anna waterhouse was deutsche bank's head of compliance in dubai.d described a call from our local bank in dubai. the guys at the bank had noticed that kaloti had been withdrawing very large amounts of money, so large that they had to remove this physical cash in wheelbarrows. now, i was... ..amazed. they said, "we can see that quite a lot of this money is being funded by a deutsche bank account", so that was why they had called us. with all that cash changing hands, we wondered if kaloti had bought gold from the money—laundering gang we have been tracking. amjad still has thousands of documents from his audit for ey. so we asked him to search for some of the criminals‘ names in the data. and it paid off. i can't describe to you, the moment i saw the 100% match, those names that you gave me, they are exact same names in the documents i have, and those people were shipping their gold to kaloti. the most significant name is adbdel wahid ech—chaouti, the brother of the crime boss who ran the money—laundering gang. his job was to sell the gangs dirty go

long term guidance and the german chip maker warns of the fraught macroenvironment >>> shares of deutsche post jump fuelled by continued growth in e commerce and rise in german p t postage prices >> and dialing up. a 1.4 billion share buy back shus shushs pushes to the top >>> our top story today is all about autos. president trump is expected to delay plans on tariffs for another six months according to multiple media reports. the trump administration has until wednesday. the white house declined to comment to cnbc but renault has driven the sector lower. shares are driven the sector lower after six years after cutting the top and bottom line out look the giant has lowered sales for all key markets for japan and europe and slashed the market broadcast. this after the second posted job and hit by lower demands on uncertainty following the outing of carlos ghosn. meanwhile, feeling the weakness cautioning that it does not expect the sector anytime soon the chip maker does not enjoy the guidance adding that it is fraught with uncertainty in line with expectations that helps the stocks sparp

amid a massive reorganization plan deutsche bank. amid a massive reorganization plan deutsche bank on friday announced it had promoted fabrizio come belly to achieve transformation office on friday announced it had promotive belly to achieve transformation officer mr campbell who has been with deutsche bank for 15 years will oversee the banks mr campbell who has been with deutsche bank for 15 years will oversee the bank's plans to cut more than 18000 jobs worldwide and dispose of 20 percent of plans to cut more than $18000.00 jobs worldwide and dispose of 20 percent of total assets by 2020 the restructuring of management within the bank comes days of total assets by 2020 the restructuring of management within the bank comes days after germany's largest lender led down investors with weak 3rd quarter earnings which called after germany's largest lender led down investors with weak 3rd quarter earnings which caused our stock to dip by 8 percent in the 3rd quarter of 20193 a father stock to dip by 8 percent in the 3rd quarter of 20193 o

alix: torsten slok of deutsche bank sticking with us. looking at sustainable investing with audrey choi of morgan stanley. this is bloomberg. ♪ alix: this is "bloomberg daybreak." i am alix steel. happy monday. a lot of m&a happening. you are seeing equity futures grinding higher. luxury retailers on the lvmh deal. in other asset classes, it feels quiet. the pound is the upper former and the g10 space. not a ton of movement. maybe a little of a weaker dollar when it comes to the cable rate. the curve continuing to flatten in the u.s.. 14 basis points is where we sit. fors the time of the year 2020 outlooks and goldman sachs is out with its latest outlook. requirement for the signatories of the agreement -- integrated into 15% of their a um. in 2028, a um will impact -- impact will more than double. we already are seeing some of that money move. we had a recent report according to morningstar saying esg focused funds have taken in a record $13.5 billion from investors in the first three quarters of the year. joining us to talk about it is

officer mr kemp who has been with deutsche bank for 15 years while over summation officer mr kemp who has been with deutsche bank for 15 years will oversee the bank's plans to cut more than 18000 jobs worldwide and dispose of to see the bank's plans to cut more than $18000.00 jobs worldwide and dispose of 20 percent of total assets by 2020 the restructuring of management within the bank on the percent of total assets by 2020 the restructuring of management within the bank comes days after germany's largest lender led down investors with weak 3rd quarter earnings comes days after germany's largest lender led down investors with weak 3rd quarter earnings which. cause their stock to dip by 8 percent in the 3rd quarter of 2019 which caused their stock to dip by 8 percent in the 3rd quarter of 290324 key business areas where deutsche reported a decline in revenue 3 of 4 key business areas were reported a decline in revenue the bank issued a statement regarding the reorganization saying with the creation of the new the bank issued a statement regarding the reorganization saying with the cre

