francine: u.s.ys he is confident russia's gazprom does not have the technology to complete the pipeline in the baltic sea. speaking to matt miller in germany, he also shared his outlook for oil and the impact of the coronavirus on the market. >> i think opec is in a fundamentally different position than the last four or five decades. with regard to their upcoming meeting, i would expect them to consider cuts. it will be interesting to see if all of the members of opec all of the cuts, but that would be the expectation. i think that is partially the markets expectation as well. i was looking at the oil prices and it looks like we are up 2% in brent. i think as we move forward, we will continue to see opec manage its position in the marketplace somewhat aggressively, but we will have to wait and see what they decided the next few weeks. >> the demand side of the equation looks to have been weakened substantially by the coronavirus. what is your reaction to the coronavirus on the market? >> people are

francine? francine: viviana, thank you so much. our top stories today, a shock shakeup that credit suisse, tidjane thiam resigns. damaging spy scandal. thiam will step down after fourth-quarter results next thursday. he will be replaced by thomas gottstein, and he is a 20-year veteran of the bank. it follows a power struggle between thiam and chairman urs rohner. we have patrick winners, who has been following the story, joining us from zurich, and also anothernkford, joh guest. patrick, we have heard there was a fight between the chairman and the chief executive, but a lot of shareholders have come out and supported the chief executive. patrick: good morning. i think it is still a massive surprise, a huge shock that tidjane thiam is leaving just a couple of months after his chief operating officer. i do not think many people saw this coming. there was an eerie kind of quiet indirect, and that we know why, because tidjane thiam was ousted. i do not think this is a big shop today. this tiedpatrick, is 100% to this by scandal? to say

francine? francine: let's focus on pharma.odest increase in profits in 2020 with an expected rise between 1% and 5% per that is as the world's biggest maker of nordisk, --gs, novo let's get to copenhagen, where the chief executive joins us. thank you for giving us a little bit of your time. can you give us a sense of 2020 earnings and how you expect the next 12 months to develop? lars: we come out of a very strong 2019 where we see strong growth across outside of the u.s.. also strong growth in the u.s. we are in a situation where we decline ingnificant pricing per that is replaced by a new category, where you have the two leading products. and now also the first ever in an attempt that we are watching -- launching in the u.s.. so we have low dependence on insulin and a bigger growth opportunity coming from that. we need to go through this couple of years, and then we see strong growth beyond this. so i am quite interested in our growth profile. in 2020. francine: does the coronavirus change everything? lars: short-term it doe

francine. francine: thank you so much. did yen tm --s didion dm -- i have been speaking to the outgoing chief executive. suisse -- if you look at credit suisse it produced a profit of i .1%. -- of. we are confident. considering where we started. good and on a fine year. i think really is having a company on solid ground, solid foundation. a lot of capital very significantly which allows us to go for our cycles. the. very significant than $20 million for -- 20 man dollars. the profit also doubled. of giving an platform for growing, creating a platform, 9% rt. all divisions1 are. better.and producing francine: when you look at the plight of these banks, do you think you will be difficult for credit suisse forward? is it a world economy? >> the world economy is the driver. positive. the u.s. economy is solid. so far, one of the drivers is everyday news. a lot of work to protect our staff. we think it will be ultimately contained. effective.n very measures and started to produce and we have seen them working very well. we can

francine, save us. francine: i will save you.sunderstand about the world economy? if you look at the linkage between economics, concern about the crisis, and the way the markets are going, what are we misunderstanding? luigi: i think i'm stating the obvious, but we underestimate our -- how global we are and how the repercussions will go throughout. what we heard earlier about china not working properly yet, not for a while, this will have natural consequences on the entire world economy, both direct in terms of slowdown in demand and through the supply, slowdown of the initial part of manufacturing. the combination of the two will slow down the global economy, regardless of the strength of the coronavirus. then you add the spread and you have a negative outlook. that is what the market is pricing right now. francine: can the fed or the ecb do anything to counter this? luigi: i think the fed or the ecb should act only if this creates major problems of liquidity in some parts of the country. but i don't see that happening immediate

