vonnie: how much are we talking about, a big chunk for deutsche bank?it does not appear to be. , theying to our database have not had a full mandate from the russian government for about 40 years. most western banks have dialed back business with russia since the invasion of current -- crimea and the support for the ukraine secessionists. atre does not appear to be first glance any basis for this letter. there may be ongoing relationships that we are not aware of. but it does seem slightly out of date. romaine: thank you. geoffrey smith, thank you. vonnie: the chinese only -- says revenue is soaring 61%, their net income fell because of the expense of shares awarded to workers at an affiliate and financials. vw has mapped out its $4 billion it wants toover as transform itself from just a carmaker to a provider of transportation. , a car sharing service and they will by 2000 all electric cars in berlin. sears, thet struggling retailer will close ,nother 46 stores in november including 33 sears and 13 kmart stores. they are a plan to shut more stores by e

so what we're going to see is more cost cutting inside deutsche bank. the topic of digitalization is something on top of the agenda for deutsche bank. they want to be a platform bank, whatever that tells us but with that he was also admitting that this is going to mean that the bank will have less employees so i think the story will remain intact, as we were telling it earlier, or in the last months deutsche bank is restructuring, cutting costs, and they're kind of trying to keep up their revenue line at the same time. of course the ceo of deutsche bank is still optimistic or eager to play a substantial role in international investment banking, as he was putting it, german industry, big players all want to have a german bank who is accompanying them everywhere in the world willem, back to you. >> thank you very much for that. >>> the turkish lira is under pressure still after the finance minister said u.s. sanctions against ankara could destabilize the middle east. moody's downgraded 20 turkish financial institutions citing the increased risk of deterio

poor results and tumbling the share prices germany's big banks are in trouble deutsche bank just lost the title as the country's most valuable financial institution to a startup in the tech sector and joey second largest bank could soon be ousted from the dax index surprise and that bringing germany's banking giants up to speed is the focus of a conference in frankfurt this week is there a way to shake things up without letting them full that's the challenge facing germany's big banks right now with greater competition from abroad and trade conflicts in world politics europe's financial institutions must pull their strengths says deutsche bank c.e.o. customs evening it's come flogger called the deal we spoke it's clear the pressure is on to consolidate in europe there are five thousand five hundred financial institutions in the eurozone beefeater for not how many of them can manage risks in an increasingly confusing world economy. open up europe doesn't need as many banks as possible what it needs is strong banks. and deutsche bank plans to be among them it's retained its global aspir

deutsche's traders are said to admit $35 million.s trader said to have lost $19 million. turkey holds an investor call at 2:00 a.m. london caught -- time. atlantia fails to set an opening price. the operator of the bridge which collapsed in genoa, italy, indicated down 20%. they can't find any buyers. the bonds plummet as mostly sellers exist in that market. welcome to "bloomberg markets: the european open." matt miller in berlin, alongside guy johnson and bloomberg's european headquarters in london. guy: thank you. 30 minutes into the trading day, some of the metal stocks bouncing back a little today. as a sector, it is doing reasonably well. glencore having a recently good day. we spoke to the ceo still seeing opportunities. early stages of this process, the digital revolution will transmit -- transform so many factors of our life's -- lives. the stock, already up by so much. he won't comment on share price, but the trends he is seeing in the market. carlsberg is trading higher. bottom endyou to the of the market. we don't see atla

deutsche keller -- deutsche telekom is a leader in europe where growth is hard to come by.to last months era should call on the technology sector. the firm says it is time to step away from semiconductor stocks. stanley says the cyclical indicators are flashing red for the industry. the note warns u.s. chip stocks have the worst risk reward ratio in three years. it is a milestone for the home rental industry. from yard residential has bought property manager haven burke 3200ers and a portfolio of rentals for an amount of money. the purchase was facilitated by a loan from freddie mac. it is the biggest deal they have done and its single-family rental program. but is your business flash update. scarlet: coming up, charge of the bulls. bg igl be hearing from chief equity and derivatives strategist. allt forget to check out the different charts we feature on bloomberg television. you had over to gtv go. this is a great one. showing how cash is competitive now with longer-term treasuries. certainly equities as well. you are not getting paid return well as a couple months ago, yo