with a pipeline deutsche hospitals cover 19 countries we definitely would support dutch hospitalityill its growth plan and we will also bring their brands to asia, especially leverage our strength in china to accelerate its growth. >> do you see this as the beginning of a new trend out of china's companies, such as yourselves, to look towards markets within europe away from, say, traditional investment markets in the u.s. given the tensions between the united states and china that have existed over the last 18 months? >> well, from the hospitality market perspective, europe is actually a very attractive market the consolidation level today in europe is only 40% versus in the united states is already around 70%. so, we see, you know, by bringing you know more innovation into this market, we potentially can accelerate deutsche hospitality growth in its existing markets >> and so when you hear that the eu as a whole have started labeling china as a systemic rival when it comes to economic opportunities, does it concern you that perhaps in the future it may be increasingly more difficul

first, deutsche bank slims down.ing german bank cells goldman a big chunk of emerging market debt it doesn't want anymore. sec ishe u.s. regulator proposing sweeping changes to those who are less wealthy to invest in hedge funds. and finally, mackenzie says things will get worse for active managers as fees shrink and assets continue to grow. joining us to take us through all of this is bloomberg's sarah ponczek. deutsche bank has had this plan to spin off assets. it is a notional of $50 billion. sarah: right. it is exactly 51 billion dollars, all tied to em debt. like you said, this is really all a part of that massive restructuring program that is going on under ceo christian sewing. this isn't the first time deutsche bank has sold assets to goldman sachs. back in september, goldman sold the asian portion of its equity derivatives portfolio to goldman , and they sold some other portions of other portfolios as well. what deutsche bank is doing is they are looking across their portfolio, figuring out where they really

deutsche bank, we need to look at this. deutsche slashing l brands to a hold from a buy, saying efforts to revitalize its victoria's secret business may need longer than expected in a very competitive environment. l brands down 1.33%. shouldn't have gotten rid of the bathing suit business. >>> all right. while down today, i think they are bringing it back. l brands has plummeted 51% year over year. not good. >>> and jeffreys says that november revenue estimates for chinese gambling mecca macao will see the biggest drop of the year as the chinese economy slows and the trade war drags on. these three all have exposure here. now, if you are gambling on the u.s./china trade deal derailing singles day in china, you have lost. invented by chinese e-commerce behemoth alibaba, singles day blew away just about every single metric from previous years. they wrapped up $1 billion in sales in the first minute and eight seconds. one billion in 1:08. by the time the day was done, alibaba finished out the day with a record $38.3 billion in

deutsche bank is one of the member banks able to access the fed's repo. and oh so we don't know which bank it is many say it's j.p. morgan j.p. morgan of course that is flush with cash the taxpayer of america has given them thousands of trillions of dollars so they've given them a lot of money and they've got too much cash that they know what to do with deutsche bank credit suisse all these european banks are a could be in distress of course the other thing about this is that they say that perhaps more interestingly the new york fed's letter signed by corporate secretary shaun elizabeth phillips contends that the bank is exempt from the federal freedom of information act but tries to comply with that spirit so they're even saying like dodd frank says we don't need to show this to you for 2 years but beyond that we're beyond the law we can't there's no freedom of information request that you can admit to us and the fact that yes it appears that is there is at least one bank perhaps is j.p. morgan perhaps it's credit suisse perhaps it's a deutsche bank perh

joining us is the ceo of deutsche post, frank appel. to have you with us on the show as always. we have sort of given the positive out that positive outs -- the positive aspect of your outlook. that the shares price took quitting it that day and you had a capital market day that caused some caution for analysts. have you been able to turn around that message for investors since then? frank: i think we have a strong story to tell anyway. our broadfoot and around the world, strong positions, very good market positions, has given us stability, a record quarter. we are optimistic that we can deliver our targets this year end next year. i think we are well positioned. we continue to benefit from global trade. we are in very good shape. i think you can see that in numbers. manus: frank, good morning to you. frank, do you, get a sense from your customers that a progressive trade deal would unleash a resurgence of business and perhaps shift your guidance? are you dependent on a structural move in those tree negotiations to change your guidance.

