today on "leaders with lacqua," we meet the chief executive of enel, francesco starace.hank you for joining us today right here today at bloomberg. how difficult was it for enel to go from a coal polluter to one of the most energy-friendly companies in the world? francesco: first of all, we amount ofd a sensible renewable energy in legacy hydro plants that most utilities have in europe. now we have a lot more. let's say it was, in retrospective, things always seem easier than they were. so it was a little bit of a mind-changing exercise on a large-scale, let's put it this way. it took a while, but there was a point where everything turned around. there were a couple of years where things really changed. francine: what years? francesco: they were like, i would say, 2012-2014. and after that, it was a little faster. francine: if you look at the shift from fossil fuel to renewables for the industry as a whole, how disruptive will it be for you, but also for your competitors? francesco: it is really disruptive, a big shift. there is a huge change coming. and it will take, i

this is an outrage, francine lacqua.ty rankings here at bloomberg down to the bottom here. tom keene, francine la. francine: i know, tom. united in failure. makes us closer, tom, as a unit. tom: this is an outrage. jon ferro.is we were equally lousy. what a fun weekend. i really had a lot of fun with it. jon told me about the highlights, where i can go to youtube and watch 90 seconds of football. francine: my husband watches it. tom: pass, pass, more passing, passing. francine: we try watch it in italian so they go goooooal! tom: let's say this with a data check. futures negative, dow futures negative. what's important is the further flattening, this is a huge deal, 35.85, we show a chart on that here in a bit. out of the next screen, and the v.i.x. showing it. an argentinian peso can't get out of the way. madam lagarde has to be having a view on argentina this week. francine? francine: yeah, i wonder what her bracket is like. i'm looking at my data boorksd i'm doing a lot of geo politics, tom. euro sterling, a little bi

with me is francine lacqua.er story than this immigration battle in america and in england, an --ortant bloomberg story fascinating francine: about the night of brexit. an -- fascinating about the night of brexit. francine: a fascinating story. we will delve into that further. tom: it talks about the difference in polling in america versus the united kingdom. right now with your monday briefing and first word news is taylor riggs. taylor: president trump has ratcheted up his demands on immigration policy saying that people that come in illegally to the united states should be deported immediately. he tweeted -- we cannot allow all of these people to invade our country. we must immediately with no judges bring them back to where they came from. our system is a mockery to good immigration policy and law and order. won akey, erdogan has mandate after a double victory. according to government news agency, he had 53% of the presidential vote to 31% of his closest challenger. that is with more than 99% of the ballots

i'm francine lacqua in london.orts if it is $50 billion or $100 billion but the chinese are ready to retaliate. tom: this is on $50 billion of goods. all it says to me is anybody who is questioning whether there is a trade war is not. -- is nuts. there is a trade war. francine: people want to minimize it because it escalates quickly. let's get straight to bloomberg first word news. taylor: japan is falling further behind its global peers. the central bank left its policy unchanged. policy is increasingly out of step with measures taken by central banks in the u.s. and europe. it is a challenge for the new governor of argentina's central bank. the formerant finance visitor to lay out his strategy to curb volatility in the peso, which has lost a quarter of its value since the end of april. it is at a record low even though argentina is getting the biggest loan in the history of the imf. andalks between the u.k. the european union get messier one of the options could be .ostponement senior officials have discussed whe

francine lacqua is out today.ut the check on how the markets are trading one hour into the start of equity indexes. we have got gains across the board. a little bit of a dead cap bounce -- cat bounce after the losses that we saw yesterday. 2.25%tse was down yesterday. and the dax and cac those levels as well. i have got bit g10 -- have got the g10, who the big movers are as far as the severity of their move away from a 90 day average. the yen season some strength -- sees some strength in the currencies. crude seeing some strength, and gold coming down right now. there is a bit of a safety bid and that the yen is catching a bid. on the other hand we see gold coming down. you also see some other save haven assets, like the u.s. 10 year, not really getting bit up up thisning -- bid morning. gauge: china's benchmark entered a bear market over concerns of a trade war with u.s.. taking aseng fell, loss of more than 20%. uan is also weekend. suggesting that a treasury department report later this week on foreign investme

