the cbi's growth downgrade.ll that to come on "countdown." ♪ manus: you're looking at the glorious stay in hong kong, where the hang seng is trading 95945. it is up over 1%. it is 6:30 in london. let's get straight to yvonne man with the bloomberg business flash. the chinese car hailing service didi is planning an ipo in new york next year. that's according to people familiar with the matter. they say that the timing will depend on how the firm's battle with uber plays out. last week, apple put $1 billion in two didi, growing their valuation to $26 billion. the company confirmed it is in discussion to enter the films is miss. the game company is and talk with several partners, and would use cash from the sale of the seattle mariners baseball team to fund the operation. the bank of singapore says it sees the private banking industry moving to a fee-based model. at a time of volatility, the ceo says clients are more cautious about trading and increasingly prefer the relative consistency of returns from fee-based m

it's widely believed by the cbi that you have to be part of it in order to sell to it.here are rule-making opportunities they give you access. the fact is that many, many countries sell to the eu without being members. america actually sells more to the eu that we do. switzerland, per capita, sells more to the eu than we do. even when you look at services, the intra-trade in services within the eu's growing less quickly than eu growth of services to the rest of the world. withgel said, our trade the eu has dropped by 10 percentage points from 54 to 44%. that's a dramatic drop. it illustrates that the eu is a declining product, a slow growth region. some said it like a walled garden. it's like a walled garden in which the trees and plants desperately need some water. carolyn: most businesses are saying they really do value the fact that they have no tariff barriers within europe. and can trade very freely. it enables them to trade more effectively with the rest of the world. to, some of our most important industries, like the car industry which has 10% tariffs. you reall

is particularly crippling for small businesses which are not really represented by the cbi at all.olyn: i'm shaking my head -- norman: the point that he is making is absolutely correct. there are countries outside the eu that sell more, and whose the auand net exports to is growing faster than that of britain. carolyn: unless you get a worse deal if you get out of the eu. is not a physician. maurice: i think that when you are speaking about this kind of issue, you will always find reasons to stay or reasons to leave. and you will build your case. and you are not listening to the key issues, which are what the people in europe will feel about this. as you said, there is something much bigger than trade, which is being or not being the big european continents, even if you are an island, that we are now with the tunnel connected. if you want to be part of the stream or not. you should look at what europe has been doing the last 50 or 60 years, you see that there is a which have been managed properly by europe. we have avoided wars. we have been building things together. i think that t

take vo 1 --- le contaremos cmo un programa para padres de familia en san jos cbi la vida demuchos jvenesvolucrados en pandillas... take vo 2 --- ha escucha auna vez que tomar cido flico en el embarazo es bueno para su beb??? ponga atencin por quesi usted o alguna conocida esta embarazada esto le podra interesar...ya que segn expertos..es posible que lverdad sea muy diferente..take cam live / lucrecia ---tendremos tambin el clima el trfico ... no olvide que leesperamos en vivo a las 5 de la maÑana en nuestra primera edicin. sta pastilla. >>¿quÉ es? >>es para evitar que se infecten las heridas. voy a bajar a traerte el desayuno. >>¿se puede saber quÉ hace este flojo todavÍa en la cama? levÁntate. salimos de aquÍ en media hora. hoy no me puedo atrasar. >>diego no va a ir a la escuela. >>pilar, no digas tonterÍas. tienes un minuto para meterte a la ducha o si no, yo vengo y te saco. >>¿no oÍste? diego no va a la escuela, ni hoy ni nunca. y se acabÓ el tema. [♪]

