i don't think burke is applicable to continental europe. people try to apply its that led to a certain thought that people thought they were following him by he would not have thought so. >> host: they told me there would be no hegel. [laughter] >> it translates to america much more easily. what we americans take for granted in assume is that it was the beginning of something brand new with the extension of a certain kind of anglo-american way of life where it is quite different in developed differently and burke with his speeches with their much more threats but the basic idea of deviations of it is it the english stadia. that his position and that burke articulates does not translate simply but plays the part. >> host: from the book book, correct me if i am wrong, as scientists today your dissertation was a slightly different title. i am not trying to imply but it is your fifth book? >> guest: forth. >> host: slacker. but it was in the dead of the past? >> the great love change with burke thomas paine and the meeting of past. >> host: so

in addition to that, there was a great deal of unrest in the northern portions of continental europe at that time because the migratory tribes were unsettled. the migratory tribes were on the move and the people were actually on the move in their attempt to find a place for permanent settlement. so the early phase then begins with this important move to a new capital in constantinople, and it takes and it lasts all the way and into the early phase of 8th century a.d. the 8th century is comparable-- in fact, the end of the early period is parallel to the carolingian development in the west, and, in fact, is very instrumental in the development of the carolingian culture because byzantine art fed right into it. and i think that we need to keep that in mind. now, following the early byzantine period, there is an intermediate phase. and this intermediate phase is called the iconoclastic period. this is the period where representational imagery was not allowed, in fact, banned from religious interiors, which certainly is not the case in this particular building nor in any buildings create

european idea of social democracy is different and i don't think burke is all that applicable to continental europe. i think it translates to america more. >> host: they told me there was not going to be hagal. >> guest: there is always hagel. it translates to american easier. we americans, of the left and right, take for granted the idea that the american revolution was something new. but it was the english way of thinking and it is quite differently. burke in the speeches on america note the differences. they are much more suspicious of government than the british. but the basic idea of the individual to the community and the rights is an enlish idea. and the disposition toward that burke uses useful to america and plays a part in what we think of as conservatism. >> host: once last bit from the actual book, as i understand it, your dissertation was on a different title and i am not trying to imply you are recycling your books -- this is your forth book? >> guest: yes, forth. >> host: the title oof the dissertation was -- >> guest: the great law of change. and the meaning of the past in democrati

. >> even continental europe. >> what do you love most about your job?u are 63 this year. you have a contract through 2016. would you love and what is the hardest thing? is that ilove most can work in an environment which has two different ownership structures. we have a family that owned 70%. we are listed on the stock market, which gives us sustainability. and the necessary pressure to givesr. this combination the ceo a lot of strategic possibility to move the company. >> the hardest thing? >> the same thing? parts of your strategy do not pay off and you have to redo it. realize it didn't work the way we set it up and start again. that is the hardest thing. >> make you very much, karl-ludwig kley. the ceo of merck. thatmonkey or someone like escapes at the tokyo zoo. ♪ >> it is time for hotshots, a look at some of the most compelling images of the date. lake.ng into the deepest the torch has finally arrived in sochi. this is the longest torch relay, traveling 39,000 miles. the flame will be used to open the games tonight. and speaking of customs, a tok

for all of you in continental europe, independent square, without the smoke, this a different view ofn. the currency of the ukraine actually is a bit weaker this morning as other market indicators for the ukraine do decidedly better. alix steel has our company news this morning. >> we start with home depot. earnings coming out this morning -- the retailer's fourth quarter results topping estimates. revenue did come in a bit light versus estimates. all told, revenue rose more than double its projection over the last quarter net income sales. a report from the subcommittee on investigations as the bank helps clients hide cash transfers and it even offered accounts that were declared to the irs. the ceo is scheduled for tomorrow in washington. are coming from j.p. morgan. the firm plans to cut 2000 jobs according to the financial times. the positions will be in the mortgage business where demand has plunged. jpmorgan already plans to cut as many as 15,000 divisions in the mortgage unit. that is today's company news. you see that throughout all the banks as acceleration rates continue to

