every french soldier, every french citizen knows that french soldiers are standing on french soil. the enemy is on french soil. there is no abstract justification here. you see this in a way you do not see in the other soldier newspapers. no attempt to, in any way, justify what is going on. it is simply pure honesty, incredible, uncomfortable honesty in the french newspapers. the sketch of a nurse bathing the stump of a wounded soldier, just in the corner of the page. it is a kind of honesty that does not appear in the german newspapers, because the french are at ease to say, this is what we are doing, we don't need to talk about it more than that. it is very much like the letters we heard about yesterday. we are doing this because we have to. no country, no duty, no honor, none of those big words. no need for those. and that is run through the french newspapers, and they get away with talking about the war in a way you do not see in the british and german press. one letter in the french newspaper i enjoyed, the rank stupidity of the army and vastness of the sea are the only two th

so there were, and this is important, french french people in canada who came in on the side of the americansin fact, some of the very earliest of the volunteers were from canada, the ones who fought alongside the americans but the vast majority of them saw no benefit siding with the americans. the true by the way, in 1812. americans wanted to grab ahold of canada. that is one of the reasons why we went to war, and again, excuse me, saw no benefit to being with the americans. sir, you had a second question. >> did the holy roman empire have a stake in any of this. >>> did the holy roman empire have a steak in this. volatire said neither holy, roman or an empire. austria is the one that springs to mind. marie theresa was alive with france. of course her daughter was the queen. and. she and her son joseph, became joseph ii, stood on the sidelines. again it's pretty important to note that during this whole period there were no major conflicts on the european continent. probably some brush fires. that is always vergine's concern. he did not want to, for example, invade london because he did not w

it is for the french to judge me. for the french to decide. the most important courage in politics is to recognize any mistakes you make. working with your family, in politics, is a practice which the french now reject. what was acceptable in the past is no longer accepted today. by working with my wife and my children, i gave priority to relationship of trust, which today is called into question. it was a mistake. i deeply regret having made this mistake and i would like to apologize to the french citizens. like many other parliamentari parliamentarians, i have acted and aligned with customs and legal customs. and to date, fellow citizens don't want this practice to continue. three years ago, i put an end to all political collaboration with my -- the members of my family except -- this is not the case of all those who are criticizing me today. the system needs to be reformed, if it needs to be reformed, let's reform it by opening up the debate on the conditions in which parliamentarians do their job and how their teams work. i would like to r

the french officers who directed the siege. french officers who directed the gunfire. they also suffered twice the casualties of the american during the battle. i once french and american troops recaptured nine and ten, the situation for cornwallis have become -- so when brigadier general who is second in command came out to offer this which is the scene in the painting, they consider the victory to be a french one. he offered this render. now standard said this was a french victory but also understood the moment blind to george washington. without a word he gestured to o'hara to washington and washington, in in turn gestured him to his own second-in-command , benjamin lincoln who accepted the surrender. after yorktown there were no more major american battles. that. that did not mean the fighting stopped. facts the fighting was continuing around the world between britain, the burma alliance and other nations. in fact the time yorktown britain was fighting five separate nationstates. it was overwhelms. overwhelmed. for example the battle of gibraltar observe over 60,00

it was french officers who directed the siege, french officers who directed the placement of the trenches, french officers who directed the gunfire. the french also suffered twice the casualties of the americans during the battle. once the french and american troops had captured british readouts nine and 10, the situation for cornwallis had become untenable. and so when brigadier general charles o'hara who was cornwallis is second in command came out to offer the surrender, which is the scene in the painting, o'hara considered the victory to be a french one, and he offered the surrender. he understood this was a french victory but he also understood that the moment belonged to george washington. so without a word he gestured o'hara to washington. and washington intern gestured him to his own second-in-command, benjamin lincoln would then accepted the surrender. now, after yorktown there were no more major american battles, but that did not mean the fighting stopped. in fact, the fighting was continuing around the world between britain, the burma alliance and other nations. in fact, by the

