and the eu nationals resident in the eu. the fact is, there is such a huge amount of regulation that has been imposed on the u.k. as a result of the eu. and the question of, what would it have done anyway? realistically, you have to look at a longer time period for repealing regulation. i suspect there will be a prioritize asian within the government and that government departments will be asked to come up with the regulations that can be got rid of quickly. even if they don't go for the regulatory reduction commission that we suggest. there may be some movement very quickly, but i think just realistically, it is a huge task ahead of the government. >> is certainly is. given the weight of eu law over the last 40 years. it is a real challenge for any government, or any future governments, to unwind. i would just point out, in terms of making a trade deal, that it fully happened for a hasged member of the eu left the european union. as a result though, that united kingdom has currently, all the regulations needed theoretically

eu residents national in the eu. think that's what that two-year period will take. the fact is that there is just such a huge amount of regulation that has been imposed on the uk as a result of the eu. and the question of what we did that anyway. i think realistically you have to look at a longer time period for repealing the regulation. i suspect that there will be a prioritization within government, and that the government departments will be asked to come up with the regulations that can be got rid of quickly, even if they don't go for the regulation reduction commission that we suggest. so there may be some movement very quickly, but i think just realistically it's a huge task ahead of the government. >> it certainly is. given the weight of eu law over the past 40 years, it's a real challenge for any government or any future governments to unwind. i would just point out in terms of making a trade deal that it hasn't happened for say a fully fledged member of eu, has been a member of the eu for 40 years has left t

that way apple will not have to deal with the eu posh bureaucracy. -- eu's democracy.rench and german politicians have gone public with their doubt that it will ever become a reality. >> this is been meant -- met with many criticisms. after three years of negotiations, the voices are coming from the key players. friends walk along talks were bogged down -- prince walked along to -- earlier, his trade minister said he would call to a halt with the talks. there should be a clear and so we can restart them on a good basis. it was in germany where this round of criticisms started. the economics minister said than -- the negotiations have failed. he believes the unwillingness of u.s. negotiators to compromise. >> anyone can see that the current basis for negotiations will not get us anywhere. we will see of the american position changes after the election. if the attitude does not change, it will not exist. but the comments originating in the eurozone clashed. they are insisting that talks have been making steady progress. brett: is that the case? you had the opportunity to

and eu. there is a sense the eu is trying to reassert authority. basically what they are trying is have a high profile test case where ireland can be seen to exercise its smallover a relatively country. having said that, apple is a ampany with 200 billion and cash pile, so it is hard to feel too sorry for them. overall, ireland would say they are caught in the crossfire between the eu and the u.s. vonnie: what is the ground for appeal? ireland says they will appeal. what will they make their case on? the suggestion for the commission is there has been a sweetheart deal that apple was advantagess of an that it was told in advance how it could minimize the tax deal. ireland is asserting although it did offer this, they were just trying to help the coffee give an idea of how it would go about paying taxes. according to them, they were nonbinding and therefore, could not be considering -- considered a sweetheart deal. that would form the code -- the core of the defense. is this a first time there will have been an appeal like this in the european court

are eu citizens.cting peoples right to a family life. that is the moral case for ensuring that eu citizens have the right to stay here. we've got over 100,000 european citizens working in our public services, helping keep our national health service going. we've got 1.5 million british people currently working in eu citizen owned businesses in the u.k. if we started getting into this tit for tat and using people as pawns, we will be massively shooting ourselves in the foot, but also running counter to our values. francine: do you think these are negotiating tactics? for the moment, if you look at the political landscape in the u k, it is only nicola sturgeon who says we want to guarantee those rights to europeans living in scotland. she would probably want it for gb at large, but no other politician has said that. is it just because they are trying to negotiate? i'm not sure it is the only bargaining chip because i think there was huge disappointment around europe that the u.k. should leave the europe

philippe: they've all been members of the eu for many decades.hey are richer than they otherwise would be thanks to the eu. at the same time, clearly, in italy's case suffered nearly two decades of stagnation. in spain's case, suffered a massive bust after the preceding boom. the recovery isn't proceeding fast enough. even though in both cases a of attitudes, national policies policies, some of the blame is to the euro zone. even when it's not, people are lashing out at all sorts of things which aren't responsible for their misery. in britain, where people were blaming immigrants for their misfortune, and it was probably more to do with trade with china or the financial crisis. philippe legrain, thank you very much. up, hillarying clinton spoke today on the future of the u.s. economy. also, quick check on shares of nordstrom in after-hours trade. the stock is up by more than 11%. ♪ scarlet: hillary clinton and donald trump this week both gave economic policy speeches. this is a curated one-stop shop that just launched today on the bloomberg for t

