francine: what will become?ou nervous you are going head to head with the most successful retailer of all times, amazon? mohamed: it will be an ecosystem. am i nervous? of course i am nervous. i am nervous for everything. in my real estate business i am nervous, competition is severe. markets are open, anybody can come in. more people are going to come to the region. i think it is our duty to participate in the scene. we are a bit tribal, which means i am from this society, i have a duty. be aggressive, achieve numbers and success. that is a duty that i feel responsible for. competition is good for the consumer ins the region, rather than one player coming in and controlling the like of our customers. it is fair to have competition and let the customer win at the end of the day. francine: how will you go against amazon. you have to convince retailers to sell on your platform. is it a price war? how do you see the fault line? mohamed: we are working with local retailers as their partners. how other international

francine: what will become?re you nervous you are going head to head with the most successful retailer of all times, amazon? mohamed: it will be an ecosystem. am i nervous? of course i am nervous. i am nervous for everything. in my real estate business i am nervous, competition is severe. markets are open, anybody can come in. more people are going to come to the region. i think it is our duty to participate in the scene. we are a bit tribal, which means i am from this society, i have a duty. be aggressive, achieve numbers and success. that is a duty that i feel responsible for. competition is good for the consumer ins the region, rather than one player coming in and controlling the like of our customers. it is fair to have competition and let the customer win at the end of the day. francine: how will you go against amazon. you have to convince retailers to sell on your platform. is it a price war? how do you see the fault line? mohamed: we are working with local retailers as their partners. how other internatio

francine: what does that mean?o you expect a lot of the growth in the middle east -- we will look at e-commerce and talk a little bit more about that. do you expect it to go threefold, fivefold in the next three years? mohamed: our real estate business should continue to grow at about 20% a year. that is shareholder expectation. it is hard work to achieve that number. keeping cost, the control emergence and controlling the political and macroeconomic issues in hand. food business, i think we should be around 10% a year in the region. and keep in mind, we are talking about the middle east where there is need for most industries to grow just just because that i think the middle east still has room to grow. and the other thing is that you look at the population in the middle east as well and the whole demographics is in our favor. francine: because they are young and therefore these are -- the youthful spend a lot more in five to 10 years. how will the economy shift? mohamed: i think the economy will shift positively,

francine: thank you., some whiskey being created now that won't be ready to drink for more than 40 years, but what will the drinks industry look like then? more with ivan menezes next. ♪ ♪ francine: ivan menezes knows his business well. over two decades, he has held numerous management positions serving as diageo's coo, president of north america, as well as chairman of asia-pacific and latin america. his employees, over 30,000 of them are valued. diageo has more women in senior roles than any other ftse 100 firm and will soon have gender parity on its board. ivan menezes is with me here on "leaders." when you look at how your employees would describe you, that usually says a lot the how the executive is perceived by the people who worked under him, what they say about you? ivan: oh my gosh. i think approachable, focused on possibility, demanding, and i call it high-low, stay at the big picture strategic level, but love the execution. i enjoy brands, customers, enjoy picking up the phone to a brand manage

francine: how do you stay relevantfrancine:? -- francine: how do you stay relevant?ed: i need to talk to my kids all the time. what type of world is this? all about i think this from real estate, retail, hospitality, the digital seen is changing. when you talk about e-commerce, it is moving your business to the digital scene. the economy is moving that way, from health care, education, retail. we just want to be relative -- relevant. at the end of the day there should be a collaboration or connection between the real world and physical world. can we reprise to find a solution and work together? francine: how much of your cells will be done on your e-commerce platform in five or 10 years? for the middle east, are you set behind in selling? is the potential bigger here in europe or the u.s.? mohamed: when i look at the middle east, e-commerce is tinyen 1.5% to 2%, compared to the rest of the world. there is room for all of us to grow. i think it will grow much faster than the rest of the world. it will get into the timbers and fast. -- 10% to 15% quite , they it to our

