consider acquiring ericsson and nokia to send a message to the world that if you use ericsson-nokia,he united states government as an alternative to huawei? >> so, i mean, i gave a speech a while back saying that it was, the two companies best positioned to compete with huawei are ericsson and nokia. but unlike huawei, huawei has the backing of the chinese government, and all the chinese government money. so just to give you an example, for 5g network facilities, the total global principal market is probably around 90 billion, and the chinese have set up a fund of over 100 billion to subsidize it. so they can go to countries and is say we'll put this in cash-free. you know, very cheap money. so that's what we're competing against with huawei. and companies like ericsson and nokia are the strongest western competitors in this sector, and i gave a speech saying that, ultimately, the west has to rally around these companies. whether that means private ownership or state involvement. maria: so you would be okay taking a stake, even if it's a minority stake, in these companies to offset t

you know i mean there is no reason for ericsson and nokia to rub this in china's space but there are the obvious winners here that there's still a problem and that is that there still isn't a real alternative to chinese 5 g. at the prices that huawei can offer but what the united states is trying to address that certainly stressing that ericsson the nokia are trust that suppliers and they are taking measures to start supporting the companies as a strategic alterna for example the united states now offering export credits and financing to get a development finance corporation starting in brazil and i think you will see that the u.s. will try to be more strategic in providing support for both ericsson and nokia and that's true whether you see trump winning another term or whether biden comes in what's really interesting on this issue compared to almost every other foreign policy issue out there is virtually no white between president trump and former vice president biden this is a strategic calculation by the world's largest economy you and i have spoken before bell the great decouplin

will try to be more strategic in providing support for both ericsson and nokia. and that's true whether you see trump winning another term or whether biden comes in what's really interesting on this issue compared to almost every other foreign policy issue out there is virtually no white between president trump and former vice president biden this is a strategic calculation by the world's largest economy you and i have spoken before bell the great decoupling that is taking place between the world's 2 largest economies is that being excel rated now by 5 g. geopolitics. absolutely i mean you and i talked about this before the pandemic we discussed it on the sidelines at the munich security council last year and it was very clear that when you talk about anything that has a chip in it anything that involves the transmission of data united states and china developing separate systems that's not increased globalization it's decoupling and i think that decoupling is clearly growing as both sides lean into this fight the chinese are going to be stuff they'll have the la

ericsson is the capacity to help accomplish this.s a bt. we know the government was mark and isaac today, they sate the resilience of their network is of absolute priority to bt and they have prepared for a range of scenarios money to analyse the details of this decision before taking view potential costs. in the house of commons, the distal secretary announced that they would delay the implementation of 5g by two or three yea rs implementation of 5g by two or three years and would cost £2 billion. he is still taking questions in the house of commons, let us return. can i add my voice to welcoming this vital decision in the interest of national security. building on earlier question for my honourable friend, was for many of my constituents in rural buckinghamshire, 56 will be game changing. any mobile signal that is reliable will be life changing. what my right honourable friend give me of the incredible shared willow network being pushed up the agenda and delivered faster than it is currently scheduled to be? as my honourable friend

and ericsson. keeping an eye on all of the moving parts.ing come european equity markets opening modestly higher. this comes as leaders gather in brussels to discuss the recovery plan. they meet to discuss the purchase of bonds. we are joined to buy kallum pickering from berenberg. expectations -- would you describe them as high in the meeting of the european leaders today? has some skinster in the game but what are you thinking as we head into this particular meeting in brussels, what is at stake? tolum: it is ambitious expect a deal at the end of the critical iswhat is that after the meeting is over, the market will need to have some communication that most members are happy with how things went. that can shape expert patients for a deal later this summer or in the fall. there are two things at stake. the first is the european recovery. this could be the biggest economicf cross-border solidarity and compromise and cooperation in history. if you can get that big 750 billion number come at you can tear up your expectations for the outlook.

