gm europe is not turned a profit since 1999.ave cast laich this will change all that. —— 4,500. this is a result of a four—year joint—venture with peugeot, and devastated that because that is can be found. what about job security at vauxhall‘s plans? the boss has promised to ensure that existing production guarantees. he said after that the workers' future were in their hands. i trust my vauxhall employees in the uk. i trust them. i know that they are skilled. i know that they are dedicated. i know that they are committed. and i trust that they are committed. and i trust that they will be in a very good position by working in a constructive and open manner. as long as we improve the performance and become the best, there is no risk they should feel. here at els airport, the vauxhall last ride has been rolling off the production line since the 1980s. but to secure its future, younis two owners know they must develop a vehicle from the plant in the next few years. —— but to secure its future, the owners know they must. the convers

gm. exiting europe, finally. this puts them at number two. that is what he gets. scale, size, and brand. he is set to deliver synergies of $1.7 billion between now and 2026. what about gm? share buybacks are on the agenda. that is what gm intends to do with the proceeds from this divestment. >> being that europe is from a regulatory perspective and customer preference perspective, has divert somewhat from the risk of our global operations. as a result we need to find a way to get more scale locally here so we can make the investments necessary to be successful in the business going forward. >> i think having the opportunity to leverage two iconic brands like opel and auzhall is a big

it is buying gm europe, known as 0pal, for £1.9 billion including its eight plants outside the uk andes. the deal includes vauxhall‘s plants in luton and ellesmere port and their 4500 luton and ellesmere port and their a500 staff. luton and ellesmere port and their 4500 staff. gm luton and ellesmere port and their a500 staff. gm europe have turned a profit since 1999 but its new owners hope cars like this will change all that. the crosland x is the result ofa that. the crosland x is the result of a four—yearjoint that. the crosland x is the result of a four—year joint venture with peugeot demonstrating that big cost savings could be found. but what aboutjob savings could be found. but what about job security at vauxhall‘s plants? peugeot's boss carlos tava res has plants? peugeot's boss carlos tavares has promised to honour existing production guarantees. but today he said that after that workers' futures were in their own hands. i trust my vauxhall employees in the uk. i trust them. i know that they are skilled. i know that they are dedicated. i know that they are committed and i tru

last year psa and gm europe sold a combined a5 million vehicles, and posted revenues of 71.6 billion the deal has already raised fears in the uk the jobs of 4,500 workers at vauxhall‘s plants could be under threat. in germany, where two thirds of 0pel‘s 38,000 staff are based, the government has been seeking reassurances the jobs are safe. 0pel had hoped to return to profitability by 2016, but the slide in the value of sterling following the eu referendum last june contributed to its 257 million euro annual loss. with me isjom holder, editorial director of autocar. nice to see you. it is a very anticipated press conference. what do you think they will tell us?” think we won't learn a great deal this morning other than that the deal is going through. there is due diligence to go through afterwards and the car industry is slow—moving and making changes. there is no rush to change so they will play their cards close to their chest. and they will probably have to for political reasons. where there will be job losses, in germany, in an election year, in the uk is extremely sensitive with

gm europe has not made a profit since 1999. so something i suppose had to give.ore to keep shareholders happy and inside that is why you're seeing the deal today. there has been a sense that it has not been profitable, it was almost profitable at one stage but brexit and the impact on the pound actually knocked that back. and the company has decided instead to sell the european region off and focus on north america and china, very profitable market for the company. and to reinvest a ny market for the company. and to reinvest any future money as in new technologies. that is the argument they have given and part of the promised to shareholders is to return more money to them. this was pa rt return more money to them. this was part of delivering on that. think psa would look to use a double to make a push into the united states but of course they have got to deal with donald trump who already has threatened german manufacturers with a 35% import tax. i think threatened german manufacturers with a 3596 import tax. i think if you are in the car industry you're looking

gm europe has not made a profit since 1999.re port till 2020 and luton for some years beyond that. but the combined company will have 2a factories in europe — some say that's too many. joe lynam reports. it's one of the biggest deals in the car—making sector. british and german brands vauxhall and opel are to merge with the french brands peugeot and citroen. together they will make a company which is the second—largest automotive player in europe. today, the bosses of general motors and psa welcomed the £1.9 billion deal and stressed their commitments to vauxhall and opel at least until 2020. after that it was up to the workers. theirfuture is in their hands, based on their ability to give themselves the level of performance that will ensure the sustainability of their company. we believe that we have highly talented people by opel—vauxhall, but the only thing that really protects them is their ability to be at the right level of performance. vauxhall‘s plants in ellesmere port and luton are some of the most efficient in the wo