francine?ncine: rbs is growing in for rate rebrand as the bank is changing its name to net west group. that is state control entered looks to put its past behind it. the new chief executive is also embarking on more cost-cutting in her first earnings since taking over last september. the chief financial officer katie murray said there are more challenges ahead. katie: we are clearly going to incur some losses in terms of the resizing upnatwest markets. the yield curve still going in this direction and we in our own economics are anticipating it will have another yield curve cut. those things make income harder, particularly for banks. francine: ubs is searching for its new chief executive. sources say the bank is searching internal and external candidates. his plans to step down this year. from rivaln october credit suisse may not be among the front runners to take the top role given his relatively brief tenure. let's get back to patrick armstrong. there's a number of changes at the head of a l

francine: thanks so much.umbling incks are futures signal more pain to come after the biggest route on wall street since 2011. this comes as the coronavirus keeps appearing out of china. the number of cases south korea has gone over 2000. joining us is james, a chief investment officer. what needs to happen for the state to be better? -- this day to be better? james: i think it will rumble on for some time. identified theve coronavirus, a far wider spread than anticipated. the market generally finds it what a seto square about the disease, that isn't particularly serious, with the very bearish statements which come out of the cdc and united states. francine: there are a lot say it is much worse than flu because the mortality is 5%. is it that we just don't know yet? james: nobody under 10 has down yet. -- died yet. francine: we don't know if it is less violent than flu. james: the other problem has two parts. seeing ourns we are and unwinding of the exuberance markets displayed earlier. issue is that this over

francine i'm looking? at the francine: francine: in carmakers and banks -- francine?t stocks in carmakers and banks. heading toward a record low yield. 10-year i'm looking at crude oil. it adds pressure to the 4% drop we had yesterday. tom: an incredibly busy hour. we believe the president will have an impressive -- and important press conference in 30 minutes. right now, we will focus on the markets. gina market -- gina martin adams has been with us. benjamin joins us, the chief executive officer. inn, can you be bold today this upset that is so different of 2014. us at this time if it is a time to acquire shares? ben: i don't think you can make that comparison in 2018, at least not yet. corrections have been. we are down 5% but your average 16%ection is down 15% to the last four months. we are down 5% in three days. this is not as quote -- not even close to a correction. the playbook to buy questions is when you have this wife out of sentiment. we had a huge move yesterday but that is the only sentiment flashing that color. bond flows really haven't moved yet. indiv

francine?ncine: now the iowa democratic party will not release caucus results until later today. the opening event of the nomination raised has turned into political debacle following inconsistencies in vote counting. preliminary results from a handful of precincts associated -- reported by the associated press shows a close battle between five candidates. joining us now is our senior analyst who has been following all the beginnings of the white house administration into the election 2020. jim is also still with us. how does this happen? we're in 2020. >> very good question, many people are asking the same. something went terribly wrong. we don't know exactly what. the iowa state democratic party is not providing many details. they were using a new app this year which allowed delegates to record the results. that appears to have malfunctioned in many cases. but the backup, calling in results did not work because many delegates were kept on hold for hours. there were reports of some giving up a

francine? francine: let's get a look at the economy.nomic activity accelerated to the fastest pace in six months. services are proving resilient. factories, that is where the challenge is, including the coronavirus outbreak. still with us, john bilton from j.p. morgan asset management. we started, john, the end of 2019, the euro for europe. fs on possible carmakers, the virus impacting demand from china. is it really the 2020 european year? john: well, we don't think so, really. europe is fine in many regards. it is a wealthy region. it has reasonable but sluggish growth, and high savings growth, and reasonable quality of living. the thing that happens in europe is the actual backdrop interest rate international growth are not necessary toward europe's strength. what has driven markets over the 2010's? it has been a tech industry. the tech industry is not well represented in the eurozone. european banks are just beginning to come to an end of a period of healing. if you think about it, it is a value play, and for a value play or to real

francine: job cuts at hsbc. the bank said to/18% of its workforce in another attempt to revise its fortunes. cuts will be surgical and ruthless. to cut itsrning, set current goal because of the coronavirus with iphone production taking a hit. rawwarns of a hit to material demand. ♪ good morning, good afternoon, good evening. i'm francine lacqua in london. these are your markets. 0.4%.an markets down a lot of the market put a position that the economy and a lot of the earnings would go through the coronavirus. not so after the apple news yesterday. there is more concern about the deadly coronavirus trade looking at treasuries, they are rising. americans reopening after a holiday. yesterday was president's day. jumping as much as 24% after unsuccessful bid for the small arrival. this may be the kickoff of banking consolidation in italy and then further into europe. coming up on bloomberg surveillance, our exclusive conversation with the hsbc financial officer on the banks job cuts. first word news. viviana: hsbc i

