closer europe can be extracted from making europe work.ely needs that, and we are seeing that clearly in the unbalanced growth we are getting, the internal devaluation. back intogone recession. all of these things need to happen. we need balanced growth and that implies federalism. >> i don't think you need political union to get the eurozone back on its feet. unions. -- banking unions. these kind of things can be done. at a measured pace. i think the kind of things that johnson is highlighting is that we need to see these reforms carried through in a way that don't jeopardize the position of one country. nd where i think his emphasis is correct is that we need to remember, over and over again, that it is the single market, not just the eurozone. single market is all about taking down trade barriers on goods and services. a lot more to be done on services. what i did feel from his speech is that it is really a manifesto for london. very different economy from the rest of the u.k. london could survive outside the eu. could the rest of the u

of the europe germany once the euro and actually the rest of europe on the euro you know with the politicians complain about the euro places like greece and spain and italy and now and then the you know the the academic economists people like when and stiglitz and there would be any and others they say you know you ought to break out of the euro go back to your old currency devalue a currency that's all nonsense first of all it's not good economics you can lower unit labor costs internally you don't have to do it through cheapening your currency effectively your currency only gets you inflation so it's bad economics but apart from that if you look at opinion polls forget about politicians but look at what the people of greece italy spain portugal say they love the euro because they know that if they went back to their old currencies the governments would devalue and steal their savings so that people like erode germany like the euro germany's providing the leadership like to say that merkel's the only head of state who understands economics because she's not an economist. that was author econ

or europe. do we need to start thinking more geographically, u.s. versus europe? overweight orur european stocks and added to the u.s. is it that something people should think about? >> we took down our overweight theurope and moved it to u.s.. things look better on the united states on a couple of dimensions. 4% second quarter, they grew and at the three largest economies in europe failed to grow. in the united states, the earnings were better. we sock companies beat expectations. 55% in europe. third, it is no surprise to people that europe is closer to ukraine and russia than the united states. we have seen that head to things like confidence in germany. >> what does it me for evaluation? when you tell people stocks are at a record high, and they will save values are. we have longer to go. what is your view? do you look absolute value. scope for there is the valuation to run further. we are closer to the top of than the bottom. what has continue to drive is a bonds. with bond deals where they are, investors are looking for an income. therefore it on the dividen

and in europe. what surprised me is when the forming english defense league aside then talking to other european groups and looking into what was happening i was appalled and scrapes and shock of what's happened in sweden in momo you notice differences in france i was shocked to see where no one asked about my eyes to the problems of being a kurd and what we have to ask yourself is we've had immigration into britain we've had the sikh community the hindu community to us in the community always community we haven't had the same problems and the same issues so we have the the issues are coming from the islamist ideology which has been allowed to flourish and spread across europe unchallenged and it's not just been allowed it's been facilitated and supported by a hard left far left agenda which many of these far list communists or marxist organizations which are very prominent in europe as well are siding with the islamists because they hate democracy they hate the rule of law they say is the biggest w

population way exposing fortress europe's policy failures immigration is changing and europe polarizing its politics i don't settle society's. stream isn't beside like the fear factor eliminated from the european front lines. our guest today saw the robinson who used to be the face and leader of the english defense league street protest movement known for its strong anti islam stance tony it's great to have you on this program today now your recent departure from the english defense league surprised if not shocked both your supporters and opponents looking back are you proud of the a.d.l. leadership or disillusioned with it. for out of formal english fancy completely. for too many years in this country working class people been ignored and no one to listen to their voice and within four years were up so much so that people around the world have heard what we're saying that heard how we feel how we live in down at the bottom there's a massive gap between how people live in and what politicians dare speak about no politicians or none of our political elected leaders will dare to criticize

