become a euro crisis then it's only because of its one hundred thirty one percent national debt of g.d.p. which is second highest in the eurozone just after greece because of the state that its banks are in max with all the figures all the facts and that show down in stress but thank you very much a big drop in buy a stock dragged down frankfurt shares today a judge up holding a verdict finding its new acquisition liable for not warning the school grounds keeper that its weak killer could cause cancer but the u.s. judge did cut the damages bill from about two hundred ninety to seventy eight million dollars and center says it's pleased with the reduction will still appeal the verdict saying there is no scientific proof linking its best selling have a side round up to cancer. office and puts is following this story for us from frank at two hundred ninety million dollars damages to seventy eight million why such a big fold in the stock then. investors are letting the shares will it's because they're focusing on an entirely different different issue and they're not focusing on this cut they're focu

italy's debt now 132% of g.d.p. which means it's worth more than what the whole economy produces in a year. it's also the second highest in the eurozone after greece. anchor: real budget battle on their hands. got it. how is that affecting the stock markets? reporter: we have italian shares in the red today. but investors had largely priced in that move from the european commission. so not much -- too much to upset the european markets. you can see gains across the rest of the european markets. we're keeping an eye on shares in the british bank barkley. on the currency markets, euro trading for just under $1.15 and sterling has take an dip over the latest brexit uncertainty. we're also keeping an eye on the price of oil today. slumped sharply on tuesday. the benchmark international brent crude down again today. it was almost at $80 a barrel just two days ago. $76 a barrel now. we've seen the price stabilize for now at least. anchor: italy's competition authority has made landmark decision about smartphones. reporter: the

become a euro crisis then it's only because of its one hundred thirty one percent national debt of g.d.p. which is second highest in the eurozone just after greece because of the state that its banks are in max with all the figures all the facts and that show down in stress but thank you very much a big drop in biased stock dragged down frankfurt shares today a judge up holding a verdict finding its new acquisition monsanto liable for not warning a school grounds keeper but it's weed killer could cause cancer but the u.s. judge did cut the damages bill from about two hundred ninety to seventy eight million dollars and center says it's pleased with the production but will still appeal the verdict saying there is no scientific proof linking its best selling have a side ground up to cancer. following this story for us from frank a two hundred ninety million dollars damages bill cuts a seventy eight million why such a big hole in the stock then. investors a living the shares will it's because they're focusing on an entirely different different issue and they're not focusing on this cut they're focu

they have a small current account surplus of 2.9% of g.d.p. whichs entirely financed and more than financed by these long-term net stable foreign direct investment flows to australia. this is a sign that underlying demand for australia's currency is relatively robust and supportive of the australian dollar in our view. >> thank you so much for your time. commonwealth bank of australia, senior strategist. of course you can get the story you need to know to get your day going in today's edition of daybreak, bloomberg subscribers go to db go on your terminals. also available on mobile in the bloomberg anywhere app. you can also customize your setting so you only get the news on industries and assets that you care about. this is bloomberg. ♪ shery: you're watching daybreak australia. let's get a quick check of the business headlines. volkswagen is said to be close to hiring advisers for an ipo of its heavy truck division. say citigroup, deutsche bank, goldman saks, and jpmorgan may be named global coordinators for the offering. bloomberg intelligence sa

g.d.p. our general data protection regulation which you may remember. was all the rage back in earlier this year when it seemed like anyone with a website in the world was scrambling to make sure that they were in compliance with these new strict rules that before they went into effect across the e.u. in may g.d.p. are basically lays out pretty strict rules for how a company like facebook is to handle a situation just like this when our personal data is breached and the fines for not doing so is pretty steep it's four percent of global annual global revenue which for facebook could be as much as one point six billion dollars if it's found to be in some way violating or not complying or neglectful of g.d.p. our rules no ireland's data protection commission they're the ones with jurisdiction of facebook in the e.u. they put out a tweet yesterday a statement says that they think the new information is significant and will continue its investigation into the breach into facebook facebook's compliance and its obligations under g.d.p. are so ireland's data pr

g.d.p. of china's six point five percent save india i suppose which had in two thousand and seventeen a g.d.p. rate of seven point seven point three percent and that's expected to grow to seven point three or seven point four percent and twenty eight hundred twenty nineteen. russian president vladimir putin has said there is no reason to take any steps to worsen relations with saudi arabia in light of the disappearance of and most people assume earlier of washington both journalist jamal khashoggi who is.

