the case revolves around this man, businessman and politician bernard tapie. he felt he'd been defrauded of his stake in the german sports brand adidas. and arbitration tribunal awarded him 300 million euros. those funds had to come out of public coffers because the bank had been taken over by the state. christine lagarde signed off and nicolas sarkozy was also said to sign off. >> we live in an democracy and i certainly want to clear up all of the questions and i have immense faith in the investigation. not least because i have a totally clear conscience. >> if convicted, lagarde could be guilt for a year and the imf would have to go headhunting again. >> our correspondent's following proceedings in paris. what is the latest from the courthouse? >> the defense courthouse for christine lagarde just lost of the first round. they try to get these proceedings postponed until next year where we will see another trial in paris against the businessman bernard tapie himself and the circle of his political friends. but the court to deny the motion. now things will car

the case relates to the payment of more than $400 million to the tycoon bernard tapie.overnment will seek parliamentary approval to borrow up to $21 billion to support its fragile banking sector and potentially rescue monte dei paschi di siena. the country's third—largest bank needs to raise more than $5 billion in fresh capital by the end of the month. if monte dei paschi cannot arrange a private sector bailout, a state rescue may come as early as this week. chinese government researchers say the yuan is expected to weaken another 3—5% in 2017. that's on top of the 6.5% drop in the value of the yuan against the us dollar this year. combined with the restriction on sending money overseas, it's bad news for the high—end real estate market in the us. the bbc‘s helier cheung spoke to luxury realtor aaron kirman, who says chinese wealth makes up 30% of his business. national buyers always love that you. the dollar is extremely strong right now, and that is really affecting international buyers in general but especially a lot of chinese as well. we had many calls from people

because i didn't know about the advice of seior public servants who said do not pay 400 million to bernard tapie." she said, "i never saw those notes." as everyone in france knew about the case, it was very public, how could she have not known about how dangerous and difficult this could be for her? her case was weak and the court charged against her, and she is now in a very difficult position. >> that difficult position is because she is head of the international monetary fund. what does this really mean for her job? barbara: everybody agreed beforehand she would have to step down if the verdict would run against her. now we don't know yet it the problem is there's no court of appeal for this special tribunal . this is just once and forever. she stands convicted. there is no punishment. she could probably construe this as a minor case of negligence, this is not fraud, this is not something she did in bad faith. but still, she is convicted, and whether she can hold a position in washington, she will now need the council to think about that and also, of course, talk to her colleagues in washingt

the court was hearing that there was a payment of more than $400 million to the tycoon bernard tapieer guilty of negligence forfailing to challenge have found her guilty of negligence for failing to challenge that state arbitration pay—out to him back in 2008. but despite that ruling the judges have not handed down any sentence. she has denied the negligence charges. her lawyer says the team of looking into an appeal bird there is talk this might trigger an leadership crisis at the international monetary fund. christine lagarde found guilty of negligence by a court in paris. there've been chaotic scenes at the northern ireland assembly as politicians from most of the main political parties walked out of stormont. the first minister, arlene foster, had been about to make a statement over a controversial green energy scheme. but under norther ireland's rules, she's never allowed to operate without the support of her deputy, sinn fein's martin mcguinness. and that created turmoil this morning at stormont, from where our ireland correspondent chris buckler now reports. members, having be

the case relates to the payment of more than four—hundred—million dollars to the tycoon bernard tapiehe sentence of 153 others convicted of federal crimes, the greatest number of individual clemencies in a single day by any president. he has focused primarily on shortening sentences of those convicted of drug offences rather than giving pardons. well, his successor, donald trump, has been formally elected president of the united states. as expected, members of the electoral college, themselves chosen by the election in november, have voted in favour of mr trump at meetings across the country. most ignored last—minute calls urging them to defy tradition and choose mrs clinton, who received nearly three million more votes nationwide than mr trump. bill hayton reports. this is where the president of the united states is actually elected. after months of primaries, campaigning and voting day itself, this is how the us constitution says it must be done. at small meetings across the country, one in each of the 50 states, plus another in washington, dc, trusted citizens cast their votes for

the case relates to a payment of more than $400 million to the disgraced tycoon bernard tapie.and shortened the sentence of 153 others convicted of federal crimes, the greatest number of individual clemencies in a single day by any us president. he's focused primarily on shortening the sentences of those convicted of drug offences rather than giving pardons. the australian transport safety authority says experts believe the missing malaysian aircraft, flight mh370 is almost certainly not in the current search zone in the remote indian ocean, but could be further north. investigators now want to extend the search area. the plane disappeared in march 2014 with 239 people on board. the immolation transport minister has responded by saying malaysia has not abandoned hope of finding the aircraft —— malaysia and transport minister. ah van on x. —— abenomics. sally is here with the business news. that is all you have to say. in the last few hours, the bank ofjapan has concluded its latest policy meeting. it kept monetary policy steady and offered a brighter view of the economy — that'