francine. francine: thank you.e prime minister shinzo abe has apologized for the second scandal in a month. say ition lawmakers casts doubt on the government control of japan's armed forces. opinion polls have shown the controversy has led to public dissatisfaction. is it enough to actually shake investor confidence in japan? james barty, head of global cross asset strategy at merrill lynch, and simon french, chief economist at panmure gordon, are still with us. global tough the satisfaction for markets in a second and what it means politically, but when you look at the economy, what do we know? e, and he recommended qq that pace has slowed markedly. we have seen no real constraint. yes, we hear about the markets now owned by the bank of japan, but actual guidance toward yield curve management has proven quite effective. i think the issue for the bank of japan is what happens regarding the yen getting caught in the doors between a potentially weakening seller and a potentially weakening yuan. that is a difficult en

francine. francine: stocks in europe drifting higher.king bringing excitement to the start of a busy week. the pound facing pressure as theresa may lost a key ally. tom: joining me now kevin cirilli. i want to get to politics, but first the greater picture for the white house. what do you do after the drama of last thursday and friday in korea? how does the administration reset asian policy? it will be interesting because steven mnuchin is scheduled to take off for beijing for a series of meetings. to woong how china plans the trade representatives as well as secretary mnuchin. there is no question that even with the developments coming off of the korean peninsula that this administration wants to work with china. tom: does china want to work with us? kevin: on the issue of north korea, they want to. on the issue of trade, that is a different question. specially when you start talking about things like intellectual property and opening up business development and agriculture. there have been very tense negotiations. we don't know whether

tom and francine? francine: thank so you much.ersation , the border between the germany and france and i have a happen map that goes to davide serra's points being the french central governor being the right person to the u.s. central bank person. where would that leave the periphery. i imagine when the cart trading in full swing who will replace mario draghi, what will the european countries want? davide: they'd like one ultimately want euro because of the implicit transfer out of the interest rates policy, germany has been the absolute key beneficiary through the exchange rate. let's be clear, the fact germany can issue at negative rates it means they can finance the government without the european scombizzing it -- small businessesing it is what it -- subsidizing it. and you consider they have the highest debt in the euro zone, which is the largest between private and public, you're talking five trillion europe and borrowing hundreds below where they should, paid mainly by the higher credit rating to had and the subsidy germany

♪ francine: syria in the crosshairs.resident trump weighs options as western powers rally against bashar al-assad. some officials want to foster rate hikes, despite the threat of a potential trade war. u.k. prime minister theresa may could now be angry -- to stay in the europeans custom union after brexit. how will hardliners, like boris johnson, respond? ♪ good morning, everyone and welcome to "bloomberg surveillance." this is what your markets are doing. you can see the european stoxx 600 pretty much flat. we saw a little bit of jerking. i think investors are trying to digest the latest signals from the federal reserve on the monetary policy outlook. they are also looking at renewed tensions in the middle east, a fractious political landscape come and what that means for their investment. i am looking at euro-dollar. it seems like a lot of the oil --s planned out on playing out on oil. we will get the price shortly, it is around 65 at the moment. markets ande talk investment in the u.k. with noted british investor. the

francine: are we in a trade war?> know, we are in the beginning of negotiations and a lot of noise. francine: are we challenging the model of globalization? it is little points here and there, but there is not an overwhelming want to change the way globalization works. .> i hope so i hope what we are experiencing is just more news and -- noise and not a change of plan. braziliantalk about growth. the forecasts for 2018 are driven downwards. are you concerned it will get worse? >> there is a gradual recovery. the growth forecast for this year and next year is between 2.5% and 2%. next year is 2%, this year 2.8%. our forecast is 2.6%. there are times when people go to the lower round, but at the end of the day, it is still recovery. it is much better than the recession we had. we will hold strong. it will be hard, but it is consistent. francine: are there more pressures to the downside at the moment, or to the upside? >> i think they are symmetric. there are pressures to move faster and incentives to push slower. franc

francine: thank you so much.oming up next, going from bricks and mortar to >>, we talk about a big push into e-commerce and how his company could become the amazon of the middle east. ♪ ♪ is note: mohamed alabbar only a titan of property, he's also betting on e-commerce. his startup launched operations in the uae last year. the site is described as an arabic first e-commerce platform, and its rival is the amazon platform, looking to take 15% of the growing market. the biggest investors is saudi arabia's public investment is notut mohamed alabbar just competing against amazon. pre-mail --g a premium retail service. do you ever feel like there's a conflict, that you actually own dubai malls but at the same time are trying to sell on e-commerce platforms? the big question is if you are relevant to the space . all in all, the economy is areming so digital, if you not thinking about it, not acting to do something about it, i think there is risk of your business being in huge danger in the coming 24 months. francine: h

