. $164 billion went into europe. takegan had a note saying, your money into europe. that depends on whether you believe the next step will be delivered in terms of quantitative easing. is that enough to drive the european map? equities higher, oil is lower. kuroda has japan, more support in terms of his policy. let's have a little check in. rio and billiton coming lower along with anglo american. a little commodities complex shifting with a downward bias. three companies are on the move. i know that you are going to play some of that interview a little later on. theyali, they are saying are on target to deliver cost cuts of 750 million euros next year, one billion euros in 2016. they had a cap of 40%. they are free to do what they like. trying tothey are sell $2 billion worth of assets in the north sea. five people that we are familiar with say that deal is potentially under pressure. icap.a profit fall at you are dealing with is one month with colossal volume, the next month, things changing. you have a couple of individual stocks that are worth focusing on in today

the big difference between trading europe and investing in europe, let's start with that. >> europe haseen a good trade. we have been long on european bonds, that the idea is that i am buying european assets because the ecb is protecting me . it has been a good trade. are you investing in europe, are you opening a factory, are you going to france and buying a house? >> know, personally i am not. >> there are a lot of obstacles, bankruptcy regimes that are very inefficient and labor laws that make it hard to higher. there are a lot of obstacles to real investment. ireland and spain have done the right reforms but apart from that other countries are uninvestible from a long-term perspective. just ine seen this not the general economy but the corporate sector as well. >> hoarding cash. >> or they borrow in the debt market or by back stock or issuing debt for tax efficiencies. how does this change? >> this changes by reforming the legal system and the labor markets, which is a long-term story but we have commitment from the governments. you do not need to spend a huge amount of money today.

we are taking the market in europe. they are growing strongly. the new bases are all growing strongly. that traffic is coming directly from-our competitors. >> how is it the business traveler, the profile of this person you are trying to get to spend more, how is that going? what have you learned? you have turned us what your objective is. what have we learned? what are we going to see? >> an interesting statistic is 27% of passengers are traveling on business, despite the fact we have never provided anything other than low fares. we have put together a package to see if we can persuade half of those to pay the small yields about 40 euros a ticket. you get reserve seats in front of the planes, fixable tickets. we will change her ticket at no fee. >> the percentage change. what is the number now? >> it will still be 27. i think the number is growing. the number who will play a premium. as we move into the winter we have fleshed out big business frequencies, three or four flights daily between the main european cities. we expect that to rise. hope

and europe deregulation. i know you're sitting on that chair waiting for what strange currency will he talk about next? >> there you go manus cranny, the man who used to have a jeep. the market opens marginally higher, if you look at the easyjet stock move this morning, down 1.8%. yesterday it was up one so the market rallying about marcus stroman -- mario draghi's comment. possibly. we sat down with mervyn king and here is what he had to say yesterday. the trouble is the single monetary policy does not fit all countries and facing up to that might be a first step to thinking how to get out of the problem. >> joining us for more perspective on the top trading on the back of those bank of england comments from former governor mervyn king, the chief investment officer at alianz global europe. here, when we see those comments from mervyn king on the ecb and he starts talking about one size does not fit all, are we back to the greece needs at bazooka and germany has the buddhas bank -- bundesbank. >> the options

so it only works, europe, as a magnet, as a prize, can only work if europe is true to its values. if it enforces -- >> question? >> yes, so what do you think of that? is that a counterexample? and for you melinda, also on azerbaijan, with these people in jail, some of them have received funding from usaid from european donors. donors are already announced grant competitions. with top people in jail there's an opportunity for government to bring up a whole bunch right now. what should usaid and europeans do with this? all the best are in jail. the commissioner announced a new $3 million competition. how should people handle it? >> melinda, i think that one's for you. >> i think the second part's for me. >> why don't you tackle it. >> i'll jump right in. i really share your concern, miriam. i can't believe that many of the people i've worked with in azerbaijan are behind bars. and tom was on this point that we need to use our political leadership to stand up to this. carl made this point, too. democracy isn't just a program. it's also using our moral leadership to say you that can't