particularly to europe. europe gets the oil from the pipelines from ukraine through russia, and they can't be replaced that easily. they don't frack in europe, so they can get oil somewhere else, but they can't get gas somewhere else. >> which is what makes the negotiations heading into winter so important at this moment. europe knows that winter is a month away, so right now, europe is becoming a little bit more friendly to the option of russia's demands over ukraine. we have seen the demands to angela merkel in the past week. >> they are asking for $42 billion, and we're talking about "real money." russia said in 2015, they might grow by 1%, though i don't think that happens now if sanctions continue, and we are talking about real inflation because they banned foods from some places and as a result, they have less selection, and things are costing more. tell me about the russian economy. bailouts to banks, high inflation, low growth. >> well, right now the russian government is very concerned about what it

so you don't believe there could be a peaceful make over of europe. there could be a pay for make over if we tackle it now if we leave it at current an hour in this country where five percent of the population are muslim if we wait until there's twenty twenty five percent and then we start trying to tackle these hard core issues of outlawing shari'a but in the bercow these sort of issues that need addressing we won't be able to. so we need to get to grips with it now we need to remove islamist voices from communities we need to stop empowering them by supporting them and working with them in a government level and council local council levels and we need to empower there's many muslim voices in this country who are opposed to all the things on the poster we need to empower them we need to call all muslims to stand up because if they wish to live in britain and we wish to have a harmonious society in a cohesive society we need to change the direction we're going down. and obviously to bring about change people's feelings get hurt and this is where at t

we are going to focus on europe in part this hour. will europe's problems become our own? what will weak production in the countries that make up the backbone of the european economy mean here for you as an investor in the u.s.? >>> plus, exposed. reporting on u.s. companies with the biggest connections to those troubled eurozone countries. >>> and retail wreck, another one bites the dust. how much trouble is retail in? we are going to zero in on the latest victim of weakness in the retail world. walmart, that after the retail giant posted weak quarterly numbers and cut it full-year guidance. online is a big issue for them. >>> despite it all, u.s. stocks are moving once again higher. right now, the dow industrial is up about 43 points. to bring us up to date, let's go to sue at the new york stock exchange. >> it's kind of an upbeat mood down here. we'll start with the global markets after tough numbers came in from europe showing some weakness. michelle caruso-cabrera is our chief international correspondent. >> three bad pieces of data out of europe today. germany's gdp

i think when you look in europe, the risk to europe is that the russians cut off the gas to europe. >ay. coming up, jon najarian is more than just a master of the market. so what does dr. j do when not trading? we'll find out in today's "trader trade-off." >>> also, bullish two years now. a trader with $3.5 billion under management has take an hard turn away from the s&p. where is he moving a large chunk of his money? that story is next. ♪ when the world moves, futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with paper money to test-drive the market. all on thinkorswim from td ameritrade. but parallel parking isn't one you do a lof them.ings great. you're either too far from the curb. or too close to other cars... it's just a matter of time until you rip some guy's bumper off. so, here are your choices: take the bus. or get liberty mutual insurance. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. see car insurance in a whole new light. call liberty mutual insurance.

and in europe.pension providers are managing to offset. >> despite the problems with currencies in asia or the headwinds that i created, there created, they are still managing. the ceo said to us in march that the pie grows faster than our ability to eat it. cash toany has enough fund itself, the asian division. africa is the new asia, he said. asia in a wave of urbanization and the same thing is happening in africa right now. asia is the golden goose. the company is throwing off cash. the dividend has risen 15%. and wants in december to generate at least $10 billion in cash in the next four years. .hey are throwing off cash everyone is happy. >> mark, thank you very much. you are very happy with your mastery of actual versus current. is there a remedy to the pipeline? why you should not hold your breath. stay with us on "the pulse." ♪ >> welcome back to "the pulse." live from london. let's check in on the currency markets for you now. euro-dollar. you can see that we thought the european currency -

