joining us from our berlin bureau is maria tadeo. our governments pushing ahead with restrictions despite protests, anything that suggest they will be watering down measures? maria: now, and that is where it gets interesting in the story across europe. we did see sectors of protest in vienna, the hague and also brussels. this is a pan-european story, but nonetheless governments are pushing ahead with these restrictions. the focus today is austria, going into a 20 day lockdown. when the lockdown is completed, we expect restrictions on the unvaccinated to continue. and then of course the vaccination mandate, it is not a personal choice, it is an obligation. what is interesting and this goes back to your question, facing what is basically a political crisis, and the economic ramifications of shutting down a country for two weeks, the austrian government has decided they want to focus on the health crisis even if that means of social pushback and potentially an economic contraction, the health sector is a priority in europe at this point

maria tadeo on the ground in a chilly glascow.g up later today, we will be speaking to scotland's first minister nicola sturgeon. coming up, we will also be speaking to belgium's finance minister about the eu economic recovery, energy prices, and the supply chain crisis. that is next. this is bloomberg. ♪ tom: happy friday. welcome back to the open. we are seeing gains of about zero point 1% across the stoxx 600. gains across the ftse 100, 0 .4. germany is down. gaining 0.3%. you had a share buyback announcement by the french insurer pushing the stock up. it is slightly and bleaker picture. down just over 2%. this is despite the fact that the airline group reported operating losses below the estimates. they are looking pretty optimistic in terms of transatlantic travel. passenger numbers coming in higher than expected. allegro seeing gains of more than 6% on the back of the line around a billion-dollar takeover from a competitor looking at this polish e-commerce platform. ok, from the corporate's to the macro. eu finance ministers

joining us from berlin is maria tadeo who has been following all of this for you. nse at all at the governments are getting cold feet about these measures in light of the protests? maria: no. we saw the pictures in vienna, the hague, brussels. restrictions are going ahead nonetheless. today, austria is and focus. we have more information in terms of how the lockdown will work. the country is going to be shut for about 20 days. after that, restrictions on the unvaccinated population will stay in place and there is a contra racial mandate -- controversial mandate to make vaccination and obligation. what is interesting is the austrian case could set a precedent for other countries. the austrian government is working on the basis that they are ready to deal with the social pushback. they are ready to deal with the political and economic ramifications of shutting down the country but they want to focus on the health crisis. that is the priority even if there is pushback. francine: what does that tell us about how governments are dealing with this? there is a risk of frac

joining us from glascow is maria tadeo. s one thing to make promises, it is another to pick up the check. maria: yes, we are now officially into extra time. the conference should have ended one hour ago, and i wish i could show you what is going on behind the scenes because the action is frantic. you have delegations, people not usually taking the spotlight negotiating that communique. a lot of it is about who pays for this transition. the poorer countries say the richer countries have to help us make the transition, and that is not the only sticking point. issues about carbon emissions, carbon pricing, what to do with fossil fuels, and china is a big question mark. how ambitious is china willing to go on climate change? matt: the biggest emitters in the world are our personal vehicles and airplanes. will the u.s., germany, japan to stop manufacturing internal combustion engines over the next 10 years? maria: the wording on this is not fully clear. there is a new draft making the rounds. we expect to get a new document befor

that's maria tadeo in glasgow.he will be back with us, bringing us more conversations about cop 26. get over to the first word news with juliette saly in singapore. juliette: russia may be planning to invade ukraine. tensions are flaring between moscow and the eu over migrants and energy supply. washington is monitoring a buildup of russian forces near the ukrainian border. germany's angela merkel spoke with russia's president flooding your prudent for a second day in a row over the escalating situation on the eu's eastern border after belarus threatened to shut down a key pipeline carrying russian gas to the european union. the chinese president has a mandate to potentially rule for life. he delivered the first doctrine by a chinese leader in 40 years. an official statement highlighted his comments to promote self-reliance in science and technology. the austrian region with the highest coronavirus infection rate is planning a lockdown of the unvaccinated. central europe struggles with covid. the titular has ruled