francine: brexit show, i am francine lacqua.resa may is not the only leader with a party divided over your. europe.- over your shifted towards closer ties with the european union. this week's debate saw clashes over concerns of their programs and electorate, and saw members frustrated by corbyn. gina miller is still with us. what do you make of the labour party and what influence they will have. gina: i think the labour party is divided. they are in civil war to. being whipped from one direction. they are going to have to come up with a position. they have just kicked the can down the road. behind the scenes, you have 73% of labor membership to stay in a single market. the different constituencies are saying different things. they are in a hard place, but will need to come out with a position. apart from the withdrawal, we're coming up to summer where there will be two other bills coming into parliament. billnk the custom unions will be where labor has to come out with a position that is stronger than what they are doing at the

i am francine lacqua.way chief suggests only a man could do his job before walking back on the comment. andpoke to our reporter when he said it, there was doing. b --ooiong. -- robertler accuses mueller accuses paul manafort of tampering with witnesses. a $3.3 billion rbs after a price bailout. traders awaiting fresh catalyst and concerns over trade wars persist. primel get the italian minister's speech. i know you look at the bloomberg universe at length. anything that caught your eye, a canary in the coal mine? currency moves this week? >> the g7 is one aspect. the trade war's is an ongoing story. you are starting to get action. the u.s. tariffs coming into effect on june 15 on steel and aluminum, now in china and now about europe. that is the downside story. francine: maybe we will take euroyen. pmi services rising to 54. politics, special counsel robert mueller has accused paul manafort, the former chairman of the 2016 donald trump presidential campaign, of attempting to temper witnesses in the federal

this is bloomberg. ♪ francine: i am francine lacqua in london.rabia has issued driving licenses to women for the first time in decades. it is part of a huge modernization drive that spans reducing the country's reliance on oil to empowering women. the royal court advisor and chairman of the saudi general sports authority spoke to exclusively to bloomberg's manus cranny about the country's whatude, while manus asked guidance he took from the crown prince on the subject. as time permits, yes, i talked about the angle a lot and i take guidance from him. >> do you give him guidance? >> he is my school. every time, i learned from him a lot. every day there. >> let's talk about women in sport. you have opened gins and done things to bring women into sport. but there has been controversy. you have close jim's and asked instructors to leave the country. you,is the red line for your excellency, or women in sports? as it relates to women in the current. , the season that passed, they were permitted to enter three stadiums. the coming season, they will ente

today on "leaders with lacqua," we meet the chief executive of .nel, francesco starace thank you for joining at bloomb. to difficult was it for enel to one a coal polluter of theriendly companies in sensible: had renewable energy and a legacy of large hydro plants that most utilities have in europe. now we have a lot more. was, iny it retrospective things always seem easier than they were. was a mind changing exercise on a large-scale, let's put it this way. it took ahile, bhere a point where everything turned around. there were a couple of years where things changed. francine: what years? 2012-2014. after that, it was faster. francine: if you look at the shift from fossil fuel torenewaa whole, how disruptive will it be for you and your competitors? francesco: it is really disruptive, a big shift. there is a huge change coming. towill take 15-20 years really get at the end of this shift, so a huge transition ongoing with sharks in different parts of the world. install capacity that needs totitu it has been accuver , but it is ongoing and will not stop. francine: what is the catalyst

i am francine lacqua in london.hese are your markets and equities on the rise with the stoxx 600 gaining .6%. it is the fallout from that g7 that was defined as tumultuous. it is not having that much of an impact on euro-dollar. i'm looking at yen because there is a lot going on. if there is anxious this in the markets when it comes to foreign policy, it could be played out on the yen but for the moment, the dollar is steady. president trump in singapore to meet with the north korean leader. trump,up next, we talk trade, and the summit in with wolfgang piccolo and later we will speak with sadiq khan. let's get to first word news. administration has stepped up its war of words against canada as the foreign minister condemned insults aimed at justin trudeau, while germany and france criticized the comments. peter navarro's personal attack on trudeau came in the wake of tweets from president trump. >> there is a special place in hell for any foreign leader that engages in bad diplomacy with president trump and then tri