we talked to the cbi. welcome to "the pulse

sudouesa nta tamand dirinamte7: deuedea er dcile co onax alc hnaez oos reorst hieos l rmeo sufcit y senesi cbiniunata n ngela o moa edaiauestos uiinom, 217 siemlaocl fijo ti enu dezg..gre hugutay esa mao s dis e dia ivarhelcdi 3048l cadeo tos s pa cies a s li q n vas le3 e vos t cuque iaacmdeu icl :0 dee ascanoosuegutan dier qosa rmonn domeo ndaz s amead m.. es sn ans pa temnd48 e /es - amsdohean ieena dauao -- amshean buncotrlaa oa ar anndietidunpres - kvo bnc sca t dearstenu tr mus. cer - em usuarraasjacola cabrt l ies mut - lachasayaselae an rais lulraa ls ta v as. dois pa gr fale eupa..l ll. s taeen deors. gaie le li wth c gmtnd t cer s nos rdla niteblueonl e a nc q anordodemei..--lopeeñ en dedo lanticindimeos osui giardae s nistioe n -- l lisdos do tdea ottape scaa sem.. aa -s obnte gialino ceesr jodeernaa --ela lfi aes e coa decaan - -aze ezosie t tale-- p ; 23 pkáned garrpeóne" lacadiae is arao orz,stjuesa ia l ta a qju hatord drrto nttepeo erfial lo q=tie en ares esri, encntófo, h u oen apheón dudolmueicqu egdeanc s, l sa 2debr earst nv p edeario ob lpaacn lias aas pru a ticasupa yl s

to reconfigure that has come from cbi so we put it the figures in so that was based on the impact in terms of every generation and other aspects suggest the economic calculation. >> i have one more question. so what do you think are the key risks? so back in 2014 to the alternative future end if we don't have rent then there will be delayed in areas like that. is in terms of the rebate it aspects and the currency waiting for perot in the point we're trying to make the a have not advantage and is reminding people of the common market due to the capital movement is much more sophisticated in talking about a political system in with the united kingdom it is nothing like that. and it is reminding people you really notice when it isn't there anymore. between educational groups and retailers and the supply chains are not affected by the e.u. membership as well. >> the abc in as part of the e.u. because they have you k government speaking on their behalf and the u.k. minister in to be speaking on behalf of the u.k. or the scottish government. >> en this was discussed a time has all aspects

eu cbi says the british referendum has put a cloud of uncertainty over growth.ritish business lobby cut its economic forecast. chinese car hailing service didi is considering a u.s. ipo after receiving a $1 billion cash injection from apple last week.

we talked to the cbi. welcome to "the pulse" live from bloomberg's european and quarters in london. first we have to get to the markets. this is your board. downsidelittle bit of pressure on these european stocks, down some 0.4%. exchanges in austria, germany, denmark, norway, are closed for a bank holiday. this is a picture for the asia-pacific index. we had some earnings that came in a little light of forecasts. overall, the rebounded. , japanesew japan falling, commodity prices rallying, with crude at $40 $.85. let's get to the bloomberg first word news with nejra cehic. nejra: norway's $850 billion wealth fund will seek to join a class-action suit in germany against volkswagen following the emissions cheating scandal. vw andd owns 1.64% in said it is acting to safeguard its holding in the carmaker. -- may delayaway increase untile later in the year according to pimco's head of portfolio management for emerging asia. that comes as britain's biggest 's news lobby group cut its forecast for the u.k. economy, saying the eu referendum has put a cloud of uncertainty over the outlook.

we've had cbi this week. we all know that the feds favored measure is that pc number. there's another factor. this might be interesting in determining whether july or june could the more favored. some of the fomc members have mentioned brexit. francine: i keep on saying it would be fairly punchy to start normalizing again three or four days before brexit. jane: that is a risk and i think it would be. the biggest legacy of grexit isn't necessarily its impact on the u.k. economy, but its impact on the eurozone, that he you. -- the eu. what will brexit do? even a close vote. that is the legacy of brexit. us a little bit of an indication of how seriously the fed might be considering this as a risk. francine: it is not just that they wanted to get the markets to reprice their expectations. if we look at expectations for growth in the u.s., some of the predictions we have from the regional fence, if we look at inflation, cpi, something like 111%, he trended higher -- like 1.1%, it trended higher. we had disappointment last month, but it is being repaired. you could put argum