after huawei i mean you've already got some vendors in the space well established like knocking on ericsson and samsung has actually long been that sort of company to watch in this space but look i mean in any city is coming from so far behind it's hard to really see how it could really change the dynamics in the u.k. market i mean if you're talking about the u.k. market. now you're going to have going to have humor vendors less competition and you're also delaying the rollout quite significantly and that could have could have some serious long term implications on sort of the competitiveness of the u.k. but this is a decision of the u.k. government has now taken at least for the forseeable future and they'll have to live with that i could see mark shaking his head in i guess disagreement what do you take exception to isn't that a fact that any c like others they are pretty much everybody is behind while away well i mean in terms of mark critz share yes i would agree that while we use the number one player in global telecom infrastructure market in the world but i think that any c. has been

there is still an ericsson park there. my mother went to the monitor school in 1921. it is still there, built in the 1890's. ships a big place where were made. almost converted from day to night, 24/7 production of this ship. a very recalcitrant group of workers. some thought they were being drafted and conscripted, even though there was no draft. they got this amazing thing done. here you see them sliding it into the east river. it went all the way to the brooklyn navy yard. it was a magnificent ship. even though it was dubbed a cheese box on a raft by skeptics. small, 170 feet long. a scale model was built about 10 years ago at the nelson shipyard by navy trainees. it's big. they built a deck as a party space, i hate to say. it is a big vessel. a lot of teachers inside. >> what speaks to the image of the continental works that was in greenpoint? a picturesque image. monitor,was another maybe that is model, but they went -- maybe not this model, but they went into production. what they call first on the monitor, it was a class of ship. you see the revolving turret on

. >>> ericsson tops the stoxx 600 as european roll out drives demand but the leader says he's worried europe is missing out. >> china has accelerated the rollout and it continues at a high pace in north america so 5g is happening at an increasing pace in the world i worry that europe is falling behind >> daimler shares accelerate as more cost cutting forces the carmaker to halt production of mercedes demand in u.s. and mexico as it reveals a $1.7 billion operating loss for the second quarter the last dance for a lockdown growth shares plunge in extended trade as the streaming giant adds 10 million subscribers but warns growth will grow sharply to its weakest level in years >> beginning shortly, some comments crossing from the european commission and she has effectively said that these stakes couldn't be higher and all necessary pieces are on the table and a solution is possible from her leadership perch hoping a deal would be struck today as she took to the red carpet a short time ago what we are also hearing this is a group of the frugal four leading the charge said he's not optimist

weakening who weighs a case in from of governments in favor of all the company such as a nokia and ericsson stocks of both companies actually were as they are becoming right now the clearest alternative when it comes to 5 g. equipment. so should we expect to see the white house using this to pall pressure on more countries to follow in the case footsteps. definitely 'd rob and that pressure will keep coming in different shapes and forms demain one gets deformed of those sanctions imposed by the trumpet ministration it to a stop for semiconductor manufacturers whose operations a use a us of word and that technology from actually delivering chips to our weight now the pressure increases of balder for canada and europe a sense us to threaten not to to keep sharing intelligence information with. keep using you always a men but the but there are all the spears of pressure as surely on trade and the diplomatic side but for now the u.s. national security adviser robert o'brien and it's a counterpart from each really germany france and the u.k. are meeting in paris deuce week where do we'll probabl

you have got is this idea of going overnight from using equipment from huawei to equipment used by ericssoni have a lead over their closest rivals, but may be as much as 18 months in terms of that technology leadership, so they are very technology leadership, so they are very keen to huawei. the other problem is this idea of sticking to things together. they doesn't work with the current 5g we are deploying, which means that those operators that switch out huawei would end up having to go back and replace the 4g equipment, it is notjust about the 5g equipment which becomes very costly and complex. cost application sounds clear when you start talking about what they have to replace. but when the national cyber security centre has effectively called out huawei a bit and said, we cannot... the system under huawei, the cat is out of the bag, isn't it? it becomes very difficult for them given that the latest tightening of the screw can be seen from the us by banning huawei from accessing any chips that are made by american companies. until that point, the security services here decided that huaw

in this looks like bt is certainly switching to ericsson kit nakia may pick up some work as well. as we appreciate your time thanks very much indeed pleasure. john is accusing the united states of trying to stir up trouble in the south china sea that's after secretary of state michael pedro said beijing's claims to the region are completely unlawful china claims almost the entire area but that's disputed by several other southeast asian countries when he reports from bangkok. in several areas of the south china sea islands and holes in reefs have been transformed china claims almost the entire area and for years has been militarizing the islands constructing remote outposts taiwan also claims parts of the south china sea along with several southeast asian countries including vietnam which is mounted the strongest challenge to beijing last month the vietnamese prime minister opened the latest southeast asian leaders summit with a strong statement on the issue without mentioning china. while the entire world is mobilizing its full force to fight against the pandemic responsible acts