larry, your initial thoughts by the eu? >> this is an eu tax grab. this is an eu power grab. this by the way is like brexit number two. this is one of the things the brits were rebelling about. hats off to the irish finance minister and the rest of the irish government. they have a good thing going there. they have a 12.5% corporate tax rate. the phenomenal economic success for that country, okay. even in recent years they're outperforming everybody with their low business tax rates. and this would be a great time for the united states to get involved in some tax reform, lower business taxes make everything simpler. but the eu cannot run around breaking international tax treaty law. okay. even our own treasury is saying that. so eu, i don't know, up yours. >> secretary gutierrez, this was a tax ruling granted by ireland in 1991. and now it is 2016 where the european commission -- i mean, that's slow even for government work, isn't it? >> yeah, i think this is amazing coming off brexit where, you know, you have countries who feel like they're getting suffocated by all these re

then the eu because ireland is part of the eu decides oh, no, no, no. you may have some sovereignty, but you're part of the eu. then they go back and tell apple, sorry, in hindsight, we're going to change everything we entered in to with you because the eu says we can't. once again, a fundamental flaw of those guys over there. >> eu is ordering ireland to recover the back taxes so the eu is saying find out what's wrong with the system. go back to the company you've been doing business with for well over a decade in this exact structure. the eu says it was happening since 2003. >> the eu should look across the water at the uk. say, maybe that's something we need to -- anyway. i think that should have been that way for a while. i don't know. 13 billion. >> euros. >> and they go 200 over there supposedly. that's a lot. that's not 200 million, for example. the other thing i think about, i like the treasury. i haven't seen the treasury ever not like taxes being paid to anyone, and as a globalist of th, this administration, it's good to see they get the taxes

and you know how screwed up the eu is. that's kind of like where we're going to be. we can just fast-forward the tape. i didn't get an apple invitation by the way, for the launch, and i'm not hurt. >> you're not hurt? me thinks maybe that's not true. maybe you are a little. >> i was a little hurt. >> i think that invitation's forthcoming right away. >> i was very hurt. i was hoping you wouldn't bring it up. >>> let's get to the other story quickly and we'll deal with mond mondelese and hershey. and jumping from one legacy carrier to another and we'll look at futures and again, we're going to have a lot more on mondelese walking away from hershey. >> we've got to talk about that. let's talk about that. forget the airline executives. we're back after this. what if a company that didn't make cars made plastics that make them lighter? the lubricants that improved fuel economy. even technology to make engines more efficient. what company does all this? exxonmobil, that's who. we're working on all these things to make cars bette

the eu is a government.t's, obviously, so powerful that a major power had to get out of it because they feared that the eu was placing workers there. i mean, look, eu is off the rails. but we treat it with great respect. >> it has significant implications for a lot of multinational corporations whether you're a monsanto bayer trying to work out a deal and think about the anti-trust implications in the eu for that transaction given what they've done. >> i mean brian cra sap itch, i went to an intel open in his factory in dublin, i was an intel hawk, went to see it. one of the wonders of the world. they got a great deal. >> right. >> maybe it's time to reopen the deal. >> do some factory tours and things. i think that would be fun. >> i did a factory tour of dell. >> do a show from the tesla -- the floor of the tesla factory. >> saturday, nobody there, because it's saturday. >> right, nice. >> coming up a lot more on today's movers in the final trading day of august and tomorrow night at 10:00, make sure to wa

are you more worried about the eu or u.k.? rick: i think the eu is certainly a worry.e periphery may look to the u.k. to offset some of the instincts of the rest of the your. poland in the states -- the eu has been beneficial in binding them together. theresa may will focus entirely on u.k. and what sort of deal we can do. as we get into the autumn, maybe there are going to be some more debates about the feasibility of what everyone wants. tom: and look at this and i wonder -- let's leave it there. rick lacaille, thank you so much. i have -- i am sorry, we have run out of time. francine, this is going to be a fascinating our could we link to the bank. francine: we will talk to the banks and link it to negative rates. it all leads back to janet yellen. tom: it goes to janet yellen again. the headlines out of the bloomberg, the market reaction and her speech at jackson hole. is in jacksonkee hole and having important conversations. brad heights -- brad hintz in our next hour. good morning. ♪ francine: janet yellen gives her most anticipated speech in jackson hole could c