morgan perhaps it's credit suisse perhaps it's a deutsche of a. perhaps a some european bank will never know until it collapses just like in the 20072008 as that the system started to collapse remember bear stearns was going under we were in london at that time and london has libel was the in the united kingdom so british press were not allowed to mention on that friday and remember the bank collapse on saturday or sunday when j.p. morgan took it over that friday they weren't allowed to warn their british citizens that this bank was about to collapse all they could say was a bank was about to collapse and basically go google it because the american press is writing about it you know like the idea that they don't have to comply with the law but they have to make a nod to the spirit of the law and i'm like where bit benevolent dictators means hollywood celebrities are going to go to jail as part of the college admissions scandal they should make the same claim like i know we violated the law but we're staying sure the spirit of the law but apparentl

over to europe germany's deutsche bank has reportedly sold about $50000000000.00 worth of unwanted assets so the goldman sachs group both companies have declined to comment on the deal the transaction is part of deutsche is seen to reinvent itself partly by unloading businesses where it feels it can no longer compete the assets were associates of the bank's emerging market debt and were booked to the company's so-called bad bank unit. european farmers are making themselves heard this week on tuesday in the german capital berlin protesters on tractors brought part of the city to a standstill irish and french farmers have now also taken to the streets the precise reason for each protest may be different but they all share a common message farmers are getting a raw deal. next stop paris on wednesday morning hundreds of farmers hit the road for the french capital to demand answers from president chrome they smelled of roads as they made their way to the famous shown sillies a. if you do it all conclude it is agriculture is dying seriously in every sector just last week or last another colleag

bank with the creation of the new transformation and human resources function deutsche bank aims to drive forward its most compress comprehensive transformation for 20 years with a team to drive forward its most compress comprehensive transformation for 20 years with a sharpened focus the primary objective is to manage this restructuring holistically sharpened focus the primary objective is to manage this restructuring holistically with clear accountability and to improve cooperation and process coordination within the group with clear accountability and to improve cooperation and process coordination within the group the restructuring plan which was announced in july is expected to cost the bank more than. the restructuring plan which was announced in july is expected to cost the bank more than $7000000000.00. $7000000000.00. 3rd quarter earnings we continuous as a macro backdrop remain soft. 3rd quarter earnings we continue as a macro backdrop remain soft let's see how we ended up for the quarter over in moscow the most rally led by let's see how we ended up for the quarter over i

deutsche bank selling another chunk of unwanted assets to goldman sachs.alue of $51 billion tied to emerging-market debt. the bank is exiting businesses where it has been unable to compete. dell lowering its annual revenue forecast, component shortages from intel hurting prospects despite purchases. dell faces following demand. chairman,ital ceo and -- tom barrack under pressure to force -- step down. the firm holds about 2% of colony's shares. they have lost confidence in ck, who is distracted by at least two investigations. that is the bloomberg business flash. francine: the path to the december 12 election in the u.k. continues today. in a couple of seconds, nicola sturgeon will unveil the manifesto for her party. we understand she will say boris johnson is dangerous and unfit for office. she will also demand that labour increase its nhs spending. if you look at the various possibilities if there is a hung parliament and who could form a coalition, it is fractious and you do not see anything that is a good fit. also happening, the e.u. parliament votes