maria tadeo has a front row seat . what is on the agenda today? ria: the focus here is on the clean energy, and on that note we are joined by jose ignacio sanchez galan, chairman / ceo, iberdrola. i have to ask you, we are debating clean energy but paying so much attention to costs. and opec. isn't it ironic we are keeping an eye on the future but paying so much attention to oil? jose: for 20 years we have been trying to change the company. we have closed our oil and power plants and are fully invested hundred 20 billion euros. [indiscernible] we will generate electricity with cleaner sources. to show the world it is possible to do these things in a different manner, and defend the interests of the shareholders. maria: given the energy crisis with bills going through the roof, the criticism for many is renewable energy is not sufficient. what is your take on that? jose: i remember many years ago we tried to sell green energy, we were criticized. we have already passed through this situation. my point is simple, the current situation cannot be force

let's bring on maria tadeo. what does this restructuring mean?are seeing the reaction in the market. one reason this is happening is this is unexpected. we knew there was a conversation about the future of the company. the founder cannot be in place forever. the announcement today, the timing, it took a lot of people by surprise. this is unexpected. when you look at the structure, she is going to inherit this position to fail. she is the daughter -- someone who has connections with the company but many could say that up to this point, you have to prove yourself at the executive level and she has not done that yet. the other thing i would note has to do with the broad management. we know pablo who has been the chairman up until now has been successful with this company and he will be leaving. this reshuffling has probably spooked markets. dani: you talk about marta's lack of experience but what do we know about her? >> it is easy to write off somebody. you are still young especially in spain where a ceo or chairman is usually male and much older.

joining us from glasgow is our reporter on the ground, maria tadeo. start with this draft from cop 26? what do we make of the softening of language. ? maria: the official deadline for this event to get this -- a lot can change until the deadline at 6:00 p.m. this early draft could be a first working document. this is not the final version. the conference could run into tomorrow. in terms of the language, you could argue it tackles the main points but it has softened the language particularly with fossil fuels. a number of countries wanted an explicit mention that this conference would signal the end of fossil fuels. today there is language that you can continue to do it if you take on measures to deal with it. when you look at the draft statement, you do not have guidance in article six on carbon pricing, this is seen as the biggest breakthrough. to get rid of carbon emissions you have to be able to price them correctly. a lot can change and this is an early draft, it does not mean this is the final version. a number of countries will want to push bac

let's go to maria tadeo, live in frankfurt. maria: good morning.e are joined here by andrea enria, chairman, european central bank. you are doing a very good conference. before we get to that, many questions for you. when you look at the provision in europe as one of the key components, we head strong u.s. earnings. in europe there were some beats, but not wow. is it harder to do business in europe than the united states? andrea: i do not think so. we should be glad for the six quarter in a row we had profits that beat expectations, which is good. the banks were thinking they would have achieved the pre-pandemic levels in 2023. they sometimes argue these regulations and supervision constrained their profits. i do not think this is the case. we are applying the same style as the u.s. is doing. if anything, the implementation in europe has been softer than in the u.s. we are exchanging loans with u.s. colleagues frequently, and came to the share conclusion that supervisory requirements are in the same boat as well. the main driver of the profitabilit

maria tadeo spoke to the belgian prime minister. ria: when you say china, that is particularly important when it comes to china. this is about china complying with their commitments. is the climate checks -- the climate tax justified? >> definitely. they climate tax at our borders is what you need. it is crucial. china is one of the biggest emitters in the world, if we really want to have an impact. the impact will be because we push each other to the same level of emission, and the carbon adjustment tax is one of the methods to achieve that. maria: emmanuel macron said we have to help the poor countries make the transition, but we will also see the big polluters increase emissions. is that perhaps china, but also india, and how do you make that commitment to finance that transition? >> the western world has a big responsibility for the situation we are in today, so achieving our commitments in international climate finance is the right thing to do towards countries who are today subject to climate change. if we do not have the means

maria tadeo on the ground in frankfurt.ing up a look at supply chains ahead of the busy holiday season in the u.s.. stay with us. this is bloomberg. ♪ tom: welcome back. i'm tom mackenzie in london. we are tracking the fallout of the global supply chain crunch and the world's largest, in terms of this story, largest farm equipment maker surging after it gave an outlook global supply chain delays and labor woes will not significantly dent profits. amazon is prepared to sacrifice profits this quarter for logistical workarounds to get products to consumers on time. the 4 billion-dollar effort involves dispatching half-empty drugs and bumping pay for seasonal workers. it is a chance to expand advantage over rivals. in china, the government's extreme covid zero policy is standing in the way of a full recovery for the shipping industry and could prolong the crisis. measures involve a seven-week quarantine for returning chinese seafarers. and a two week wait for incoming vessels that refreshed their crews. today is thanksgiving in