to revive a europe of leadership.urope which cares for every man and woman. a precious point of reference for all humanity. he had said earlier on that -- called europe an ambitious political project. if you like, it's a call to try to revive those original values that inspired europe, which i think the pope wants to connect with, because he sees that as a way i think of connecting his own message, which is very much a personal one. try to reach out to personal people's concerns in their daily lives, which is why he talked about -- and you heard him talk about a little early migration, saying the mediterranean cannot become a vast graveyard. these with people who need to be welcomed in. he talked about employment. the need to create jobs for people in europe. so real concrete issues that he wants to reach out, but at the same time, as you're saying, critical of european institutions, but trying to encourage them, saying this is a political project that can inspire people. >> also a focus on the dug anity of human bein

states of europe?is no support for that around europe. you can see that from the elections this year. the big step forward is there needs to be a clear recognition on the part of the leaders of europe, that looking ahead, there will be different categories of members in the european union. those in the euro area will require a degree of coordination , if not union, which is wholly inappropriate for those not in the euro area. that needs to be recognized. the euro area is the european union. it will lead to bigger troubles down the road. >> mervyn king, talking to us in florida. up next, a titan at the table. wilbur ross joins us. one of the biggest names in private equity. we will talk about his acquisition targets when we come back. ♪ >> welcome back. you are watching "the pulse." we are live from the european headquarters, here in london. me minister abe's press conference is scheduled soon. 3.e dollar yen trading 116.9 basing this on that we will see the second sales tax delayed by 18 months. who kn

including in europe. so over time, of course, we would have an ongoing program looking at what opportunities may exist. we'll make an answer at appropriate times in the future rather than speculate on what may be possible in the future. >> i want to finish by talking about -- when i did my research, i saw an advertisement in those pages. talk to me about how important it is to attract a female drinker to your premium lagers and how that is progressing. >> it is important obviously given the economic contribution of a woman and of course the contribution of the population and alcohol growth over time. beer has for decades been aimed principlely at men. we are seeing a slow shift in the category with brewers in general, ourselves included to it is amixed gender and fantastic example of that. it is positioned as a brand being styled to the world of beer. it is advertised very much at a mixed gender audience. for example, here, picking it up. he finds that the par tissspation significantly higher. -- it is pa

it is back to politicians to find ways to restore growth in europe. all of europe is suffering.ny included. for lack of growth and political initiatives. that is the -- we cannot solve it. we can struggle through it for some more years. hopefully we will find a way to move europe outside of this corner where it is today. >> do you worry about deflation? desflation i guess the -- should be the ultimate worry. we could really get stuck with no grothse. >> it is. on the other side, i think it is important to remind each other that europe is the biggest insurance market in the world. from the standpoint of if it europe, i'm sure that it has worked. a big economy if we consider europe as one economy. second biggest economy for insurance companies in the world. it is very stable. i hope that deflation won't such a scary thing as it is today in the next years. that the government intervention will help us. >> we spoke about this before. do you still see italian discounts because you're an atalian company? >> that is possible. i would say more broadly that there is a european discount.

>> he is talking about western europe.ordinary. what we have is a flip. emerging markets were supposed the problematic western europe seen. i do not know if we can say that western europe is exactly rosy. china is not as -- growing as quickly and russia is really in the doghouse. the car market contracted by .bout 20% per month fiat, sales of 20% in western eu effectively but the just pulled out of russia, got to have a bit of an impact. notr problem there is it is the most popular brand. it is not just about economics but also when you think of currencies they are still importing their cars. taking a hit or they are asking consumers to pay an awful lot for the car considering the ruble has come down 30%. >> we will leave it there. another good month of sales for variety of reasons. >> we're heading to the trading day. we will be up a little bit of the start of european equity trading. all that looks gloomy. take a short break. sector isation challenging. we have to deliver every day. we're doing really only for our custom

it is also europe. we have a very solid base in europe.id, what we are missing is the belief in the future. but there are countries performing still very strongly. it is not just germany. scandinavia, countries like austria, there are a lot of well performing companies like our company. we are doing good business not just in the u.s. and china but also in europe. supportif there is more from politics, meaning new investments in infrastructure -- there is a lack of modern infrastructure in many areas of europe and there hasn't been much maintenance because of the deficit problems, but the companies start to recover, budgets are in a better order now. so all that, i think, could create some stimulus for europe. >> yup. >> i'm optimistic for the next year. seeink next year we will some positive trend. we should not have this exaggerated view. >> everything will be rosie. i will take that. better than nothing. thank you so much for coming on today. ceo and chairman of voestalpine. coming up, storage system for clean energy are popular on islan

