he was the governor of the bank of italy and named president of the european central bank in november of twenty eleven it was the height of the european debt crisis to calm markets he made a statement that made him famous. the z. b. is ready to do whatever it takes to preserve the euro. the bank began lowering interest rates giving borrowers easier access to credit in march of twenty sixteen they finally hit zero never before has it been this cheap to go into debt critics accuse drug use policies of destroying savings protests like this one in april of twenty fifteen showed druggy was held personally responsible. to help deeply indebted member states like greece he began buying their sovereign bonds in an unprecedented fashion over a period of four years the e.c.b. snapped up thirty to eighty billion euros worth of them every month and that stretched the european central bank itself to its limits the big question now is what to do when the next crisis strikes druggy successor will have little wiggle room the next time an e.u. member needs bailing out so the era druggy is coming to an

italy, spain, portugal. i think now the european central bank, the european institutions do have a credible backstop in the form of monetary transactions. to the extent that there are problems, i think that there are measures that will be taken to support spain and other keepries in the region to those bonds from really selling off sharply. nejra: let's ask you the question of the day, which is very simply, will italy be a negative catalyst for assets again in 2019? sarah: i think there is a risk that could happen because we are seeing tensions building, indeed since the elections a year ago. we have seen the ledger moving well ahead of its coalition partner, five-star. it raises the question of whether we could see early elections.

sector as well has a lot of undervalued stocks in part because investors have so many more exciting places to go. >> what's your top pick in the banking space? >> unicredit in italyredit ron by a credible ceo, who spoke at a conference a few days ago and being well managed is crucial in the world of banks especially european where cost cutting and capital management are the two levers that banks can pull he's doing an excellent job and very little if any of that effort is recognized in that share price, despite the clean up of bad debts. so there's this dark cloud of italy hanging over those bank shares at 40% of tangible book value. that's book less goodwill that we think isunjustified this bank has presence in germany, eastern europe, but it has restructuring potential. none of it recognized. >> i mean, i'm curious about your energy call given crude oil had a 32% up quarter, brent up 25%. why don't you think the energy valuations have caught up to those prices >> if you thin energy, halliburton is one of them, my colleagues who cover energy at causeway are quite shocked at the 37% decline in halliburton shares over the last 125po 1 12 months. that's unusual nor

going to receive huge amounts of money from russia from russian banks for the next electoral campaign turn of mind the values of the e.u. that statement raise concerns in italy politicians there demanded to know where selvi these funding came from the minister of cell tonight is taking any money from russia. about the legal funding has a right nor will arrive in the league there is no money in luxembourg or the kamaleswar in switzerland lunches there are no rubles for yen or barrels of oil i spoke to the northern league's foreign relations secretary just a bit earlier who warned against making unsubstantiated allegations. this gentleman said that. thinking you would be suing. for defamation saw probably he would be our campaign because he left me after that the court would say that we are right because. the proof we never had that we would never have money from anyone because we don't need we are serving is so popular that we don't need money to go or not this is. their way of dickon painting of the left. they have no argument they don't know what to say didn't know what you proposed for the next european election and so the only way is to create the some sc

policy i'll interpret that for the generous amount of support that it's going to be giving not only banks and not only businesses but also countries like italy because the credit you mentioned that's aimed mainly at southern european banks especially italian banks people here in frankfurt say and that's troubling signal that the e.c.b. can't get out of this crisis mode. in frankfurt thank you so much. prosecutors in the netherlands are said to be investigating dutch bank i n g after reports connecting it to a massive money laundering scheme out of russia some of europe's biggest banks have been linked to the scheme the so-called troika laundromats is alleged to have channeled to billions of euros from russia into the european banking system through a list away in lender the reports are based on the leaked documents the scheme is named after the russian bank troika dialog which is alleged to be behind the transference. now hold on women are still under represented at the top in the global employment situation that has changed very little in the last thirty years as according to a new report by the united nations international labor organizati