tom: bloomberg's maria tadeo joins me from berlin. maria, a stark warning from the top health official in germany and the german government really upping the rhetoric, concerned about the severity of this wave. is any of this prompting more people to get vaccinated? maria: yes, tom. i have to say when i heard that message from the german health minister yesterday, i was shocked. it is a very brutal choice. either you get the vaccine or be prepared that there is a very real but also very serious danger here that you may end up dead. i was very shocked by that type of language had what is clear here, the government is trying to come up with a very severe message, saying the situation is as bad as it has ever been. when you look at the infections but also the pressure on german hospitals so it is up to you to get this vaccination. again, the idea is that by being brutal on language, you will entice people to get the vaccine. the problem however, with the early indications we have with the data, the vast majority of new vaccines are not fi

for more, we go to maria tadeo, who has been following the conference. how significant is disagreement between the countries? maria: it is two weeks, negotiations coming to an end and we have a deal. a number of things to point out from the deal, it keeps the 1.5 degrees temperature check in place. this was a top priority for the u.k. government. you also see you have a compromise, a watered down compromise but nonetheless a breakthrough around coal. for the first time in an official document, we have coal and other fossil fuels. for years, scientists have said you want to reduce carbon emissions, you have to be able to measure them in a way that is efficient. the question is, is this enough, will it be enough? you speak to the politicians, many of them serving as a host for this edition. you speak to the activists on the street, they say this is more blah blah blah and more action needs to happen and time is of the essence. manus: ok, let's see whether john kerry is at the start of a 10 year sprint. let's turn to this year's biggest climate conference co

maria tadeo is joining us from brussels. as the rationale but hind austria's lockdown -- behind austria's lockdown? maria: we are seeing infection rates in's eastern -- eastern and central europe go up. the vaccination rate is flat. once you get to a certain point, you are not able to vaccinate more people. these are people who don't leave in vaccination, who don't believe in the science behind it or who do it for political reasons and feel the government should not tell me whether or not to get a vaccine. we are not able to get past that point. austria is facing a political and health crisis. which one do i care about? the health. they are going to go on with the mandate and force everyone to get the vaccine and going back into lockdown. i can deal with the ramifications and political pushback but i'm not going to deal with another political crisis. matt: austria has its own issues and they are almost in a constant state of scandal, but germany is a huge country, the biggest economy in europe, the heart of the continent. how

taylor: for the latest developments, we are joined by maria tadeo live. no blah, blah blah from you. talk to us about the latest. >> that is a reference to greta finn berg. she said i don't want to see bla h, blah, blah, i want to see action. the much everyone, the u.s. president joe biden, boris johnson, emmanuel macron, the indian prime minister all said we are ready to do something. there are two big narratives coming out of the meeting and this is day one. there's a lot of negotiating ahead of us, but one is the call on the big polluters to be more ambitious on their targets. the second is nations that will need financial help in emerging economies are saying we want to do it, but you need to help us complete this transition. the developed countries are saying we are happy to do that, but it will take time. and again, we have heard this before. the question is come next friday, will we get details and something new to add to promises that in many ways we have heard before. sonali: i'm wondering what the leaders who are at cop 26 are saying about the l

for more, we can get to our reporter on the ground, maria tadeo live from berlin. e green plan entailed then, and how much investment interest is there that's going to align with this spending, this 60 billion or so euros? maria: yes, and then tom, if you look at this government deal we announced from germany earlier this week, they make it clear they are going into the future looking into an economy that's more progressive. they say they want this to be greener and more sustainable. the greens, for them, this is their entire political agenda. the big question until now is how is germany going to be able to do this? we know this is not a country that has traditionally spent a lot on green. we know the debt will be reinstalled in 2023. so what is the money coming from? we have sources telling us that there will be a vehicle, a special purpose vehicle that will be set outside of the budget, which will be funneled and channeled through that to pay through all this investment. now, it makes sense to the long-term. you can argue it germany's serious about going green and

maria tadeo, bloomberg news and glasgow. shery: a big interview later, the u.k.ellor joins bloomberg tv at cop 26. let's get to it vonnie quinn. vonnie: attorneys man says his company faces downward pressures and must curb taxes. this will address problems faced by small and medium companies. during a visit to china's top market regular, he said the company needs to curb cyclical adjustments. there is are seated with a more conservative fiscal and monetary approach. advisors to the u.s. and cdc pfizer shot -- to the u.s. cdc it back to be pfizer shot for children ages five to 11. they only need 10 vials incentive -- the cdc director must sign off before vaccinations begin. the biggest class of new managing directors ever. six under 43 members nominated, a 40% increase from two years ago. goldman says part of the reason for the jump is an increase in headcount at the firm. women account for fewer than one in three of promotions and that is roughly in line with recent levels. black and hispanic employees each make up 5% of the incoming class. prosecutors have indic

