do actually got its full weight behind this euros bid.— this euros bid.bid. do you think a i multi-nation joint bid with ireland multi—nationjoint bid with ireland and the home nations would actually get off the ground? in and the home nations would actually get off the ground?— get off the ground? in the euros commits a _ get off the ground? in the euros commits a bit _ get off the ground? in the euros commits a bit of— get off the ground? in the euros commits a bit of a _ get off the ground? in the euros commits a bit of a dogs - get off the ground? in the eurosl commits a bit of a dogs breakfast and shows— commits a bit of a dogs breakfast and shows a paucity of leadership at and shows a paucity of leadership at a time _ and shows a paucity of leadership at a time when the decision was made. i think it's _ a time when the decision was made. i think it's possible that we could have _ think it's possible that we could have logged in the uk and ireland. we are _ have logged in the uk and ireland. we are a _ have logged in the uk and ireland. we are a larg

she is addressing that euro -- that journey the euro has been on. ecb has been instrumental in defending the euro zone as an economic entity. not a complete project without the fiscal tax raising authority that normally would go side-by-side with such a military union. we will listen in in a minute. when she gets to what is talking in the here and now rather than the historic narrative around what has happened with the single currency. let's bring in guntram wolff to bring his take on what christine lagarde is saying and the challenges she faces right now. great to see you. the ecb faces a number of significant headwinds right now. it has global inflation to factor in. christine lagarde, week before last delivering a significant pivot in terms of the expectation ramp interest rates. and we have this issue of ukraine, high energy prices come instability on the eastern border. can you pull it all together for me? to what extent is europe's recovery now held hostage by the inflation narrative and what is happening in ukraine? guntram: i would definitel

some euro receives 120 euro delta's from the municipal treasury every 3 months ago about the bills at the same value as the normal euros, and are intended to help the 65 year old get through the covert pandemic. even before the crisis, she could barely afford anything. for months chronically ill at home, sick with cove it and depressed. it's a he dias. lucky me. all the support helps me get back outside the day. have a coffee or by hair shampoo. oh boy, these are things i couldn't afford before. who says he can't? there's nobody. here. the coven, 19 pandemic is hit the village of duty brain, with its 10000 inhabitants hard. so the new currency is meant to bring some relief . buddy, some euro can only spend her euro dealt is in town. you online shopping malls are off limits, more than 60 stores or participating in the project. so in total, more than $50000.00 euro deltas have already been put into circulation at the end of the month, retailers exchange the local currency for real euros at city hall. when i start for us, it's good because it means more people come here. instead of going

some euro receives $120.00 euro deltas from the municipal treasury every 3 months over it. but the bills have the same value, was the normal euro's and are intended to help. the 65 year old get through the coven pandemic, even before the crisis, she could barely afford anything. for months chronically ill at home, sick with cove it and depressed. it's a hideous, lucky me all. the support helps me get back outside the day. have a coffee or by hair shampoo. oh boy, these are things i couldn't afford before. he says he can't. there's nobody here. the coven! 19 pandemic is hit the village of doty blay, with its 10000 inhabitants hard. so the new currency is meant to bring some relief buddy, some euro can only spend her euro dealt is in town. you online shopping malls are off limits, more than 60 stores or participating in the project. so in total, more than $50000.00 euro deltas have already been put into circulation at the end of the month, retailers exchange the local currency for real euros at city hall. when i start for us, it's good because it means more people come here.

some euro can only spend her euro dealt is in town. you online shopping malls are off limits, more than 60 stores or participating in the project. so in total, more than $50000.00 euro deltas have already been put into circulation. at the end of the month, retailers exchange the local currency for real euros at city hall avenue. when i start for us, it's good because it means more people come here. instead of going to a big supermarket this way, the currency helps the small stores in the village at city hall, the euro dealt is seen as a success story close to people's needs and local business friendly b. nope, but i won't open while we introduce the currency at a time of extreme weakness, which is ongoing a. that's why we decided that while the euro delta came during covert, it came to stay. l copied this in over e kessick. and i last for the more than 230 recipients, like mighty some you know, it's great news. after several back operations, she's unable to work and can barely make ends meet on her bigger pension. by other marin covere