which are supposed to flush money into the coffers of the state. but that's obviously not enough over the past five years the national debt has risen from around sixty percent of g.d.p. to a current level of almost ninety percent the reality which is already slipped by around twenty percent this year recently hit a two year low after years of recession the economy is beginning to pick up again. only very slightly. the incoming president has promised many things. he plans on selling state owned companies and using that money to pay off the state debt but the most important state owned corporations such as petro bonds and banker to brazil remain exempt. in addition he's declared war on massive corruption. for more on brazil's economy and how the new president elect plans to put it back on track i'm joined by model told the latin america expert at adecco bank he joins us in frankfurt good to have you with us so firstly in your own words what's the most urgent economic issue that both scenarios should tackle the most arjen issue economic side is just a consolidation thing we have strong debt levels are increasing quest from me and budget deficit is also quite high so yo

g.d.p. of china's six point five percent save india i suppose which had in two thousand and seventeen a g.d.p. rate of seven point seven point three percent and that's expected to grow to seven point three or seven point four percent and twenty eight hundred twenty nineteen. russian president vladimir putin has said there is no reason to take any steps to worsen relations with saudi arabia in light of the disappearance of and most people assume earlier of washington post journalist jamal khashoggi who was last seen more than two weeks ago entering the saudi consulate and istanbul turkey many business leaders and government officials including as of yesterday was late when he got there u.s. secretary of treasury stephen the new chian they are boycotting an economic summit in the saudi capital of riyadh dubbed the davos in the desert summit named after the annual economic conference boom bust was there in davos switzerland. and the large spanish banks and ten dare is under the microscope by authorities over an alleged scheme to defraud the german government and others of tax revenues the allege

which are supposed to flush money into the coffers of the state. but that's obviously not enough over the past five years the national debt has risen from around sixty percent of g.d.p. to a current level of almost ninety percent the reality which is already slipped by around twenty percent this year recently hit a two year low after years of recession the economy is beginning to pick up again but only very slightly. the incoming president has promised many things. he plans on selling state owned companies and using that money to pay off the state debt but the most important state owned corporations such as petro bonds and banker to brazil remain exempt. in addition he's declared war on massive corruption. i'm joined in the studio by vanessa fisher from a business who grew up in brazil so as a brazilian passport and covers the country quite regularly when asked what was the main economic issues that might brazilians vote for was in our what if we repeated his share of brazilians and specially from middle class income families is that they feel robbed and basically on a system where you pay a higher amount of taxes and you basically get nothing in return so they argu

g.d.p. of china's six point five percent save india i suppose which had in two thousand and seventeen a g.d.p. rate of seven point seven point three percent and that's expected to grow to seven point three or seven point four percent and twenty eight hundred twenty nineteen. russian president vladimir putin has said there is no reason to take any steps to worsen relations with saudi arabia in light of the disappearance of and most people assume earlier of washington post journalist jamal push shogi who was last seen more than two weeks ago entering the saudi consulate and istanbul turkey many business leaders and government officials including as of yesterday it was late when he got there u.s. secretary of treasury steve a minute.