francine? francine: my data check is very similar to yours.ng to figure out what the market is latching onto. stocks are climbing. i think they are focusing on tariff cuts. treasuries steady, dollars steady, oil climbing toward two dollars a barrel -- $52 in new york. let's start on trade. china, tom says, will have tariffs. --annot pronounce that word cut tariffs by half, starting fairbury 14. the move adds optimism that that starting february 14. is -- it has been far too long that we have been speaking to -- since we have been speaking to you, david. this is a bloomberg scoop. what have we learned? even if there is a coronavirus, china is sticking to its agreement. it took them a little bit longer than expected to put them in place. >> exactly. as the health crisis widened over the past couple of weeks, there was growing doubt in the minds of some people in the markets and other observers that would china be able to follow through on the pledges, with his health crisis, overwhelming its ability to follow through on the phase one deal. what

francine: tim? is still too early but as kitt said, there will be an awakening and he has a chance. a lot can change between now and november and i still suspect even in november there is going to be repricing. so much of what he needs to accomplish will go back to congress and we don't have a clear set of guidelines as to what that will look like. you will need to flip the senate. inasmuch as you need to price in the risk, there are still other effect you need to think about as well. tom: another pull out. -- poll out. carolina,ot on south not even on super tuesday but looking at new york. this is siena college of new york. a new york pole and the adjacency with the mayor of new goinggoing out to 20 -- out to 18%, bernie sanders still winning in new york on this poll and the former vice president marginally behind as well but the flavor of new york, we will see many more of these polls in the coming days. mayor bloomberg is the founder of bloomberg lp and the television and radio property as well.

francine: with us.biggest european banking deals has been launched in a decade, but will it mark the start of an m&a in the sector? that is up next. this is bloomberg. ♪ finance, economics, politics. this is bloomberg surveillance. unsolicited foot $.9 billion you're a bid for smaller rival ubi bangka. here with the details is dani burger. dani: hi, francine. italy's banking sector before the deal look for another slow -- slow year of dealmaking. saw ast time an industry tie up this large, we have to go back to when he 17. before then, it looked like banking deals did not exist in the european market. you can see that throughout europe. it fell off since the financial crisis. bankers frequently blame the patchwork of patchwork regulations as well as difficulties moving money between countries. the deal flow when you look at italy is especially anemic, and the yellow, all coming to a standstill over the last three years. regulars have advocated for consolidation because the banks need to reduce costs and

francine? francine: thank you so much.ellor sajid javid says the country will break away from european union rules. in an article, he wrote that he wants a reliable equivalent process on which a durable relationship can be built. meanwhile, as we just heard, u.k. gdp growth slowed to zero in the fourth quarter, but that was as expected. still with us, they're seo pagani. --for britt ceeo to get .abrizio pagani we don't know with the future trade relationship will look like between the e.u. and the u.s. given all these unknown factors, what does it mean for the european economy? i think we are at the beginning of a long story because there are too many moving pieces. the relation between the e.u. and the u.k., u.k. and the u.s., and the e.u. and the u.s. my view is that in the last couple of years we have been focusing a lot on trade tension between the u.s. and china. this year will probably be the year of tension between the european union and the u.s. there are several work streams. we have to follow them. tariffs, the d

. ♪ francine: welcome to "bloomberg surveillance," i am francine lacqua in london.uro socks are gaining on signs that the spread of the coronavirus is slowing, especially in china. two investors basically at the back of their minds. saying that the economy can weather the virus. the u.s. 10 year yield is a good way to look at risk out there. currently at 1.63%. the new zealand dollar. it is currently up a touch after its central banks of the impact of the virus will actually be short-lived. they did not project any rate cuts. coming up later today, we will be speaking with the chief executive of ep. don't miss that interview on "balance of power" at 5:30 p.m. london time. let's get to the bloomberg first word news on new york city. viviana: we begin in new hampshire, where bernie sanders won the primary, the first in the nation. he fended off a challenge from pete buttigieg who finished a close second, amy klobuchar coming in a strong third. the tight finish allows all three to claim some measure of success, now to the coronavirus. globallyens growt according to fed

