through that well with the british leaving with their modest but still significant resources the e.u. does it work max they just don't have the money to subsidize everybody especially the italians who are a festering and you know they do want debt forgiveness they do want to issue their own funny little currency which we printed like a lottery tickets so this is the end of this pretense called the e.u. which really came about because we didn't want europeans killing each other anymore . it was germany germany is abundance bankers on this bank is the euro and the arrow cyprian central bank is germany and the bunda spank and they can print lots of money and cover lots if they will the nine debt was high now it's low you know they are there under leverage as compared to the federal reserve bank of new york or the bank of japan the e.c.b. is relatively on leveraged no i don't i don't agree the germans and the french are paying for everything they've had a defacto union in fiscal year we're going to spend that balance it on the e.c.b. buy another five fifteen trillion euros and they will go to

e.u. forging new alliances for example with japan are we seeing the start of a new global trade order. well we still have the w t o we still care for the deputy oh but time doesnot only threaten e.u. and other trading partners but also the multilateral organisation we have the problem with the appellate but if we have other problems in the context of the w d o so it is it is really under threat even though the you tries to rescue some part of this organization but what the e.u. does is we have a strong trading policy we are a strong trade partner and we will look elsewhere if we don't have the u.s. as a trading partner for an agreement we still trade with the united states we look for other partners who share our values who share our interests in free trade agreements our largest agreement now was completed with japan but this is not the only one we have and modernization of the agreement with mexico we have agreements with other countries we have agreements started with those two you know new zealand so we are really looking elsewhere outside of the united states right claudia smucker from the german council on foreign relations thank you very much for shari

e.u. law does not stop at the outer borders of the e.u. . the e.u. those rules are valid until the final destination and this has not yet been reached . the various administrative court also. ruled on the issue. of member states and the european union must fully take into account the welfare needs of animals as sentience beings. but the buyers of the animals probably know nothing about any of this. in any event these german sheep have a torturous journey behind them. the people here have their own time tested methods of loading and transporting animals. once they've been exploited the animals are completely without protection. animals international did not see tortures such as i go during every horrid levanon but that does not make it any better for the animals involved. back in germany we want to find out what a college life looks like from beginning to end. this is a dairy farm so called because cows are constantly being born here because without cabs there would be no milk. all the cows here are known by name that this is a cow hole have her first

through that well with the british leaving with their modest but still significant resources the e.u. does it work max they just don't have the money to subsidize everybody especially the italians who are a festering and you know they do want debt forgiveness they do want to issue their own funny little currency which will be printed like a lottery tickets so this is the end of this pretense called the e.u. which really came about because we didn't want europeans killing each other anymore . is germany germany is abundance bank is on this bank is the euro and the arrow cyprian central bank is germany and the bundle spank and they can print lots of money and cover lots if they will the nine debt was high now it's low you know they are there under leverage as compared to the federal reserve bank of new york or the bank of japan the e.c.b. is relatively on leveraged no i don't i don't agree the germans and the french are paying for everything they've had a defacto union in fiscal year we're going to spend that founded on the e.c.b. by now there are five fifteen trillion euros and they will wh

what does that mean because the e.u. appears to be clear that other countries would have a vote. if that's the case, does that mean we won't be part of horizon europe? prime minister may: these will be part of the negotiations. exactly what would the package look like, we have the ambition. we think that makes sense, the europe union as well. as much as the research that is done here in the u.k. but we obviously need to negotiate as to what those parameters for that involvement would be. >> the thing that people are most concerned about is people, the flow of the brightest and best that you described at all career levels. it's the lab particular nish answer and post-grad students and so forth and not just in academics but in industry as well. we have a system in place and the wider world that enables us in a seamless way to get the best people to work in this country for the good of our economy? prime minister may: we have been committed to ensuring that the best and brightest can come to the u.k. ee movement will end when -- > talking about field workers. prime minister may: we w

