ceo of aberdeen asset management. martin gilbert. going to give you the mario draghi debrief. where next for this man? the ecb is coming up next. the european markets have been up and running for a while and we will give you the break down for that as well. ♪ live-stream your favorite sport at the airport. binge dvr'd shows while painting your toes. on demand laughs during long bubble baths. tv everywhere is awesome. the all-new xfinity stream app. xfinity. the future of awesome. matt: treasuries are on the verge of their longest slump since richard nixon was in the white house. will nonfarm payrolls coming out at 1:30 p.m. deliver a streak seen since 1974. standard life and aberdeen asset management are said to merge. martin gilbert just told us in an exclusive interview that the merger was necessary and a defensive move as the industry consolidates. park out of power. theurt ruling conference impeachment of the south korean president. will markets remain resilient as they have? a rigged -- an election has been triggered and civil u

between aberdeen asset management, based in the north—east city, and here in edinburgh, where standardell pensions, financial products and manage a lot of money, about £660 billion between them, entrusted to them by their clients which gives them a lot of clout in shaping the companies in which they invest and shaping the economy as a whole. this merger, confirmed as a result of a leak yesterday, the merger plans involve bringing the two chief executives together and job sharing, and could mean the loss of some jobs, they are looking to cut costs and look for areas of duplication which will be of concern, in aberdeen, edinburgh and london. aberdeen asset management has offices around the world with a specialism in emerging markets. the end result could notjust be a player of european significance but with real global clout. china's economy is predicted to slow again this year — according to the country's premier li kechang. speaking at the annual national people's congress in beijing, mr li attributed the slowdown to increasing global protectionism. he also promised to tackle the count

two of scotland's biggest investment companies, standard life and aberdeen asset management, are in talks's largest fund managers if the deal goes ahead. bbc scotland's business and economy editor douglas fraser has the latest from edinburgh between aberdeen asset management, based in the north—east city, and here in edinburgh, where standard life has been based for nearly 200 yea rs, life has been based for nearly 200 years, these are significant financial firms. they sell pensions, financial firms. they sell pensions, financial products and manage a lot of money, about £660 billion between them, in trusted to them by their clients which gives them a lot of clout in shaping the companies in which they invest and shaping the economy as a whole. this merger, confirmed as a result of a leak yesterday, the merger plans in involve putting to chief executive ‘s together and job sharing, and could mean the loss of some jobs, they are looking to cut costs and look for areas of duplication which will be of concern, in aberdeen, edinburgh and london. aberdeen asset management has offices around th

standard life to buy aberdeen asset management for 286.5 pence per share. is entitled to get an interim dividend of up to 7.5 pence. seedard life and aberdeen material earnings. this is the latest defensive move by the active asset management sector that is grappling with the pressure coming into the industry because of those cheaper funds that do, in some cases, outperform these active managers. the merger of scotland's two biggest moneymakers, this is a trend because of this rising pressure. so, we have seen a range of these -- a number of these types part of thethis asset management industry adjusts. let's get up to date with what is happening in the banking sector over in germany. we will have the interview with john cryan later on during the program. deutsche bank, we are expected to see it open considerably weaker at the start of the trading day, falling 10% on trade gains, versus the close on friday. also, this could. spread further into the banking sector. commerzbank is set to fall for present compared to -- fall 4% compared to its close on friday.

fund managers aberdeen asset management and standard life have agreed the terms for a merger. new monthly data from society of motor manufacturers and traders. analysts predict that the market could be feeling the pinch from early signs of a consumer spending slowdown in the british economy. february is typically one of the quietest months of the year for the car market. fund managers aberdeen asset management and standard life have agreed terms for an all—share merger. now, fund managers are individuals or companies that mange money on behalf of others. the merger of these two will create one of the uk's largest fund managers, overseeing assets worth £660 billion. the two companies employ about 9,000 people. the companies said the deal was subject to a number of conditions, including shareholder approval. our scotland business editor douglas fraser is at douglas fraser was at the standard life headquarters earlier today. this morning, confirmation of the proposed deal which is being put to shareholders of stabbing a and standard life. standard life has been based here in edinb