francine?ith our top stories, china's markets have plunged the most since 2015 after the coronavirus crisis continued to widen. commodities and renminbi hit hard despite the efforts of the pboc. let's get straight to bloomberg's rishaad salamat in hong kong. how does it impact the economy? >> some people are calling it savage. 2357 companies being limited down. out with ato close 7.8% fall by the end of the session. itare effectively saying shut down two thirds of the economy at the moment come on holiday seville. -- holiday still. there are some 14 provinces doing that extension. we have a province there which is the center that can be closed even longer. that is where we are. the thing is that they have moved in with these reverse repo cuts, 10 basis points 14 days, and seven days. will it make a difference? we have been seeing the oil survey, reporting on 20% down in oil production. how do you bring that back? you learn your -- the lunar new the thing is, this damage could last a bit longer

i am francine lacqua here in london. the coronavirus enters a new phase of the epidemic as cases outside china multiply. global stocks drop. a bio project will have a major negative impact, expecting the first annual decline in traffic since the financial crisis. an economic activity in the euro area unexpectedly accelerates, but factories are hit by coronavirus. good morning, good afternoon, good evening, everyone. this is "bloomberg surveillance ." i am francine lacqua and london. tom keene in new york. tom, i love going on in the market after we had the unexpectedly better-than-expected data out of the euro area, and you look at u.k. productivity, and we try to measure the impact that the viruses having worldwide. tom: it is very important, the low yield, the correlation right now, gold in the yen, yen it's a little more stable, but the yield moves in the last 24 hours is absolutely remarkable. end --into the weekend, major curve flattening. francine: yes, major curve flattening. we will analyze that during "surveilla

francine: james?es: not the kind of quality you would expect when yields fall. -- you pick up more yields than headlines suggests. very difficult to fight that wall of money. 's chosen angela merkel air will step down. what happens? does it change how you see german bonds developing? iain: i don't think so. safety. the core in europe i don't think it makes much of a difference at all. we have it -- we have a downturn in europe again. we going to rescission and we talk about -- recession and we talk about ecb cuts. francine: do you see any value in buying something there? >> the supply is heading in the wrong direction if you want to own them. the ecb is buying some of the margins. the scarcity is the only truly liquid space, high-quality asset euros. i'm sure we are going to see a huge bond rally. francine: james, if you look at the ecb review, are you expecting -- what are you expecting it to come up with? christine lagarde said we are not on autopilot. james: she is doing quite a good job of buying

francine: i love that chart. it is probably my favorite chart of 2020 so far because it goes to the tension in the swiss national bank. they are trying to rein in the unwanted francs without being labeled a currency manipulator by the u.s.. i have a similar chart and a simpler chart. overall, you see it hitting the lowest level on the record. that is another way of looking at the currency swings that we see. tom: stay on this chart if you would, matt. francine is dead on. this is the quiet that mr. prince of bridgewater spoke at davos. the volatility out there is worth zero bound and what does it mean for the boom bust cycle? that is a heated debate that will carry through. .t is friday evening stephen is in hong kong. terrific reporting by our team. seems, and it is my lead for the next hour, nobody knows the math in china. does stephen engle know the math in china? >> i have been a bloomberg reporter for over 15 years and i stick to the data that i have to bring analysis to it. it is confusing to a lot of peopl

francine: does tiering work?bit, because it has a little bit impact of negative rates. i think negative rates in general is an issue which stays lower for longer. francine: what is your take on the e italian banking sector? sectorerre: i think the has made a lot of progress in the past few years. the nonperforming loan by 50 billion in three years. that is quite a large amount. all the banks made progress. the system is in better shape. francine: italian banks i think outperformed european banks is the end of the year. why is that? jean pierre: because italian banks are very good. francine: was there a discount before that people now see value in? jean pierre: i think people can see value in italian banks and the overall framework and italy might be more stable right now. it's a country which has a lot of assets and a lot of -- very competitive which are very good. the population, which is consuming, a wealthy population. good prospects for italy and the economy, despite negative gdp last quarter. i think we are

francine: yeah. i have to say, pretty unusual to interview a chief executive on his final day as chief executive. he steps down tomorrow. this was his last earnings results, and he couldn't actually tell me much about what happened with the chairman. at times a little awkward, but we tried to get through the numbers. he seems overall proud about what he achieved. he says the bank is on solid footing. i asked him numerous times, if the bank was so strong and he doesn't feel slighted by the share price, why was he asked to leave? he said that is something you have to ask the board, given what happened last week. i also asked about the spying scandal, one of the concerns, that has played the bank for the last 12 months. he says he's not aware of any scandals. we had a more generic conversation about what he wants to do next. he doesn't know, but said he's taking some time off. if you look at the numbers, i know you heard him explain a little, overall they are pretty strong, he says that's what he wants