we have to go along the euro,? -- go long the euro, change our portfolio.re you not singing the same tune? christian: with particular regard to the role of bonds in the portfolio, these type of strategies are under enormous pressure to rethink allocation. if you ask with regards to europe, this idea of what europe's place in the portfolio is, i still think that european assets are more resilient, or shorter duration on the face of it, and probably have more of a place in the portfolio in the coming years, subject to the italian situation, sovereign risk not becoming an issue. our team would say we have better conditions to digest higher rates than we have been a long time. we expect spreads to write -- to widen, peak, and probably start come down as the growth picture confirms that it is not that bad. jonathan: when you look across your dashboard right now, will be flashing that would say of got to change on what is happening right now in europe? christian: the thing i have been worried about recently is not just what sovereign credit markets are doing, but

it's listed at $9500.00 euros. the macro comes to where did the red marks come from blue could girl that probably due to the type of soil they're in the stone. i won't go away after the seller doesn't mention the bust is from libya. he points to another bust which has the same characteristic red stain. so this one comes from egypt cross, right? if what about that one? 0, it must be from the middle east there. all right, he said he would have it in the middle east as a vast region to vast by law, the dealer should know the precise origin of the antiquities he selling suddenly that dealer offers to cut the price by a 1000 euros 0. my concern is that one for 8500? 0 really? okay. instead of 9005, a math. thank you. will be entitled to auto. is the dealer telling the truth? could the busts have come from egypt or the middle east as he claims that have shown that they're not egyptian or from the middle east? there, sir, and i can hear church in 15 will sort of young for when they're definitely libyan sculptures. yeah. a

these statues are valued at between 50100000 euros. in the spanish dealer was arrested and charged with helping to finance terrorism. it's the 1st case of its kind in europe. in, in this plaintiff, our investigation was triggered by several export licenses requested by this famous barcelona antiquities. d, like i was going with you though, he had many objects from libya on exhibit the 1st part of that aroused all suspicion sharkey, extra no irish misty outage. mm. hm, so who is the barcelona antiquities dealer charged with trafficking and antiquities received through a terrorist organization. though still in his thirty's sharma, by god, is a respected dealer known for trading and rare objects. ah . during the investigation, spanish police intercepted more than 30000 emails somewhere between jama, my god, and his middle man in antiquities dealer in libya, they date from 2015 a time when the islamic state held sway over the region. after reading these emails, fernando poor sales team discovered how the catalog dealer and his middleman, l

yes, either single arrows, marty, some euro receives 120 euro deltas from the municipal treasury every 3 months ago. about the bills of the same value was the normal euros, and are intended to help the 65 year old get through the covert pandemic. even before the crisis, she could barely afford anything. for months chronically ill at home, sick with cove it and depressed a say he dias. lucky me. all the support helps me get back outside that they have a coffee or by hair shampoo. oh boy, these are things i couldn't afford before. because as he can't, there's nobody here. the coven, 19 pandemic, is hit the village of guilty play with its 10000 inhabitants hard. so the new currency is meant to bring some relief body. some hero can only spend her euro dealt is in town. you online shopping malls are off limits, more than 60 stores on participating in the project. so in total, more than $50000.00 euro deltas have already been put into circulation. at the end of the month, retailers exchange the local currency for real euros at city hall. when i said for us, it's good because it means more pe

the euro posts that there will be a new challenge for the euro and christine lagarde. the cac is range bound. let us see how things are playing out across the assets. as we look ahead at the u.s. open open and the focus on the tech space, the futures on the nasdaq pointing to further losses. broadly across the markets stateside it ended in the green, but then we have the digestion from spotify and meta. 112 is what you are looking at in terms of the euro-dollar bearing down just 0.1%. it is expected to be crystallized again between the ecb and the boe. will that inflation print move things forward? the german yield, this has been there as well. it has edged up. how much are there concerns of rising yields across the central bank? and the euro sterling, are we going to get back to those pre-pandemic levels for sterling? you're looking at it range bound, but it it is these central bank decisions that we are pricing. francine: how will traders diverge between the ecb and the bank of england? the euro is adding pressure on the ecb to get more hawkish. this is what the sect