days ago china warned europe that if they did not embrace what way they were it was unlikely that ericsson and nokia would be able to export their products which are manufactured in china so it's on many many levels were seen this kind of china assertiveness and it's almost tone deaf considering how everyone is on their guard now about china and they continue to push push push because my interpretation is that they see that the world as we can bike over 1000 and now is the time to really push ahead and if we really look at the case complete reckoning on china big u.-turn they've they've decided not to accept well wait the e.u. was much lower because it's 27 member states and it's very hard to get unanimity on these issues but the u.k. really is a barometer i would say of where the rest of europe is likely to go. wenger who you know in beijing tone deaf was the word felon used in brussels that the you all big you all powerful you have a responsibility paul the cost of being so big on being so powerful is engaging in international standards you being accused beijing is being accused of not a

that around us as well some of the most innovative global technology enterprises like cisco and ericsson and they are a part of our effort to raise the bar when it comes to this important technology which is broadband. >> host: give us a snapshot, if you would, of the last couple of months for your member compani companies. >> guest: well, it is been taught for our companies for millions of folks that are in the workforce as for every single person around the globe during this time of seriousness and a time of anxiety but also a time to get to work. at the very beginning of this crisis, this national health emergency, our workforce were aware of the danger and were a part of the frontline first responders that continued to work hard to deliver broadband service to so many of our fellow citizens that at a time when it was needed most. i'm glad to see broadband standing tall and working well. >> host: what advances have been made literally almost overnight? >> guest: it is an amazing moment. our entire economy was told to go home and on monday we all turned on our internet at our home whil

they don't build it they don't manufacture it and we don't innovate it so who are they turning to ericsson and nokia to european companies asking them if they will find a way to their product is like 2 or 3 times the price of qual way so they're trying to find a way to make you know it possible to introduce it to america the way those countries are socialists winds blow and post empire. well we're going to take a break and when we come back much more coming your way. the one guy you appear he was a may found him literally dead like he is standing. a guard here his girlfriend they were found in their apartment that they'd just. cold and they were really 3 days holding each other this wall so people. who have lost their life so early to addition. this is from akron. that crown is better known as the myth capital of ohio it's a city where the number of drug addicts keeps growing every year. i came up when i was 14 my whole family were drug addicts. throughout much of the 1990 s. and beyond and the doctors were encouraged and in some cases incentivized to overprescribe. i mean enough to sedate

they don't build it they don't manufacture it and we don't innovate that so who are they turning to ericsson and nokia to european companies asking them if they will find a way to their product is like 2 or 3 times the price of huawei so they're trying to find a way to make you know it possible to introduce it to america the way those countries are socialists winds blow and post empire. well we're going to take a break and when we come back much more coming your way. we go to work. straight home. welcome back to the kaiser report i'm max keiser time now to turn to richard fields he's the director of the institute of financial transparency author of transparency games how bankers rake the world of finance welcome back richard thank you max and to having me back this past weekend the fed revealed some of the individual corporate bonds they have recently started buying our 18 say united health comcast apple wal-mart to just name a few why is the fed buying the bonds of these corporate bahaman threat chart and said it is going those bonds to force investors into buying even junkier credit. what

gear from european companies such as nokia and ericsson to a lawyer technologies so that just sounds like plain old dirty tactics like hey i'll pay you to not buy from my biggest competitor so really what needs to be asked is what will happen to the american technology companies that are going to lose their biggest market because this isn't just another escalation in to expect us to be an escalation and not expect china to do anything to retaliate that's just ignorant of what we've seen in 21000 china will absolutely retaliate if that's the case and america is now in that situation because trump originally said that trade wars are easy to win but the u.s. has shown that its biggest failure to date was underestimating china in the start who most co-host i just want to show had been and i was just to say i just wish that the u.s. would show and demonstrate the proof they say they have that while way is a compromise system you know before you spend taxpayer dollars paying for other countries 5 g. technology want you show me evidence i think that they have actually got they have it have

on that 10 minute 10 man squad this penalty in stoppage time was for insurance cover converted by ericsson san jose excuse me with a 52 lead and they'll play some one on saturday. so short of baseball over the. so things are going ahead as planned with fans returning to the stands all of that normalcy did not seem to help the 2nd place tucson bears in their home game against the 3rd place key womb heroes top of the 1st it's the 1st at bat for the cubs infielder as in russell and he hits a full live ball to left field 1st at the k.b. oh not always a good look but you know there's more chances bottom of the 5th former chicago cubs pitcher on the mount vernon 1st bears left fielder kid you want to run home run to left field and do son opens up scoring 2 to nothing human bats are coming alive top of the 6 russell the plate man on hits a ground ball off former oakland athletics roll on his 1st hit in the league his teammates are pretty happy for him for batters later runners though on 2nd and 3rd hero 2nd baseman kim he sacked fly the left fielder russell is going to score before the catch he's