alix: drawing me now is francine lacqua, asked joining me now is francine lacqua from zurich -- joining me now is francine lacqua from zurich. cine: i think there were delicate questions to answer about spying in the performance of the bank, but it was clear that the chief executive wanted to go out on a high no his lastf executive day at credit suisse. weorrow he is out, and only found out a week ago he was ousted by the board. he tried to say this was just succession planning, but i think he's genuinely proud of what they achieve at the bank. he still says he knew nothing about the spying scandals, but , he if you look at the bank is leaving after five years in a much better shape than he found it. today i think was a day of looking a little bit back at that come up presenting these earnings that were may be a touch disappointing on the thinkingt side, also the investors that supported him. alix: thank you so much. now we want to turn to london, where we have breaking news. u.k. chancellor of the exchequer so sheets of the -- chancellor of the exchequer so sheets about the u.k. chance

francine: renaud slashing its dividend and posting its first net loss in a decade.he french automaker sales declined plus income from the japanese art and nissan also is down. >> it is going to be -- japanese partner nissan is down. it is going to be tough in 2020 as we suffer from volatility in the market and the cafÉ regulation in europe. we are engaging in heavy reduction plans to rebound. >> nestlÉ pushing back its target for sales growth and says revenue from china slowed even before the break from the coronavirus. it says it will need to one or two more years to return to an increase of four to 6%. nestlÉ's bottled water business had its worst performance in a decade. >> we are pleased with the organic growth of 3.5%. it was exactly in line with what we had guided and reconfirmed in previous quarters. it was always clear the first half be stronger than the second half. we sold a nestlÉ's business which grew close to 10% effective 30th, 2019. december hence, that growth contribution was missing in the latter part of the year. for those people who correctly inco

francine: welcome to bloomberg "etf iq europe." i am francine lacqua. be your guide to the world markets and exchange traded funds, everything you need to know. ♪ francine: warren buffett gets into etf's. -- warren buffett gets into etf's for the first time, berkshire hathaway discloses holdings in two exchange rated funds.

francine: what is your biggest regret?ell, it is always a regret to leave, but fundamentally, i have no major regrets. things,ig picture of the strategy has worked. francine: do you feel wronged by what happened last week?

francine: welcome "bloomberg etf iq europe."next 30 minutes we will be your guide to the regions market of exchange traded funds. everything you need to know about the funds and the flows. ♪ francine: coronavirus fears better stock markets. the s&p fastest ever correction for my record high. a week of heavy outflows. the highest

francine: stocks plunging around the world.resident xi jinping has urged china to spare no efforts to contain the coronavirus outbreak. that is as the top of the government postpones -- guy: northern italy grinding to a halt today. this as the government imposed a regional lockdown to contain an outbreak of coronavirus that has it has already affected over 200 people. milan, the country's financial hub, has seen schools, museums, all closed, with many staying away from work. investors starting to price in the risk of a recession. >> we estimate that the northern swaths of the country, like in an arc from here east toward the region where venice is, probably accounts for something like 1/3 of the economy. so as you can imagine, just shutting that down for a number of days or even possibly a week or more would have a devastating effect on the economy for sure. >> u.s. stocks having their worst day in more than a year, the dow and s&p erasing their gains for the year. >> and it is a third day of losses. let's not forget that the m

francine: welcome to bloomberg etf iq europe.the next 30 minutes, we will be your guide to the market --1 trillion one trillion you're a market in exchange traded funds. everything you need to know market in exchange traded funds. everything you need to know about the funds. ♪ francine: back in the game. competition heats up and the swedish asset managers entering the european etf market seven years after its exit. investors weigh the risk from the coronavirus. more than 3 billion euros have

francine lacqua sat down with the ceo in london to talk about the financial comment in europe.is crucial the ecb not cut interest rates even further. >> negative rates have a very negative impact on the profitability of banks. we do not think it is the case. we think the ecb will normalize. >> have you had discussions with european central bank. do they understand the plights the banks are going through because of negative rates? tothe ecb is proactive exchange with banks, not only on the monetary side or they interact with us, but also on the reg i side. -- on the regulatory side. the mechanismf has been very transparent about reg latoya headwinds, which is a plus for investors. they have better visibility about european banks, we should bring more capital into european banks. g> does tearing work -- tierin work? >> it can a more tight the impact of negative rates. but negative rates in general, it is an issue if they stay lower for longer. >> to think there will be consolidations among banks in italy? >> is not for me to comment. as far as credit is concerned, no m&a. >> to r