it is worth reading because of the french navy that are in french or read in another but after you buy mind of the spanish navy -- david you should buy after mind that would give you more balanced view. they were all professional and by the way they were all royal navy's. one o negative and they were all very, very good. >> benjamin lincoln best accepted the surrender at yorktown is the ancestor of abraham lincoln could. >> a intriguing question that i willing to bet is answerable quickly but i don't know. i hope somebody here bb here want. >> nobody met mentions this man as his ancestors. >> was lincoln who was second in command and ancestor of abraham lincoln somebody says in the barter fee of benjamin franklin -- lincoln 55 got something different what reno. >> notwithstanding what did the french canadians throw and and then did they have any stake in the conflict? >> why a didn't canada commit on this side of the americans? because they saw no added did vantage to be with the americans win the british were already trading never as reasonably as could be expected. what the americans

the french are very, very fed up.'m sure a lot of people will say they vote marine le pen, although she is also embroiled in scandals, although it is very strange for francois fillon. supporters,t of his conservative voters, are hesitant now and have questions for him. marine le pen has several scandals. she has employed moneymen -- money of the european parliament for her own purposes. her voters do not seem to be upset with that. they will still vote for her. peter: if you want to answer why a panoramic election. symptomatic of what is happening across europe, that you have a section of society suddenly starting to speak out, and they feel they have been left hind, that the result -- these are people who voted commonest and france beforehand who are now voting for le pen, and you have vast areas where society is not working. immigration has gotten possibly out of control. white trench people -- white french people are left without jobs and feel immigrants are moving into their areas, and this is all absolute fodder

this was primarily americans support from the french. plus the air power was used -- by the italians and british and and the french. here is a different theater which is so-called hinder burg line north of paris where divisions had spent time with the british, 27 and 30th and they would attack the strongest german defensive position late in september. >> complimented by the australia. >> yes. australians lover the americans. they felt like kinship to them. >> looking at the roads, you get the sense how much the landscape had to be manipulated to get everything across. there was so much infrastructure as part of world war i. >> when the ger mans built defensive system in 1917 and increased in this 1918, they used tunnel for communications and it was massive structure that stands today. >> we're going into america's greatest battle. >> that would be 47 days and more than one million american troops. >> do you know the number of losses? >> there were roughly a little more than 26,000 americans who died during the battle. something like 100,

he commanded a french force that captured pensacola. britain was effectively now out of west florida and spain ruling the gulf of mexico and pretend no longer a threat, the french naval commander who had just arrived on scene asked the spanish nav navy to protect the french colonies while he took his entire fleet of two chesapeake. they learned that they were heading up to chesapeake so they raced up to meet him at yorkto yorktown. he stood at 6-foot four and 6-foot five on the days of battle and yes, since you asked, he was an ancestor of the astrophysicist neil degrasse tyson. he was shorter by 2 inches and explained [inaudible] [laughter] the fleet was landing troops around yorktown. when the british fleet appeared, he moved from the chesapeake bay and prevented him from resupplying with cornwallis and that sealed the fate of the british yorktown. >> it is very well known they moved on a quick march from yorktown and surrounded cornwallis. the guns blasted away for five days while they advanced. it was the french officers directed th

in the french economy. is it the right strategy? will socgen be seeing the rewards of that strategy any time soon? >> when you compare them with bnp paribas on tuesday, they disclosed some setbacks they faced in the french retail business. setbacks due to competition, due to asset quality as well, where they disclosed a specific style. so, impacting q4. socgen on the other hand is coming out strongly from 2016. they are beating on french retail by about 36% on net income expectations. and international businesses are also there to outperform. >> short-term, i want to bring up the upcoming elections in france. you have noted in your comments about the negative sentiment that can be forthcoming. particularly as investors get increasingly nervous around marine le pen's chances at the french presidential election. how big a risk does this have for the outlook around banks in france? >> interestingly in france the elections will take place over two rounds. in the second round, whoever gets elected still will hav

the french will counter. and i said before they're going to start putting their newport 11s out there, the bebe, which is a very fast aircraft. it does not have an interrupter gear. the pln gun simachine gun sits the wing and shoots over it. but this plane flies about 100 miles an hour whereas your fokker flies about 80. it's got a significant advantage in terms of speed. and one of the things that the germans -- or the french realize is the germans' observation balloons are important to the artillery garages the germans are throwing at the french. and one of the things the french will come up with is the modern -- or the first itdration of air to air missiles. they will put rockets on the support struts of 24r aircraft and shoot the rockets at the german observation balloons. so you're starting to have air to air conflict with rockets as early as 1916. and during may of 1916 you're going to have a coordinated attack between the french aviation assets.ground assets as they go to fort dumon by trying to not in