g.d.p. to a current level of almost ninety percent. which has already slipped by around twenty percent this year recently hit a two year low but after years of recession the economy had recently begun to pick up again if that trend continues both so narrow will be only too happy to take the credit brazil's stock exchange has already reacted positively to the new political order. turkish president reza talk about on his open istanbul's newark international airport the mega structure has six runways and is expected to handle two hundred million passengers a year the airport isn't complete and the launch began with only a few flights but the opening ceremony had been timed to coincide with the ninety fifth anniversary of turkey's founding as a republic the government says it will be one of the world's busiest airports once it's fully operational twenty twenty eight but the project has been controversial critics say human rights as well as environmental and labor laws were violated during construction. how it is just around the corner and millio

g.d.p. of china's six point five percent save india i suppose which had in two thousand and seventeen a g.d.p. rate of seven point seven point three percent and that's expected to grow to seven point three or seven point four percent and twenty eight hundred twenty nineteen. russian president vladimir putin has said there is no reason to take any steps to worsen relations with saudi arabia in light of the disappearance of and most people assume earlier of washington both journalist jamal khashoggi who was last seen more than two weeks ago entering the saudi consulate and istanbul turkey many business leaders and government officials including as of yesterday it was late when he got there u.s. secretary of treasury stephen the new chian they are boycotting an economic summit in the saudi capital of riyadh dubbed the davos in the desert summit named after the annual economic conference boom bust was there in davos switzerland. and the large spanish banks and ten dare is under the microscope by authorities over an alleged scheme to defraud the german government and others of tax revenues the all

g.d.p. ratio as well something which has been a core part in tackling for the the conservative government here for the best part of this decade as well so with all that in mind he did also underline that this would enable him to create a more stable financing situation for the health service for example something which the which has been a cause for concern and in it he outlined a ten year plan with that would take place as well as some other infrastructure plans so all about highlighting what he calls the positive but of course all about goes out of the window should there be a no deal breck's it situation that would take place later in the air and sun here of course all of this kind of goes out the window if there is no deal a breakfast that struck me how much insecurity is this particular issue causing are some people just not taking this budget seriously. well the thing is barbara's also that there is not. much money yet really to play around with for the finance minister to be able to push for and all of that as well of course there is still this element of caution exactly what would happ

g.d.p. with its nearest large city block which of course you need and i guess you're an experienced parliamentarian at westminster i'm asked but a statesman as a speaker of the house of commons likes to call you what should assessment of what's going to happen in the country what's on blacks at the sort of the first we're going to see or for the option of least damage the other option is of course that both very damaging and you want to get back to a situation where you're not be stuck with least damage but you reach out if it works is a better scenario analysis been in custody in and out of the single market both occurred. i love me. well i love them somebody how does know it's a mask you never know what's happening and whether they're shooting whether it's your. mistrust the tibetans are. going to. be. just like you know that into you but i'm going to consider a minute that's been in the muslims all these clear when the. thank you. ok yes ok thank you thank you thank you. yes i was. ok. thank you. welcome back one of the fascinating contrasts between scotland and catalonia is that while scotland

g.d.p. with its nearest large city block which of course you need an experienced parliamentarian at westminster and ask but a statesman as the speaker of the house of commons likes to call you what should assessment of what's going to happen in the country what some blacks at the thought of the first would be going to see or for the option of least damage the other option is of course they're both very damaging and you want to get back to a situation where you're not be stuck with least damage but you reach out if it works is a better scenario notice been in the customs union out of the single market both occurred. incidentally live on gusts there are of course just retaining membership of the to be in and i think the type of transition really teach them a certain for something between two and three hundred years for the u.k. to get a section on final agnus meal what's going to beat you to vice to your colleagues and parliament and the deed to the s.n.p. in general about how they should react to whatever be able to resume a comes back with from brussels. and then myself if the advice would be g

expected to cost seventeen billion euros together if an acted to the budget which target a deficit of two point four percent of g.d.p. and that is well above you it's. so the e.u. is worried about italian debt italian stocks however having their best day in three weeks despite or perhaps because of the budget proposals well as cross over now to correspondent seema group toes in rome seema tell us a little bit about the economic situation in italy where is this public money that they say we need where is it needed most. well really the problem the main problem here needs at least a massive public debt i mean it's summer hundred thirty one the said off the g.d.p. and the sluggish economy here the country's been dealing with for some time so the prime minister speaking in parliament today essentially saying enough was terry t. want to do is to boost the economy and as far as this government is concerned this anti establishment government is concerned that needs dealing with poverty alleviation and helping people with their day to day finances and that means they've put in place this idea of having a big income for the.