i was surprised to see continental europe is up 6%. where is the trend coming from? >> takes pain. we were up 18%. that is not people in spain saying this is a fabulous world. i take real risks with my life. people are saying, the economy is the way it is. i cannot delay changing jobs any further. i'm not enjoying the job so i'm going to look to move. we see that across movement -- across your. europe.re >> we are a good forward and his surrogate for the consumer. you've come back from two countries i want to hear about, one is australia which has been week. will 2014 need the year where the employment picks up there? >> we're very confident we will blossom in the next two or three months. in april, i will guess we will have been stable for four or five months. i do this trip four or five times a year. his most positive one i've had in two years. it is not a review of my own business. i meet a lot of business leaders in different industries and they are focused on growth for the first time. it has been tough. we were down 16% in australia-new zealand but we have an flat for the nex

the reality is we see a lot of ople leaving continental europe first moving to london and then movinge united states. why? because they are working very hard and they would like if they hit the jackpot, they would like to keep some of that money. the second thing is i think we need to move away from this culture in europe, which is we're going to -- the top down, we're going to tell people what they should be investing in. we have this big program led by the european union. the reality is no bureaucrat in brussels is going to come up with anything imaginative as to which direction we need to go into. we need to encourage companies rather than say we have the following -- and we're going to spend a zillion dollars in pounds or euros. >> talk to me about, finally, about what can we expect? when i look at my device five years down the road that i'm watching on the train or the bus, what can i expect? what are you guys working on now that is going to be really exciting? is it are apple? is it with samsung? walk me through what the next few years are going to look like. >> i'll just give y

do you see continental europe companies becoming more anglo?e american in focusing on use of cash and shareholder return? actually, we have doubled the share price in the last three years. >> the last three years has been fined. >> it all depends when you bought and sold. i look at our investments, some of our top investors have been in for 20 years. they're not any different from a european. what you do have to do, if you are this size company, we have one third of our investors in the united states. you do have to make sure you have an investment pieces. i do not think that you have to change your corporate strategy. sounds like a fidelity, a pimco investor. as a corporate ceo, how do you feel about activist investors? are you hoping they do not figure out your phone number? along andivist comes tries to create shareholder value. >> are they? >> it keeps everybody honest. does not apple and it look like iss agrees with carl icahn. it is not a bad thing that carl icahn put it on the table. what is important is that we are a long-term investmen

>> if you look at most of continental europe, that's the case.y are 17% higher than the u.s.. japan is 10% higher than the u.s., and the u.k. eight percent higher. >> can they change their plans? it is hard. the labor structure in the u.s. is so different than in europe during if you work in northern europe, you have lots of work councils and they are focused on keeping existing jobs rather than having labor solidity. u.s. labor solidity that allows us to do this so effectively. >> as investors are looking at 2014, are there specific businesses they want to have an eye on? just a few.ack in the debate over minimum wage. how it's going to help bring jobs here. president obama made it clear where he stands. he raise the minimum from one group of workers. we will have the next right here on "market makers." if you miss any of our interviews, you can watch them on apple tv. ♪ ♪ president obama has fired the last shot in the battle over minimum wage. his executive worker minimum governmentaffects contractors. there is continued debate over raising the

it is being led by europe, increase from continental europe and the u.s. and some emerging markets, but they are much less frequently cited. the key growth is really reflected in the pmis from earlier. the growth is being dominated by the emerging markets that are really lackluster. you have the russian pmi coming in at the fastest contraction since 2009, and very modest growth rates in other asian countries like indonesia and south korea. the only big bright light in asia at the moment despite the stock market is japan where pmis are near eight-year highs. contrast that with somebody in china. >> it always seems to me that exports haven't kept pace with elsewhere. is this the change given what we have seen in the new orders in this statistic? >> i certainly hope so. we have seen the exports pick up again and falter. but we are hearing they are whipping demand with a lot less uncertainty around the euro crisis. the global demand is picking up. but i think one of the really interesting things here about sustainability is companies that produce investment gr