game league at the beginning posts in the south of italy have always been bought by the mafia of industrialists banks and insurance companies. it was never possible to get involved in politics as a normal citizen or even make it to parliament without getting your hands dirty it will stop the anybody if enough. cut up one of his constituents comes to him with her problems the tax office once money from her and her husband is violent can rasi help her tough. i. know but just then a few rather determined gentleman appear out of nowhere and stop any further interviews in recordings perhaps the movement is not quite as open and citizen oriented as it says it is such was the subtle take the firm no cameras perhaps that's because the biggest and brightest of the five stars doesn't like to be filmed. suddenly a nearby public street turns into a high security area that's the free bristle. here comes bit the grill doesn't like the press and now has the power of the state on his side. there is so minister himself announces the keynote speaker as the father of us all. but real actually behaves less like a father

of the reasons as it is such a politically complicated region. you have so many moving pieces. you've got brexit, you cut italy concerns. the bankf america fund manager short shows it is being european equities is the most popular trade globally. this is the first time on record this is happening. nejra: the other thing to bear in mind is another factor is profit growth outpacing u.s.. profite to wonder if the downgrades will outnumber as they have been doing. thank you for joining us. john roe is still with us. i want to ask you about the european rate space. we have been seeing that 10 year bond yield move lower -- bund yield move lower. >> we are long european rates. not only that, on a global basis, it's the area we like best for rates exposure. it is a region where the rates curve is still very steep. that steepness has traditionally been a strong predictor of future returns more so than yields. any change in in central-bank policy kind of moves the long end a lot. as you push out the rate hikes, the whole curve comes down. ,ven in the least steep curve yields up 30 basis points to not make money. it is quite a tracement in

europe banks especially the banks from italy to keep them from collapsing in case these cheap loans were withdrawn scheme the so-called troika laundromats is alleged to have shot of billions of euros from russia into the european banking system through a little way may lend the reports are based on leaked documents the scheme is named after the russian banks troika dialog which is alleged to be behind the transfer. now women are still under represented at the top in global employment a situation that has changed very little in the last thirty years and that is according to a new report by the united nations international labor organization published for international women's day the report goes on saying that while a future in which women will no longer lack behind men is within reach it will take a quantum leap to get their. women still have a harder time than men when it comes to finding a job a worldwide phenomenon with very few exceptions and they don't only face hardship when it comes to getting ahead in technical professions or management a major hurdle for women is motherhood an international labor organization study says women with very young children hav

of valued at seventy nine million dollars which means a possible tax bill of eight million dollars for shipping the bank to italy after the u.k. leaves the e.u. because italy and other e.u. countries levy tax on works imported from outside the block we are speaking about money so i can have this risk so far we don't have a for mission from shippers we don't have information from a lawyer subcounty so nobody knows so we can all see the situation of the view of pricks it from italy says so let it out let's up the c.p.a. which means they've shot themselves in the foot some experts believe leaving the e.u. will be a golden opportunity for the u.k. allowing the country to reduce or remove all current e.u. levies bypassing europe altogether and attracting new global markets. while the industry considers the advantages and disadvantages of leaving the world's largest trading block some had to wait shipping their collections to a bricks safe distance. out zero blood. or there is more in everything we're covering and clear of course all the latest on the ethiopia adeline's plane crash in just a couple of seconds. just a

xi jinping is expected to arrive in rome as part of his european tour, signing the belton road agreement with italy. the bankondon around lunchtime. is ar: joining us now political risk advisory president and still with us is john bilton. in brussels, too. good thing you are in brussels, holding down the fort with us. we see her speaking and we will bring you comments as the day comes. brexitto talk about the tap dance. what is the biggest risk right now? theresa may is in brussels. you wonder what is next, what is the biggest risk for brexit now? decision would say, time is not this time, it is next week. we have been saying it is going down to the wire. the biggest risk is miscalculation. theresa may has played this not well. the speech yesterday was not constructive. she needs cross party support. around, the way brexit remains low at this stage. misor: within the calculation you discussed, jeremy corbyn is making the case for an alternative plan. what would you like to see as an alternative plan? wolfango: what he actually wants. the line of jeremy corbyn has been at best ambiguous. clarity, i don't thin

bank doom loop in the eurozone. we were talking about italy, a good example of where the banks held a lot of their own sovereign debts worries grow about the fundamental economic weakness in the eurozone, which we were also talking about in recent months, that starts to get people concerned about sovereign creditworthiness and it feeds back into the banks because they hold so much of that debt. if we see a stabilization, if we see some more reassurance from the ecb next week and people start to be less concerned about the economic -- macro economic situation in europe, i would imagine some of those concerns priced into financial stocks in europe would start to unwind. people will be less worried about the potential credit worthiness of the sovereign bond the banks are holding. nejra: if we look at the u.s. s&p 500t struggled, the to get above the 2800 level, four times since october. what is that telling you? john: what we saw into the end of last year in a range of areas, including equities, the oil price was on dramatic falls on the concern the central bank in the u.s. was going to go too fast and hard at the tigh