they agreed to acquire aberdeen asset management. l would create one of europe's biggest fund managers, 660 billion pound asset manager. to the responding pressures on the asset management industry in terms of the moves to passive versus active funds. it is the latest in a string of consolidation in that industry. standard life shareholders will own 66.7% of the combined group. standard life has jumped the most since september 2014, but aberdeen has also been moving higher, jumping the most since june. peugeot up 2.9% at the moment. the shares have hit their highest since july 2011. of course, after psa agreed to buy gm's opel unit. guy: thank you very much indeed. let us turn to what is happening in asia. nationalned the people's congress in beijing this weekend. he struck and up the note on the nations expansion and rising -- struck an upbeat note on the nation's expansion. tom, first up, give us a sense of what we learned this weekend. guy, the key take away was the softening of the gdp target to about 6.5%, and what that means for

aberdeen asset management and standard life have agreed terms for a merger. largest fund managers with assets of $810 billion. let's talk about china. china's national people's congress convened this weekend in beijing's great hall of the people. the 3,000—strong event is staged each year by the party, and is a forum to rubber stamp legislature for the year ahead. but china's economy is struggling, and in premier li's annual report he gave some clues about the year ahead. john sudworth is in beijing. he talked specifically about growth in china. that is really a key factor that many market watchers are keen to find outjust how well, or not so well, china is performing. that is right. 6.5% would be the kind of growth rate many economies elsewhere would die for. you are right. in the chinese context, it is another sign of slowing growth. we area another sign of slowing growth. we are a long way from the era of double digit economic expansion. to some extent this is all planned, all to be expected. china is supposedly going through this economic transition, wean

still didn't have enough capital. >> investors cheer a merger between standard life and aberdeen asset management in a deal that creates europe's second largest fund manager. it's the end of the road for gm in europe, psa agrees to buy for $2.2 billion euros sending shares higher. the former director of national intelligence tells nbc there was no wiretapping of donald trump after the president accuses his predecessor, barack obama, of a watergate-style scandal. >>> good morning, everyone, and welcome back. you are still watching "street signs" as i said. here in europe equity markets trading lower. i want to show you what the u.s. is setting itself up for five hours away from the market there. the implied open a couple points lower. seeing a little mirroring of what's going on in europe. anthony writes in time to go long on deutsche bank being down by 5%. many questioning also the monitoring of capital flows from within the bank will keep your comments coming through on twitter as said. psa group sealed a deal for general motors business, they agreed to pay $2.2 for opal unit in a deal that will

. >>> standard life is buying aberdeen asset management. here you see both company shares are moving liar. standard life higher by 5% and aberdeen by almost 4%. >> margaret gilbert is the ceo of aberdeen and will now become the co-ceo of the merger. in seattle management, you to be either small or very big and this is going to make them a lot bigger. we even seen quite a lot of this happening. you saw henderson pairing up. this now will pit them as the biggest phrma in the uk, the second biggest in europe and certainly on a global scale able to compete. smaller than the likes of blackrock but investors on both sides of the deal taking it well. >>> in washington news fbi director james comey is reje rejectirejec rejecting president trump's wiretapping claim against president obama. president obama's intelligence chief said no such action was ever carried out but the trump white house is now calling on congress to investigate. >> wow. quite a story. in other washington news president trump is expected to issue a new version of his executive or

nejra: scotland's largest insurer has agreed to acquire aberdeen asset management. standard life shareholders will group.7% of the combined the deal values aberdeen at about 3.8 billion pounds and creates one of europe's biggest fund managers. south korea's special prosecutor has accused samsung's de facto head and other executives of conspiring to create fake documents to mark millions of dollars in bribes. samsung says the company had not given bribes or made improper request for favors. u.s. president donald trumps protectionist stance may propel asian, middle eastern, and latin american nations into alliances with the european union. that is according to the european union commission vice president, who told bloomberg that trump's rejection of multilateral deals and border tax threats are giving impetus to the use push for free trade. somethingere has been to raise protectionism, especially from the u.s. side, the rest of the world seems to be fighting back and saying this is not our line. nejra: and that is the bloomberg business flash. francine: after a week of