taylor: it is coming from deutsche bank, interesting, and m&a scenario, is deutsche bank a buyer or selleranother require -- acquirer? keith: you think it would be a buyer because it is hard to imagine the german government being enthusiastic about deutsche bank being sold. the perennial speculation in germany is that some kind of deal with commerzbank, the second-biggest listed lender in germany. this comes up from time to time. he would not be drawing on them specifically. those banks have had significant punishment to share prices, down in the 30% range over the year. taylor: some gloomy notes in the conference about the world economy. what did you take from comments and how concerned should we be? keith: the comments were very bearish. he was bringing up a lot of potential risk to a system you may associate with the crisis of 10 years ago and 20 years ago. he used the words that the economy is past its zenith. he brought up the prospect that imf rescues being something people should think about. we have seen turmoil in turkey. one thing interesting when he said that the world economy i

bank twenty one billion and that's of course not a feather in the cap of the deutsche bank but one in wire a card and wire card because of its value could soon replace the come out spank the second biggest bank in germany and the doubts only it's telling us about the new players there frank thanks very much it's. a reminder of the top stories we're following for you before we go at least thirty five people are now known to have been killed after a motorway bridge collapsed in the italian city of genoa rescuers have been working around the clock to find survivors and bodies in the rubble of the country's president senator has called the collapse a catastrophe for the country. and watching you go to the news from berlin more to come at the top of the hour stay with us. because no data. points to which search engines and internet forms only hundreds of billions of dollars each year. why don't you make some money to. us jumpstart wants to help ordinary people benefit from the personal space or call a. revolutionary idea made in germany six next season. the return to carmel. in the twenty

bank on the twenty one billion euros that goes to show the downturn of the deutsche bank but also why are cards ascendency as a specialist in electronic payment processing and why are card now a candidate for the dax perhaps replacing comments about number two in germany's banking sector and see if there's new names out there thank you very much for something strange. watching the double news live from berlin and more coming at the top of the hour to send us. a snow day. thanks to which search engines and internet forms only hundreds of billions of dollars. why don't you make some money to. the u.s. german startup wants to help ordinary people benefit from the personal data recall a. revolutionary idea made in germany. a smaller. car culture. a hair. from a. super food stylish strong economy to lead a. lifestyle during. the moment. sixty minutes. nico is in germany to learn german hello and. why not learn with him w z learning course nikos vague. his creations. his brand the mistake of color got the icon of the. look what do we really know about the man behind the dark shades what mot

with us is deutsche bank. and linkage and finance and intots, but now, we link that great american consumption machine known as walmart. us --e l shea is with charlie o shea is with us. i love what you say about walmart taking on amazon. how are they doing? >> they are doing well. walmartare seeing with is the flexing of the muscle of the brick-and-mortar locations. brickt for year that if and mortar retail executed, they could be successful. in walmart's case, they're using the food business is to drive revenue and store business. grocery,pickup and they are getting people on the product on ordering the website thing going to the store to pick it up, which unleashes the value and the weaponry with the real estate, so we think that model is pretty compelling. tom: within their credit world of moody's, it is about margins on the income statement. are they going to show persistent margins, or is it just assumed margin erosion with the web effort? >> whenever you look at investment, walmart, like amazon, is havin

deutsche bank is trading down. belowice target is 20% where we are now. what the numbers 80% downast year, but from its highs. deutsche bank trading down by 1.57%. there is a mix of mechanical stocks trading lower. we have some interesting individual names. german manufacturing data is coming through now. the forecast 56.5. services pmi rising. we will get more analysis on that in a moment. let's get a bloomberg news update. >> in the u.s., the minutes of many,atest fed interest rates is intensifying. jay powell has been attacked from the white house, with president trump criticizing rate hikes. we will bring you our interview with esther george. trump has denied using campaign fans -- campaign funds as hush money. it comes a day after prosecutors claim campaign officials were aware of the payment. this guilty plea contradicts -- these comments contradict the guilty plea from michael:. -- michael cohen. >> you have to understand, what he did, and it was taken out of campaign-finance, that is a bigger thing to come out of the campaign area they came from m

