manus: let's talk about european central bank policy from mobile phones and cement to policymakers. he dots. we have a central banker on the european central bank and he is currently not concerned about the strength of the euro. last comments come after week's ecb at -- account that some officials were worried the currency could appreciate further. investors will await more signals in his jackson hole speech do tomorrow. byus: he will be joined janet yellen and mr. kuroda to discuss how to foster dynamic growth. we brought in malcolm smart. great to see you this morning. it is going to be an interesting 48 hours, it is either going to be lifeless and perhaps nothing for markets but what are you waiting to hear from from jackson hole? malcolm: mario draghi shaping up to be the big newsmaker. he studiously avoided giving any policy signal. does that mean he is setting it up for investors at jackson hole? the next sc -- ecb meeting september 7. would he want to pave the way of winning back the big bond buying program question mark that is the number one question. we will have janet yell

markets will be looking to see what european central bank president mario druggie has to say.e is attending for the first time in three years. —— mario drag you. there is an expectation that he may say something significant, but don't get your hopes up. the rush by tel is with me from img bank. first, interest rates, a re is with me from img bank. first, interest rates, are they going to say anything about that? central bankers will be very careful about the words they use, given how sensitive financial markets have been two recent subtle policy since. there will be a lot of reading between the lines for us and lists to do, but those looking for any major policy announcements... they do itfar major policy announcements... they do it far ahead and give us lots of warning now. i'm not expecting anything major. there will be a lot of prep work, laying the foundations for policy changes. what about the pile of bombs sitting in a vault somewhere... i imagine it's probably not, it is electronic —— pile of bombs. pile of bonds. janet yellen is ready to start the process of shrinking

so people are focusing on the head of the european central bank.d was forced to row back on his comments so forced to row back on his comments so people do not know whether he will try to play it safe this friday and not say too much or whether he will reveal the thinking of the european central bank when it comes to stepping back from these extraordinary measures. what is the time frame? how will they do this? that is the sort of thing wall street wa nts that is the sort of thing wall street wants to hear. michelle, thank you very much. we are also continuing our week—long series on the business of death — looking at the financial issues raised by aging populations around the world. today we are in singapore — where like many advanced asian economies the number of older people is on the rise — and so is the demand for end—of—life care for the terminally ill. shara njit leyl reports. catching up on his daily news. this 83—year—old man likes to know what's going on. in spite of having just weeks to live. he is spending the last days of his life at t

on the mind of mario draghi as president of the european central bank, if he sta rts the european centrald see the euro strengthened and that could be a problem for the european exporters. for the ecb, compare to the us fed, they are behind. they are not reducing the amount of assets, they are thinking about reducing the amount day at every month. the euro has been one of the strongest performing currencies over the course of the year and it could affect big exporting nations like germany who have a lot of revenues coming from abroad. watching that currency will be very important. stick around, we will talk to you about the papers later in the programme. still to come, this week's digital takeaway. technology correspondent rory cellan—jones will chart a path through all the big tech stories of the week, including the news that estonia is looking at launching its own bitcoin—like digital currency. you're with business live from bbc news. now, big brands influence what we buy through clever advertising on billboards, tv and social media. but in an increasingly crowded world, how are they go

inflation numbers in europe and also minutes from the european central bank. g affecting the market? they are weak today. >> basically the inflation readings confirmed inflation did pick up in july and that's done very little to squash speculation the european central bank will be signaling an end to its massive quantity of using programs in the fall. people are watching that it's pretty carefully. seen some pretty muted news. then it's come out in a couple hours to see whether mario draghi is on course to november or september of winding down its massive bond purchasing program. trading to do you think it's yet? >> trying to call the direction this year i found analysts. so many different moving pieces from the economic data the last month or so. we've had a shakeup in voting numbers over the summer. it's a seven-year low against the euros. you can could certainly a group may have seen the bottom there. and to the dollar. >> of the pound and euro reached parity? it's possible. >> a lot of people are starting to call for that. it is not that far off. 25% agains