italy is one of the weak links in europe. if there are challenges in emerging market countries or questions about italy, the italian banking systemfully cleaned up. there is a lot of risk exposure that is there. that could mean weakness for europe. at the time of the financial crisis, it was not the o's that caused everything. u.s. banks were loaning to much money to people who could not afford to repay it unless the underlying assets continue to rise at an unreasonable pace. do you see anything like that when you look around the world? are there any financial crises at our doorstep right now? fortunately for most countries, the banking system is better capitalized. it helps you to withstand some shocks. it is a major downturn in particular markets that you will never have enough capital to fully withstand that shock. one of the areas getting a lot of attention are the property markets in china, because there has been a lot of leverage china has done since the financial crisis to try to make sure its economy does not slow down too much. they are trying to deleverage now. we will see if they continue to talk about it. they have be

bank needs to be seen as independent, not a tool of politicians. we don't want politicians in charge of the printing press. we had that in venezuela or in argentina or pre-euro italyto be seen as independent, autonomous, willing to do things that are politically unpopular including in an election year. if you have the bank scene as a tool of the president or of i apolitical party that calls into question it's credibility, its willingness to do those painful things that paul volkert actually did do in the 1980s. i'm concerned by comments that moore said here and elsewhere about the fact that members of the fed should be fired if they do things that president trump doesn't like. he, of course, has also changed his tune multiple times about what the fed should be doing whether there's a republican or democrat in office. when there was a democrat in office, he said we had hyperinflation. so i'm very concerned about what he would do not only to help a republican when they're in the white house, but these are very long-terms. he would probably be there long after trump has left if he's confirmed. what might he do to punish a democrat? >> since you haven't been vocal abo

at the end of the day, if you have got bank lending having picked up in these other countries with the exception of italyally, you've got strong lending growth and the smaller countries as others donesaid, it cannot be purely for a specific country in mind. have,s the only concern i that maybe next week mario draghi disappoints us. ugly can italian gdp get? >> italy is flattening. -- flat lighting. -- flat lining. we agree with the ecb that the market is to down on eurozone prospects. and we'll hopefully dragged italy in its wake, but of italy rolls over, the markets will seriously question the dynamics going forward. >> yes, i think david is absolutely right in terms of markets and his interpretation of eurozone growth dynamics. we would expect some degree of uptick in the second quarter and beyond and there should be a slipstream effect. one of the things i have highlighted is the fact that -- debt to gdp has been excess of 130% ever since i have been in the market. [laughter] and that is some considerable time. francine: just a couple of years. >> we are not talking about anything that is new. in a se

embracing a new investment bank when they really haven't done much i mean so we'll see what happens i hope that you know there's a bit of a pushback or a pullback on the part of italyyou know that that investment bag was announced i know it was controversial you know there really hasn't been much you know not a lot has come of it so i'm not that worried about it i mean the best thing to do is let the free markets work if china wants to overland in the sense that they want to expand their economic footprint there should be lines drawn in terms of strategic interests like communications i think was a way has to be dealt with so that t. and anything in the ports business especially and in a geo politically important place like italy i think there should be caution but i think the best way to do to let the free markets work that china wants to overland they'll probably make some mistakes along the way so i'm not that worried about it but i do think it's a moment for the e.u. to embrace their their strategic partners notably the u.s. and really make you know some sort of pushback against this expansion by china both militarily and economically and i think that will work

embracing a new investment bank when they really haven't done much i mean so we'll see what happens i hope that you know there's a bit of a pushback or a pullback on the part of italy you know that that investment bag was announced i know it was controversial you know there really hasn't been much you know not a lot has come of it so i'm not that worried about it i mean the best thing to do is let the free markets work if china wants to over land in that sense that they want to expand their economic footprint there should be lines drawn in terms of strategic interests like communications i think waterway has to be dealt with so that t. and anything in the ports business especially and in a geo politically important place like italy i think there should be caution but i think the best way to do to let the free markets work that china wants to overland they'll probably make some mistakes along the way so i'm not that worried about it but i do think it's a moment for the e.u. to embrace their their strategic partners notably the u.s. and really make you know some sort of pushback against this expansion by china both militarily and economically and i think that will wo