francine: vince?u look at world growth, we were at the imf on thursday through saturday, and it was clear they were longer-term optimistic and shorter term concerned about trade tensions. what is your take?vincent : they have reasons to be worried in the near-term and long-term. seem to couple of years be well entrenched. momentum is there. the near-term reasons to be concerned is the world's a risky place. lots could happen in terms of trade or geopolitical tensions. leading to longer term, budget, budget. we have aging population across advanced economies, and we have to deal with that overtime. in between, there is a window in which we will get above trend growth associated with financial accommodation and fiscal stimulus. francine: on the budget, tom was focusing on it on thursday, but the u.s. can afford it couple of years, so i know we need to keep an eye on it but doesn't have real impact in the shorter term? areent: shorter term, we talking about a 10 year treasury heading to 3%/ that could al

the score is francine, five, tom, one. francine: we keep score.brexit chart? it isn't fair. francine: this is bloomberg. ♪ taylor: let's get to the bloomberg business flash. more problems for the tesla model 3. elon musk is temporarily suspending production of it for the second time in two months. they say the four day to five day hiatus will be used to improve automation and east bottleneck. walmart is sprucing up its website to capture business from amazon. a redesigned website will go live next month with a more personalized shopping experience. they lost momentum over the holiday timeframe. their online sales group at less than half the pace of the previous quarter. barclays is sounding out about possibly starting a cryptocurrency trading desk. the british bank has only done a preliminary adjustment of feasibility and demand. all they will say is it has no concrete plans to trade the currency. that is your bloomberg business flash. tom: thank you. us, with ang is with huge look across a.m., the impact on developed nations, as well. -- e.m. and

francine? now to japan and a gauge of unexpected volatility in the country's bond futures put to a record low this week is speculation that the boj could adjust its target for 10-year yield. this comes as market concerns grow. tomay hamper its ability rein in the nation's debt. how should investors be seeing themselves around 70's assets? markound assets question does the market fall again? -- follow again? >> yen is very much the market focus right now. it hasn't been supported because the market has been expecting the boj do adjust its target. probably because of policy uncertainty -- partly because of policy uncertainty. the yen has been doing well in the risk off environment. in the short-term, the yen could weaken. we could see some adjustment. it is too early for the boj to revisit its policies. thinking about the medium-term to long-term, the yen remains undervalued. economics, all credibility is likely to weaken. it is a long-term view we expect the yen to strengthen. >> i see thence --

francine?ncine: there has been a historic day, as kim jong-un became the first north korean leader to enter south korea. he was greeted by moon jae-in at the border ahead of the nuclear summit. this is underway in the demilitarized zone. they called for a new era of peace and prosperity. it is quite amazing when you look at the body language. they are talking with glasses of water beside them. our north asia correspondent has been watching this unfold. great to have you on the program. talk to us about the symbolism and significance of this meeting. there is so much a symbolism. of course just a few minutes ago we saw kim jong-un and moon jae-in plant a pine tree showing shared prosperity and peace. they used dirt coming from the northernmost part of the korean peninsula to the southernmost island in south korea. they sprinkled it with water, talking about peace and prosperity. this is something that would be unthinkable just a few months 2017, when end of there was so much rhetoric about fire

tom: francine?ity of an inverted yield curve, in the past it showed an impending economic slowdown. is it different this time, or should the fed take it as a real dilemma? >> the fed has had this , in 2006ion the past when they stopped raising rates. there was also talk of inverted yield curve which. certainly it may not be showing what it traditionally shows us, and yet it did. it always has. i think right now the consensus is balance sheets globally are large. so we should be operating in a flat curve yield. but when push comes to shove, and we think this will happen after that december timber -- after that september meeting, there is not going to be much appetite for going further because you're going to have indecision and skepticism on the s2 and see -- on the fomc of doing so. and maybe it is still a good indicator telling us that a downturn is coming. i just don't think they will be able to muster the will to do that. francine: jack, what do you think? do you think it is still a good indicato