french banks are trading down. the french bank is suffering after results coming from the lender. net profits jumped 15% last year but still missed expectations. the french bank also announced to invest 3 billion euros into its digital operations. investors are not impressed. shares are at 3.5% in paris. helpedrgeon oil prices bp to double its profits last year, less than expected, though. the company raise the amount of payy it will be expected to in capital investment this year of over one billion -- capital investment this year of $1 billion. 25%, of theped by company hornby, after problems with its chinese suppliers. facebook are making a drive to tackle fake news during the french election campaign. news -- first draft helping find and verify news about the election. stories theyg dispute. interesting they are doing things differently in europe this time around. tom: i am still trying to get my mind around that first story, tvs that are spying on us. thank you very much indeed. stephen carroll, with today's edition on business. up next is the "press review." through what is g

french telecoms firm orange says plans are on track to launch a bank in french and the first half of this year. be able to use its 3000 branches around the country. orange reported a return to revenue growth in 2016. of the barclays almost tripled in 2016. pretax profits reached almost 3.8 billion euros thanks to its sale of its african business and other assets. shares of barclays are up 2% in london. shares of an australian airline months the last six because of lower fares and increased competition the carrier is facing. it has slashed costs and jobs in recent years. investors were pleased that shares in sydney were up 5%. genie: sweden's government has a bit of a strange problem. people are paying too much tax. a the swedish government had budget surplus of almost nine billion euros last year almost half of which due to tax overpayment. it now has to reimburse more than 4 billion euros to companies and individuals who pay too much tax on purpose. this is a problem created i negative interest rates. savers are earning practically nothing for keeping their money in the bank. those

the report was leaked by french news organizations and is apparently in the hands of french authorities since last summer. among the 12 people mentioned, two are of particular interest. made a falsee talking about allegedly employing -- as a european parliamentary assistant -- e working as the national front leader has dismissed the investigation as a political move. i'm being judged by the party so there is already a problem. the court decides when there is -- it's the courtrt -- it's for the cocourt to decide if there'a proboblem. >> being the pens regard since 1992, and penses assistance in 1993. she could not have worked as an spotty guard and parliament three assistant. anticorruption body says she had an extremely low attendance record and questioned her work ethic. french authorities open the case against penses national front in december, accusing them of embezzlement, forgery, and undeclared work. stand with french politics, it dark cloud continues to hang over the presidentialvative candidate francois fillon. allegations he give his wife and children fake jobs at the taxpayers

she is the most resilient of french woman i have ever met.he is going to be the one to represent us. just a little added pressure. the carnival is all about dancing and having a good time. it is also a competition between somba schools -- between schools. anchor: it is time for a check of the day's top business news stories paid i'm joined by kate moody here. expert -- it shines a light on the farming sector, which is going through a tough time. farmers areyear given a chance to bring their wares to the capital but also their concerns about the industry in general. touch baseity to with rural voters, and that is especially important in this year as the french farming industry is struggling to whether its worst crisis in decades. our reporter has been finding out. reporter: 4000 animals produced, 600 thousand visitors expected over the next week or so. this is an industry of society under increasing pressure. a growing problem of rural property -- rural poverty. >> these days there is europe and the trade agreements with canada. and still the

have you spoken to french business a great deal? been talking to french business for a long time.mplaining about the over evaluated euro, and its negative consequences on its business. we must not oppose the private sectors, the big companies, and the international sovereignty. in fact, during many years, and also still available in other countries, we have a partnership between this strategy and the private sector. we are not against the private sector -- on the contrary, we are managing and planning to make a new partnership anin order to create a winning strategy, and a win also for the private sector in its international business. matt: jean, do you feel that the euro is currently too strong? we have heard voices from -- for example -- donald trump's advisor peter navarro, saying he thinks the euro is too weak. the german finance minister wolfgang schaeuble said he thinks the euro is too weak. how do you feel about the current valuation? >> well, donald trump is speaking regarding his own national interest of his country, so of course when you are american and you look at the

