even more important than investing into infrastructure claimants first president of the institute of economic research hit in germany thank you for your perspective thank you now there's been an angry reaction in a germany is the announcement of job cuts and plant closures that engineering giant siemens the company itself is highly profitable but says its turbine division called keep it makes the parts of fossil fuel power plants and the man says it's been hit by the switch to clean energy sources the broad claims it's an act of tough love to secure the future for the remaining employees. zimmermann's workers took to the streets as the job cuts were announced. the industrial giant said it would slash two percent of its workforce despite billions in profits a decision met with a shock. you know i can't understand it at all i just thought they're playing around or it's incorrect information until now you can't close down a factory working at full capacity and especially not out here in germany easiest. the company blamed the shift to green sources of energy like solar power for the move. forward member

caymans first president of the institute of economic research here in germany joins me in the studio good to have you with us so move money in at the cough is potentially i mean do you agree with that assessment what's your take in principle i agree i mean if the balanced budget is the reference point there is money available for thirty billion in two thousand and eighteen and more in two thousand and nineteen of cause half of that goes to the states and we're talking about the federal government here so i would say it's something like fifteen billion at the federal level available you know per year sixty billion over four years that would be available for tax cuts almost spending now these talks have been going on for a month now and what does that mean in terms of investment has that put the brakes on a little bit and what would the fallout be from fresh elections i don't think it will put a brake on the best and currently the dumb economy is running at full capacity so country companies do have problems executing their investment but that's you know because they're not people avai

fundamentals the economic fundamentals remain intact they haven't been really changed due to this failure of the coalition talks in berlin on the contrary the efore institute of economic research this morning announced that it will increase its forecast for german g.d.p. growth for economic growth this year to two point three percent that's four tenths of a percent higher than the previous forecast what has been reduced though here on the markets is the potential for the stock market to go for a year and drag we shouldn't forget that the german dax so far this year has gained around about twelve percent so it would need a strong positive impulse for investors to continue buying shares and of course the failure failure of the coalition talks in berlin is not such an impulse now let's look at the options here. we may be in for prolonged discussions possibly for a minority government possibly fresh elections that doesn't sound as the bedrock of stability that germany was long viewed as. you know it does not crist of your right and of course this morning a lot of pundits and also economic lobby groups business lobby groups come out with concerns that you know the failure of those

fundamentals the economic fundamentals remain intact they haven't been really changed due to this failure of the coalition talks in berlin on the contrary the e-file institute of economic research this morning announced that it will increase its full cost for german g.d.p. growth for economic growth this year to two point three percent that's four tenths of a percent higher than the previous forecast what has been reduced though here on the markets is the potential for the stock market to go for a year and drag we shouldn't forget that the german dax so far this year has gained around about twelve percent so it would need a strong positive impulse for investors to continue buying shares and of course the fact the failure of the coalition talks in berlin is not such an impulse now let's look at the options here conrad we may be in for prolonged discussions possibly for a minority government possibly fresh elections that doesn't sound. as the bedrock of stability that germany was long viewed as. you know it does not christopher you're right and of course this morning a lot of pundits and also economic lobby groups business lobby groups come out with concerns that you know the fai

focused of the political economic fundamentals have not changed on the contrary today the evil institute of economic research said that it would increase its growth forecast for. these g.d.p. for the gross domestic product this year to two point three percent that's an increase of four tenths of a percent compared to the previous forecast so the fundamentals remain intact and even though of course this failure of talks in berlin has caused more uncertainty also among market people this doesn't mean that large sell offs of assets here would be warranted what has changed though is the potential for another year end rally on the equity markets here in germany we shouldn't forget that the dax the stock index here has gained around about twelve percent so far this year on this very high level it would be it would need a very strong positive impulse for investors to buy more company shares and of course the failure of the talks in berlin is not such an impulse and conduct what do investors think is the best way forward now. well of course at the moment economists of the different banks and insurance companies eval

stephen: one of the leading economic forecasting body says each household is 600 pounds worse office since the bid to is the european union. the national institute of economic and social research says the drop in the value of sterling has pushed inflation higher, and let consumers with less spending power. it expects inflation to peek at 3.2%. the institute also revised down its economic growth forecast for the u.k. for the next three years. malaysian authorities are investigating the theft of data from more than 46 million mobile phone users in the country. the information stolen includes phone numbers and addresses. the leak was discovered after a technology website claimed the information was for sale on the dark web. senators abandoned r requiremens that uber cars would need the same license plates as taxis. the bill goes back to the lower house of congress in brazil. and chairs in the dashers in the british fashion retailer next have plunged after a morning sales would remain volatile in the run-up to christmas. the drop is also weighing on market centers. the shares are down 5% in london. rochelle: sony is any a good week. stephen: the japanese electronics giant reported