the eu should try to get as much support from the eu. and also try to not lose that support.ence, why it's a very, very fine balancing act for ireland come economically, as well as politically, christine and george. >> and isa, as you pointed out earlier, this move against apple, it's really watch this space because other companies, could mcdonald's be next? >> mcdonald's, absolutely. >> several different companies. especially tech companies. >>> dow futures pointing lower right now. the market fell slightly yesterday as investors threw economic data ahead of the government's job reports. markets are mixed. oil is down after a big drop yesterday. it's the final trading day of the month, folks. yes, the end of august, and here we are, all the major averages gaining in the month a little bit. nasdaq with the strongest gain least, still less than 1%. stocks wavered for the past few weeks as investors processing that the fed will likely raise interest rates this year. there are three fed meetings, by the way, left this year and an election. there's a growing rick on the campaign

timeframe for a new for eu integration. thought after brexit that europe was over but it is not true. we respect the british people's choice but i want to write a future chapter. and that is why the fight for common defense, intelligence, better integration of the they arendustries -- all absolute priorities on which we will discuss. anna: let us get more on the story. caroline hyde joins us from berlin. good morning. a future chapter being called some cleartaly but divisions on the way forward. to be a: this was meant show of unity, standing together and steeped in symbolism. this entire meeting. they went to visit the grave of an anti-fascist writer who put together a pro european manifesto. show how you can dismantle nation states and have a federal state of europe. they do have common concerns about terrorism. about the path forward. common concerns about the rise of populist parties and the right-wing parties growing stronger in germany and in italy and france. this was a sign of it unity. trying to show that they can

the ship serves as the flagship for the eu's migrant rescue operation in the mediterranean. key issue in europe's drive to ensure security, says chancellor merkel, but more must be done. >> it's also conducting training on how we can protect our borders, which is one of our main challenges in ensuring freedom of movement inside the eu. >> president hollande discussed security against terrorism. >> the main risk for europe as well as other nations is a dislocation, fragmentation, egoism folding in on ourselves. all three leaders face declining poll numbers and political pushback from rising far right parties. ramsey kicked the talks off with a visit toward -- at the tomb of all terrio spinelli, he cowrote a manifesto calling for a federation of european states. 80 years later, the european union is a reality but faces greater challenges than any time in its history. terry: max hoffman is in italy following this story for us. a lot of symbolism in this meeting today. was that its primary significance, three leaders of european union member states trying to show unity? >> the e

the eu haves apple. says the eu is pushing its luck here. think that member states wish to retain their sovereignty if they carry on interfering in tax affairs, they may find a few more referendums looming. are we looking at -- i guess we are. that was one of the main arguments for brexit vote was precisely to be more independent. >> exactly. >> i guess in some way, maybe the uk and those brexiteers will think, oh, wow, we're redeemed because this is happening. this could have happened to us had we still been under the rule of the eu in the future of course hypothetically. >> i wonder how much money five years for example a company like apple would bring into the uk if it were to decide to relocate here. >> would they? there's still a big gap in terms of the taxes between ireland and the uk. even though uk has brought down the corporate tax. >> precisely. >>> moving on, republican presidential hopeful donald trump has accepted an invitation to meet mexican president. said, quote, i believe a dialogue to promote the interest of mexico and the

after one of its bigges member states voted to leave the eu?think you have to differentiate the evidence slightly. island's tax rate unaffected. it is still 12.5%. what they are looking at is the direct relationship between apple and the irish government. there was an agreement reached under a previous regime back in the 1990's that allowed ireland to pay a very low tax rate. that is what the european union is picking on here. that does not mean that your question is not valid. subsidies help maintain that economy not just in times of trouble but also infrastructure. it is not in their interest to look at leaving. nejra: on the other side of the coin, tax repayments could start costing the u.s. taxpayer. right? >> yeah, but there is an upper threshold. threshold tax rate is 25%. it is certainly going to be a thetopic of conversation in presence of debates. the first is in about a month time. it is opportune timing to put at the front of the agenda. nejra: alex webb in san francisco. fantastic reporting. thank you so much. matt: fascinating stor