it's buying gm europe, known as 0pel, with its eight plants outside the uk and 38,500 employees. plants in luton and ellesmere port and their 4,500 staff. here at ellesmere port, the vauxhall astra has been rolling off the production line since the 1980s. to secure the future of the site, unions know the new french owners must commit to a new vehicle for the plant in the coming year. a message to psa, or indeed, general motors before it. it needs to be clear. if they want to sell cars in the united kingdom, they're going to have to build cars in the united kingdom. that's unite‘s position and we will fight tooth and nail to make sure that happens. the conversations that i and the prime minister have had, both with gm and psa, tell me that they intend to safeguard the plants, honour their commitments and look to increase the performance and the sales of cars. so, we want to hold them to those commitments. uk plants are known to be amongst the most productive and efficient in the world. but it's what goes into the vehicles, which are built in our plants, which could be the big prob

this negotiation has been very brief to joint companies, but general motors wanted to get rid of gm europeosses for many years, and they want to focus on core american brands. for psa's point of view, they definitely want to be a bigger player in europe and this would make them toe to toe with volkswagen europe. there's the question of pensions? he's a very old companies with very generous pension schemes. there's an estimate they could be a pensions shortfall of 10 billion euros, mostly on the 0pal site, which is a german company, but about £1 billion on the box inside, here in the uk. so we don't know. has psa agreed to take on 10 billion euros? i doubt it. a giant pensions black hole would be too much for psa to swallow. lets see what happens on monday. jo, thank you. joe, thank you. mercedes—benz is to recall around one million cars because they're at risk of catching fire. it's because of a fault found within newer models which can cause them to overheat on starting. it's thought around 75,000 cars in the uk could be affected, but mercedes says the risk to customers is small. the mode

last year, psa and gm europe sold a combined 11.3 million vehicles, and posted revenues of 71.6 billionraised fears in the uk the jobs of 11,500 workers at vauxhall‘s plants could be under threat. in germany, where two thirds of 0pel‘s 38,000 staff are based, the government has been seeking reassurances the jobs are safe. 0pel had hoped to return to profitability by 2016, but the slide in the value of sterling following the eu referendum last june contributed to its 257 million euro annual loss. we will talk about that with a car expert to give you a sense of the effect on those companies. china's national people's congress convened this weekend in beijing's great hall of the people. the 3,000—strong event is staged each year by the party, and is usually a forum to rubber—stamp legislature for the year ahead. yesterday, premier li keqiang's annual report gave some clues about the state of the economy in the year ahead, and there are a lot of problems ahead. here is what we know. economic growth is expected to be unchanged from last year, at 6.5%. that is one of the slowest growth rates

last year, psa and gm europe sold a combined 4.3 million vehicles and posted revenues of $75.9 billiondeal has already raised fears in the uk the jobs of 4,500 workers at vauxhall‘s plants could be under threat. in germany, where two—thirds of opel‘s 38,000 staff are based the government has been seeking reassurances thejobs are safe. opel had hoped to return to profitability by 2016, but the slide in the value of sterling following the eu referendum last june contributed to its 272 million dollars annual loss. with me isjim holder, editorial director of autocar. so, is this a good dealfor psa given that gm has been losing money from this business for years? there are a lot of questions because of the $15 billion loss since 2000. most people are realising that psa seems to have a very good deal on their hands. if they can leverage their hands. if they can leverage the scale they are going to create through this deal, they could turn the business ran very quickly. it was on the cusp of making a profit last year and think they can make a proper bishop was it could turn into a very good d

general motors genuinely wanted to get rid of gm europe because it has been loss—making for about 16hey want to focus on core brands in america, core american brands. for peugeot and psa, they definitely want to be a bigger player in europe. and this would make them toe—to—toe, almost, with volkswagen in europe. so there is a lot at stake. more than jobs and security as well, the question of pensions? yes, a really important issue actually. because these are very old companies and they had very generous pension schemes. there is an estimate that there could be a pensions black hole or shortfall of 10 billion euros. that is mostly on the 0pel side, which is a german company. but also about £1 billion on the vauxhall side here in the uk. so we don't know how they square that circle. has psa agreed to take on all 10 billion euros? i doubt it. or is this just a heads up agreement, ie, we have agreed to annotate this, that and the other and we will revisit in coming months. that has to be negotiated. make no doubt about it, a giant pensions black hole of 10 billion euros would be too much

europe? can't, you can probably ship them over. for the time being, that is it. there is no more gm in europe.uy: when we look back on this transaction, what will we take away as being the most important part of today's news. we are focused on capacity, technology, on what's happening in terms of financing. if you were to put your finger on one thing that would make this deal work, what is it? >> it is a fresh and clean start to an opportunity for opel operate with a european partner that knows how to get the job done. but the job is to be done by opel. it is a long journey, but a better opportunity than what opel ever have before. so, that is the opportunity. again, it is a very clean deal. when you look at the pension, how it is all being funded and financed, i think, it is justified to look at this from a more constructive point of view than being too skeptical here. matt: excellent insight. .hank you for joining us coming up on the program, we focus on the french elections. we are speaking to a key advisor to french presidential candidate macron. plus, we have a conversation about the stre