you've also seen the long-term issues of deutsche bank. lot of these things together, walmart was fantastic, and today, be happy. tomorrow is a different story. scarlet: let me jump in because anyone following nordstrom might be happy. they are reporting gross margin be doing -- margin beating analyst estimates. when it comes to the revenue line, it is also higher than anticipated. $4.07 billion. earnings per share of $.95, and earnings -- analysts were looking for $.84. when we look at these retailers, we look at comparable sales. full price comparable sales. we look at nordstrom.com and the department store itself to read analysts were looking for a gain of 1% -- itself. analysts were looking for a gain of 1% and it was up about 4.1%. joe: what do you say to that? peter: i may deflation us so i shop at nordstrom rack. market stocks are not a stock market. they will have their own good performance. if i pick a loser, i could pick dollars out from today. we can look at the disappointing performance of home depot after it stronger earnings

bank,e point, deutsche commerce bank makes sense. needs to sort out prospects. it is a horrible place to be. over a number of years, yes. it is not pricing m&a and there are not obvious targets. nejra: thank you. tomorrow, our interview with warren buffett, berkshire 11:30 a.m. int new york, 4:30 p.m. in london. this is bloomberg. ♪ xfinity mobile is a new wireless network designed to save you money. whether you use your phone to get fit. to find meaningful, thoughtful, slightly-weird gifts. or just to know which way you're facing right now. however you use it, your wireless bill is about to cost a whole lot less. ask how you get xfinity mobile included with your xfinity internet. so you just pay for data -- by the gig or unlimited. saving you hundreds of dollars a year. plus, get $300 back when you buy a new smartphone. xfinity mobile. it's simple. easy. awesome. click, call or visit a store today. >> another day, another record. s&p and nasdaq fit at record highs. dollar find its footing. fed as vicehe chair. the yield curve contin

well you know it's not a direct problem i don't think because companies like the men's or the deutsche bank or linde world leader in the industrial gases b.s.f. all these world class companies they pay very good wages they have very good social programs you get promotions you can go into a foreign subsidiaries so there are lots of attractive side effects of working for such a company and they paid in many cases more than the average wage earner gets when he just has a union negotiated wage so they're not affected directly but indirectly yes they are because a lot of medium sized companies and even smaller companies that provide services to them like building or fixing the plumbing. taking care of an electrician problem for apps that the on staff can handle in the factory and above all providing things like supplies for the automobile production chain or for chemistry that comes from small companies the smaller companies are having acute trouble of finding people

telekom all it says deutsche telekom but they have a huge u.s. subsidiary just. took over another company to become even bigger it's one of the biggest players in the telecommunications market in the united states there's billions of stake thousands of jobs right in the bottom front but thank you so much . china and the u.s. will hold lower level talks later this month and a bitch to resolve the it's escalating trade dispute the chinese promise ministry said a delegation led by its vice commerce minister will meet with an american group led by the undersecretary for international affairs at the department of treasury the chinese markets and currency have suffered losses in recent months investors have been spooked by washington and beijing's to attach terrorists. the chinese economy has lost steam in recent months washington's tariffs have put a damper on investor sentiment since the last trade talks between beijing and washington in main the shanghai composite has declined more than ten percent and the you won has been falling to the chinese cur

deutsche bank, same type of story cutting back on the cost trying to limit where they can. cutting the fruit baskets, today was about the cfo encouraging people to travel only when it is necessary. we are trying to rein in the cost. industrywide trend, deutsche bank in particular is trying to adjust that on the cost side. >> all right. michael. >> courtney donohoe. courtney: hey there. officials unveiled a plan to dramatic they weaken pollution on power plants. it would give states the latitude to design their own plans for reducing carbon dioxide emissions at the site. it is day four of jury deliberations in the trial of former trump campaign manager paul manafort. say the's lawyers defense encouraged and the jury sent no knows to the judge and gave no indication of whether it is close to a verdict. the treasury department says russia blind conduct demands a firm response. the u.s. is imposing sanctions on russian ships that allegedly helped bring oil products to a vessel. are designed to pressure kim jong-un to get rid of nuclear weapons. acrosoft has uncovered russian ef