aberdeen asset management and standard life have agreed on terms for a merger that will create one ofhe u.k.'s largest fund managers. the companies employ about 9000 people. the deal is subject to a number of conditions including shareholder approval. box office news. logan starring hugh jackman as x-men character wolverine opened in u.s. and canada. the fact that you don't need to target teenagers to make movies about superheroes. genie: indeed. did you know hugh jackman has been playing wolverine for 17 years? thank you for that look at the business news. time for our press review. where taking a look at what the papers have been saying today. lots of focus on francois fillon today. of the morning. the french conservative presidential candidate addressed his supporters for about half an hour at a support rally in paris on sunday in which he said no one can stop me from becoming candidate or remaining candidate. these words are reprinted on the front page of the belgian newspaper. this british daily is very scathing saying he painted himself as a victim of a vicious and unjust witchh

business and economy editor, douglas fraser, says the proposed company would manage £660 billion worth of assets. between aberdeenth—east city, and edinburgh, where standard life has been based on a 200 years, these are significant financial firms. they sell pensions and other investment products and they manage a lot of money. woodwind, they would manage around £660 billion entrusted to them by the clients. that gives a lot of clout in shaping the companies, which they invest in shaping the economy as a whole. the merger, confirmed as the result of elite yesterday the plans involved putting the two of them together. it probably would mean the loss of some jobs, because they are looking to cut costs, to look for areas of duplication. that will be of concern in aberdeen, edinburgh and london. they also have offices around the world, with specialism in emerging markets. the result could be not just a player of european significance but real global clout. sport now, and for a full round—up from the bbc sport centre, here's will. good afternoon. laura muir has become only the second briton to win two individual event

joining us is richard dunbar, investment director at aberdeen asset management.pto currency. 0therwise you about digital crypto currency. otherwise known as bitcoin. this is performed very well relative to other currencies. but nobody is quite sure who controls it, and the supply, quite sure who controls it, and the supply, but they are certain that central banks don't control it. supply, but they are certain that central banks don't control itm is very shadowing, it came from nowhere. it tends to fund the darker corners of the internet but it has many advantages in that the general policy of central banks as to be to devalue their currencies but bitcoin does not have those fassett and that has been a real attraction in the past ten years. —— with those assets. and it is now exceeded the price of an ounce of gold so it is a real milestone for a currency that is still relatively in its infancy. it is, but nobody knows who controlled it, it is peer to peer so there is no control of supply and it has been very volatile relative to other currencies around the world a

biggest asset manager with 660 billion pounds asset management. -- creating the biggest asset manager with 660 billion pounds. this is the result of the shift in a low cost passive funds. aberdeen assets has been hit hard. there will be co-ceos of the company. that is the aberdeen share price -- excuse become the standard share price of by 5% postop aberdeen up by 4.3%. -- excuse me, the standard share price up by 5%. aberdeen up by 4.3%. thank you. let's check in on first world news. >> in the u.s. come the supreme court has canceled a scheduled bathroomover the rights of transgender students and public schools. justices sent the case back to a lower court. an appeals court and says the virginia school was probably violating civil rights rules are forrving the boys bathroom biological males. that was based on an obama policy. the trump administration revoked it last month. a new twist to president trump's claim president obama wiretapped him during the presidential campaign. according to "the new york times" james comey asked the justice department to refuse the president's claim. the agency has not. it white house aide tells abc news she does not think president trump accepts

fund managers aberdeen asset management and standard life have agreed the terms for a merger. t fund managers, overseeing assets worth £660 billion. and returning to cars, car sales registered their first february fall in six years according to new monthly data from society of motor manufacturers and traders. analysts predict that the market could be feeling the pinch from early signs of a consumer spending slowdown in the british economy. february is typically one of the quietest months of the year for the car market. the french company that owns peugeot and citroen has struck a £1.9bn deal to buy general motors' european unit, including vauxhall. the group's chief executive carlos tavares said that the future of vauxhall workers in the uk would depend on their performance. well general motors is an american company, joining me now from the new york stock exchange is michelle fleury. michelle, do you think gm will be pleased to have psa off their books? we're going to go to a clip now on an interview about general motors. i trust my vauxhall employees in the uk, and a. i trust

