s budget is some seven billion euros sixty times more. so right now in the polls in a budget deficit we've reduced our operating budget we've reduced our travel budget and we've frozen new highs essentially since i've joined we've had three people. here construct who was elected in the poll secretary-general in late twenty fourteen was supposed to enforce this new austerity regime. a daunting task even more so because his predecessor ronald noble had sought to make interpol on the present and indispensable with a budget to match. gaining your trust the trust of my staff. and acting in the best interest of the organization. have been my number one priority as your secretary general. noble spent fourteen years at the headed into. the arrived in leone in france in late two thousand with an ambitious program in mind me. then came september eleventh two thousand and one. noble had been director of interpol in leone for less than a year. it's a kind of love and. no one calls on call before congress will nervous the first person comes out of i'v

a billion euros that was fifteen times his budget. to current budget. seventy million euros. some a lot as you said to me you remember a billion you said you would hold it for are you prepared to say now you still want a billion i still want to billion i still believe it should be a boy i believe it's easy to defend who's stopping you getting a billion or member countries our member countries are prepared to spend billions and tens of billions and billions of dollars in war in other ways to try to make the world safer and not spend a fraction of that to try to prevent crime in two thousand and ten ronald noble was reelected by an overwhelming majority for a third term as head of interpol he knew it would be his last term and he said everything in motion to obtain the billion euro budget he had long been calling for . one filing that many years of trial. he then moved logically into private public partnerships from alternative method of achieving the sorts of funding budgeted in the poll needed. public private partnerships or p.p.p. these were in fashion they were strongly enc

eight ford mustang costs about forty five thousand euros that's a huge difference. and believes neither the one thousand euro retrofit nor the ten percent duty really prevent customers from buying american cars the vehicles simply don't cater to european tastes. alright and no we're headed for the arctic circle they are industries like mining shipping and tourism are seeing a huge boom as the ice their receipts the race towards new profit opportunities as inevitable downsize as well it's affecting traditional life for the region's inhabitants indigenous suddenly reindeer heard us fighting to keep their way of life. reindeer herder to sarra is preparing to move his animals in parts of norway and sweden only the indigenous sami people can herd reindeer under livelihood protection laws but sarah fears that some day not even they will be able to climate change is altering the landscape of the region providing opportunities to extract minerals like copper up land mine has put the sami at loggerheads with local government and big businesses. if the mine is up and running

the company reportedly holds several tens of billions of euros in cash reserves. but being forced to change its business model could hurt the company more. the phone makers are no longer forced to pre-install and drop outs. to present revenue could be hit hard. so the internet giant says it will appeal to fine. big machines big profits aircraft are state of the art products with sky high price tags manufacturers like airbus and boeing take orders in the tens of billions and looking to the future boeing estimates commercial airlines will need over six trillion dollars worth of new aircraft over the next twenty years. projections like that make airline companies fairly optimistic. i don't think demand is being put out there will always be demand for at travel because this is the last safest easiest way to travel from country to country and. that it was for us and the industry monitor i utter focus that there will be. traffic especially in the region where we are situated. and not just in the middle east a boeing study predicts that in ten years china will replace th

it is not like the euro area that has just recovered from the euro crisis after years of operating withpare capacity. the u.s. recovered a long time ago and operating at full force. if this is any time for donald trump to pick a fight that may have negative consequences, it would be now. nejra: on the euro area recovery and the risks to it, if we get tariffs on german cars, would that be enough to derail the eurozone recovery? david: not on the german car industry in particular, but donald trump has targeted countries that have large trade surpluses with the united states , such as china for example. germany has this very large surplus, about 8% of gdp. there may be cars and more german products that he kind of views as part of this trade surplus. that certainly would have a negative impact for the europe's -- europe's largest economy. i will look for the impact to be small at present. if this were to escalate, there is a risk that could have a negative impact on the economic growth as was the labor market. vonnie: they could escalate phenomenally. the president has threatened as much a