europe isn't the key message.f europe becomes identified with economic decline, which it europe couldlly gradually rise up the agenda even for the labour party. >> is the line between the two immigration? that increasingly appears to be the battleground. >> what you have got is people who have done well out of globalization. people who live in london, the metro elitists. the rest of the country where immigration is viewed as, people take our jobs, change and challenge our cultural identity. people should look very carefully at douglas carswell's acceptance speech. the notion of taking your country back resonates with everybody, young and old. expectfeel they could what is no longer there for them. the older generation feel they are no longer represented. remember the ads about you cap is the people with less education -- none of that works in rochester. levels ofaverage employment, average levels of education. think, isappened, i globalization has started to undermine the middle classes. developingbroad and and ex

holiday season as europe celebrates the arrival of christmas. and as you enjoy this next segment of our christmas in europe special, think about the value of public television in bringing the wonders of our beautiful world right into your living room, and then become a part of the community that supports great public television programming. if you have yet to join this station, please consider doing so right now. for those of you who have joined us, thanks so much for your generous support. christmas eve is almost here, and your magic pbs holiday sleigh is taking you to italy. and as they say there, avanti! let's go. this is the home of the vatican city, headquarters of the roman catholic church and some of europe's most sacred christmas traditions. for centuries, pilgrims have hiked from all over christendom to this great city. domes and ancient obelisks still serve as markers, lacing together relics and sacred stops... including the tomb of st. peter, marked by the greatest dome anywhere. and through the ages, pilgrims have stopped here at the

so it only works, europe, as a magnet, as a prize, can only work if europe is true to its values. announced grant competitions. with top people in jail there's an opportunity for government to bring up a whole bunch right now. what should usaid and europeans do with this? all the best are in jail. the commissioner announced a new $3 million competition. how should people handle it? >> melinda, i think that one's for you. >> i think the second part's for me. >> why don't you tackle it. >> i'll jump right in. i really share your concern, miriam. i can't believe that many of the people i've worked with in azerbaijan are behind bars. and tom was on this point that we need to use our political leadership to stand up to this. carl made this point, too. democracy isn't just a program. it's also using our moral leadership to say you that can't get away with this. and holding a state to the commitments that they'd made. so i've seen azerbaijan and donors have more money. and i've seen a horrific program -- i think mostly aid-funded programs in uzbekistan and azerbaijan agon gongos. and you

athink we are about to see turn in the credit cycle in europe. that will add to the economic cycle. >> do we need the kind of credit that maye-style policy be some are advocating? >> i think the answer depends on whether we see credit growth coming through. >> you think we are already seeing it. >> the service data tells you demand is improving. the actual lending hasn't picked up in a meaningful way. the speed of deleveraging slowing and possibly about the turn. whether or not that comes through is key. whether or not they do qe will be depending on that. >> the issue in many people's minds is that we have a high debt load. i appreciate that deleveraging has taken place. it still has a long way to go. you have a long way to go, you have countries that have well over 100% debt to gdp ratios. in some countries, you have very high household debt levels as well. the problem is, what we are not doing is generating growth right now. the lag factor in some of the things you are talking about, how long is it going to take before we start to change the s

this is a phenomenon well-known in europe, asia, central america. poland enters its new road and will never turn back. [applause] the sense of our work and creates in poland problems that would hold folks back from seeking a place abroad, that would encourage them to seek meaning in their and hope for a better future in their own country. one hears sometimes that people in poland do not care to work hard. but even those who say this, know that poles work well and effectively, if only they could see the sense in the usefulness of their work. the working people know their arithmetic, too. they are working much harder and in worse conditions than their opposite numbers abroad. on top of that, are paid much lower wages. the economic system around them is absurd. to make matters worse, every dozen years, the country has suffered a new crisis, a new crunch, and time and time again it turns out that past efforts went two ways. -- to waste. show me the people who would have worked the stuck for decades under such a system. wouldn't they have succumbed to pe

judge me by my record in europe.d we would get the eu budget and we have. -- if it wasd veto not in our best interest and i did. i do not contend this will be easy. it won't be. it will require a lot of heart pounding, a lot of negotiation, but it will be worth it because those who promise you simple solutions, they are betraying you. those who say we would certainly be better off outside the eu only tell you one part of the story. of course, we could survive. there is no doubt about that. but we need to weigh in the balance the loss of access to the single market and our right to take the decisions that regulate us. and we lose the automatic right to the 1.3 million british citizens who today are living and working elsewhere in europe to do so. that is something we would want to think carefully before giving up. test., i have one what is in the best? long-term interest of the people of our country? that is the measure against which everything must be judged. if you elect me as pie mr. in may, i will negotiate to ref