fund managers aberdeen asset management and standard life have agreed on a merger today, that would makek. the deal would put the group value at around £11 billion, overseeing assets worth £660 billion. the deal is subject to shareholder approval. a zoo in cumbria, where nearly 500 animals died within four years, has been ordered to close. the owner of south lakes safari zoo, where a tiger keeper was mauled to death in 2013, was refused a new licence to operate by the local authority. he now has four weeks to appeal against the decision, as our correspondent, danny savage, reports. south lake safari zoo. conditions for some of the animals here have been so bad it's now been ordered to close. the problem is animal welfare. an inspection in january found poor accommodation, uncontrolled breeding, and exotic animals living in unheated, rat—infested conditions. we've had reports from the public over many years that we've obviously chased up with the council with animals having head injuries, from feeding experiences where people have been absolutely disgusted at the state of them. it's just

asset management business it's reintegrating. 17 months after the last turnaround plan was implemented. the linchpin which was getting rid of postbank. scotland's deal, largest insurer standard life agreeing to buy aberdeenanagement, 3.8 billion pounds. it's going to create the u.k.'s largest active manager, 660 .illion pounds up by 4.3aberdeen percent. finishing up with persia, the french carmaker is going to pay 1.8 billion euros for gm's opel unit. its sister brand and a stake in the local financing business. the combination expected to generate savings of 1.7 billion euros by 2026 two combining developments, sharing investments in factory and implementing savings measures of cost 1.6 billion euros. shares in persia up bo. vonnie: i want to give you some headlines. trump's travel ban is affecting , not iraq.e it has removed iraq from the list. the order suspends refugee .dmissions for 120 days this according to a fact sheet released by the trump administration on the travel order just issued today. we know that travel ban has been signed and here in new york is eric larson. apart from the obvious taking out iraq what other changes are in this new travel ban from the last travel ban? going to get more

yvonne: standard life is in talks to buy aberdeen assess management -- asset management. ng two thirds of the combined group. aberdeen has had three years of redemptions, leaving the ceo to cut costs. the world's biggest pension fund posted its biggest court again on record. if return to billion dollars in the three months to january, stocks surging, and a fall in the yen boosting overseas investment. has 80% of stock investments and strategies that track indexes so it benefits when broader markets are rising. yvonne: china's second-biggest copper refiner expects prices to fall this year because of interest rates and risks in your. speculation of president trump's infrastructure project. a senior eu official says president trump's protectionist stance may push other countries into working with the european block. interview, the european commission vice president said the eu wants a trade relationship with the u.s. as soon as possible and awaits details of trump's policies. know thewe don't substance of this policy yet. we have just read the tweets and heard the speeches an

the company is buying aberdeen asset management.berdeen has been hurt by three years of redemptions leading the ceo to free salaries and cut costs. that is your bloomberg business flash update. it is time for our bloomberg markets deal report. today, we are looking at the landscape for more media transactions and the bank lending under a new administration. jeff mccracken is standing by with kurt simon, jpmorgan's global chairman of mergers and acquisitions. i know last year you worked on the at&t and time warner deal. roughly $85 billion. i know that often times one deal will impact other companies and beget other deals. how will the at&t deal impact verizon, comcast, t-mobile, etc.? has been a huge driver of change. you look at new entrants like apple, google, facebook, netflix, amazon. new entrants. on the incumbent side, the most important thing will be scale and vertical integration. comcast has most of that. some of the big questions are, are some of the just a vision guidance? do you expect more of this move our industry visi

fund managers aberdeen asset management and standard life have agreed terms for a merger. r manufacturers and traders, analysts predict that the market could be feeling the pinch from early signs of a consumer spending slowdown in the british economy. february is typically one of the quietest months of the year for the car market. as you've been hearing, general motors will sell opel and vauxhall to psa group, the french company that owns peugeot and citroen. and the group's chief executive carlos tavares said today vauxhall‘s factories in luton and ellesmere port are an asset for the french car maker. he told analysts and investors this morning that acquiring opel vauxhall presents new export potential and that he sees an opportunity in having inside the uk some manufacturing plants in case of a hard brexit scenario. he also said the future of vauxhall workers in the uk would depend on their performance. i trust my vauxhall employees in the uk. i trust them. i know that they are skilled, i know they are dedicated, i know they are committed and i trust they will be in a ver