>> that's a figure that came from, i think that was the cbi. separate from the campaign.nd that was based partly on research and innovation, partly on the impact that structural funds and social funds have in terms of reswrgeneration and ot food aspects. it was simply just an economi l calculation. >> okay. i have one more question. any reason you think scotland would be better off if the uk remains within the eu? so what do you think would be the key risks if the uk as a whole votes to leave? >> well, it's the immense uncertainty. back in september 2014, we had a very clear white paper of all te terntive future for scotland in the referendum. people had a clear choice in their hands, the status quo of the white paper. we have no equivalent at this moment. i know, perhaps, the gentleman who will follow me this afternoon will say we're not going to give secrets away to the opposition, but people deserve to know what it is we aim to do, and if the wto are saying -- they're still negotiating on the eu '15, haven't gotten around to the countries that joined 10, 15 years ago,

no information at this point on suspects but a very wideid area that they are combing cbi through andhey said they're t' really asking residents hereider in this apartment bear with them because it's going to be quite a longto morning with a lot of people a here that will not be able tole get their cars out today.od back to you guys.ck to >> that's what's happeningt's here in the d.c. area.whn th breaking news from overseasrom r right now the wreckage from that egyptair flight has beenee found confirmed just about an ao hour ago. ago that debris located 180 miles 1m north of the city of alexandria egypt. search crews say they foundy f personal belongings ofs passengers and they found f parts of the plane.helane officials say that plane traveling to cairo from paris c made several sharp turns and abruptly lost altitude beforeudf vanishing from radar. fear is growing this morning moi that terrorism may be to blameet but u.s. officials say nos. offs explosion was detected bydectedb nearby infrared spyred s satellites. to honor the victims on its twitter and facebook accountsk s egyptair

your experience but cbi is the reward into of her andure ge but the at the her share if it was started by my ad, richa friend but it said tuesday it is a lifetime saved ins not debtor have i yield back. >> i recommend said to provide that commitment has he been a proposed freeze him and those to do with myhe daughters concussion to decipher the medical advicephern provided but these consequences haven't but how did you go football players to decrease functioning there was the research but to city in ibm in 25 or those that our more susceptible to these conditions but day trickle-down the neurological effects.th the bran excu it should not be an associatio head trauma from contact sports. even the nfl publicly it knowledge the roundtableen back in march.nk. said research suggest we should wait on the science before making changes and respectfully disagree we cannot test children and parents to look or wait for science to catch up before we take measures. we need to ask questions right now to implement the changes.stions with bed dangers of repetitive head trauma for hea those whose work

if we get a reasonable pce inflation reading on tuesday, that verifies where the cbi says we are goinge in pretty good shape. then it comes down to the question of what the polls say about brexit. if it looks close, they might decide to wait and see. it looks like it's going to be defeated overwhelmingly, they may go ahead in june. scarlet: she last spoke march 29, almost two months before she spoke again, but janet yellen will give us the pleasure of her commentary in about a week and a half when she speaks on june 6. this was scheduled rather late, you think there's a reason. mike: what the fed wanted to be will to do was send a signal to the market if there racing into low, the possibility of june remove. -- rate move. they give themselves the option alley. if the numbers are bad, she can we don't wantay to move in june. we will and see where things go. but if we've a strong number, she can nudge the markets in the direction they want them to go. alix: option alley, was that a word that existed? i talk about this every day and finance. look at today, we get to more market reaction t

methodology, it reports lower inflation mathematically so if youed basket, adopted a chain index for the cbi, social security benefits would not grow as quickly and taxes would rise. you can imagine that this is anything that would reduce the and affectenefits thai taxes is going to have a lot of people who were not going actuallyhat, so it is produced a changed consumer price. they recognize this as a better methodology, they have implemented this, use this and congress does not want that to be official, so that is why we officialpi.y used the federal reserve recognizes this. they use this alternative measure that uses change index. there are a few other differences. the congressional budget office uses the change index. --epi, because they use fixed baskets and the chain index to measure the different to it is inflation rates. it has nothing to do with anything in the real world. it is just a mathematical formula you are using. there is a difference in mathematical formulas and they are details, but it is an important question because if you look at the world through a less accurate inflat