i am francine lacqua in london. were talking this immigration package signed overnight by eu leaders. there is a lot of anxiousness about what happens with italy and other countries in the periphery. willem buiter of citigroup is still with us. is italy still the number one problem? is it a political concern you have, or is the politics spilling over to the economics? willem: it is both. clearly, the refugee deal that was negotiated, even though it , is a bigally binding positive because migration is in excess special -- existential issue for the entire euro zone. italy faces a special problem of being a key member, one of the three elephants in the eurozone. proposals are so out of whack both from what brussels will accept and what markets will accept that if they get through with anything like proposal that is still officially part of the government's program, and we will have another sovereign debt exits around october or possibly -- crisis around october or possibly even sooner. it is going to be extremely conte

francine lacqua in london. i am tom keene in new york., what i know for 220 7000 people took the cfa exam this past saturday. they all want to work for rick lacaille at state street. are there going to be any jobs ?n london for these people let's get an update on mifid ii. is anybody going to be left standing in 2020? siderd: i think the buy has had to adapt and choose how it will spend its money. that has not been an easy adjustment, but i think the principle behind mifid is a smart one. the value of research is still high. the question is how you can attract -- how you can extract value and measure it effectively and make smart decisions about paying for it. think there will be a thriving research industry. the value of getting it right is high. sell side, if there are 15 people covering a company in england, take british petroleum, 15 people are covering british petroleum, in two years will we have five people covering british petroleum? richard: i cannot make a prediction like that. like all elements of finance, you need to differenti

today on "leaders with lacqua,"

today on "leaders with lacqua," we meet the chief executive of enel, francesco starace.hank you for joining us today right here today at bloomberg. mr. starace, how difficult was it for enel to go from a coal polluter to one of the most renewable energy-friendly utilities in the world? francesco: first of all, we totally good polluter, we already had a sensible amount of renewable energy in the legacy of large hydro plants that most utilities have in europe. now we have a lot more. let's say it was, in retrospective, things always seem easier than they were. so it was a little bit of a mind-changing exercise on a large-scale, let's put it this way. it took a while, but there was a point where everything turned around. there were a couple of years where things really changed. francine: what years? francesco: they were like, i would say, 2012, 2014. and after that, it was a little faster. francine: if you look at the shift from fossil fuel to renewables for the industry as a whole, how disruptive will it be for you, but also for your competitors? francesco: it is really di

today on "leaders with lacqua," we meet the chief executive of

today on "leaders with lacqua," we meet the chief executive of enel, francesco starace.hank you so much for joining us right here today at bloomberg. mr. starace, how difficult was it for enel to go from a coal polluter to one of the most renewable energy utilities-friendly companies in the world? francesco: first of all, we were not a total polluter, we already had a sensible amount of renewable energy in the legacy of large hydro plants that most utilities have in europe. but now we have a lot more. so it was -- let's say it was, in retrospective, things always seem easier than they actually were. so it was a little bit of a mind-changing exercise on a large-scale, let's put it this way. it took a while, but there was a point where everything turned around. there was a couple of years where things really changed. francine: what years? francesco: they were like, i would say, 2012, 2014. and after that, it was a little faster. francine: if you look at the shift, right, from fossil fuel to renewables for the industry as a whole, how disruptive will it be for you, but also

we begin team coverage, i am francine lacqua in london, tom keene is in new york. theinda, it was extensive, president seemed to be enjoying his time in the podium. we need concrete steps, what did you take away? francine, we were short on details before the press conference, still short on details, no roadmap for when this would happen, he said it is too short for them to come to any conclusions or decisions but teams from both sides will wor gether. there is a shat it is more a victory for north korea. north korea really wanted to stop the war games, also also a sense that this was a win for kim jong-un. he is managed to meet the president, something his grandfather and his father wanted to but failed. of it is a sense legitimizing his leadership, his position as a global leader. we are seeing immediate reaction from nuclear and korean experts and they have been disappointed. they say there has been zero practical value. it is swampy or than what we expected. from robert kelly, this is it? this is depressing. that trump could have got missiles, but that did not h