to the levels of european neighbors level in the united states which ones double as a player g.d.p. on health care well they've made process this. this of an extra twenty billion pounds for the n.h.s. they've made it many months ago and still smith seriously it hasn't taken place i think they've got a real credibility problem now in the budget and in the next few months they're going to have to find some money for the n.h.s. but meanwhile we've been experiencing a privatisation of the n.h.s. by stealth gradually more and more of services have been contracted out for profit will corporations often forum and gradually will losing that universalism that is the essence of the national health service they've also got fined money for propping up the universal credit system and a figure of two billion has been has been mentioned so he's got actually relatively little leeway if he continues to abide by the phoney logic of the austerity era and that i'm afraid is where they are ok those constraints are in addition to the preexisting constraints as it were but as you know the people you hang

was put in place over the objections of the democrats actually seem to be working which is the three point five percent g.d.p. growth figure that was announced this morning when people thought it wouldn't be that good during a hurricane and summer season so i think you know i hope this is not being looked at it primarily through a political prism of violence in the service of. violence makes no sense in this country or anywhere else it's not going to accomplish any lasting objectives this person seems to be a deeply troubled individual let's find out why he did it and let's hope there are no other coconspirators. as you mentioned there donald trump and his press conference stating that there's no room for violence in political discourse in the united states nevertheless he has been criticized hasn't he by many for his rhetoric which is said to fuel extremism and hatred on the other side as well trump has blamed the media the fake news media as he has pointed out also some other political figures for stirring those divisions and perhaps encouraging violence you know we're going to look at charlottesville at s

which the i.m.f. has slashed its growth forecast turkey's debt tops fifty three percent of g.d.p. and inflation is rising faster than at any time and president wretch of type ever wants fifteen year rule but there are tanking and inflation soaring missed out on has now told over one hundred companies to justify it recent price increases they meet with a view to causing fines on what he calls. for some more insight let's bring in gareth jenkins he's a turkey analyst at the institute for security and development and he joins me from istanbul welcome gareth turkey's finance minister who is also president out of one son in law is to announce a program for a what he calls for flight fight against inflation on tuesday what do you expect the program will entail. well we don't really know i mean it's only a couple of weeks since he announced the medium term program several years and that was supposed to set the template really economic policy for the turkish government and now we've had this almost panic reaction and guess what's probably going to be a hastily couple together a program to

g.d.p. to more than half. the facts are likely to be felt most in emerging markets or borrowing tends to be particularly high. turkey is among the countries for which the i.m.f. has slashed its growth forecast turkey's debt tops fifty three percent of g.d.p. and inflation is rising faster than at any time in the president added wants fifteen year rule now with the lira tanking and inflation soaring missed out on has now told more than one hundred companies to justify recent price increases they've made but if you pose in fines on what he calls opportunists. for some more insight let's bring in gareth jenkins he's a turkey analyst at the institute for security and development and he joins me from istanbul welcome gareth turkey's finance minister who is also president out of one son in law is to announce a program for a what he calls full fledged fight against inflation on tuesday what do you expect the program will entail. well we don't really know i mean it's only a couple of weeks since he announced the medium term program several years and that was supposed to set the template really economic policy for the turkish government and now we've had th