nejra: bloombergs francine lacqua, great caddy with us.e will keep across this breaking news story on tidjane thiam and bring you all of the latest on the coronavirus and the reaction across assets. this is bloomberg. ♪ nejra: this is "bloomberg daybreak: europe." let's recap the breaking news we had for you. we understand it to john tm is stepping down and will be replaced at the swiss lender. the board of directors accepted .he resignation at this meeting he will step down after the presentation of course -- of fourth-quarter results. wrona, hasn, ernst set that under his leadership, credit suisse repurposed strategy stored strategy and engendered an exceptional level of cooperation between various divisions. hasboard says wrona unanimous backing until his term ends. whatig question now is happens under new leadership and we will perhaps have more details. getting back to an eventful week in u.s. politics, it was capped with one of the most anticipated economic releases of the month. may havemployment investors rethinking the outlook of

joining us is francine lacqua. what happened? why now? francine: this is pretty unclear.e know that there were concerns that the spying scandal not once, but twice over the last couple of years, had tainted the bank. the chairman had concerns about that, but a lot of investors thought this was behind the chief executive because he was ther directly implicated in spying scandal. last week emerged a story of a huge fight between the chief executive and the chairman. unclear whether this was on strategy or ways of dealing with some of the spying allegations. since last friday when the story broke out, many big shareholders, including david herro, had come to the defense of the chief executive. yesterday after a board meeting, it was pretty much a surprise that tidjane thiam had been ousted and replaced with a man that had been at credit suisse for 20 years. we did speak to david pharaoh minutes ago -- david herro minutes ago. he called several times for the chairman to step down, but does support the new executive thomas gottstein. he said that harris associates is still com

crime fighters to mindanao. 100000000 year old villain francine 30000000 euro fine and 3 years in prison french court. ruling against tear drain the son of the leader of. the case shows there is progress in the fight against corruption that is so rampant in some parts of africa as workers in china trickled back to their job sites on monday president xi jinping you shows them there won't be any mass layoffs in the wake of the corona crisis many companies and factories remain closed. and high tech to the rescue in rwanda drones are tested to deliver imagine. to remote locations. this is business africa update on africa global business news on the us welcome when we start with the story of a dictator son whose lovers lifestyle has caught up with them. is the son of the leader of equitorial guinea he also happens to be the country's vice president in 2017 accord and france where his 4th of board property with misappropriated state funds handed him a 3 years suspended sentence and a fine of 30000000 euros for embezzlement today as he lost the appeal against the verdict under the quarter also

i want to introduce you to francine mckay. her father owns this place. i thought it would be nice to introduce her or else we might get thrown out. you don't trigger beer yet, do you? thank you for coming, and -- you don't drink here yet, -- beer yet, do you? thank you for coming, and thank you for having us. i am shameless. [applause] how are we doing? [applause] some crowd. i don't know if you came out for the campaign or the craft beer. to be clear, i am here for both. to save be the only way a nation, with a little libation. buildingign is really momentum in virginia and across the country. super tuesday is two weeks away and we're going to make every second count. -- forant to thank supporting the campaign and all those kind words. the good news is she sent them exactly the way i wrote them. seriously, thank you for your leadership in the house of delegates. you and your colleagues are showing the country how much progress as possible when democrats are in charge. may rememberyou that virginia was the first date i came to when i launched my campaign

. ♪ francine: welcome to "bloomberg surveillance," i am francine lacqua in london. euro socks

. ♪ francine: mark carney will soon end his term as governor of the bank of england.ing the u.k. economy through crises and years of brexit related uncertainty. a high-stakes, divisive issue that has been impossible to forecast. good preparation for his next job, tackling climate change. born in 1965, the young mark carney dreamed of greatness in the world of economics, getting a doctorate at oxford. carney spent 13 years at goldman sachs, then entered public service, eventually governor of the bank of canada.