it catch yourrief morning briefing with francine lacqua.an moot -- you can mute me, do not ukraine seen. this -- do not mute francine. this is bloomberg. ♪ and this is extraordinary steeped in the history of the protestant reformation of europe. the pope travels to geneva, switzerland, to the switzerland of john calvin and others to speak to the world council of churches. their 70th anniversary. far more than that, the pope attending an ecumenical moment to look forward to combining christianity. this is exceptionally symbolic that was, switzerland the heart and the crucible of the protestant reformation. extraordinary, francine, to see this this morning. francine: it is quite extraordinary. something we have been following quite closely, not only the pope but all religious leaders across the world. tom: i remember seeing at the windsor ceremonies of the duke and duchess of sussex, the cardinal standing just outside the edge as the church of england service was had. it shows some of the challenges that are still there. pope francis with the

tom keene in new york, guy johnson in london in for -- in for francine lacqua.market reaction last night. the latest turn, ratcheting higher on the trade story. storye seen the risk spreading out from equities into other asset classes. commodities under pressure. it is going to be interesting to see, whether or not the market kind of takes it another notch. europe is stabilizing. tom: some good conversation to -- vincentsight and reinhart will join us and kevin cirilli as well. right now, your "first word news." sebastian: the trade dispute between the world's largest economies is getting worse. china vows to retaliate as president trump threatens tariff s on another $200 billion of chinese imports. the u.s. is not targeting goods finished in china, produced in south korea, and taiwan. u.s. futures are lower. theresa may mr. tour -- faces another vote on brexit and house of commons this week. some lawmakers are trying to prevent a no deal brexit scenario that businesses fear the most. kim jong-un is in beijing were he is expected to brief china's president about

mixnine lacqua had a exclusive -- an exclusive interview. >> i think the selloff is not justified.in a situation right now where the fundamentals of italy are very good. the economy is growing at a good pace, the corporate's positive, and the consumers are positive as well. of course there is political uncertainty, but i think the ceo -- the idea of italy leaving the eurozone are overdone. we should go back to reality. italy will not leave the eurozone. we need to look at the good fundamentals of the country. francine: how much is your exposure to italian sovereign debt? and are you changing any of the exposure? >> exposure to italian sovereign ,ebt is around 42 billion euros which is less than our total capital. has lessexposure that than a three-year duration, so it is short-term exposure. we are very comfortable with it. francine: is there anything that politicians can do? is there anything that bankers can do to appease the markets right now? >> i think it is important that we pass the proper message to the market, that the current situation in italy is actually stable. the eco

i'm francine lacqua in london.of the things we need to talk about is whether regulators have a little more appetite for m&a in the banking sector. unicredit possibly merging with socgen. i had a great conversation with jonathan, saying of all possible combinations, this one makes more sense. it comes off the news of barclays and standard chartered. you wondered when this was going to start. i guess maybe it does start this morning. francine: if you look at how italian banks were hammered last week because of political turmoil, you have ask yourself, why would you go after an italian bank, so i think timing is crucial. let's get to the bloomberg first word news. taylor: president trump is headed for a showdown with u.s. allies over trade. members of the group of seven will meet in the back. the european union and canada are threatening to retaliate unless the u.s. reverses course on. bloomberg spoke to the chancellor of the exchequer. >> we are disappointed as allies of the u.s. that they have taken this step, espec

i want to also point out that bloomberg surveillance is coming up next with francine lacqua.cial guest. he has a special place in my heart because he writes the powerful motorcycle -- rides a motorcycle. the greek finance minister will give an exclusive interview. if you go to tv , at the bo ttom, you will see a blue link. clik that -- click that to ask yanis a question! this is bloomberg. ♪ francine: europe closes its doors as eu leaders reach a deal to stem the flow of micro -- m icgrant -- migrants. they felt the friends -- effects of stress test. and ready for liftoff. elon musk's rocket is inspected to take off in the next hour. ♪ good morning, and welcome to

