and eventually daimler chrysler was waiting to sponsor my work visa because the supply of the visa less than the demand so i was stuck in for five years with zero progress. so eventually i got married. at the end of the process i got married so that's how i became u.s. citizen through marriage. >> host: do you think if you hadn't gotten married you'd still be in the system. >> guest: probably not because by the end of the five year waiting run out of options and you talk about a hurdle. that's another hurdle. when you do not how long you can legally stay, cannot buy a house, i cannot easily change jobs bus the next employer has to be able to ready to assume all the legal costs and risks to help continue the process and not many police employers wastio that. i'm at the thorns rope back then and have to leave. >> host: so you right about rite about this in your book, the broke welcome mat, is the burden on employers or schools to say, yes, we want her to stay, and then they have to prove that you need to stay? >> guest: the burden is really mostly heavily on the applicant. so, this is ano

that is what it has done to the share price of daimler versus the euro.an see that spread ridening out. back to you. anus: thank you very much. anna: brexit and the prospect for a customs union after march 2019. they talk about the free movement. it misses the point if the u.k. has a big deficit. it basically goes into this -- talking about how services are the real pride. services make up 80% of the u.k. economy. they >> shares jump the most in a year after the chinese internet giant boasted record profits and the fastest sales growth in seven years. anna: a record 2.7 billion dollars. for more on the company's earnings, let's bring in lulu chen. what are the highlights then from this earnings story? the laws ofefying large numbers. this was the fastest growth in seven years in terms of revenue. most of that boosted by the mobile gaming revenue growth. net income was 70% higher than last year. part of that was boosted by the portfolio investments and tech companies and ride sharing and bike sharing companies including mobike. for things that investors we

this is daimler and the euro, and diesel as well. daimler has been going down.o has been going up. week ago, people were talking about the fact that drug you might talk down the euro at jackson hole. yesterday, that story got a little bit don't upon. what do you think? what could we expect from jackson hole? read of the tea leaves for me. difficult one to judge. you are right. there is a sense the governing council should be waiting for the september meeting to discuss what it does with qe and for draghi to up run that -- i don't think he will from iran that. he has a track record of setting the scene, setting the framework, to make any decision entirely logical. hedid it back in 2012 when set the theme for omc. it would be no surprise for him to say something along the lines of this is where we stand today and let everybody draw the natural implications from that. jackson hole is jackson hole. it is quite likely he will say something of interest, for sure. guy: it was heavily flag he'd make a speech. still with us, geoffrey yu, head of the u.k. investment offic

daimler down and vw down 1.3%. it is a red-hot headline.n terms of the auto industry, 8% to 10%.ween that is the guidance and it is the guidance in terms of the operating profit and they are on track for 100,000 electrified vehicles. anna: thank you for waiting there. let's look at what we learned yesterday, the numbers better than estimates. their bute that for what did we learn from the diesel summit? michael: apart from added incentives on scrapping or trading in older diesels, what was announced yesterday was preannounced a few weeks ago that they will recall euro five and euros six diesels for a software fix which will hopefully reduce the nitrogen 30%. by 25% to manus: do you think that what you saw and what you heard yesterday, was it theater for the politicians to -- and industry to appease, do you think the consumer will be happier? they are doing a software fix. michael: in terms of reassuring the consumer have not gone far enough in this is taking into account that sales have fallen significantly over the past couple of months, m

billion dollars in taxpayer funds the original american company has been zero now by german automaker daimler or the federal government and now italian automaker fiacha but the chinese could be next the chinese government is said to be pushing companies to seek takeover opportunities overseas and chrysler seems to be a prime target. more than half of belgium's economic output is being funneled into tax havens that's according to belgian media. belgium's gross domestic product was around four hundred billion euros in two thousand and sixteen according to tax authorities belgian companies have sent two hundred twenty one billion euros to tax havens or more than half the country's g.d.p. back in two thousand and fifteen the european union released a list of thirty international tax havens to crack down on companies that might try to avoid paying tax in the block. these havens include hong kong monaco and the cayman islands if a belgian company pays more than one hundred thousand euros into bank accounts or to people living in one of the blacklisted countries it must declare those payments accord