it has a significant number of french expatriates.ur correspondent spoke to some national front reporters. -- supporters. reporter: you can't miss the lebanesee founded the party after returning from the own the big games in 1936. the ideology of the party was largely inspired by european fascism, something the logo does little to hide. >> it symbolizes the idea of preserving the dominance of the christian world. a nationalophie is front supporter married to a lebanese beard she has lived here 20 years and speaks fluent arabic. she has even acquired lebanese nationality. as a journalist of a far right newspaper, she's excited to see marine le pen scoring points here. >> it is very favorable terrain. these people are attached to france. through their history, they understand very well that the national front is the obvious preference for us and for the christians of lebanon, it is also obvious. reporter: supporting marine le easy, not always especially with a proposal to prohibit dual nationalities for french nationals of non-european

keep your eye on the french government bond market. the white line is the french 10 year yield. it has doubled to the highest level since 2015. the republican presidential candidate will speak to sour. it will be fascinated here with he has to say about the scandal surrounding members of his family. that has engulfed his residential run. this right now is in the highest level since 2013. let's put all this in perspective. this is a chart going back to 2008. as you can see, this is the height of the sovereign debt conference. this is where the spread was roughly 5%, we are nowhere know those levels. the ecb despite talk of a taper is a backstop for the european on market. it's a fascinating chart showing the yield and the spread differential are in we are awaiting his speech. jonathan: we will bring you the relevant points of that speech. we are turning to the battle of the bans. for the latest on the legal fight, let's go to bloomberg. a's decision in washington state and we had a massachusetts court ruling. the president tweets about both sets of judges. where do we stand now?

the iron lady as it is called by many of the french.ou can see it's going to be surrounded i a glass wall. the cost will be 20 million euros. it will be tilted in october and it will be 2.5 meters high. very much a feeling of concern about security. an attacawawawawkçkw yx

french films are financed by french taxpayers, so in part by front national voters. imagine a film coming out tomorrow about francois fillon or manuel valls, or i don't know, it would be justifiably scandalous. we think it is scandalous and unaccepatable, and maybe this film should be financed by our opponents. >> needless to say, film financing is not that simple. furthermore, the front national is currently under investigation for alleged embezzlement of eu funds for its own political campaigns in france. >> making political films, making films that make sense, making films that make french people think, should we not use public funds for this? what should public money be for then? to put the french to sleep? to entertain, but not teach anything? i don't really understand the logic. [speaking french] >> it takes place in a very specific part of france. the geography has its role, but it could take place in many other european countries, or the united states. >> it's happened in the united states. >> yes, but i mean that this story could be transposed to north carol

the french election and dutch election, they think it will go wrong, but they may go right. they share might be the empire strikes back where the center holds in europe. if that happens, you can see a change in expectations. mark: you have done some calculations and you are saying european stocks good return 5.9% more per year than u.s. stocks. just give us the reasoning in the calculation. david: there are three things giving us this result -- first of all, european stocks have higher dividend deals. one right there. second of all, u.s. stocks are above the long-term racial average. -- ratio average. that gives europe another 2% advantage. the third thing is the euro. 1.6 is too low. in the long run, the euro will appreciate back to it long-term average against the dollar and that could give you another 3%. you added up, the opportunity for the european stocks outperform is pretty strong. vonnie: you would recommend going into the eurozone rather than take advantage of things like a spike today and health care stotts -- health care stocks. in a spike in things like material

spirit and the french... bombing, people are vigilant, but they forget. this is why we should not be that much lazy in vigilance. thanks for joining that much lazy in vigilance. thanks forjoining us. we will stay with this story. our correspondent is in paris. we are looking at these live images of people being ushered out of the louvre, walking calmly, no sense of panic, it seems. what is the latest you are hearing about this incident? the latest is there is a political side to this, and on the ground the french police are reported to be saying they have arrested a second man. in connection with the attack. as ever with these events, when they occur, there is a swirl of details and it becomes difficult to pick out exactly what has happened. but there was talk of a second man, possibly a second attacker. there now appears to bea second attacker. there now appears to be a second arrest at any rate and we believe the police are saying it is connected with the attack. it is hard at the moment to say that with an