morgan or deutsche bank are unable to settle trades because if these banks like a j.p. morgan or deutsche bank are unable to settle trades because they don't have the cash to settle the trade then when the end of the quarter come as they don't have the cash to settle the trade then when the end of the quarter comes they're going to have to by law if they if there is the rule of law anymore and that's an open question because they're going to have to by law if they if there is the rule of law anymore and that's an open question announce that they are insolvent and therefore they're going to set off a cascade announce that they are insolvent and therefore they're going to set off a cascade and a contagion. will be a continuing. 1000 on a crisis and a contagion that will be a continuation of the 2008 crisis but much much worse. but much much worse. just because he didn't. just because he didn't. know what is it just wasn't just one of the 1st of march not space for more but now it's just us not just one of the 1st match up space for more but. for the 1st political. ploy to

deutsche bank?r does kommers bank have a light at the end of the tendle. >> i even put japan in the camp. all the dirtiest banks, all terrible two years all turning here as well deutsche bank can go go 30 to 10 this is a $30 stock a few years ago. but look at the japanese banks have started to turn here as well uni credit also turning. >> garbage. >> this is a group move on the garbage names go up the most when that's the case. >> in a game of would you rather. >> um-hum. >> would you choose u.s. banks or european banks? >> i think ultimately we're people playing for duration and time horizon citigroup jp morgan thap that's where we play structurally. >> the move in the bond market has implications on the dividend yielding stocks. we've seen that play out a bit what are you seeing in terms of where that trade goes? i mean is the air gone from that trade. >> i think what's so remarkable remember late august, recession talk pervasive, the yield curve inverted pmi broken 50. all of a sudden you see the

perspective, in light of the recent franco german tensions. >> yes and deutsche is twice the size of orange. their core is strategic as part of the economy and the takeover of orange would be problematic for the french government. president macron is for having european champions and wants to promote that, but when it comes to strategic assets and losing influence for the french government and french companies that's where it stops. orange said discussions are not happening. and brussels would not look to cause such a tie up in the company. this is something the commission would look atthe potential tieup to companies, especially a lot of major laps in eastern europe >> the hurdle is quite high for these cross country mergers to take place thank you very much for bringing us the latest in the telecom space. >> an exciting morning for those who like to observe german politics because they said they do not want to be tied up in discussion they used this image on your screen to make sure how committed they are to the black zero policy. they use this black zero on a -- what would you cal

bankruptcy or insolvency aren't deutsche bank. and this is of course look at the numbers i bounce on stunting and this is of course look at the numbers i bounce on stunting 2021 have we seen such a collapse and based money in fact we're going to go to a headline here at 2021 and we've seen such a collapse and based money in fact we're going to go to a headline here and talks exactly about that and that shows the data that the base money supply talks exactly about that and that shows the data that the base money supply is declining at the same rate of $12021.00 gold credit and the cry is declining at the same rate of $12021.00 gold credit and the coming financial collapse since 2016 the us monetary base has declined by coming financial collapse since 2016 the us monetary base has declined by about 23.68 percent this is the deepest and longest the kleine about 23.68 percent this is the deepest and longest the kleine since the federal reserve was formed on december 23rd 1913 this should not be since the federal reserve was formed on

deutsche bank also making a call on kroger, tupgrading stock to hold from sell. the analyst cites growingsm optibout the company's digital offerings. the price at a tact are target is $27. the stock up more than 1% to 27 even. >>> lich nation upgraded to outperform fro into line at ever core. the analyst citing the double digi growth and the ability to weathe economic downturn. price target $73. shares gained an. fract and crowd strike upgraded to nierlt from sell at goldman sachs. e analyst citing the recently pullback in the stock the last month. e price target now $5 a. the stock rose more than 1.5% to 47.0s >>> there new sbrant into the streaming wars. disney plus today madets debut. though demand was high, there were also technical itches. bu disney has high hopes for the product. one with a direct reach reach to the digit ad market. julia boorstin with more. >> reporter: disneylus is the media giant's biggest move away from the tv bundle towards the digitalirect to consumer future. disney plus for $7 a montana month or $70 a year has ten original series and

