prime minister goosestep a conti of the five star movement and deputy prime minister material salvi of the far right league made a defiant show of unity for both coalition partners valent to push forward with their current budget plans. last week molly barrows joined us and told us about the president about president donald trump's regional administrator for the southeast region of the environmental protection agency who was indicted he was indicted for crying out loud. on ethics related charge and that fellow has fortunately resigned from his government post unfortunately there may be other sequels in this story is not the only instance of those with involving protecting the environment seem to be not doing their jobs for more we're joined by tyson close slocum of public citizen tongue tied there tyson sorry about it welcome back and first can we get your take on trade glenn the fellow who was indicted and has now i fortunately for my perspective resigned from the trump of ministrations e.p.a. yeah so it's part of this long running investigation down in alabama where a bunch of lobbyi

the five-star movement and the and ended teamed up up juxtaposing their lavish promises and making inexpensivepending bill. if the leak, which is running high in the polls, work to come on top in the next election with its more traditional center-right alliance, we would see a government still confrontational with brussels, still keen on massive spending plans, but it is only one populist agenda rather than two combined, which is what is freaking out many investors at the moment. guy: we'll leave it there. thank your much. the view from milan. vonnie: let's get to another developing story. general motors spikes after being halted. it is prepared to scale back operations in north america. cutautomaker says it will 10,000 in staff. let's bring in craig to dell, u.s. autos editor. how sure are we that all of these factories will close? >> it is not unprecedented for a carmaker to say it is going to stop allocating production to a isnt and then later say it going to bring that plant back to life to extend a lifeline to it. it is hard to say that these plants are done for, that they will be closed

fines and anger but let's remember that a majority still sticks by the two governing party five star movement and of the from the far right and this budget is quite so high because the two main electoral promises of these two parties which where a minimum income for the unemployed as well as tops cuts and reform to the pension age are on the budget and this are stings that actually a majority of italians are looking forward to and they are still willing to stick to what leaders are saying and they're saying they want to spend this money on italians will of course they made it's a very attractive to have a bit more public spending also on welfare and so forth but it comes at a prize in italian banks hold a substantial amount of italian sovereign debt already do people feel that their financial system will actually survive a possible new crisis. well actually many talents would say would almost laugh at the idea of a new crisis because they feel they haven't been out of a crisis at all let's remember there are some high numbers over thirty percent unemployment. rate for the use and those number

mostly due to an internal political battle between the two majority parties the league and the five star movement. financial markets in italy fell by over one percent at the wednesday opening a negative reaction to the government's announcement of the night before. the italian cabinet plans to raise cash through the sale of secondary real estate which officials say would reduce italy stubbornly high public debt it's currently around one hundred thirty percent of g.d.p. far above the e.u. limit of sixty percent and the second highest in europe after greece. meanwhile in the united states the budget is also under the microscope with the country's budget deficit jumping considerably in october we can bring in our financial correspondent sophie szymanski for more on this now sophie tell us how all the numbers are looking. big kevin that these are big numbers the biggest since two thousand and twelve actually as the u.s. budget charge is looming food fueled by trams tax cuts and spending hikes spending grew rapidly twice actually as fast as revenue president say can look at the new number here for the

mostly due to an internal political battle between the two majority parties the league and the five star movement. financial markets in italy fell by over one percent at the wednesday opening a negative reaction to the government's announcement of the night before. the italian cabinet plans to raise cash through the sale of secondary real estate which officials say would reduce italy stubbornly high public debt. it's currently around one hundred thirty percent of g.d.p. far above the e.u. limit of sixty percent and the second highest in europe after greece. shopping then assess its effects some and still fun for all of us but it can be a struggle for people with disabilities ninety percent of stole a stock of the number in the u.k. lack the infrastructure to serve the disabled that's why british consumer advocates have launched purple tuesday companion to raise awareness and make life a little easier for people with disabilities. millie rose old and maneuver so wheelchair with ease she's as agile as others on the sidewalk and often faster and yet all too often she can't reach her destination a si