francine? francine: thank you so much.et's kick it off with the central banks, and the ecb, keeping policy unchanged in its decision today. mario draghi is likely to face questions about euro area growth, to falling industrial output. the region seems to be losing economic momentum after the best performance in a decade last year. what does the market actually want from mario draghi? joining us is that chief investment officer for europe, australia, and africa for credit suisse. i guess the ecb has to be careful if they start giving us a date on when they are thinking about pulling back from this quantitative easing, that the market does not interpret it as a interest rate rise as well. how do they communicate that? >> i think there is a task of communication around what they are going to do, in terms of the reinvestment of the large book that they have. that will continue to feed into european bond markets for some time. i don't think that mario draghi will regard today's meeting as too onerous, in the sense that the dip

francine: sure.u look at the minutes of the meeting and it is are the financial market and asset prices do play a relevant role in the decision-making of central banks. you cannot completely ignore that. financial market prices and the pricing of risk in the market is an important ingredient in the reserve. francine: but what are the chances of inflation shooting up very quickly? above the target. you do not think the u.s. is overheating? catherine: i do not. if we look at structural characteristics regarding the way wage inflation was designed, the structural changes and a structural changes in the transition of labor market and the cost of labor, there's an awful lot of flatness there and many people are looking for nonlinearities. then we get a big spike. i find it very hard to make that argument. tom: i want to touch on this over the next 30 minutes. how is our dysfunctional relationship with china going? catherine: ooh. catherine, how are we doing. from your criticism, how are we doing right now

francine: yeah.d seem like he is convinced the bank -- that he has taken the bank in the right place. he made a plan and is executing on it and he has some that arets here helping to take the bank to the places he wanted to go. where does hes, see the future of the investment bank and does he really want to in thoseing it businesses adventures the focus on? they are doing quite well in equity trading. and then what he wants to do with wealth management. will he serve with the investment bank more of their wealthy clients as he intended to do? francine: thanks so much. great interview. still with us peter schappert and peter dixon. when you look at banking, this is not only about interest rates going up or down but also how you manage banks and whether you have the right amount of cost-cutting. d.: dr mifid cause a huge amount disruption but i do think interest rates are half of what is necessary for a decent recovery in the banking sector. let's face it, we make our money by borrowing short and lendi

tom, francine? francine: thank you so much.out here on the river banks of lake -- lake como. let's get to our next guest, nouriel roubini. side often on the downbeat of world economy and world growth. thank you for joining "bloomberg surveillance." what do we do from here? does the trade tension escalate and become a trade war, or will he goes be tempered? guest: the honest answer is we don't know. is justmists say trump trying to increase his bargaining power and is using these threats as a way of opening up china. i have a slightly more thoseistic view because who are internationalists are out. you have gary cohn leaving the administration, and people like peter navarro and president himself that are protectionist. you have pompeo in secretary of more hawkishuch security advisor in john bolton suggesting that the roaster with china will be one of rivalry. francine: if this is about bargaining with the u.s., getting a fairer deal, can protectionist measures actually help the economy? can the u.s. economy be better off if presi

francine: what comes next? made you need to open the door to immigration. then you ask yourself what is the point of brexit? thed: the key thing about customs union, it is about frictionless transfer of goods, not about freedom of movement. that comes with membership of the single market. what is under question now is the customs union and this is what businesses want. that means you can send your goods to and from the borders without any question. it also solves the problem of the northern irish border which has proved to be such a sticking point. this will be the debate. this bill comes back to comments in the next few weeks and months and there will be a debate. there is a separatist amendment also that will be to a vote, with stronger wording than the one that was passed last night in the lords, committing the government to staying in the customs union. this fight will continue over the next weeks and months. in the meantime, maybe we can expect the government to come up with some wording or proposal for th