with england and scotland staging euro _ harvest.o games last _ harvest. with england and scotland staging euro games last summer, i harvest. with england and scotland i staging euro games last summer, the five nations bed is set to be the favourite when you that makes its decision next year. those dreaming of a home world cup, however, the weight goes on. dan roan, bbc news. the everton manager frank lampard says he doesn't care what dele alli does or what he wears, as long as he "gives everything to produce". the former england manager glenn hoddle said alli looked like he'd been "dragged off the street" as he was unveiled as everton's new signing during saturday's fa cup tie with brentford. alli has moved to goodison park from tottenham hotspur, and lampard has defended his new recruit. i don't care what car he drives, what clothes he wears, as long as i get a lab that comes to training every day, wants to improve every day, respects the club, his team—mates and pretties and give everything to produce. everyone has their own indiv

the euro is on the front foot as well, as kailey was mentioning.e saw some action in the dollar surrounding the release of the ism an hour ago, but the dollar is still down versus the euro as we head into the bank of england and it the ecb thursday. inflation data not fading as fast as anticipated. we will talk about that in detail in a moment. then we come to the banking story. ubs knocking it out of the park today. fixed income strong, outperforming wall street. the strategy update looks really positive. manus cranny is in zurich talking to the management team. we will hear from him later on this hour, plus also from the ceo of ubs. destocked up by -- the stock up by 7.46%. kailey: it is a lot better than for the u.s. equity market at this hour. we are down when it comes to the major benchmarks. tech leading the losses, but we are off session lows. the nasdaq 100 down about 0.3% right now. we are waiting for results for some of those big tech players throughout the week. apple is on deck after the bell. we'll see how that sets the tone for the re

but also some euro crosses.ne cross in particular we think will benefit from the shift in the ecb's euro-swiss. given the year-end bund forecast, we think euro-swiss can get up to 110 this year, and that is across we like. we think swiss is an attractive funding currency in this environment. manus: i went out for a cup of coffee with a couple of fx traders on friday, and i was very behind the curve, no shock. basically they said the carry currency of choice had been euro and the only thing left you can use for carry is in this year and they were so bullish on dollar-yen. do you share the view that the carry currency of choice this year, the funding currency has to be in because of the pivot by the ecb and the fed, and are you bullish on dollar-yen? alexander: very much share that view. the boj will maintain its dovish stance this year and that puts it in a different camp to other central banks. it means the relationship we've observed in recent months between dollar-yen and u.s. yields will remain stable. our fo

we have bubble lies 17 billion euros -- we have mobilized 17 billion euros in support.ady to work on another further micro financial assistance program that will be longer and focusing on strengthening the ukrainian economy. tom what is the eu doing to relief reliance on russian gas? will you accelerate those efforts? >> in a sense, we are already confronted with a situation where high natural gas prices are affecting eu energy prices. it is one of the main drivers of inflation. from the european commission side, we came with a set of possible responses that can be done at eu member states at the eu level. it is short-term and primarily about supporting help to households and businesses that needed. we are looking at measures like joint eu natural gas procurement, strategic reserves and natural gas, and hunger term -- longer-term, we will phase out fossil fuels including natural gas. francine: given your talk with a lot of leaders in the world and the intelligence gathered, do you think russia is bluffing, or are they preparing to invade ukraine? >> it is a question whi

but sometimes we're not, we each will on about 3 euros a day isn't what? there are also days when we get nothing. some time one or one, we just don't find anything. what need miners like jeremy are at the very bottom of a complex structure of illegal activity. above them in the chain of command, are the financiers romco lot to say, so he's got a providers with everything because i've been on se, including food and they shack. it all comes from the finance 0. you know, off with the financiers work behind the scenes pulling the strings. they are responsible for assembling teams of minors and choosing where they dig for gold. we tracked down one of these finance ears in a small town near panica le let me be moving to the augusta school. we basically provide the crews with everything they need to my gold coin didn't. well, i need to get money for food. what we're getting a place to work in these are fuel and, and just about everything else. wow. well, no keeping it costs the equivalent of about $850.00 euros to set up an illegal mine. the financiers can double