. >>> we want to bring in simon hobbs counting down the close in the uk and continental europe. >> ane weather in germany is doing the exact opposite to this country. it's been very mild one reason why german business confidence has risen to a 2.5-year high unexpectedly. and wall street of course has pulled this higher. it's also continuing m&a action or talk within europe. these two -- actually, i was hoping to show you -- those two are the largest consumer retailers in the uk and talk they might merge. volkswagen is down today buying swedish truckmaker that it didn't already own, a capital increase, a more muted outlook. so volkswagen hasn't had a good day either. hsbc, the big bank, earnings have disappointed on the cost cuts and indeed on the revenue side. are we able to look at hsbc? george gave an interview over the weekend where he would be interested in bailing out banks in order to own a bigger part of them. and the dutch part of at&t has plunged today as a result of the having -- right down on at&t after u.p.s. failed to buy it. the other thing i wanted to say to you guys is

let's bring in simon hobbs as we count you down to the close in the uk and across continental europe.he exception of greece of course, which is up over 2.5%. there was a report in the german magazine over the weekend germany's third small loan from greece to the rest of the eurozone to the tune of possibly 20 billion euros to cover deficits over the next several years. the big picture is negative territory. and the data actually is quite good that we got out of europe today. but it was the data here that disappointed. and that's compounded the emerging market fallout. so you see that we're down quite heavily in the banks bearing the brunt of that. notably the italian banks. a lot of moving parts in the italian banks at the moment. switzerland also way down in negative territory. because of the weak data here, the euro had made an important break lower at the beginning of the session down towards 10-week lows, but because data here in the united states is so weak on the ism, the euro's bounced and quite substantially. we're now up a third of a cent. see how when the ism data came throu

the close in the uk across continental europe. what's happening overseas?s a result of gains we've seen here. i would point out to you greece again has made gains again. greece up 1.5%. we'll come back to that in a moment. the big news in europe is the inflation data has begun to climb. the headline consumer price index 0.8 pours, core index 1.8%. that takes pressure off near term for ecb to do something now. if we look how we traded during the course of the month effectively europeans in lock step with what happened in the united states despite big high-profile misses on the earnings front. pimco, wpp yesterday. the gains we got at the beginning of the year. europe still leads. still a phenomenal year so far for the likes of greece and ireland and portugal. the pigs are really flying as you can see. again, 13% in ireland. same time bull markets rallying. yield on the greek ten-year, for example, fallen below 7% for the first time in four years as people take off the table the possibility of a great calamity and attracted by the yield at 6.9%. i want to men

we want to bring in simon hobbs in the uk and across continental europe. how does it look?ion that the european commission raised the growth estimate for the year. overall the economy, the european economy grew by 1.2% because they're upgrading spain from 1%. though italy will be lack at 0.6%. overall europe not really going anywhere. i mean, there is a concern about china. don't forget that overnight shanghai fell by 4%. there's a knee-jerk knock on europe today to the miners as you can see, though. that said, they are off their lows. still the height of the earning season in europe. the world's largest dialysis operator warning the operator here in the united states will have lower reimbursement rates under medicare an uncertainties over iv supply will affect it. and the possibility according to reuters that might be about to bid for medical nutrition unit which might be why they're marked over. trouble over in the french telecom sector. not giving much clarity on returning cash to shareholders because of this guy, illiad that came in and disrupted it and they're all suff