embracing a new investment bank when they really haven't done much i mean so we'll see what happens i hope that you know there's a bit of a pushback or a pullback on the part of italy you know that that investment bag was announced i know it was controversial you know there really hasn't been much you know not a lot has come of it so i'm not that worried about it i mean the best thing to do is let the free markets work if china wants to overland in the sense that they want to expand their economic footprint there should be lines drawn in terms of strategic interests like communications i think waterway has to be dealt with so that t. and anything in the ports business especially in a geo politically important place like italy i think there should be caution but i think the best way to do to let the free markets work that china wants to overland they'll probably make some mistakes along the way so i'm not that worried about it but i do think it's a moment for the e.u. to embrace their their strategic partners notably the u.s. and really make you know some sort of pushback against this expansion by china both militarily and economically and i think that will work out

of u.s. financial markets in 2018 were volatile. european central bank was likely to loosen italy's national debt grows serious concern about the status of venezuela weighing on currency markets. within the last six months that growth in dollar strength has slack ended, brazilian real gained strength. japanese yen gained in strength painly for investors seeking safe haven for currency. peso gained since september after anti-inflation measures were in/o implemented in argentina. so we know growing this economic will help grow household income. low commodity prices will weigh on farm income that's what we've seen since 2013. 2018 net farm income is $66 billion and that's a long way from the $134 billion that we saw back in 2013. looking forward over the next 10 years, net farming, to rise slightly from the current level. but, we do expect it to remain below $80 billion annually over the next 10 years. a look at equity for a second. as far as income -- you will notice green line there it's only come down slightly about 5% over the last couple years. it's been stabilized by higher persi

italy. medium-sizedto enterprises and being able to ability andthe willingness of banks to lend, there is bigch have helped -- held italy back from realizing the potential. francine: do you worry about the economic situation? michele: yes, i would say there is a concern. i think now we are crossing a river but once we have crossed after the elections, we will face definitely a tough step. it will be taxes and the redistribution of government -- power in the government. this will be the beginning of a new time. we do not know exactly how long this will last. is north of 60% of the voters are not voting for the party. --: michele norsa and daily david riley, thank you so much. next, paul sankey. this is bloomberg. ♪ so with xfinity mobile i can customize each line for each family member? yup. and since it comes with your internet, you can switch wireless carriers, and save hundreds of dollars a year. are you pullin' my leg? nope. you sure you're not pullin' my leg? i think it's your dog. oh it's him. good call. get the data options you need, and still save hundreds of dollars. do you guys sell

beijing based asian infrastructure investment bank so they're giving money towards these types of projects and these types of projects will be happening in italy in that great rundown. alex and we can see why what the angles are for italy why they would want to be part of the b r i as far as the people that are not so happy about the parties that are not so happy about this the e.u. and the united states how are they reacting to this announcement now that is italy's actually gone through with this partnership i mean the u.s. doesn't like this at all we see china as a nation growing in extending its power across all the continents basically now there's a huge huge partnerships with this project that are in pakistan that are in sri lanka and they are moving into europe so never mind for the positive all the way from trying to what would be western europe over russia in terms of say kazakhstan all the serbia and all those countries that are in between the two so for the u.s. this is a strategic thing really and what they're saying that they're calling this debt trap diplomacy they're saying that the chinese are coming in with money and putting na

of cheap bank loans. as can you see beside me in temz of where the yields are trading, the german ten-year currently flat on the day. over in italy, the key mover this morning, we did see those two-year yield drop to the lowest levels since the coalition formed right now the ten-year is currently trading about seven basis points lower in terms of price at that 1 01.66 level. it will likely keep guidance on interest rates unchanged we are joined now from frankfurt with more in terms of what we can expect from today's ecb meeting. anetta >> well, actually, that's probably all we can expect some more information about what they think about a new round because the current is expiring, and the big worry is that a peripheral banks need to get it refinanced, the amount of loans they currently have from the central bank, and that could cost them a lot of money or could actually even be impossible for some banks in the periphery. it's most likely we get some sort of information about it in the form of a bridge financing, and clearly, it would make sense to also get an updated forward guidance given that the guidance on rate currently is c