tac down half of 1% ahead of the european central bank later this week.ant south in south korea in south korea the cost to slightly lower as the u.s. and south korea begin joint military exercises today. lauren: tatar eclipse glasses ready if you can find them. the nation prepares for a total eclipse the sun on the ground along the path of totality. "fbn:am" starts right now. cheryl: is 5:01 a.m. in new york trade monday, august 21st. good morning, everybody. cheryl casone. solar eclipse day. lauren: welcome back. i come everybody. thank you for joining. train children to be connected up for classes. i was out of luck. you're saving the day today. we are starting with some rough news. we are getting this morning off the coast of singapore. there's been another accident at sea. the u.s. navy confirming this morning 10 american sailors are missing after the u.s. john mccain missile destroyer collided with the pictures we are getting them for you. five sailors heard, for evacuated by helicopter for non-life-threatening injuries. a massive search and rescue o

the chair of the us fed and the president of the european central bank later will have their say.ight spot for asian markets was the performance of the mining sector, all metals doing well. let me show you what is happening in europe. there'll be that interest later in the week in what mario dragi has to say. any indication that the european central bank is thinking about cutting back with tapering, that may come later. michelle has her assessment now on what matters on wall street today. investors will be watching cote's results, the perfume maker expected to announce a rise when it posts its results. second quarter results out for other companies. revenue at the cloud based software firm is expected to go up despite increased opposition from oracle. the housing market will be in the spotlight this week, toll brothers turns in its results for the third quarter. profits and revenue likely rose. the us federal housing agency is expected to increase housing price index forjune. joining us is kathleen brooks, research director at city index. thank you very much for coming in. let's s

central banks are revolving in their communication -- evolving in the communications all the time. he wants to impress upon the market that the central bank will not be there forever, but the europeanank will probably start pulling back on the stimulus at the start of next year, and that the euro bond buying program has to end at some point. they just want to get that point to investors well enough in advance that it is not a surprise when it actually happens. i think draghi will take advantage of that at that gathering to do exactly that. guy: we will leave it there. thank you very much indeed. bloomberg's mark gilbert and patrick armstrong. patrick will be joining matt and i on bloomberg radio and 9:00 a.m. u.k. time to couple of stories we need to break to you. first of all, the saudi-iraqi oil ministers to hold a joint press conference. aswill bring you the details they emerge. it looks as if there may have been an incident. we are still finding out the details. northeast of paris, just outside the for a freak -- the peripher ique. up next, we are going to talk about the rebate battle beginning and discuss the incentives german comic is offering to trade the diesel cars from mo

european central bank mario drogy speaks in wyoming later today. xpected to say and perhaps do, we will be right back cheryl: european central bank president mario drogy one of the speak nester jackson hole, the question is whether he's going to say anything new about monetary policies. we go to riva gold to ask you about what's happening here in the united states, good morning. >> good morning, yes, i think the big question with mario draghi is whether he's going to say anything about the huge climb that we've had in this euro this year, if he comments on it, that could be taken as dovish and if he doesn't, people could mean that's a great excuse to keep buying the euro and kind of selling the dollar and exchange so that will be a very important question for investors tonight. lauren: i also want to ask you, riva, jay lee to five years in jail for paying bribes, what does it mean for samsung and shareholders? >> it's a great question. we didn't get a great sense of the reaction today because the leadlines were hitting just as the korean markets wer

european central bank chief mario draghi will speak this afternoon.ning us this morning, riddler, politics editor ron meyer, good to see you. one of the big questions is we still don't know if donald trump is going to ask yellen to stick around for a second term which expires in january. >> there has been a lot of speculation whether she will make the case on why she should stick around, she won't address it directly but will she talk about her legacy and what policy to put in place and make the case what she has done is worth. there is a lot of skeptics that the you can't just keep to quantitative easing or printing trillions of dollars and have no consequences but we did call this printing but trying to ease out of that and this will create stability. if we print all the money we printed and still stay stable it will be a model going forward but a lot of skeptics say there has got to be a bubble somewhere with all the money that is in speculation. >> a lot of debates in the minutes of the fed meeting where interest rates are going to go especially i