they expect adjusted earnings from continued operations will also decline >>> deutsche telecom raised their earnings forecast for the second time this year. positive trends helped drive second quarter growth but the 10% decline against the euro did limit that growth potential. looking at the share price, we can see it's currently trading down around two-thirds of a percent. we're joined by guy petty, head of aquari group. has this company matched expectations >> yes, it has been matching expectations, but it's a tale of two stories. it's the constant outperformance in the u.s. with a more moderate but in line expectations one thing i would highlight is the domestic german business, it's doing well in the mobile segment especially compared to operates like vodafone >> is greater global consolidation in this sector the main factor to watch for with this stock >> and also with deutsche telecom they did a bunch of deals last year. >> they completed an austrian transaction. outstanding are the moves in the netherlands, and of course it has the big one with the plans with sprint in the u.s

at the end of the day there could be a reunion of commerzbank or deutsche bank which is not anything we are talking about imminently deutsche bank and commerzbank both have declining revenues the question is whether one of them can turn it around sooner than later >> it's not just about declining revenues it's about scale they've been going after retail customers in germany spending money on customer acquisition. is that enough >> you can buy the stock today at 40% of book value there's a big risk attached to it these growth initiatives started to pick up in this quarter because in 2016 and 2017 we have not seen anything like it. it's a turnaround process now. i'm cautiously optimistic regarding commerzbank and deutsche bank regarding growth >> just want to flesh this out more you were saying a while back in our previous chats that on a valuation perspective or from an opportunity perspective, european barks are looking more attracti attractive year-to-date european financials are down 10% this qua this surely is sending a positive vibe for the sector >> clearly the opportunity is pr

guy: let's talk about deutsche and is role in this. deutsche bank has been offering to buy debt.s doubling down on this as a thing is looking to make money on. walk me through how deutsche could win or lose today. there's been quite a few announcements going into this meeting today, including one right through late sunday yesterday. and in terms of deutsche bank's announcement, it basically set the four for the price of noble bonds at $.45 on the dollar. it's not very different from what the price is set at in terms of the recovery rate, that will decide in the settlement of credit contracts back in april. basicallynew slope did so far up to today is giving it a few good sectors surrounding today's meeting. matt: david, thanks very much. david young joining us from singapore on this story. exciting, obviously in asia. also here in europe. a very close connection there. let's bring you views on the u.s. economy. there seems to be little on the horizon to derail the yield curve flattening in the treasury market has it dropped to a new decade low on friday. the gap between two's and

it may be deutsche bank leading the way.w you don't want to comment directly on deutsche bank. jpmorgan onening at your fic desk right now? goes, we as turkey have been uncomfortable with the policy next for a while -- mix for awhile/ ? now what is going on right between your strategists, your economists, and your bond desk? >> i would say first that the team is fairly cautious but not into broader european assets. we are in favor of those banks that have huge exposures to turkey. we don't think it is systemic. we think it will be manageable. we will see how some of these banks with fixed income credit perform. tom: what are you watching as you walk in? of the manyind one data points you are watching. u.s. to zinn tends going down to going down tons record flatness. >> the strength of the u.s. curve is one thing. when you look at where the 10 year is trading in the u.s., there is a little stress, but it does not feel like a flight to quality. we want to see how that trades. if we see an acceleration lower on the u.s. 10-year

bloomberg's dani burger looking at deutsche. thanks for joining us today.ou are in frankfurt looking at commerzbank. let's start with you first. >> it could be a fun one for the short-sellers. the company flashed its revenue and profit targets without giving an explanation. they are waiting for their earnings release radar this week to give the details. this is due to slowing sales in china and the u.s.. the company still struggling to make the turnaround. >> that is pandora, one to watch. we are speaking to the chief executive officer. what the takeaways? >> you're going to have a lot to ask because at the start we are seeing second quarter ebit missing analyst estimates. at 400 -- 747 million euros. that is nearly a 2% miss. itstrouble comes with post-impartial division where revenue have from last year. that is from the turnaround plan company has been planning. they are hoping to boost productivity. investors might be skeptical that turnaround is enough for the company to meet their full-year targets. so far trade work data has shares falling by about 2

deutsche telekom -- deutsche is a market leader in germany and europe where growth is hard to come byng up, from uber to airbnb. the waiting game for ipo's is getting longer. why some are opting to stay private. this is bloomberg. ♪ emily: a slew of high-profile startups are opting to stay private for as long as they can. investors and employees are finding more ways to trade shares privately. according to a new report, deals in the private market have grown dramatically this year. we are joined by nelson griggs, president of the nasdaq stock exchange as well as bloomberg's julie, who has been reporting on this. -- what is driving the volume difference? all i can think of is uber. >> it is a group of companies. we don't talk about specific companies that use the platform, but you have a lot more activity this year. we saw at least 50% more companies to conduct these private transactions and it is driven by the fact that they have changed from company buybacks and third-party tenders. that is driving a lot of the activity. emily: are they typically trading at a discount to the latest p