that's about 190 euros. it's a little more than half a month's salary and georgia for several weeks of hard work in the mountains. mm. the men move on. i have another 6 families on the pickup list for today. ah. this is with the snow drop bulbs gathered by macedonia through the other pictures and up together with botanist. elizabeth said, tied up mommy semenoff. say make sure the bulbs are stored android, properly soon. millions of bulbs we sent via truck to the netherlands there. he can't grab this part and tear off the roots. otherwise you damage the ball. they have to dry for longer than the roots will fall off by themselves. the more workers have to turn the bulbs over every day. is the only way to make sure each ball gets enough air. the warehouse is a form, a poultry farm. the windows usually open. their only shot if it's damaged rainy outside. then march fans are switched on at that fall of your hug. melissa, man, it say is proud to be the 1st georgian to work together with the netherlands. it wasn't

once per his son jamal peyton, they mars biofuels a staggering $222000000.00 euros. the massive fee, more than doubled the world transfer record. and unthinkable amount for most ease, but not p as g. a clock back by the state of cutter, while pierced you thrust barcelona. spiraled. the departure of name all was a really big problem then. because it didn't just lose them, apply, it, lost them as well as succession planning is name all was due to be the person to golf from a to go to missy in the kind of mid to long term. but at least they had plenty of money in the back name or departure left, then bars of precedence to set money about the new desperate for a winning the transfer market de mountain of cache receive for name are, was spent almost immediately and with little thought barcelona spend north of 100000000 euros on monday, i believe from both their daughter. while the young talent had impressed in germany, he had yet to truly prove his worth. needless to say, he struggled up parsa. then billy has been injury prone and inconsistent. he has failed to live up to

with the blue web site features this dress for 9 euros. the kind of price where you might assume it was made in an asian factory. this government, however, was made in europe. ah, to be exact. in lester, a city with a population of some 300000 people in the english midlands. until the 1970s. it was a hub of the british clothing industry exporting its textile products all over the world. thousands of workers were employed in large scale factories. the textile sector has returned to lester all day. it's with working conditions normally associated with the developing world. a clandestine world in which cameras on not welcome death, but look like a kind of new less figured you're doing well, i guess you either when you go for as you go on the green ones, people say mid career, literally 100 phone guns enlisted in 15 minutes note the man permitting us to film . sie, eat kill g originally from pakistan. he's one of the city's most successful entrepreneurs is effective over making garments. how many people, all would you like to do really late in

bankruptcy, what a debt for a 1000000000 euros and banished from europe's elite. but i went up a dollar, but i but i'm gonna focus on talk about that on let's go back to where it all began . the year was 2015 in barcelona, one the treble sitting on top of the footballing world. the past stick. it had belonged to the club as they dominated spanish, european and international football and the olympic stadium here. berlin was the perfect speech. it was here that the club lifted their 5th champions, each trophy ah, but what's more impressive is that it was their 4th european title in less than 10 years ago. the 2nd treble in the clubs, history cod as the clovers can have returned. my leaving casual didn't do that, it was broken. hm. and it was the financial metrics with a lot of us in the world, russia, but all of that soon fell apart. the blog around us failed to recapture champions the glory and suffered humiliating defeat. log into us trouble because because it meant that the previous board of directors, the previous regime, one another elections and the fact they

it's 15 euros. oh, you would like to do a thrift in it's made in the u. k. how do you do that with rob margin? this brings you what i don't wanna what a, how do you do this? i don't answer the questions. one way. i don't have done just question dora. i'm just asking a simple question. how is it for somebody else? would you give us no, or somebody else with workers? don't upgrade papa up there. minimum level. we know about what you had with with after this eventful meeting, we received a statement from pretty little saying old textile workers, a pretty little thing are treated fairly and receive at least the minimum wage job producing clothes at such a low price comes at a high environmental cost, the textile industry is the 2nd biggest pollution in the world after oil. for one part, one ton of fabric, as we call it, 200 tons of water polluted. show one to 200. as the ratio, the moore commerce there is the more pollution there's going to be without efficient filtration and clean up technology. if the fashion industry is going to expand by an additional 60 per

b, p returned to profits last year, looking 6700000000 euros. as oil and gas prices searched it was a strong year for the british energy giant following a huge loss. your prior aside from profits, the company also announced plans to accelerate its target to reduce operational carbon emissions. let's turn to australia now and for almost 2 years, it's been almost impossible to get into the country amid the corona virus pandemic, australia initially closed its borders even to its own citizens, then opened up only gradually to some visitors with visa and proof of vaccination. now, australia wants to welcome all travellers again, as long as they meet the requirements. the news was delivered by the prime minister himself, the strider will reopen out bout as borders to all remaining visa holders on the 20 . 1st of february of this, you see of course strict vaccination rules still apply. if you double vaccinated, we look forward to welcome you back to australia and i know the tourism industry will be looking forward to that. and over the next 2 weeks, a

euro stocks down. the euro down more than 1%, its biggest fall since march 2020. let's look at your u.s. assets, u.s. stocks falling as well. a little more insulation but the did the bonds, the safe haven play. the front end of the curve getting the most bids, 10 year yields down six basis points. the dollar spot, the bloomberg dollar spot is playing the haven traded through, up 6/10 of 1%. now to the story today, the weekend with more escalation in ukraine. that's get more from our reporters. we have correspondence in germany, geneva and dubai. first we begin in russia. the u.s. has significantly ratcheted up sanctions against russia over the weekend. what sort of impacts are we seeing from russia on the ground at this moment? looks like we might have -- go ahead. >> hello. there is a sense of panic. ordinary russians have been trying to withdraw money from atm machines. as you mentioned, the ruble is expected to collapse even more. the market opens in about an hour and it could be even worse. the biggest measure that was taken was the decision to freeze the euro

estimates support the euro.f you go belong that -- jan that, you'll probably get higher yields in the u.s. nominal term. i believe we are going to see this volatile exchange based on that issue, particularly on normalization. tom: nirmala sitharaman -- virginie maisonneuve, cio at allianz. the latest on the global markets. francine: just to hear about the banks and things shifting based on a more hawkish christine lagarde. coming up, the bank of england has 850 point -- a 50 basis point hike. near miss. that is what had everyone talking. this is bloomberg. ♪ tom: welcome back to the european market open. we are still with virginie maisonneuve, global cio at allianz. what are you making of the divergence we are seeing from the tech space in the u.s.? virginie: i like the different racial nation -- i like the differentiation. the tech sectors have competitiveness among them and you will see more of those differentiations. the whole digitalization of the economy and everything, there are a lot of things there. fran

they have a 2.5 billion euro rights issue.at is on top of 3 billion euros of additional disposal. we have a rights issue raising capital, a 3 billion euro disposal program. they do not give an abbott. -- ebitda forecast. prices have gone through the roof and edf say you're going to get a boost to the full year ebitda on pricing improvement. you will get paper. you will get stock rather than cash. that is what a script dividend is for 2022 and 2023. the topline earnings growth at the company for the full year was up 11% at just over 18 billion euros. there has been a big boost on the ebola -- ebitda. ok, if you want to understand what is going on with risk, sergei lavrov and antony blinken are proposed to meet next week. you see this reappraisal of where we are. you have gold coming off its eight-month high. dollar is up, yen is down, s&p futures recover from a good battering yesterday. the president talked about that. the risks really are from ukraine. you saw the cash market come down by 2.8% on the nasdaq. you are just seein

their market value stood at around 1.5 trillion euro's b. now that coin is still mostly used as a way to speculate on markets, but like fiscal currencies, it also can be used to buy things. if you can find a business that's willing to accept it. our reporter, you akeem eggers set off in berlin to do just that. oh, let the news in berlin. and finally someone wants to pay with bitcoin again. with me. i am bitcoin. no, sorry, we don't accept bitcoin even if you could pay with cash credit card or credit card name because they could you contact you banker. so i mean, can i pay a big coin here? no, i bought on burger. i'll give you a burger on the house up. you don't need any bet going come in and even i use wait going here. no, not yet locally. can i need a big coin here? they the, it's not possible anymore for that i am. so it was that i on puzzle which i did at 3 years ago, 4 years ago, but not anymore. but no, it just wasn't the practical areas. cafe, like stuff started accepting bitcoin out of curiosity. every few months or so, a customer wou