people will be watching the president of the european central bank today. t rate plans. representatives of international banks from 40 countries are all attending this conference in the us state of wyoming. these are the markets. the nikkei gaining slightly. that is because of a wea ker slightly. that is because of a weaker yen helping exporters. australia is not benefiting from the fa ct we australia is not benefiting from the fact we saw qantas reporting stellar results. in fact, they are slightly lower as well, those qantas shares. wall street ended flat. and that is it for this edition of asia business report. thank you so much for watching. these are the top stories this hour. verdicts are due in thailand for the former prime minister. the white house insists that relations are good between donald trump in the republican leadership after he criticised senior officials in the party. a new play at the edinburgh fringe festival tells the remarkable story of a transgender asylum seeker from egypt who's making a new life for himself in scotland. eloise dicke

central banks? charlie: the chairman of the european central bank made a famous statement, we will do what it takesthey gave confidence to the system. gillian: the last 10 years, that confidence turned out to be more durable than the confidence in private banks a decade ago. charlie: china is a big problem. support of central banks is a big problem. in terms of the dependence on central banks. what are the other big problems? gillian: one of the big issues is cybersecurity. the entire modern financial system is dependent on cyberspace and cyber links working. nobody has yet to work out what would happen if -- charlie: why did they do that? i do not understand why, as smart as everyone is, why they can't figure out what to do if there is a hacking of some significant financial institution. gillian: there is a very unequal power balance. the banks are doing a remarkable job in the west and getting better with cybersecurity problems. charlie: there are attacks all the time. gillian: absolutely. but the reality is the world is becoming a lot more unstable politically, and we should be grateful there ha

investors will also be listening closely to this man — european central bank president mario draghi.for the first time in three years. some think he may try to use his speech to talk down the value of the euro, which has been surging in recent days. professor alan auerbach from uc berkeley is one of the speakers at jackson hole. hejoins us now. professor, let's talk about interest rates first. is there an inflationary problem? do they need to put up interest rates as we thought they probably would do in december? welcome united states has been putting up interest rates, which make increases this year and another projected for december. but oui’ another projected for december. but our headline inflation rate is actually slightly below the target 296 actually slightly below the target 2% rate. so there has been a debate in the united states about whether or not there should be a slower increase in interest rates or whether inflation is just around the corner and we should be trying to pre—empt it. corner and we should be trying to pre-empt it. do you think it would be dangerous to put

looking at the gathering of central bankers in the united states to see if the european central bank will signal stimulus measures. retreated from a. of all time highs. $4000,ces back below down 10% since climbing above $4500 last week. writes currency saw it the combined market is $145 billion. johnson & johnson has been ordered to pay $417 million to a who claimed she developed ovarian cancer after using baby powder for decades. the company did not warn customers. the verdict is the largest award yet in a string of lawsuits. they are facing 85,000 somewhere claimed across. ford will team up with a chinese automaker to build electric cars in china. the product is sold under a completely new brand area china is the largest market for electric cars. pakistani stock exchange dropped 2% after donald trump sounded a threatening tone. he accused of as lumber bod acting as a safe haven or terrorist. time honored practice that has disappeared, making life difficult or waiters. >> the service charges included in the bill. french people are not used to giving tips and restaurants. it is commo

if you get euro -- already had the pound moving but moving because one person if the european central bankat moment, that might help. >> interest rate movement, if european banks starts moving, the differential could move the markets and people if they are not positioned properly could cause volatility. >> curb your enthusiasm comes back -- >> larry david is the key to the market. >> the next thing that jolts the market one way or the other, is going to be politics i think mueller will not stop what he's doing and the market so far has been blasseflt. >> you see sullivan staring over your shoulder? >> did you see that? >> sully yesterday he was dancing. >> photo bomb. look at him. >> power starts now. it already started apparently. go ahead >> only place i have to go was that creepy, josh? here's what's on the menu, dow 22,000, you can't pick up a newspaper or turn on the tv without hearing about it the question now though is, if main street is getting bullish, should you head for the exits? we'll debate and president trump threatening to tighten trading screws on chin