deutsche telekom but they have a huge a u.s. subsidiary but just. took over another company to become even bigger it's one of the biggest players in the telecommunications market in the united states there's billions at stake thousands of jobs. already bars to frankfurt to stock exchange turkish finest minister has assured international investors that the country will emerge stronger from its currency crisis insisting its banks are healthy and strong and while there is no denying the pill use position of the euro at least by iraq and rely on support from some very unusual quarters. as the lira struggles at all time lows many turks are really in behind president everyone's calls to exchange u.s. dollars for local currency when you stand all restauranteur and sit upon his own novel scheme to rescue the lira. the aim is to support the state and support the government therefore we launched a campaign to offer one portion of free fish and bread to anyone who converts one hundred dollars or more to. the restauranteur came up with the

around deutsche bank at the moment.hey are being asked to travel -- not being asked to travel quite so much. >> that's right. we've got to stories at the moment. one is the travel cost story, the ceo urging staff to hold back on travel because they need to cut costs. they have a strict cost target. if they fail to achieve and that will be a disaster. they are pulling out all the stops. travel is one area where they will hit that target. cost focus is one big focus. the other is what are we going to do with capital when we want to increase revenue and we have that other story, deutsche bank doubling down on the debt restructuring of nova group. they're going to make sure revenue does pick up at some point. i think the two stories show what is going on with deutsche bank. >> persimmon called higher in the u.k.. why? >> one thing that -- we have seen from house builders is a cautious outlook, not from persimmon. they do not do anything in london, which is where most of the pressure is coming. returning more money, good out

we bring in allen rest can of deutsche bank. what is the deutsche bank all.gershed call is euro, weaker dollar. we are staking arrange. the topside is 125 on euro -dollar. the downside is 110. when you battle over all of it is about an interest rate analysis or capital flow analysis? which is dominant now into next year? interlinked.e interest rates drive capital flows. terms, thee see in u.s. side of things in terms of , there arestrength short-term inflows supporting current account financing. there are interesting angles on the capital flow side. european hunger for foreign bonds is on the wane. savingssis of european going abroad seems to be tailing off, a good thing for the euro going forward. francine: when you look at some of the things happening in emerging markets, a headline from bank of russia saying they won't either fx on the domestic market to the end of september. what do you do for these ?urrencies hit by sanctions how do you position if the president can do foreign policy with one tweet? , what have this real risk we call a headline risk, hig

deutsche bank would need to write another 10%-15% in market value.k would overtake double teh sie -- a bank double its size in market cap. matt: if you get out of these indexes, you lose a big slice of support that is keeping shares at record low levels. , senior multi-asset strategist at state street is still with us. why have european banks underperformed the u.s. banking sector so much? : there is one very easy chart that explains the under-performance, the flatness of the yield curve. generate more from margins than u.s. banks, which tend to derive more from trading revenue. the link is very strong. states, u.s. banks are much more sensitive to the slope of the yield curve. they are much more likely to see an increase in volatility over the course of this year. while we are in that environment, u.s. banks are probably going to lead the way. it was a crowded trade at the beginning of this year. they are cautious on banks for much of 2018. may improve even further in the united states. a lot of the u.s. banks have renounced massive buyback programs

bank depending on where both the share prices are sometimes and this week more than the deutsche bank and about double what amounts bank is so the two leading full service universal banks dating back to the last to the nineteen to the one thousand century wire card younger company is much more successful a candidate for the dax in fact now while we're a card is doing just fine other companies are suffering the consequences of the ongoing trade war we got a hint of that today. that's right the huddles but released figures that it just calculated on and. pulled together the number of twenty nine forty two companies in the first half of the year issuing a profit or a turnover warning or both and that's up from twenty nine the previous year and that means that more companies warned about the situation partly and some mostly because of the trade war since two thousand and eleven two thousand and eleven when germany when europe was in the midst of digesting the financial crisis on the brink of the sovereign debt crisis will have to look at those financial reports once they come out to see i

