how big of a headache is it for allianz? andreas: i cannot go to sleep at night.orried i am about mifid. it is analysts favorite topic. it is not keeping me awake at night but it is an issue. the reporting requirements across the board have gone up. that is all a good thing. what is not clear is what the impact is going to be on the thely on the street and other thing that concerns me that we still have not found in the marketplace a new pricing arrangement that everybody can live with and agree with. there is a huge gap between the gulf of expectations on the buy side and the sell side. as the year progresses that will have to be resolved. tom: i am sure you are slaving away at allianz with kids taking the exam in 19 days -- to they have a future in securities research? his securities research going to be done because of method? -- because of mifid? .ndreas: it might be repriced when i started in the industry in the mid-1980's, you are not expecting to make much of a living. train drivers were making more of an income than those in the financial services industry

bloomberg broke the news you are working with amazon, facebook, microsoft, allianz, booking.com, lyfthow does a startup that is growing served such huge companies? >> i think our success with these larger companies is not despite the fact that we started with startups, but because we are working with startups. especially when you are serving startups, you can't bamboozle them with fancy sale materials and this big marketing campaign. they are just not going to be deceived by it. they will assess you on the product merits. what helps them innovate fastest and fulfill their ambitions and goals as rapidly as possible. it is punishing we are forced to build a product that helped them execute as quickly as possible. emily: stripe makes money by charging a small fee on every transaction. you are processing billions of dollars a year for hundreds of thousands of companies. taking payments worldwide. you are valued at $9.2 billion. you have raised $450 million in funding. some analysts say your valuation is not justified. we have seen companies that have not been able to hit the market cap th

this place in the allianz arena where by munich and a fake contingent of the germany squad. so. for years now by and of prided themselves on providing ready made partnerships to the national team and is no different this year four of germany's back five may well be by and players. just as long as manuel neuer finally gets over his injury problems . same goes for jerome but saying is an immovable object and they'll be joined in the back one by one of your favorites joshua kimmie. and it's not just defenders thomas is already legend. the folks in the box has already scored ten goals at two tournament's. those of you keeping score miroslav klose of record is sixteen and mover is twenty eight. he'll be very keen to pack a few more even if his goalscoring form has taken a bit of a dive in the last couple of years and continuing their favorite hobby of buying everyone else's best players by and have signed up laon gorecki for the coming season and because it fits my narrative i'm counting him as a buy and. of course if we're going to talk about buying his current germany stars we also

most of allianz relatively narrow it only widens to form a base in here with the city is gold and so this was the only spot to build a big city under which the romans did it were more. public gates did look like this back than it's well. now and no during roman times it definitely wasn't as black as it is today. does indeed mean black gate but for the romans it would have been much lighter their field i love it with and if we know that the stone has more of a white issue. we also don't have the city gate itself any longer and you have to imagine the city walls to the left and right and you can also see clearly that the tower on the right is missing a level otherwise i think the party gives us a good impression of what it would have been like then do they know and you will i mean a division two fortification. the romans also built an incredible spot which is saying they were here for the long haul did they plan to really settle. when you look at the grandiose monuments of the romans left behind but like the imperial baths or the constantine it's clear that these were built to stand th

my colleagues katty kay ander christian frpoke to mohamed el-erian, chief economic advisor for allianz their program "beyond 100 days." mohamed: i suspect to see six of the seven g-7 members tell him that tariffs are not helpful, and i suspect that he will pivot and say, look, why don't you do something to promo your own economic growth? there may be two different narratives coming out -- one, pressure on the u.s. on trade, but the other, the u.s. saying to other countries, why don't you do your homework before youe o me and complain about what i am doing? katty: you have been watching g-7 meetings for many years.re can yomber a time when the world's biggest industrialized democracies were so y set against the biggest economy in , e world, the united stat they are at the moment? mohamed: no, this is new, and it shows you that the u.s. has decided to take a different approach to a goal that all the g7 shares. the g7 agrees that you nd fairer trade, but something has tone about theft of intellectual property,ha somethg to be done about non-tariff omething has to be done modernize trade a