sanction against russia, or from europe. would you be changing your investment strategy based on that? >> possibly. the main risk all along has been that russia would infiltrate ukraine to such a degree europe and the united states would have no choice but to impose the maximum level sakss, which so far they've avoided. they heard the president and angela merkel say they're going to huddle up this weekend and decide what to do, how next to respond. and it's possible they would jump up to the maximum level of sanctions, especially on the russian energy sector. but i still think they'll be incremental about this. i don't think they want to go to the max sanctions because that would really hit the european economy hard. >> if that were to hurt the european economy, what kind of ripple effect would that have here in the u.s.? for big u.s. international companies? >> that's a great question. that really is where i see the largest impact in breaking down the trade relationship between russia and the european economy. that will cer

the europe -- europe and the u.s. are facing the same problem.s also said early lets us leave rates lower for longer. it is not really about wage growth. they are always concerned about wage growth, even when it is not happening. the argument of being ahead of the curve, you can see where that is from. about going early to stay late -- lower for longer. of 9 is not enough to change the interest rate. 2en do we start to see that turn into 5? look atyou interest-rate futures for december, they have given back everything since mark carney gave his speech about underestimating one rates may go up. i think you will see more economists coming back into the cap. -- that camp. >> you think we could see some economists putting forward their expectations as a result of this of when rates might move? suspect that the bank is reaching to raise rates. it would be a shot across the bows of complacency. there is a concern about snuffing out growth. mortgage rates tend to pop rates -- orterest bank rates than he used to. -- it used to. >> interesting. thank you

day in europe.ermany's economy contracted more than expected while france flatline and we have learned that the polish economy slowed from its fastest growth pace in two years in its second quarter. joining us now to paint the picture of what's happening in the eastern part of the e.u., the director of emerging markets at roubini global economics. we spelled out the details around poland. 0.6%. a little bit better than the estimate but still a decline from the first quarter. paint a picture of what is going on in eastern europe. we got news from the czech rub and hungary also. >> growth is slowing down but we see a resilience. hahn gary showed a strong growth performance -- hungary showed a strong growth performance. i think the real question mark is as this region emergingstout ecession and slower growth and deleveraging, what will the growth look like? we would expect some deceleration in the region. germany is the largest trading partner in all of the countries in the region. as their exports slo

and dynamics, and the leaders of europe and the people of europe you were, they're saying, if we could just get back to 1914, we would be okay, but whereas, by 1945, nobody is saying, it would be great to get back to 1941, before world war 1, that has to be increasingly creative, and we need to think of these two wars as a larger conflict. by 1945, the problems they're trying to deal with are essentially the problems created in 1914. >> that's where i want to go next, and we'll take a short break right now. when we come back, we'll talk about the idea of if that was >> al jazeera america presents >> it's a beginning of a new life for me. i can't keep running from everything. >> 15 stories one incredible journey edge of eighteen coming september only on al jazeera america >> talk to al jazeera only on al jazeera america >> you're watching "inside story" on aljazeera america, i'm ray suarez. on the 100th anniversary of its start, we're looking back at the first world war on this program. for some, they are two clam tus worldwide blad lets with a pause in between. we'll continue our conve

>> well, happy to talk about europe. i think, you know, per steve's comments moments ago, the challenge in europe is you've got a very slow recovery, the continent on the verge of deflation, and the question is

what does europe do.en its dependence on russian energy. >> europe is in a difficult situation, on the one hand it has to do something to counter russian aggression. on the other hand the more it implements sanctions. russia has moved now, and this if this substance, ultimately down the road russia can destruct the apply of energy from europe, and that unam bigguously will tip russia and europe into recession, it's a lose-lose situation. it is get another reason why people are worried about the economy in europe. should we be worried about contagion to the united states. >> yes, we should. as we point out. it's a trading partner, it is, as a region, one of the biggest in the world. i tell people you can't be a good house. if the global neighbourhoods deteriorates. then the u.s. would feel it. the s&p hit a record above 2000. in fact, when you look at the mark, the s&p, it's up 35% since the beginning of 2013, some people are warning that this market may be overhead. the other argument is much of the run i