when we come back we'll dig deeper in the dilemma that europe faces.ar can europe go before it hurts itself economically in the process? this is inside story. >> economic jacksons on russia are having an impact. capital has blown out of russia. blanks are short of finance. and the rouble has fallen significantly. russia's actions pose a grave danger to the rest of europe. >> welcome back to inside story. i'm sheila mcvicar. that's british prime minister david cameron at a formal event in london this week. if sanctions are imposed and should putin fail to back down will tough be sanctions be given from the e.u. we've seen putin bluster a lot. we've seen him deploying his military in ways we have not seen in a great many years how much is putin bluffing here? is it possible to know how much the russians are hurting? >> i don't think he's bluffing. he's trying to make us reluctant to impose further sanctions on him. i think it's criminal as we see these military forces streaming in to ukraine for a second invasion of the ukrainian territory that the west

efficient high-speed rail systems tie europe together.ys and stunning bridges further enhance the continent-wide transportation system. within cities, sleek subways move millions underground. on the streets above, public transit reduces traffic congestion. and nearly every city is creating traffic-free pedestrian zones, making urban life even more people-friendly. as the world grapples with climate change, europe is taking a leading role in developing alternative energy sources. and while still preserving the historic character of its cities, europe has found a way to integrate innovative architecture into the landscape, giving the old world a modern face. and the human face of contemporary europe is more diverse and vibrant than ever. even as this continent of 500 million people unites, it's finding ways to allow its rich mix of cultures to celebrate their unique identities. from norway to greece and from portugal to bulgaria, people are proud to preserve their distinct languages, foods, and traditions. ♪ >> memphis, tennessee... it has

.> now a warning for europe u.s. treasury secretary jack lew calls on europe to do more to avoid a lost decade of growth. >> more action is needed to reduce the risks the region could fall into a deeper slump. anotherd cannot afford lost decade. singled out germany and the netherlands. hans nichols now joins us with the very latest. how have these comments been received in europe? >> angela merkel is on her way to the g-20 in australia. she landed first in new zealand. yesterday, she had a domestic problem. last night, you heard something similar from jack lew, saying that monetary policy is at the end of its rope. you need to do more with fiscal policy, have more spending to boost aggregate demand. we keep reporting it because policymakers keep saying it. here is merkel's challenge. she is gettinge international pressure, domestically, it is going in the opposite direction. her council of economic advisers, it is criticizing her for doing too much to spend more on labor subsidies, more on social security, more on in

we basically went from europe to china, from europe to china. as i said, it has made me think about what began and what ended at different times. i don't in any way challenge the view that 1989 constitutes the end of an era of the 20th century, but it seems to me something had begun before the end that isn't just the trends that go on. if there were political events that triggered something different, and that in a quarter-century from now, if i'm in the intelligence community and i'm writing global trends 26 feet, i may be thinking about 1989 very differently. >> when i think of 1979, presume you are referring to events in the middle east. collects afghanistan, yelm in getting overthrown. >> there is a common a -- common denominator. most likely prevalent in the career trajectories of most of your students of the army while -- army war college, they had spent the last decade concerned with radical islam. if you ask them, what is the most important thing going forward, they're going to presume something they have to deal with on a daily basis --

the conflict over ukraine and the sanctions that followed has dealt europe another blow. no where is the fear greater than in germany. europe's finest is 23589ering badly. as far as the crisis in ukraine, german exports fell. and many analysts forecast an out right recession in europe as it grapple with the fall out from ukraine. sanctions are taking a big toll on russia's already stagnating economy. oil prices put it on the brink of recession. the ruble fell to record lows, and the bank of russia projected that investors could yank $28 billion out of the economy in 2014, more than double they took out the year before. and since sanctions hit, food prices in russia have soared, in some casings by as much as 30%. and that has prompted some russians to stock up on groceries in places like poland, where the prices are cheaper. but despite the sanctions, president putins a hold on power doesn't seem to be sanctioned. >> the most immediate seems to be among the elites, and the oligarchs and the tycoons around him, where their access to western capital has been limited, they're

