howard davies.out banks and what we are seeing out of there. spent a little of time looking at renminbi. this what i am seeing overall for renminbi. there has been a little bit of an upswing or volatility there. tomorrow we have the bank of england, so we could see a movement in sterling, and tomorrow we also have the latest projections on when the lockdown in the u.k. could end. this is bloomberg. ♪ francine: phase 2 -- president trump intensifies his push to reopen the country, saying americans should begin returning to their everyday lives, even if it leads to more sickness and death. the ecb stands by its inflation mandate after a german court ruling on its qe program. bond investors express concern about the central bank's stimulus. and sales surge at novo nordisk as patients snap up diabetes medication ahead of the lockdowns. the chief executive tells us about stockpiling. well, good morning, good afternoon, good evening, everyone. this is "bloomberg surveillance ." as always, tom and francine

we get the best and brightest, with sir howard davies and lord robert skidelsky. we speak with david bailin. i cannot say enough on a holistic view of how to deal with the emotion of investment in times like this. thank you for joining us. if i miss this rally, if i am in cash, how do i get back into the game? feelinghat is the big that all clients are having today who are under invested in the market. to answer your question, you have to have a war portfolio, -- core portfolio, exposure to all the markets you have been talking about and there is no right or wrong time to do it. if you were investing today, it would be a matter of what you put your money in as you enter the market, and there are pockets of good value because these industries do not tell you the whole story. the top 30 stocks in the market have been the dominant driver of the s&p and that is true of all markets around the world where large companies have done better than small ones. you would add small and mid-cap stocks and focus on those with the strongest balance sheets and strongest exposure to

we will be joined by the rbs chairman, howard davis, at 7:00 p.m. sydney time, 5:00 p.m.g. this is bloomberg. ♪ there are times when our need to connect really matters. to keep customers and employees in the know. to keep business moving. comcast business is prepared for times like these. powered by the nation's largest gig-speed network. to help give you the speed, reliability, and security you need. tools to manage your business from any device, anywhere. and a team of experts - here for you 24/7. we've always believed in the power of working together. that's why, when every connection counts... you can count on us. swithout even on yoleaving your house. just keep your phone and switch to xfinity mobile. you can get it by ordering a free sim card online. once you activate, you'll only have to pay for the data you need- saving you up to $400 a year. there are no term contracts, no activation fees, and no credit check on the first two lines. get a $50 prepaid card when you switch. it's the most reliable wireless network. and it could save you hundreds. xfinity mobile. ♪ ♪