. >>> it's the end of the road for gm in europe. psa agrees to buy for $4.2 billion sending shares higher. >>> former director of national intelligence tells nbc there was no wiretapping of donald trump after the president accuses his predecessor, barack obama, of a watergate-style scandal. >>> good morning, everybody, and welcome to "street signs." deutsche bank shares hitting bottom of stock 600 of a after the group announced a strategic overhaul, 8 billion euros and reits issue to take place in march. they will list minority stake in asset management business to achieve capital ratio target, quote, comfortably above 13%. at a supervisory board meeting taking place over the weekend, the bank announced changes to its executive team, essentially chief financial officer and retail head named co-deputy ceos. they will work alongside chief executive. they will be uniting corporate finance, its global markets and its banking divisions. it also said that it would be holding only its trust fund unit which it's been trying to share for two

. >> can you buy back, don't they have to issue about 3 in debt for the gm europe sell? are they going to be able to increase that much significant ly? >> you know, sorry, joe, i don't know the number offhand. >> you have these other activists. a part of that. >> but they have to issue a significant amount of debt from the credit guy are telling me upwards of 3 billion. >> make sure when you're talking to the credit guys, you're distinguishing gm financial from the parent company. gm financial secure ties by the cars. a lot of people look at the balance sheet and say wait, there's too much debt there. you have to hive off gm financial. now, we can have a discussion about subprime, but i don't think that's a problem. at the parent company, there's net cash. >> i just don't see how it dramatically increases the mu i multiple on growth stock because you're still a car company. still have the same issues that it had before. i also don't understand and i would love to hear david talk about it, why their cost of capital goes down. we don't know how the rating agency will look

gm. exiting europe, finally. this puts them at number two. that is what he gets. e, size, and brand. he will deliver synergies at 2 billion euros in 2026. what about gm? share buybacks are on the agenda. that is what gm plans to do. >> being that europe is from a regulatory perspective and customer preference perspective, has diverged from our global operations. as a result we need to find a way to get more scale locally here to make investments necessary to be successful. >> having the opportunity to is aage two iconic brands big opportunity for a company like ours. to a larger group of customers. if we have brexit, it is much better the source from inside. let's turn to the latest on a brexit. sterling falling to a seven-week low against the dollar. theresa may faces a new setback in the house of lords. what happens today? what amendments will be added? >> house of lords looking to rewrite the bill. they won a meaningful vote to get theresa may to subject any deal she does strike in a couple years parliament for a vote. they do not like it, they view it as an imp

it's buying gm europe, known as opel, with its eight plants outside the uk and 38,500 employees.des vauxhall‘s plants in luton and ellesmere port and their 11,500 staff. here at ellesmere port, the vauxhall astra has been rolling off the production line since the 1980s. to secure the future of the site, unions know the new french owners must commit to a new vehicle for the plant in the coming year. a message to psa, or indeed, general motors before it. it needs to be clear. if they want to sell cars in the united kingdom, they're going to have to build cars in the united kingdom. that's unite's position and we will fight tooth and nail to make sure that happens. the conversations that i and the prime minister have had, both with gm and psa, tell me that they intend to safeguard the plants, honour their commitments and look to increase the performance and the sales of cars. so, we want to hold them to those commitments. uk plants are known to be amongst the most productive and efficient in the world. but it's what goes into the vehicles, which are built in our plants, which could

europe's second-largest carmaker. >> the deal is done. they took a lot of discussion with unions and government. this is mary barra's swansong from gm. europe, finally. this puts carlos -- at number two. that is what he gets. scale, size, and brand. he is set to deliver synergies billionillion euros between now and 2026. what about gm? ka-ching. share buybacks are on the agenda. that is what gm intends to do with the proceeds from this divestment. >> being that europe is from a regulatory perspective and customer preference perspective, has divert somewhat from the risk of our global operations. as a result we need to find a way to get more scale locally here so we can make the investments necessary to be successful in the business going forward. >> i think having the opportunity to leverage two iconic brands like opel and vauxhall is a big opportunity for a company like ours. we can and get to a larger group of customers. if we have a manufacturing footprint in u.k., if we have a hard brexit, it is much better the source from inside. >> let's turn to the latest on a brexit. sterling falling to a seven-week low today against the dolla