deutsche bank doubling down on the bet.ble group, 45% of face value. deutsche bank is the backer of the turnaround. vote will beeek, a held. pepsico telling bottlers not to worry about the acquisition of soda stream. the beverage giant wrote that it has no plans to offer drinks such as pepsi and mountain dew on the platform. that means consumers will not be able to make those brands at home, with the soda stream machine. that is your bloomberg business flash. david: thanks. elon musk tweeted about taking tesla private. he said it was secure. now it looks like it was insecure. stock has declined almost 19%. solarcity, which caused our next guest to take short interest in the stock. we welcome from detroit, chris brown. welcome to the program. give us your sense about where elon musk and this company is? chris: we are predominately focused -- we are a long short fund. when we do short, we look for stocks where management has promised something they cannot possibly deliver, and where the valuation reflects the fact that shareh

good deutsche bank down 38% -- when we look at deutsche bank down 38%, for out of the top six worst-performing22 systemically important financial institutions that are european are down 20% from january. there is a lot of pressure globally here that talks to the fact that this liquidity environment that seems to be providing a fairly healthy return for equity investors, particularly in the u.s., is not being replicated around the world, and the financial sector is bearing the brunt. that is where we see a lot of risk. david: ian, thank you so much. he will be staying a little longer. turkish assets really taking it on the chin today. we will talk about that with pablo goldberg, blackrock financial's head of global debt. this is bloomberg. ♪ oomberg. ♪ retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving

deutsche bank's growth. we will talk about international politics.ish lira slumps setr the united states sanctions over the continued detention of the u.s. pastor. the trump administration said it will persuade companies to cut iran oil exports after it re-imposes sanctions. for more on how the u.s. is using sanctions as a foreign-policy tool, we are joined by peter trubowitz. professor, great to have you with us. warm studio be in a this time around. how unprecedented is the use of sanctions that we have seen by the trump administration? usingth a -- are they them more and on different types of countries that we have seen previously? peter: it's not a break with the past in the sense of other administrations. they've used sanctions. obama used sanctions against which is against iran one of the things that brought them to the negotiating table over nuclear weapons. what is unprecedented or unusual is that trump is using sanctions against america's allies. primary sanctions in the case of turkey but secondary sanctions in the case of america's , and t

deutsch a c.e.o. said while he doesn't really see it as an attack that's despite the company. rising high and its stock valuation further than even bank and comers and instead don't you see you once to work together with in tax you things are strong on tech and less sun. that's of course assuming they want to work with them because really they're making money whereas documenta struggling to do so i'd say that the strategy is to partner up with you or any me. becoming friends and using the enemy that way if they come to work. well banks are going to throw their weight at this definitely they're large huge with a big customer base and they want to use that data from customers for example to you know give them credit the problem is they're so big that departments within don't talk to each other and so here again that's the advantage of a smaller company that's able to use that data already and make this process digital and automated all right but it's there from the fact that stock exchange thank you so much. all right terry you mentioned a mysterious statue that's right that yes

david: deutsche bank wins big on a turkish waiter. -- wager.om new york, this is bloomberg. ♪ daybreak. bloomberg coming up in the next hour, credit suisse, this is bloomberg. ♪ >> to your bloomberg business flash. amazon may be on the verge of industry, another some shares fell today after reuters reported amazon is holding talks with insurance companies about creating a rival website. it says there are no imminent .lans to launch the site a report that activist investor star board is taking a stake in symantec, and wants to make changes. star board has nominated five directors to the board and the firm says symantec is lagging its peers in previous deals have done little to boost growth. more legal problems for bayer. shares fell after the california supreme court denied an effort to prevent the state from putting roundup on cancer-causing chemicals. a san francisco jury awarded a man for his claim that exposure to roundup causes cancer. -- caused his cancer. >> private equities, public dilemma. old-school partnership. the noble art of accoun