the australian central bank governor reckons the currency's rise against the dollar is a reflection of economic momentum. more, from frankfurt, team leader for our europeanank coverage. how hawkish is hansen? he's probably the most hawkish on the council, right? >> he leans toward the hawkish side. he's also a respectable academic economist and central banker of estonia. although that is a small economy, he does carry some weight on the council. jens weidmann spoke in a separate interview, giving the same argument, that he sees the euro strength as a sign of recovery, and he is not concerned. they may well reflect the prevailing mood on the governing council. francine: the idea is that basically ecb needs to tie forward guidance told measures rather than focusing on interest rates and bond purchases. how difficult is that? >> very. he said he doesn't know exactly what design the stimulus package will look like, but it is not going to be easy. easingward guidance, the , is centered on the asset purchase program. he wants that to shift. he would like to see the easing bias linked to all ecb measures. wideis easy to say in a ranging discussion, but you need

he was made governor of the central bank of france following a sting as governor for 12 yea rs. before that, he was the vice president of the europeanal bank and has worked with every leading financial institution. christian noyer has been tasked with making the case for paris as a financial hub following brexit. is he making too tough a sell and potentially damaging ties with the uk? christian noyer, in paris, welcome to hardtalk this is the fourth president that you are serving under in some senior capacity. emmanuel macron is a former banker. is he the right president at the right time for france? well, first, thank you very much for inviting me. i think, yes, absolutely. for the first time for many years, we have a president who was elected with a clear political programme for deep economic reforms, and he has a clear mandate to make difficult reforms in the labour market, and the tax regime, to have something much more business friendly, and this is going to take place quite rapidly. so, i think that comes exactly at the right moment, because we are now in, in europe in general, in the eurozone, leaving completely the negative

in the bond market, our markets priced now fully for a moderate adjustment by a the european central bankat's a very difficult question, of course. good that there is discussion in the european central bank about relaxing quantitative easing. cranks any it, i mean, sorry. the u.s. is much further down the road, but on the back of a strong performance in europe with respect to growth, we should start to change the policy there with quantitative easing in europe as well. kees van dijkhuizen, thank you very much for joining us this morning. south korea is now down over 1%. fire and fury has not squashed the market. >> let me talk a little bit about that. aluminum remains strongly bid again overnight. a big session overnight in your seeing that again today. let's talk about equities. nikkei down overnight. japan at the forefront of the story when it comes to north korea. the south korean won is trading down by about .5%. the idea that these moves are not very big needs to be taken with a little bit of caution. let's talk about the context of the last month. volatility continues to be crushed.

that might signify less independence for the fed, but all eyes and ears will be on european central bank mario draghi. there could be a slowing of asset purchases from the current level of 60 billion euros a month. others expect the disappointing speech with no real changes. mr. draghi has been secretive about what he will talk about. time for more analysis of the meeting of world central-bank leaders, let's go to our financial correspondent in new york. what do people on wall street expect to come out of the meeting? reporter: yellen is going to be an important point because they have a complicated love-hate relationship, yelling and trump, but i don't think wall street -- they definitely favor gary kelly as well. he has a valuable connection to the business world and goldman sachs. he is a part of trump's ambitious tax reform with people have been waiting for so long. he could be se here at this beautiful hotel. mario draghi will be watched closely as well. no one is expecting any surprises. he could be a repeat of the temper tantrum two months ago when there was a jump in the euro aft

the city which is already home to the european central bank. even as far to offer exemptions to germany's labor laws for so called risk takers in the banking industry. i kind of lobbying appears to have paid off frankfurt's twelve international school say they've received a surge of interest the summer. as bankers look for the best schools to send their kids. no one asked the cat has more. summers are usually calm and quiet for paul fatman. but this year the head of frankfurt's international school has had to field hundreds of calls. from families and companies planning to relocate to germany after breaks it. i think companies have learned if the kids are happy or the spouse. if they moved a single. after with their employer. it is a huge investment please come to move fast. it's probably the core issue for families with kids is that we have to have a top quality school. fatman says he's already hosted nine delegations from banks considering a move this yea. frankfort is one of several cities vying to become the e. u.'s main financial hub after