will have to pay into the eu's budget.he missing britons aspects for low-cost emissions after the exit from eu. >> if someone once benefit from the european union, they also have to conjugate to the coffers -- have to contribute to the coffers. [indiscernible] before the referendum, nobody talked about [indiscernible] sub just u.k.. jobseekers feeling the pressure of brexit. -- u.k. jobseekers feeling the pressure of brexit. it says the average salary is down by 2.4% from the end of july. gene wilder has died at the age of 83. for hismembered by many lead role in willy wonka and the chocolate factory. fills --d classic classic films such as inference youngand -- such as frankenstein, blazing saddles. global news, 24 hours a day, powered by 2600 journalists and analysts in more than 120 countries. francine: forget september. that is the message from morgan stanley. janet yellen says the case for increased rates have been strong. august payrolls present an obvious risk, we continue markets implies probability for a september

but also within the eu and the eu partnership. mr. sanderson: my former colleague is in the room, and we went to the syria/turkey border to interview a trafficker at the border. he dealt in all sorts of things that he moved over the border. people, weapons, etc. one of his specialties was passports. he would buy passports from europeans coming in who were joining the islamic state, no longer believed they were citizens of the european country from which they came. he would resell them and repurpose them. he had access to everything. it was really remarkable. we interviewed him on two occasions. that prevents -- resents -- presents a terrible problem. can you give us a look at the important program that brings women and men back in cross borders. at the same time, it thousands of individuals who come from europe on european passports to fight and can return and then travel to the united states. general taylor: that's for me. let's start with the fact that the visa waiver program is not a waiver of a visa program. it is a security progr

brexit was the new catchword for those that want it to leave the eu.he remain side never found anything to match it. >> jobs are dependent on us remaining in europe. >> that is when david cameron began to tour the country. meanwhile in parliament, the former london mayor boris johnson was highlighting to a committee session his distaste for what he saw as interfering rules from the european union. >> one of the rules, the ludicrous rules, that you cite -- it says you cannot recycle a teabag and that children under eight cannot blow up balloons. adult supervision is required in the case of the use of balloons by children under age. i have to say that in my household, it is only children under eight that use balloons. i do think it is absolutely ludicrous to have this kind of prescription. >> at the european level -- >> children under 8 can suffocate. it is not requiring -- >> it is requiring that it be placed on the packaging. >> chancellor george osborne and his team made their claim. house values would tumble. holidays would cost more. the average fam

it is a negative story for relations between the eu and the u.s.ating we learned in the last hour? >> the eu has said with the apple case in ireland, it's focusing on 2003 through 2014. it says apple's effective tax 2003in ireland was 1% in and then went down, up to 2014. itsway apple has structured businesses here in europe, it channels all of its profits into a virus unit. the competition commissioner says that unit, the head office that has over there in cork, ireland exist only on paper. it's not a physical entity, and they have been channeling the profits through that. and therefore with the tax structure they have gotten in ireland, they have been able to severely reduced their tax impact. francine: who has the most to lose out of this, ireland or apple if they end up paying $14.5 billion? 13 billion euros plus interest. it's hard to tell who would be the worst out of this. ireland could use 13 billion euros to help pay down the budget deficit. it's a bigger problem for them. they are thinking about their ability to set their own tax policy,

>> apple is a figure head for the eu to go after at this point. don't think it's really spread or, i guess they're waiting to see apple is clearly the most valuable company in the world. they're probably the easiest target as far as tech companies that practice doing this sort of tax loophole structures in ireland so it's pretty easy to go after them. i still think they're going to do more postjurorsing despite the fact that they consistently go after u.s. businesses themselves for this hype of behavior. and going to watch and wait because apple seems to be the real strong and easy target here considering it's size and value. and apple is a big company. they can handle different things at once. is there a risk that apple gets focused not just on this case but they have a lot of financial complexity and they have been all about financial engineering on one level. is there any long-term risk there? >> i don't think so. this is a multinational corporation. everyone is working in a global siermt so they will, they will handle this with their teams of