joining us is lucy macdonald, cio of global equities at allianz global investors. good to see you.s. the stock markets have begun to be more concerned this week. having not really put too much of a discount on until now. i think it is just beginning to come onto the radar screen a bit more. the assumption has been, and continues to be, that sense will prevail. and that it is very difficult to have a positive outcome from a trade war. that is the assumption for markets still. but that has been challenged this week. even if you add up what has been put on so far, and even the 200 billion trump is talking about against china next, we're still talking about less than 1% in fact, considerably less. but that assumption that sense will prevail is definitely being challenged more. there is more uncertainty about it this week. let's talk about greece. they have been offered a ten year referral on its debt. talk us through what this means exactly. this has been going on in the background for years, as you know. we were coming up to the end of the package for greece in august. we have now see

undocumented immigrants want to fire says quote keep america american report any and all of legal allianz that they are not immigrants they are criminals and recent years white supremacist leaders have spoken on college campuses spreading hate speech i spoke with activist perry rad and asked him when does free speech cross that border of promoting hate speech and hateful actions. to make it real simple and to the point when speech runs afoul of american values values of justice equality justice when it comes to to the values of democracy for all americans you know the constitution is very clear and who is protected by the bill of rights and so when receipt runs afoul of it then we know that that's speech is in the hate speech groups don't i covered a couple of stories in the past year where students on the american university and university of maryland college park campus says hung nooses and banana as terrorizing african-american students is not ironic it's of showing that. crimes have decreased beginning in one nine hundred ninety s. up into up until the last four years where this when

for the irish, some frayed nerves during that final deciding test at the allianz stadium withjoe schmidt'sle as patrick gearey reports. music. winning on the other side of the world is rugby‘s great test. the last time ireland won a series in the australia, neither these players nor this song had been conceived. it takes some effort to reverse that sort of record. but this irish team never lacks in that department. rumbling through australia, cj stander, the scorer. that try and this match had been tributes to collective work, but the wallabies found space for individual brilliance, kicking collect, express and first class. he delivered. just a point between the sides now. a situation which puts a premium on a player likejohnny saxton, who knows it's over as soon as he has kicked it. that, his fifth penalty, no other irish men or women were as calm, so imagine the emotional frenzy and sydney as australia mounted one last attack. but the pass was off, the time was up. ireland, champions of the north, make history in the south. patrick gearey, bbc news. over in south africa, england can cele

after immigration defeat in the house legislative efforts now, newest dow numbers walgreens boots allianzam as we told you moment news hit tape market reaction to driving chain's earnings coming up drug china's earnings coming up. ♪ ♪ we had long deployments in iraq. i'm really grateful that usaa was able to take care of my family while i was overseas serving. it was my very first car accident. we were hit from behind. i called usaa and the first thing they asked was 'are you ok?' they always thank you for your service, which is nice because as a spouse you serve too. we're the hayles and we're usaa members for life. see how much you could save with usaa by bundling your auto and home insurance. get a quote today. so, my portfolio did pretthat's great.year. but the market was up nearly twice as much. that's a tough pill to swallow. exactly. so i started trading. but with everything out there, how do you know what to buy? well, i think my friend victor has just the thing for you. check this out, td ameritrade makes it easier to find the investments that might be right for you. like our etf

for the irish, some frayed nerves during that final deciding test at the allianz stadium withjoe schmidts irish team never relax in that department. rumbling through australia, cj stander, the scorer. that right and his madcap interviews to collective work, but the wallabies found space for individual brilliance, kicking collect, express and first class. he delivered. just and first class. he delivered. just a point between the sides now. the situation was puts a premium on a player likejohnny saxton. who knows it‘s over as soon as he has kicked it. that, his fifth penalty, no other irish men or women were as calm, so imagine the emotional frenzy and sydney as australia mounted one last attack. but the pass was off, the time was up. ireland, champions of the north, make history in the south. meanwhile, england are playing south africa in their test in cape town. england will be hoping to avoid south africa sealing a clean—sweep here after their victories in the last two tests. it‘s been awful conditions at newlands but south africa have scored the first try in the last few minutes. engla