[speaking french] reporter: mr. president, i will ask my question in french first, and then for you, i'll ask it again in english. [speaking french] translator: i've heard you say that canadian businesses, canadian workers are concerned for their businesses and for their work and jobs concerning the renegotiation of nafta. so, what guarantees did you get from this government that we will keep our jobs and our businesses in the renegotiation of nafta? >> mr. president, during the last three months you have denounced nafta. you have talked over and over about the mexican portion of the agreement. very little about the canadian one. my questions in two short part is, is canada a fair trader? and when you talk about changes to nafta, concerning canada, are you talking about big changes or small changes? thank you. prime minister trudeau: french]g translator: it is a real concern for many canadians because we know that our economy is very dependent on our bonds, our relationship with the united states. goods and services

present regret it and i my apologies to the french people. like many others i followed a one clearly that our compatriots no longer want. >> he will not beginning that money back. -- be living that buddy back. giving that money back. singh he's the only one who can bring about a national recovery. anchor: taking a look back at how this story under by the satirical paper ended up making headlines around the world. 25, 2017. about to create a political storm. the series of articles, weekly newspaper alleged that been paidillon had nearly one million euros as his parliamentary assistant. there was reportedly no proof of her work. >> i was never his assistant or anything of the sort. >> the financial prosecutor opened an inquiry into the misuse of public funds. another scandal, accused of eating paid to work at a owned byjournal billionaire friend of the family. she earned 100,000 euros over 18 months. there was no evidence she worked there. even damaging, french media reports the journals order -- journals owner received the highest honor in 201

fundamentally french financials and french small caps would be most impacted.re cautious at least until the election. with these segments as well. matt: thank you so much for joining us. talking to us about the asymmetric risk around french elections. reports are swirling around british bank rbs after reports saying the bank will cut 15,000 jobs. the stock is trading up 0.5% in london. chris wheeler is joining us by phone. is thengside guy bloomberg u.k. bank reporter. what are the needs of rbs? >> i am not necessarily sure about that. most banks will soon have too many retail bankers given the move to digitalization. i think it does demonstrate how complex thinking is and how despite many initiatives to continue the business, you always have to come out with another initiative. rates are notst helping. guy: does management have any other option? >> no, quite simply. they still have to cut more jobs. they are still way oversized. they used to be a global institution, at one point the biggest bank in the world back in 2008. they are shrinking to focus on the u.k

he is trying to present a new idea of french society. how will he deal with globalization? whichs one of the biggest is from le pen this weekend. he already said in berlin what he wants to do about globalization and europe. he said it's going to be a key element if he is elected president. he wants to rebuild europe in a new way, and the global world we live in that's going to be a key point here in francine: le pen was promising a crackdown on immigration and globalization. >> for the moment, it's important for me to tell you that he is trying to do. on the national front, if you listen to his speech saturday, he was saying very firmly that le pen is betraying the french people. that is the message. at this moment, it's an important party. it's an important moment in the shetical life in france and is betraying the french people. francine: how will he deal with europe? do you think voters will go to look than because they are fed up with europe and its regulation? >> you have to go back with what he was saying. he is repeating that. he

that is for the french government, terrorism is turning off the tourists.he overall figures are grim. paris lost 1.5 million tourists in 2016, mainly from china and other parts of europe. they become a fixture at iconic paris locations. personnel tolice reassure tourists the city is safe. us ify will protect someone wants to attack us. arrivals from asia dipped significantly in 2016. the decline in chinese tourists amounted to over 21%. the number of japanese visitors dropped over 41%. terrorism as well as the threat of petty crime are to blame. visitors and tourists zones say feeling thethey are pinch with visitors staying away. >> i think it is everywhere. france is scary right now. reporter: despite terror threats, a number of french tourists visiting the capital rose last year. professionals in the tourism industry are confident for an arrivals in paris are picking up. >> since the end of the year, since november, the numbers became positive. it's a trend that continues in january and february. costs onethey say it billion euros in lost revenue in 2016.

theins popular among french are two thirds of the french think the support of him for macron will be campaign. this support has actually in the firsthances round by three points. he is at 22 .5% in the first round, so this is clearly a help for emmanuel macron. anna: thank you. let us talk with patrick armstrong, cio. he said earlier on when we are talking about comparisons with other parts of the world, you said, why would we that against populist parties in europe when people have come on unstuck? patrick: it is a very cheap hedge, 1% deals is what it cost. it is unstuck? anna: this shows the french advancing away in terms of yields from the german 10 year. because of the risks around the french political story. we have seen that oscillating a little bit around the news flow, really, and that is what we are coming down to. every day, the news flow is moving. patrick: french bond yielding just below 1%. .2, .3.yielding around it is a good thing to be short right now if you are worried about these type of populist votes. anna: are you making any bets on the euro and were that heads a