he says europe needs a kickstart. he says europe needs to boost investment. i want to go to that in a couple seconds. i want to ask you. 300 billion is structured in a way where he wants arrive at investment to come in there. will it kickstart growth? will we see it transfer into the real economy? >> it is about implementation but also new money. this is not new money. this is basically changing the way in which eu grants are given out to change infrastructure. take is this is another layer of bureaucracy. it makes the you look like they are doing something. i really want to hear this man look -- and makes the eu like they are doing something. i really want to see this man say they are doing something. let's have new money and new policies. i think the chances in europe are very slim because of the divisions. >> he can tell you whatever he wants, but he is not a decision-maker. he is a policymaker. that's the problem. does he not have a better chance than the previous commissioner because he staunchly believes in the project? >> he should have a better chance

poland's solidarity movement exposed communism's first cracks in europe. and the young electrician was lack wilansa, and he became the charismatic leader, galvanising support, bringing poland's communist government to the negotiating table. 10 years later he wept on to become poland's first popularly elected president and presided over a transition to a post-communist state. but today, as the crisis unfolds in neighbouring ukraine, the polls feel pressure from moscow. i sat with a man in from the beginning. he, again, has his eye on russia. thank you so much for speaking to us. you have been speaking so much about what is happening in ukraine with russia. and poland has been very strong in saying that the west has got to resist what russia is doing. now, in the world, many team think the worst is over, the worst is behind us. in poland people are worried about russia being expansionist, wanting to do more. what are you thoughts? >> my great grandfather, my grandfather and father said there is no free poland without a free ukraine. that is why the polls are

you are saying europe pizza grow and push reforms how much of a danger is it -- europe needs to grow, push reforms how much of a danger is it? >> we have seen a number of reforms in a number of countries and really what has been achieved already in portugal and in ireland and also in greece it is commendable in terms of social reforms. this is already a lot. this is a huge step forward in terms of stability. now what needs to be delivered is growth and that is very particular to investment and that's why the discussion on the unicef plan is so important. >> what is your main concern facing europe? >> my main concern would be that we cannot collectively design and implement reforms that will support productivity and europe. likingroductivity is while -- is lagging, while in -- u.s. it drives a wedge it is a threat for future well-being of european people. we need a strong push to see productivity in europe through the reforms. >> francene joins us now and she brought us that exclusive conversation, confusing comments coming from the ecb on one level because he is talking about not maki

western europe.ring their for theorecast cosmetics market for this year to 30%. that is the slowest growth since 2000 nine cents the financial crisis. it is also the second time they are lowering the forecast from the original 4%. l'oreal is not alone. you have one of their main unilever whoike reported the slowest pace of sales in five years due to a drop in china. and in the luxury sector, you mh reporting a slowdown in asia. if you look at the luxury unit of l'oreal which includes land lancome, it is also missing estimates this quarter. >> how concerned should we be? when the speculation comes, it tends to go around the stock. where would it fit, what happens next? >> if you look at the share price of l'oreal it is down from the peak in early september. l'oreal is saying that they expect a pickup of gross in the fourth quarter. sellout.ot a it is due to some phasing elements. they're saying they will benefit that is weaker euro helping competitiveness compared dollar.dollar. they will also benefit

and in europe. at the sale same time, i find this bizarre, we never really left the comforting view that liberal democracy does not have any serious contender at the global market of ideologies. as a consequence, democracy promotions became progressively limited to technical and essential and non-sensitive, non-political projects. these projects bolster civil society, ngos and institutional capacities and so on. because they are not political by definition, they cannot advance the crucial issue, that is the lack of democratic mode of thinking. working democracy requires first of all a democratic mindset. we do not address this issue. therefore, any solution to the challenges must be a political one. the very first step towards democracy revitalization must include thinking hard of why is it losing its attractiveness in the west. by thinking it hard, i do not actually mean the expert thinking. i challenge the politicians to do the thinking. because we cannot -- we need to make this issue political. w

army europe. the major is deputy commanding general in europe. he previously served as commander of the joint multinational training center, multinational training center. >> multinational training command. >> in germans. enlisted as nr man, pennsylvania native, deployed all over the world, spent a lot of his career in the pacific but managed to bounce around to other places i recently learned. so again he's going to talk to us about what's going on with u.s. army europe, what's going on multinational training there and hopefully give us some perspective on how things have changed in the last six months, which i manage the outlook is a little different than it was a year ago. so sir, over to you. >> i think we took these steps well over a year ago when i went to -- got an assignment to joint national training command, general odor, a told me i'm sending you over there. i took over in june 2013. he said very clearly, and this was several months before, your mission is to get u.s. army back integrated into nato. part of our plan planning and traini