about half itss exports to europe through ukraine.the prime minister threaten to ban the passage of oil. of ukraine's energy company joins us for more on the phone from tf. thank you very much for joining us. the parliament meets today. are they going to ban the transit of gas or not? our understanding of the intent of the cabinet ministers is that the ban could be imposed whichtain companies ukrainian government believes has something to do with terrorism. >> was a practically mean for the and consumers in the european union? could bend the transit of russian gas by other companies. are you going to ban gazprom from transiting gas through ukraine? theoretically that is also possible. however, any european country can have contracts with -- to transit gas through ukraine. >> so one interpretation i read yesterday seemed to suggest that what you're talking about is that in place of ukraine transiting the gas from the russian border to the eu border on the west side of the country, there being a new european counterparty that would take

for a bit to eat or something european brands from europe to russia and. there will be something up to here in the market i think we can see some that to space and we can launch our new bobs now despite the crushing qantas three taking a bit of a battering this year down some seven percent twenty three percent for july this week that secular stuff that is still growing and that's the luxury while the russians they love it. shouldn't have a bit of looks or it for sure they do. we're very happy here with a healthy market share so we typically have over thirty percent to about luxury book to the automobile sector they look for high quality products they want the very best see whatever my boy and despite the current economic challenges this is the best and most days internationals my mom is still set to be our great coach with more boy pulls on the side than ever before knowing global brand.

this is a map of cold war europe.o in summer of 1989 the beginning of the end and the eastern europe didn't recognize this quickly enough. the beginning of the end came when hungary decided to allow hungarians to cross into austria. in the first instance the hungarians prevented east germans from leaving. there was an existing treaty between hungary and east germany and the hungarians at first respected it. but then hungary decided to let east germans leave as well and they flood out in mass numbers. this is a photo from the east german secret police archives. this is a photo of abandoned vehicles. they had to go down the vehicles and collect these. people waited as long as 16 years to purchase these vehicles. and so abandoning it was quite a dramatic statement and there were so many of them the secret police had to collect them at depots such as this one in czechoslovakia. this was a massive exodus. and it tested even the people who were at home. some of the people who had stayed home had to justify staying at home.

victory in europe day. if there's any memory associated to that or more victory over japan day more meaningful depending upon which theater your family was in. many particular memories of those two key dates? >> well, both the e day and vj day prompted parades down main street. everybody who had a pickup or car was driving and honking. so it was a celebration clear in the middle of the country and extremely well received. >> well, as the folk singer woody guthrie said the peace hit st. louis a lot farther than the war did. we have some time for questions and answers and also for you to be able to share your memories of the war as well and linda here will pass the meicrophone. please wait until you get it so the cameras will be able to pick up the audio. >> being young during that time, in my studies at school when i was getting my phd we talked to a lot of wives who lost their husbands in the current wars. what did the home front -- what did the men and women do when a neighbor or a friend got news they los

this is a map of cold war europe. summer of 1989 the beginning of the end and the eastern politburo didn't recognize this quickly enough. the beginning of the end came when hungary decided to allow hungarians to cross into austria. and started taking down border fortifications. in the first instance the hungarians prevented east germans from leaving. there was an existing treaty between hungary and east germany and the hungarians at first respected it. as a result of financial inducements from west germany, in september hungary decided to let east germans leave as well and they flooded out in mass numbers. this is a photo from the east german secret police archives. this is a photo of abandoned vehicles. they had to go down to the border and collect these. people waited as long as 16 years to purchase these vehicles. and so abandoning it was quite a dramatic statement and there were so many of them the secret police had to collect them at depots such as this one in czechoslovakia. and bring them back to east germany.