well speaking of unmanned german car maker daimler the maker of mercedes benz has its eyes on a new venture it'll be co funding an electric flying taxi project with the aviation startup bolo copter these flying taxis would be completely autonomous and investors have already poured in more than thirty million dollars into the project the vehicle would have five seats and be able to lift off and land vertically it would have more than eighteen quiet rotors and be able to reach an air speed of sixty two miles per hour the self flying taxi can stay in the air for twenty seven minutes and has nine lithium ion battery pack systems that can be fully charged in under two hours development is being sped up things develop copter bringing on more engineers that have experience in software design electric propulsion and flight software the company has claimed that it will be demonstrating their new vehicle as soon as this year's fourth quarter. as more unmanned items take flight u.s. law enforcement wants to be able to track all unmanned vehicles in the sky while the pentagon has okayed a new policy th

daimler, and volkswagen will fix software on more than 5 .illion diesel ours -- cars b the companies german government reached the agreement at an emergency summit in berlin. separately the german carmaker has been sued in the u.s. for acting as a cartel. sharedges the trio technology information and stifle competition from 1996 to do at least 2015. qatar air will not invest in american airlines, claiming the move quote, no longer meets our objectives. qatar says it will continue investigating other opportunities in the u.s. and elsewhere could the american called the move, quote, puzzling at best and quote, concerning at best. still ahead, senator marco rubio pushing for a harder line on venezuelan president nicholas maduro. why he says oil sanctions could be possible. that's next. this is bloomberg. ♪ vonnie: this is "bloomberg markets." i'm vying quinn great we are seeing price action in general mills the last few minutes, the stock spiking at 2%. that is on volume. we aren't exactly sure why, but there seems to be a lot of activity around general mills. venezuela gearing up for m

>> over 5 million german diesel cars will be getting new software carmakers including bmw, doim l daimler and volkswagen agreed with the government to upgrade software that will filter out harmful emissions. >> translator: i cannot say enough that the results of today's meeting are a signal in the right direction. i know that trust has been lost. i understand that many think the car industry is the problem. it's our task to show that we are part of the solution >> do stick around after this short break, we will speak to the cfo of continental, one of the biggest auto industry suppliers. also very much active in the autonomous car market. we'll get the take of the cfo in a few minutes. >>> let's continue to talk about the auto sector. continental in germany posted a decline in second quarter earnings hit by higher spending on r&d and production capacity, but they slightly raised the sales outlook for the year thanks to growing demand for li electric car components. we are joined by the continental ceo, wolfgang schafer. my question is not so much about the past but about current trading in

seeking to avoid any political fallout, the leaders put the blame on volkwswagen and daimler.ment as "irresponsible." angela merkel's chief rival martin schulz land donald trump -- slammed donald trump. he said he was responsible for selling chaos at home and abroad. in his second appearance yesterday, schulz says he lowers himself to the level of the north korean dictator with his rhetoric. has 30%, according to the latest polls. poll, published weekly. electionour german news roundup. matt: now let's get some thoughts on the weekend campaign kick off. this is from a member of angela merkel's own ranks. he's a cdu member. we are joined live on set in berlin. time this your morning. everyone thinks this is a done deal, that angela merkel has it in the bag, and very little could change it. is the diesel issue, the automakers issue, is that a weakness for the chancellor? >> we have seen that all governments have had the same policy. therefore, i think you cannot blame angela merkel alone for that. it is very clear that she has attacked the auto industry, but at the same time, de

are they better prepared to shift away from the -- diesel technology then volkswagen or daimler?dinand: bmw announced they will offer [inaudible] the three series with all 3lectric drive, they have the i .ndi8 they are running very fast to more race in put the business system. longest time, i have about 2020, that cars columnar ranges are miles, 500 kilometers with the fuel electric batteries like the teslas and audi will come next year. audi and porsche want to have sales of 50% of its car at 2025. porsche and audi and the vw group is making a strong effort to go very fast. they have lost time in the past, they lost five years and that is the prophet of tesla. the profit of tesla. matt: thank you. foremost experts in the country on this subject. guy: the death of diesel, it is coming, is the electric car running -- ready? guest: what has changed in the last two years is that all this political capital with -- that the car capitals have has been destroyed. all these buyers who have been cheated, they out number the employees and the political capital they have to demand concessio