europe. this is behind volkswagen. the deal completes gm's>> meantime, breaking news on the banking front, as we already mentioned, deutsche bank announcing an $8.5 billion capital increase. shares dropping on the news. the ceo telling cnbc it was the right time to go to mark. >> we were listening to some feedback from the market where there was still concerns, which were to some extent shared by our clients and our counterparts, that we still didn't have enough capital. >> deutsche bank also announcing changes to its executive team, naming two co-deputy ceos to work alongside cryan. they will also list a stake in their asset business. the firm also decided to scrap the sale of its bank unit and integrate it into its german retail group. we've mentioned this already, down 6.5%, but perhaps not as bad as some had thought. >>> now to news out of asia. china kicked off its annual meeting at parliament. the chinese premier struck a cautious tone on the economy. eunice yoon is joining us from beijing with the latest. eunice, good morning. >> repor

gm operating under vauxhall-opel in europe.ank has by far been the biggest story this morning. they are raising $8.5 billion this morning and overhauling their business as well. this is the third capital raising exercise in four years. they are including 2 billion euros worth of asset sales and reversing their decision to sell the bank community they announced earlier this year. a big change for that stock around 6% this morning. >> louisa bojesen, thank you so much. >>> several countries near yemen are already in crisis. south sudan and somalia are already in drought and a food crisis due to war. >> reporter: a region shattered by war now aching with hunger. >> we don't have enough to eat. we are in the war. and we have many problems. >> reporter: nearly two weeks ago, the u.n. declared a famine in parts of south sudan, the first such designation in such six years. in somalia, the government said 110 people have died of hunger in the past two days. the u.n. warning the nearby yemen teeters on the edge of famine. and a lethal h

gm is getting rid of europe.ord has had problems in some of these if it's not latin america, then it's europe. and they go back and forth. they do trade and hedge on their materials, so that is interesting about the commodities because that may mean they got the commodities wrong. don't forget steel has risen in costs because of our tariffs in our country. emerging opportunities could always be positive because you don't know whether they're spending money to try to be in some markets they haven't been. nothing here about the f-150. nothing here about suvs, which are so lucrative. but i do want to point out that ford is only been indicative of ford. i think people really have to recognize that. we are pointing out that mark fields spent a lot of time with the president, that doesn't necessarily mean he shouldn't be on the assembly line. but ford has been such an underperformer in the group that you begin to question why can't they get it more right. now, they don't have enough china. gm moved into china very aggr

vauxhall will give him about 60% of the market share in europe, and as i said, gm restricted what you could do in terms of selling. he restricted what could be done with those grams. this is an opportunity for him to expand bat. it would put him in the number two position in europe, cost savings about $2 billion, with access to electric technology. that's the interesting underbelly to this story. they can get their hands on that and the financing unit as well, to continue to sell here in europe and abroad. scale matters. anna: so they might want scale but not pension liabilities. what have been the biggest obstacles to this deal? manus: well, this is perhaps the biggest obstacle of all -- gm, iny barra, and vauxhall talks -- they won't walk away with a clean break, so to speak, in this divorce. liabilities are going to be split up, and they will continue to have a relationship. willyou have got is gm contribute $3 billion worth toward the active employees. there's a pension underfunding of about $9 billion, and they will put $3 billion in for active employees. gm will cover the retire

if you will note the combined company to second place in europe behind volkswagen. the sale allows gm to get rid of its money winning. it is not a profitable in two decades. they've had to close that therese. the financial business with psa. trying to turn the page with tax problems. the bank mapped out the supervisory board meeting yesterday and it plans to raise $8.5 billion in new capital. mr. fassett management business and overhaul the business structure. deutsche bank tried to recover from a $7.2 billion settlement reached for selling toxic mortgage-backed securities as a struggling market business. deutsche bank stock down throughout the morning over 5% in europe. true 373,000 chickens have to be killed after bird flu was detected on a tennessee farm. the firm contracted to your speech a chase ensues. chickens have to be slaughtered to stop the virus from entering the food system. the department of agriculture said this is the first confirmed case of avian influenza in the united states this year. an upgrade code 50 million birds and pushed u.s.a. prices to record highs. nicole