the senior investment manager at aberdeen asset management. manus: the brexit rebellion. the u.k.ister fights for the right, within her own party, to trigger article 50. the details to come. this is bloomberg. ♪ manus: quelling the rebellion. theresa may prepares for a potential backlash in her own party as u.k. lawmakers vote on the brexit bill. anna: war of words. turkey's diplomatic spat with the netherlands intensifies with 48 hours to go until election day. could it's the race like to the right? mark: and hsbc names aia's tucker as the new chairman. shares jumped the most since december. welcome to "bloomberg daybreak: europe," our flagship morning show in london. anna: a warm welcome to the program. breaking news coming through in the u.k. housing sector. friday and over the weekend, plenty of news flow surrounding players within the housing space, and we are getting a statement coming through from regards toponding in speculation about a possible offer. they announce a possible combination of redrow and bovis. theow continues to believe combination could create a combined b

assets outside the u.s., where as u.s. large fund managers have the bulk of assets within the u.s. we will be totally unlike the other big american houses. dilbertthat was martin from aberdeenn bloomberg markets. it is a time for a look on what's coming up on bloomberg markets: asia. the big news is mark tucker. rishaad: not unfamiliar to us here. a comes up every quarter when aia comes out with numbers. he will become chairman of hsbc, and one of the first jobs will be the replacement for the current chief executive of hsbc, stuart gulliver. 59 years old, a former footballer as well. yvonne: the first outsider to come into hsbc. there we go. that is what is going on. it is start trading on this news in about half an hour. scott morrison, coming up about our and a half, the austrian treasurer, under pressure politically speaking. we will talk to him about that because there has been talk of him being sidelined by prime minister malcolm turnbull we will ask him about that, the austrian economy and where we are headed come and looking at aipacn sachs achieved strategists, the region, and strategy as well. we will talk about ethiopia. the prime minister is coming up in 45 minu

aberdeen asset management is looking to create the largest fund manager in the uk in a 13.5 billion dollaruition. really it hits on a lot of things we have been talking about. the changes in the industry. the shift from active to passive. >> also it's becoming a little bit of a polarized industry. very big firms on one side and a lot of industries are like this. people say it all the time. a lot of them are specialized. this would take you from two mid sized asset managers by u.s. standards and make one big thing. >> maybe it was a prefinancial crisis. >> a lot of the questions now, too, on proposed co-ceo structure and organizationally can they mesh? >> aberdeen in the post crisis era had a lot of funds, expertise. certainly was seen as a core competence. it's a tougher slog. >> a little bit of the premise of having scale was to say, look, we are not completely all in on one strategy for one area, one product category. that probably makes sense. that would never be the hottest kid in the play ground if you are broadly diversified, something is always working and not working. blackrock is

aberdeen asset management ceo will focus on external affairs after his kind -- company merges with standarde acquiring aberdeen for $4.6 billion creating britain's biggest active money manager. size as well, size matters in our business because the sovereign wealth funds want to give their money to the big global giants. indonesia's automakers group calling for tax cuts to help boost sales of sedans and southeast asia's biggest market. the group says that sales may rise to 20% of the overall market if the levees are reduced. the trump administration has stressed it won't talk to countries that use currency devaluation to gain an average in trade. michael furman says washington has long been strong when it comes to trade rules. oni think we are focused trade enforcement. obama administration brought more actions against other countries than any other country in the world, 20 six cases, 16 against the china. we won every case they got to conclusion, so we have taken trade enforcement seriously, and secretary ross does as well. they have talked about using unilateral tools rather than the wto,