francine lacqua is there. francine: good morning.est, director of the italian public finance monitor and a professor. think is a much for joining us this morning on bloomberg. yesterday or the day before you seven speech on today's capital sins. what will happen to public finances, depending on what kind of government we have? >> we don't know yet. we can't know what we are going to have. i think it's those who won the .lections or a fairly large increase in the debt. -- there will be a fairly large increase in the debt. uncertaint. is more that is what i'm afraid will happen. we will not see a decline in the fiscal deficit in the future. francine: what is that mean for the european rules? we could be in a spell of trouble economically. carlo: the european rules, i think they have been stretched as much as possible through the six ability has been given. -- through the flexibility that has been given. i think the winners of the elections will try to have a change in the rules. factoncerned about the that the debt is high in italy and

tom, francine?e italian president has yet to install a new government. he is setting deadlines for the speaker. in a meeting this morning, requesting that the speaker find out by friday whether a center-right alignment and the five-star movement can form a government. our guest, luigi zingales suggests the political crisis could be worse than brexit. ofll on with kate moore blackrock. can this take another six months, seven months? what does it mean for reforms? luigi: i don't think it will be six months but it will be a long period. there is an impasse. the natural alliance is between the center-right and the five-star movement. the five-star movement makes it theecondition that president is out of the picture and he does not want to go. that may be difficult to overcome. the democratic party so far excluded itself from any negotiation. hopefully, we will return back to the table. francine: what is the biggest risk? for the banks? or is it about euro acceptance? luigi: the biggest risk for italy is

mark: excellent interview, francine. excellent job at the imf with francine and tom.aanese company raising its offer for shire. this is bloomberg. ♪ ♪ live from london, i am mark barton. vonnie: in new york, i am vonnie quinn. takeda is increasing its offer for shire. the increase comes after alerga nz withdraws its bid for shire. fromeporter joins us stamford, connecticut. let's begin with the takeda, bid. is it enough? >> i think so. to thei am not privy thinking of shires investors. there is a limit to how much takeda can finance. we are close to a final bid unless another bitter comes in. vonnie: it looked for a moment like our dan might be that bitter. obviously, they came out and say theythose reports were looking at other opportunities. what can allerganz do? anz.e are short allerg we have yet to see a strategy emerge for them. this is a self-inflicted move from them. say, there is no trial. they are either investing in shire or they are not. it seems like they did not have a plan yet. we are obviously not positive on that one. with respect to decatur, if you s

francine: meaning what?ee a recession with the interest rates having normalized enough to not be able to cope with the recessions? mr. moec: that is an issue. you have a number of central banks, and i think the ecb is one of the -- there. you have to be super cautious on the way out in your exit strategy. we are making baby steps on normalization, and we should. that, for one reason or another, the global cycle stops inching down, there is nothing left in the arsenal. that is the part where we are now. is stayingilles moec with us for the imf world bank special. earlier on, we spoke to the turkey deputy prime minister, mehmet simsek, on the president's call for earlier action and why he thinks it is good for turkey and for investors. markets reaction show that the reason is that essentially saves investors from getting worried for 18 months. normally, elections were scheduled for november 2019. so that brings it forward. so that reduces the uncertainty. plus, snap elections mean you do not have a prolonged c

francine: but the fed guides them., this is what we think is going to happen, but never tie your hands. francine: do you think the price in the market is an effective tool cousin mark mauricio: no. i don't think the market is expecting something, you cannot do something different. one thing is the expectation. the way that economies are formed of the opinions of others. but the central bank has its own mandate and they have to decide. they don't have to basic decisions on what the market gains. growth, whenthe 3% will begin to see dividends? mauricio: is in some specific sectors like tourism. columbia is growing double the rate. the hotel occupancy rate is the highest in our history, so tourism is the first sector seeing the benefits. agriculture as well. growth had above average for the economy and never culture. we will start to see more into more of this. this is very important for us. investors are taking note of this and bring more capital to columbia, so it is good. francine: you have been a minister of finance f

francine: what can the rest of the world do?etja: we need to have the agency to make sure the conflicts de-escalate. andeed to find each other appreciate that global trade is good for the global economy. you have a new president in south africa. does this change the outlook for your central bank? that becomes important. he has demonstrated resolve through the policy trajectory in south africa. has stepped in to protect and harness the institutions of our democracy. that makes the rules in place clear. we have seen that being in the resurgence in the business confidence to south africa. we have seen an increase in and the investor community. francine: does it also mean you can raise your forecast? gdp should be up 1.7% this year. can it go above that? we have taken a few -- iew about you need to see more evidence of growth momentum. the evidence is beginning to demonstrate that growth momentum is underway. evidence also suggests there is much more strength in the economy. the global economy is resilient. we benefit from global gr