the eu as the countries to keep it spending to 3% or less of gdp. they cited exceptional circumstances from brexit uncertainty to rising anti-eu sentiment. rejected al has takeover offer. value --davis said the the offer substantially undervalued his company. barclays has paid another $100 million in the u.s. over its role in the libor rate rigging a claim by 44tle states that it manipulated the rate between 2005 and 2009. libor is an interbank rate used .y banks the scandal has already cost barclays $450 million. uruguay is taking a novel approach to rehabilitation by encouraging inmates to become entrepreneurs. >> people playing music are a common sight across uruguay, though perhaps less so in the nation's prisons. however, when jail in the south is adopting a new approach to rehabilitation. inmates are encouraged to work and even set up their own businesses. >> this is like being outside. you are deprived of your freedom, but they let you show that you don't want to go out and be a criminal again. >> it now serves as a blueprint as the country w

by the eu or by germany.t he meant is that the british case is so unique that there really is no template for it and there will have to be, as he put it, some kind of tailor-made solution that may be unlike anything that has been done before with countries like norway. that was his main point, i think. this point on at the red lines germany in the eu have laid down in terms of what the u.k. needs to agree to to get access to the common market. francine: how impatient is the german government on the brexit issue? you interviewed angela merkel many times. is her public persona different to the one she is in private on brexit? >> no. merkel has been very circumspect. she's not trying to drum britain out of the eu. at the same time, there are rules to be followed as we just talked about. that is something merkel will not -- can't find any wiggle room on. but there is a school of thought among people like the foreign ministry in germany where michael roth is that we now need to focus on the remaining eu 27 and mak

as a cur that would allow essentially apple to deduct that eu tax payment from the taxes. that wouldn't be fair to u.s. taxpayers. >> international trade experts say the eu decision is an additional challenge to the sovereignty of the individual countries in a post brexit europe. and they sa. zpl coming off brexit where you know, you have countries who feel l all of a sudden, a clawback on made with a company i think that's going to scare away investors. >> they have been criticized by capitol hill for using billions offshore and not pay of the eu ruling was bipartisan. house speaker paul ryan said slamming a company with a giant tax bill years after the fact sends the wrong message to job creators on both side of the atlantic. new york senator charles schumer pull no pumplgs, calling the move a cheap money grab. >> we ar concerned about a unilateral approach in state negotiations that threaten to undermine progress. that we have made collaboratively with the europeans. to make the international taxation system fair. >> it's not clear what if anything washington can do to

intends to keep with the eu. minister theresa may said she will fight for the city to retain passporting rights. nigel farage appeared on stage at a rally with republican presidential nominee donald trump in mississippi. britain'ske of decision to leave the european union as a positive example and urged trump supporters to get out and vote against the establishment. >> if you want change in this country, you better get your walking boots on. you better get out there, campaigning. anything is possible if enough people are prepared to stand up against the establishment. thank you very much indeed. sentimentman business unexpectedly split in august. the weakness in the ifo institute is a sign that companies are still weighing the consequences of brexit. with the u.k. acting as germany's third-largest export market, weaker demand has the potential to damp output. u.k. consumer confidence rebounded from a three-year low as the initial shock from britain's decision to leave the eu faded. of an center for economic and b

and eu relationship? >> it will not damage the eu relationship with the u.s.. to a very large degree we share a number of values in these areas. you find there is a very strong common value-based when it comes to a more fair global taxation. some would say this is not fair because you are looking at retroactive collection, you missed your chance and did not look into this before now. so why force collection now? would look at this with change in legislation but looking backward. that is not the case here. it is, as i think very often happens, that you can look back .or a number of years that is also what we do in other state aid cases, because for a lot of reasons business is backward looking when we have a concern of a legal state aid being paid out. this is a case not of penalties but unpaid taxes being paid looking back 10 years. mark: a final question, to what extent will today's ruling damage investment from outside aid being paid out. this is a case not of penalties but unpaid taxes being paid looking back 10 years. mark: a final question, to what extent

taxpayers to the eu."e crux of the white house concern at this point about the fairness of that eu decision to tax apple to the tune of somes $14 billion euros. back to you. >> all right. thanks, hampton. >>> first, sharp words from treasury, jon and now the white house weighs in. >> yeah. really fascinating there. enormous pile of cash and lots of different countries have arguing why they should get a piece of it. the white house stopping short of taking a specific side but at least laying out stakes. >> certainly get more developments on that throughout the afternoon. thanks to david faber for sticking around. >> great to be here. >> approaching news. back to the headquarters, scott wapner and the "halftime report." >>> guys thanks so much. welcome to the "halftime report." i'm scott wapner. we begin with a cnbc exclusive today. a short seller under fire and fighting back this hour against allegations of market misconduct. citron's andrew left, accused by regulators in hong kong of spreading false and mi