stock market but it was no none less than the louis you know my oh he's the deputy premier and five star movement leader and he signaled that he was prepared to be more accommodative on the e.u. deficit rule and so far italy wants to spend a lot more money in order to prop up the economy and fulfill voters' wishes he indicated some radiators to move away from that not offering any concrete detail but it sent the markets up tali and market most of all but these markets here in germany as well a financial correspondent for us in frank good to talk to you thanks. to an about turn from as even as its chief executives are traveling to saudi arabia for a conference hosted by state owned oil company around cope the visit comes a few weeks off to public pressure over the murder of journalist. prompted the men's chief joe case it seems out of a saudi investment event was eamonn says a major contractor in saudi arabia the infrastructure giant is currently building riyadh's new subway system and is on track to further contracts in the future. a spokesperson said that case to meet only representatives of the

immigration or fiscal austerity during the big recession of 2010 and 2012, and salvini and the five star movementing to appeal to these voters, picking up a fight against european institutions. this is what is going on because the government is basically refusing to find any sort of agreement with the european commission. they are arguing that they need to spend their way out of the mental crisis that the country is in. is there any other option in terms of trying to get the economy moving? —— financial. well, the problems of italy come from a long time, so italian productivity has been declining since at least 2000. so what italy needs first are some big structural reforms, then it is possible that for example, additional public spending, for example on infrastructure, might boost growth. but the draft budget that has been proposed by this government is not contain any of this, so the main new expenditures come from income, which according to most economies, would likely not really help people in need, but create new problems in the labour market because it would push workers that are, with the

corrupt practices over a senior appointment at city hall the member of the anti-establishment five star movement became the italian capital's first female mayor two years ago. i mean have suffered a third of buddhist legal defeat in a row on match day eleven. players scored a hat trick for gladbach to grab all three points in other results so far you see doomed thumped berlin freiburg lost at home hoffenheim managed to squeak past stuttgart one in nuremberg over won the derby on friday and there are games in life sick and frankfurt to look forward to on sunday. course germany's biggest match of the season kicks off in just over a quarter of an hour it pits bundesliga leaders proceed against defending champions iron munich in the league dortmund undefeated this season making them the hottest club right now and giving them the best chance they've had in years to beat the title. dortmund have looked like a well oiled machine through the first ten but just league matches no losses three draws and a league high thirty goals still i it's perfect timing to welcome the defending champions by in munich t

scscrapping the project with a campmpaign pledge from the five-star movement who wants to hononor its word while the leaks backing the -- while the league is backing the high-speed line. >> sap has announced is picking up a software provider called trek for $8 billion. the company helps get feeeedback from customers. let's get a check on the markets. oil prices are weighing on investor sentiment. trading in the red. the dax in frankfurt leading the decline. down a tense of 1%. -- down 2/10 of 1%. >> in china, it was single stay this past sunday with another massive record set. record $30rakes in a billion during singles day. it originally started as a student holiday to celebrate being single. it is also called double 11. it is the biggest online sales event ever. >> take black friday retail sales, add cyber monday buying frenzy, even put together, they are still crushed by single state. alibaba put on its usual show. like every year for the past decade, it ended with a record. 213.5 billion yuan. it is the biggest online shopping day of all time. one billion packages have already bee

five star movement and the league has signaled they are open to lowering the deficit goal from the proposed 2.4% of gdp. o said on leader di mai monday it would not be a big deal to release the target level, following similar salvini,by savlin -- from the league. for more of the business stories we are covering this hour -- mining group rio tinto has agreed to sell a controlling uranium a namibian mine. the sale of its 69% stake could bring $106 million to the anglo-australian group. the deal needs to be approved by namibian authorities but is expected to be completed in the first half of 2019. logitech, manufacturer of keyboards and webcams, wants to buy another company, following reports of a possible merger deal over the weekend. in a statement coming out this monday, the firm said that while it had engaged in discussions with the u.s. maker of bluetooth your pieces and headsets, it has terminated the talks. genie: black friday was last week, but the shopping spree is continuing. monday: it is cyber today. shoppers in the u.s. shied away from the shopping trains on friday, and are expect