europe is growing very quickly for us. just in our tokyo office where they're seeing exceptional opportunities, as well. >> if i or a company stores their data on the cloud, the concern is how safe is it? how secure is it? what is fox doing to ensure that it doesn't have to deal with any type of data breach in the future? >> cloud technology companies that live and die by data security, companies like salesforce.com and box, have to dedicate a huge amount of energy to security. we have one of the best security engineering teams in the world. and we do everything we can to keep our customers' data secure. companies like general electric who are in the process of rolling out 300,000 seats of box trust us to keep their data safe. >> whether the regulatory force, the government should play a more proactive role in monitoring the data that technology companies are storing or especially customer data. what are your thoughts on that? >> according to snowden, the government is doing a good job monitoring our data. >> do you believ

fundamentally, what does europe do next?his crippling unemployment problem that we have here in europe, particularly, youth unemployment. ♪ >> ferguson, missouri erupts in anger and protest. police to smoke -- police officer will not face criminal charges in the death of michael brown. in the year of geopolitics, we consider the transpacific response to a new military triumph. -- stephaniestocks ruhle guarantees stocks always advanced thanksgiving week. good morning, this is "bloomberg surveillance." daughter'say, my birthday, i'm tom keene with olivia sterns and stephanie ruhle is with us today. scarlet fu is cooking a 22 pounder. brendan greeley is watching "frozen" for the 14th time. in the city of ferguson, missouri, exploded overnight in violence. police carsorched and looted buildings. chaos broke out moments after the announcement came that the grand jury would not indict the white police officer who shot an unarmed black teenager last august. police used tear gas to try to break up the protest and several dozen peopl

in europe, only one nation refused to join the community of freedom. yet, in this age of redoubled growth, of information and innovation, the soviet union faces a choice. it must make fundamental changes or it will become obsolete. [applause] today, this represents a moment of hope. we in the west stand ready to cooperate with those in the east to promote hope and break down barriers that separate people, to create a safer and freer world. surely, there is no better place than berlin, meeting face -- meeting place of east and west, to make a start. [applause] berlin, today is in the past. for theed states stands strict observance and full implementation of all parts of the war power agreement of 1971. let us use this occasion, the of this city,ary to usher in a new era, to instill a safer life for berlin future. let us maintain and develop the ties between the federal republic of the western sectors of berlin, which is permitted with the 1971 agreement. denied by mr. gorbachev, let us eastern andg the western parts of the city together so that all the

than europe as a whole suffers. picture is one that has caught the attention of the ecb and we can't forget that action has been taken by draghi in the council. some of to to affect the weakness. >> this is the number two economy in the eurozone, germany not doing much better how do you investor on this? >> cautiously is the way we would invest. basis it is very clear that europe is not the place to be at the moment. you can pick up some value out of european stocks, especially some of the dividend payers and the reliable income which has been supported but geographic basis clearly they are better off elsewhere. >> where is that 50 billion at work? >> it is at work in markets rather than cash. we think cash is a very expensive asset class to hold. there are still six income markets despite some of the doomed stories around that asset class. >> where are the opportunities in fixed income, .8% in germany and even france around 2%, where are the opportunities? >> you are right to highlight the expensive government bond

in europe it will rise by 12%. at a paltry performance relative to average annually over the last five years. qe.ot bank on ime of the names in here -- just noticed there are were quite a few banking names. europe is cheap on long-term averages. pretty bullish call from jpmorgan. you takemonth low, do that as being your benchmark? will the chinese do more in terms of stimulus, or do you bank on three and a half percent growth out of the united states of america? a conversation with michael o'leary, the ryanair ceo. fromf growth will come primary and 50% will come from secondary hubs or seen it. they have upgraded their numbers, so that is good news. the stock down 3%. pay $3.7oing to billion for safety. they're going to pay $25, a 44% onmium to close the business friday. they are making digital part of their business. they are going to bring the strategy forward by about three years, although we should have a look at the price. the movement in share price in the five days running up to the deal. volumes were strang