or insolvency or deutsche bank. and this is of course a look at the numbers number and that's and sounds outstanding team to 2125 we want something that was so nice to be in such a collapse and make this money in fact in fact the fact we're going to go they're going to integrate into here and talk to hear exactly as you about that talks exactly about that the day those that date that that's at the base money so the money supply is. declined i not being at the same rate of 102220 rate and i finally told one credit one in the. crowd it in the coming collapse says 2616 the in the u.s. monetary base so says the cop to buy a back about 2023 point 668 percent this is the deepest and longest the klein since the federal reserve was formed 8 percent this is the deepest and longest the klein since the federal reserve was formed on december 23rd 1913 this should not be ignored the last time there was a december 23rd 1913 that should not be ignored the last time there was a decline close to this magnitude there was a sharp defl

deutsche bank laying off assets out of its bank. that is up 1.23%.initely a pre-thanksgiving market. 25aine: we have tallied record closes on the s&p 500 so far this year. it looks like you can pencil and 26. looks like we are headed for another record close on the s&p 500. up .2%. 10 of those record closes we have had have been in november and not a single one involved a gain of more than 1%. a melt up, that is what you are seeing in you are seeing every day persistently, no matter what happens. we have good economic data out of the u.s. earlier today which is leading to a selloff you are seeing in treasuries. that is the tlt you are looking at. we are seeing those rise across the curve. dollar strength tied to the economic data we got. seven straight days of gains for the u.s. dollar, that is the longest winning streak we have had going back to march. then you take a look at crude. surprise gain in the weekly crude oil inventory. you are seeing that way on prices. this leads to the question about how strong the economy is. a lot of strength but a l

morgan or deutsche bank are unable to settle trades because they don't have the cash this morgan or deutsche bank are unable to settle trades because they don't have the cash to settle the trade then when the end of the quarter comes they're going to have to by law if they if there is the rule of law anymore and that's an open question announce that they are unsettled the trade then when the end of the quarter comes they're going to have to by law if they if there is the rule of law anymore and that's an open question announce that they are insolvent and therefore they're going to set off a cascade and a contagion. and therefore they're going to set off a cascade and a contagion. will be a continuation of the 2008 crisis but much much worse because of the will be a continuation of the 2008 crisis but much much worse because in the 2008 crisis the response by central banks was to inject 16 or 17 trillion 1000 a crisis the response by central banks was to inject 16 or 17 trillion of money into the system and the hope was that this would korean of money into the system and the hope was that thi

and deutsche bank moved down in a key international ranking of the systemic risk.cial stability board dropped the german lender from its so-called third bucket down to its so-called second bucket that will likely mean a lower leverage ratio requirement on the back of huge cost cutting efforts at deutsche. it's the middle of a sweeping 7.4 billion euro restructure my colleague spoke with the ceo at the european banking congress last week and asked him whether christine lagarde's call for more fiscal will eventually happen. >> i don't know whether we get it, but i think it's worth the debate sometimes i think it's not only about the fiscal stimulus itself i think we should first look at the composition where the investments are going. that's number one. nevertheless, we need to invest into digital infrastructure. we need to invest into education. i think we have now the strength to do something more i think that is also where madame legarde is hinting for. i would support it if it's rightly sized, if it's going into those areas where we really need the investments an

morgan or deutsche bank are and. if these banks like j.p. morgan or deutsche bank are unable to settle trades because they don't have the cash to settle the trade then to settle trades because they don't have the cash to settle the trade then when the end of the quarter comes they're going to have to by law if they if there is the rule when the end of the quarter comes they're going to have to by law if they if there is the rule of law anymore and that's an open question announce that they are insolvent and therefore they get law anymore and that's an open question announce that they are insolvent and therefore they're going to set off a cascade and a contagion. will be a continuation of the set off a cascade and a contagion. will be a continuation of the 2008 crisis but much much worse. 2008 crisis but much much worse. forces backed by the cia in afghanistan have committed atrocities. forces backed by the cia in afghanistan have committed atrocities including summary executions out according to a damning report by human rights watch these i