fines and anger but let's remember that a majority still sticks by the two governing party five star movement and of the from the far right and this budget is quite so high because the two main electoral promises of these two parties which where a minimum income for the unemployed as well as tax cuts and reform to the pension age are on the budget and this are stings that actually a majority of italians are looking forward to and they are still willing to stick to what the leaders are saying and they're saying they want to spend this money on italians will of course they made it's a very attractive to have a bit more public spending on welfare and so forth but it comes at a prize in italian banks hold a substantial amount of italian sovereign debt already do people feel that their financial system will actually survive a possible new crisis. well actually many talents would say would almost laugh at the idea of a new crisis because they feel they haven't been out of a crisis at all let's remember there are some high numbers over thirty percent unemployment. rate for the use and those numbers

mostly due to an internal political battle between the two majority parties the league and the five star movement. financial markets in italy fell by over one percent at the wednesday opening a negative reaction to the government's announcement of the night before. the italian cabinet plans to raise cash through the sale of secondary real estate which officials say would reduce italy stubbornly high public debt. it's currently around one hundred thirty percent of g.d.p. far above the e.u. limit of sixty percent and the second highest in europe after greece. that's all your business have a full update for you in the next hour thoughts time phil thank you just before we go some good news for sports fans in ballin as the city has been awarded the right to host the special olympics and twenty twenty three bid organizers in the capital were celebrating their selection late on tuesday night edged out moscow for the rights to stage was being called the world's largest inclusive sporting event for people with intellectual disabilities. i'm to a reminder of the top stories we're following for you british

stock market but it was no none less than the louis you know my oh he's the deputy premier and five star movement leader and he signaled that he was prepared to be more accommodative on the e.u. deficit rule and so far italy wants to spend a lot more money in order to prop up the economy and fulfill voters' wishes he indicated some radiators to move away from that not offering any concrete detail but it sent the markets up talian market most of all but these markets here in germany as well a financial correspondent for us in frank that would be good to talk to you thanks . now to an about turn from german industrial giant demons its chief executives are traveling to saudi arabia for a conference hosted by state owned oil company around co the visit coming a few weeks off to public pressure over the murder of journalist john shockey prompted his events chief joe cases to pull out of a cell the investment event siemens is a major contractor in saudi arabia the infrastructure giant currently building riyadh's new subway system and is on target for the contracts in the future as the minutes spokesper

mostly due to an internal political battle between the two majority parties the league and the five star movement. financial markets in italy fell by over one percent at the wednesday opening a negative reaction to the government's announcement of the night before. the italian cabinet plans to raise cash through the sale of secondary real estate which officials say would reduce italy stubbornly high public debt. it's currently around one hundred thirty percent of g.d.p. far above the e.u. limit of sixty percent and the second highest in europe after greece. was five different notes take a look at how growing q compass could help save the planet but think about that and know that did you delegate from around the world they've gathered in egypt and they're discussing progress on the un convention on biological diversity now that's a landmark agreement aimed at protecting the earth's flora and fauna biodiversity and that brings us to those cucumbers one way to meet that goal is an aqua farming project in northeast madagascar where residents are cultivating sea cucumbers. oh only during the full moon

that are currently in power and that is the far right party the euro skeptics establishment five star movement. i dispute over gas prices in ukraine has left more than a billion people without heating ukraine's national gas company has raised prices by twenty three percent those who can't afford to pay have had their supplies cut off factory gates and the reports. after two weeks without heating residents of crude by reinforcing the east ukraine can barely contain their anger. a protest outside the office of the gas company which has cut off the supplies culminates with demonstrators storming the building. at least six towns with a combined population of more than a million people without heating temperatures fall below freezing at night. it's extremely cold in our apartments i'm worried about the little children now after gas ukraine's national gas company increased prices by twenty three percent to the start of this month it was a condition set by the international monetary fund which provides loans to ukraine its economy is struggling following four years of conflict with pro russian separa

the deputy premier is ahead of the five-star movement. coalition between ig anda the five-star movement, which is why you have the budget issues. a funny trio that we need to look at. alibaba's annual shopping event takes place this sunday. the single day extravaganza is twice the value of black friday and cyber monday combined. this year marks the 10th anniversary. here are is a look at the big numbers? >> 2 billion. that is how many transactions alibaba could process the single day. the company strategy for reaching the milestone, expanding further are broad and deeper into it -- further are broad and deeper into china, promoting the event in six southeastern asian countries. services in focus as market tries to wrestle shares from other companies. 150,000 merchants from the platform will get discounts on services. at its peak last year, alibaba processed an incredible 225,000 second.ays orders per they see the event growing as much as 30% this year. however, there is one big unknown. to what extent will the trade war putter dampener on

probably the five-star movement eventually leaves the government , probably again after the europeanlections, in my opinion. i do think theresa may can hold onto power, principally because sorybody in her party is afraid of a new election and the possibility of jeremy corbyn taking over. david: thank you, jacob, always great to have you on. jacob kierkegaard of the peterson in's to. black friday is here. --institute. how large are the grounds? we will go to macy's to find out next. this is bloomberg. ♪ david: you are watching balance of power. i'm david westin. shoppers across the u.s. are pouring into stores for black friday as the holiday gift giving season begins. retailers have high expert patient for strong numbers. however, investors don't necessarily share that enthusiasm. shares in macy's have taken a tumble in today's trade. joining us live is emma chandra. i hope you are staying warm down there. tell us how it's looking to you. emma: it is a little bit warmer than it was at 6:00 this morning. also a little bit busier than it was. times quite quiet at that but now the crowds

has until today to send a new budget proposal to the european commission willem sat down with five-star movementormonti and asked if rome will make any changes to the current budget. >> i don't expect the government to make any substantial revisions. i think there may be a dialogue around some potential second steps, but the bulk of the core of what was proposed will remain the same if that happens f thshgshappenst acquiesce to the demands from the european commission, what does that mean >> i think it means we're sending a message that europe needs to rethink the way in which he conceived of economic development over the past few decades. the italian society is on the brink of collapse. we have increasing absolute poverty. we have a lot of people that are sick and tired of this kind of life and they're voting for parties that are commonly considered populist. i would say there is an element of populism, but also certainly an element of popularity, trying to listen to popular demands this is why these two parties will not change their approach even the elections will not give a different outcome

one man i spoke to last night, a senior economic adviser to the five-star movement, he told me it doesn'tatter. you can reshuffle the cards at the table. you could have another election here, you would end up with the same parties back in power with some of the same policies and same spending plans. >> willem marx live in rome, thank you very much. that is a big story. i knows there a lot to follow, but you have to follow it all. >>> still ahead, crisis in california the wildfires continue to tear across both ends of the state. now more than 40 people have lost their lives we'll give you a live report from the ground with an update on that developing story stick around (nicki palmer) being a verizon engineer is about doing things right. and there's no shortcut to the right way. so when we roll out the nation's first 5g network, it'll be because we were the first to install millions of miles of fiber optics. and we'll be the first to upgrade the towers and put up the small cells that will power the smart cities of the future. when i started at verizon, i knew i was joining a team that was

mostly due to an internal political battle between the two majority parties the league and the five star movement. financial markets in italy fell by over one percent at the wednesday opening a negative reaction to the government's announcement of the night before. the italian cabinet plans to raise cash through the sale of secondary real estate which officials say would reduce italy stubbornly high public debt it's currently around one hundred thirty percent of g.d.p. far above the e.u. limit of sixty percent and the second highest in europe after greece. i'll have all business news you know around twenty minutes time first it's back over to phil thanks very much we're going to thailand next where the death of a child who take part in a kick boxing match has sparked a debate over the country's national sport he was thirteen years old for more than one hundred seventeen matches when he died reportedly from break a fatal brain hemorrhage it's common for children to start practicing tai boxing that's a young age and organizers insist that things should stay the way they are. the so-called art of ei