deutsche telekom but they have a huge u.s. subsidiary but it's just. took over another company to become even bigger it's one of the biggest players in the telecommunications market in the united states there's billions at stake thousands of jobs that any bets in front but thank you so much. well there's more business coming up shortly but first it's back to brian and we remember the late queen of soul that's right monica we have this breaking news story again the queen of soul aretha franklin has passed away at the age of seventy six her publicist announced this news a short while ago she been gravely ill for a number of days she was of course known for her powerful voice which earned her fame awards and plenty of respect. the title of her nine hundred sixty seven hit a composition by otis redding crowned her legacy from the moment the song hit the airwaves respect. everything franklin's imprint on soul music was enormous for commanding vocals powered the soundtrack of both the civil rights and women's liberation movements ha

income want to all those transactions in the past weeks many large german companies like diana and deutsche of bonn have either stopped doing business in iran or have tried sticky key states. and had of brakes it british prime minister teresa mayes only hunt for new markets outside of the european union including in africa on her first official visit to the continent and in between showing her adults moves in the cape town they said she wanted britain to become the g. seven biggest invest in africa overtaking the us pledging around for the whole of billion euros by twenty twenty two may also said britain would work with african nations to tackle insecurity and migration by creating jobs from south africa may heads to nigeria and kenya. like oh that plastic cup he set your coffee from this morning and like a threw in the garbage it could take up to four hundred years to decompose the amount of plastic waste particularly in our oceans is a growing problem many countries have taken a stance against the used to plastic bags for example but few have been as rigorous as kenya that so much as usin

so corruption still flourishes on the black sea visit deutsche site and report estimates the losses to the ukrainian treasury topped four billion euros a year in tariffs alone. the small town of nothing used to be a prosperous coal mining community but the old shafts in the former industrial region have long been shuttered now there's very little work in the county of west yorkshire a lot of the young have moved away only the local social club of as a little distraction run by former rail worker paul green like green many here feel left behind and forgotten they don't see any benefits in european union membership . you think. that your. so if you're look at me only through. your. next door a few women are playing bingo a popular game here almost everyone here voted leave to leave the european union so it can't happen fast or hard enough. to go away. and. sell our. white cat with those because. why do we have good players well. interesting questions indeed others here also can't understand why things can't go back to what they once were but the age of coal is over for the north of engla

trade conflict in world politics europe's financial institutions must pull their strengths says deutsche bank c.e.o. kristen's evening it's come. it's clear the pressure is on to consolidate in europe there are five thousand five hundred financial institutions in the eurozone beefeater for not how many of them can manage risks in an increasingly confusing world economy. open europe doesn't need as many banks as possible what it needs is strong banks and bank plans to be among them it's retained its global aspirations under savings leadership stands even took over running germany's biggest bank in april for the past three years the financial giant has suffered losses falling behind competition particularly from the u.s. savings says that now politics must play a part to. order to produce true european champions and we need uniform regulations in europe we need a unified financial market and i know if you're not smart and according to saving a strong european financial center to say that europe can better focus on finding strong solutions to upcoming challenges like breck's it for example.

if you look at the first five losers in the euro stocks fifty three banks are among those i n g deutsche bank and also the n.p.p. and unicredit in milan is also losing heavily and so are all the basic market parameters that you have the docs here in germany is down. in france and u.k. and in switzerland the indices are down and having said that it's not quite as much damage as on friday it's far from a investors therefore are not panicking but they are worried and the banking shares are central banks are central to an economy and it's not to be ruled out the banks may get in trouble over their business in turkey at this present time and that depends on how everything is going to develop now we know that the government in turkey wants to tackle the problem the central bank saying they are ready to take all necessary measures why isn't that called investors. because the central bank is not ready to take all necessary measures that's the estimate that's the opinion that's the evaluation of the people here in the market the only remedy that the people now want to see as one that shows that t

with us is sebastian of deutsche bank.ss of the conglomerate concept in switzerland. nestle, unilever and the rest. ofen an update on the value these huge bonded companies, how cheap are they right now? sebastian: many of them are in the food and beverage space. this continues to be one of the cheapest sectors on our evaluations scorecard. in terms of what is going to drive performance over the next what really matters for these investments is what is the u.s. bond yields going to do? recently, they have benefited from the fall in the bond yield from 3% to 2.8%. we expect the bond yield to go back up to 3.2%. tom: do the european, big multinational conglomerates becoming a more anglo-american use of cash model or are they going to be a very european model going forward? sebastian: they are highly international businesses, but the main question for us always is what is actually driving the performance? what actually makes the difference between whether they go up or down 10%? the main driver historically over the last 10 or

hello and welcome to a fresh edition of you could africa brought to you by channel stevie deutsch of ellen katie and my name is now it's a grain bin in city nigeria and i'm joined by my colleague sharma my in kenya alicia hello everybody if you're interested in the embattlement.