francine: are they definitely here to stay?warding the markets to maintain stability. we believe the success we have achieved since 2016 is something that is hard-earned and something that has to be retained. if retaining it means extending the cuts, we will consider it. i am not the one to decide unilaterally. there are 24 countries and their needs to be consensus. we have access to consensus and great success in complying to the levels that are unprecedented. i want to maintain that unity and we hope to attract more participating countries as our success brings stability temperature markets and benefits consumers and producers alike. i am going in a few hours to india to attend a meeting with consumers, producers, and we will have that dialogue next week. we will have the joint ministry monitoring committee in saudi arabia," the hosting key producers in the kingdom of saudi arabia as we continue to monitor markets and decide what to do. be assured that we are going to respond toibly and what the market needs. if they need ext

>> francine, tienes que hablar con el.s sintomas son tambien horribles e interfieren con su vida y la suya, y tienes que persuadirlo de que hay algo que se puede hacer, y no tendria que vivir con esos sintomas. >> esto es un ejemplo perfecto de como afecta al hombre y tambien afecta sus seres queridos. y no puedo creer como los hombres creen que sera algo pasajero. francine, si todabia esta ahi, no deje de tomar el telefono y pida este producto para el. sea firme y haga que lo tome... porque ademas de ayudarle a el tambien le ayudara a usted y su relacion. hagalo antes de que este problema empeore. >> y estara agradecido por su ayuda. >> asi es. tenemos tiempo para una llamada mas, dr. may. neil, de los angeles. ¿como estas, neil? ¿tienes una preguna? >> neil: tengo los sintomas que estan describiendo desde hace años y he probado muchas cosas. ¿porque no simplemente me remueven la prostata? >> buena pregunta. >> neil, el cuerpo no es como un auto, no se puede cambiar el filtro del aceite. puede cambiar un problema grave po

francine: the counterargument is you give yourself some room in case something happens. you want to stave off any inflation. right diane a? that when itear comes to europe and negative inches rates in the u.k., we are

francine: thank you so much. let's talk about the bank of england and governor mark carney. he surprised investors last week when he hinted that interest rates might not go up until may. markets and are looking forward to tomorrow's a gdp data. bloomberg economics expects the figures to be strong enough to convince the monetary policy committee that may is the right time to raise interest rates. what does the market what from mark carney? still with us is max kettner from commerzbank and michael o'sullivan from credit suisse. thank you both for sticking around. max, every time you come on we talk about banks, and mike every time you come on we talk about -- boe.elite -- the oe mark carney said that it may hike is not a done deal. is there going to be a communication problem between the government and the markets? >> yes. the problem is that we already have that communications problem since last week.

francine: thank you so much.y good morning to you for the second them coverage from the world bank imf meetings. this is an interview we both been looking forward to. it's the eu commissioner for currency. he joins us now. at europe, a lot of countries look more integration. others want to tone down the integration. feethey getting more cold on banking, capital markets? elections for the german government to be formed, it's been done recently. the country is more divided than it used to be. the political balance is difficult to strike. why they areain reluctant or careful. europe they understand is positive for the economy and complex politically. they need to take the responsibility as economic leaders and show risk reduction might be respected. they showed solidarity. they are taking the commission's hand in order to reinforce the eurozone, which is stronger for all of its members and to re-create the economy. francine: can anything good, from a trade war between the u.s. and china? we have heard in the last 24

francine off for the week.l join us again on friday with an important conversation from italy. neil dutta with us from renaissance macro and greg valliere with us from horizon investments. one of our advantages is to re on with mr. vallie any given moment, and on this april, he turns to the always contentious florida. i am fascinated by the democratic senator william nelson and also rick scott. scott-nelson, is this going to be a closer race? greg: you bet, tom. you could do a doctorate thesis on the upcoming senate race. one big factor is the influx of puerto ricans, presumably voting for democrats, is a florida. you have the shooting, which scott handled well. you have nelson, a moderate, well-regarded but maybe lacking a little bit in pizzazz, and you have scott was tons of money, support from the white house. if scott wins, it will be a big victory for trump. tom: the president is going to slide down for governor scott in pensacola. i don't think he can do it in miami or in palm beach, where you are every w