i think the sweat cost around $20.00 euros on the pants 30. if the price is particularly low, specifically of, for if it's low compared to what you're used to seeing or alternatives in the marketplace, it can actually be seen as a positive aspect or part of the appeal of a product you see of less as having to sacrifice that amount of money, but more that you are getting something and able to save much more than you would have had to pay otherwise. well, if it's, you know, truly appraisals shore at the lower the price, the more things you put in your basket alva and you end up with more than you plant and is typically that's the trap. low prices, limited edition collections, and no end of stimuli and incentives above all via social media. fast fashion is abandoning traditional advertising g to its high cost and limited scope for targeting specific groups. instead, companies now recruits influences like know wholly tab. now you go from a company telling you why you should be interested in the product to an individual that you aspire to be your y

we're talking about 7000000000 euros worth of funds and the crimes we're talking about here. as you mentioned, they're not petty crimes. they're linked to corrupt business men and politicians. yes. but they're also links to people involved in torture and drug trafficking. so this is an enormous bank, 2nd biggest in switzerland, but it says a brand that people will know around the world. couldn't people expect credit suisse about shipping a bit more attention to who it's allowing to hold money. and it's a cow exactly rob. and that's why credit suisse is coming under such intense scrutiny, because not only are some of these people very well known, but their crimes are well documented and also well known. i'll just go through a very brief list here. we've gotten big names like the sons of the former egyptian, a dictator, hosni mubarak, they've been convicted of embezzlement. and you might also remember the case of the former siemens employee, a german named edwards. i dell. he confessed in 2006 to german authorities to his role in an industrial sized bribery scheme. yet his acco

i was, i've opened an account and paid and 50 euro. i want to swap them for bit coins and go shopping around here please. that okay. i called again in a get get us. yeah. and it was van f. so 1st we need to buy some the big coins with the money that that's really easy. i'll show you if you like what's. i just have to click here off clicking. when done, can i man you go to buy bit coins and then you click and then you will it will it kicking? and that's it. as a sean, as of the best man, any on the from what i love to do is call a take away order a pizza and pay with this new app with bitcoin with con them at the time. this one i wouldn't advise that. why not? they, i am as a bit clean is more about waiting for long time appreciation in value and not just spending it also gave him. yeah, yeah. why produces only gave me these 50 euros to spend in big coin bitcoin, else cable. i then put them in a bit coin revenue account, so at least you put them somewhere and i'm bit quite an account with your bank, of course and all by the so then you

yeah. 50 euros are bitcoin. they said in see how far you get on 1st to my bank, but can they open a bit coin account for me? none of the big german banks offer that service. and so no luck. i read online that i have to create an electronic wallet, forbid coins, but most of the options sound a bit shady. i think they just want to take my money. maybe i should go to a crypto bank. the bank sounds like a good place to start. i'll open an account at newry town. hello. hello, welcome. come through to not this who you can ask any questions you have with hello. hello for sorry for the english. i hope you can help others. i've opened an account unpaid and 50 euro. i want to swap them for bit coins and go shopping around here please. that okay, i call from getting in a get get us. yeah. and it was van f. so 1st we need to buy some the big coins with the money that that's easy. i'll show you if you like what? i just have to click here off clicking done in the i mine you go to buy back coins and then you click on your let

euros i would go. it's not for me. with ah bring you the very latest every out the day. this is all now snow from everyone here with, [000:00:00;00] with a directly. we still have a delay, says content to us and decide who sees what content when, and how much of it. facebook claims that these algorithms are there to learn about our specific preferences. actually this is untrue shaping preference if tomorrow person finds a fake point with saying the fact that this content ranks at least 20 percent or maybe even 40 percent or pretty. that's true. was a very dangerous thing to all those driven by dreamers shaped bankers and those with theirs sinks, we dare to ask in ah, what pedro describe to us the wave of shock that washes over you unexpectedly is exactly what happened, a great one. it started around the 5th day of training during the practical exercises a stream of horrific images and unbearable videos that must be watch closely in order to make the right decision. according to facebook's criteria, wit