there may be more french fighter staying abroad. may be french fighters were themselves to the battlefield or maybe the islamic state or other terrorist groups are focusing on other targets. we can't conclusively say that. a lot of effort has been put into ramping up efforts in france. and it certainly has had an effect on disrupting a lot of plants -- lot of plans. anchor: why did the french government go public? guest: i'm not certain about that. i think the french authorities have decided that the plot is fairly contained and they understand it quite quickly. there was a protector speculation filling the void and making things much worse. the 16-year-old girl involved in the plot will get people concern. with a very thing young adolescent, it is always very shocking to the cap -- to the public. boyfriend whoer help people understand and little bit better what they are actually seeing. anchor: thank you for joining us here on france 24. authorities are embracing themselves with potentially more unrest this friday evening. the five

marine le pen refuses to speak to police until after the french election. the far right leader wanted for questioning over an e.u. fake jobs scandal. also coming up this hour, we will have a top business stories. over the next week, paris will be home to france's largest farm as the agricultural fair kicks off this weekend. anchor: to start this hour in malaysia where police have identified the poison used to monom.im jong u was used torve gas assassinate the half-brother of the north korean leader. pyongyang is believed to have up to 5000 tons of the lethal chemical. reporter: one of the deadliest poisons in the world. malaysian police say they know vx nerveled him, the agent. >> the chemical is illegal. chemical weapon. we are investigating if and how injured country -- entered the country. reporter: the estranged older brother kim jong-un was attacked by women in a crowded airport in kuala lumpur. his face was wiped with the poison, he began to feel unwell. he requested medical help from airport authorities and died on the way to the hospital. actingne o

is her thing about the eu and she is saying she wants french citizens to feel french again, she wantsnts the european union to be a union of nations, very much in the john major, david cameron view and emmanuel macron says, no, we come together, the big project of the ever coming together and i think that will be a real division and you are getting a big swing away. before the brexit debate, according to an analysis, more french were opposed to the eu than in the british electorate so watch out. yes, she will win first round and lose on the second, do not count on it. you heard it from mr fox, remember. in the times, one in six wards facing axe to try and save some money which is extraordinary how overcrowded some hospitals are. it looks as if they are trying to look to rebalance services but at the same time they are saying to close a hole in the budget as well. it is a big hole. it is but more and more money has gone in. it seems to be demand is outgrowing the extra amount of money. whether it is people's expectations, people living longer, the pharmaceutical industry, what ever it

, greeting the background to the french revolution, since we buy playing this role of -- of the french aristocracy were head up and heels -- head over heels. they were singing songs in favor of america and liberty. franklin played that role, he would show up at the court of versailles, which was the most protocol written court in all of europe, and he would show up in a plane that encode with no sword, none of the dress you are supposed to wear at first i -- at the court of versailles. it would be like showing up in front of queen elizabeth, today in dungarees and a t-shirt. the french aristocrats loved it, they celebrated it, and he played his role to perfection, and i think he was able to keep the french going, not just with their armies, but of course more importantly was the money. they loaned america enormous amounts of money. franklin came late to the revolution. he really wanted to hold the empire together. he spent most of his adult life in england, itself and his son became a notorious loyalist. franklin comes very late and i think the burden -- if the british aristocrats had

i don't speak any french, soi was wrong.o i heard the announcement but kept looking at the exhibits. the museum staff brought us down underground and told us to wait there. luckily there was why— five. they kept us in touch with everything that was going on. “— touch with everything that was going on. —— there was wi—fi. it was really after the first initial confusion, all i could find was that there was some sort of attack and that it was thought to be terrorist related. we didn't know if there we re related. we didn't know if there were gunmen or explosives. we just had no idea. i personally decided to keep my cool and help the people around me to stay as well. i was thinking that if there was a panic, that would make things worse for everyone. earlier, we spoke to the french republican mp jacques myrad. he told me that this morning's attack would have been very difficult to prevent. this is certainly the most visited area in paris after the eiffel tower. you can imagine you have thousands, even ten thousands of people eve