way but it's not when you were at the bank i'm not sure the statistics show these kinds of things but the. bloomberg organization saying that you know per capita italy gets less than spain inches of e. structural funds and germany gets more for its farmers than italian farmers which. you might know what immediately there is some suspect yeah there is some truth in that i mean you know that these you know structural funds have the result of a kind of story. you know different layers of decisions by the fleetly doesn't spend much of the. able to italy is not very good in spending these funds ok because usually when you when you get these funds so you have to finance the projects and italy hasn't been particularly good in designing and proposing good projects and co financing these projects so there is certainly some fold on the side of italy and probably do some folds on the side of the u.s. well but again this is the situation in the do you think that's played its part in political changes and as you said the reagans doing doing better i mean people of course commenting about the fact that france initially had a diplomatic spat where ambassadors were

have moved on from the dark days of 2011-2012 when there clearly was contagion from greece at that time to italy, spain, portugal. i think now the european central bankeuropean institutions do have a credible backstop in the form of monetary transactions. to the extent that there are problems, i think that there are measures that will be taken to support spain and other keepries in the region to those bonds from really selling off sharply. nejra: let's ask you the question of the day, which is very simply, will italy be a negative catalyst for assets again in 2019? sarah: i think there is a risk that could happen because we are seeing tensions building, indeed since the elections a year ago. we have seen the ledger moving well ahead of its coalition partner, five-star. it raises the question of whether we could see early elections. i think markets would be nervous about that. oute may be ripples further to the euro if that were to happen. the biggest the liberation for the european central bank would be inflation or the lack thereof. differentiation. cpi. core concernt is a real because it really hasn't shifted outside a very narrow range over the la

the euro climate bank banning form funding of political parties and reform of the border free schengen zone. president icon is also the speaking on italy's rai television where he warned against t the dangers of resurgt nationalism. and try to heal the wounds of the spent last month of fronts briefly recalled its ambassador to rome. the reform of published in maine daily papers across the twenty eight state block on tuesday. estonia's status where minutes first ever female prime ministe. katja calluses center right parties upset the full book master of the brig power callousness to negotiate with colleagues and bottles to form. a ministration in thailand. now she is the leader of estoninia's center rights opposition.. they owned this is a tremendous acknowledgement a tremendously strong mandate that we receive from voters. the reform policy one almost 29% of the vote in the general election and is expected to try and form a coalition. the one party they've ruled out working with is fall right accr. also celebrating on election night. the nationalist and anti immigration policy more than doubled it seeks tali compared to the last electcti

remain there italy must do something to stay and become more competitive compared to other members of the currency union. what happens if they don't do reforms and maybe one of the big italian banks goes under will there be a second greece with another rescue mission worth hundreds of billions of euros. it probably will i mean that's the other side of the coin you know if we in germany once. the european union and the eurozone if all the other member countries of the eurozone and the unions want this union we have to make sure it works and if this costs money so be it i mean you know the german. with regard to greece the rescue of greece and the solving of the euro crisis a couple of years ago that this would end up in major inflation and that it basically you know the greeks would never be able to pay back their debt they have not proven to be true yet so maybe not only the italians all europeans have to stop thinking only within their national boxes i guess or abusing their thank you. and here are some other global business stories making headlines today for this airways wants to buy up to forty two boiling seven seven seven passenger jets its parent i agee said the carrier wou

of large --opean banks being bought there are not any big targets that u.s. banks need to buy. asia has its own issues. in terms of consolidation, we spain, europe, italyructural problem as we go to the digital world. you have too much cost-based and too many branches. these two bad banks return assets at one third of the sector being pushed together. it is unfortunate we are here, but this is the only thing left to do. taylor: how much more time does this by four christian sewing? toathan: it will be two three years. it becomes a domestic focus. the fact is there are 4 billion or 5 billion costs to achieve. the have to be some form of capital arrays are there be targeting 22, 20 3 -- that would be the goal set the ceos will be accountable for. this will be a long and painful job. taylor: a long and painful job for christian sewing, not a job i am envious of. that was jonathan tyce. coming up, bank of new york mellon's chief strategist. this is bloomberg. ♪ francine: "bloomberg surveillance," taylor and francine from london and new york, tom keene with a day off. we are waiting for that news conference in baku, capital of azerbaijan, where we hear from