. >> by the president of the european central bank and governor of the bank of japan, janet yellen took what might be her last stroll. her term is up in january while has said she's under consideration for reappointment, her speech on financial regulatory reform here may not have helped her case. with a president who said he wants to do a quote big number on the dodd frank financial reform act, yellen cautioned against rolling back essential reforms from the crisis. she said they made the financial system more stable and improved the banks in economic growth. she said it may be more difficult for some to obtae ove was growing in line with the economy, contradicting a direct regular laces. she conceded that some reform frek, those about small and medium sized banks. in a cnbc interview, fed fed.nor disagreed t >> we need to protect the ponte reforms. higher capit liquidity, stress testing, resolution planning. but she said clearly, that we're committed to reviewing the reforms to see whether they're ektive and where they could be improved. she said that several times and that's what we'v

one week to go into the next european central bank policy decision.hi will be standing by for the release of two pieces of economic data and the unemployment data at 10:00 a.m. u.k. time and the latest cpi number showing a pickup. how important is today in terms ?f the data flow for europe soft data is nice, it is good, more optimistic that a little bit of good news from the german data side. how important is today? >> you get the german breakdown first, the day before and i have today's release. we have got some of the good news from yesterday. the market will be looking for a good number. the market is trying to inflation.the ecb they're asking themselves in september will the ecb signal a return to normalization and tapering of the quantitative easing policy in the new year? the consensus feels to me they thought it would be september but perhaps they might delay this decision to october or december. manus: why do you think there might be a desire to delay? hard to get consensus on the council because of the rise of the euro. we are long the euro f

there is an expectation over the course of the next few months, the european central bank, eurozone central of that interest rates will start to edge up slightly and make the euro a little more attractive. of course here we have the opposite story going on, the bank of england made it clear at its last meeting it wasn't going to get ready to hike interest rates soon. that's the thing more than anything else that's undermining sterling over the course of this month. today it was no more than the presidents of the european central bank saying nothing that helped this final move take place. let's talk about wpp, the world's largest advertising agency. the boss has blamed digital disruption for a cut in forecasts. do you think this is simply the fact that the traditional advertisers aren't keeping up with what's happening in the digital world? that's one way of looking at it. what was interesting to me he gave a number of reasons, he mentioned digital disruption, talked about google and facebook and also talked about a slowdown in global growth, he also talked about the fact that actually polit

if you go around the world to places that did not do cutie -- the european central bank is not they qe, but before that, star rates go low. if you go around the world during and after the great recession, rats fell --rates so low because the economy weakened. people do not spend as much, banks do not create as much lending, so i make the case that it is due to a weak recovery and heightened risk and version. risk in version. it is me diverging more my retire accounts. finance, growth and politics in general are much more pulling back with risk aversion. host: kelly, republican mine. please, go ahead. good morning. thank you for taking my call. my head around the quantitative easing idea and the federal reserve balance sheet -- a lot of times, i understand short-term and long-term interest rates. they are casual and you can see what it does to mortgage payment if you have a low rate. could you expand more on what reserve,is the federal quantitative easing, balance thought i have always inflation was basically too many dollars with goods, but that is not the case now. labor.the cti is on

is one of the biggest holders of apple they have half a half a million shares of tesla the european central bank now agrees the german high court has asked the e.u. court to review their. quantitative easing program because it's monetary financing which is against the law which is what's happening in central banks are picking winners and losers and influencing the trading in stocks stocks have become detached from economic reality i mean the past two days we've seen a three hundred point move down or volatility is still relatively low we traded below nine nine and in the vix index which we've spoken about many times you know so three hundred point move is not a lot because we're still historically near record highs because central banks are coming in and purchasing equities i think you know the whole quantitative easing the federal reserve policy the european central bank the bank of japan and the bank of england this is policy failure and mess and instead of turning it around and trying to adopt a different policy they're doubling down on a bad that is doomed to fail and this will end in a cata