skeptic parties you have coalition of the far right leg up party and the anti establishment five star movement they have used euro skeptic arguments to be able to create a growing argument against brussels and they've laid the blame of it all growth at the feet of brussels rather than blaming lack of reform within italy's own economy any tussle that is seen with brussels right now will be seen as a clear way of getting support for their own parties and their own mandate during all right thank you. the mass graves are being excavated in spain and the search for the remains of more than two thousand victims of the franco regime it's estimated the bodies of more than one hundred ten thousand people were dumped in sites across the country during his rule and now as kroll panel reports from forensic teams are carefully digging deep into the ground to recover remains. of the old bones give up their secrets hands tied in front shot by firing squad dumped in mass graves up to six meters deep most here were suspected leftists condemned to die by military judges between nine hundred thirty nine and nine

this particular case and and it sounds very much as though the populism i mean we've got the five star movement is a populist movement a far right movement with la liga and it sounds very much as they populism is now invaded the italian government particularly when it comes to to its budget. yes yes. we had it coming actually because if i may i would like to say that five stars is more or less the spot for this and the league is right this populist and the combine their forces they join their forces with a very confused and unreliable project and. i don't see an outcome to it but we knew everybody knew who understands politics that this is this was going to happen that this was going not was going to not pass brussels monitoring to brussels is not going to accept and i would like to add something else none of the other twenty six e.u. governments. in addition to the italian have approved of these projects so it's not a question of the evil brussels as of the new puts it who. just once you know to irritate is of the and to humiliated city it's the other twenty six governments including mr or ban

the five-star movement is against big infrastructure.e. may want to fight on other issues. it is building infrastructure. so clearly there are tensions within the government. areother structural reforms totallyisk of unfolding. is a bitem of growth of illusion that by current spending, that growth will pick up. the markets aren't believing it. it economies are not believing it. all those who have testified in front of parliament, the bank of italy, the statistical institute , they all said the numbers don't match, they don't work. francine: what worries you about europe, italy, the trade war between china and the u.s., lack of reforms, the lack of angela merkel? >> and brexit. there are many issues on the horizon that made the recovery gradually falter. all of these issues are a threat. europe is the lowering of oil prices. key factor ina the recovery the last five years. over the last 12 months, oil prices have picked up again. now they are going down. , europeanor europe countries are importers of oil -- francine: i'm not so sure they

think that we have the mispricing of italian exit risk, the deputy prime minister from the five-star movementeekend about for how italyo wants to stay within the euro. theink it speaks to discussion you are having earlier about being left behind. italy has been left behind over the last decade or more in terms of growth. that is its problem and challenge rather than the budget, per se. in terms of tensions within the government, that is not new news because clearly, one is from the populist left and the other is on the populist right. those tensions are going to come through. i do think they're going to do their best to hang together and try to deliver something of their agenda in the run-up to the european parliamentary elections in may of next year. after that, we have a reasonable chance of an election. within that is the constraint that germany and the rest of europe will put on italy. is that constraint valid? and a complete monetary union, i think there is valid to have some kind of sharing and pooling of sovereignty around fiscal policy. i do think italy is highlighting the necessity o

is exactly what they plan to do the deputy prime minister luigi myer from the establishment five star movementcame out in the past hour and said that indeed the government was going to stick to its plan and was going to go ahead with its promises to its voters now in its promises it said that it would provide a universal income to unemployed italians which would be supportive of that part of their voters as well and also put in place a flat tax for wealthier individuals and also for corporations as well now what's the european commission is very worried about which is one of the reasons why it rejected this in the first place is that it will just not be able to afford to do this it's banking on the facts italy is that is that it will have a growth rate of one point five percent in the coming year and the european commission looking at italy's very very sluggish growth in the last quarter alone it was not point two percent they are unsure exactly how it's he intends to run poppy its growth rate now there is some talk that there is a chance that it will just do things such as sell off public bui