the case relates to the payment of more than four—hundred—million dollars to the tycoon bernard tapie shortened the sentence of 153 others convicted of federal crimes, the greatest number of individual clemencies in a single day by any president. he has focused primarily on shortening sentences of those convicted of drug offences rather than giving pardons. the australian transport safety authority says experts now believe the missing malaysian aircraft, flight mh370, is almost certainly not in the current search zone in the remote indian ocean, but could be further north. in a report, the authority said investigators want to extend the search area. the malaysian airlines plane disappeared in march 2014 with 239 people on board. well, his successor, donald trump, has been formally elected president of the united states. as expected, members of the electoral college, themselves chosen by the election in november, have voted in favour of mr trump at meetings across the country. bill hayton reports. this is where the president of the united states is actually elected. after months of pri

the case relates to the payment of more than $400 million to the tycoon bernard tapie.ardoned 78 others. the outgoing president has also commuted the sentences of more than 1,000 federal prisoners, said the white house said, as part of a push to reduce the number of people serving long sentences for non—violent drug offences. donald trump has been formally elected president of the united states. as expected, members of the electoral college, themselves chosen by the election in november, have voted in favour of mr trump at their meetings across the country. they ignored last—minute calls urging them to defy tradition and choose mrs clinton, who received more votes nationwide than mrtrump. bill hayton reports. this is where the president of the united states is actually elected. after months of primaries, campaigning and voting day itself, this is how the us constitution says it must be done. at small meetings across the country, one in each of the 50 states plus another in washington, dc, trusted citizens cast their votes for the next occu pa nt of cast their votes for

she has received no orders of president nicolas sarkozy who was supported by the business tycoon bernard tapierde is expected to arrive here around 2:00 p.m. french time. she will be just behind me in this first chamber, the court of the republic, that also includes some lawmakers. thank you so much for joining o us on that. of course, the big event of the week takes place not in france but in washington, d.c. i have a great chart from the bloomberg that shows the real fundsunds rate -- fed rate, minus inflation in blue -- compared toite -- the unemployment rate in blue. this chart goes back to before i was born, 1971. you can see that inflation -- sorry, joblessness -- took a up. takcik -- tick we have fed funds at the lowest rate it has ever been with the jobless rate is low. guy: amazing. some records around the job market. matt, still more to come. it is surveillance, up next. they will be talking to the nigerian petroleum minister. i am going on radio. this is bloomberg. ♪ francine: pushing oil to 60. saudi arabia signals deeper cuts. we speak exclusively to the russian oil minister. gove

finance minister at the time, was responsible of a payment of more than $400 million to the tycoon, bernard tapien paris for the verdict, having left france for washington. the imf board will meet shortly to discuss the outcome of the case. earlier i spoke to our paris correspondent, lucy williamson, and i asked her explain the details of the case. well, the court found she was guilty of not appealing against an arbitration deal that resulted in this massive 400 million euros pay—out back in 2008. it was a pay—out back in 2008. it was a pay—out to barnard tapie, the old estate in the adidas sport company, and he complained the french state bank had so little at a fast profit and they. this arbitration deal had been a very long time in the negotiation and it came to fruition about a year after christine lagarde became the french finance minister. she gave the green light for the deal to go ahead, it was later overturned and that has held this case came about. the court found she was negligent because she had given the green light. what are the implications? she is an important figure in the world

french finance minister, was responsible of a payment of more than $400 million to the tycoon, bernard tapie present in the court in paris for the verdict, having left france for washington. the imf report are making shortly to discuss the outcome of the case and the guilty verdict. 0ur paris correspondent, lucy williamson, joins us live with the latest. quite a complicated case but some of what she has been found guilty of? well, the court she was guilty of not appealing against an arbitration deal that resulted in this massive 400 million euros pay—out back in 2008. it was a pay—out to the owner of the adidas sportswear company. he complained french state had sold it on ata complained french state had sold it on at a fast profit and they owed him. this arbitration deal had been a long time in the negotiation and it came to fruition about a year after christine lagarde became the french finance minister. she gave the green light for the deal to go ahead. it was overturned and that is how this case came about. the court found she was negligent because she had given the green light. what are