gm the stock? look at the mess in europe.u take off the mess in europe you're left with the issue of driverless cars and technologies because general motors is so much better without this. so you say why is the stock down? well, i mean, the stock ran up three points, but it is important to recognize it's very difficult to close a plant in europe. when you get off the desk with executives, they a, listen, too many plants in europe but not much we can do about it. so this is a good thing for gm if they can get it through. but it's not immediately reflective because there are other challenges to the auto companies. particularly driverless cars, which you have got me thinking is something that's going to be with us maybe in two years. >> oh, yeah. >> yeah, i mean, again, i ask a lot of people and you get a lot of different answers in terms of a timeline, but people talk about different things because when it comes to autonomous vehicles in a city, it's different than whether or not you're going to have them driving on certain par

europe. if we look across assets on the gms function -- the stoxx 600 little changed for a lot of the day. the sentiment starting to pick up a little on europe's equity benchmark. butftse 100 off by 0.4%, gains elsewhere. portugal up by more than 1%. in the fx face, seeing sterling rebound above 1.25 now. up 0.6%. we didn't see a little bit of a subdued reaction yesterday, with the triggering of article 50. sterling a little weaker, rebounding now. down.ro i will talk more about that in just a second. in terms of what is happening in the bond space, a little downward pressure on the front end of the gilt yield. we are seeing yields come down, particularly in germany, on the 10 year. the euro down for a third day. we talk about the price on euro-dollar. divergent that seems to be coming back. part of this is coming from the $. we saw dollar strength off the hawkish fed comments. the dollar is paring back slightly on the bloomberg dollar index, but we are still saying effects on the euro. the euro weakening on reports that ecb investors have over interpreted its intent to exit stimulus. we go

gm has not made money in europe for almost two decades. e deal enables gm to get rid of the money losing legate while also giving psa a leg up on the competition with market leader volkswagon. >>> a strain of bird flu detected in a chicken breeder flock on a tennessee farm contracted to tyson foods. more than 73,000 birds will be slaughtered to stop the virus from entering the flu system. the last major outbreak two years ago pushed egg prices to record highs. >>> growing expectations the federal reserve will raise interest rates next week when they meet. the dow rose 2 points but still above 21,000. investors this week waiting for the february jobs report. that's due out february morning. >>> brand new coffee infused wine could help out. it's described as full bodied with a blueberry flavor. so popular, it's sold out online. that's business in new york. >>> 8:54. new rules for your safety. next, requiring fingerprinting and background checks for uber and lyft drivers and the possible backlash. >>> welcome back to mornings on 2. pittsburg p

psa will buy gm operation which is opel and vauxhall brands. it will be europe'sst automaker behind volkswagen. it gets rid of a headache. the brands have lost $18 billion over the last 16 years. >>> more trouble for uber. this time accusations it is evading authorities with the technology. "the new york times" calling the data from the app to think they ordered a car and has drivers cancel the rides. the times says it has been used in boston and vegas and paris. four current and former employees shared details of gray ball. and uber's legal team cleared the practice. the record comes days after a video of the ceo travis kalanick was published by bloomberg arguing badly with the uber driver over pay practice. he has apologized and said he needs leadership help. on friday, uber's head of growth resigned from the company. they also are facing sexual harassment allegations. looking deep in the corporate culture. >> a tough start to 2017. >>> better start for us. "early start" continues right now. >> the fbi turning to the justice department to push back on the presid

europe's second-largest carmaker. it is a bid to compete better in the saturated market. it will pay 1.3 billion euros. we spoke to gmsident. >> our perspective has been that europe has been from a customer preference perspective has and we need toat find a different way to get more scale locally here in order to be more successful in the business going forward. it has been 1999 since you turned a profit. team has not tremendous job over the last four or five years. we would have been profitable last year absent brexit. we have a great product portfolio. significantly improved the bottom line. we need to get much more scale here. it take to get you to execute those warrants? >> the reason we wanted the warrants is to participate in what we think will be significant synergies. the team has done a great job over the last few years. be extremely successful and we want to participate in that success. >> what is the benchmark to get you to trigger the warrants? >> we will be exercising the warrants and be very successful. >> let's talk about pension liabilities. bloomberg intelligence has run the numbers that we believe t

carl tavarez discusses his companies deal to purchase gm's opel unit to become the second-largest carmaker in europewe will learn from him and other chief executive at geneva's motor show. dayinutes into the trading and julie hyman is here. any reaction so far from the affordable health care act rollout? julie: largely not much reaction is what i can tell you. we are seeing stocks pull back today and it seems like the perspective back to clients for the s&p 500 is the end of january as we may be taking a policy from the recent rally. have seen the s&p 500 already rally to where strategists are addicted will be by the end of the year. take a look at the bloomberg. this looks at strategist for forecasted. the s&p has even gone above what was forecasted. we are seeing a little bit of a reassessment as to whether stocks have priced in earnings for fiscal policy as well as monetary policy. let's get the health care. arebiggest reaction we seeing today has nothing to do with repeal and replace. it has to do with the president's tweets. maybe it's not that surprising. in its week, he says he's working on a