of all it's europe who will be implementing these decisions should they be made secondly it's europe european businesses and european taxpayers who will have to pay the price for this policy. now the e.u. may be losing money over the events in ukraine but it's making sure kiev has enough cash to keep the country going ukraine's president says brussels is ready to hand out around a billion dollars in the near future and that's on top of a one point four billion dollar installment already approved by the international monetary fund well to get it though ukraine will have to raise people's household bills freeze wages and pensions and even introduce new taxes and that's not all the package includes slashing tax benefits for agriculture and allowing banks to repossess property but complying with the demands will be hard for a nation that's already in economic freefall its data is expected to jump to more than sixty per cent of the country's up of by the end of this year and that pace it could reach eighty seven percent in four years significantly hampering ukraine's ability to pay its de

urged in a different economy for europe. they object with fiscal position with a softer stance on austerity. mpl >>> and a cash deal that both sides have agreed on. they are warning they are making no solution to the prime minist minister's position until later this week. angela amerimerkel is there thi week. >>> good morning. welcome to "worldwide exchange." we have two hours together. right now on the wires, we are just looking at the ecodata hitting. and just a note from my producer, my wire has just gone down, so we are looking at the german business climate falling for the month of august. revisions to july indices are seen as well, but the expectations index coming in at 101.7 for the month of august. the consensus forecast was for 102. so the expectations index a little bit light. they are stating no revisions to the july indices. and again, the expectations index coming in just slightly light. current conditions, 111.1. which means that we're also looking at that particular reading being a bit light as well. not by m

we are doing that in europe and china. we have to store that energy so i can be used for many than that requires millions of jobs. we have to put in an energy internet so we have to transform the entire electricity grid of the world to a distributed energy internet. that's a 30-year buildout with lots of java and finally an automated transport and logistics grid. i think over the next 30 years or 40 years we have two generations who can be involved in semiskilled, skilled and professional were and professional or to and professional were to lay out this internet of things but as this internet of things comes and it's smart. it's intelligent. you can program itself with a small supervisory work for so we will have to ask what do we do then? much of the employment already is now quickly migrating from the marketplace to the collaborative commons, the social economy. that's because the social economy is social capital and a requires humans and not machines. in the last 15 years the employment on the social commons the not-for

because that's where the liberation of europe really begins. it's not in europe. it's in north africa. and the second panel is sicily and italy and the third panel is northwest europe on that final decisive campaign. the mediterranean is a proving ground for that final decisive campaign in northwest europe. it's a proving ground for tactics and equipment, various kinds of amphibious landing craft, for example, or first tried out in the mediterranean and, of course, they're being tried out at the same time in the pacific, and it's a proving ground for leaders. who can do it? who can't do it? who can lead? who cannot lead? the senior generals and admirals who commanded in the mediterranean are, for the most part, the same bunch who will command in northwest europe. eisenhower, montgomery, omar bradley, george patton, tedder ramsey, doolittle, spotz, alan kirk, beatle smith. it's a very long list. and britain preparing for normandy, they call themselves the mediterraneanites. eisenhower speaks for all of them when he says the mediterranean theater will always be in m

what does europe do to get more aggressive with russia, given energy. >> europe has to do something toounter russian aggression. it tried to do that through sanctions. on the other hand, the more it implements sanctions, the more it countersanctions, and if this continues, ultimately down the road russia can disrupt the supply of energy to europe, and that would unambiguously tip both russia, and europe into recession. this is a lose/lose situation. it is yet another reason why people are worried about the economy in europe. >> should we be worried about containablon to the united states if that happens. europe remains as a group, partner. >> it is. it is, as a reason, the biggest economic region, you cannot be a good house in a deteriorating neighbourhood. in the global neighbourhood deteriorates, the u.s. would feel it. let's talk about what makes people prosperous. half of america is invested in the stock market, more americans in the housing market, upward of 60%, and we have seen a run up in home price values. let's talk about interest rates. at some point interest rates are going

