some quietly slip outside the side door and others throw donahoe behind them. you're talking about european members needing to rip up the rule book when it comes to eu budget limits at least in the short-term to respond to covid-19 why do you think different rules apply during this crisis >> we need to continue in the mood and unity, the sense of unity that we presented since april. the capital markets union is a great response to avoid the public sector to share all the risks in our economies the banking union is very, very important so the finance sector and banking sector can have all instruments possible to respond to this. the worst thing that we could see in the future is for this crisis to morph into some sort of financial crisis. we must apply that at all times. so there's only one possibility for this which is positive risk which is for us. >> clearly having enough revenue to pay for the future economic needs of the european members is going to be incredibly important and a digital task has been outlined for the next seven years. we were quizzing pasch

now eurozone members have chosen irish finance minister pasqual donahoe to lead the blocks financial policy making arm the euro group donahoe styled himself as a consensus candidate for both northern and southern single currency numbers and had the backing of the european conservative parties he best in spanish deputy prime minister not you call vino who is favored by southern states like france and italy done a whole now oversee the e.u. 750000000000 euro coronavirus recovery plan. german industrial giant siemens as one shareholder backing to spin off its energy subsidiary part of a larger move toward a coal power free future over 99 percent voted in favor of spinning off the unit which is valued at around $17000000000.00 euros now energy which includes oil and gas gas turbine and power transmission divisions could be launched as soon as september siemens has long sought to shed the division into wood into a separately listed company and here's our frankfurt financial correspondent conrad with his take on this move the energy business that siemens wants to spin off consists for lots

now euro zone members have chosen irish finance minister pascal donahoe to lead the currency group's financial policy making arm think euro group donohue styles himself as a consensus come visit from the one southern in member states and had the backing of the european conservative parties the best in spades deputy prime minister not to count vina favored by southern countries like france and italy don't have real numbers help oversee the e.u. 750000000000 euro zone of orange covered. let's get more on this from marina stress brussels bureau welcome marina so lots of lots of us have heard of the euro group so explain to us how powerful this position is. it's considered as one of the key roles within the e.u. along with the heads of the e.u. commission that you council and the e.u. parliament and then you have done a whole hell have a crucial job now because as for your no covered 19 it's because of cover 19 the continental europe is facing is worst recession ever the your son's economy is set to contract by age point 7 percent and john a has task will now be to watch over a massive e

has called donahoe won the ballot. a favorite, the spanish economy minister. the u.s. is planning action against france in the long-running feud. a tariff will be released. targeted could include french wine, cheese, and handbags. the u.s. may decide to delay bringing in the duties. singapore heads to the polls today as a ruling party seeks to extend its 55 year rule. special precautions being taken include temperature taking. he issues in the campaign include jobs and the economy which is contracted as much as 7% amid the global pandemic. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. stocksup, chinese succumbed to gravity. plans to trim holdings. we take a look at the market action next. this is bloomberg. ♪ nejra: this is bloomberg daybreak europe. at us get a look at the risk radar. ending the week and risk off. the asia-pacific index weaker in general. and u.s. futures on the back foot. fxlar strength is a story in , it weakens against the yen for the the third day.

in berlin and i thank you members of the euro zone have chosen the irish finance minister pascoe donahoe to lead the currency group's financial policy making arm the euro group donaghue styled himself as a consensus candidate for northern and southern e.u. member states he had the backing of european conservative parties are heaved out the spanish deputy prime minister you see you're right there not be a calvin no who was favored by southern countries like france and italy donna who will help oversee the european union 750000000000 euro coronavirus recovery plan. it has been more than 20 years since the srebrenica genocide bosnia is marking the passage of time this year with the burial of 8 more victims scientists have been working since 1960 find and identify the remains of thousands of people whose bodies were scattered in mass graves in an effort to hide the war crimes on saturday as happens every july 11th relatives of the most recently identified victims will gather for a funeral in the east bosnian town 8 new model headstones will soon join thousands of others at this grave site ea

who was favored by southern states like france and italy now donahoe now helps to oversee the e.u. 750000000000 euro coronavirus recovery plan. for going financial reporter conrad boson is joining us from frankfurt where the european central bank is of course based so how much of a surprise was this for people where you are. quite a surprise sara because. your also had the backing of germany but as it turns out of the smaller member countries of the euro group obviously had been under a mess on the estimated again you know countries like belgium the netherlands the baltic countries don't like it usually when you know the big member countries of the euro group already decide about everything before the vote and let's not forget kind of angel ones called the smaller northern european countries very small countries with very small weight and that was perceived to be very condescending and arrogant something that donahue is said to absolutely not be just briefly conrad in terms of policies apart from coronavirus recovery plan what will be most important for the euro group chief. the banking union m

saving jobs and pumping new life into the economy which has been battered by the coronavirus pandemic donahoe reports from west sussex. the seaside town of reaches a faded 19th century resort town with fun times feel like a thing of the past a place counting the cost of coronavirus more keenly than most but most of my money is through from busking or from about use my during the summer and so our computer will be of a cushion but this year we're not going to have anything like that. lockdown may have lifted in time for the summer holidays but growth and opportunity seem a long way off. people need to know that although hardship lies ahead no one will be left without. so today we with a plan for jobs our plan has a clear goal to protect support and create jobs it's the latest in a series of interventions to support the economy the government here the treasury hoping to put hundreds of thousands of under 20 five's into work by paying their salaries up to the minimum wage for the 1st 6 months of their employment it's intended to head off a looming crisis of unemployment with the economy predicte

publication of the so-called russia report had been held back by the government for 18 months now donahoe can tell us what exactly it said. to get a very brief summary of the long awaited russia report we can go straight to page 13 of the document the written evidence provided to us appeared to suggest that her majesty's government had not seen or sought evidence of successful interference in u.k. democratic processes seems to be enough so if you're short on time or don't want to read heavily redacted intelligence and political spiel stop watching now otherwise let's go on. open source studies have pointed to the preponderance of pro breaks it or anti e.u. stories on our t.v. and sputnik and the use of bots in trolls as evidence of russian attempts to influence the process we have sought to establish whether there is secret intelligence which supported or built on these studies in response in my 5 initially provided just 6 lines of text the report's authors were seemingly surprised by the limited response of the intelligence services but not because those agencies may have more important

donahoe is his track from trinity college in dublin to corporate work in the united kingdom for procterble. he has lived the multinational lness of the united kingdom and ireland. finance minister, we are thrilled to have you with us. were you surprised for this huge win for your nation for tim cook? minister donohoe: i always believed such an outcome was possible. ireland has been very clear for many years that we do not make special agreements with any company, baker small in our country, and all taxpayers are treated equally. we value the relationship we have, like we value the relationships we have with all employers in ireland. we do not do special deals for them. this move is a recognition of that. michael: you have lived this with -- tom: you have lived this with png years ago. i want you to explain to those of palmetto europe and those worldwide that appropriate tax policies is not a theft from the general taxpayer. minister donohoe: i believe it is absolutely imperative that big companies are taxed effectively and they are taxed fairly. i also believe that for very big digital

eurozone finance ministers have selected islands pascal donahoe to lead to the 19 nation blocks financial policy making on the euro group during his 2 and a half year term he will preside over a massive post pandemic recovery plan. this is news from berlin follow us on twitter and instagram news or visit our website w dot com. thanks to the u.s. supreme court it looks unlikely that the public will see u.s. president donald trump's tax returns before the november election but after the election those returns may very well become public with their rulings today the justices including the 2 conservative judges appointed by president trump gave the president time to run the clock but not run the wall they denied trump what he wants most blanket immunity the right as president to ignore the orders of any court any judge i'm burnt off in berlin this is the day. supreme court including the president appoint change and declaring that he is not about the law i pay.