europe. well, it is certainly an extra complication, but we should also remember that gm import into this country bad for both sides, so we need to make sure that there are no impediments to sales of vehicles or parts across the channel, both ways. of course, we're notjust talking bout one plan, large though that is, it has a knock—on on the community surrounding it. certainly ellesmere port has a lot of people directly implied, as does looting, but we are talking about across the whole vauxhall, voxel operation, there is a massive there is many many more. it is imperative that the plants which are the key to wall those jobs are kept going as long as possible. we have had from len mccluskey this morning, what relations like a ellesmere port between management and unions? they are a model for the rest of the country, if not the world, they were able to beat off stiff competition a few years ago from german plants to come up with a ground—breaking deal that secured the future that ellesmere port, then that was only down to great work between both unions and management coming up with a deal that kep

spokesman said yesterday a deal still makes no sense for gm's customers come to shareholders or employees. >> google space-bar problems in europetitrust watchdog received a complaint from a group of european companies against alphabet google. google puts language and contracts makers of andrade smartphones and tablet that made it virtually impossible for them to produce and market google free devices. last april the commission accused google of abuse in its mobile operating system to pressure phone makers and telecom companies into favorite google search engines. nicole: the state transportation company owned by jeff bates has had its first launch customer. blue origin has secured a contract to use a new plan rocket to launch a geostationary satellite sometime in 2021 or 2022. blue origin released a video showing how the reusable rocket will launch, deliver a payload in the stage booster. the arrangement moved into a position to possibly compete with other global satellite firms. they said is expected to announce new deals for blue origin soon. lauren: chinese telecommunication giant has agreed to pay a pretty hefty five and pl

basically, gm looking at what is in front of them but it is just not performing as well across europeoing to invest this money in other things, new technology, going to be looking at driverless cars. it already has a contract with lift, the ride sharing. we have got a lot of different avenues, people putting effort. and in terms of areas, it is domestic life. that has been a big moneymakerfor years. domestic life. that has been a big moneymaker for years. and of domestic life. that has been a big moneymakerfor years. and of course china. that is what they want to put a lot of emphasis on. and coming from bricks and —— brexit. it has so much of our opportunity elsewhere. thank you for explaining that. 30 yea rs thank you for explaining that. 30 years ago today, the zeebrugge ferry disaster took many lives. it size minutes after beginning its journey. ships bow doors hadn't been closed. today, ceremonies have been held in britain and belgium. our correspondentjoined families, rescu e rs correspondentjoined families, rescuers and survivors. in the choppy waters of the north sea, not far

europe since 1999. psa now takes responsibility for 40,000 additional workers and will share existing pension liabilities with gmexpects tos psa realize 1.7 billion in savings by 2026 through combining research, development and purchasing. there are no plans to close factories as long as productivity remains high. isthe workers council optimistic but nothing is very clear just yet. nobody knows anything. the workers council hardly knows anything. of time before the sale is finalized and we are worried. hopefully everything will be fine in the end. up 4% in in psa were morning trading on news of the deal. genie: how are the european markets trading? indices areeuropean trading lower despite a hike for psa. the paris-based exchange is in negative territory at the moment. the dax in frankfurt is also lower .42%. anare also seeing interesting trend on currency markets, the euro dropping against the u.s. dollar on french election drama. alain juppe declared he would definitely not be running for president. let's focus on one stock that has performed very poorly this monday. deutsche bank. bethey announced they would

europe. the deal is valued at $2.3 billion. bloomberg spoke with gm'snt. >> the team here has done nature mentis job over the last four or five years. we would have been profitable last year absent brexit, so we pathhe company on a good and we feel it's good for the business to go to the next level. that's what this transaction is all about. mark: the deal will create one of europe's biggest fund managers. it values aberdeen at about 4.7 billion dollars. the firm has been hurt by three years of redemption. china may revise or delay rules aimed at getting automakers to build electric cars. the industry has pushed back saying the government targets are too ambitious. china's electric car sales plunged in january after the government cut subsidies by more than 20%. vonnie: time for our bloomberg quick take where we provide context and background on issues of interest. the affordable care act, known as obamacare, was signed into law in 2010. it lower the numbers of uninsured americans and survived a series of supreme court challenges. but it faces its bigge

gm financial. find new roads at your local chevy dealer. bar report election in the united states now in the rearview mirror but a wave of crucial elections in europe are just getting started. the netherlands put a dam per on the populist wave with its result. marine le pen is doing well in the polls in france. germany has elections in the fall and italy may hold elections this year. i want to talk about these elections. can i get your take, what does it mean if we were to see a populist wave go through europe. and we want the investment ideas. bob: it creates a problem for the eurozone. we have a series of sewer mean elections in front of us. if we get the right-wing populist, the euro will come under pressure and probably collapse. marine le pen will probably ask france to pull out. i don't think her chances are good, and i think the netherlands further am anyify that. but this -- amplify that. maria: marine le pen wants france to get out of the eurozone. a lot of this has to do with the refugee crisis. they want their even borders. if they were to do that, the euro plummets. sam: sit would not be good for the world. you want to keep your investm

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europe finally. get, scale, size and brand. 1.7s expected to deliver billion euros between now and 2026. what about gmare buybacks are on the agenda. that is what gm intended to do with the proceeds. europeperspective is the from a regulatory perspective perspective has the average somewhat from our global operations and we need to find a way to get more scale locally here so we can make the investments necessary to be successful going forth. leverageportunity to to iconic brands is a big opportunity for a company like ours. we can expand the brand with a wider range of customers. and if we have a hard brexit as an example, it is much better to source from inside. onlet's turn to the latest brexit. stirling is falling to a seven-week low against the dollar. prime minister theresa may faces a new step back in the house of lords. added tondment will be this draft bill. is area they are looking meaningful vote to try to get theresa may to subject any deal she does strike to parliament for a vote. downing street does not like this. they view it as an impediment to negotiations. a worry that undermining th

emma: gm has owned opal for almost 90 years. staying with europe, a deal today would create one of the biggest fund management. says averaging is valued around 98 billion dollars. does not reach a deal to create more electric cars. a deal was blocked. david: thank you. it was a busy week in washington and down at mar-a-lago, they call it the southern white house, nowadays. most of it centered on the russians. did president obama really spy on the president-elect during joining us is kevin cirilli. i don't understand. to they want the agenda to be all russian all the time? president obama brazing a lot of eyebrows as he accused the intelligence community and former president obama of wiretapping the campaign. this called on president trump and jeff sessions to deny the allegations. this will only continue. my do that tomorrow, the number two nominee is testifying. a lot of moving parts today. david: one of the questions i have is what does it do on capitol hill? we have obamacare, various issues up there. question overhis the weekend to a lot of rep

proud record as amongst the most efficient in europe with skilled and committed and flexible workforces. both psa and flexible workforces. both psa and gmers will be in at least as good a position as they are today, that the treatment of the uk division will be equal to those of other countries within the vauxhall—opel group, that the identity of vauxhall will continue to be distinct and prominent, that the strategy of the new company will be one of building on existing strengths and commitments, not on plant closures, taking opportunities to increase sales around the world, and that the company would work with me and the rest of the automotive to ensure that it can participate in the substantial programme of research and investment in innovation in areas like electric vehicles and battery technology, which we have as pa rt battery technology, which we have as part of our industrial strategy. this morning i had a further conversation with my french counterpart and my ministers date or so is booked to his german counterpart. i speak frequently with gemma caskey, the leader of the largest train union in vauxhall, and i will keep colleague

carl tavarez discusses his companies deal to purchase gm's opel unit to become the second-largest carmaker in europe

europe today will create the continent's second-largest automaker. peugeot in situ and have agreed to buy general motors opel and vauxhall brands. bloomberg spoke with the gmresident. here has done a tremendous job in the last four or five years. profitable been possibl last year except for brexit. we have significantly improve the bottom line. for the business to go to the next level, we need to get more scale here. that is what this transaction is about. kkr and company has raised $13.9 billion for its latest private equity fund, the most ever raised or a buyout pool focused on north america. most of the money comes from outside investors. kkr added $1.4 billion from its own balance sheet. the biggest insurer in scotland, standard life, has agreed to a deal that would create the uk's largest active money manager. the company is buying aberdeen asset management. aberdeen has been hurt by three years of redemptions leading the ceo to free salaries and cut costs. that is your bloomberg business flash update. it is time for our bloomberg markets deal report. today, we are looking at the landscape for more media transactions and the bank lending under a new a

gm go your function. today, investors seemingly ran out of breath after the last week i, the second column forex and sterling down. sovereign bonds and commodities and more corporate news, europe'sggest power producer in the news, shares down 1.6%. ofale of 4 billion euros shale to bolster its balance sheet and fund its share of a plan nuclear plant in southwest england existing investors to buy three shares for every 10 they hold at six euros 35 a piece, a third lower of monday's close. the french state owns 8% to 6% will subscribe for about 3 billion euros. the company announced the sale plan last april, saying it was subject to market conditions. shares lower today. factory orders out of germany plunging, this goes back to 2011, at the steepest pace since 2009 with demand for investment goods weaker. . very volatile data series orders adjusted for seasonal swings and inflation fell 7.4% in december when they increased 5.2%. it is volatile, the median estimate for 2.5% decline which breaks a string of data pointed to a buildup in momentum and europe's biggest economy. it serves as a reminder that germany is not fully insulated against risks. data out of the eurozone, domestic

europe. >> true. good point. >> phil, thanks, man. >> you bet. >> thanks for sticking around for the conversation as well. nobody else -- i know you don't like gm>> i'm stick -- >> where is this stock at the beginning of the year? >> geez, i want to say 34. i might have that wrong. maybe the chart will come up here. i'm not far off. >> up 10% year to date. >> i had a very good first quarter earnings report. you've had february sales come in that were very nice. idea of peak autos is done, off the table. we're fine. >>> breaking news with steve liesman, senior economics reporter. steve? >> thanks very much, scott. fed vice chair you stan fischer speaking here at the boost school of u.s. monetary policy conference. making no comments on current fed policy but he is talking about a current issue politically here. he is warning of the risks of a rule-based fed policy which is something that some republicans in congress have favored. he says, a committee, the way the fed operates now, makes better policy than a rule would. the rule is useful in terms of making that policy. more central banks around the world have adopted a committee-based approach r

in europe investors are watching several key deals, deutsche bank weighing on markets after it announced it's going after a capital raise. gmo in the news, agree to gr $2.3 billion, that deal was expected. in asia overnight markets were mixed, take a look. china setting growth target to 6 and a half percent for the year. shanghai composite was up 1 half of one percent. logan slashes the box office this weekend. first, though, world leaders condemning north korea this morning for firing off four ballistic missiles into japanese waters overnight. the launch after north korea threatened to retaliate over joint military drills between the u.s. and south korea. joining us right now florida congressman lieutenant allen west, colonel, good to see you, what is north korea and should the u.s. respond? >> well, the u.s. will have to respond eventually and north korea has continue today play the same game since 1995 when i was stationed on the peninsula. north korea wants to continue to le ranch the threats and actions to make sure they continue to be supported, it's kind of a high stakes extortion game that north korea plays, but the

gm inscription plan. >> expecting lower opening from broader averages dow industrials nasdaq s&p 500 down even fractionally in europelar story endless down detonator of a a percent, on ft 100 half percent on cac quarante in par kis asia overnight mixed performances japanese markets closed to holiday, march madness living up to name, watch. >> the south carolina gamecocks, for the first time -- in history -- the sweep -- >> my bracket, duke's loss busting brackets all over the country it wasn't the only major upset of the weekend yeah, breaking down sweet 16 coming up, a challenge all this time box office this weekend how "beauty and the beast" able to bring magic to theatres and money princess and beast how disney -- could soon be part of your world we will tell you about it top story this half hour, a war on terrorism, officials in afghanistan, are calling a shooting, that wound three u.s. soldiers inside attack afghan army soldier opened fire on three americans at base, helmand province gunman shot and killed thesold's injuries unclear joining us is former a customer. uss cole, good to see you thanks for joining u

gm's exit from the continent. standard light is buying aberdeen in an all stock transaction. and that tie up will create one of the biggest fund managements in europedeutsche bank announcing an $8.5 million capital increase. and telling cnbc it was the right time to bolster. and naming two co deputy ceo's to work along side crien. >> i am not weary of deutsche bank. i'm 150% in. and i'm around to see this entire process through. >> bank will also undergo restructuring news. the lender will list a minority stake and the global markets and banking divisions. >>> there is a fair amount of economic data that's going to be happening this week. factory orders are out at 10:00 eastern time. tomorrow we'll begin the small pay cheks small jobs index. and wednesday/thursday import prices and it is all topped off on friday with the monthly jobs report. >> yeah. 2:00 a.m., saturday. march 12th. >> we lose an hour. >> uh-huh. turn your claurk clocks forward. >> i was excited about spring but i don't want to lose an hour. >> you thinkial a ia'll just ch the clock but it wears on us because of our schedule. i don't -- i like daylight savings but in the winter --