they don't build it they don't manufacture it and we don't innovate that so who are they turning to ericsson and nokia to european companies asking them if they will find a way to their product is like 2 or 3 times the price of qual way so they're trying to find a way to make you know it possible to introduce it to america the way those countries are socialists winds blow and post empire. well we're going to take a break and when we come back much more coming your way. you can be go with yeah you. so rumors isuzu. suit she's going to be named chris in the film the new movie. you. remember if you just can't stand for a book if you care that oh. antarctica is a very international community i. mean a new strain of the truck with only 2 things to. do this year the kids who face this still studies need to eat. for the position of the world food used to cook in brazil so their nuclear cooperation in antarctica is everything produced polluted with it in front of t.v. with a view of the. 5 they have i would have acted all day but i decided not to take people's life. with my goddamn pet a few that. w

they don't build it they don't manufacture it and we don't innovate it so who are they turning to ericsson and nokia to european companies asking them if they will find a way to their product is like 2 or 3 times the price of huawei so they're trying to find a way to make you know it possible to introduce it to america the way those countries are socialist winds blow and post empire. well we're going to take a break and when we come back much more coming your way. thousands of american men and women choose to serve in the country's military. every song came to a complete. i'm afraid. you don't hold the show i don't want to kill me and i see how destroyed my life. screamed at me and he made me come in and he graham my arm and he write me with his birthing area if you take into account that women don't report because of the extreme retaliation and it's probably somewhere near about half a 1000000 women have now been sexually assaulted in the us military is a very very traumatizing tat happen but i've never seen trauma like i've seen women who are veterans who have suffered military sexual tr

two, with respect they made some pretty significant threats against nokia and ericsson. european companies but they basically said if europe is going to bond huawei from the 5g network it's going to put restrictions on the exports of nokia and ericsson from china so now it's causing nokia and ericsson to rethink their operations. >> so what should we be doing in terms of government policy this mistake taking place in the sphere of the private sector. what should we be doing? there's one deal we should punish her own companies for doing it. think that might backfire. what is the government of the united states, the executive branch view that we should be doing to brilliant some ways give the ceo backbone not to comply this comes to reciprocity. certainly don't do this to chinese companies. but as government policy what should we be doing? i need assistant answer. >> this is exactly what i was getting at. if it's cheaper to operate in china, to compete with chided that we've got to figure out how to get these companies financial booster they can now compete if they offshor

the ongoing conversation about 5g and the travails of huawei, how much is that impacting the ericsson business model. some of the market moves we had seen overnight, stock specifics in corporate reporting. plenty more of that coming. this is what we have on the data, euro stoxx 50 futures higher. s&p futures higher but not by much. the asian session has been mixed. nasdaq futures also higher, despite the disappointment of netflix. , we have had the ecb meeting, but now we face the bigger event of the european recovery fund discussed by european leaders in brussels. the dollar index is weaker. oil prices weaker as well. raw materials are back in a bull market. provisions for bad loans reached 698 million euros in the second quarter compared to the estimate of 390 million. a decline in net fee. joining us now for the first interview of the day is frank vang-jensen, president / ceo, nordea. let's get straight into the conversation around the numbers and revisions you reported. why is that number bigger than what the market anticipated? the credit remains very strong. ,e have had signific

components that supply to ericsson and nokia and also the in-house chips that they make, so the issueat, now, we have to start thinking about supply chain reliability and if we start thinking about building out 5g networks over the next three to five years, will huawei be able to have technology that is good enough to compete against nokia and ericsson? number two, in their supply will thatrity -- equipment not be disrupted from sustained political tensions in the future? , senioroo jin ho technology analyst for bloomberg intelligence here. theng up next, a preview of upcoming boj meeting with bank of america has resume evaluate -- izumi. what to watch on these policy settings, next. this is bloomberg. ♪ haidi: let's take a look at how we are setting up in midday session in asia, about to get underway in some of these bigger markets. we will get across to sophie kamaruddin in hong kong. sophie: taking a look at the board, risk assets are picking up early in the asia session. there was scant details from the white house on the specific repercussions from the u.s. ending hong kong's spe