i am francine lacqua in london. tom keene in new york. means for investors around the world and what it means for insurance and reinsurance companies and asset managers. let's get back to nigel wilson, legal and general group executive officer. i have a chart on negative rates. do you have a chart? old school, tom is on it. central banks, is it time for them to normalize? because of what has been happening since the financial crisis. made 2.3st year we billion in profit. the signal has been very good. we have been investing in the real economy and real rates of return.the investment on government bonds across the world are very risk-averse. we need to get people investing in the real economy again. if that happens, you get young people back to work, pay them more money, and you get people buying into the political and economic system, which should be delivering great results for everyone, but at the moment it is not. had mr. greco, we in from zurich financial. i'm sure they are a good competitor of yours. assumptiontual changed? as an ins

up next is bloomberg surveillance with fran lacqua. i will join the radio team.berg. ♪ francine: e policies. and economists strike a more hawkish tone. >> it is clear the next governing council will have to make an assessment of whether progress so far haseen gradualnt to warrant a unwinding of our asset purchases. toncine: beijing is set consider buying an extra $25 billion of goods this year, will it be enough to avoid a trade war? tesla shareholder sithe chieasis board rejects a proposal

bloomberg first word news with francine lacqua. >> u.s.onald trump's ffs on to impose tari another $200 billion of chinese imports could cut as much a percentage point from the nations economic growth. a trade dispute with the u.s. risks spiraling into a protracted trade war. the uk's prime minister will take on pro-european rebels in her own party as she battles to keep control of brexit talks. today's clash in parliament could have far-reaching consequences for theresa may's future. she is facing a revolt from conservative party lawmakers over whether she should have the power to take the country out of the eu, or if parliament should have a meaningful boat on the way forward in the event that talks break down. the trump administration has withdrawn from the you when it human rights -- u.n. human rights council. business leaders and lawmakers on both sides of a voiced opposition to removing children from their parents. , 24 hours a day, on air, and on tictoc, powered by more than 122 -- 2700 journalists in more than 120 countries. matt:

francine lacqua joins us now with a guest. francine: thank you.ed by the goldman sachs vice-chairman. we're talking about not only the global business summit, sponsored by bloomberg, but if you look at the economic cycle, what do small businesses need in this environment? taking advantage of the opportunity. there is a terrific upswing. this is the time to be optimistic. this is the time to be looking for growth. we have to have an eye to the toronto -- to the horizon and make sure what you are doing a sustainable. -- is sustainable. the only way to achieve productivity is to engage with partners and people and the digital economy. tensions seem to be escalating. you don't exactly know where it will end. markets are down overnight. this is going to play out over a long time. there are imbalances in the global economy. issue thatlly an seems to unite across the political spectrum. there are talks about imbalances and what needs to be done. this has to be a global conversation. can we do it through evolution or discussion? is this a good type of vol

if you are watching on bloomberg television, francine lacqua is up next.g you through the first hour of surveillance. then she will be joined by tom keene who continues the debate for opec output expansion actually means. going to be a nice weekend in london. this is bloomberg. ♪ two, down, back up! our phones are more than just phones. they're pocket-sized personal trainers. last minute gift finders. [phone voice] destination ahead. and discoverers of new places. it's the internet in your hand. that's why xfinity mobile can be included with xfinity internet which could save you $400 or more a year. it's a new kind of network designed to save you money. click, call, or visit a store today. opec decides to boost products and despite strong opposition from iran. the trump administration is split over whether to restart trade talks with china. and airbus threatens to pull their u.k. investments in the event of a no deal brexit. welcome to "bloomberg surveillance." let's check in on the markets. here is what i am looking at for