. >>> let's bring in simon hobbs as we count you down from the close on the uk and across continental europe overall, if you took away, flat. down 1%. the gain wes had here on this side of the atlantic have -- the losses have been cut there. jpmorgan saying the excitement is building towards thursday's ecb meeting. however, all the choices they're thinking about is only marginal on the impact of the economy and the ecb will undershoot if inflation target for many years to come. on that note, let me show you how we're trading now. europe, the united states, clearly you see the that january has been worse on this side of the atlantic than europe so far. but the earnings are really quite poor in europe at the moment. reuters is reporting that of the roughly one quarter of top companies reporting, 45% have disappointed on their earnings. today the arm holdings that makes -- designs the chips for apple. dutch telecom carrier cutting 14% of its national workforce. oil and telecom, say reuters, those have disappointed the most. today bp disappointed, raising $200 million provisions for the gulf of

. >>> let's bring in simon hobbs as we count you down to the close in the uk and continental europe.e. one of the best performing stock markets this year. up 12% this year when we're flat in this country. in the meantime, overall, across europe is pulling back from the six-year highs. it's notable a lot of utilities are lower and the uk house builders are also in negative territory. boy, what a run. the uk house builders have had. for example, up 75% during the course of the last year. in switzerland they're clearly watching what is happening with the ceo of credit suisse on capitol hill. credit suisse was down 3%. big mover is swiss life holding, biggest live insurer in switzerland. you can see the result there. a double whammy in retail. third largest retail in the world,es the cois going to abandon the margin target and go out for an all out price war. this is a portuguese retailer. one bright spot for the europeans, eads, or airbus as we call it, has announced it's going to increase its monthly production of its workhorse. the a-320, single aisle, 150 seats a plane from 42 planes

britain was at war with napoleon, and this was a continental wide war in europe. it was total war. napoleon was hell-bent on dominant europe, and then some. it was total war to the point where if we trade with napoleon or gave a friendship safe harbor, the british thought it was an act of war. conversely if we trade with the brits and allowed a british ship to dock, the french saw it as an act of war. it was total war. while france possibly have the strongest army on land, easily britain was the mistress of the seas. the british navy was the master of the oceans. here's one of the ideas that britain had. britain fell one of the ways it could when the war was to blockade every port in europe. imagine how ambitious and then blockade ports in the caribbean and north america. therefore, they would deny the french navy the ability to resupply the army, the ability to move the army, men and weapons, the inability to export and, therefore, raise the money to fund the war him and the inability to import items the resources which they needed to fight the war. so the equivalent to the strang

britain was at war with napoleon and this was a continental wide war in europe. it was total war.apoleon was hell-bent on dominating europe and then some. it was told war to the point where free. gave -- conversely if we traded with the president about the british to doc the french saw it as an act of war. it was total war. now while france possibly have the strongest army on land, easily britain was the mistress of the seas. just maybe was the master of the oceans so here is one of the ideas that written had. one of the ways it could win the war was to blockade every court in europe. imagine how ambitious and then blockade ports in the caribbean and north america. therefore they would deny the french navy the ability to resupply the army, the ability to move the army and weapons, the inability to export and therefore raise the money to fund the war and the inability to import items to fight the war so it would be an equivalent to a stranglehold. they launch this huge blockade. now if you have a blessed -- massive blockade you need a lot of ships. britain wanted 1000 ships in the

in a way britain and his son was much more free and equal to continental europe and much less so than america. as he acknowledged in both cases. burke's argument is not -- berg was an early opponent of slavery. it was easier to be one in britain and in america because basically it had already stopped. but he was. he was one of the first signatories of the wilberforce petition and so on. burke recognizes that different societies exist in different circumstances. certainly part of his argument is about the particular genius of what he calls the english constitution which is not a rittenhouse tisha b'av a whole system that included an important class of folks effect it had its merits. he was not a defender of the status quo per se. is not an opponent of all change to the classic symbol. he was -- people coul good rusht system. he had done it himself but he came from a middle-class family not just a middle-class family by an irishman class family and made it really to the upper tiers of the british legal system. and wanted to wait to be opened other people to do the same, but he did belie