e.u. law does not stop at the counter borders of the e.u. . and the final destination is not the e.u. border it's the country where the animals are unloaded for at least forty eight hours with the importers are always countries like egypt or turkey or iraq that do not adhere to e.u. standards and the e.u. except that it has no control over what happens there but the component has gotten it from the. european animal welfare association say that as a result the ruling has no real effect their investigations reveal that as soon as the shipments leave the e.u. animal welfare ceases to be a consideration. they refuse to accept us any longer in twenty seventeen million protest signatures were collected by organizations throughout europe and handed over to the responsible e.u. commissioner in brussels. i think. the euro group for animals unites animal welfare groups from many european countries. it's calling for the european court of justice judgement to be fully implemented. a delegation from several of the year a p n organizations met the e.u. commissioner. as we stand here all these milli

e.u. but that does not however mean that china and the e.u. are going to form a coalition or partnership of sorts against the u.s. with the treat war happening between or three of them so we have to see whether the words translate into actions andrea hang in singapore and last how to in frankfurt thank you very much for that. another car maker says it's cheated on emissions tests shares in down nearly five percent after the carmaker admitted it had manipulated data on exhaust emissions and fuel economy the japanese company did not say how many cars were affected the cheating was uncovered during a voluntary probe into production the revelations come as a blow to miss ann's efforts to recover from a scandal last year over substandard inspections the company is promising a full investigation into its latest fake data scandal. to my favorite topic now breaks it markets have been jittery following the resignation of britain's bricks and secretary the pound starting lost around a third of the u.s. cent on the news before bouncing back to its highes

e.u. but that does not however mean that china and the e.u. are going to follow me coalition on the ship of sorts against the u.s. with the treat will happen in between or three of them so we have to see whether the words translate into actions andrea hang in singapore and laws how to in frankfurt thank you very much for that. the brics a dream is dying the words of u.k. foreign secretary boris johnson shortly after quitting a few hours ago now his resignation has sent the pound citing more than half a percentage point against the euro stock market reaction has however remained muted british firms welcomed the industry friendly plans for bracks said may that's prime minister threesome i had outlined of last week's check is meeting the prospect of a softer exit with the u.k. maintaining close trading ties with the e.u. seem to meet the demands for more clarity from business among them have been about whether those plans seeking to inflict minimal economic down the damage can stay on the table has now become an open question. donald trump wants

e.u. agreement does not require national parliaments to rectify them so that makes it much more easier to really implement the agreement with said i think it's obvious that there had been opposition before us from from other member states so therefore i think it is a bit more complicated still we see that i think free trade is still on we're not living in a protectionist world and i think also that europe is able to also show the citizens that they can benefit from free trade now another free trade agreement of that dived not too long ago was of course the transatlantic partnership but now germany industry still promotes a free trade deal with the u.s. calling its teeth to light give a current trade tensions do you see any chance for such a deal. honestly right now there are tensions between the u.s. and the e.u. but also the year the tensions between the u.s. and china i think do not really argue in favor of any any free trade agreement which involves the u.s. right now so i think there the chances are extremely low i think we will where we have to be happy if we do not see a further esc

the e.u. does not need to trade with iran. it is not at risk of losing a major market share. for aboutods to iran gdp, inon, .1% of its the case of russia, the reimposition of sanctions and countries -- countries and entities doing business is more complex. iran stood to become a competitor to russia in supplying gas to europe. iran requires investment and the construction of a new pipeline to make that competition a reality. the e.u.mothballed, will continue to use alternative supply strategies and trying to reduce dependency on russia. frenemies iran become . russia's playing an interesting game, particularly on new promises of foreign direct investment in its oil and gas sector. a recent announcement of a tomitment would allow russia be a stakeholder in any -- in anyn iran of transition of iran to a global market. in the short term, there are winners and losers in the real position of sanctions. the america first confrontational posture is including a clear protection of chinese economic interest in the region, maybe not on purpose. these in point is around gas field, a ne