beginning to worry that the future of the internal combustion engine post 2025, which is possible, are daimlert others, they've got some catch up to do. his business going to evaporate? i doubt it. you suggest the economic growth will surprise in the second half of the year. that probably has not to do with tax, but sentiment. what i'm reading on tax reform is that will continue by 2019 and only by .2%. what will shift the dial? nicholas: nothing to do with tax. if you look at the pattern of gdp in the u.s., and you look at the city index or bloomberg index, there is no surprise in the u.s., but people tend to be optimistic at the beginning of the year. you tend to see a lot of disappointment. manus: you speak and we deliver. that is the way anna and i run. this is u.s. economic surprise. this is european economic surprises over the u.s.. you say that will possibly turn in the second half of the year? nicholas: in the u.s., we have had a period surprise has been negative in the first often, because last year we set ourselves up for this. we had president trump in, people expected me -- immedia

heavily involved in the management of an ownership for volkswagen and even the green need to rely on daimlerany is relying on the audi industry and they know that. you are not going to see a radical shift in policy here because nobody wants to be the one who is a job killer. it is the number one industry and so, there will be tweeting around the edges, but nobody will call for radical shifts here. matt: thanks very much. chad thomas is our hero chief in germany and follows the auto industry for us. . merkel meets macron speaking of the chancellor, the french president is hosting european leaders to host a plan on migration. where does this key issue fit in into the election? is a big one to discuss. this is bloomberg. ♪ ♪ matt: welcome back to our weekly election special. just four weeks to go until the vote for the biggest country in europe. macron will host the leaders of germany, italy, and spain in for side to work on a policy for migration. angela merkel reiterated she would change nothing in her approach to the refugee crisis in 2015. meanwhile, her finance minister germane future of b

is that going to hurt bmw, volkswagen and daimler?fragmentation we have seen in other industries, there will be winners and losers. the winners will be the ones that can change around the business model from gasoline driven cars towards electricity. of is no doubt the governors germany, france, we'll all demand car producers have a different production set than they have today towards electrification. whether that is right or wrong or economic or not, this is the political world. the short answer, yes. the long answer, some of these partners will be winners and some losers. the adaptability towards a new business model where everybody wants to lease and not on, think about how inefficiently used cars. our cars are idle 90% of the time. around the cities, you have cars you could just rent. there's no reason to own a car if you are rational. fortunately for the car industry, we are all irrational and want our own car. guy: it is strange carried dubai the car or divide the journey? -- do you buy the car or two you buy the journey? steen:

bmwswagen, daimler and agreed to upgrade or than five dozen -- 5000 bmw cars in germany. have learned and how unprecedented this kind of summit is. difficult very balancing act. the carmakers and the politicians are so close together and have been for a long time, it is fairly understandable because 800,000 jobs are provided directly by car manufacturers in this company and every fifth german has a job related to the auto industry. they have got together to try to sell diesel to the consumer public to convince people they are still safe and viable because they need to be able to sell these cars to meet the stringent regulations by the eu. they're what in the u.s. you would think of as cafe standards. the cannot do that without the diesel engines even though we have recently found out they pollute a lot in terms of nitrogen oxide. jon: the other balancing act is politics and business and how close those things have been over the last two years. you and i discussed about how much of a political for shoe -- lyrical football this issue is. the rest of the world is not onng to

the automaker agreed with volkswagen and daimler to upgrade over 5 million new were diesel cars and offeron older models in germany to get the newer ones out on the street. i spoke to harald krueger and asked him about the diesel dilemma facing the sector. sured: diesel will for play a role over the next few years as a transition technology and that is an important one because we can see the goals towards co2 emissions for 2020 and beyond cannot be achieved without diesel, and clean diesel definitely has on the requirements to make a positive contribution to our environment and significant emissions cutting impact. that is why diesel will continue to play an important role in the coming years. matt: -- guy: bmw's view of atsel -- let us take a look the german services sector. we are getting data crossing the screen. we have a germany's services pmi survey number coming through at 53.1. so slightly softer there. that is versus a survey. data starting to creep in. still, relative to kind of that construction expansion, still a pretty decent, solid number. matt. matt: yeah, absolutely. and t