talking more about french elections.ral feeling historically is that you have to be very careful talking politics and roughs, often times politics makes for good buying entries. french election has some existential implications for european equity markets. we would be more likely to look for fallout, buying broad market exposure in the wake of this type of risk is hard. if something were to occur, there will certainly be some good values out there. mark: at the same time, you have the economic data which is suggesting this is an economy that is moving away from it's lull of many years. economic, gdp data, today's cpi data in germany, the business confidence survey as well. the economic backdrop is improving, isn't it? >> it is. we are a bit non-consensus if you look across the global non-equity portfolios and the money managers we work with. toward a slightly europe, which i think is a bit non-consensus. the people are favoring u.s., worried about a strengthening dollar, so they want to stay close to home. they see bette

they made the french literature. they made the french social contract. they made -- i demonstrate in this book that the very stemming cell, not stem cell, stemming cell, the first draft of the french language, the language which i speak a little better than english, the french language, the first one who have produced, put into motion this french language is the greatest jew of his time who is rashi. rashi, it will be too long here. you will find, if you want, a demonstration in this book. rashi is the inventer of the french language. so 40 how would the followers of rashi leave france? except if they think that their destiny is in israel, except if the has a lot to do, except if they believe that their next project is to add something, to contribute to the great dream made reality of zionism. but this is another story. i believe and i demonstrate again that zionism is still alive, that zionism is not, as it is often said, out of breath. i don't believe that at all. and i completely understand the jew who thinks that his task is to contribute to that. bu

french government creating the background to the french revolution simply by creating this role that the french aristocracy fell head over heels. they were caught up in radical chic. they were singing songs in favor of america and liberty. this was in the 1780s without any awareness of the future consequences of this and franklin played that role. he would show up at the court of versailles which is the most protocol ridden court in all of europe and he would show up in a plain linen coat with no sword, none of the dress that you're supposed to wear at versailles. it would be showing up like today at the court of saint james in front of queen elizabeth in dungarees and a t-shirt. that would be the kind of thing that -- but the french aristocrats loved it. they just celebrated. and he played his role to perfection. and i think was able to bring the french -- kept the french going, not just with their army but, of course, more important was the money. they loaned america enormous amounts of money. franklin -- but the interesting thing is franklin came late to the revolution. he really

this is not in line with the french constitution.saying citizens are seeing their rights eroded in the name of security. according to the security minister, 612 house arrest have taken place over a 12 month period. this agate hammer, have been prosecuted. >> if they were so certain and had proof that i had carried out the attacks are been radicalized, i don't think they would have given me access to the airport. reporter: his lawyer confirmed amnesty international spheres. underepresented those house arrest by mistake. those they were under house arrest without any roof. their doors were broken at night , that state of panic stays with you. emergencythe state of will be extended until july 15, which would allow a new president to assess security and prolong the measure if necessary. trump is sending his secretary of state to mexico at a time when tensions between the neighbors are at their worst in decades. rex tillerson and his head of homeland security, john kelly, will meet with president enrique piÑon yet show to discuss a range

appealing to french voters. a lot of french voters there ? appealing to french voters.0,000. a lot, several hundred thousand. in another election it might make a difference. and he was making a speech to them tonight in westminster. also saying in france that he will not be terribly kind to britain in the negotiations but then he would have to say that, because the french don't want him to say, we will give britain a great deal. let's talk about the telegraph's frontpage, the continuing story about business rates, and looking like some indications that there could be some sort of climb—down by the government on this whole issue of business rates? not clear, what is happening is a tussle between sajid javid and philip hammond. sajid javid and philip hammond. sajid javid, from the local government ‘s department, sent out some information which misled mps a little bit, into believing that the rate rises were not going to be as big as they were going to be, and philip hammond now coming under pressure to ease some of those rate rises, offset some of the costs. this could be

we have a big section when it comes to french elections. how would you deal with donald trump, in terms of what he can do to the economy? lorenzo: what he has been promising in terms of macro policies is relatively good for the world economy. a bit more spending, tax cuts. we have to see, from a budgetary point of view, how he is going to be able to finance this. on the other hand, on the trade side, that is much more concerning, i would say. so i think we just have to wait and see. in any case, we are still in a world flooded with liquidity, with savings. i am surprised that long-term rates have started to come down after an initial freeze, in fed rate increase. we are still in a world of severe glut. francine: is the fed following the markets too much? i want to bring you over to my wirp function. we see the odds of a rate hike in arch have increased. there were 36% last wednesday. now, they are at 50%. if you are a central bank, if you wait for those odds to be at 80% because you do not want to scupper them -- is a good for a central ban