with maybe a italy new government by the summer and he would've had a lot of italian banks having trouble. and then the ecb policy becomes politicized. they did not want to that, they wanted it to be seen as a policy move. so i think that nothing this earlier helps with of that problem. it does not represent a sort of major attack on the source of the weakness in the euro zone economy. david: what does it do to the euro? we saw it fallen throughout the day, what does that say for the longer-term prospects? >> if you are mario draghi you have to wonder, you know that this has been a big part of ecb's policy and we happened to to see it weaken today, the 2017,t it has been since but looking around the world you have all central banks maybe giving up on normalizing policy. so you will get into an arms race here. the prospect for weakness might be quite flim. we will see. you have had dollar strength, so maybe that will turn around. david: let's talk about brexit. >> i came away from london to escape brexit. david: [laughter] it satellite things were going theresa may's way, but now we have a

banking system. only 1% of household loans come from across borders. as we talk about single markets 24 hours a day yet the borrowers in germany -- in italy do not borrowcross borders. the completion of the capital markets union is the first thing that has to get done. it is so easy to do these things with monetary policy, but that is a very blunt tool to steer an economy when you are failing to do the more elementary and also harder stuff, completion of a single market. tom: david folkerts-landau, generous of you to be with us. he is with deutsche bank. we will drive forward the conversation through the day. anna edwards at westminster and kevin cirilli in washington monitoring those events. relatively quiet markets, but i think the lees a palace, these sees palace, these are extraordinary. francine: i imagine they brought up the security of some of the five g networks like huawei. angela merkel saying minutes ago that stalled u.s.-china trade talks would have an impact on the e.u. because of the tariffs. it is interesting to have this sort of treo, there are four of them trying to figure out how their relationship can be better in the future. washing

of brexit and the italian banking system. the linkage between gdp and strong or weak banks. to -- chiefe talk executive and founder. this is a challenger bank in italyulse on exactly what the italian economy is going through. he will give us his outlook for italy's economy and also risk factors to look out for this year. with that conversation next and then we will talk a little bit more about consolidation in banking in europe. we look at deutsche bank. this is bloomberg. ♪ want more from your entertainment experience? just say teach me more. into your xfinity voice remote to discover all sorts of tips and tricks in x1. can i find my wifi password? just ask. [ ding ] show me my wifi password. hey now! [ ding ] you can even troubleshoot, learn new voice commands and much more. clean my daughter's room. [ ding ] oh, it won't do that. welp, someone should. just say "teach me more" into your voice remote and see how you can have an even better x1 experience. simple. easy. awesome. >> the united kingdom is simply not ready for a hard brexit and you can look at that at every level, whether in banks, financial services, in terms of medical supplies, in te

embracing a new investment bank when they really haven't done much i mean so we'll see what happens i hope that you know there's a bit of a pushback or a pullback on the part of italy you know that that investment bag was announced i know it was controversial you know there really hasn't been much you know not a lot has come of it so i'm not that worried about it i mean the best thing to do is let the free markets work if china wants to overland in that sense that they want to expand their economic footprint there should be lines drawn in terms of strategic interests like communications i think waterway has to be dealt with so that t e n anything in the ports business especially and in a geo politically important place like italy i think there should be caution but i think the best way to do to let the free markets work that china wants to overland they'll probably make some mistakes along the way so i'm not that worried about it but i do think it's a moment for the e.u. to embrace their their strategic partners notably the u.s. and really make you know some sort of pushback against this expansion by china both militarily and economically and i think that will work

russian banks for the next electoral campaign so that he can continue to undermine the values of the e.u. so that from here in parliament vice president that statements raise concerns of italy politicians they demanded to know where selvi these funding came from is no the league party denies taking money from russia but salvini has been accused of kremlin links before. if cell vinnie feel so at home in moscow in bed with putin why does he stay there he's betraying the collective european interest let's go live now to the northern league so foreign relations centric loaded to make thanks for joining us this morning can you comment on these claims in that mattel survey he's receiving russian money true or false or absolutely false i have to tell you this gentleman said that. fake news we'll be sue for defamation saw probably he would be our campaign because he left. after court to say that we are right because we're out to prove we never had and we would never have money from anyone because we don't need it we are serving is so popular that we don't need money to go in not . while every every party needs money to help survive there are a part of solving these brain seeking ru