e.u. so what does he do with any spiders working in his bedroom. i catch them in a glass and put them outside though admittedly it's my wife you takes care of that now. here so it's not like i go out into the world with a bunch of finite and catch my dinner myself. and now for the decisive question what did it taste like. chocolate with. your lips best your imax brings you the highlights on instagram stunning landscapes spectacular buildings and mouth water. in delicacies our reporters are constantly on the look out with their cameras we look forward to your comments check out our your maps instagram stories and discover how exciting and diverse europe can be. some was on instagram. can't beat a bit of instagram time each day i always see you there now the past few weeks have been hot hot hot in most parts of europe so there's been lots of talk about the water well poc and i and i happened cypress the day ticket that cost thirty eight year is but you guaranteed to stay nice and cool in the water all day at the same time as enjoying nonstop thrills

e.u. is clearly taking advantage of the u.s. does the trump administration have a point where the u.s. judy on car imports from the e.u. is two and a half percent but take a look at the e.u. use levy of ten percent on imports from the u.s. quite a difference there but those figures only tell half the story when it comes to s.u.v.s and pickup trucks the u.s. auto industry's main source of income european cars a subject to an import tariff of twenty five percent the u.s. is only hit with ten percent now that twenty five percent tariff dates all the way back to one thousand nine hundred sixty three it was known as the chicken tax a response to tariffs that france and west germany imposed on imports of american chicken just goes to show trade tensions are nothing new but the damage they could inflict could be exponentially larger this time considering the global supply chains of today that are so interconnected and vital for just in time deliveries of pots u.s. analysts on hailing horsed how the road ahead would look with auto tariffs from washington. well it would be very very damaging esp

e.u. is clearly taking advantage of the u.s. does the chump administration have a point the u.s. g.t.s. on a car imports from the e.u. with two point five percent meanwhile the eighty year levees are actually ten percent in imports from the united states so quite a difference that but those figures will there be tell half the story when it comes to s.u.v.s and pickup trucks the u.s. auto industry is main source of income in new cars was subject to twenty five percent in tariffs the a you on the other hand only ten percent that twenty five percent tariff it actually takes back all the way to nineteen is sixty three and it was known as the chicken tax because it came in response to tariffs the fronts of west germany imposed on imports of u.s. chicken just goes to show you that trade tensions are nothing new and can be quite complicated well let's bring in an ng host he's an automotive industry analyst from every corner i s i london he joins me on the line now the german car industry has just published its healthier results do we see any signs of crisis there well when you look at your pric

leader has been saying that he does not believe the e.u. deal goes far enough so does this signal trouble for the coalition. well we're getting different signals here that suddenly really seem to make more sense of what we've seen today because this clearly hours ago if not days ago left the whole level of sort facts or debate between those two parties we're getting rumors seeping out here there's no official confirmation yet that toss the will for who's the leader of the c.s.u. party and who became known as angela merkel's rebellious interior minister may be about to pronounce that he wants to resign or ask to be relieved from his duty as interior minister now this at the moment are just rumors but the meeting here at this use you has been interrupted a small group has gone up stairs so clearly something rather dramatic is going on in the building behind us and this would then also make more sense in the light of the whole first comments that we heard earlier coming through that this was about credibility this seems to have become very pers

e.u. what does collective mean does it mean unanimous are there some people within the cabinet who are not happy about to resume a proposal going forward at its heart it talks about the creation of an e.u. u.k. free trade zone it talks about a shared rulebook between the e.u. in the u.k. when it comes to the flow of i call coach cultural and industrial goods to between the bloc and the united kingdom going forward in order to avoid friction between the e.u. and u.k. and also putting pe and tourism a's our eyes to the possibility of return to border posts or customs checks on the border between northern ireland and the republic of ireland all in all after this incredibly long meeting at checkers the prime minister's official residence outside the u.k. side the capital to resume a is a bird saying it's been incredibly successful day this is what she had to say in detailed discussions today the cabinet has agreed our collective position on the future of our negotiations with the u n r p a proposal will create a u.k. e.u. free trade area which establishes a common rulebook on industrial goods