of the at winners, one big gainers and also a lot of the financials, hsbc, allianz rising as well as paribas. even defensive stocks are up. unilever, as british american tobacco is gaining. nordiskosing side, novo at the top. rio tinto and deutsche post among companies falling, as is anglo american. some minors and metals down this morning. very few losers out of the stoxx 600. back to the summit. president donald trump and leader kim jong-un have signed what trump describes as a very important document following a historic one-on-one meeting and working lunch. trump would "absolutely invite kim to the white house and ,"lled him a talented man saying he is a worthy negotiator. think our whole relationship with north korea and the korean peninsula is going to be a much different situation than it has in the past. we both want to do something. we both are going to do something, and we have developed a very special bond. matt: joining us now is bloomberg's chief cont officer in london. andingapore, stephen engle chief washington correspondent kevin cirilli, standing by for the press con

allianz, german insurance company. it's the biggest bank in europe. deutsche bank? >> i think deutsche bank is in the process of redefining their business model right? is they had an outward oriented business model they're looking where they should concentrate the key issue is not deutsche. remains the holding of government bonds and part of the performance has been because the notion of -- italy has reintroduced a notion of sovereign risk in europe. that's the key issue for european banks it's about sovereign risk. >> that's a nice way of putting it is deutsche bank in crisis or not? >> i don't think so. i think deutsche bank is in the midst of redefining its business model. and it's doing so while having to live with the legacy of many years of over-expansion. >> it's shrinking dramatically though >> it is and it's going to have to figure out what its core business is. and it's not as simple as for banks here because that domestic base is not large enough to be the core business it can be a core business, but it cannot be the core business >> separa

economic implications of the us policy, we arejoined now by mohamed el—erian, chief economic advisor at allianzf the reception that donald trump is likely to get when he goes to quebec, assuming that he decides that he is get a job in canada?” suspect he will see six of the seven g-7 suspect he will see six of the seven g—7 members tell him that tariffs are not helpful. and i suspect that he will pave it and say, look, why don't use do something to promote your own economic growth. so there may be two different narratives coming out. one, pressure on the us on trade but the other, the usa and the other countries, well, why don't you do your homework before you come to me and complain about what i am doing? you have been watching g-7 meeting is for many years. can you remember a time when the world's biggest industrialised democracies we re biggest industrialised democracies were so clearly set against the biggest economy in the world, the united states, as they are at the moment? no, this is new. and it shows you that the us has decided to ta ke shows you that the us has decided to take a diffe

david: megan greene of manulife willeil dwane of allianz stay with us.ow many cars are made in the u.s.? how the trade dispute may affect the auto industry. that is next. this is bloomberg. ♪ david: one of the thing that triggered the breakdown at the g7 was close. president trump said he would impose tariffs. -- was autos. , it is complicated given the supply patterns across borders. why is it automobile and w could he do potentially to the auto companies? : i think autos are focused on as far as the nafta agreement. it has to do with origins rules. and the complicated u.s. has unreasonable demands on them. there was an avenue of the mexico and canada to incur 2.5% penalty on autos which is not ideal but they could suck it up and deal. implementing 25% tariffs on autos is a game changer and closes off that avenue for canada and mexico. it was a way to strong-arm canada and mexico into an agreement on the rules of origins issue. it is extended, of course, to europe. trump has tweeted about germany, in particular. i think germany is worried about tariffs

