company news for you basf will cut jobs in europe and lowered the earnings forecast again. the company posted a 627 million euro net loss for 2022 and scrapped the buyback program you are seeing a big reaction in the stock today. >>> and holcim with 29.19 billion swiss francs compared to 24.4 the building materials company posted a beat and 14% increase in dividend. they announced the current ceo will be proposed as the company's chairman with a new ceo appointed in the future. the ceo told cnbc the company is well positioned to handle price pressure >> there is no recession at holcim we have strong order books there is a softening in europe ever since the first half of last year and we have strong demand in the north american market we look forward to a successful year. >>> switching up a bit i want to bring comments from the japanese prime minister kishida. this is in remarks that the bank of japan governor nominee mr. ueda when he gave testimony to the lower house and kishida is responding the nominee is approved. we want to meet at the earliest day to confirm the coordi

tom: coming up, basf shares are lower after the chemical giant announces major job cuts. bring you the details of that next. this is bloomberg. ♪ tom: welcome back to the open. 54 minutes into the trading day, the benchmark gaining .3%. xi jinping is set to bring decision-making in china's financial system even further under his control with the revival of a powerful committee to coordinate policy. a top position at the central bank can also be filled by a key ally of the chinese president. joining us is bloomberg's china economy editor, what do we know about the reporting on this? >> remember this is all reporting, nothing has been finalized and probably will not be until the people's congress next month. ultimately, the idea of a consolidation of power under those people that xi jinping really trusts and respects is probably the biggest take away. should we be expected next device premier of economic policy also take on the party secretary role in the pboc, that would be the first time since the 1990's that somebody would hold both of those senior-level advisor leadersh

basf will cut 2600 jobs this year.ope's biggest chemical company also forecast lower earnings this year. they are adjusting to the future with cheap natural gas from russia. to save money it is closing a number of energy factories. that is your bloomberg business flash. guy: let's talk about what is happening with european stocks. it is appropriate on a friday. burberry cuts, a company that has been on a tear. a 52-week high. and we are seeing that coming to an end. burberry is going to hold with a 2700 price target. we are down by 2.7%. maybe that is not that bad of a reaction. let's talk about we are watching. iag is seeing a very difficult session developing. we were down 7%. 5.5% on the downside right now. this is a company that has traveled a long way relatively quickly. we have seen a big repricing and expectations today were very high. you need to bear in mind those expectations when you think about share price reaction we are seeing today. let's wrap things up and look at what is happening with hydro. that stoc

its activities in europe against the backdrop of the energy crisis in the largest chemical concern basf of one of the two ammonia plants, as well as related enterprises for the production of fertilizers. the reason for the increase in energy prices, according to the report , the company plans to save up to 500 million euros , as a result, more than 2,500 people will be left without work. of these, 700 in germany itself, by the way , you include the wintershal oil and gas group, which recently wrote off its share in the nord stream project. last year. it recorded a net loss of almost 5 billion euros, of which 90% accounted for losses from the depreciation of assets in our country. meanwhile, germany released statistics on the dynamics of gdp for the fourth quarter, according to government figures fell 0.4%. it's twice as bad. than assessed earlier in the report said that the worsening economic situation. just connected with the pressure of rising energy prices. it, in turn , led to a weakening of the production of chemical products, where the main costs are for gas, let me remind you. in

tech despite that, outlook was disturbing with the stock down 5% another stock trading in the red is basf. it will cut 2,500 jobs in europe the forecast lowered again in terms of the price action down 6 points another stock we are watching is saint-gobain up 6 points. driving some of the gains on the cac 40 for the week, frank, all indices are trading in the red. >> a lot going on in international markets. joumanna, japanese inflation at a 41-year high joumanna bercetche, thank you. >>> let's get a check on the corporate stories. silvana henao is there with those. happy friday, silvana. >> thank you, frank. adobe reporting that the justice department is planning to block the deal to buy figma. the case could come next month the deal was announced in september and is aimed at helping adobe bolster the cloud business according to adobe, generate $400 million in revenue. >>> shares of boeing on a wild ride the faa says the company is temporarily halting deliveries of the 787 dreamliner over the fuselage it discovered an error by a supplier related to the jet forward pressure bulkhead. boeing

europe and thinking about their -- would-be energy crisis, could chemical companies produce, what would basf do? remember all that? >> yeah. i remember at what ed is doing at dupont and say he's buying back fortunes. just huge amount of stock he bought back last quarter he had more firepower. he believes in his company and believes in himself. take two, believes in his company, believes in himself chegg, school is not as vigorous as they used to be school is easy they don't need my product >> canada goose had a five-year plan unveiled. >> yeah. they raised the price target from 19 to $20 i think they can maybe tell a good story about china i don't know i had columbia sportswear on last night they told a good story the sorrell brand is very hot. they have jalen hurts, a guy getting a lot of tiktok, a lot of -- he's the only guy -- how can everyone not be -- mahomes -- how many times do i have to say, here. buy -- what is that? andy reid does this and you buy state farm i haven't figured that out if you can tell me how they're related, then i can go and do geico. >> did you see the "journal" p

>> bullard this week said the silicon valley layoffs have no bearing on -- >> no bearing at all >> basfnd erickson with announcements of layoffs in the thousands. >> but bsf is interesting because western part of germany is very, very strong europe is very -- the town is doing well by the way, natural gas is so low. they've all benefitted but europe's very -- europe is incredibly strong, and they're going to have to keep raising rates. comeback in europe is big. but when you see all the industrials hitting a new high, like josh brown was talking about, not a great sign. nothing slowing. i have train on tonight, not the group, which i saw once at the super bowl they were dynamite >> i remember when they played at our headquarters in fort lee. >> amen. they're fantastic. but when i talk about trane, the hvac company i mean, they can't handle the business i mean, there's another thing. you can't -- they have so much business, they can't handle it well, at this point in the cycle, actually, we want to hear -- not that we ever want to wish for layoffs, but the fed needs layoffs. the fed need

and, you know, a hard example german chemicals giant basf at the end of last year announced it's noturope any more expansion. europe because of high energy prices . because of high energy prices. where is it going? it's building £10 billion plant in china . and £10 billion plant in china. and there is so much about industry. the remaining industry will be sent offshore by this target and also our food production. you know, you rewild hundred acres of land . you know, you grow of land. you know, you grow a few trees . well, they'll suck few trees. well, they'll suck carbon out the air and you send the agriculture abroad. well, that doesn't help the planet. all it does is help another country's agriculture business. so and that's a very important part of your thesis in your book that despite all these efforts , that despite all these efforts, may impoverishes in all sorts of ways. we'll come back to that in the moment. it doesn't actually help the planet because stuff is still going on elsewhere. emissions are being created elsewhere and britain quite elsewhere and britain is quite a m

of cheap gas for europe for german industrial locomotives such as mercedes and their chemical giant basfhe deed of the united states. this is a terrorist act, uh, bottom line, and with insane stupidity, he gives a moral assessment, and from the point of view of national interests. he goes on to say that biden wanted this war and wanted it to a large extent in order to destroy the energy cooperation between russia and germany, which was really very important for the then titans of german industry and, in fact, it was you downgraded the united states. uh, energy, blowing up these northern streams. certainly. look how well things are coming together if we return approximately. ah, 2-3 years ago we will see that germany really drags a locomotive behind it in practice. uh, all the rest of europe and money. so many that it can feed absolutely any regimen. indeed, this is a fact today, when the seven archbishops give such very exhaustive arguments. he is very much at risk on the one hand there. uh, the belief that the intelligence agencies might find fault with him and say that he undermines th