kemfert is the head of the energy, transportation, and environment department of the german institute for economic research. she also serves as a member of the german advisory council on the environment, which consults with the federal government. she says, "smart people don't waste time stuck in the past. they invest in the growth markets of the future. markets that will belong to those who can spot them first." it is a pleasure to welcome my colleague christopher springate, who is a political correspondent for dw tv. he is also covering the climate change conference in bonn. he says, "pumping greenhouse gases into the atmosphere is tantamount to sawing off the branch we're sitting on. protecting our planet from climate change is a prerequisite for keeping jobs." and finally, it's a pleasure to have malte lehming once again on the show. he writes political and opinion columns on german and international issues for the tagesspiegel. he says, "climate-protection goals must be given a stronger legal framework. we also need a precise timetable, for example, on ending the use of coal-fired power." i would like

kemp but she is the head of the energy transportation and environment department of the german institute for economic research she also serves as a member of the german advisory council on the environment which consults with the federal government and she says smart people don't waste time stuck in the past they invest in the. growth markets of the future markets that will belong to those who spot them first and it's a pleasure to welcome my colleague christopher springing he is a political correspondent for t w t v and he is also covering climate change conference in bonn and he says pumping a greenhouse gases into the atmosphere is tantamount to sawing off the branch we're sitting on protecting our planet from climate change is a prerequisite for keeping jobs. and finally it's a pleasure to have mounted laming once again on the show he writes opinion columns on german and international issues for the time to speak on this paper and he says climate protection goes must be given a stronger legal framework we also need a precise timetable for example on ending the use of coal fired power. i'd like to talk firs

leave the eu has cut income by over $800 per household that come from the national institute of economic and social research. they say the vote has pushed inflation ever higher and has also her productivity and investments. global news 24 hours a day powered by more than 2600 journalists and analysts, in more than 120 countries. i am taylor riggs, this is bloomberg. >> thank you so much. let's get right to it. odd day before we get to the news of wednesday, thursday, and friday. the dow future is very much near a record high. it iss american crude, near 55.11. they show the elevated low prices. it is extraordinary because it shows the solid market -- i am sorry that is the wrong screen. it is 9.82 right now. stocks upeed european on 10th of a percent. cable also holding their gains from yesterday. there were more on the news, of course in focus it will be the bank of england meeting tomorrow. it also has a two-year high, in general they are big in the session. i thought i would also flip the script and put bitcoin because they will be traded by the end of the year. it has led to another surging cryptocurren

that stick around for the time being, first i want to get back to the president of the ifo institute for economic research. always are seeing the ifo index beating expectations you say the german economy is headed for a boom. i don't see anything going wrong with the german economy at this point, given that the mind blowingly strong 8% growth for the german economy last week do you see any reasons to worry about the german economy at this point? >> not in the short-term we're seeing the upswing is getting broader and more robust. in recent years the upswing was mainly based on domestic demand. now export is becoming very strong again so, we see an increase in the index readings from companies, from the chemical sector, the metal industry so it's strong, and i think there are no obvious risks ahead. the german economy is export dependent. currently the world economy is recovering, but there is no guarantee this will continue but for the time being the outlook is quite good. >> what i find striking is that over the summer, even though the broad-based euro strength, the german economy fired on all cylinders.

of his lip is the director of research at the institute for economics and peace he joins us now from london daniel hislop what's new about this report i mean terrorism quote we know what that is do we not we're out of pointing out that the really big finding from this is report is a positive one twenty two percent drop is significant and this is notable because we've seen ten years of increases this is a big positive change and we're really seeing the change in the places where the great majority of terrorism actually is a caring why was there a decrease. it was primarily a decrease because of really two factors one. which we need to remember only two years ago was the most deadly terrorist group in the world that saw an eighty percent drop in the number of tests that it committed in twenty sixteen really largely because of this excess of the multinational joint task force and the coalition partners to fight the group it's also been splintered so it's not as integrated as it was before so that was a very big change of course the other big changes is that diminishment of i still in sy

it is interesting that they are part of the new zealand institute for economic research.ademics and policy makers are urging no change in policy. some are saying the labor market has a need to try to enjoy it with so much uncertainty, etc., they are just going to wait and see how this affects spending, labor market, and decisions. yvonne: it will make up for a lot of the conversation during the rbnz meeting this thursday. we have the rba today and what is expected. are going to hold their key rate steady. it is the same situation. #btv 8076.k look at you can see the key rate at 1.5 percent. inflation has fallen below target. so many things happening at once. consumer spending has slowed. the labor market is strong. you have concerns over high-end prices -- high housing prices. rba, butxpected by the we will watch the policy statement to get a signal for where they might hit next. you make any kind of hits about the australian dollar. anchor: kathleen, thank you. moving on, singapore's central warningef has issued a on the technology interim financial services. he says "be