>> that was from the cbi. we always made a point to putting the figures on for somebody else separate in the campaign, and that was based on the research innovation on the structural social funds in the generation and other aspects of the food markets, so it is an economic calculation based on the trade of the single market. >> one more question. is there any reason or what do you think would have been the key as they vote to leave? >> we ha have a very clear paper and they had their choice and the status quo on the paper and i know perhaps the gentleman this afternoon will say we are not going to give any secrets away to the opposition but people deserve to know what it is we need to do and if they are still negotiating and haven't even gotten around for the countries that joined ten or 15 years ago then there will be a delay in the areas like that. we have no idea in terms of the rebate and we have no idea in terms of the currency waiting and we are being asked to assume a. we have the service is included in

members.ry membe their families and veterans ines their families.r lies everything from ptsd treatment, cbi to but -- you still have hv another 30 seconds to go. g >> you guys literal vol gone foe their seconds.ecds >> no.>> three minutes. >> keep pushing. >> we're watching the clock.e c >> and this year we hope toe that would be able to provide boot campaign the opportunity th give out 500 direct assistant as grants to the veterans. active duty members and their families.li >> 15 seconds left.seconds left >> 37. >> 3 >> i told to you pace yourself,, tucker.tuck. >> 99! if i think you guys wills accomplish your goal. >> 100. >> four, three, two, one. threeo push it out, push it out. one.on >> good job. good job. now -- >> even though i was talking with the sergeant here i waserge actually keeping track.ping t so the official total in onene minute of push ups tucker did 4d push ups.sh u congratulations.s. erin did 170. (laughter). >> i saw her. >> well done. >> i actually did 35. >> the website. >> www.boot campaign.org/push ups for charity.. sports military, thank you sohay much. >> thanks

we have had slightly subdued price pressure since the crisis with a sluggish return to getting the cbil even though it is finally there. the next leg up in the start -- in the stock market is tricky. it's more organic and it becomes much harder to predict when you will get the next innovation or the next supply-side story that drives equity prices whether it's biotech or communications or energy. 1990's-stylend of move your looking for. most of what we got off the lows for the last seven years has been central bank driven animal spirits. paying -- an a good good ring but that's probably leg which becomes you to predict area jon: identify the three pillars which are not organic growth. is it the most hated bull market ever? to some degree, if you take this year until a couple of weeks ago, there was a lot of money leaving the market through hedge funds and institutional's and retail investors. doing supply and demand but people injecting demand were the corporations. these sorts of activities put a floor under stocks than they do. it helps stocks get to where we are now. from here going

cbi data is out showing that consumer most since charisma 2013. biggest drop in gasoline prices in four years. they are laying the groundwork for inflation to climb higher. what do you make of this? >> the important story you want to keep your eyes on is what will happen with undermined inflation. corn inflation has been running 2% for a while. it came down from 2.3%. what i would say is that you might want to go one step deeper. if you think about core inflation in the united states, you want to think it as goods and services. they will be much farther apart with core inflation. that has been running over 3%. mind important to keep in that the core service inflation is what consumers respond to and a tight labor market. i would argue that the trend will remain very much in tenant and in place. the city ofto london over in frankfurt and tokyo, wherever it may be, the idea that high inflation is getting higher, are you trying to say to my mom that central banks are trying to push up the cost of living? yes, it is in their mandate, why? binky: the a

>> that's a figure that came -- i think that was from the cbi.ays made a point on putting note figures on any of our documentation separate from the campaign, and that was based partly on research and innovation, partly on the impact that structural funds and social funds have in terms of regeneration and other aspects of, you know, the food markets markets -- [inaudible] so it was simply just an economic calculation based on what the trait of the single market does for the united kingdom. >> okay. i've got one more question. i mean, you've told us the main reasons you think scotland would be better off if the u.k. remains within the e.u., so what do you think would be the key risks if the u.k. as a whole votes to leave? >> well, it's the uncertainty. if back in september 2014 we had a very clear white paper of alternative future for scotland in the referendum, and people had a clear choice on their hands in the status quo of the white paper. we have no be equivalent at this moment. and i know perhaps the gentleman who will follow me this afterno