which to meet. current trade sanctions could reduce global g.d.p. by almost one percent over the next two years. clearly we need to deescalate these disputes but just as clearly we need to reform the global trade system to make it even better fairer stronger. mutually beneficial to all nations and all people and fit for the future. and that means fixing the system together not tearing it apart. well scott had joins us now from the asco global fund and it's clear they have a lot to talk about what will they be focusing on. as we heard there from the i.m.f. head a lot of the focus has been on those trade tensions mainly because yes you have the two top economists in the world and gazin these trade tensions and they're not meeting you know with it and they say we would have thought there could have been some kind of sidelight meetings at this for over these couple of days of series of meetings but there has not the two nations are not speaking to each other about these trade tensions but one thing that has been brought up during this period of meetings is that the other nations around the world wil

expected to cost seventeen billion euros together if and acted to the budget which target a deficit of two point four percent of g.d.p. and that's well above you. that's developing news. you're all maxed out. your dog can grow on him her so long there's this really good marks everything's different in celebrities are calling the shots . today british photographer rank is in charge high money is right in place they can see my upset if your next edition contain. your roamings news t w. because. in the bundesliga two members of france's world cup winning squad knocking germany's first division and there's a lot more talent where they came from. we take a close look at the french imports playing for german clubs susan back. in sixty minutes. more female candidates than ever before. women are striving for power in the u.s. midterm elections. that are played out the morale of the kids. why is that and what do these women want. we report on this think way and meet some of the candidates. this week on. the colby's in germany to learn german polish pinnacle why not learn with him d w z learning course nikos fake. today making

which are supposed to flush money into the coffers of the state. but that's obviously not enough over the past five years the national debt has risen from around sixty percent of g.d.p. to a current level of almost ninety percent the reality which is already slipped by around twenty percent this year recently hit a two year low after years of recession the economy is beginning to pick up again but only very slightly. the incoming president has promised many things. he plans on selling state owned companies and using that money to pay off the state debt but the most important state owned corporations such as petro bonds and banker to brazil remain exempt. in addition he's declared war on massive corruption. i'm not alone in the studio by vanessa fisher from the business who grew up in brazil so as a brazilian passport and covers the country quite regularly when asked what were the main economic issues that my brazilians vote for was in our what if we repeated case here brazilians and specially from middle class income families is that they feel robbed and basically on a system where you pay a higher amount of taxes and you basically get nothing in return so they argu

g.d.p. to a current level of almost ninety percent. which has already slipped by around twenty percent this year recently hit a two year low but after years of recession the economy had recently begun to pick up again if that trend continues will be only too happy to take the credit brazil's stock exchange has already reacted positively to the new political order. britain's finance minister philip hammond has been laying out his spending plans for the coming year this fall's budget as the last before bracks of next march when the u.k. leaves near opinion haven't haven't promises that britain's economy will grow by one point six percent after that he also expects a dressing fall in the deficit but today's budget would have to be completely overhauled if britain crashes out of the european union with out a withdrawal deal. a lot of things will be overhauled after backside and news has emerged that the ground is a writing beginning to shift when it comes to post bracks and financial markets. sent us this report. to the very interesting news whi

twenty sixteen which is more than twice that of russia which is the next among fifteen major emerging markets and oil producers so twenty one percent of g.d.p. for saudi arabia is oil and energy production in russia they're saying it's like ten percent so again i want to point out that america is something like eighteen percent of our economy is just house care so we're. we are a hospital masquerading as a nation if you know what dick cheney had said about russia was that they're a gas station masquerading as a nation just to put into context the ability to keep inflation jamie in the bottle is evaporating so we see prices going up across the board oil is just one of them we see interest rates rising that's inflationary we see the dollar eventually cracking and have a catastrophic collapse that's usually inflationary so prices across the board go up. saudi arabia venezuela hello their oil based economy is they all benefit wildly from the emerging market takes a benefit of this in oil and gold gold starting to perk up again and but going of course would skyrocket two hundred thousand plus and then just speaking of russia i have this last hea