grosz's contempt was shared by wider artistic developments in europe and america. those developments became known as dada. dada was like a storm that broke over the world of art. it had many centers-- from zurich to hanover from cologne to new york-- and many sorts of artistic expression. unlike grosz in berlin these dada artists didn't see the exposure of class divisions as their central purpose. they attacked the foundations on which nations were built-- truth, beauty, reason, science. in the wake of the catastrophe all these values were brought into question. in paris and new york, marcel duchamp produced his ready-mades-- a hat stand, a bottle rack-- ordinary everyday items promoted to the status of art objects simply because the artist had signed them. and by signing this urinal and wanting to show it as a piece of sculpture, duchamp pierced western art with ridicule. despite the international activities of the dadaists they were running against the tide. in paris there were several artists whose pursuit of utopian ideals was pushing french modernism towards a

that is a positive for europe. we need to see the facts for the banks and the risk assets. >> at some point, the markets will want more than rhetoric. antonin jullier stays with us. here is a look at one of the stocks that is on the move. i think it is one of the biggest gainers in today's trading session. i also want to draw your attention to what we had in the last five minutes. saying a lot of the indices are still not calculating. we will have more on that next. ♪ >> welcome back. i'm francine lacqua here in london. this is "on the move." we are just getting some breaking news. this happened over the last 10 minutes. indices are not calculating on technical problems. we are back with antonin jullier . this is really not helpful. >> not helpful especially on thanksgiving day. liquidity is going to be low because the u.s. will be on holiday. can only access or big volatility. how long it lasts will drive confusion. haveey have just said they these technical problems they are trying to resolve. we will update you

pricing will not be easy in europe.o keep it flat, i think we see that as a reasonable and likely scenario. if i talk about asia, china, we are seeing different dynamics. still, fairly healthy scenario in china. other markets, still pretty sound and healthy development. >> all right, very many thanks for talking to us today. of carlsberg for his first interview of the day. coming up, crippling sanctions against russia haven't left a dent in the fortunes of the countries fourth richest man. we are speaking to the ceo of russia's second-biggest steel marker -- steelmaker. ♪ >> welcome back to "the pulse." now a bloomberg exclusive. another bloomberg exclusive. 's business appears to be just as strong as steel. they posted a profit margin on levels lasting before the 2008 financial crisis. ryan chilcote joins us with the company's ceo. >> thanks, francine. we are joined by alexey mordashov, the ceo of severs tal for a number of years. thank you for doing this. i want to start by asking you about your strategy for severstal

we are in the middle of a recovery in europe. actually 2014, particularly for the car industry >> has been pretty good with an increase of the sales of cars around 5 to 6%. this was something we didn't see for a while. it's based upon the fact it was about time that the recovery takes place, but it's being blocked by the fact that every time you have a major decision to be made, you need to make sure that all of the european countries are aligned behind this decision. every time you have an important decision, you have two, i would say, two schools of thought. and two different attitudes is process. >> that's what we are seeing and that's what we in the business world really don't like at all. >> and broadly speaking, those two schools of thought are about os tearty versus stimulus. i mean, there are lots of versus of them in between but do we, as central banks and governments continue to stimulate the economy or do we repair the inefficiencies of these european economies that have been there for general operations? this is a tou

acquisitions, i have already mentioned the consolidation, eastern europe, retail banking, europe. attractive. these the types of things we can look at. the focus remains on the organic growth. >> speaking to bloomberg exclusively. we heard from another bank boss today. -- he spoke to bloomberg about the investment banking revamp. >> we believe in paying able toively and we are do that once we reposition the business. as it make it more focused, we will have less very highly paid people within the organization. how far are you from this process? >> good strategy is about focusing on the areas where we have the ability to grow. we have to reshape and refocused to do that. it is part of the evolutionary process. that allows them to invest back in our franchises. >> you mentioned the most -- i wonderarea what barb will look like in five barclays. -- u.k., we have over 3 million people using mobile banking. two years ago, that probably did not exist. much better with our customers. more technology driven in the next five years. their jobs or main much easier -- will remain much easier.