europe issues.ot go on with all of the countries around europe [indiscernible] to cut spending after the same time and all the countries. if we grow like that, it will be a big issue. a kobe politico. we talk about the party increasing. -- it could be political. especially --nge we need to change especially in countries that can change it. we need to ask for monetary policing. as much as possible and assist in a growth and help the european union to start a streak of a rebound. it has not start in europe yet. what is france's main message to your pain at leaders and is the president, mario draghi, writes to be inching toward qe? >> a very simple -- a growth. including mr. draghi. need to a growth -- agree on one word, growth. future growth. if we cannot agree on that, the next days, if we cannot agree on that, there will be problems. thank you veryr, much. socialism movement of parliament. she was in charge of economic issues during the 2012 campaign. talking to us about what is needed to reform the

fly over russia to go from western europe to asia.ussia, being the world's largest countries, 10 or 11 time zones wide, that is a long ways to have to go around. more fuel costs for the airlines. that is why we so all the western airlines slump rapidly. this is more of a suggestion. that may be on the cards. it is interesting, they are going after the food band today. not fully recouping losses made as a result of the concerns. >> inflation is a problem with the russians introduce food imports. starts not good if they introducing bans on overflight rights. the mining giant is maintaining its forecast, second quarter sales rose. we started by asking him about the price of gold. 1300 is a good number. by thenside is driven industry continuing to supply gold at a loss. it is my pet subject. we are not disciplined as an industry. we are not in good shape. sure supply will tighten up as the industry struggles to make a profit. drivers, thosehe that chasess investors into gold. 1300 is a good price for the time being. >> did you ever fancy

as well as economic growth in the second quarter of two thousand and fourteen came in at zero europe doesn't seem to be breaking out of this depression any time soon back in two thousand and ten two thousand and twelve europe had a very serious crisis known as the sovereign debt crisis which it addressed by having the european central bank offer a debt backstop to every country that caused borrowing costs to plunge removing fears that a country would default and be forced to we become. currency now for liquidity that looks good thanks to the e.c.b. but the economy it still hasn't grown which it needs to do that's really important and sadly aside from this nothing else has really worked the e.c.v. has let alone growth and inflation plummet and countries are still very much employing austerity in one form or another the employment situation in europe is much worse than the us as well and with mass unemployment inflation on a downward trend and stagnant stagnant industrial production economists like paul krugman worry that europe is turning into japan japan has spent more than twenty ye

europe is not at stake it is the european union that is at stake europe exists and it consists of nations whose wealth lies in their uniqueness their sovereignty their freedom democracy so i'm for a europe of nations i wish that tomorrow we can constitute a europe that could expand but to countries that have preserved their sovereignty and would work together on corporative projects this is what works and this is what i want to implement but in order to do this we have to dig construct this european union. it's not very long time ago i was talking to a member of an alternative for germany party and he says that he wants to divide the euro zone into the rate should north and to poor south. do you think this is a solution. no no i think this is utopian i think the twenty trying to stick lost on the structures that it was forty from the beginning as far as the euro since this is really about the euro they want us to make a northern europe and a southern europe very but in this case what is the advantage for southern countries to continue to have the euro imposed on them it would be better if

expanding the footprint in europe.al media companies are getting more aggressive in trying to do more. with them and in what their plans are and how aggressive they are planning to be in a lot of new markets? believe -- we are a global company, we are based in israel, but we have presence in europe, u.s., and latin america -- and of course in israel. we are planning to expand our presence to the u.k. and france in the near future and also to go more to russian market and to thereian market because is a lot of opportunity for companies like ours in these markets. activity is based on performance. there is still a lot of room to grow. we can take part of the growth. >> ok. we will leave it on that note. ofer, thank you for your time. media joiningomy us from tel aviv. let's go through the top headlines. seeks 27argest bank billion euros from the ecb -- seeks 7 billion euros from the ecb. the united states says russia is directing the rebel attacks in ukraine. german unemployment rose in august. that came as no surprise t