e.u. is clearly taking advantage of the u.s. does the trump administration have a point the u.s. today on car imports from the e.u. is two point five percent at the same time the e.u. levies ten percent on imports from the u.s. so there is a big difference there but those figures only tell half the story when it comes to s.u.v.s and pickup trucks the u.s. auto industry's main source of income by the way e.u. cars are subject to twenty five percent tariffs the u.s. only to ten percent that's twenty five tariff date or rather that twenty five percent tariff dates back all the way to nine hundred sixty three it was then known as the chicken tax that's because it came in response to tariffs that france and west germany imposed on imports of u.s. chicken what does this all tell us well trade disputes are definitely not new and can be quite complicated with all these tensions you would think that car makers would be feeling a little bit under the weather the threat of america's punitive tariffs and the consequences of the diesel gate scandal have formed the perfect storm for the europea

e.u. how does that percolate? >> it is a drop in the bucket for google.is not in the quarter we are reporting today. it will be interesting to what management says about the impact. they will be pressed on that. the answer is, yes. all of these companies are going to be getting more pushback, more concern about privacy, google and facebook most of all. given the scale of profitability of these companies, it is not going to affect their bottom line much. alix: if you're going to see google move more towards hardware, that is competition with apple. leavingthat wind up volatility and you have headline risk? >> it is more like amazon, google, facebook are dividing up the economy and leaving everybody else out. they may compete with each other more but they will all be doing well as they do so. that would be the way i would think of it. alix: that is a hard case to not want to buy tech. what do you think? >> tech looks good. if we look after the third quarter, it has the second highest expectations for revenue what do you think? >>growth behind energy. tech c

system and replace it with the 19th century with russia, china, the e.u., the israelis, saudis, the turks call the shots and everybody else does as they are told.

the e.u. does move incredibly slowly.n august. 16 weeks basically until october. mark: we will be here covering all of them. still ahead, a growing scandal at danske bank. the latest on the money laundering allegations. join bloomberg on television, radio, and tictoc for its second annual coverage of the july 4 boston pops fireworks spectacular tonight at is -- 8:00 eastern, only on bloomberg. ♪ ♪ live from london, i am mark barton. this is bloomberg markets. shares of danske bank are lowering today. them under a test money laundering scandal is surrounding the bank. laundered as much as $8.3 billion. is, howus question could this have happened? how is it allowed to happen? >> that is a good question. has at has made a -- danske made a point that it was an estonian branch for nonresident accounts. they have acknowledged they should have acted sooner, and that is what is being looked into at the moment. mark: what happens next? are we looking at fines? what are the repercussions of today's news? >> that is the big question

e.u. but that does not however mean that china and the e.u. are going to for me coalition or partnership of sorts against the u.s. with the treat war happening between the three of them so we have to see whether the words translate into actions andrea hang in singapore and laws how to in frankfurt thank you very much for the trump syrup to buy more american made cars and that's why he wants the ten percent tariff for importing passenger vehicles into the european union to be dropped the thing is dropping the purchase price alone is probably not enough to get europeans buying there are a whole lot of hidden hurdles before you can get yourself in the driving seat of an american car. these cars have just arrived from the us but before they can clear customs and bring them there brake fluid needs to be removed it's considered toxic waste in the e.u. taking the liquid out costs two hundred euros per car and it's not the only expense when importing u.s. vehicles. other than the trucks you've got the maritime transport with all its costs packing unpa