that was -- coming up, allianz' global investors portfolio manager it will be joining us.: showdown with g7. finance minister/out condemning -- larry kudlow says it's all your fault. reports --al time analysts are skeptical. facebook fumbles. facebook shares data with device makers. the company defends itself as stocks get the record high. david: i'm david westin. the world is in turmoil in the markets are just fine. york in degrees in new it is like chilled for and i was freezing yesterday in hite not becket i should wearing because of this summer. i'm getting cranky as the day goes on. some sun over the weekend. it was cold but at least it was sunny. alix: always glass half-full this guy. s&p futures up by about seven points. alldollar rose over against g 10 currencies. has the dollar pete? -- dollar peaked. ? 5/10 of 1%,own by more of a supply issue anticipating more oil from opec. david: apple holds its annual developers conference in san jose with augmented reality on the agenda. the rest of the week is about geopolitics with shinzo abe visiting president trump in was

withg up, we talk trade the chief investment officer of global equities at allianz. a.m.e will0 speak to wolfgang fink, from , and we will ask him about the underlying strengths and weaknesses of the german economy. are joined by gabriela santos from jpmorgan. let's get straight to bloomberg first word news. says he can trump in vision signing a treaty with kim jong-un next week to formally and the korean war. raised the possibility of inviting cap to the white house and aims to persuade the dictator to give up his inntries and nuclear arsenal exchange for relief from u.s. economic sanctions. >> i would love to say it would happen, they have to denuclearize. it would not be acceptable otherwise. ,e cannot take sanctions off they are extraordinarily powerful. has secured a $50 billion standby arrangement from the imf to help restore investor confidence. that's after the government takes aim at inflation and widening the deficit. the rescue program is the largest ever in imf history, though it will depend on how much the government tax -- taps. it comes amidst a emerging ma

. >> what was our guest host -- elizabeth from allianz, she's from the uk. she was a remainder. rational was she saw it as a trading vehicle as a way to -- didn't want to merge the currency it's weird it's a pseudo unity in terms of -- >> i think the uk has never been part of -- >> that's what i mean. >> people felt if it stayed as a trading block they would have wanted to remain it was wanting integration that some people didn't like. there's loads of arguments at play the strong one that galvanized support for exit was immigration. that's clearly an issue that continental europe is talking about more there's an argument that resonates with the remainer and the brexiteer. across a lot of continental europe the immigration issue itself whether in italy, germany, has risen to a fore you wonder whether there's time left now, there's only nine months, whether the eu could have made an offer back to prevent these things from bubbling over. >> i heard an argument yesterday for the first time that i had not considered before. that the uk was not able to have free and open trade with t

create a service you can actually, it all works seamlessly it's so impossible otherwise on multiple allianzel. planning it, to the time you get to the place, it's horrible. the reason we're using technology to try and improve. for example, our company doing a test now book into that, which eck into that hotel far away using your phone. you don't need to be waiting in line that's a way to save another way that people are trying to save is ground transportation everybody thinks, oh, just get an uber. around the world, uber may not be the way to go uber may not exist offering up to customers going to a specific location, showing right away, how do i get from the airport to the hotel what's the easiest way to do it? it's not just using frequent flier miles but using everything. >> final question. hotels you've seen this, charging cancellation fees a new -- used to be you could -- book and then get out of it. that change business for you at all? >> historically, always refundable rates and non-refundable rates. >> in the air world. no in the hotel wold. >> oh, absolutely. booking.com, our model,

shanghai composite tumbling platform 4% today closing two-year low, joining me right now allianz chiefrian good to see you thanks for joining us your take away on markets this morning? >> to a so markets, until now have been comfortable with notion the trade tension were a means to a better end, that is fairer free trade rather than end in itself, which is trade war. today, a little bit more nervous, i suspect that at the end of the day we are going to see that all these trade sensations result in fairer still free trade uncertainty is higher. >> given how much u.s. comorlths from china do you see china coming back to the table, sooner rather than later already u.s. has a deficit with china 375 billion dollars, so for them to be putting tariffs on things only making that relationship worse. >> for the u.s., in a way out per forms whatever scenario we end up the question what does global economy as a whole look like, so the house is solid the neighborhood is uncertain why does u.s. perform if we get fairr free trade will help u.s. growth if we slip into a trade war, the u.s. is relative