france is a black hole in europe.n we had the last euro crisis , those countries have done oftty well out of membership the euro. when it came for them to take the medicine, which they did in terms of reforming their society, they were prepared inch by inch to achieve something. france is a different kettle of fish. -- france while on the campaign trail said that france is not a normal country. the very painful reforms that sarkozy took a lot of stick for. has a reformist government in place, but in reality nothing has happened, and nothing will happen. what the french are looking for is the germans to ride to the rescue and some sort of monetary solution to the problem. the germans are very fearful. presidential elections in 2016. they were ahead in the polls, they won the european elections. a lot of people are concerned about france. that is what is driving monetary policy. the politics. he hinted, that he is very sensitive. and the -- a lot of decisions being made behind the curve are reluctant. this big black: th

europe would lose supply.stream to germany, but 15% of the eu gas flows through ukraine, that would be cut off overnight. >> if you were running a company that relied on russian gas. running a company, how would you be viewing your business and its prospects over the winter? >> i would be nervous. a lot of it will depend on the weather. we had a mild winter last winter which would have eased the problem. >> they built storage? >> we built storage, but the and demandquite mild was lower. that eased things. if it is a harsh winter, things are worse. there will be a lot of businesses watching to see how the situation unfolds. >> in terms of the stockpiles that we have in terms of the nationality of using them, bringing more tankers in. there are not that many lng tankers around the world, in terms of option now the, how much is there? >> we are trying to create a more interconnected gas grid. it takes years to improve connections. there are countries investing in lng. the trend is floating lng platforms, which ca

this is europe. when we talk about europe and european carriers, the big concern is regulations. >> we'll have to hear from the regulators coming out but it would appear to me vivendi doesn't have particular allegiances so far. it shouldn't be too much of a problem. >> thank you very much, caroline hyde. after the breaking we're going to talk turkey. they prepare for their first ever direct presidential election this weekend. will we see the same kind of market rally that we did in march after local elections? we'll discuss that next. stay tuned. ♪ >> welcome back. this is "on the move." we're going to talk politics now. turkey. turkey prepares for elections this sunday. but it is presidential elections and for the first time in the nation's history, the people will vote. we look at how he is cementing his political aspirations. >> if you want an idea of his ambitions, you could do worse than looking here. every day trucks and building equipment shovel earth making way for turkey's newest airport. it

it is an inversion of the north of europe and they side of europe. it is the most worrisome of all. >> maybe we should be worried. >> can i have the notes back? what yes. we have the gdp numbers and nichols is the correspondent standing by. over to you. port withhere in the the ceo to talk with us about the numbers. inland portbiggest and a great barometer for what is happening to stop that is the first question that we saw and we so so much expert activity. how much of this is due to the situation in russia? >> well, the first half of the on ourhere is influence business and i expect that exports in european countries will become more flat. it is not just about russia. it is about the ukraine. we sawa situation when the development of the southern states of europe and germany is doing fine. we have a strong basis and we did our homework many years ago with our human resources and these things. helps. an agenda and it a the other end, we have country linked with export has become an important market for us. >> you have done your homework and there ar

of all it's europe who will be implementing these decisions should they be made secondly it's europe european businesses and european taxpayers who will have to pay the price for this policy. well despite losing money over the events in ukraine e.u. is making sure kiev has enough cash to keep the country running ukraine's president says brussels is ready to hand that around a billion dollars in the near future and that is on top of a one point four billion instalment already approved by the international monetary fund this however means ukraine will have to raise basic tariffs freeze wages and pensions and even introduce new taxes and there is more to the package include slashing tax benefits raghu culture and allowing banks to reprocess property but complying with the demands is hard for a country that's already in economic freefall for example the country's debt is expected to jump so you see sixty percent of g.d.p. by the end of each year and that this pace it will be eighty percent four years from now what makes the situation even worse is that the economy isn't growing either on