i am francine lacqua in london. .et's check in on your markets we expect the news conference to be deliveredt donald trump, who is in singapore, shortly. we are keeping a close eye on that. we are starting a couple minutes earlier than usual. this is what i am looking at across the board. the meeting in singapore seems to have been met by a collective shrug of the global markets. they seem to be more fixated on the host of macro events and data the next couple of days. we have three central banks meeting. stocks climbing, treasuries, and as trumpns slumping and kim signed the document pledging peace on the peninsula. i am awaiting details which we will get in the news conflicts -- conference. let's get the first word news with taylor riggs. taylor: donald trump has signed "a very important document" with north korea's kim jong-un. the letter said kim's government would work toward the complete denuclearization of the korean peninsula and commit to a lasting peace. after the one-on-one meeting, donald trump is scheduled to hold a press conference imminently. i think our -- whole relationship

i'm francine lacqua here in london. these are your stock markets.

thisatest episode of show with francine lacqua airs tonight.scuss the future of green energy and the company's debt on electric vehicles. >> today, we are at the beginn this huge curve. in the next year, we will all laugh and how stupid we were think about the growth of elected nichols but when you think about the billions of dollars being thrown into investing in electric vehicles, i have no doubt that it will become a huge business. and of course, the word, electric. it is a question. , or the electric world will prevail. when you think of electric car, which of the two words is important? >> you can watch the interview in full at 9:30 p.m. tonight in new york, and 730 a.m. in london tomorrow. that is your bloomberg business flh. manus: juliette, thank you very much. saudi arabia issued levy licenses to women for the first time in decades, as the country undergoes a modernization drive. -- issued driving licenses to women. crown prince mohammad bin salman has been on the forefront of these changes, but human rights groups continue to argue th

i'm francine lacqua in london. tom keene is in the new york.of the euphoria of the trump summit. we can talk a little bit about corporate news and this merger going ahead with at&t. tom: the president may be landing in the washington area. he comes back to a fractious washington. a real change in the fed debate yesterday over flat wage growth. brian roberts had an eventful night. after that at&t merger, comcast is the story this morning. francine: that will have an implication on the trump administration. i wonder whether the president touches down in washington and tweets but also has a huge implication for the media landscape. is apprising revelation from the u.s. north korea summit. kim jong-un says president trump promised lift economic sanctions against his regime. president trump did indicate there would be some wiggle room. he said sanctions relief would come before the complete nuclearization of the peninsula. theresa may is searching for a brexit compromise that will keep her government from falling apart. her officials begin work on a

francine: don't follow lacqua or keene. follow ferro. tom: now the supreme court. in london. for a global briefing on this name, anthony kennedy. i met him a few times he was appointed by ronald reagan but changed over the years. how did justice kennedy change into truly the legend that he is right now? >> well, he was a crucial moderating force on the court at a time when it was becoming increasingly partisan. he was the swing voter in a number of crucial issues. lgbt rights, same-sex marriage wade cially roev. abortion rights. there is why there is some concern about his departure. at will it mean for roe v. wade and other crucial votes that come before the court. tom: the list of candidates, i regret that everybody is in an uproar about conservative versus liberal. i don't see anybody there really bigger, broader, more philosophical like a breyer or a kennedy. everybody seems to be much more narrow. do i have that right? >> yeah, i think you do. he came from another era at a time when you know, u.s. politics wasn't so partisan. he could rise above it. and i thin

item francine lacqua here in london. let's get straight to bloomberg business flash in new york.willhas said pull their u.k. investments in the catastrophic event the country leaves the eu without striking a brazen deal. says ifs space giant they fail to strike a deal, it would lead to a severe disruption of production. the company employs 14,000 people in written. -- britain. billions anding has said the proceeds will be used to purchase stock and on research and annulment. into a turnaround after fox, but the company. u.s. banks have cleared the first hurdle of these stress tests. the fed sound all of them could survive a severe economic downturn. this year, goldman sachs and morgan stanley came closest to the edge, and is the third straight year every bank surpassed minimum demands. the trump administration wants congress to remove federal as part of a plan to release these morgan -- mortgage giants from federal control. they could have their market dominance challenged by new competitors under the plan. fannie freddie and rivals would a body interim regulations and ensuring a