e.u. and the us does not improve but on the other hand you know if they do escalate the trade war then it might become a kind of fight to the death and we might see some severe restrictions on transatlantic trade which which won't help anyone and so is it typical economists on the one hand and on the other argument but i think the e.u. is essentially has got no easy options in john's break for good to speak with you thank you. now an iconic motorcycle brand versus donald trump the u.s. president's trade spat with the e.u. has forced holly davidson to shift gear new e.u. tariffs will raise the average cost per bite by about two thousand dollars so it's moving some production outside the u.s. and with that decision holly became the poster child for the breakdown in u.s. trade relations with the e.u. rob reynolds has more from washington. the growing global trade war is claiming some of its first victims in the u.s. motorcycle maker harley davidson announced it was moving some of its production overseas to avoid steep tariffs imposed by the european union. the e.u. action came after presiden

e.u. says that it does see that and of course it's right that it's protectionism but an economist i talked to said you know in this case it's a choice between a rock and a hard place there is no ideal solution do nothing and you may convince mr trump and the white house to let off but it may encourage them further and if you do something now yes us collate the trade war difficult decision the e.u. decided to go this way. we cannot say what that may how that may develop but what we can say to it we'll have facts on customers and cleans us of steel what exactly . yes the auto industry here in europe is warning about just that the association representing the european manufacturers says that it will lead to a rise in steel prices and will affect the industry and here again economists say yes that is possible that it will affect the producers for example car manufacturers or anyone using steel engineering firms building big things but economists at the moment doubt that the producers will pass that on to the consumer in the first step they will probably absorb it at first and just reduce their

e.u. and the us does not improve but on the other hand you know if they do escalate the trade war then it might become a kind of fight to the death and we might see some severe restrictions on transatlantic trade which which won't help anyone and so is a typical economist on the one hand and on the other argument but i think the e.u. is essentially has got no easy options here john's break for good to speak with you thank you. now an iconic motorcycle brand versus donald trump the u.s. president's trade spat with the e.u. has forced holly davidson to shift gear new e.u. tariffs will raise the average cost per bite by about two thousand dollars so it's moving some production outside the u.s. and with that decision holly became the poster child for the breakdown in u.s. trade relations with the e.u. rob reynolds has more from washington. the growing global trade war is claiming some of its first victims in the u.s. motorcycle maker harley davidson announced it was moving some of its production overseas to avoid steep tariffs imposed by the european union. the e.u. action came after presiden

e.u. but what this will ultimately mean is anything but clear how much of a handle does brussels have on the situation and its costs. and last but not least donald trump he's threatening tariffs and the e.u. use vowing to strike back with levies on some two hundred fifty billion euros worth of u.s. exports joining forces against trump for the e.u. that could be a show of solidarity and strength. that's. enough financial correspondent in frankfurt conrad what sort of fighting position is the e.u. in. in a very difficult position europe is sort of sitting on the fence between the u.s. and china let's not forget also the europeans have a lot to criticize when it comes to chinese business practices and business policies but the americans don't seem to understand that they could in a unified way tackle those problems with china also when talking about the trade balance both sides europe and america seem to have fundamental misunderstandings if you include in the calculation the services for example and the large business that many large american internet companies have here in europe and it's not

e.u. voting rights but that does not seem very probable because other countries like hungary most likely would veto that but more worrisome for poland is that they are now discussing taking away some of the cohesion funding for poland and poland is the country that gets most money from the european union so if the other countries try to tie this funding to the state of the rule of law in poland then that might hurt told right now important point there max hoffman reporting for us in strasbourg thank you very much max. and one fans are celebrated in the english capital yesterday after their team's win against colombia with renditions of football's coming home that's after a dramatic day at the world cup that saw their side progressed to before the finals for the first time since two thousand and six. by the match that went to penalties leaving even the most optimistic england fan worried the three lions have one of the worst records in the sport when it comes to spot kicks but they finally turn the tables and found a way to win. harry came penalty after fifty seven minutes put in lynden the lea