investment bank a multilateral lender led by china a five page memo outlining expansive options for economic cooperation between italy and china as defacto proxy lender was obtained by the financial times of london the proposals will be considered a summit between prime minister just said because he and chinese prime minister painting on march twenty second. a scandal over the extent of corruption an honor and privilege in the u.s. higher education system is rolling roiling the united states this week on tuesday federal prosecutors charged fifty people across six states with involvement in a scheme to buy help on standardized tests and slots on college athletic recruitment list for the children of america's wealthy elites the parents on the list of alleged bribe payers include a golden globe nominated actress and former c. list fornia or us see that daughter olivia j g a newly was reportedly sailing on the two hundred sixteen foot yacht belonging to the chairman of u.s. seas board of trustees when the scandal broke. the revolution revelations are provoking larger questions about wealth privilege and systemic injustices embedded in an increasingly unfordable on affordable american system o

they are banking on digital expansionon and an and asset management. for more, let's speak to the man at the head of italy'surer, joining us for an exclusive you --exclusive interview. you are absolutely right, you laid out the strategies of where generali sees itself. i'm delighted to be joined by the chief executive pay for giving us some of your time. we were just talking about some of the transmission generali has gone through. what are your priorities? , we closedery happy a good year and achieve all of the targets of our previous plan. this puts us in a good situation to start our new plan, which is a new, ambitious strategy. it is all about growth and transformation. we have three pillars in our strategy. profitable growth, finance management, and the third is digital transformation. it is an exciting strategy. >> is it new markets are selling more to existing customers? >> it is everything, we want to grow in europe because it remains the main market. we want to grow significantly beause we will no longer doing insurance and asset management and we will grow as well in the high potential markets suc

bank down 2%. unicredit in italy down by 5% this afternoon. -- having a better day in these down markets. good on the.33% is back ofeek 90 numbers. 90on the back of the weak numbers. it has -- on the weak nike numbers. the markets have headed south from an equity point of view. that is a look at the european close. u.s.e: we are down in the but picked up steam on the selloff following europe. the s&p 500 down. banks inid about the europe, it is equally the case with the banks in the u.s., particularly the regional banks. some energy companies tracking that lower. we are recovering for our 10 year yield, 2.44%. 11 or 12 curve spread basis points today. pretty narrow. we know the two month 10 year did invert. below 1.10. an indication all may not be well. 13 12.73 announce. a question on who is buying the gold. let's move to global macro movers. redcan see it is a sea of as die mentioned. -- as guy mentioned. a bad week for brazilian assets. all of the emerging-market currencies, with the exception of the philippine peso down against the u.s. dollar. guy: let's get back to the central bank story. considering the use

banking experts and regulators are posing. is, this deal is of such magnitude that it is going to -- it could trigger some deals. are seeing a lot of markets take italyig question is after this market consolidation, are we going to see other side effects and other big players in europe? that's the next step, and that has been brewing for a long time. wheredo have a situation they will want to cross-border merger. thank you so much. just checking in on the markets, tokyo, hong kong, sydney. two and a half minutes of trading left in hong kong, .3% up. asx pretty much flat. nikkei struggling upward. we just got the open in india. six straight days of gains for the index. the sensex to the upside. this is bloomberg. ♪ you. all of you. how you live, what you love. that's what inspired us to create america's most advanced internet. internet that puts you in charge. that protects what's important. it handles everything, and reaches everywhere. this is beyond wifi, this is xfi. simple. easy. awesome. xfinity, the future of awesome. >> this program is a paid presentation and is brought to you by dr. ho's circulation promoter. >> we are talking about circulati

banking shift, that money will come back. nejra: coming up, as president xi jinping offers a new era in relations with italy, whether the rest oft should welcome the partnership. tune in for bloomberg radio live on your mobile device. this is bloomberg. ♪ >> i hope we can all agree we are at the moment of decision. i will make every effort to ensure we are able to leave with a deal and move our country forward. best.have done our completes. >> i believe everyone must be and is aware this is an event of historic significance. we must proceed carefully. >> it is a democratic crisis. this crisis is british. in no way must we become stuck in this.