the european central bank president says the global economy is improving but warns countries have toork together to resist a growing backlash against free trade. he also echoed janet yellen who cautioned against relaxing financial rules. he made the rererks at an n annl meeting of global central bankers at jackson holee in the u.s. state of wyoming. yellen's comments are seen as a message to u.s. president donald trump who wants to scrap rules he says are hampering growth. the u.s. president has signed off on new sanctions against venezuela. the measures are designed to push the venezuelan president as the economy the sins into chaos -- the sense into chaos. maduro is clinging to power despite food shortages and massive protests. the foreign minister has reacted with fury to the sanctions. >> maybe the united states is trying to create -- to promote a humanitarian crisis in our country. what do they want? they want to starve the venezuelan people? what is it they are looking for? we really do not understand. we understand nothing. president maduro has been really constant with the in

the weak pound and the strong euro, and there was hope that we might hear something from the european central banknger term, but central banks don't tend to get involved in the early stages. if it isa involved in the early stages. if it is a persistent problem, they might. they don't, and what we have to bear in mind is europe has had such a difficult time in terms of growth, finally we are starting to see some positive growth, so the last thing the central bank wants to do is to try to intervene when we are finally beginning to see some positive signs. at this point in time i doubt it will be a priority. thank you for 110w. it will be a priority. thank you for now. i wanted to ask more about the markets, but we are being good because there is so much more to fit in this programme, including: gaming for good. we meet the tech entrepreneur putting her love of computer games to good use — for charity. you're with business live from bbc news. uk betting firm 888 has been accused of failing to block access from customers who self excluded, and find £7.8 million. sean farrington is joining find £7.8 mi

keeping with the theme of central bank, hints and things, just last night we got some minutes from the europeanver the fact that the euro has gone up here today. that may weigh on inflation, holding inflation down more than was expected, and some might think perhaps it means that the ecb will not start to reduce the amount of quantitative easing bond buying that it is doing. we believe the most likely outcome is that by january they will further reduce the amount of kiwi they are doing, the growth outlook in europe really looks quite good. mike, you will take is to some business papers later in the programme. we will be talking about pcs and ta blets we will be talking about pcs and tablets later, have you moved on from your pc? 0ne tablets later, have you moved on from your pc? one person says ta blets a re from your pc? one person says tablets are more portable and he uses his to present work, but another viewer says the laptop will be hard to beat. keep tweeting is using the hashtags #bbcbizlive. still to come... more trump talk as we discuss the president's tricky relationship with the pres

>> the more important issue -- >> what is the european central bank do because the real growth story ed in the u.s., low unemployment all along. the transition we've seen to the growth pickup in europe. the european central bank takes a much more lower look we have to see movement in the fed and they need to change their rhetoric the european central bank. spain is going to grow more than the u.s. this year and that's a whole different dynamic. >> project that out. >> that's why money is flowing overseas. >> project that out. give me a year from now the relative difference between the ecb and fed. i would say it's still this big, and it's going to get maybe marginally tighter i don't understand if you're a bear on the u.s. at the 93 on the diy. were you so bullish at 102. >> today was a knee-jerk reaction because you've had the dollar sliding basically for 15 months and the lowest volatility in 20 years. at the end of the day we're seeing -- we're seeing a lot more growth overseas so investors have had enthusiasm providing less european stocks the u.s. multi-nationals have really bene

federal reserve chair janet yellen already spoke and european central bank chief mario draghi is speaking now. one of the big topics at the conference will be inflatio. the question that continues to elude economy. why inflate? solid at. growth across the globe. strong inflation is generally indicative of a strong economy. but it may not be as valid indicator in today's global economy. earlier today i spoke to french economist not that he's also. explains why this could be the case. many people think that we should get away from that indicator because set up pretty that means no. new longer any sign for having inflation eyes in the old economy meaning that the new economy bring more competition. the word the school opting says the reason more. at international competition. that's there imply in edmonton button crises that don adan pressure on prices. if we we stick with that you as much by which we should dismiss. inflation as a key marker for and the monetary policy. nothing let's check in with our wallstreet pounds that meeting gets underway. it was trading higher in this morning's sess

central bank balance sheets. the fed unwinding and the european central bank, the swiss national bank, bank of england. this is all following what is considerably -- the greatest monetary policy ever. that is what the market anticipates. the fed and the ecb you to be careful with how they lay out their plan for the coming year. i don't think they will give us too much information to let us know exactly what is going to be happening. i believe the market is under mr. and the -- underestimating. the risk of adverse outcome vonnie: where do you see potential for access turning to something more critical? easing hasitative a press volatility significantly. the ramifications will likely have these unintended consequences. there is numerous trigger points. we have jackson hole, the fed in september, the ecb at the end of october. markets are very complacent. that reigns supreme. carry trades and risk assets can be vulnerable. it does not mean they are going to be vulnerable, but the fed needs to be very careful. like your previous speaker talking about the future rate hike, i don't think the market care see

one man in the eye of that storm was young prodigy shea, the boss of the european central bank. total evaporation, total desperation of a normal money market on one of the two big money markets in the world was something which had not been experienced since world war ii. we were amazed, we had only a short period of time, because if we had waited for one day, then we would have a full day without any money market functioning in euros in the morning, it was the only big—money market in the world. the new york market in the world. the new york market was not open yet, so we decided to be extremely bold, and to give all the liquidity which was asked by the banks, and they asked us asked by the banks, and they asked us 95 billion euros. before we finish this edition, i want to bring you a story just finish this edition, i want to bring you a storyjust coming into the newsroom , you a storyjust coming into the newsroom, the united nations migration agency says up to 50 migrants have been deliberately drowned by people smugglers off yemen. let's show you where we are talking about her

and that same day the european central bank injected ninety five billion euros into the financial system. was the first such intervention since two thousand and one but far from the last. the cb said that it was acting to prevent contagion from the us subprime mortgage slump from spreading to europe's banking system. a year later lehman brothers collapsed in what is perhaps the most emblematic moment of the crash. that those employees who left their office buildings as you can see there i carrying their. their belongings there it was though the bnp announcement that really began focusing attention on the underlying weakness of the u. s. housing market. and indeed of banks around the world. there since then central banks have taken on a much bigger role in steering economic growth. financial regulations are tighter and interest rates remain low. only now really are labor markets and economies starting to get back on track. a ticket on the day's trading action now we've been seeing right across the board since the us and north korea began began a ratcheting up tension. messes around the wo

move ahead without the approval of lawmakers the plan would certainly work in favor of the european central bank as it almost totally be off the hook when it comes to lender insolvency but the actual banks aren't exactly on board yet if the measure were to be implemented they're afraid that it would discourage saving with them at all oddly enough it's a concern that the european commission once shared with them back in november the commission proposed a similar rule that excluded insured deposit hers fearing it could have a negative impact on market confidence according to the latest proposal no depositors would be safe in the commission has yet to comment on it the most euro area banks have with held their thoughts as well. if this proposal were to be implemented is it the first of its kind not exactly so as i just said in november the european commission proposed a similar one but it protected insured deposit or as who had under a certain amount in the bank this one does not protect insured deposits no matter how much they're holding and more importantly some other states like germany have pol

inflationary bombs are going to fall but that never happened because they didn't understand that the european central bank would buy hundreds of billions and trillions of dollars worth of bad bank that that the federal reserve bank would buy trillions of bad bank that bank of japan would buy a quadrillion worth of yen in bad bank that they didn't really understand how fraudulent these central banks were how complicit they were and the bell out of their friends at the regular banks and the complete repudiation of free markets and a continuation of the pension collapse wage collapse job collapse. wife you know death death and destruction that they fan the flames and mortality rate is increasing mortality rate is eight degrees thing. is for bad behavior there's no penalty there's no deterrent i mean if i don't get arrested if i will go into a liquor store kill people and steal money i'm going to keep doing it right well this what i'll respond to say well maybe it's time to remove the punchbowl well yeah it's like ten years too late you're frickin and it so i do want to mention on the central bank front of co

the european central bank immediately intervened offering to lend up to 95 billion euros to banks arese. then the chancellor of the exchequer lord darling spent the rest of his time in office dealing with the financial crisis the like of which had not been seen for 80 years. mps lament the lack of personal responsibility from bankers who helped to cause the calamity. whenjust from bankers who helped to cause the calamity. when just one from bankers who helped to cause the calamity. whenjust one bank, barings bank, there were more prosecutions and finds and misconduct charges as a result of that one bank going down them with rbs, hbos, northern rock. so instead of going forwards, we have gone backwards. the underlying reason for the credit crunch was a massive build—up of private—sector debt and according to the bank of england numbers for today we still have not lost that habit. take a look at this, the consumer credit numbers. that purple line showing how much we're borrowing. growing up more than 10% per year, far faster than wages. and borrowing to buy cars is growing by more than

we are reaching the point where the european central bank is going to taper bit more. we will get to the point where the fed starts reducing the size of its balance sheet. we cannot get infinitely the same kind of news with this kind of heavily correlated low volatility move going on. bigt of the folks who are names who may be got it right at the beginning of this rally are beginning to say, look, this cannot go on forever. that is self-evident. happens tost is what the kind of spread product and particularly the bond space and emerging-market corporate debt. the big beneficiary of investors being crowded out of the u.s. treasuries by the fed when they built up that quantitative easing armory. what happens to those yields when those balance sheet strength? we don't know that. if rates are low and inflation find that we may go to a world where there is not something a disaster but harder to make money. alix: you hearken back to what was written today by a big treasury bull. you're not getting compensated for the amount of leverage and the amount of risk that you taking

investors will also be listening closely to this man, european central bank president mario draghi.s. some think he may try to use his speech to talk down the value of the euro, which has been surging in recent days. much more in 20 minutes time. we are also continuing our week—long series on the business of death — looking at the financial issues raised by aging populations around the world. today we are in singapore, where like many advanced asian economies the number of older people is on the rise, and so is the demand for end—of—life care for the terminally ill. hospices have traditionally relied on charity, but now singapore's government is pledging more funds for palliative care as its population ages. we'll have that report for you in 20 minutes time. don't forget, you can get in touch with me and some of the team on twitter. i'm @bizrobertson. cheerful stuff, thank you. we look forward to that. a primevalforest has become the latest battleground in an ongoing power struggle between poland's nationalist government and the eu. the european court ofjustice has ordered poland to

prices and even a weaker euro for these numbers it's also increased expectations that the european central bank will move forward with the scaled back of its multi-billion euro monthly asset purchases the p.m.i. strong manufacturing growth in germany and france surge particularly above expectations as well the euro sounds largest economies there. after the u.k. voted to leave many e.u. member nations moved quickly on plans to make themselves attractive to businesses fear. those bricks it implications that includes isto neo which saw an increase in its eve residency program allowing people all over the world to become digital residents and now the baltic nation is taking it a step further. it's here with more on that for us now what is tony are proposing now well because of the success they had with their digital residency program the government of dystonia is now proposing a government backed crypto currency so we can see estonia create their very own point essentially in a quest to keep the digital momentum going a stony and may create its own digital currency and if it happens stonier would b

in the 19 countries that use the single currency rose to 1.5% injuly, still well below the european central bank'serest rate—setting monetary policy committee has said "a modest rise" in interest rates is needed to curb high inflation. speaking in cardiff this morning, michael saunders, said it would help ease rising prices and smoothe the brexit process. the online gambling firm 888 has to pay a record penalty of £7.8 million after it failed to protect vulnerable customers. the gambling commission said there were "significa nt flaws" in the firm's social responsibility measures. it said 7,000 customers who had chosen to voluntarily ban themselves from the site, were still able to access it and gamble. sarah harrison, chief executive at the gambling commission explains what points the company failed on. there were two counts. first, 7000 customers sought to bar themselves from 888, but that didn't work as it should have done. as a result some of those customers were able to continue gambling. the second count, an individual was gambling with the company over a long period of time, getting herself