do you expect volkswagen, daimler, and bmw all to meet the co2 limits they have to by 2021?ill all meet their targets, and none of them will pay any penalties because that would imply they broke the law, which none of them will do, so they will meet their targets. they will speed up the transformation from diesel towards hybrids. i am very glad you did not die yesterday and i hope you did not lose your hair either. [laughter] i am going to move on from this subject. so why would porsche even be talking about this latest car having a diesel engine in it? why are they even entertaining the idea at this point? arndt: look, the diesel topic came to porsche a couple of months ago because they were using the audi engine, which apparently had a device in them. for porsche, this is a very new development. i think they are currently in the process of changing their strategy. i had a conversation with the audi head of engine development of couple of weeks ago. they are quickly amending their engine powertrain strategy towards more hybrids thomas so i really think this is a very .harge

the two leaders put the blame squarely on volkswagen and daimler. decision-makers had swept the issue under the carpet, while schulz describes management as a responsible. we are going to be keeping a close eye on germany and the run-up to the election. don't miss our 30 minute special every monday at 3:30 hong kong time. we will have the latest political and market analysis ahead. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i'm haslinda amin. this is bloomberg . president trump attempting to ward off critics by calling for hate and division inside america to stop. he has been under fire for his response to violence at a white nationalist rally in virginia. he failed to denounce the right, neo-nazis, and weiser premises who held the event -- it failed to condemn them quickly enough -- which ended with one person being killed by a car, apparently driven deliberately into the car -- and the crowd. the president is now appealing for calm on all sides. pres. trump: the hate and division must

tom, let's go to germany, and emergency summit called by the government month the ceos of daimler andelet to say that does have a future. matt miller is in berlin. great to have you on the program. what agreement can they get? at a draftre looking yesterday that said a we might get an agreement on a software solution which would cost hundreds of millions of euro and a hardware solution which would put the caught -- push the cost at 5 billion euros. it looks like right now from the reporting we are hearing out of the summit that the solution could be shelved after the september 24 election and the automakers may only have software. millions of diesel cars that pollute as much as six times or ine what they are allowed to at the lab when they are in the street. francine: how significant is this for the car industry as a whole? matt: it is huge. volkswagen gets a global sales from diesel. and mercedes and all of them count on diesel to keep it there co2 emissions down. co2 is not the problem but nitrous out that gives people asthma, cancer, carter -- cardiovascular disease and we were not

that was the ginerali chief executive officer vw daimler. jones might've hit a record yesterday but lower this morning. let's check in on markets. mark: the bank of england's rate decision and roughly two hours, 12 minutes time. super thursday, the rate decision. the core inflation report. function, i think of it deeper. this is the page for august 3. % probability the bank is going to raise rates. months ago that was at 23.7 percent following some hawkish comments from mark carney. at the last meeting, the split was 5-3. anstin forbes has left and analyst i spoke with yesterday said it will probably be 6-2 today. this is cpi inflation, the white 2.6%,hich, as we know, is well above the bank of england's 2% target. basic wage growth is the blue line. look at the difference between inflation and basic wages. that is the gap that matters. this is a wonderful chart as well. this is real wages, the blue line, -.4%. inflation higher than wages. if you're thinking that consumers can dip into their isings, francine, the hope not great because savin

daimler-benz mercedes is moving in the space.king out the rental companies eating into car profits. we have robo taxis, they can order up a smartphone and taking out uber and lyft and other taxis. liz: did you see the poodle? stuart: i like the pat dell. it is official after much complaining, daniel craig will be back for another installment of james bond. the movie is due out november november 2019. two years ago the actor said he would rather kill himself than do another movie. liz: and he is alive. stuart: president trump not making any friend after the news conference yesterday. the markets don't care. how high can we go in any part of his agenda gets passed, we'll tell you. we'll speculate. >> nfl players have everything, for on the field, financial coaches and getting one for social media. fox sports 1 jason whitlock later with us this hour. you're watching the second hour of "varney & company." ♪ ♪ ♪ i'm... i'm so in love with you. ♪ ♪ whatever you want to do... ♪ ...is alright with me. ♪ ooo baby let's... ♪ ...let's stay