it is now coming to europe. a lot of countries in the emerging markets doing more and more. what does it mean for lego? do you have a worldwide strategy for black friday? >> for our case, it is still very much a north american, particularly a u.s. phenomenon. it is true that it is spreading to other countries. we view it as a major retail promotional event. we always want to work positively with our retail partners and we of course try to support them in having an attractive offer and having their shelves full of product when consumers are out there. we're also seeing online it is becoming a major event and i'm sure it is going to be that, particularly in the u.s. and in our major key markets around the world this year. >>> thank you so much for joining us and yeah what a greath product. logue group c.e.o. and president. sticking in the retail space, black friday used to be a very american event when shoppers went wild in the shops the day of thanksgiving. let's head to caroline hyde. fights breaking out in stor

a european player. 90% of our business is europe. the perceptionpe in europe will change.n terms of who we are, shareholders and investors are understanding us better. they are developing trust and confidence in our plans and results and they are entering our business. >> what are your thoughts on russia? last time we spoke, possibly a year ago, you were saying i may decide to add to russia. now the world has changed in that region. >> russia is a big issue. deadds another risk to flation of europe. interview prices and availability depend on supplies from russia. it doesn't help in this scenario to have the situation. we are not exposed to russia. russia is potentially a big services, financial insurance included. but it is not a very open market. with this situation, it is differently not available at all. o, speakingec francine lacqua off to read >> -- francine lacqua. .> getting reports first-half revenue. they are pleased with the performance, focusing on tight cost control. the uc parcel market remains challenging. that is where the 500-year-old business has been fac

europe is surprisingly good. -- asia to europe is the strongest growth corridor which is surprising butto a bit of stock building. the u.s. is starting to pick up now. but has also been a little bit slow than you would expect when you compare with growth figures. do nottainer flows exactly reflect the global economy. stable, -- a stable and not too exciting global development. >> when i last spoke to you in august that day you said that profits at your oil division will be helped by higher oil prices. as we know it so happens since august 19, crude has fallen by 20%. how is that going to impact you? basically, you can say on an annual basis, $10 price drop cost us about $200 million. 20 --talking about somewhere around 35, $40, $1 million. it does have an impact. he did improve our results in your business in the third quarter because we had higher production and we also had some reduction on the expiration costs. -- exploration costs. >> your --[inaudible] alliances?ct more and we look forward to more mergers in the industry? >> we are [indiscernible] that gets the approval so i do not

and europe.if that expands and tests its 14 year high which is just several basis points higher at 157, that means the spread is widening. we're either growing faster or europe slow e or a combination of both. and if it tightens the opposite is true. while it's continuous at 150 we can continue to look at the issues pushing european rates lower and add 150 to bund which is 70 and know pretty much where the year is going to go. there's been a lot of confusing talk on energy but in the end most of the early talk on this industrial revolution, where yankey ingenuity is at the epier center we are permanently bending the cost curve to energy. and especially when things like should we export energy are being debated and congress is going to change next year. and that is of course, well, is it really a big deal that we have more natural gas or more crude oil? because in the end it is not going to do a lot for the united states because it goes on the global market where it's fungible and the price is so

across catholic europe. as we learned, many countries celebrate the christmas season with an emphasis on different days. santa lucia day is really big in norway; that's december 13. and epiphany -- that's january 6th -- that's a big time in italy. we'll see why later in this special. well, this show is a travel experience in its own right, so thank you for bringing it to us. and your support is what made it all possible. make your call, make a contribution, and make a difference right now. and here's something we really hope will encourage your support. let's quickly review today's top thank-you package. support your public television station with a contribution of $200, and we'll thank you with all the gifts we've been talking about today. you'll receive the book, the dvd, the cd, the map, and our exciting boxed set of dvds. this 80-episode, 13-disc anthology brings you the entire rick steves' europe library, 45 hours of travel fun, including every program we've ever produced. today we're celebrating the pu

europe is strong now. but germany is having the strongest growth since 2012. >>> $6 billion and counting. alibaba firmly on course for record breaking sales as consumers snap up online bargains. cnbc speaks to founder jack ma later today. display you're watching "worldwide exchange," bringing you business news from around the globe. >>> nouriel roubini says he doesn't think the fed will hike interest rates anytime soon. factors in whether the u.s. inflation and the rest of the world could lead officials to start hiking more slowly. >> it could be sometime in the middle of the year. could be june, could be july. even if inflation employment data the right level to start hiking, the fed would like to wait a little bit longer just to make sure that if they start hiking with the liftoff, they're not going to abort it and they can go back to zero. >> roubini also said easing by other central banks could impact the u.s. economy. he's saying even when all the growth, inflation, unemployment is in the right place,