we know for example, the trump financial world used deutsche bank heavily to do most of its financing that deutsche bank was involved in finding mueller $6 million for their involvement with money laundering and the russians. if you take anything from this first trial, the fact that money laundering was taking place with someone's as the president campaign chairman ought to open some eyes. was notr. trump himself directly implicated in this trial whatsoever. do you believe ultimately there will be a connection between the manafort file -- trial and the president, or is this something that came up in the course of the investigation that they pursued? rep. quigley: i do not know that anything is connected. everything is connected to everything else in trump world. one i brought up mr. cohen, i did that for a reason. he ties his personal, professional, and financial worlds to the russians. i beseech the american public to be patient. let this investigation take its course. it is extraordinarily complicated. mr. mueller came into this investigation with impeccable bipartisan credentials.

a correspondent for deutsche of ella during a raid of his flat police confiscated computers tablets telephones and memory sticks by cost he was working as a media analyst and had commented on recent searches of independent news organizations. his wife told i.t.v. he suspected of having unauthorized access to information. authorities say their investigation is still underway they say the state run news agency has been unlawfully accessed more than fifteen thousand times in the past two years. according to the owner of the t u t dot b.-y. website this could all be a pretext. but. it is clear that was our income we could surely afford to pay for a subscription to the news agency. but many questions remain unanswered namely why the arrests and how searches were carried out at all the organization for security and cooperation in europe has condemned the belorussian authorities actions as excessive. sneezing in the valorous has been under the authority or indeed or shape of alexander lukashenko for twenty four years the opposition is severely restricted on a list of one hundred eighty countries repo

he addressed speculation that deutsche bank may be interested in a tie up with commerzbank.hat is your bloomberg business flash. taylor: still ahead is the battle for amazon. newark mayor ras baraka joins me next. this is bloomberg. ♪ taylor: it is now time for our moment. newark, new jersey is taking a bid for amazon's second headquarters. they are trying to restore the city's financial health. mayor ross baraka is a democrat -- mayor ras baraka is a democrat. he joins me now. i want to talk about the news of the day. you recently sweetened your bid. i want to talk about how you can afford it while also looking at some of the investment that amazon would contribute to help you out. this is nothing out of the ordinary. we give corporations tax abatements, which is what we're talking to amazon about. if they invest a certain amount of money into our economy, which includes jobs and development. we expect the same thing from them. they are a company that is going to bring 50,000 jobs. that is not counting all of the other ancillary jobs. taylor: you had a similar program. they

that's of course assuming they want to work with them because really they're making money whereas deutsche bank is struggling to do so so that the strategy is to partner up with you or any me. becoming friends and using the enemy that way if they come to work. well banks are going to throw their weight at this definitely they're large huge with a big customer base and they want to use that data from costumers for example to you know give them credit the problem is they're so big that departments within don't talk to each other and so here again that's the advantage of a smaller company that's able to use that data already and make this process digital and automated all right but it's there from the bank that stock exchange thank you so much. the pose of the address that is what people call dubrovnik a popular travel destination on creation and post it seaside location and maybe able sites attract i will sense of tourists every day now they provide a steady stream of revenue for. the businesses but they also get in the way of everyday life and some locals just have had enough of it. on a ty

in a statement to deutsche avella germany's family and women's ministry described female genital mutilation as a human rights violation during this legislative period the ministry also plans on working more closely with germany's youth welfare offices but when it comes to some parents taking that young daughters back to their hung country for a so-called vacation circumcision there's very little that all thora to all the german government can do. volunteers and teachers therefore play a huge role. the only way to really gauge what's going on is to have a vigilant society particularly means people who work in close contact with families who might potentially subject their daughter to. these people should be particularly attentive. ted if estimates that fifteen and a half thousand girls living in germany are in danger of a. failed her three year old is among the. miami goodnight three year old daughter has been circumcised yet but if we stand back to somalia who am one hundred percent sure that her grandparents will make undergo the procedure. but for the first. eldest three door says it's al