. ♪ ♪ francine: rothschild is one of the most famous names in the world of finance, tracing back overfrom the jewish quarter in frankfurt, the family expanded across europe, becoming bankers for royalty and government for generations. a long history comes with preconceptions. so how do you modernize such a storied brand and its business? on this episode of "leaders with lacqua," i meet ariane de rothschild. ariane de rothschild, thank you so much for joining us here. how tough is it being in banking? you have negative rates, lower growth

i want to introduce you to a young lady that i met outside, francine mckay.er father owns this place. [applause] i thought it would be nice to introduce her or we might get thrown out. [laughter] she is 11 years old. you don't drink beer yet do you? good. [laughter] thank you for having us. [applause] i am shameless. [laughter] how are we doing? [applause] this is some crowd. i don't know if you came out for the campaign or the craft beer. [laughter] to be clear, i am here for both. [laughter] way to save aonly nation with a little libation. [laughter] campaign isur building momentum in virginia and across the country. super tuesday is just two weeks away and we are going to make every second count. [applause] thank charisse for supporting us and the kind words when she introduced me. the good news is she said them exactly the way i wrote them for her. [laughter] thank you for your leadership in the house of delegates. you and your colleagues showing the country how much progress is possible when democrats are in charge. [cheering] remember of you might virgi

. ♪ francine: mark carney will soon end his term as governor of the bank of england.g the u.k. economy through crises and years of brexit related uncertainty. a high-stakes, divisive issue that has been impossible to forecast. good preparation for his next job, tackling climate change. born in 1965, the young mark carney dreamed of greatness in the world of economics, getting a doctorate at oxford.

i'm joined tonight here at the big table by the south african journalist and author on things or francine i mean it's good to see you again we want to remind our viewers if he gives us the story before but you were in south africa today 30 years ago tell me what you remember about just the atmosphere when he was released and it was released while i was actually inside wait here because we expected him to be released and say wait till we only heard 24 hours before he would be cape town and i was in the street where he lived with some of his neighbors in the lounge and when he walked out on his screens i mean people were screaming they were crying. it was just this amazing atmosphere and i think for the 1st time ever black people felt empowered it was such a magic moment and people were sort of in some ways not believing in it and it just like this party went on till he came back to see waited in 2 days later and they knew that he was going to be released. partly because of the work of your father your father was also a journalist and he had the scoop he he was in touch with mandela mandela

all in favor of francine covington being the president of the san francisco fire commission say aye? >> aye. >> anyone opposed? none. thank you very much for your support. congratulations. [applause] thank you. >> i will take public comment. >> don't say such a thing. i am very grateful for your show of support for me for this position. my love of the fire department grows daily for its members and the work that is done is very important that we impact everybody who is in san francisco and whether they live here or they are visiting and we have an energetic new team going to bat for the department. so that is always very good both on the farm side, the civilian side and citizen volunteers that are known as commissioners. so thank you all very much. >> thank you very much. thank you for reminding me of asking the question of acceptance and thank you for that gesture. is there a comment from the commissioners on this nomination at this time? if there is not, i will move on to commissioner cleveland. >> i just wanted to amplify my admiration for commissioner covington who is now my pres

it all started when suspects david anderson and francine graham murdered police detective and father of five, joseph seals. security video shows them storming the market guns drawn, killing three innocent people inside. >> she shoot in the grocery four shots. then she came into the grocery. i ran out from the grocery. >> reporter: police responding in less than 40 seconds. >> the cops are here! they're shooting back and forth! >> reporter: the gun battle lasting more than two hours before an armored vehicle rams the front of that market. the suspects found dead. david, the fbi says the suspects were motivated by hate against the jewish community and against law enforcement. david? >> all right, gio, thank you. >>> still much more ahead tonight this friday. the major settlement tonight. the bank accused. an opening accounts and charging fees without customers knowing. what they'll now be forced to pay. also tonight the amber alert for the toddler and new questions about why that was issued months after the child was reportedly last seen. >>> the deadly wrong way crash. a driver attemp

. ♪ ♪ francine: rothschild is one of the most famous names in the world of finance, tracing back overrs. from the jewish quarter in frankfurt, the family expanded across europe, becoming bankers for royalty and government for generations. along history comes with preconceptions. so how do you modernize such a storied brand and its business? on this episode of "leaders with lacqua," i meet ariane de rothschild. ariane de rothschild, thank you so much for joining us here.

i am francine lacqua h

. ♪ francine: china lowers tariffs on farm imports as stocks rally.f ammo. risk-on is the only game in time and european stocks it all-time highs. iowa, buttigieg and sanders remained at ken. neck.ain net and welcome to bloomberg surveillance. i am francine lacqua in london. these are your markets. a lot more hope. yesterday was our