e.u. midterm elections. crunch time. leaders warn europe -- e.u.n europe they may not have energy supplies this winter. pres. biden: donald trump and the maga republicans represent an extremism that threatens the very foundations of our republic. dani: president biden in an overnight speech commenting ahead of the midterm elections. let's get to some of our other top news with first word news. juliette saly in singapore. we are going to put a hold on that. we will get back to jewels in just one moment. this top story continues to be one of pain when it comes to the impact of a stronger dollar and aggressive fed an energy crisis in europe. we have seen it slide through 140 per dollar. analysts and traders are betting there is more pain to come. let me show you what benjamin told her clients yesterday. it is becoming the only zero yielding currency with hawkish fed rhetoric. that apparently unwavering dovish comments from kuroda should leave the dollar-yen hostage. let's bring this to the head of fx. is this a case where the yen is hostage and not mu

e.u.ommission president ursula von der leyen described the rationale behind such measures. >> would isolate and hit russia's economy even more, so we propose sweeping new import bans on russian products. this will keep russian products out of the european market and deprive russia of an additional 7 billion euros in revenue. we are also proposing to extend the list of products that cannot exported to russia anymore. phil: i asked our dw for her take on ursula von der leyen's announcement. reporter: that's right. the european commission and ursula von der leyen have been threatening for some time to bring forth this sanctions package against russia, and now, this combination of the sham referenda, putin's mobilization of more people to fight in ukraine, he's repeated nuclear saber-rattling, has all gotten on the nerves of the european commission. so ursula von der leyen says she wants to make the kremlin pay for bringing escalation to a whole new level. -talk us through these later sanction

italy is the third biggest country in the e.u., and a founding member.y think they can fight with meloni for their concept of illiberal democracy and fight all these things that come from brussels. and also in the dispute in the commission about the rule of law, that italy will support them from now on. we have to see how that plays out. phil: and the massive issue facing europe at the momin y to threaten e.u. unity? guest: i don't think so. italy will not order its foreign policy at this point. giorgia meloni has did note the war. she says putin is wrong for his aggression against ukraine, she is supporting sanctions of the e.u. against russia and also supporting the supply of weapons and money to ukraine. but she has two coalition partners, liga and forza italia, but it is not so clear if they support this stance. phil: the turnout was low but italian standards, about 64%. why? reporter: it was 10% lower than the last elections four years ago, because italian voters are actually fed up with the whole system. they had three governments in the last four

just to be clear, the e.u., the u.s., the g7, we're not buying russian oil. they are going to be looking, especially to emerging markets to developing countries and of course, to china, to india, to big countries like that but also to developing countries that have really, they're partners and they work with them and that are suffering greatly from high oil prices so with the price cap, it enables russia to continue selling and using these services, having access to them or their customers having access to them as long as they sell below a cap that we will set. it will be at a price that covers their cost and it's a price that they have accepted in the past. so, all countries that are potential purchasers of russian oil, their bargaining power is enhanced by that. they need premium services. anything that russia or china can provide by way of insurance or other services are more expensive, they want access, those customers to premium services and the cap is a tool to enhance their bargaining power and we're already seeing it work. >> can that you you -- can t

in may of last year, the 27 members of the e.u.place a package that prevented russian oil from going into the e.u. after december 5. they also banned the ability for european services to be used by russia to carry oil. what the price cap would do is say we would permit services from the entire g7 to be used by russia as long as that oil is being sold under the price cap which allows the oil to flow, resenting price spikes, but would make sure that we hurt russia's revenue which we think is consistent with exactly what the e.u. wants to accomplish. we expect them to take action to implement this going forward. shery: the u.s. treasury secretary speaking with david westin. surging energy costs and rising inflation. pressures weighing on global currencies. we will take a look at fx markets. this is bloomberg. ♪ paul: let's take a look at what is going on and currency markets at the moment. dollar strength continuing to be a powerful thing particularly when we take a look at the yen. one i must -- the ministry of finance for the possib

this was forced on them by the e.u.rs ago especially in seat sweden the burden on social services schools, and law enforcement has been a nightmarish. no crimes unlike anything the police have reported before in sweden including bombings have become commonplace. >> these humiliation crimes they have increased the last few years also called domination violence were a young person can be at gunpoint, torture for hours, just because he is a swede and there is such resentment among some people. >> laura: this is overwhelmed the once very classic country. but how can anybody blame the py voting to stop this madness? cannot do so would be insane. something of a national death wish. and as the passage of breck sick as a bellwether for 2016 for donald trump. could the recent populace victories across europe showed different g.o.p. midterm successes? the grim faces on the faux intellectual class seems to indicate yes. >> the victory of a party that has its roots in italian fascism [laughs] planet simper is concerned and everybod

in brussels when the president of the e.u.el was cheering the sessions they were discussing one thing and coming back and saying another thing. bilateral negotiations should be the key. of course, we are open for any mediator. we work closely with all the countries and we are positive about that. but we suggest a peace deal. we say that we have put our terms on the table which are nothing beside international law, and armenia is avoiding that. why are you avoiding that? why do you not want to sign a peace deal with us? why are you not recognizing our territorial borders? imran: let's start with that. vladimir. why aren't you? guest: i am ready to come to negotiation with you. guest: you did not answer. no explanation why. guest: in a second, i will give you an answer. let's go to sit on the round and negotiate. it is impossible to negotiate if i come with a gun and you are with the dogs. or you come with the gun, with the gun and we are speaking about peace. imran: daria in berlin. -- [crosstalk] imran: one second. let's bring

the e.u.divided on how to deal with the war, especially where the populist backlash has emerged when people get totally stressed. european leaders will begin to ask is there a way out through negotiations? it's a little bit late for the establishment to tell us the whole ukraine saga may not have a happy ending? the angle was warning you in march about the risks of a biden proxy war. >> history shows that the longer a war lasts, the more costly it is. u.s. policymakers have to be very careful to make sure we do not end up in a worse position when this is all over. but the american people must be told that the risks of escalating things with russia are not negligible. it may in fact draw us even closer direct confrontation with russia which as we all know is a nuclear power. today we inch closer to the nuclear cliff. >> >> interpreter: those that try to blackmail us with nuclear weapons should know their prevailing winds can also blow in their direction. if the territorial integrity of our coun

and e.u.ave called for a de-escalation and russian president vladimir putin has appealed for calm. armenian government is winning the clashes could escalate into war if the international community does not pay more attention. armenian villages caught in the crossfire say they were terrified i the attacks. -- by the attacks. >> we came out and sell it was no other possible to stay in the houses. that serious shelling was taking place. we were very scared. we ran away from the houses to avoid being trapped under the rubble and hid near this big wall. the neighbors hid there. >> funerals were held in abner by john -- in azerbaijan for some of the soldiers. it is the worst violence since two years ago. a fully fledged conflict would risk dragging in russia and turkey and destabilize an important corridor for pipelines carrying oil and gas. azerbaijan made significant gains and a 2020 partly thanks to weapons supplied by turkey. the turkish president has blamed armenia for the recent violence. >> t

some also rallied against e.u.ssia imposed after the invasion of ukraine. >> this government is absolutely anti- czech, it only serves brussels, american power, and nato. he has no regard for the citizens interests. reporter: palestinians were killed during an israeli raid on a house in a refugee camp in the occupied west bank. palestinian medics say 40 others were wounded. over 30 is really military vehicles and bulldozers were seen in the area. one man who was killed was the brother of a man accused of carrying out a mass shooting in tel aviv in april. in baghdad, protesters and security forces have faults, as the iraqi parliament voted on the resignation of its speaker. supporters of iraq's influential leader tried to storm the highly fortified green zone government area. as riot police order to disperse the crowds, some protesters threw stones at security forces. iraqi state media also said three rockets hit the green zone once a afternoon. seven people were injured in the attack. we were at the protest in bagh

what compromises are you willing to make in your negotiations with the e.u.?d i both agree that what is vital is to protect the good friday agreement and we are celebrating 25 years of that agreement next year. but what's important is we protect and respect the positions of both the nationalist community in northern ireland as well as the unionest community in northern ireland. what i want to do is find a way forward and my preference is a negotiated solution with the e.u. to protect the north, south relationship and also protects the east, west relationship and that is absolutely core to the good friday agreement. >> it's interesting because i'm wondering what your reaction was when you saw the census figures that show catholics out number prod substaents for the first t. do you thingk it's a question when that will happen given the fact there are now more catholics than prodistants? >> well, no, i don't. the fundamental point here and this is what is encapsulated in the belfast good friday agreement is that both communities in northern ireland need to be res

but the e.u. rightfully recognizes hamas in its entirety as a terrorist organization, despite the fact that hamas operates as a political party in gaza. this is not impacting the e.u.'s ability to support gaza's reconstruction, just as designating hezbollah as a whole would not prevent the e.u. from supporting the needs of the people of lebanon. and the refugees inside lebanon. it's time for the e.u. to fix this false distinction once and for all and the global momentum is on our side. in 2016 the gulf corporation council and the arab league both designated hezbollah as a terrorist organization with no distinction between its political and military wings. despite lebanon being a member of the arab league, the e.u. should take note of that, a full e.u. designation now would demonstrate europe's commitment to cracking down on iran's use of proxy terrorist groups, destable iegz the region and attacking -- destabilizing the region and attacking our shared priorities this. resolution sends an important

they have had a large proportion of the migrants trying to get into the e.u.ers are sick of the fact that their federal government has not done anything about it. and so that kind of uprising against this open borders agenda, the pro crime agenda you are seeing, and some of the erosion of national sovereignty that has happened in italy, i think that's what they are worried about and looking to the midterms, which i guess is their prime preoccupation right now, wondering if that kind of sentiment might hit them. >> aishah: would you say we are on the so would you say we're on the cusp of something? i talked to people that voted for hillary clinton back in the day and now voting republican. the lockdowns really turned people's politics and we're watching as john said from sweden to france to italy, we're seeing a rejection of liberal values. are we on the cusp of something where we see more malonis >> i don't know. i think the general sentiment among the electorates across the world, it started in 2016 with the brexit vote followed by president trump here. peopl

this all has to do with the e.u.tarting to step up restrictions and planning to impose sanctions, a ban on russian oil by year-end. both regions have been getting greater shares of russia's shipments since the war broke out, and data from the s&p global commodities highlights how the e.u. sanctions are really during this huge shift. morgan stanley notes china and india, though, saw a 54 percent combined increase in the last month in russian oil products that they are taking. one way that the russian products are being shipped to asia under the radar is through these large shipping hub, where there is a lot of redistribution. some of the russian blends mixed with other products and relabeled. that is a lot of what is going on. this is a shift that will be closely watched in the months to come. meanwhile, we are seeing volatility in oil prices, we mentioned at the top of the show that the latest u.s. and london trading saw double-check i crude and brent crude deep earlier in the -- we saw the wti crude and brent crude

snobs would prefer that americans were forced to live under policies made in consultation with the e.u had their brothers, they would have a central committee. maybe in brussels or helsinki and that would determine how much beef you should eat, how much acu should be allowed to use. how far you should be allowed to drive in and what kind of car. even the language you are allowed to use or opinions you are allowed to express online or whether you should be able to own a firearm of any kind. and of course, they always use clever language, don't they come about their mission and their goals. >> reinventing democracy to fit the challenges of the 21st century may sound like a total outcry, but this is the mission of our generation. >> trying to destroy the democracy of these institutions as courts and the rule of law that counts as a free press. >> if you want to have democracy that means dealing with climate change first of all. >> laura: most in elected office will be so brazen to say what they really believe. and it's time to leave behind our old ideas of these claims little notions of p

saying south korea has removed long-standing barriers that hampered e.u. vonnie: pork -- e.u.les. paul. paul: thanks. we are keeping a close watch on the yen today after current these biggest one-day plunged against the dollar in a month. it has -- so the yen pushing through 143 while we were on air today. how much more pain is there in store for the japanese yen? >> in a nutshell, potentially a lot more. the currency is getting lower by the day. at this stage, with the bank of japan cleaning to alter a dovish monetary policy and the fed hiking aggressively, it is hitting levels last seen in the early 1990's. japan's former vice finance ministers said in may that the yen could reach 150 this year. it may have seemed far-fetched back then that here we are in september and the yen is at 143. it is not that shocking a notion at all. you have forecasters from new york saying do not rule out the yen weakness. 150 may be another line of defense. it doesn't mean the currency will stay at the weaker levels we are seeing forever but until something breaks, we cannot rule out yen weakne

. >> the e.u. says it will -- the u.n. expressing concerns about reports from russia of the early 2400 protesters being arrested since the order to partially mobilize troops for the were in ukraine last week say -- wednesday. >> we call for the immediate release of those retained -- >> the kremlin says last week that the 300 thousd russians would be summoned with priority given to those with military experience. vladimir putin admitted that there had been errors in who was being called up with reports of elderly people and those with disabilities receiving a summons. across russia, there has been a spate of attacks on a list meant offices. there are also those who support the sign up as the bbc reporter found out as he visited -- visited a military nutrition office. >> i am in the mood to fight says this person. this person says, they will lose a bit of weight and it will be fine. >> russia says it hasn't asked for the extradition of thousands of russian citizens who rushed into neighboring countries following the call for

prime minister -- was only westerner attending in person along from officials from the u.n., e.u. military fun. torrential rains are destroying homes and historical sites on the coast of liberia. the nation is vulnerable to coastal erosion. it is barely a meter above sea level. and we report from providence island the ocean eroded 30 meters from the shoreline in the past decade. >> providence island holds the promise of the past yet to be discovered. 200 years ago read american slaves settled here and founded liberia area we visited in october 2021 look at it now. the island appears to be shrinking. with the rising tide, a window into the past is disappearing -- this young liberian archaeologist. >> this impacts our history. -- in the next few years, the water will cover the entire place and thereby erase the entire historic site. >> in the summer, iberian and american archaeologist excavated part of the island they found surroundings from ships of the caribbean, the americas, and europe. their findings brought more questions than answers. on the other side of the atlantic, americ

so there's other manifestations of this as well, but the threat to e.u. unity is the biggest take here. >> effectively spain has said to germany, these are your problems, not ours france is probably sitting fine with nuclear now that the river levels have come up. a couple of weeks ago, jennifer granholm sending out a letter to oil and gas companies saying let's rethink exporting so much of our problem in other words, even the u.s. to bob's point, may be saying we need to keep what's ours do you feel like there could be some kind of a dangerous hoarding or anti globalization movem movement even happening here >> brian, i think things would have to get worse before we start hoarding, but a crisis is unavailability of supply that's what we're afraid of in europe and we've got a financial problem there that could turn into a physical problem. you were in germany recently you know that they're taking this very seriously. i doubt that we're going to see hord hoarding or changing dramatically of how u.s. players work, but a crazy winter and things could change.

e.u. joining us --andrea mammone at sapienza university in rome. what are people hoping to get from giorgia meloni? cecilia: the main issue will be the cost-of-living crisis. the italian electorate has been very much dissatisfied with traditional parties over the past few years. probably the excellent result giorgia meloni obtained was caused by and helped by dissatisfaction. now is the time for her to deliver i guess on electoral promises. hazem: do you think she will have much scope to put the ideas she wants into practice against this backdrop of the economic problems that were mentioned? energy shortages, inflation, looming recession possibly, and the war in ukraine? pieter: well, i don't know what she will be able to deliver honestly. what we have seen as usual is left of propaganda from the majority of parties. i am 100% sure she will make life much harder for immigrants for example in italy and also there will be issues in terms of civil rights, especially i am talking about the lgbt community. but also writes for abortion and women. in term

and the e.u. are stubbornly leading to the destruction of the international legal basis as we currently have it in resolution 1244 and the dayton peace agreement. madame president, in times like this, it is natural to seek solace in the wisdom of our predecessors. former u.n. secretary-general dag hammarskjold, who remembered the horrors of world war ii, he said, and i quote, "the u.n. was not created to create a paradise, but rather to save humanity from hell.” these words -- they call upon us to understand the individual and collective responsibility in creating conditions for a peaceful and harmonious development for future generations. everyone needs to show political will for that. we are convinced that the stability of the world order can be insured exclusively through returning to the origins of the u.n. diplomacy, basing ourselves on the key principle of true democracy and respect for the sovereign equality of states. i thank you. [applause] >> i thank the minister of foreign affairs of th

the e.u.ommission president, ursula von de leyen, said gorbachev played a crucial role to end the cold war and bring down the iron curtain. it opened the way for a free europe. gorbachev had a huge impact on the course of world history. he deeply understood reforms were necessary and strove to offer solutions. many russians see him as the man who stood by as the soviet union disintegrated. >> his legacy is that he allowed for the peaceful collapse of the soviet union. he did not use massive force to keep eastern europe in the empire, and for that, he deserves credit. but it is not that this was someone who came in trying to undermine the system. he tried to reform it. reporter: gorbachev used perestroika, or restructuring, to reform a stagnant economy that had seen people short of food and consumer goods and he used glasnost, openness and freedom of speech, that led to parts of the eastern bloc rising up against communism. it was the beginning of the end of the cold war, one state after the ot

foreign policy chief who said they are sending an e.u. representative to the region and antony blinken saying there must be immediate stop of hostilities and armenia relying on russia which was pivotal in the peace keeping deal when the last clashes happened in 2020 that lasted six weeks. what is a twist of arm, they are asking for the west for assistance and we to focus on the power dynamics where azerbaijan is allies with russia and this is happening on the doorstep of europe at this point in time. and analysts are watching this very closely. clashes that often escalate further. >> absolutely. thank you so much for that. >>> coming up for us, stocks falling sharply after new inflation figures released this morning. what you need to know. that is next. ey're investing with merrill. think miss allen is texting f for backup? no she's t totally in charge. of her portfolio and daniel g. she's building a greener future and he's... running a pretend restaurant. and phil? phil has questions, but none of them are about his portfolio. digital too

the e.u.s planning to propose power demand reduction charges to aid with the region's energy crisis. let's get to someone on the ground with a unique perspective here. he has said that this would allow american -- to export gas and a significant premium. always a pleasure to talk to you. you are in europe. what is your biggest take away right now? >> for the first time everybody was in the same place. the industry actually had a gathering. you can see a lot of confusion for two reasons. differing european -- announcing subsidies. $150 billion, near $55 million for germany. those are big numbers. at the same time, the idea that maybe we should back energy companies, there is a confusion, but what are politicians going to do? guy: you have two problems. a supply problem and a price problem. it is trying to support the consumer by solving the price problem but it still has a surprise prop -- supply problem. are we going to be short this winter in europe? how much do we need to reduce? >> definite

and the e.u.come through with more sanctions but does it change what vladimir putin is willing to do or can do. his conventional force is losing to a better equipped and higher morale ukraine force. his partial mobilization, the biggest impact it had is domestically. we have not seen a change on the battlefield. ken. >> you mentioned the battlefield. news of more ukrainian advances and the horrific attack there on a convoy. what are the latest developments? >> it is important to pause and think of what we have seen. a rocket attack. you usually will use that for airports. a convoy of civilian cars moving through to occupy an area as of yesterday russia said was it territory. 23 lives lost. 28 injured. people trying to go in there to deliver aid and food and take people out afterwards. i think it is telling of how russia functions in territory that it claims as part of its own. we are seeing very important developments near where i am standing. a consistent ukrainian push towards a big railway stat

obviously we know ukraine wants to join the e.u.n extremely long process that would help them be part of this in economic terms and energy prices, short tempt that go she to be possible to be low cost energy producers. wind, solar, nonfossil fuels, they are reaping benefits and can contribute to the eight she can give. longer term she wants to reform the electricity market. decouple gas prices from electricity markets which is one of the things that has sent energy prices soaring. these are very delicate discussions to go on with member states. this comes at a time when they have to reduce energy demand going into winter and some of these subsee diez. >> absolutely, claire sebastian joining us. >>> ukrainian officials say they have liberated 300 settlements in four days in the counter offensive. residents endured months of russian occupation. cnn's melissa bell spoke with them about the emotional moments when they found out their town was invaded. >> reporter: larissa is ashamed by what little she has. mainly rice, flour and sugar.

the executive arm of the e.u. will propose it's package this week, but it will still need to be signed off on by member states. people in beijing must show a negative test taken within the last 24 hours to return to work after the mid-autumn festival. the city is battling an outbreak. officials say china communication university will start online classes through tuesday, in the situation in the other two schools is stable. president biden has signed an executive order to boost domestic value manufacturing and help reduce reliance on china for new medicines and chemicals. the white house says it aims to create jobs, strengthen supply chains, and lower prices. while the u.s. is one of the world's strongest biotechnology industries, some production has migrated abroad. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. yvonne. yvonne: still ahead, bloomberg markets: asiayvonne: , russia vo

we want to be partnered with e.u. if mr. and his threats -- i want to remind your viewers that they have not participated in the sanctions against russia. on the contrary, they make profit from their nonparticipation there is another issue. they have made some agreements. these should be scrutinized and examined. on the other hand, the trade of gold the arabian embargo has been busted by turkey to things like gold versus trade or currency a few years ago. i understand there's a trial in new york against the turkish bank for this. alix: we will have to leave it there. we appreciate the time. foreign minister for cyprus. thank you very much. this is bloomberg. ♪ alix: we are checking in on the u.s. markets. definitely rolling over. the news picked up steam once the boe said they will mate -- they will wait for next meeting. this is a chart of s&p futures. we did make a right into positive territory from the s&p was up .8% and we rolled over. the nasdaq also flat. it definitely feels like there was a dead cat bounce earlier in

juliette: that was e.u. president ursula von der leyen speaking to bloomberg.l news, 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. dani. dani: thanks so much. juliette saly in sydney. coming up, warnings to the delivery giant fedex as they have risk assets overnight. how markets are dealing with the prospects of more economic disaster. ♪ manus: some pictures now of the crean -- queen's coffin lying in state. the public are still able to q ueue to walk past her royal highness. that is open 24 hours a day until monday. members of the public around westminster abbey. the funeral preparations are being made and many dignitaries from around the world will be there to pay their respects on monday. ♪ dani: welcome back to "bloomberg daybreak: europe." let's talk about fedex because the warning from this has crushed stocks overnight. fedex itself tumbled more than 16.5%. it is a flagging worsening micro-conditions from asia and europe, all meaning -- macro conditions

maria we are seeing the response out of washington, how is the e.u. going to respond? maria: well, more sanctions are coming and the european union repeating that vladimir putin has decided to escalate the nature of the war and revealing that they will support and defend ukraine territorial integrity. by the way the four regions that vladimir putin decided that he will annex and claim victory over, the fight is still ongoing. there is a propaganda element when it goes into this. when you looked at the ukrainians you said -- we heard about president zelenskyy there is nothing to talk about as long as e putin is the president and this could get tricky and complicated and he said that ukraine will double down in its application to enter nato. the timing is important because in our there is a press conference i the nato secretary-general allegedly on the nord stream leaks and explosions that took place but this will put him in a difficult position because there are a number of nato countries that fear potentially that nato could get drawn into this and that is a whole diff

we need to look no further than europe where things are getting very unpleasant and stinky, as the e.u. is poised to restrict showers to 5 minutes. never forget. skyrocketing energy costs is the policy of democrats. it's not an accident. democrats must inflict pain and inconvenience on you in order to get you to agree to change and obey. you will love the green are fun of waves. you will love it. elderly americans living alone will be fine but at least at least greta sundberg and others will be delighted with the state of the claimant. no stephen miller. editor at large for the spec stater stomach spectator and fox news. stephen, do you think the american people in the end, appreciate how fanatical the left is. when you read that ezra klein please, this is the dream mold for him. how many states i rattle off the mark still solar panels in the winter? five states i think. >> you fly cross-country, you look down, a few wind mills. i wonder if gavin knew stumble volunteer his state. coast to coast in destroying our entire view. i don't think, to answer your question lara, the american peo

trend has been that they are falling, and that is product -- partially due to the measures that the e.uis moving to trying contain the crisis but overall the gas storage levels are looking comfortable and we hear about the weather but a lot of people are finding comfort there is a lot of gas in storage. alix: thank you, wonderful reporting as always. the planned impact on the gas markets we will want to get the take of woodland kenzie joining us. the big question is if we get a big cap does that push the can down the road so higher prices for longer later? >> i am afraid that we will have somewhat high prices for a couple of years anyway, and that is because the global energy -- lng supply will diminish, and this basically means that prices are likely to remain high until the new wave of supply happens. but, the crisis could fall from the extra high levels where we could see them at a moment and they have started to soften. any price cut, it should be a temporary measure it a long-term solution now is not the time to rethink long-term strategy. the price cuts should be a way to get thro

the e.u.cts damage to under strain -- underground nord stream pipelines running from russia to germany were sabotage, and they will support any investigation. meanwhile, the ceo of one of the largest private security firms in europe said it has had significant demand for its business since the russian more -- war in ukraine. here's what poppy gustavson told tom keene in london. poppy: this is an area that has to be cutting edge, because so many businesses rely on their products, the energy and other sorts of supply. this is things like russia and ukraine. we have seen significant demand for our products from the energy sector because they are at heightened risk, high risk of effects on the supply to other businesses. tom: what are the specific channels they need? poppy: it is all of the above. think of how many businesses depend on energy in europe and the u.s., and that is a very easy target. if you are operating a business that can rely on some old system that has been around for decades , i

paul: the and e.u.cide, too much central government, not enough strength in terms of money market or control. between the ecb and the visual government. they insist on making decisions by consensus. they've got italy, portugal, greece turned germany saying, you do not hope us in the global financial crisis. why should we get involved? the situation is a mess in terms of monetary policy. they do not recognize the total denial that they have screwed this up badly. until you accept your errors, you are not going to get over them. alix: it is good to get you in the studio, so fun to see you. thank you so very much. this is bloomberg. ♪ guy: another busy day in the u.k. assets, pound liquidity, down to a 103 handle. we bounced back from there, hitting 108. that seems on the idea we will get action for the bank of england, the market has been pricing the bank of england to do more throughout the entire session. u.k. two europe another -- two year up another 50 basis points. we will see how the bank response.

and that is probably a low estimate, but that is three times the entire e.u. contribution to the war in ukraine. this is their war firstly, they need to contribute. why joe biden didn't race today that the u.n. is beyond me. it was the perfect time for. >> i know a follow up a possum will probably raise that. >> coming up a left-wing activist files a lawsuit against ron desantis for sending migrants to martha's vineyard up next. >> fox news alert, new york attorney general letitia james has filed a civil flawed lawsuit against former president donald trump. david lee mentor has delayed ace david. >> emily this is a quarter billion dollars civil lawsuit. essentially, the attorney general letitia james is alleging in his lawsuit that donald trump and his three children as well as others, artificially inflated the value of certain property in order to derive financial benefits among them for example. low interest bank loans. during a news conference that lasted more than half an hour and in almost a 300 page filing a number of specifics were mentioned for example

e.u. energy ministers gathered in brussels, as the bloc tries to tackle the energy crisis. on the agenda is energy security and a potential cap gas prices. this comes after damage to the nord stream pipelines, what nato calls an active sabotage. joining us from brussels is maria tadeo, what is the outlook for energy ministers, how much does the price leave help? maria: when you mention price relief, that is a good point. if you look at wholesale gas prices, they hit a record at the end of august. this promise of verbal intervention from the european authorities did take some of the heat down. so prices have stabilized compared to those highs. but still this is a lot of pressure for countries across europe that continued to say we are paying too much, this is feeding into inflation and could lead to social tension, we still need more measures. you alluded to the perennial story, and just to remind everyone because this gets complicated, sometimes i get lost in the many caps the european union is flooding. you have a potential wholesale gas cap, for all gas. and the russian o

. >> a pressing issue for ukraine is around joining the eu single market while we are on the way to e.ui'm sure it will happen and it will be one of our country's most important victories. >> her visit comes after she promised to remove remaining barriers to the single market for ukraine during her state of the european union address on wednesday, going into more detail thursday, saying the eu would deeply integrate ukraine into the bloc, a way that being a cheap the country -- a way that the eu chief hopes to rebuild the country. >> i'm happy to announce that there will be another 100 million to support schools. >> von der leyen did not announce new sanctions against russia, instead highlighting the importance of ukraine and europe helping each other with energy supplies in preparation for a winter marked by the energy crisis. mark: the united nations has welcomed the cease-fire between armenia and azerbaijan. two days of violence lead to decades-all disputes between former states. fighting both sides blame o each other that left 70 debt. women in hungary angry over restrictions largel

the e.u. wants to drop power demand. deloitte is forecasting that u.s.lers will see slower sales growth because of inflation. an expected a four to 6% increase in sales. high prices are expected to drive more consumers online in search for better deals. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. alix: thank you. trevor milton the founder and former executive chair of nicola is on trial charged with lying about the products and propping up the stocks. ed ludlow is outside the courthouse in downtown manhattan. it is a five dollar stock and to billion-dollar company, what is the significance of the founder being on trial? ed: he was a poster child for the wave of ev companies in 2023 and 2021. i had not had any work with them until that point, and to keep at it going public through that mechanism is that you can make forward projections or statements about what you think your company can do. opening their argument the prosecution said that

the state department says we have confirmed we received the response through the e.u.ructive. is this deal dead? >> i think it's getting less and less likely. i don't think the iranians can take yes for an answer even though the biden administration is seemingly willing to give them all sorts of sanctions reductions, all sorts of cash that might become available through a new deal. frankly, it restores the terms of the old deal. it is not like it was lengthened and strengthened through the negotiations. even though the biden administration has tried to get iran to join in, i don't think iran wants to do it. so this is sort of a remarkable outcome as we are watching closely. >> dana: you know i love a rhyme, zeal for the deal. have a great weekend with those three sons of yours. have a great one. trace, before we go, if i could show you a little something here. the world gravy wrestling championships are taking place in england. a pool of cold gravy, that sounds disgusting. judges award points not just for wrestling but costume design. the event raises money for a local

europe is engaged in a war that we thought was a thing of the past it just the e.u. currency is fragile and weak our tech companies don't make semi conductors to power watches or camera and sell products, especially software that cost hundreds of thousands, millions of dollars a pop when you don't know when your energy bill is going to be two times what it was last year, three times what it was, you hold off buying big products once thought to be indispensable. it's that bad in europe. that's a big part of what we're seeing when you have the ceo of fedex come on the show and talk about a worldwide recession in china and europe, these same executives become even more reluctant to buy anything, not just tech but anything who among these companies has products to t transcend this not many nobody is starving if they don't buy products from microsoft or hp they aren't so indispensable you can't wait awhile for an upgrade. so let's just say the first reason these stocks might be going down, the underlying companies make products their clients can live without an increasing

even though the e.u. the united states already has and so have other countries, he's not having any trouble finding markets out there. he's discounting the price and still making a lot of money. so listen, anything that will get his revenues down and if this holds and she can get the g-7 nations to participate in this, it will be a good thing, certainly. we all know because we've been around sanctions for some time that it's usually not immediate impact. it does take time for it to take hold. here we're dealing with a country that is challenging because they're in the oil and gas business as a single commodity that drives their entire economy. so yes, certainly we agree with this and hopefully it works. it's dependents on getting other countries to agree to this price point. >> martha: it's interesting the response from russian's state energy company, gazprom, they said they can't restart the nord stream 1 pipeline. they're having an issue with it. as soon as this came out from the g-7, they said germany

against the european union, heavily centralized bureaucratic dictatorial in style, the british left the e.u there are many in europe today like maloney who view the european union and its leadership as problematic, so we are seeing the rise of euro skepticism across europe, that will grow and grow. >> italy, the remnants of fascism to say oh, my god, it's the return of mousillini, she denies that, and adheres to traditional family values. what she said in a speech to the world congress of families in 2019. listen here. >> why is the family an enemy? why is the family so frightening? there is a simple answer to these questions. because it defines us. because it is our identity. because everything that defines us is now an enemy. fires will be kindled to testify 2 and 2 make 4, and swords drown to prove leaves are green in summer. that time has arrived. we are ready. thank you. >> john: she's quoting chesterton at the end, the overriding message for many in western europe, family values and freedoms are heretical. final thought. >> georgia maloney denounced italy's fascist past and they are p

and when they left the e.u. in brexit. she has seen amazing things over those decades on the throne but managed to do it in a non-partisan way, in a way in which her feelings about partisan politics inside the u.k. really never were seen. she advised prime ministers, she advised privately, we never really got a sense unless it was put out by the royal family exactly how she felt. you know, one of the things that is going to come in coming weeks, not right away because of this, is the northern ireland back and forth, the protocol in the wake of brexit. the irish, the prime minister there put out a statement, saying the queen's reign was one of historic duration, immense consequence and a focus of respect and admiration around the world. our world is a poorer place for her passing, but a far richer and better place as a result of her long life and enduring contribution. i didn't say it with the irish brogue but you can get the sense of that. >> sandra: as we look live outside balmoral castle, as the family rushed to be by he

and, of course, russia is using energy as a weapon against the european union in response to the e.u.ions on are you should shah. as a -- on russia. as a result, we've seen not only natural gas prices spike, but electricity prices spike as well. they're paying in europe eight times what we are for natural gas and about four to five times that for electricity. and you see translating to lower industrial production. if we were to look at fertilizer industry, 70% of it is shut down in europe. cheryl: yeah. well, certainly, yeah. because, obviously, ukraine and russia are major manufacturers of fertilizer. american farmers have been coming on to our air and telling us about that shortage for them, which has been very difficult. what about iran? you know, many focus don't think we should go back -- folks don't think we should go back into the iran nuclear deal. but president macron of france, he wants it. the u.s. is still on the sidelines in these negotiations. what would it mean to have iranian oil back into the markets? >> well, first of all, iran has about 100 million barrels of oil in

and the cost of gas has come down but could see the spike when e.u. embargo on russian oil and gas. and 8.3%, people are struggling and this is 19 months this has been going on, that people have been suffering through this. they powered through through the summer, but now the kids are back in school, people are at home and looking at the budgets and having to tighten up and basically when you see the fed raising rates and head winds in the labor market as well and not spending as much, all of a sudden you hit a bad recession. >> sandra: bottom line, it's not just inflation because of some extraordinary circumstances, yes, there was -- the results of the pandemic coming out of the pandemic, but that needed to be managed. the president's making the point the 0.1% is not much, but this is a president that caused the inflation, the federal reserve the way they handled inflation and denied the fact it was happening. here are many of the biden administration members getting it wrong along the way. >> wrong, prices have been essentially flat in our country t

he went on to say that the e.u. is an authoritarian organization, ironically. eric?hat at the united nations. wow. all right, trey, in ukraine tonight for us. thank you. arthel? arthel: meanwhile, protests are spreading across iran over the death of a young woman earlier this month while in police custody. her alleged offense? violating the islamic republic's dress code. ryan chilcote is following this story in london. ryan. >> reporter: yeah, hi, arthel. it has been exactly one week since the funeral of the 9 -- 22-year-old iranian woman who died in custody, as you were saying there, after being detained by iran's morality police. and i have to tell you that the protests and outrage after that have only increased over the last couple of days throughout the country. we've now seen protests in more than 12 cities in iran and increasingly they are violent with the police on occasion firing live ammunition. state media says the death toll could be as high as 35, the associated press has confirmed at least 11 deaths since the protests began. the woman was detain for alle

there is going to be, rich, emergency meeting of the e.u.oordinate policy and figure out what to do with all of this, stave the pain a bit, and at this point now a lot of voluntary measures that european countries are sort imposing on their populations so there will be enough gas to heat homes but there is very much the possibility that energy will be rationed in europe come winter. >> rich: amy, thank you. retired lieutenant general keith kellogg, and co-chairman of the center for american security and a fox news contributor. general kellogg, i want to begin with the nord stream pipeline. appears oh though the russians are dispatching with pretense that there are maintenance issues here, tying it to the sanctions. what's next in this fight? >> yeah, rich, first of all, thanks for having me today on labor day and happy labor day to you. the russians are using energy as a weapon. economics are part of warfare and brought close to home to the european continent. 35% of energy flows into europe from nord stream 1. the russians just shut it down

"the e.u. decry playing games on safety" so how is this related?as we speak this morning the director general of the international atomic agency is leading a 14 person mission to try to get into the nuclear power plant -- plant which is ukrainian but the russians have occupied it since march. this was really the central issue that brought down the nuclear nonproliferation treaty review conference because the european countries, united states and many others were trying to maintain the principle that ukraine controls this plant, not russia. it is responsible competent ukrainian authorities and russia objected. the steak is not a negotiated document, but the safety of a nuclear power plant complex with six reactors, lots of spent fuel that could leak if the fuel storage facilities are disturbed, if power is cut off into the plant which is necessary to operate the cooling systems, diesel power generators kick in, that they can only last for a few days. the security situation, safety and security is tenuous, the director general is there to assess what