economic research institute announced that it will increase its forecast for german g.d.p. growth the forecast for economic growth here in germany this year to two point three percent that's an increase of four tenths of a percent compared to the previous forecast conrad in frankfurt thank you for your analysis. brax it britain's departure from the european union could not only see a slew of banks and companies leave the country to maintain their european operations several e.u. institutions currently based in london most certainly leave by march twenty nine thousand when the u.k. actually brecht's it's more than twenty cities are vying to host them among them the german city of bonn milan and italy or amsterdam in the netherlands that want to host the european medicines agency with almost nine hundred employees financial hubs frankfurt dublin luxembourg paris and vienna are among those bidding for the european banking authority with its one hundred eighty workers those institutions also attract plenty of other jobs and money so their host cities organizing hundreds of conferences and events with experts from around the world together they book thirty nine thousand hotel rooms in london

of economics in education teachers college, university. shields position of national economic research, commit ecology research center and the brookings institution pictures testified before the senate twice earlier, including in the hearing for years ago that led to the fast act could she made her first pass a simple vacation proposal in 2007. she earned her phd from harvard. our next witness is mr. justin draeger, president of the national association of student financial aid administrators. his organization represents financial aid administrators that serve 90% of american college students. prior to becoming president of his organization, mr. draeger worked as a financial aid director regulatory and policy analyst and spokesperson. our final witness, dr. kim rueben, senior fellow at the urban-brookings tax policy center at the urban institute. our research focuses on education finance, fiscal institutions, public secretary of labor markets, state and local tax policy and budget. she conducted a detailed analysis of various fafsa simplification proposals offered today. she earned her phd from mit. i i look forward to everyone's testimony. thank

despite some of this uncertainty in germany it seems that things are looking up economically at least tell us more about that. yes we got new data positive data today efore economic research institute came out with the announcement that it would increase its forecast for german g.d.p. growth this year to two point three percent that's four tenths of a percent higher than the previous forecast and the bundesbank our national reserve bank here in germany writes in this monthly report that the economic upswing here in germany continues through the current fourth quarter and one for a reason for this is stronger factories factory orders in the german manufacturing sector are going to have risen in front that good to see. the london is set to news to the european union's most important agencies following britain's decision to leave the bloc the european medicines agency and the european banking agency will now move to other destinations but it's up to the a use remaining twenty seven members so vote on who exactly lands of bragg's it windfall. that some of europe's most glamorous that the nation but this isn't about choosing your next holiday these are just some of the cities battling i

universities, institute of research and poverty and worked with academics and with the university survey center, on a one-county survey. a rock county survey looking at people's economic experiences and attitudes. we did this work, the survey went out into they would field in first half of 2013 so five years after this work had gone away. and we asked basic things like, do you think the country is still in a recession or not? this is 2013. 75% said yes, they thought the country was still in a recession. we asked how their personal financial situation was? just over half said it was worse. only 18% said their situation was better. we asked if you owned a house, what has happened to your housing value in the last five years? vast majority of people said their housing values were down. so i also wanted to know what was the prevalence of this job loss. so we asked a question about have you or anyone in your home lost a job in the last five years? just over a third said that was true of their home. so that is such a widespread job loss. and then we asked a set of questions about just of those people who said that job loss had faked their own household, what has happened? w

of london. drjudith tyson, a research fellow at the overseas development institute and an expert on how the long—term economicists to have interviewed with emmerson mnangagwa. a historic moment in zimbabwe's history. i'd like to get your response to the swearing in ceremony, what we have seen this morning on the response in the stadium. i think it shows he is going to have a honeymoon. this is a very popular move, not so much for him but for the sake of robert mugabe disappearing from the political scene. so the new president mnangagwa has got to very much capitalise on his honeymoon period and start delivering. he has very difficult entrenched problems that he faces. mugabe has disappeared from the ceremony, that is for sure. i think they wanted him there, but unsurprisingly he wasn't, and neither was his wife, grace. what kind of leader do you think the new president mnangagwa will be?- will be a lot more pragmatic, and i think he will try to craft a more technical article bridge to the problems of particularly the economy. “— problems of particularly the economy. —— technocrat approach to the problems. i t

because, with the recent release of the paradise papers and some really great research i think done by eric phillips, the senior analyst at the institute on taxation and economic policy, i really hope you guys would have him on, but he talks about all the money that's overseas or not being taxed and parked, and i listened to that and compare it to what republicans are wanting to do, which is give people at the very top really huge tax breaks when, in fact, they're saying we're going to go from 35 to 20, and in fact, their effective rate that they actually already pay is about 20% or 17%. some of them pay zero. so i guess, if they drop it to 20, they'll be paying 10% effective rate, or maybe even zero, and where they're going to be getting that money from to replace that revenue that's coming in, that's a huge concern. and what they're going to do is they're going to basically take it from public education or take it from some other services being provided that's really needed or healthcare, and that's really unfortunate. it's their ideology, and then on the flip side, they come up with a really fancy name, you know, tax cuts and jobs act. but we've already pro