and europe's business community wants stricter border controls could cost the economy millions of euros. to do business jones on starting with the ongoing trade conflict with the us. it's already taking its toll on the euro zone's economies the european commission has lowered its growth predictions for the current year from two point three to two point one percent that's assuming the tariff débâcle doesn't intensify experts say any further acts escalation could have long term detrimental effects on all nineteen euro zone countries and the amount of money coming into america from overseas plunged to thirty two percent in twenty seventeen compared to the year before that's the second year in a row the o.e.c.d. says many firms held back on investments as they waited for trump's tax overhaul analysts say investment will likely pick up again relative pick up on that so analysts say that investment will likely pick up again in the united states is joining me now from frankfurt laos is that a reasonable assessment of the current environment. well currently it's really hard to say because it's

four point three billion euros that's the record fine google is facing after a year regulators found the company in breach of antitrust rules the charges relate to google's android operating system used by phone makers including samsung on who or why e.u. officials say forcing manufacturers to pre-install apps like you tube and google maps in exchange for enabling the download of other android runups amounts to unfair competition google maintains its within its rights to set preconditions for the use of its services you competition authorities reject that argument accusing the company of marginalizing its rivals. in this way google has used android as a vehicle to cement its stance instead a section. these practices they have denied rivals a chance to innovate and to compete on the merits they have denied european consumers the benefit of effective competition and it's very important why it's fair. this latest ruling comes a year after a un t. trust regulators fined google two point four billion euros for unfairly favoring its own shopping service google won't have trouble finding th

miller for the equivalent of over one hundred billion euros. and software giant microsoft bought professional networking site linked in for twenty six billion companies as the playthings of international financial interests. the less prominent case w.m.'s has been based in guys ling and in south west germany since the mid nineteenth century it's a brand with a world class reputation w.m.'s manufactures cutlery and coffee makers it used to be in the hands of german owners and shelters its operations meant security for thousands of families then the financial gamblers set their sights on w.m.'s. the company has changed owners three times in the past eleven years every time it's sold the price goes up enormously at the same time wages and working conditions of last. protests. when the company was taken over by french group. martine pushpa hoped things would finally get better again he's on his way to a w m f works meeting on behalf of the i g metal labor union. he thinks it's symptomatic of today's age how easily a deal worth billions is made the

looking at ave been the euro looking at the euro proxies, they have value.ot as well owned. that's a currency to serve up. the swedish chroma has a little down-term risk but we'll see a correction. a currency we'd like to own. but at the levels we have to after the elections in september. euro i proxy and the think will perform in the second half of the year. value on the market. outline is sterling. and mexico very much worth a look. at these levels or wait a couple of weeks to see how it pans out. mexico at these levels. when we see the political shocks is the implemented programs are first thought.an francine: the concern is what the dollar does from here. dollar ook at the dynamics, there were certain merging markets. it's really only argentina with more. as there too much of a sell off. jeremy: i think so, if you look at the em and you looking at the basket it is disingenuous to some of the other dynamics, you to look at a distret basis in terms -- secret basis, those significant dollar liability, those with great that are those underperformers. which l

>> altogether the loans exceed 260 billion euros. >> reporter: more than 260 billion euros. that'ous an enonumber. put that in perspective for me. >> this is something that is by fathe largest loan ever given in history. in ordeyor to givsome kind of order of magnitude, there is an international organization that has this role of bailing out. this is the international monetary fund. if you take the four or five largest loans ever given out to countries like brazil, argentina, russia and so on by the i.m.f., still they do not sum up to the amount of money given to greece. >> reporter: to understand why such large bailouts were needed, tsakloglou says you have to consider how grim things looked at the start of the greek financial crisis in 2010. with its huge deficits, a bloated public sector, and billions in uncollected taxes, greee was already the financial sick-man of the european union. then it came to light that ggece had been underreport its debt for years. just as the world economy was beginning to recover fm the obal financial crisis, greece was on thverge of bankruptc