e.u. but what this will ultimately mean is anything but clear how much of a handle does brussels have on the situation and its costs. and last but not least donald trump he's threatening tariffs and the e.u. use valen to strike back with levies on some two hundred fifty billion euros worth of u.s. exports joining forces against trump for the e.u. that could be a show of solidarity and strength. well let's see what the other side is doing the u.s. department of commerce has temporarily lifted part of the sales ban on chinese tech giant. the ban almost shut down the company in april when washington accused it of continuing to violate sanctions against iran and north korea now restrictions have been lifted at least for the meantime. the temporary reprieve is only on to lead end of july and conditions under which that t.-e. will be allowed to resume business as strict the chinese tech giant will be able to maintain existing telecom networks and mobile phones in the usa and to carry out security patches to continue operating the company must pay a one billion dollar fine replace its executive tea

deal because that of course was one of the was always one of the arguments that if britain does leave the e.u. then it would be more nimble and would be more easy to forge new ties with other trading nations and the u.s. would have been of course a big prize now donald trump probably has some sort of tactic and i could imagine that he's been in touch also with the british press it is who told him now the true reason may has outlined her new strategy for leaving the you in the white paper and she wants to go fairly close to the e.u. but the brics it is want her to make a holiday card and i think that they probably would have been in touch with donald trump about this so he's really actively trying to steer the negotiations in a certain direction and tell us about the huge protests it's expected to take place today. exactly huge protests wherever he goes not just in london also in other cities across the u.k. even in windsor why he's going to have tea with the queen later and then in scotland where he's traveling later today everywhere you speak he'll be followed by protesters just here in the

e.u. and i believe that the u.k. does a better so the combination creates the cabinet agrees that we need to present the e.u. with a new model evolving the position that i had set out in my mansion house speech so that we can accelerate negotiations over the summer secure all that new relationship in the autumn pass the withdrawal that information bill and leave the european union on the twenty ninth of march two thousand and nineteen mr speaker the friction free movement of goods is the only way to afford a forward a half border between north island and learned and between northern ireland and great depression and it is the only way to protect the uniquely integrated supply chains and just in time processes on which millions of jobs and livelihoods depend and. so at the heart of our proposal is a u.k. e.u. free trade area which will avoid the need for customs and regulator e checks at the border and protect those supply chains to achieve this requires four steps first a commitment to maintaining a common rule book for in

e.u. member hungary has also made it clear it does not see eye to eye with when it comes to migration. because i'm told we have a problem that hungary doesn't feel responsible for migrants some to the dublin system even if it's rather just to those refugees this is about people who come to that has something to do with europeans basic principle humanity it means we defend our external border is but don't cut all the cells off and build a kind of fortress. you can. if we are humane we have to be humane without creating a pull factor and the only way we know of doing that is closing the borders and giving help to those countries and not letting in people who bring trouble we don't want to import problems this is where we have different opinions. political analyst steven meissner believes the deal is an attempt by merkel to actually aid her c.s.u. allies before local elections it's a bit of a show. as we've now found out because poland and hungary and i think italy and a number of other countries the czech republic as well has said no there is no such agreement what is she talking about i

e.u. but what this will ultimately mean is anything but clear how much of a handle does brussels have on the situation and its costs. and last but not least donald trump he's threatening tariffs and the e.u. is vowing to strike back with levies on some two hundred fifty billion euros worth of u.s. exports joining forces against trump for the e.u. that could be a show of solidarity and strength. my colleague humphries spoke to michael board director of the think tank open europe about the biggest challenges for eurozone reform. one of the biggest risks and that also all pertains to italy is due to between banks. and government budgets so if there if these banks whole lots of government debt stubborn dead of their own country then once you have a banking crises and there's many non-performing loans in the talian banking system then this could lead to a national crisis that. we would have another bailout program perhaps for italy and italy might be too big to fail the point see the potential for a new bailout program one of the ideas actually put forward by the french president and that mack is