the .ebate over fees the largest asset manager, black rock, will be paring back its .ctive management group how much more m&a will this drive? i'm thinking of aberdeenanagement. they're so much talk about who can merge with who to get away from the tough time in the industry. david: the number one defense is an offense. all this talk of m&a and fear of passive investing. as active investors do their job, they will survive. their job is to outperform the index over time there are a couple of problems with that. the biggest problem is the most active -- that most active shareholders do not outperform their indices over time. as it goes into passive, less efficiency in the markets. that means better opportunity for us. more exploitable opportunity. i am not so concerned about the movement to passive. we have lost clients as a result, but that's fine. as markets become less efficient as a result of the wall of money blindly going into passive, that gives me more opportunity. if i can take that opportunity into results, i should have nothing to worry about. what we need to do is focus on delivering results for shareholders. mean,ne: what does that "deliv

the ceo of aberdeen asset management has said he will focus on next turn affairs after his company's merger worth standard life. martin gilbert was speaking exclusively to bloomberg and his first interview since the deal was announced. singapore property developer stocks have soared as authority curves.ket authorities will adjust a framework that limits the amount homebuyers can borrow. the time that owners must hold a property to be exempt from the duty will be shortened. and that is the bloomberg business flash. francine: european union leaders sent a clear message to the u.s. from their latest summit that they will continue to promote free trade and international pacts including nato. creditors as greece's depart without an agreement on emergency loans, we spoke exclusively to the head of the country's new democracy party which leads poles. he had a very clear message for the prime minister. don't count on us to biaail out your government. >> the creditors are requesting that we consider to be excessive fiscal measures, which go beyond program,f the 2019-2020. we are not going to

m&a talk, standard life in talks to buy aberdeen asset management, creating one of europe's biggest asset of more than 800 pay in dollars, seeing standard life share holders owning 30% of the entity. is said to cut costs and free salaries of higher paid staff. world's biggest pension fund posted its biggest quarterly gain on record. or $92 gpif returned 8%, billion in the months to january. a decline in the again boosted overseas investment. more than 80% of stock investments and strategies that track indexes and benefits from broader equity markets rising. look at chinag a second-biggest copper refiner, why? it is thinking that prices will rise this year and it would be down to a higher demand at home and abroad. a boost from speculation that president donald trump would spend heavily on infrastructure, 6500 dollars ag time this year. the chairman says he is relatively optimistic for the metals prospects in the year ahead. fed presidents, governors, and the chair herself has signaled an intent to raise rates at this month's policy meeting. traders are pricing in three rate hikes issue. j

aberdeen money—management, is merging with standard life. it will create one of the biggest fund managers overseeing assets worth 810 billion dollars us.slash costs and include job cuts. fears of a job cutting programme are increasing in the uk. vauxall says it is paying $2.3 billion to buy a general motors' european business. general motors' european business. general motors' european business. general motors will have no more business in europe. shares in snap, the company which owns the popular messaging programme, snapchat, closed 12% lower overnight following the lower opening price from its first day of trading. it is the first day of trading. it is the first time it's stock has dropped since the company listed on the new york stock exchange last week. —— its. it follows advice from several a nalysts its. it follows advice from several analysts who suggested investors should sell amid strong competition from facebook and twitter. have you bought any activewear recently? not me. by that, i mean this. oh, look at that. it looks really sassy and sexy. yoga tights are worth 270 billion dollars. in a shredder, sales have grown to 6% i

aberdeen, delta, lloyd. your fund management business, a breakout year. do you want to build that organically, or are you in the market for an asset management purchase?re you tented at all by the consolidation story on that side of the business? -- are you tempted at all by the consolidation story on that side of the business? >> know, that would not make any logical sense for us. we are growing organically. we have a great team there. we have rebuilt it over four years. it has taken hard work. consultants are looking favorably at it. bluess we had the brexit there, and we are getting some nice flows in there. anna: returning to brexit in a moment. i want to get technical for the next question. talk about the key compensation rate, a 30 is cutting the rate -- compensation rate, authorities cutting the rate. is there room to negotiate that a little bit in 2017? >> i think that policymaking was a little bit rushed and disjointed, to be fair. we are the only country i can find in the world that has a negative discount rate in that form. i applaud the government. they realize they need change. we need to make sure the claimants get the right amount. all