bloomberg's maria tadeo. let's get to our first word news with juliette saly. juliette: the moderna ceo says that existing vaccines will be less effective at attacking the omicron strain. it may take months before companies can manufacture new variant jabs. the pfizer chief executive says the drugmaker will know within weeks how well it's vaccine handles the variant. he says the jab specifically designed for the variant would be available within 100 days. >> if the virus escapes the protection of our vaccine, we have started the process of developing a tailor-made vaccine that not only we have a high level of confidence that we will have it within 100 days, but a high level of confidence that we can manufacture it by the billions. juliette: sweden's first female prime minister has been reelected after narrowly winning a vote in parliament. the social democrat will form a one-party government using political turmoil prompted by her resignation last week. she stepped down as prime minister hours after being appointed when her junior partner quit following a budge

bloomberg's maria tadeo has the details. >> after two weeks and long nights and some long negotiations, the cop26 come of the biggest climate conference in the world has come to an end. and we have a deal. a number of things to point out. it does keep the 1.5 celsius degree temperature check alive. this was a top priority for the u.k. government. there is a watered down breakthrough on coal for the first time explicit language calling for the phase down of coal and other inefficient fossil fuels. i say watered down because an earlier version called for a phase out which would've been stronger language but a compromised version was phased down. the other thing to note was that the establishment for an internationally recognized carbon market. scientists have called on this for years in order to eliminate carbon. you have to be able to measure it and trade it properly particularly when you look at carbon credits in the overall market. this is on paper. the question is, how do you turn this into reality? there are questions around mo -- limitation. for a lot of the activists here, this is

maria tadeo gives perspective from berlin. close to being austria, or are there distinctions on the protests of this pandemic? maria: the thing this fascinating about german politics is they pay attention to what happens in austria. it does feed into the political debate in germany. in berlin, there's no i very active debate in terms of should we do what they are doing in austria, meaning a national lockdown and then a vaccination mandate. what i would say if there is some nuance in germany. the debate is moving towards should we be more forceful in terms of making the vaccine mandatory. the one sentence that caught my eye today is the health minister who said this winter in germany is very clear. it is either you are vaccinated and recovered or death. lisa: what are the german officials looking at to say we need much stricter requirements to nip this in the bud? maria: this is the difficulty. this is a country divided in states, and they have a lot of say in terms of their own political agenda and what they do in their own reg

let's get over to glasgow to maria tadeo who has been following the conference. this deal announcement over the weekend. what is its significance? maria: for starters, we do have a deal and that by itself is significant. on saturday at one point, cop-26 went into extra time. try not was prepared to open up the entire text. there are three things that stand out to me. one, it keeps the 1.5 degrees celsius temperature check alive. that was key for the u.k. and we have the start of what could be the start of a global system for carbon trading. and we have the phase down of coal and other fossil fuels. it figures prominently in the deal. but it is worth noting that this is a watered down version of the original line which called for a phaseout. it would've been stronger language. a lot of delegates said though when you look at phase down or phaseout, that is semantics. the clear sense of direction is clear come a cold does not have a future. the cola economy is done. that is the message that should be taken away from the conference. tom: the criticism of the lack of a

jonathan: let's bring in maria tadeo and had to brussels. germany, austria, what's happening? maria: two things really changed the narrative in europe and one is that we are seeing a lockdown again in austria. we were told we were not going to see any lockdowns in europe again, that the vaccination would prevent that, and we are going into one for 20 days. austria is saying once they are finished with lockdown they will make the vaccination compulsory. this is much more drastic than anything in europe until now and much more drastic than we expected from the government. it could really set a precedent for germany. infections are jumping and hospital admissions are jumping. the german health manager said something that changes the narrative in europe, we can no longer include a lockdown and the vaccine and booster may not be enough. a real break may mean more restrictions. lisa: matt miller was describing austria as a mountainous region where people don't see their neighbor. what is the end limitation process going to be for austria to get com