g.d.p. for defense a president who was asking that very clearly correct to just a defined his movement as a puppet is that which means balkan is very often means extremists to kill because of this movement to have success also because they represent the we look of the population to brutus in front of some through problems that we have we we have next year elections in dupion free more we will see which would be the result of this so called the populist movement in dupion parliament and then we will we will see that indicate on of the problems that the europeans have nowadays as you mentioned some real problems and i think the two main factors that may have influenced the telly in their electorate are immigration and the economy and on both of which decision making was mostly done. in other european capitals rather than brome much of that was done in brussels some of that was done in berlin do you think the the change within the taliban politics is germanic enough to encourage change in the decision. taking on the european level with regards to both immigration and the management of on i mean this is partly true

g.d.p. and production can't support even the debt service that they have and as interest rates go up we're going to see a change or default which is beneath the dominoes the fall so i don't know if that so emergent emerging markets will need this i don't know if the e.u. will need. or a crisis in china because china has a big problem with all that debt china has that is a big break on china but let's look at the central banks again and continue on the same cell to kid the zombie banks going made by the debt of the zombie banks to talk about mad drag a talk about the talk about the central banks and fighting about it by trillions of dollars or trillions of euro's and there's another trend though which is pernicious an ugly and disgusting and that is central banks buy stocks out of the swiss national bank is the biggest honor one of the biggest owners of apple stock the japanese central bank spent buying stock on the japanese market to keep it floating and now they had a the federal reserve bank here in the u.s. is talking about when the next crisis hits they're going to start buying stock in the open market met your thoughts wel

g.d.p. leap but we just from an emphasis on the rate that we do want to focus more on the lower side of the equation that they know we need that growth in the army which i think that is the only credible and sustainable way to turn a country into a sustainable capital the long term so i do believe that once these issues that are in fact i don't lease that there's a whole you and i both will fully understand if we appreciate that goal and the goal of our plan b. you've talked about growth the you base the promises on you for cost assuming economic growth of one point five percent next year the european commission expects its allowed to grow one point one percent and your own accounting boost of the main lobby group representing the talian business this week cut down its own growth forecast to zero point nine percent is that still you still believe above that i think so because the dogs numbers that you mange of the one percent have come now before document has been fully released and so does not include the details of our own mason plan any no way they will do once they fully read into plan they should lead to a upward relation of those estimates that

g.d.p. has risen steadily for the past eight years last year it topped three point two trillion euros. that's good news for the german government which has more and more money at its disposal problem currently presides over a budget surplus of thirty six point six billion euros. germany has also become a master of innovation that's because the country's research institutes are top notch and they're well connected with industry just. so the view from berlin dogs pretty good right now and there's certainly no reason to moan right. cops just found another thing to complain about their lives did top the list of world cities with the fastest rising property prices last year that means iran and the building boom continues again to put it into perspective here's what you'll pay for a regular two bedroom flat in hong kong you york or paris that's still a lot more than in berlin but look at how fast prices of climbing in the german capital red surged by over twenty five percent in the last three years that's a lot. so something other big city dwellers know so well has suddenly become a problem here as well as finding an affordable place to li

g.d.p. but we just from an emphasis on the rate at that data we do want to focus more on the lower side of the equation that they know we need to growth in the colony which i think is the only credible and sustainable way to turn a country into a sustainable captive for the long term so i do believe that once these issues that are a fact that i don't lease to make theirs and the whole you and they both will fully understand if we appreciate the scope and all of our plan is there as it will be you talked about growth the you base the promises on new for cost assuming economic growth of one point five percent next year the european commission expects its allowed to grow one point one percent and your own to their the main lobby group representing the tell you in a business this week cut down its own growth for cost to zero point nine percent is that still you still believe all the. i think so because it goes nowhere is that you mange of the one percent aim to have come out before documented as being fully released good and so does noting the details of our own makes madame that any no way. they fully read in the plan they should lead it to a war with each