morgan is insolvent as is deutsche bank it's not a liquidity issue they're insolvent they have a plot that are a 1000 times greater than any possibility of ever paying well exactly because the you know j.p. morgan is the largest creditor in the world they all they own us they own americans and americans are in debt and they can't pay anything so essentially that's why they're also bankrupt j.p. morgan is insolvent deutsche bank is insolvent all major money center banks in the world are insolvent and all the money printing in the world is not going to solve the problem because at the end of the day we're running out of helium we'll go shop that's what donald trump says oh fabulous well don't go away stay right there coming back in a minute. your government and our government and all the other major governments of the world know what's going to them and when it's going to. but they haven't told you and they haven't told me they haven't though. imagine something as big as the earth. is going to cause tidal waves or earthquakes volcanoes are going to wrapped and it's going to chill. so ve

morgan is insolvent deutsche bank is insolvent all major money center banks in the world are insolvent and all the money printing in the world is not going to solve the problem because at the end of the day we're running out of helium we'll go shop that's what donald trump says oh fabulous well don't go away stay right there coming back in a minute. your government our government and all the other major governments of the world know what's going to them when it's go. but they haven't told you and they haven't told me they haven't though. imagine something as big as the earth. is going to cause tidal waves earthquakes volcanoes are going to wrapped and it's going to chill. so very for a while right. my great grandfather's quote. nobody would care about the law or prison so you'd have wallace the shooter of. a turtle between the. led. led. police to the field for a specific. welcome back to the kaiser report i'm not at cern professor steve cain is the author of the instant classic deep funky economics he's also got a patriotic page where you basically are like you know taking lessons rig

you can see deutsche down almost 1.5% in spain, trading off 2.5% and down 1.8%. concerns about sovereign debt risks in countries like italy and spain and concern of recession in germany alongside of this when it comes to continued low profitability. china's central bank has cut its lending rate in a bid to boost now at 4.15% the third time that lpr has been cut. president trump has threatened to hike tariffs on chinese imports again in december if beijing does not agree to the trade deal phase one has taken the last few weeks of back and forth. trump was not all doom and gloom when it came to the relationship >> china will have to make a deal that i like that's it. i'm happy with china right now it will be over a hundred billion dollars. china never gave us ten cents. i gave a lot of money to the farmers. i'm helping people that need help they are paying for it those tariffs are paid because they devalue their economy they had the worst year in 57 years. with that being said, i have a good relationship with china we'll see what happens i'm very happy right now if

she's the 1st female conducted to have an exclusive contract with a leading classical record company deutsche grammophon and is in much to mom as a guest conductor as here with the door. you need to teach is one of the most exciting conductors working today here at dot one they call her my strum yoga 33 year old lithuanian will be a regular exclusive guest artist there for 3 years her repertoire includes a rhapsody by polish composer of zion back. i've. seen the secret vine back up the music of vine basque is marked by the cutoff for feasts of the 20th century when it got those tough in this context in the hundreds nothing bad as so many apparently regard to strangers to understanding on not understanding for them to feeling at home somewhere and not. to how's it hooligan for diminished so many sparrow that it's so here and now that it's just shocking that's the sign but it shouldn't just that's why she devoted her latest cd to find bag it was recorded with the city of birmingham symphony orchestra whose music director she's been for the past 3 years she's the 1st woman to hold the position h

morgan or deutsche bank are unable to settle trades if these banks like a j.p. morgan or deutsche bank are unable to settle trades because they don't have the cash to settle the trade then when the end of the quarter is because they don't have the cash to settle the trade then when the end of the quarter comes they're going to have to by law if they if there is the rule of law anymore and that's an open comes they're going to have to by law if they if there is the rule of law anymore and that's an open question announce that they are insolvent and therefore they're going to set off a cascade question announce that they are insolvent and therefore they're going to set off a cascade in a contagion. will be a continuation of the 2008 crisis and a contagion. will be a continuation of the 2008 crisis but much much worse. but much much worse. still. and we. need the. zoom. zoom. you know world of big partisan movies a lot for years and conspiracy it's time you know world of big partisan movies lot and conspiracy it's time to wake up to dig deeper to hit the stories th

we will nominate last year began working for deutsche of ls polish department for a morsel. he and his colleagues remain committed to fighting for freedom of the press in poland i'm really happy that they took a guy who worked for german. media and also for polish media any builds bridges and i think he really deserved it and i'm also a bit happy that they took a guy from virtual reality. for yes check a.p.r. the award ceremony was a great honor and for the rest of the bowl go was a night to celebrate in style. you're watching think of the news from berlin up next year's world stories i'm tired but by. playing. a historical trimming forging budgets business the militia leader. in iran the people of the islamic revolution. 4 the bands are making its initial flirtation was.

you will nominate last year began working for deutsche of ls polish department for a morsel. he and his colleagues remain committed to fighting for freedom of the press in photo and i'm really happy that they took a guy who works for german. media and also for polish media any builds bridges and i think he really deserves it and i'm also a bit happy that they took a guy from virtual reality. for yes check a.p.r. the award ceremony was a great honor and for the rest of the bogo was a night to celebrate in style. with the football and shaka have climbed to 2nd in the bundesliga table after $21.00 win at home to a new on belin. the scoring midway through the 1st half thanks to a thunderbolt by benito or amman this was the 2nd goal of the season invites an equalizer in your home with a penalty before half time and the match was headed for a drawer into shelters germany's internationals wants it done pumped up with the winner 4 minutes remaining giving the hosts a just treat the end well on saturday bruce the adult woman travelled to berlin to face him to berlin well. there remain

still with us his chief investment officer for deutsche bank wealth management in the americas and across asset reporter. mike was talking about energy stocks and how they are catching a bid for the second half they are still the worst performers. we saw oil prices picking up here. and is your outlook on oil energy stocks? >> they are deep value stocks. notwithstanding recent price movements, we have a be nine outlook.- benign there is a concern opec might not extend its cuts when they meet in december. we expect another round of oil into the marketplace from nigeria, norway, guyana. there is a lot of supply coming into the market. we will see a sustainable uptick in the price of oil given where the demand is and our outlook for growth. a good rule of thumb we have gdp growth, subtract 2%, that is oil demand and that tends to be significantly positively correlated. you are looking at a 1% global growth in demand for crude and given this one million barrels of supply coming on board, don't expect a sustainable rally. ofing said that, the parts the energy complex we do like, refiners would

morgan are deutsche bank are unable to. if these banks like a j.p. morgan are deutsche bank are unable to settle trades because they don't have the cash to settle the trade then when the settle trades because they don't have the cash to settle the trade then when the end of the quarter comes they're going to have to by law if they if there is the rule of law on the moon the end of the quarter comes. i'm going to have to by law if they if there is the rule of law anymore and that's an open question about that opus that they all started it's all been in their head for nouns are they going to go off they are insolvent and therefore they're going to set off a cascade in a contagion. will be a continuation of the tooth out a cascade and a contagion. will be a continuation of the 2008 crisis but much much worse. is it a crisis but much much worse. because you. know we all take. you know we all take a language that we speak for granted it's like the air that we breathe we don't notice it and in fact most of the language that we speak for granted it's like t

germany's deutsche bank has reportedly sold about $50000000000.00 worth of unwanted assets to the goldman sachs group both companies have declined to comment on the huge deal the transaction is part of george's scheme to reinvent itself parity by unloading businesses where it can no longer compete. people are getting older which is good but older people usually need more medical care and that could be a problem here in germany over the next decades the country faces an alarming shortage of qualified nurses and that is why the economics ministry has introduced a scheme called professionals in germany to attract suitable personnel from abroad including vietnam. it's monday morning in the neurological ward of the rostock university hospital. and there are 2 apprentices to do until quinn are helping a patient both have already completed training as nurses in their home country of vietnam nevertheless much is new to them. and during my training in vietnam i gave injections are put in drips but washing patients or giving them food was done by other workers. in germany the nurses to perform thes

morgan are deutsche and. if these banks like a j.p. morgan or deutsche bank are unable to settle trades because they don't have the cash to settle the trade bank are unable to settle trades because they don't have the cash to settle the trade then when the end of the quarter comes they're going to have to by law if they if that then when the end of the quarter comes they're going to have to by law if they if there is the rule of law anymore and that's an open question announce that they are insolvent and there is the rule of law anymore and that's an open question announced that they are insolvent and therefore they're going to set off a cascade in a contagion. will be a container for they're going to set off a cascade and a contagion. will be a continuation of the 2008 crisis but much much worse. anyway show the 2008 crisis but much much worse. while do you find this us. and this us. through unions slide. through unions slide yes so yes. rational self and they're different. it was the fashion of television the t.v. designer shelagh ne

she's the 1st female conductor to have an exclusive contract with a leading classical record company deutsche grammophon and is in much to mom as a guest conductor as here with the door. is one of the most exciting conductors working today here and they call her maestro me again the 33 year old lithuanian will be a regular exclusive guest artist there for 3 years her repertoire.

morgan or deutsche bank are unable to settle trades because these banks like j.p. morgan or deutsche bank are unable to settle trades because they don't have the cash to settle to trade then when the end of the quarter comes they're going to say they don't have the cash to settle the trade then when the end of the quarter comes they're going to have to by law if they if there is the rule of law anymore and that's an open question and i have to by law if they if there is the rule of law anymore and that's an open question announce that they are insolvent and therefore they're going to set off a cascade and announce that they are insolvent and therefore they're going to set off a cascade and a contagion. will be a continuation of the 2008 crisis but the contagion. will be a continuation of the 2008 crisis but much much worse. much much worse. q this you. did. the moment when i thought oh yeah. that a moment when i thought oh yeah. it's a thought that washington's it was just something to that it was a reduced or because i thought that washington's it was just somehow

and finally deutsche welle says a building in austria where adolf hitler was born and spent the firstnto a police station to deter neo—nazi tourism. with me is mark davies, managing director at camberton, a strategic communications consultancy. welcome to you and good morning. many of these newspapers could do with your help, i think. let's start with your help, i think. let's start with a debate last night. what did you make of it? the polls show a small advantage for boris johnson. 51-49 this small advantage for boris johnson. 51—49 this morning but did not tell us 51—49 this morning but did not tell us anything we did not know already. lynton crosby, who has advised on many campaigns for the conservative party has a phrase that you cannot fatten a pig on market day and we are getting very close to market day. and i think what people know is that people have already made up their minds on what they think of these two leaders. yesterday should not change any of

. >> deutsche bank still shrinking, even after getting rid of unwanted businesses. country's largest lender posted its first results after it decided to exit from the equities business. deutsche bank reported a 30% decline in earnings. >> about 60% of the drop in revenues year after year is the impact of decisions we made strategically and announced in july. the underlying performance of our core business is only down to the low single digits in revenue terms. given we are executing a very significant restructuring in the businesses, we think it is a sign of stability and success. >> third-quarter earnings have reinforced its dependence on a driving latin american business as it continues to struggle in europe. while brazil led the growth across the bank's latin american operations, it decline 30% in the third quarter. what can you do in terms of revenueg the weak core in europe? >> we are increasing the number of customers. second thing is improving efficiency and profitability. the third is given our model, we have very good growth opportunities in the americas th

morgan or deutsche bank are unable to see. if these banks like j.p. morgan or deutsche bank are unable to settle trades because they don't have the cash to settle the trade then one set all trades because they don't have the cash to settle the trade then when the end of the quarter comes they're going to have to by law if they if there is the rule of law anymore in the end of the quarter comes they're going to have to by law if they if there is the rule of law anymore and that's an open question announce that they are insolvent and therefore they're going to set off and that's an open question announce that they are insolvent and therefore they're going to set off a cascade and a contagion. will be a continuation of 2000 a cascade and a contagion. will be a continuation of the 2008 crisis but much much worse. than a crisis but much much worse. thousands of american most men and women american men and women. to move into soon to come in the countries recently military. decision little toes shot onto to long lives. every song came to a complete. mystery