maria tadeo has all of the details from glasgow. >> cop 26, the biggest climate conference in the worldnderway. we heard from leaders including president biden, prime minister boris johnson acting as host nation, and emmanuel macron calling for immediate action on climate change. two big themes coming out of this conference, a call on the big polluters to be more ambitious when it comes to their targets to get the net zero. the other is the emerging economies of the world asking rich nations to provide financial support. a conversation at -- a transition can be expensive. the highlight is indian prime minister narendra modi detailing a five-point plan to take his economy to net zero by 2070. this is something india is putting on paper. modi insisting this plan would see india becoming a more sustainable economy and that should help the global effort to keep temperatures in check. haidi: australian prep minister scott morrison has announced an extra $2 billion to impact climate change. it was the only new commitment from australia and morrison's speech. paul allen joins us now for more.

for more, let's get to maria tadeo. cellor merkel saying the situation is accelerating and it is worrying. what do the new restrictions actually entail? maria: the message yesterday from angela merkel was very clear that this is now a wave that is hitting the country in force. we need a break to try to end this spiral the country is in. when you look at the new restrictions she announced yesterday, if you are in an area where the infection and hospital rate is going up, you will not be able to go to a restaurant, to a venue or a concert if you are not vaccinated. the point is they are trying to incentivize people who have not gotten the vaccine to get it. one of the reasons is the admissions rate for hospitals. i want to bring up this chart because it does tell you a big story. you see the number has increasingly gone up in october. a lot of criticism of the german government is it did not take the measures to prevent this in the summer because of the election. nobody wanted to kill the feel-good factor going into a vote

that is maria tadeo in glasgow.e are going to be digging deeper into the markets after that surprise bank of england decision that really caused a reset in these global bond markets. we are going to look at the fallout over oil production and what it means for the global economy. we are going to be speaking to amrita sen from energy aspects. this is bloomberg. ♪ ♪ >> two messages. one, we expect there will be a rise in interest rates. two, however, because we condition our forecast on the market curve, as i did point out, our forecast suggests by the end of the forecast period, inflation was coming a bit under target. we had an output gap opening up. obviously, that wouldn't be what we are wanting to see. >> if we could go back to markets. it was this, we have to act. at times, you are pretty hawkish. why did you not temper it? at the time, were you not enough worried about growth? gov. bailey: in these conditions, particularly if we are seeing inflation expectations beginning to become active, then we will have to

first, let's check in with maria tadeo, who is in brussels. urope reacting to this new mutation so far? maria: when you look at the cases we have already, there have been multiple cases identified and suspected, germany, france, italy, belgium, and the netherlands, where 13 cases were identified yesterday. all of this were people on a flight back from south africa into the netherlands. the message from the european governments over the weekend is the same we have heard for weeks and days. you have to get the vaccine. this is the only thing that will prevent escalation with this new variant. we know it is here in europe. you have to prevent it from spreading. get the vaccine, whether this is your first dose of the booster shot, you have to get it before the winter. the other thing i would highlight, and this has become a growing debate, is what to do with the ip of some of these vaccines? for weeks or months, we have heard a lot of this has to do with everything we have seen. we are seeing huge disparities between the richer countries and the po

paul: that is the bundesbank vice president speaking with bloomberg's maria tadeo.r technologies will enable disruption in the decade ahead. artificial intelligence, big data, and cybersecurity. we will discuss more on that and talk more about the outlook of chinese markets. this is bloomberg. ♪ ♪ >> good friday morning from hong kong. counting down to the last session of the week here in hong kong. let's get to your top stories today. asian stocks slipping at the end of the week on predictions of a quicker tightening cycle from the fed. rate hikes starting from june.

in glasgow, maria tadeo. shery: more on the agreement with allie is already. -- allie is already.t stood out for you? holly: that's ali -- ali: the fact that it is the first time we saw: fossil fuel explicitly called out it's a really good sign. the fact that there was this commitment to phase down emitted coal power as well as phaseout fossil fuel subsidies is really important. it is progress specifically for carbon trading. the fact that they managed to actually get agreements is a really good sign. >> when it comes to this part of the world, who do we see as the biggest positive contributors in asia? who are the laggards? >> from the beginning, even before the summit began, new zealand played a very constructive role. just on the eve of the summit when the 22 statement came out. around the same time, new zealand came out with a more ambitious goal for 2030. throughout the summit, all of the really progressive new issues, new zealand was the only aipac country signed all of them. in terms of the laggards, there are a lot of concerns around the roles india and china played in dil