francine: your economy is strong.ng employment it is unlikely will win another election, what is that -- why is that? it is risky to predict elections before they have taken place. in australia -- if you look through history, the only thing we know for certain is what has happened in the past, and what happens in the past -- in between elections, the government was always behind the polls. it was fairly behind the polls, and we continue to do the best -- thecan but australia but australia may fiscal situation. in the election in the first half of next it would present ourselves with a plan for the future, and we will point out why the alternative is not a good idea. will leave it to the australian people to decide. you are right, the economy is in better shape than we found it, employment growth is strong. growth, and to put it in american context, if this in employment growth has been secured in america, it would be 5.3 million additional jobs in america instead of 2.7 that we created in the same period. how do you b

>>host: francine. here is a quote she's the one that got that slb yamamoto saying only ed dm woman could have figured out that blinking code. >> there was something about that irrational that the japanese were using it was a code breaking effort to put together the itinerary of yamamoto ahead of the japanese navy the mastermind behind pearl harbor and putting behind his itinerary and they shot his plane out of the year. >>host: francine? >> guest: there were men in the pacific then women at the code breaking facility working as fast as they could to put together his itinerary and a group of women from wellesley that was involved and they record that cheering went up when they learned the plane was shot out of the air. >>host: liza mundy what are the logistics moving women to washington, housing them? >> washington was transformed by thousands of women taking the trains, landing in union station, looking for housing, eventually barracks would be built in dorms would be built but it was a scramble for bo

francine: so you'll increase jobs?ely believe closeganizations need to to thrive, like oxygen. i hope we can create jobs and become more successful than we are now. francine: grow all your units? will they all be equal? beat everyone -- in asia, the growth is significant. the first quarter profits were enormous on a business of that scale. yes, absolutely, we hope to grow and increase in multiples. : do you see you growing in parts of the world where there's over banking? overcapacity in certain segments of the market. but i think it takes a long time. ,onsolidation is hard to see for reasons of regulatory and financial. francine: do you think that is changing a little bit in europe? i think the regulatory and clitical complexities of ross-border transactions outweight the benefits, but for us, we are happy asw e are. >> that was the ceo of credit suite -- credit suisse. tim cook is visiting the white house ahead of trade negotiations between the united states and china. we are joined by mark, who covers all things app

news, francine lacqua joins us live. francine, what can we expect from the workshop today? -- and talking about u.s. and china trade tensions. we have a great lineup of guests. we'll talk monetary policy, and what stocks do next, given that tensions are rising between the u.s. and china. we have a chinese regulator who focuses on banks. we will get his take on what it means for financial companies and the financial industry in china, if that is how they retaliate with the u.s. we will speak with the former we will talkr, about italian politics. the crossover between geopolitics and politics, and the impact it could have under term on the economy. we will be joined by jacob frankel, j.p. morgan's chairman. we will focus on monetary policy, the jay powell speech. we will also talk about u.s. jobs. andill see what mr. gloom doom has to say about trade. i will hand it back to you in london. i will be here throughout the day. lacqua, thank you very much. she will be there throughout the day. she mentioned the jobs report. coming up, the u.s. could hit its lowest unemployment rat

francine: it is a psychological level?hange currency traders mines on how they view swissie? aomas: we still have fractious situation, it can change day by day. we remain prudent at this point. francine: when you say it can change, apart from trade wars, is there something else that could make it go the other way? thomas: markets react very quickly to changing in sentiment, so north korea or something else, russia europe, russia united states. then we have to very to situation. markets: our functioning very differently to what they were 5, 6, 7 years ago, currency markets? thomas: a couple of years ago, we had a big recession, we had a financial crisis and today, we're in a better situation. in general, the need for safe havens is smaller. before coming to write a financial crisis and the sentiments were very different. matt: the swiss national bank president thomas jordan speaking with francine lacqua. interesting, the taken the euro so long to get back up to the level it was before they put their caps on. really, the beg