euro ha ha ha ha ha ha amazing i mean now they're trying to attack italy now they're attacking other cars isn't this isn't just a fourth reich it is nothing to do this is definitely the false why do germans have europe not by tons and infantry but with financials weapons. so this is what we're talking about science to notice and now we see it remember in two thousand and ten two thousand and eleven the interest rate for greece it was like forty percent sometimes it went up to seventy percent and knowledge of bragging in fact that was yesterday the pricing of the fact that they made three billion. maybe do those three billions will go to the dutch a punk we had to bail out now it's a bank because your back is technically insolvent them they're imposing austerity and grace while they're making lots of money on a catastrophe that is the greek economy those are the central bankers that is financial weapons as you call them i should mention that pierre is the author of many blocks himself and there is a lovely compendium of your work here's a book i love it's bob life masters who you know

they see the euro moving higher.a can see, the forecast 130 --it all the way to 1.30 by the end of december 2019. that is a look at your european market. vonnie: it seems like all of the interest has moved a little bit from the u.s. china relationship, right over to great britain. a lot going on. macro-wise, looking forward to the u.s. and russia summit, fallout from mike pompeo in korea, but all of that put the side because we have been watching theresa may in parliament. that said, we have reaction in the united states to other events happening. the dollar weakness has paused, back above 94. and the tucson spread. and still holding onto the 73 plus dollar mark today. and we see the chinese yuan is back at 6.62, so stronger. a strongis not exactly number, but a stronger than it has been for the last several weeks. the opening -- mostly priced in, so that question will be if we get a second round of tariffs. i took the g20 movers, mainly to point out that soybeans and corn are still lower. and aluminum, copper and st

do you want google to cough up four point three billion euros it's the biggest fine it's ever issued in an empty trust case so what's it done wrong we've got all the details also coming up on this and calls them a fulfillment centers but the start of feeling anything but fulfilled another day of strikes here in germany. and on the winter this is your business update it's the highest ever penalty imposed for breaching antitrust rules the european commission handing google a multi billion euro fine for abusing its dominant market position with the mobile operating system android four point three billion euros that's the record fine google is facing off the e.u. regulators find it in breach of trust rule of the charges relate to google's android operating system used by phone makers including samsung and huawei e.u. officials say forcing money factories to pre-install apps like you tube and google maps in exchange for enabling the download of other android run ops a month to unfair competition google maintains its within its rights to set preconditions for the use of its services compet

miller for the equivalent of over one hundred billion euros. and software giant microsoft board professional networking site linked in for twenty six billion companies as the playthings of international financial interests. the less prominent case w.m.'s has been based in guys ling and in south west germany since the mid nineteenth century it's a brand with a world class reputation w.m.'s manufactures cutlery and coffee makers it used to be in the hands of german owners and shareholders its operations meant security but thousands of families then the financial gamblers set their sights on w.n. after. the company has changed onus three times in the past eleven has every time it sold the price goes up enormously at the same time wages and working conditions of last. protests. when the company was taken over by french group. martine pushpa hoped things would finally get better again he's on his way to a w m f works meeting on behalf of the i.g. metal labor union. he thinks it's symptomatic of today's age how easily a deal worth billions is made th

the german farmers association says the one billion euros would help operations that are down more than thirty percent from the previous year on tuesday association officials will appeal to german agricultural minister yulia kirchner seen here at the g. twenty sure report to the german cabinet the following day. clinton has already said she's concerned about farmers in the north and east but not everyone believes financial help is the answer the agricultural policy representative for the social democrats argues that aiding farmers would set a bad precedent for other businesses. from extreme weather to extreme sports now extreme sports might seem like a modern innovation for adrenaline junkies but in the bosnian town of mostar diving has been a test of courage going back centuries and several thousand spectators lined the banks of the river. to see forty daredevils watch this now brave the twenty seven metre jump into the depths below. their most hard native laurens listo won the competition for the second year running it's the twelfth when his tough win over all other divers were not in

writing writes in another tech giants the european union funds google a record four point three billion euros accusing the u.s. based tech giants of breaching competition rules with its writing system for smartphones and tablets. welcome to the program the twelve todd boys who spends more than two weeks trapped in a flooded cave system been speaking about their ordeal after a rescue they described as miraculous the wild boar spent the next week recovering in a hospital today they face the world's press. the long awaited moment finally comes pirep at this home. a huge relief for his family. he's one of the twelve boys from the wild it was a football team that beat all the odds their opponents nature and time. passed the boys made their first appearance since the rescue early on wednesday they showed little sign of having spent over two weeks trapped in a flooded cave with just one flashlight and nothing to eat the boys say they tried to take their way out and avoid thinking about food until the rescue divers finally found them one of the team members described the magical moment. it happened i

eight ford mustang costs about forty five thousand euros that's a huge difference. friedrich uncle friend believes neither the one thousand euro retrofit nor the ten percent duty really prevent customers from buying american cars the vehicles simply don't cater to european tastes. and starting with cars another car maker says it's cheated on emissions tests shares in this and a down eighty five percent of the carmaker admitted it have manipulated data on exhaust emissions and fuel economy the japanese company did not say how many cars reflected the cheating was uncovered during a voluntary probe into production the revelations come as a blow to this and efforts to recover from a scandal last year over substandard inspections the company is promising a full investigation into its latest fake data scandal. and now like so many u.k. cabinet ministers it's time for us to quit that's it for this edition of your business news but don't forget you can find much more all of us on social media just such from new business will be taking over the old business news for the next

the german farmers association says the one billion euros would help operations that are down more than thirty percent from the previous year. on tuesday association officials will appeal to german agricultural minister yulia kirchner seen here at the g. twenty sure report to the german cabinet the following day. clinton has already said she's concerned about farmers in the north and east but not everyone believes financial help is the answer the agricultural policy representative for the social democrats argues that aiding farmers would set a bad precedent for other businesses. and he would have seen the deputy secretary general of the german farmers association there in that report will heavily he joins us now to tell us just how dire the situation is for german vase. i come from a stranger and i know all about drought it's a country that goes through not just eight weeks of drought but sometimes eight years of drought in some parts but how how dire is the situation for german fama as who usually blessed with so much rain yes it's really an exceptional year we have. two months or thre

these open air planks cost about three hundred euros a square meter. i and the cosmetic treatment of knots doesn't come cheap the founder of the company combines a respect for nature with a passion for innovation tobin hanson also specializes in pigments. is concerned with there are only three primary colors red yellow and blue the pigments are all natural derived from resins oils and nuts and they react with other substances in the wood. a washing process transports pigments beneath the surface the firm welcomes special requests though some are not always easy to fulfill recently a customer ordered flooring for his yacht white like a glacier. doesn't it was clear from the start that the wood would be hard to deal with we had to remove the red and brown tonnes was a challenge to bring out the blue in the light we succeeded. but. floors are an important part of any interior shot and hanson offers custom solutions for concert halls hotels public buildings and the homes of the wealthy. there are people with pots of money all over the world nowadays in sou

in the us the average is around thirty thousand euros while in china forty two thousand isn't unusual in the big cities. and in the russian weddings there's a master of ceremonies the whole time the guests are entertained all day long alcohol just keeps flowing with a bridal couple sits alone at one table totally different to how we do it sounds and the turkish weddings here often very very big they're there but they often place no emphasis on food it's all that they start very very late and they usually take place in gyms and. most any new milestone can be treated as a reason to celebrate even divorce not that one should wish that on our happy couple. there's another area people like to spend money on lavishly even here in stingy germany with a clean conscience too we all like to spoil our kids don't we but as my colleague christina coopers will tell you we should think twice about the type of toys we buy for our kids she finds that children's play things are still separated along traditional gender lines. one down the middle how much do you spend on toys for your children i spend wa

eight ford mustang costs about forty five thousand euros that's a huge difference. and believes neither the one thousand euro retrofit nor the ten percent duty really prevent customers from buying american cars the vehicle simply don't cater to european tastes. chinese premier league is in germany to meet with chancellor angela merkel the leaders are attending a forum on economic and technological cooperation china is one of germany's top trading partners and both countries have similar ambitions when it comes to the future of manufacturing the german strategy is called industry for dot au in which smart machines to find the next step of industrial development it's the blueprint for china made in china twenty twenty five program which has come under criticism from u.s. president donald trump following claims of the take shift the plan aims to make china the world leader in ten key sectors including electric vehicles information technology robotics the german chinese talks on cooperating in these fields comes as washington cracks down on some chinese firms doing busi

city to the euro. those european partners now have three other economic headaches to deal with first italy which is sitting on a mountain of debt some two point three trillion euros worth saving italy might prove an even tougher job than greece could this mean and atallah exit. then there's brics it britain is waving goodbye to the e.u. but what this will ultimately mean is anything but clear how much of a handle does brussels have on the situation and its costs. and last but not least donald trump he's threatening tariffs and the e.u. use value to strike back with levees on some two hundred fifty billion euros worth of u.s. exports joining forces against trump for the e.u. that could be a show of solidarity and strength. and with me here in the studio now is may have vodka meet the director of the think tank open in europe but great to have you with us today now for weeks i think europe's been looking at berlin with a little bit of annoyance of course germany appearing to have its own introspective cr

eight ford mustang costs about forty five thousand euros that's a huge difference. and believes neither the one thousand euro retrofit nor the ten percent duty really prevent customers from buying american cars the vehicle simply don't cater to european tastes. and joining me now our correspondent in frankfurt and andrea hang in singapore and brad like to start with you we heard just a few moments ago about the facts actually for batteries sells at c a t l wants to build in germany how big a deal is this decision and is it business as usual from china or a sign of something big. but it's a little bit of both danielle and it's they're both happening at the same time china has been very active in the end easy or a new energy vehicle sector domestically and difficulty that alone has accounted for more than house of the global and evie ownership as of twenty seventeen so this deal probably signals their increasing foray into the end even market all the seeds ok let's get the european you now from laws china's been criticized in the recent past for shopping for german fi

customers who have an extra six hundred fifty euros for the f.r. trim could opt for the available eighteen inch wheels with adaptive suspension and the fifteen millimeter lower clearance which makes driving along curving roads in spork mode that much more fun b f r trim is the only one that has adaptive suspension. the month klaus says the compact s.u.v. or crossover market has tripled since twenty fifteen this shows that see out clearly made a smart decision and close thinks the araneta is one of the best cars within that market segment making it an excellent choice for the fifteen thousand nine hundred ninety year old price tag and it will divide. this time and will be driving the legendary run north four with millions built over three decades this boxy little hatchback was and remains the best selling french made car in automotive history. gaddafi is going all. over the tells us the are four was of a nose model for the masses and their challenge to the v.w. bug italy's fee on five hundred and situations to c.v.s. it was practical and robust and

where does the euro stand?uro weaken of the pressure we see on angela merkel in her coalition? is thei think part of it political situation, but i would not discount a lot of that. there is a lot of political fabrication happening in europe. there's constant fragmentation. it is not just one-off. the markets are relatively used to this type of event, and it is growing more used to it. declinesuse one party in another one rises does not necessarily mean it is the end of the euro. with the ecb strongly behind the european monetary regime, it is unlikely that one government's fall will fragment the entire experiment. is notat saying growth moving as quick as expected. monetary policy adjustment is less likely to occur anytime before september 2019, and that investors cang, get a nice return. we think we will continue to see the migration out of the eurozone with low interest rates to a higher rate environment, as manus just mentioned. manus: thank you very much. peter rosenstreich with anna and i this morning. ann

i see a point tom what i have left is five euros sixty. or the archive sixty per day well yes and if my t.v. breaks down i'm done for if my washing machine breaks i'm done for that's life always going out for coffee or something you know no we don't need that if we don't exist anymore. no one talks about us. this is the smallest amount of money that has had in our lifetime pension isn't enough to live on social security covers a rent after other fixed costs like electricity and medicine she's left with five euros sixty per day to pay for food cleaning products repairs and everything else. she goes shopping at the other end of a neighborhood at the cheapest supermarket although we know her there's a farmer's market i sometimes have a look but. it's a two expensive yes. oh yes and here we are. the plaza is priceless mrs price wouldn't i can't say to myself today i'm going to buy this or that no i really have to look out for bargains is based in stitches on vandals of the flat when did you last go shopping apart from food for clothes for exam

the euro max this week's highlight. art in northern england a festival this loud and proud about its. luxury on rails a train ride back to the time of the russian czar's. and the clash of the key to virtual souls collide in a musical battle. thirty million dollars. on freedom and home. where i come from the region is rich in history and tell. not so poor any trinity unfreedom this makes it specially difficult for him to come the drugs i see many of the younger promising journalists who are now making names for themselves all over the auto. song marget along the way some might follow some will continue. their experience of freedom and sense is life experience. you'll care visits but your call come back from. my ministry for the night work for you nobody. to. listen to w. news live from berlin until america's political future hangs in the balance as a key partner cast down on a migration deal germany's interior minister or stay home for the also ahead with chancellor of the variance mr party is expected to announce whethe

the euro continues to rally. we are at 11693. copper is down.emains to beplex under pressure at this point in time. keep an eye on crude. the president wants more help from opec but the saudi's only have the capacity to deliver increased oil to the market at this point easily. let's go to bloomberg first word news. china says u.s. tariffs on $34 billion of its imports will not only hurt china but also america and the rest of the world. to threats orw blackmail and will have to fight back if the u.s. goes ahead and imposes the tariffs. compromise brexit proposal by u.k. prime minister theresa may that aims to unite warring ministers is set to be rejected by her chief negotiator. has risen secretary to make to tell her her new idea on how customs should operate after the divorce is unworkable. his move comes ahead of tomorrow's key meeting where may will try to form an agreement on with the u.k. wants from the eu trading relationship. some ecb policymakers are said to be an easy that investors aren't betting on an interest september --il december.

a 1.4 billion euros.econd getting to the semifinal p france making up a large part of that money winning the world cup. >> adam, thank you so much for that we're going to end it there. thank you so much for joining us i'm willem marks world exchange coming up next. you're awesome and xfinity would like to say, "thank you". this july 16th - 22nd, enjoy a free week of epix on us. just say epix into your voice remote. that's a full week of all-you-can-stream critically acclaimed shows and hit movies on your tv. online. or on the go with the xfinity stream app. we're on to something, come on. it's all on us, and it's all coming soon. so you should probably start canceling your plans. you've got some serious streaming to do. >>> woel come worldwide exchange a live look at helsinki where president trump is about to have a face-to-face meeting with russian president vladimir putin. we're live on the ground in helsinki with full coverage. worldwide exchange begins right now. >>> good morning welcome to worldwide

we by about 5 billion euros worth of raw materials. 17 and the forecast for 2018 to about six billion. in the decorative business, where we are one of the largest global players, in our performance coatings business or the industrial business for cars and chips, we are about halfway in the journey. it is a must for business. it is a global phenomenon based both on the raw materials of but also dislocations and supply chains that have driven up the price for those materials. francine: when you look at some of your competitors. i know ppg last week said that the tin which is used for paint cans, they're worried about the trade war affecting those prices. can you quantify that -- the impact that an escalation in a trade were between the u.s. and china would have on akzonobel? abouty: i think thinking specific trade issues is secondary. most of the products that we by and that -- buy, and that we make and sell are within the region that we operate. in that sense we are a little bit more sheltered. we are more worried about what it does for

euro strength primarily the story.knowso nafta negotiations stalled, pretty weak, back down from its 20 plus level. the 10 year yield at 2.83% and 74.03.let'stures at look at the stock board, the s&p 500 .1.ight now up semiconductors our leading gains there. ♪ retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. mark: it is 11:00 a.m. in new york, 4:00 p.m. in london and 11:00 p.m. in hong kong. from bloomberg's european headquarters, i am mark barton. vonnie: in new york, i am vonnie quinn. this is the european close on bloomberg markets. kicking off this hour with breaking news. raking oil inventories. they have been down for six of the last ei