the eu has these strict privacy laws. the u.k.beginning to enact these laws but it's unclear whether we will see a throw. could be that this regulation from the european commission goes into effect, that everything stays the same. if the u.k. should decide to leave the eu and european economic area, is unclear what could happen and could affect data flows. >> what could happen if the u.k. decides to not stick with existing data privacy rules that the eu has laid out? thatme people were saying they could apply to become certified by the european commission, which would mean the european commission in brussels would look at the structure that the u.k. government creates after brexit and say, this is fine, you can continue to deal with data. or it could seek to do a contract, like the privacy shield, between the european union and u.s. could mean there is a gap in regulation, and that's what companies want to avoid. >> i'm thinking about european activists who sued facebook and won. could similar things happen? >> that's the risk. so

the eu data is probably a little worse. the stock about the eu data. the confidence number dipping people are notnk taking this seriously at this stage. it was a dip that was worse than anticipated. we got down to the 103. we have been reeling from the brexit story and are waiting to see how the data develops. the data are painting a conclusive picture. economic confidence is dropping, but nevertheless, we wait for mario draghi to give us his take on whether or not it is significant. there will be some effect, but it is at the moment very limited. ecb,ine: in terms of the give us a sense of the united kingdom. we are still seeing the ramifications of brexit not only on the eu confidence, but close to home when it comes to housing. as: this number i am not into it the moment. if you look at the data since the beginning of the year, it's dropping. all kinds of things have affected mortgage approvals. the number has been going down since the start of the year. the number was down for the last month, and was a little softer than anticipated. the data serie

we are in the eu for next year. there is already pressure from other countries to say watch oue , do not necessarily start your race to the bottom of the tax rate quickly. vonnie: you're still in the eu for at least two more years. vonnie:part of the problem, the central dilemma has not gone away and will need to be solved, and that is what the u.k. will do on immigration. what conversation does that get decided in? >> that will be at the center of .he debate that will be what theresa may and angela merkel are trying to work out. it is whether she wants to maintain access to the single market. if she can match what we have through bilateral trade deals she may want to go that front. certainly immigration, there is message that immigration was an issue, and she certainly cannot go back on delivering thereort of fix for what is a problem. that will boxer and to some extent in this negotiation. vonnie: you should read his brexit bulletin every day. simon kenzie. poisedis says brent is to rally. just how much? that will

reporter: fresh debt for new fences is not in eu interest, either.even without it, bulgaria's national debt ratio has been rising far faster than other eu members. anchor: thank you, terry martin. terry: thanks. just a reminder of the top stories we're following are you on "dw news." france's highest administered of court has suspended the ban on full body burkini from suits. but it only applies to the seaside resort involved in the case brought to court and it is only temporary until the court delivers a definitive ruling. you are watching "dw news," coming to you from berlin. i will be back in just a couple of minutes with an in-depth look at today's top stories. to find the latest on all our stories, online at dw.com. [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] >> this program is brought to you in part by cie tours international. for over 80 years featuring all- inclusive tours and value vacations throughout ireland and britain. cie tours.com. ♪ ♪ ♪ ♪ >> h

s vote to leave the eu. we speak to heathrow ceo john holland-kaye and go through the markets and central-bank action. first to the markets. two things you need to watch out for. oil trading above $48 a barrel. the dollar paring some losses for the week as stocks decline somewhat in europe. they are also declining in asia. this is a picture for yen. twice this week it went below 100. i don't do this very often, but i want to show you the south korean won. it slid to a low in the last five weeks. let's get straight to the bloomberg first word news with nejra cehic. nejra: the u.k. financial services industry has reportedly given up hope of universal access to the eu single market. according to "the financial times," the city is speaking -- is seeking a bespoke deal with similar but stronger ties than switzerland. the paper says representatives from the industry will present their ideas to prime minister theresa may next month. oil is set for its biggest weekly gain since march. wti and brent have advanced mor

ro --xistence of the eu even if the eu desire to do such a thing, and there is not evidence. it has the desire to support a greater degree of sovereignty. exerciseis going to pressure to clamp down even more tightly on remaining nationstates. e forwilling to hop the best, but i fear for the worst. >> any closing comment? >> i think the eu will still remain a desirable place to be a member of her countries which are very poor. --hough the, belarus moldova, ukraine, georgia would love to join. the question is whether the eu can retain the prosperous countries, which infuse with a certain level of accountability, such as it is, or good governance and so on. if denmark, holland, sweden, goes you are stuck with states and the eu become something very different. euterms of what will the look like. getting out of the eu does not believe in isolationism. the discussion is about supranational against intergovernmental. if you can't return to an intergovernmental way of doing things, you get accountability. the government of sweden at sign ed to a certain treaty, they need visa or of t

note eu state has capital punishment. in germany, they are not the only ones issuing a warning like this. austria has called for into turkey's negotiations to join the eu due to its lack of democratic stance. >> the eu attitude has always been lukewarm at best. now austria wants to make it crystal clear, no chance, given the current circumstances. we would all do well pressing the reset button and thinking about which way this could go. i consider the accession of turkey in the next two years as impossible. the eu commissioner is cautious about issuing these kinds of absolutes. the commission president won't close the door completely but concedes there are still many problems with turkey. turkey in its current state cannot become a member of the eu, especially if it reintroduces the death penalty, which some are advocating. but they point out shared interests, particularly regarding the migration crisis. telling turkey that from our site, negotiations have ended. turkey agrees and strongly criticized austria's comments. i

against germany and the eu.of dealing with all the many crises it faces, i think, the risk of further unraveling is very great. >> is there anything that can be done to counter the rising nationalism? happening but is it does not look like any of the leaders committed to the eu project have any particular ideas on how to keep the eu project together, or strengthen does not alsohat exacerbated the countervailing forces of the anti-eu movement. is there a different approach they should be taking? philippe: the eu ought to be doing less, and the better. in the eurozone, there is this obsession with creating new institutions. the real priorities should be on better economic policies that deliver higher living standards for everyone. looser things like fiscal constraints, more investment, lower taxes on wages. politically, the focus ought to be on what is the biggest concern of europeans at the moment, which is cross-border cooperation on terrorism. instead of trying to force governments to take refugees they oughton

where the eu heads from here.e more integrated, plus integrated, where does brussels fit in? all of this stuff is putting everything in place. caroline: it will be a fascinating way to see how we ramp up into an electoral season. ththank you. up next, the battle of the charts. we compare two charts we have created and get behind the market trends. manus versus me. this is bloomberg. ♪ manus: the judge is in the hou se. richard jones is on set. it is the battle of the charts. what is going on in the market? stocks versus sentiment. or interest, which is in the blue -- short interest, which is in the blue line. it has been declining since february of this year. down she goes. but on the counter side of that, bnp paribas is on a 10 month high. equities, is it the most unloved rally in the world? bnp paribas rises to a 10 month high. jackson hole doesn't spark an equity market rally. hole has only moved the market once, 2010. caroline: i'm going to hopefully, see you and raise you, manus. i am talking my brexit from t

he asks will brexit negatively impact the improvements made in eu counterterrorism efforts? mr. schoof: u.k. was a strong supporter of everything we did. i am sure even with greg they will still be a strong supporter. but when they are not a member state anymore, we have to make other legal arrangements to make sure it's going to work. it will be more work, but the intention will still be the same. we work around it. mr. sanderson: does it, take things for dhs -- complicate things for dhs? general taylor: it does not. we have strong bilateral partnerships with the u.k. we think that will continue. we think it will be a strong partner in europe, if not in the eu, information sharing and best practices. brexit will come and go, we believe our security cooperation will continue to be very strong. mr. sanderson: second row in the black outfit. thank you. >> hello. i am the newest addition to the saudi embassy. i have a two-part question as well a comment. the first question is firstly, how effective is the d radicalization programs happening -- how effective have they been in terms

with an eu ruling as early as today. the commission is expected to say that ireland provided illegal aid for a sweetheart deal in terms of creating jobs. apple said it had nothing to add to previous statements. anyand has vowed to fight adverse data. stability may be coming to an end. the relative markets are pointing to depreciation. monthly increase since january. have alsocators -- climbed indicating rising expectations for a decline. german foreign policy spokesperson and ally of angela merkel says the u.k. will have to pay into the eu budget if it wants the single market advantages. if someone wants to benefit from the european union single market structure, he also has to contribute to the cost of that operation. for example, as norway does. they pay into the system. referendum, no one talked about that. joined by be bloomberg reporter in berlin. salaries have come under pressure in the u.k. and companies are advertising more contract positions. according to an index by a job-search engine. the salaries are down by

>> from my perspective, even under eu law it can't. regimes are intended to deal with special deals. this is not selective. it might be a sweetheart deal but ireland basically offered video to everyone who wanted it. katty: who suffers when companies pay as little tax as apple did in ireland. one'sl, it depends on perspective. arguably the revenue that could have been generated should be in the hands of the u.s., in which case the cost was borne by u.s. taxpayers. position of the european , is irelandoddly is the one who suffered, even though they were the ones who gave the sweetheart deal. and interestingly, the commission's idea of a remedy is that the country that acted illegally should return the money. katty: which ireland says it doesn't want. thanks for coming in. complicated. thanks very much. calm weather is forecast in the southern mediterranean for the next few days authorities predict a means a flood of migrants will risk the journey from libya to europe. thousands were rescued on monday alone, the most in a single day in y

eight system -- eu development aid system?e very strong for 10 to 15 years. they built a very strong consensus in the u.k. behind it. we don't know what the exact meaning of this vote. is it isolationism? or just distance with europe or the whole world? caroline: how much has the u.k. contributed to the eu? how much can we lose? remy: u.k. is about $18 billion a year. as far as their conservation to european aid, it is more than 10%. that is the magnitude of the shock. caroline: what would you like to see after brexit in terms of giving a new sense to the eu? remy: the eu is a heavyweight in the field of development. we will present more than half of development financing. this is that his for the brexit. we are very strong. we can be very more assertive to saying we will keep our commitments and we will be extreme active. we built a network of financial germany, italy, france. networks are extremely well structured and active with amounts to about 25 billion year worldwide. caroline: we won't have the u.k. to contribute to th

compare with the eu? if you were to give them grades, the eu has a lot to lose. >> certainly. of the things that is very clear is that the u.k., in terms of its flexibility and structure, it is much better positioned, particularly in some areas of the eu which are much more challenged. in this particular case it is less about absolute and more about direction. the eu is currently improving from a moderate base, and that is typically -- francine: how much is that thanks to mario draghi, and how much thanks to a weaker nominal basis? >> i think there's a genuine improvement. not in all places, but places like spain, which have clearly done structural reforms, they are benefiting quite significantly. germany is doing relatively strong. but at some places in the euro area, there are doing really well. in france and italy are struggling, but that is more due to mario than what they have done on the home front. francine: peter, thank you so much. peter schaffrick. these are your markets. this is probably one of the biggest stories of the day, oil. this is the picture for oil overall

on others especially tax treatment comes down to national issues more than on eu issues.n ground would be great, but let's face it, we've had many, many issues on import duties. solo for example a massive spat between china and u.s. for a number of years. is there any progression in terms of corporates in terms of job creation when these kind of things take precedence. we have to be careful with this. >> correct me if i'm wrong, did you just insinuate this might just be a crack down on app m because europe doesn't have its own tech champions. >> it could well be, couldn't it. we haven't got any tech champions. we have one. they're about to be owned by japanese. we don't have any tech champions. what is happening in europe? nokia is slashing jobs. erickson going through multiyears of issues because it's not competitive in china and going through again job cuts. apple has created effectively through the wider system 1.9 million jobs in the last decade. almost a million of those are outside the u.s. not just u.s. protections at play here. >> for apple this would make a diffe

and eu nationals resident in other jurisdictions. and doesly negotiating not mean the deal is binding. article 50 requires the consent of the eu parliament to any deal. while the council is likely to be pragmatic because it is composed of the governments of member states with a lot to lose in the event of a bad deal, parliament may prove more ititical in its approach and could prove vindictive. in that sense, the u.k. in the eu are stuck in a classic prisoner's dilemma -- there are political reasons what you said my preferred to see the other side sink but the better outcome for both will occur if they cooperate. --'s hope the eu rated leaders realize this and the u.k. leaders are not tempted to ignore the realities on the ground. turning back to what her ,ajesty's government must do the first thing domestically will be the repeal of the various acts of parliament that have entrenched the treaties of the european union into british law. firstt is really just the step, the vast bulk of the knot is made up of a huge number of laws and