francine: is a psychological? do you think it will change their minds on how they view it?hat can change from one day to another. we remain prudent. francine: when you say it can change, is there something else you think can make it go the other way other than trade war? >> markets react quickly to changing sentiments. it could be north korea, or something else, russia, europe, russia and the united states. we have a very distant -- we have a very different situation than. francine: do you think markets are functioning in general very differently to what they were five years ago,? >> a couple of years ago we had this big recession. we had the financial crisis. today we are in a better situation. the need for safe havens is smaller, although we have one or two of the special events. before we had a financial crisis, the sentiments were different. yvonne: that was the president and chairman of the government board of the swiss national bank, thomas jordan. talking more about earnings, china mobile is to report robust earnings numbers later on today. lack.bring in andrea she j

francine lacqua will speak with the ceo later on.sed with his. -- he must be pleased with his pivot. the bank has been under pressure. they are three years into 84 year restructure. happening you what is . underf the nordic banks pressure this morning. it is not a positive picture for the banking sector. the nordics are feeling the pain. let's get a first word update. >> emmanuel macron was to negotiate a new agreement with iran. that came after president trump warned iran not to restart its program, even if the u.s. withdraws from the 2015 accord. >> i believe we have common views, we are not in a vacuum. we should not terror apart the jcpoa. it would not be a good solution. you was treasury secretary steven mnuchin will head to china to begin talks on trade. issident trump thinks there a good chance of a deal being done, but if not trump says his tariffs on billions of dollars will take goods effect. the european union will offer britain awill offer deal and would listen to you kate views on trade policy. an eu official said britai

guy johnson in for francine lacqua. and tom keene., and we love to have him on. we will try to get to china. masters, oneth chairman powell in the tea leaves in the system, i went to lincoln a fed discussion with the ghost of 2008, which blew up. the trust of the system blew up. interview after interview, it is no big deal. i heard the same thing 11 years ago. seth: as of right now, there is a bizarre similarity with what happened 10 years ago because of p/e ratios are about the same dividend and u.s. stocks are most exactly the same but many things are different. one of the things different days the financial system is more robust. there isn't this an kind of magnitude with problem brewing on balance sheets jets, and the other thing different is you are starting from a different position, when there has been so much stimulus in the system and now the challenge is how central banks extract themselves from that. job ati.t. did a great this, and so. the institutional greed of 2007 was the need to make 20 more basis points on conservativ

francine: the 10 year yield is hovering just below 3%. be considering back at of cash equities in the u.s.. and support for pompeo. divided senate committee votes for the cia chief to be the next secretary of state. does this mean for u.s. foreign policy? ♪ good morning, everyone and welcome to

alix: that was francine lacqua speaking with tidjane thiam. here in the u.s.mccaughan. he favors u.s. over european equities. i wonder if this is part of why? the surprise is economic index for the eurozone, the white line is euro-dollar. have we factor this into the market yet? i don't think entirely. there will be a stronger tone to the dollar because of a differential in interest rates. you will not see much of a move on interest rates by the ecb. they are not ready to get away from the very accommodative monetary policy. is partency therefore of this. i don't totally trust the european recovery for two reasons. one is the european banks which are not well enough capitalized to create credit, like the u.s. banks can. wasought tidjane thiam pretty impressive in that interview. he was taking credit suisse back to its roots. they can be one of the world's best world -- wealth managers. basically the subtext was they will stop trying to be goldman sachs. i think that is a wise thing to do culturally but nevertheless european banks will suffer from a lack of abi

of next, it is "bloomberg ♪ francine: peace on the peninsula?he leaders of north korea hold a historic cross-border summit. what they strike a deal to halt kim jong-un's nuclear program? has governor kuroda just delayed --. amazon delivers. impreza investors with a more profitable quarter than anticipated. the stock is primed to open at an all-time high on wall street. ♪ francine: good morning, everyone and welcome to "bloomberg surveillance."

♪ francine:o acquire rival sprint. with the resignation of the u.k. secretary provide traders is another reason to sell sterling? chineseo the market, company shall be could raise up to $10 billion in an ipo but will it create a cash crunch? ♪ francine: