this is the boss of lloyds.ramme on radio 4 that lloyds came through with a strong recovery over the last few years will do it pointed out his base salary has climbed to £1.2 million and his remuneration package increased by some 11%, to £6.42 million. is he worth that? he has brought lloyds back to normality. send us your thoughts. you're watching business live — our top story. boom time for the mining sector. the boss of the world's biggest player glencore says 2017 was a stellar year, as a strengthening global economy boosts demand for commodities. a quick look at how markets are faring. that is how things are standing right now. let's get the inside track on a social network which aims to bring neighbours closer together. nextdoor aims to encourage social interactions with those in your community. it is now actively used in more than 185,000 neighbourhoods in the us, uk, germany, and the netherland. the start—up now has a valuation of over a billion dollars but will it end up as the next facebook or the next

lloyds ba n k or economy questions we are seeing.bank in a bitcoin crackdown, stopping its customers using credit cards to buy the cryptocurrency. concern about huge losses that it you were a similar move? lloyds said they do not want people going on to bitcoin and purchasing £100 on the credit card because if you lose you still have the dead and if you are unable to pay it off you are also paying the interest. we decided to not allow clients to send money to bitcoin because if it is anonymous if it is as anonymous as people say it is, it points to some people really wa nt it is, it points to some people really want to use it for anonymity thenit really want to use it for anonymity then it is difficult for compliance. bitcoin has had a bad 2017 —— 2018, even though went ballistic and 2018. this year is when it will come back down to earth. it got up to $20,000 coin in the last part of last year saw a lot of retail investors may have gotte n saw a lot of retail investors may have gotten in on december, pocketed an accrual personal loa

lloyds down three quarters of 1%.se it is far too complex and costly. time—shares were very popular in the 1980s and 1990s. investors were told their time—shares would increase in value and be easy to get out of, whenever they wanted. but for many this didn't happen — and they've been left with increasing maintenance charges on a property they can't get rid off. time—share groups say the industry provides millions of people with quality holidays every year. anna collinson reports. it's the 1980s and hundreds of thousands of people are signing contracts which promise cheap sun and convenient getaways, normally in spain. # if you were born in the ‘80s, the ‘80s...# many of those people are now retired or close to it, and they can no longer afford or use their time—share. so what happens then? wendy barker met her partner, anne jackson blanchard in 1995. she was quite punctilious but quite jolly with it. the couple decided to get a time—share. so this is a photograph of the lodge, taken from one angle. what it was was an

but we heard about lloyd's, does what wenge that -- heard about lloyd's, does that change that?hink so. we have more than enough on our plate. the integration of these two asset management businesses now, the separation of the platforms from the life company, we have a lot going on. clearly, lloyd's was unfortunate, but not all is lost there. let's wait and see. i think we have been working nonstop for the last year, i think, and really working on restructuring the group. the sale of standard life to the merger, i would say standard life into phoenix was probably the final step in the transformation. anna: you say not all is lost on the lloyd's side of things. is that because you hope to win the business back or you have other options? why'd you make that comment? we still have a very good relationship with lloyd's, the two businesses are deeply embedded within each other. good,mance has been very as they said in their press release. say, let's just see what happens. they gave forsons serving notice on the contract .s competing let's just see what happens in the future. it is in

lloyds ba n k lloyds bank and virgin money have banned purchases of bitcoin on their credit cards.ng his decisions during the liverpool top match yesterday. walter smith may return to the scotla nd walter smith may return to the scotland manager's job. ben walter smith may return to the scotland manager'sjob. ben youngs has been ruled out of the squad for the six nations this weekend. he will be replaced i richard wigglesworth. lloyds banking group has banned its customers from buying bitcoin and other crypto—currencies on their credit cards. they have now been joined by virgin money. the ban — starting today — applies to lloyds bank, bank of scotland, halifax and mbna customers. it will not apply to debit cards, only to the banking group's 8 million credit card customers. bitcoins are created through a complex process known as "mining" — and then monitored by a network of computers across the world and over the course of the past year the value of a single bitcoin has fluctuated wildly. this time last year one bitcoin was worth approximately 700 pounds. the value jumped over the c

so you can see, what lloyds is worried about., that it will lend out credit to people and it won't be able to get the money back from people if they have lost it on bitcoin. this is what lloyds are saying but how does it actually stop someone from using their credit card to do this? some people in banking so they are a bit perplexed about this because you just buy something from a merchant who has one of those consoles, you put your card in. but in fact each merchant has a code and lloyds can block those codes, so it can do it. questions being asked on the internet today about whether it is right to stop people spending their own money and the answer to thatis,if their own money and the answer to that is, if it is on a credit card q not that is, if it is on a credit card it, not 2— that is, if it is on a credit card it, not 2“ it it is not their own money, it is credit, and lloyds is not stopping people from using their debit cards to ta ke people from using their debit cards to take money straight out of their bank accounts to b

. >> this is lloyd, a gentle joint. >> this is lloyd, hard to see, because black so far, a black pantse is a black dog, he is eight years old, his name is lloyd. he will be part of the lonely hearts club, adoption event at pennsylvania spca. we will talk more about. that will these are dogs that have been there for a while, who through no fault of their own and need to get a home. lloyd is wonderful, loves dogs , loves kids, so we will talk a little bit more about him. lots to talk about today. the snow came, the snow melting, fortunately, we will be getting warmer weather, all year long your dogs need to be walk. walking video right now, we discuss walking your dog. and it is very important. thursday is national walk your dog day. you know walking your dog helps them, physically, mentally, help us physically and mentally. but important thing, pay attention to your dog's fitness level. you do not want them sitting down on the sidewalk panting, they have to built up their fitness level the same way you do. other thing i think people overlook. they look at walking the dog for two reasons

lloyd's is fascinating. attorney money to shareholders.'s take a look at what is happening with car stocks. but going to talk about all of those stories. at the moment, u.s. futures are positive. let's get a sense of what is happening all around the world. yesterday, european stocks did well. let's look at what is happening with the yen. dollar on the front foot. in this big week for the bond market. the walmart's margin store yesterday? that is fascinating. it tells us a lot about the inflation narrative. i think there is a role in wti today. take a look at what brent is doing. supply is definitely skewed at the front end of the market. nevertheless, the bond market stays firmly in focus. withe currently trading 2.8914. this ahead of the fed minutes. we get back to these markets, let's update the first world news. ed: theresa may is under more pressure with members of her own party amend a quick, clean break from the european union. they want her to take a harder approach on britain making its own rules after brexit. meanwhile, opposition

lloyd said this trip is at the top of his bucket list. he still can't believe it. >> i was very thankful he included me into that wish list. i am blessed to have someone win. >> reporter: what's ironic is gillette has the naming rights. he jokes about this saying that gillette is siding with the underdog this time. back to you. >> so great he gets to share that experience with his dad. >> that's going to be a great time. >> a lot more eagles fans here in minnesota tonight. we have been seeing them everywhere. take a look. >> eagles cheerleaders greeted passengers at philadelphia international. rolled out the green carpet for birds fans bound for the super bowl city. we kaugt up with some of thoeds passengers after they touched down. >> the excitement coming up the last two weeks and actually going to the game, being able to take our sons to the game means the world to us. >> it wasn't all green at the airport. greeters dressed in vikings purple were there to welcome eagles fans to their city. >> we were asking for creative. the gymnasts i

and lloyds is still very volatile. and lloyds is stopping people from buying it?an go down as well as up. it fell to less than £6,000. people trying to get in on the act on a credit card could lose a lot of money very quickly. lloyds is worried they could not pay it back and could foot the bill. they have said you cannot buy it any more on your credit card, or any other cooper currency. thank you. the sole surviving suspect behind the paris terror attacks in 2015 will go on trial in belgium today. salah abdeslam faces charges relating to a shoot—out he had with police while on the run in belgium in 2016. he faces a second trial relating to his involvement in the paris attacks at a later date. he is not actually facing charges to do with the attacks in paris. he is not. that is expected in two years' time. since that time, on the friday night, the 13th of november, when he was pictured going to and coming away from the scene on cctv camera ata away from the scene on cctv camera at a service station, especially on the way back. he is the last suspect who was thought

sian lloyd has the story.s about steelworkers who devoted years to the industry but face changes to their pension scheme. some had the option of transferring their benefits to private schemes, but what happened has been described as a mis—selling scandal. yes, we've been let down with the trustees, we've been let down by tata as a company. we uncovered the case of richard bevan who had transferred his savings into a private scheme. he believes the financial advice he was given was unsuitable and resulted in him losing out on £200,000. he welcomes the scrutiny by mps but says it's too late for him. where that leaves people like myself i really don't know. it may highlight the fact for other pension schemes in the future, and this may not happen on this scale again. hopefully it doesn't, but that's little comfort to people like myself, you know? the report noted that the regulator, the financial conduct authority, only acted two months after we highlighted richard's case. it calls for the authorities to be more

save the best for the chief of goldman sachs, lloyd blankfein.m glad to be here but thank you for being here at the conference. david: i want to start their because i've been around all day long. and there is an atmosphere here that i don't often see, certainly in business gatherings. i go to gatherings were people are a little bit jaded. there is enthusiasm and passion here that i don't see every day. honest,kfein: i will be i don't see it everyday day and i don't see it any day. it is absolutely terrific. we brought back 2300 small business graduates that came here on their own steam and pave the their way to come here. the most important thing to network with each other and make a declaration of how enthusiastic we can be. it is absolutely terrific. it was 500in: million dollars? -- david: it was $500 million? mr. blankfein: there is a hard reason for doing it. place first lace -- first , small business is the backbone of the usa. the success of goldman sachs, and gdp. making it better for small business people and growing with it. that's the

coming up, i sit down with lloyd blankfein, the ceo of goldman sachs.hery: first, president trump's budget. we will be discussing it with democratic president of john yarmuth of kentucky -- democratic representative john yarmuth of kentucky. ♪ david: this is bloomberg markets: balance of power. i am david westin. shery: let's get a check on the "first word news." mark crumpton has more. mark: top intelligence officials told the senate intelligence committee that russia is intent on meddling in the upcoming u.s. midterm elections, particularly through the use of cyberattacks. national intelligence director dan coats said that the threat to the integrity of the elections needs to be addressed. >> there should be no doubt that its pastrceives efforts as successful and views the 20 u.s. midterm elections as a potential target for russian influence operations. that director coates added no single agency is in charge of dealing with potential russian meddling and that efforts to utilize cyberattacks will likely continue because they are considered low cost an

is that potential danger for them >> i think for lloyds it is. it is profitable books, but as that unwinds it's more exposed to the challenger banks, and others taking part in the business it's also much more exposed to mortgages and consumer credit. and i think there may be more pressure on the uk, and i think lloyds has more to lose than other banks. >> we'll leave it there. colin mclean from svm asset management for more on hsbc's rut results,a online to cnbc.com >>> deutsche bank reportedly plans to cut up to 500 investment banking and trading jobs ahead of its bonus payouts. the bank has been under pressure to cut costs as it works through a five-year turnaround plan. some high profile bankers in new york and london are on the list of cuts. >> feel free to e-mail the show, the address is streetsignseurope@cnbc.com you can follow us on twitte twitter, @streetsignscnbc and tweet me directly if you so wish. >>> coming up, kfc said it had to shut down hundreds of its restaurants in the uk after it ran out of chicken that's kentucky fried chicken

we are looking very much forward to that interview with lloyd blankfein. breaking news, john gray has been named president and ceo. that is to new appointments, moving things around. the president and ceo now, tony james bigs executive vice president -- vice chairman. bloomberg's julie hyman is with us now with the latest on what we would term a selloff but is technically lower. >> the reversal of the two gay gains.f a fifth of 1%.by we are seeing some strength. google, amazon, apple trading higher. it is interesting what we have been watching and etf flows. with the big selloff, we saw outflows from the largest etf. we have a look at the terminal that shows that. of thepulling money out spot. that has reversed this week but we will see if the price action has gone back and forth, whether gyrate aswill dr well. back to today's session, we are looking at the earnings as we are getting toward the season. posting an unexpected fourth-quarter loss. because of a one time charge. shares are trading lower and , that focuses on senior housing. on the plus side of

lloyds is aiming on a cost to income ratio in the low 40's. top stories.ond auction yesterday. have pieces of data to pick up today. mark carney is testifying in a couple of hours. he will talk to the banking and quarterly in relation report. the french numbers along with the german numbers. the u.k., it's all a been to be about the unemployment numbers. we've come off the lows in the u.s. futures. to be about which dog in which lead is guiding the markets. is it the bond market or the u.s. equity market? . u.s. turning around a little bit. ofo picking up a little bit upward momentum as we have gone through the session. china is still out. when of the biggest things markets are digesting is the big issuance of short dated treasuries. here is the u.s. two-year yield. it is the highest since 2008. this is the path of the curve we were talking about. does it continue to tempt in international buyers? do to the cost of holding stocks? how do you balance equities and debt in your portfolio? big questions to deal with this week. by nine tens of a percent. it was

the decision affects all account holders with lloyds bank, bank of scotland, halifax and mbna.protecting customers from running up debts they could never repay. the surviving suspect from the paris terror attacks of 2015 will go on trial in belgian today. salah abdeslam faces charges relating to shoot outs he had with police while on the run in belgian in 2016. he faces a second trial relating to his involvement in the paris at later date. 0ur europe correspondent gavin lee is at the court in brussels. salah abdeslam, at one time the most wa nted salah abdeslam, at one time the most wanted man in europe, what can we expect from the court today? this is a separate case because the four months after the paris attacks, the 13th of november 2015 where 150 13th of november 2015 where150 people were killed in the bataclan, restau ra nts a nd people were killed in the bataclan, restaurants and the stade de france, forfour months, restaurants and the stade de france, for four months, salah abdeslam, restaurants and the stade de france, forfour months, salah abdeslam, was missing, the o

but apart from the lloyd's, it is looking better.ibution teams, so they are from forward as a starting first to january rather than halfway to the year. so we are definitely seeing better trends. clients globally understand that you either need to be big in this business or small. , the structure now lends itself more to a modern capital light investment company. gilbert,at was martin the co-ceo of standard life aberdeen. coming up, we will bring you the stock movers of the day, including the car parts maker. given everything that's going on, it's interesting to see this stock is down 8.2%. the growth of margin is disappointed. details to come. this is bloomberg. ♪ ♪ it's mmm. that's mid-cap movers for you. we are 39 minutes into the trading day for you. a lot of things and the market to bet that -- to grapple with. >> let's start with standard life aberdeen, up this morning under a percentage point, selling its insurance unit to phoenix. that's the biggest stock movers in the stoxx 600. it's selling for 3.2 billion pounds. standard

i'm joumanna bercetche these are your headlines lloyds pretax profit hits a record but comes in short of full-year forecasts. >>> shares trade higher as the british bank unveiling a 1 billion pound share buyback. >>> glencore's revenue comes in at 20 5 billi$5 billion they reduced net debt by $3 billions >>> and shares are in the green of orange, as they report their first annual home market revenue rise in anyone years. >>> and headwinds for iberdrola. the stock sees red after full-year earnings miss expectations failing to offset a proposed dividend increase i will speak with the chairman at 11:00 cet >>> all right. it is pmi extravaganza this morning. we already had pmi numbers out of germany an france both were disappointing. just getting in the flash composite pmi numbers. let's look and see where those came in. the february composite flash pmi came in at 57.5. the forecast was 58.5. we have another miss here coming in it's not that surprising after what we saw coming out of germany and france a bit earlier. so definitely the numbers have begun to drop a bit. we're seeing that in

. ♪ this is just part of the video that won kyle lloyd a pair of tickets to the game.e said he just searched super bowl contest because he wanted to get free tickets, and a video contest from gillette popped up. lloyd said oddly enough his video about why he would take his dad to the super bowl was the only entry. >> i was floored when i got the direct message that i was the winner. i had a tear come out of my eye. i was amazed at the work he did. >> that's so cool. you heard kyle say he was surprised that he won the tickets. he actually seems to be lucky because he's won eagles' tickets more than a dozen times from nbc sports philadelphia in a two-year period. i guess he gets in on all the contests. cool. >> very smart. first time that the opposing team probably did -- >> sweet. >>> and the predictors weighed in on the super bowl lii. >> every year the "tonight show" hosts -- uses a group of puppies to pick the winner. look at what happened last night. >> release the puppies. ♪ looks like a landslide! the new england patriots are the super bowl champs! >> ah. don't de

i think sthat should allow it t have liar grow higher growth >> we had lloyds reporting earlier this week. we saw positive reaction and surprisingly the domestic business has been holding up well what is your view on the domestic banks over the next 12, 18 months? >> i think that the key risk is the economic risk. they're quite hard to call that's a risk factor but the underlying performance of the businesses are good with interest rates gradually rising in the uk and rising faster than that in america. the outlook for banking profitability fundamentally is sound. the valuations of banks are modest the big change between now and five or six years ago is the banks rebuilt capital since the financial crisis they're much better capitalized. much better closely supervised and there's an argument they should have a higher earnings multiple >> does that make you more inclined to be overweight uk banks versus european banks? >> i'm only invested in the uk i don't have a view on european banks, but i think the uk banks look undervalued compared to the rest of the world. >> simon, thank you f

sian lloyd, bbc news, port talbot.anager, for the second time. he had 10 games in charge before leaving for birmingham city in 2008. mcleish has been given a deal until 2020 after discussions with the scottish fa over the past few days. he takes over from gordon strachan who left in october. team gb could be about to win its first medal of the 2018 winter olympics, after dom parsons put himself in contention in the men's skeleton competition. he's in fourth place at the halfway stage, ahead of the final runs tomorrow. there are flashing images in this report from our sports correspondent andy swiss in pyeongchang. here he is for great britain. run two, dom parsons. he arrived an outsider, he is now a contender. dom parsons is ranked just 12th in the world but wearing team gb's much discussed new skin suit, he was out to prove his case. dom parsons is flying around this track. he looked so impressive in his training runs here, but can he back it up with a big performance when it really matters? the answer was encouragin

the lloyds banking group, up almost 3%. they issued a strong profit for the year. of their last shares backin governments of their last shares back in may. metro bank, they are down almost 5.5%. despite it being the first year they have announced a profit. that's all the business news. prime minister's questions returned this lunchtime — following last week's break. theresa may faced questions on brexit and syria and the oxfam scandal from mps. norman smith was following proceedings and joins me now from westminster. thank you. a bit of a variety of all sorts of different questions. most of the coverage will focus on brexit, as usual, withjeremy corbyn trying to glean some indication from mrs me about what sort of final brexit deal she is seeking. we are brexit deal she is seeking. we a re halfway brexit deal she is seeking. we are halfway through the six speeches we were told would set up the government's negotiating position. so far, all we have had is waffle a nd position. so far, all we have had is waffle and empty rhetoric. businesses need to know. people want

sian lloyd, bbc news, port talbot.self in contention in the men's skeleton competition. the 30—year—old is in fourth place at the halfway stage ahead of the final runs tomorrow. in the curling, britain's men earned their second win with a tense victory overjapan, while the women's team lost their second match. there are flashing images in this report from andy swiss from pyeongchang. here he is for great britain. run two, dom parsons. he arrived an outsider, he's now a contender. dom parsons is ranked just 12th in the world, but wearing team gb‘s much discussed new skin suit, he was out to prove his pace. well, dom parsons is flying around this track. he did look so impressive in his training runs here, but can he back it up with a big performance when it really matters? the answer was encouraging. dom parsons goes to the front! come on, dom! he ended up fourth at the halfway stage, just three hundredths of a second off the medal places. tomorrow could be special. the medal chase for britain is on here! i hope i can sl

the ban, starting on monday, applies to lloyds bank, bank of scotland, halifax and mbna customers. some of the losses sparked by a sell off on wall street. actually ended the session higher. also got a boost from a private survey showing china's services sector got off to a strong start in 2018, expanding at its fastest pace in almost six years. it was interesting showing the service data, china expanding at its fastest pace. eruopean markets opening lower though following that lead set on friday by wall street. expectations of a rate rise in the us, earlier than many had been expecting. investors have assumed that there could be another two, or maybe three rate rises this year. friday's jobs data adds the option of a fourth. we'll discuss what that could mean in a moment, but first yogita has the details about what's ahead on wall street today. there's another budget deadline looming, this week. a situation that seems all too familiar now. the us congress must agree on a spending bill by thursday, to avoid one more government shut down. and, so, we're going to be seeing some hecti

i would also like to thank lloyd blankfein and catherine and john.y are the ones who really put this together and they deserve a big round of applause. [applause] when i started the business, it was, and most of you in the room will not believe this day existed, but it was before pc's were invented. i know you do not think that was possible. but we literally created our own saturday every afternoon i would solder the circuit boards for these computers that we were buildinge computers that we're building which never worked on eventually we did get them to work. it was before al gore invented the internet. it was very in history. is covered by the old testament rather than the new testament. but i went out to customers. tell you story to show you how small business works, it's people. the matter how much digital bf, people is what makes businesses. so what i did is identify the company to be a first customer i went to a delicatessen every morning for close to a year about two cups of coffee and two cups of tea to go. one with milk and one without. i we

now lloyd blankfein is raving about the economy. they have not been backers of president trump really outwardly. melissa: no. >> it doesn't mean that they are now but at least they are saying that they're supportive of the economic agenda comming out of the white house right now. and that is what matters, ratherless whether or not you voted for trump, seems like most americans, again based on this poll, are very, put the economy in high standards right now. melissa: well-put. heather, lanhee, thanks. david. david: the investigation into yesterday's tragic shoot something just beginning. a lot of questions remain unanswered. a judge ordering the suspect, 19-year-old nikolas cruz could be held without bond on 17 counts ever premeditated murder. tragically that number may increase. here is a first responder at the scene speaking moments ago about the quick action he took. >> as i continued down this roadway i discovered an individual walking on the sidewalk, that, was wearing the clothing description that had been given over the radio.

plus a resume joe has been sending to for years, lloyd blankfein will be here. had a great event last night for goldman sachs. it was at union station here in washington, d.c. an incredible venue. there's my mom, my best friend, my brother, my niece. it was fun. it was the largest ever gathering of small business owners in the u.s. there's michael bloomberg. >> i asked michael bloomberg actually for some money. >> no. >> every time he walks past. he has 50, 60 billion. >> he was lovely. >> what's a couple million. he wouldn't miss that. >> stop. it was fun. joe's band played. and the band was amazing. blew the roof off union station. people were really psyched. >> i put a briefcase right in front of bloomberg hoping he would throw thousands dollar bills in there. >> floyd was dancing with the small business owners and everyone was having a great time. >> you cannot report on goldman sachs because you two were dancing. >> what? >> this is making me sick. we'll be right back. liberty mutual stood with me when this guy got a flat tire in the middle of the night. ho

it is a fabulous story and he is called david lloyd. he isa story and he is called david lloyd.s you say, he became communist affairs correspondent for the daily telegraph and the sunday times revealed the escape prosecution. he was unmasked just after the time that donald maclean disappeared and he was never prosecuted. the thinking is that he was not prosecuted because it would just have been such a huge embarrassment have yet another, you know, russian spy have yet another, you know, russian spy in britain. he was actually given a job. it was all dealt with very quietly and he was given a job in the daily telegraph, and then editor and deputy editor had in fact work for mi6. so we don't know exactly why the deal was struck, whether it was just too, you know, save red faces all round. or whether he perhaps provided more information. we don't know. there was a lot about the story that we don't know but it is just a fabulous story. ple nty of story. plenty of entry, which is what you wa nt plenty of entry, which is what you want from a spy story. and the mail on sunday, they've

what every analyst is saying, looking at goldman sachs' quarter, lloyd frank -- lloyd blankfein, hisa is not working out. now that you have volatility coming back, that puts him in a strong position because they're going to have good earnings, a lot of people think when they report in a couple months. one other point on this markets you got to watch the trading here which it's fascinating to me, it looks like we can have -- this thing can go down further, based on the conversations i'm having with other traders that in could be what's known as a puke at the end of the trading day. a further puke. don't be surprised if we see this thing go down sharply when more sell programs kick in. that's where we are right now. the vix, talking to charlie brady. the vix isn't entirely off the charts, it's higher, we know that. one thing that spooked the market was a treasury auction midday that didn't go that way. why is that being an issue? there is a growing concern in the market about higher interest rates, not just because the fed is not bear anymore and normalize the interest rate policy but

the lloyd's ban came into force today and applies to lloyds bank, bank of scotland, halifax and mbna their value has fluctuated wildly. this time last year, one bitcoin was worth approximately £700. the value then jumped and peaked atjust under £14,000. but it has fallen in recent weeks, and one bitcoin is now worth around £6,000. doc did gary coleman is an economic sister in at cambridge university and joined us on webcam. i wonder if we might go back to basics, just explain exactly what a bitcoin is. bitcoin is a digital alternative currency, and by digital alternative currency, and by digital we mean it is electronic, it doesn't take physical form digital we mean it is electronic, it doesn't take physicalform like digital we mean it is electronic, it doesn't take physical form like the banknotes and coins in our pockets, and by alternative currency we mean it is not created by a central bank you can't use it to pay your taxes, it is created by private miners, as you mention. what is it about bitcoins that would make banks want to ban people from buying them on their quick cars? i

david westin spoke with lloyd andkfein in washington dc discussed the sudden return of volatility tond what it has meant for the trading business. >> things are going to happen. there will be something that happens in the world here there will be a natural disa -- the world. there will be a natural disaster. something will happen that will cause the relationships of one acid to another readjust against each other. it has been unusual that that has not happened. people are not sure the reason why. my own best guess is that when i look to act is people will say that because of qe and central banks around the world buying risky assets, as much as they could get almost as fast as debt was issued, they bought them, that tends to be a blanket over spikes in asset prices and that probably kept things low has the market and people anticipate that coming off, i think we will see more volatility. >> this is your job. contingency come you are planning for the possibility of. is it fair to infer that goldman is doing pretty well right now in trading, commodities, fixed income given what has happ

lloyds is becoming the first bank to bank customers from using credit cards to buy bitcoin.nd the express says it is time to wrap up warm, describing the forthcoming cold spell as a scandinavian freeze. 0n the same story, the mirror says temperatures are going to plummet to minus 1a. that is a little flavour. no real consensus on what the main story will be, let us see what has appealed to i guess this evening. you will kick us off with the eye. brexit, what is the latest development. theresa may is trying to soothe the hardliners. this is the head of the biggest summit. the cabinet are planning to sit down and have a discussion about what will happen, what the deal will look like. i don't think i would wa nt to look like. i don't think i would want to be referee. there is a lot of argy—bargy. want to be referee. there is a lot of argy-bargy. you are getting these conflicting opinions and information coming through. the idea that boris johnson, michael gove and jacob rees—mogg are going... i wish i could. he is the chancellor apparently. are going to take us to apparently. a

minute penalty lead and oakland financial games mentioned above thanks to a stunning goal from marco lloyd's eleven. every journey begins with the first step and every language but the first word emerged from the. nico is in germany to learn german why not learn itself simple online on your mobile and free and subsequent d w z e learning course nico speak german made easy. german state by state. the most colorful. the loveliest. the most traditional find it all at any time. check in with a web special. take a tour of germany state by state on w dot com. eleven. most of them listen. it's all about the slaves in subtler it's all about george chance to discover the world from different perspectives. join us sponsored by just going to instagram others. w. stories the topics each week on instagram. human rights monitors say the syrian government has stepped up its bombardment of a rebel held area near damascus scores have died in eastern guta including nearly eighty people on monday the suburb has been under siege by regime forces for more than four years. dozens of students staged a so-called di

sian lloyd, bbc news.eing fleeced out of money that they should have had. just for the benefit of our viewers, remind us the benefit of our viewers, remind us of the background to all of this, festival? well, this all started just over two years ago, now. financially, they off—loaded around a thousand jobs, in wales. and, one of the reasons they said they had to do that, was they were rumoured to be losing, around £1 million a day, and the way that they said after they put the company up for sale, that they would be able to carry on and remain solvent was to uncouple themselves from the british steel pension scheme. the original scheme, which had a £700 million deficit. they gave the workers a option, to uncouple themselves from that scheme andjoina new uncouple themselves from that scheme and join a new scheme, otherwise they would be an solvent. they voted for that at the start of last year, and that is why they had three options which was to leave onto the new psp as scheme, to move automatically into a

[laughter] david: i had the chance to sit with white blankfein -- lloyd blankfein, and what borrowingm the government could mean for interest rates. higherthe likelihood of interest rates is going to be problematic, but what is driving higher interest rates is a better economy. in the near term, the shock of higher interest rates will be a immediate negative and the success of the economy will be a long-term success, but you have to take up both of those things together. and been critical of some aspects at the national level, but i give credit, the move towards lower regulation. the elements of the tax bill that lower taxes for people who are in this group -- small business group, things like the pass-through, they have been very helpful. on the red tape and regulatory side, a lot of the burden among people here, some a correct the national level but more at the local level. and also the inconsistency of red tape, which is regulation, which occurs across different rules. licensing requirements from jurisdiction to jurisdiction very not only by state, city, village, town. it is very c

nejra: still ahead as we review the week on "bloomberg best," insights into market swings with lloydin, steve schwarzman, and others, plus a barrage of earnings reports. up next, the week's top business headlines. this may be the moment when diplomacy became an olympic sport. >> clearly whatever the charm offensive or propaganda machine they instituted over the olympics, it has worked. nejra: this is bloomberg. ♪ nejra: this is "bloomberg best." i am nejra cehic. let's continue our global tour of the week's most important business stories at america's largest private equity group. >> another management takeover on wall street, blackstone, naming john gray as chief operating officer. tony james will transition to another full-time role as executive vice chairman. >> this has been one of the worst kept secrets in the world of private equity. john gray has long and considered the likely successor to tony james, and the founder and ceo of blackstone. gray has distinguished himself as one of the world's leading real estate investors, so this completes the puzzle for the private equity bus

chief executive of lloyd's of london, she is a trailblazer her own right and it calling for an overallpay is reported. partly because, if you miss out, certain individuals in your gender pay review, who are very well—paid men, will skew the whole result. absolutely, especially if you consider they are not employees, they are owners and some of the big firms do exactly this. some would say to skew the figures making it look like the pay gap isn't as large. most of the people at the top of these firms are men. large. most of the people at the top of these firms are menlj large. most of the people at the top of these firms are men. i have been to one or two of these events, when you look at the global partners, they are white men, 90% are white men and they earn on average £1.5 million per year. the gap between them and their female counterparts might be colossal. similar accusations made against the bbc for taking out i won't go into it. not at all. we are only got a minute to go and! at all. we are only got a minute to go and i want to talk about the queen. if you have a fashion show, y

after a one all draw with italian side on thursday the looks set to win the time after a failed to lloyd scored in the eleventh minute for the hosts they held on to that lead for over an hour but then don't once captain marcel reacted to a loose ball and netted the equalizer his first goal of the season giving dortmund a four three aggregate. rb lie cheat also survived a big scare to advance to the next round of the euro police life seek went into the match against napoli with a three one lead from the first leg but since he put napoli ahead in the first half or end so and saved it then put napoli two nil up in the closing stages to level the scores at three all on aggregate but like to go through on the away goals. soccer violence has more of the latest round of the league in spain a policeman suffered a heart attack and died after a street battles between fans of a political bevo and the visiting spot talk to moscow the fighting spread on to the streets near the stadium and police struggled to restore order they were fine.

and the financial conduct authority did too little to protect them. 0ur wales correspondent, sian lloydel pension scheme faced a huge decision about their retirement savings, after the company which took over the earnings said it was no longer viable. workers could tra nsfer no longer viable. workers could transfer out of the scheme, a report said that some of those who did were exploited, bamboozled by dubious financial advisers. there have been people who probably have been fleeced of the most valuable asset they will have ever had, which they built up as part of their pension scheme, of which the financial vultures have been after and in too many cases, been successful in getting their claws in. we uncovered the case of richard bevan, who transferred into a private scheme after seeking independent financial advice. he estimates the decision has cost him around £200,000.” advice. he estimates the decision has cost him around £200,000. i have obviously been led into doing something i wasn't right doing by a financial adviser. and it is not a nice place to be in at the moment. the finan

we are seeing that at lloyds, which is preparing to unveil a new strategy.ave to say. unfortunately if you work there, it will probably involve more job cuts. onlly we are focusing barclays later on this week, which faces a lot of the same questions that steve just talked about over there and fran in frankfurt. does that cut costs? does it abandoned the investment banking strategy? does a double down and gamble on be in the last man standing in europe? yielding revenue down the line. the question is whether investors will have patience for dnother backorders -- ba quarter of earnings at berkeley. -- barclays. nejra: hsbc the first of the four to report. is it likely to set any sort of tone? i know the key is the asia business. stephen: that's exactly right. increasingly more of its earnings are coming from asia. it does have strength in the u.k. retail business. what we see happening in margins and profitability on brexit will obviously set the tone for the rest of the week. we've also got a ceo change. andas been there since 2011 is handing it over to anoth

up 1.67% let's talk about standard life aberdeen with shares under pressure under no s news that lloydsank is pulling a 100 billion pound contact from the company. >>> shares in norwegian air shuttle are trading down the airline posted a bigger than expected fourth quarter loss saying cash liquidity had dropped. the company was facing pressure to grow coasts the ceo said he was disappointed with the results but the major investments made last year will help the company to grow. >>> and shares in relix are trading lower after planning to end its jewel company structure. the company says the move will remove complexity and increase transparency those shares are trading down 1.2% this morning. >>> moving to politics, the likely new leader of the spd says the party will stand up to chancelar merkel's cdu in a new government former labor minister andrea nahles said the party needs to reinvent itself. earlier today annette asked how coalition talks with progressing. >> i'm convinced the vote will be in favor. it's a good thing we have an in depth agreement on the coalition agreement. what is

lloyds becoming the first bank to ban customers from using credit cards to buy bitcoin, is the telegraph'spress says it's time to wrap up warm, describing the forthcoming cold spell as a "scandinavian freeze". and on the same story, the mirror says temperatures are going to plummet to minus 1a. that's the flavour of tomorrow's front pages — no real consensus on what the main story is, so let's see what's appealed to our guests this evening. i know you will kick us off with the eye and the woes of theresa may. she is there in china saying she is not a quitter and she is her own person. she is increasingly not. that does make me sad because she is a female prime minister and i think she needs to be much more gutsier. as soon as she returns here, something happens to her. according to this paper she is ruling out the customs union with europe. it is not up to us, exactly, because there is so much evidence. it is not up to the brexit supporters either, it is up to the evidence of what will be good for us and what the europeans will agree to. it seems to me that while she was away, the plotters

dot com part of lloyds. and wire. in church.

the telegraph carries a warning from lloyds bank who have become the first to ban customers using credit could run up huge losses. the irish times leads with brexit and how a row within the conservative party over future customs arrangements comes as european negotiators are looking at how to stop britain undercutting the eu in tax matters and regulation after the uk leaves the european union. and finally the philly voice website is in celebration mode following the news the philadelphia eagles have managed to win the super bowl title in a 41—33 shootout

lloyds now backin the financial crisis.t at the height of the financial crisis. we'll get the barclays of the financial crisis. we'll get the ba rclays results of the financial crisis. we'll get the barclays results later, keep an eye on those. the bank of england yesterday signalling there could be an end to the altar are cheap mortgages we have got used to, interest rates at record lows at the moment, the governor of the bank of england suggesting there could be four rises over the course of the year, the first one we think could be in about may. did he actually is a four be in about may. did he actually is afouror be in about may. did he actually is a four or hint? he said something more than three. —— did he actually said four. more than many expected. what the bank is careful about is raising them too quickly, if interest rates go up that means it is more expensive to borrow, especially mortgages, so we're just coming out that squeeze, if you're paying more for your mortgage you might feel the squeeze. it's worth point

goldman sachs ceo lloyd blankfein will join us 3:30 p.m. in new york and 8:30 p.m. in london. get to the bloomberg first word news this afternoon. mark barton has more. mark: senate majority leader mitch mcconnell says the time is now to address the plight of the dreamers. called on hisy colleagues to immediately submit any amendments they want considered in the debate on immigration. >> senators have had plenty of time to prepare. there's no reason why we should not reach a bipartisan solution this week. but to do this, we need to get the debate started, look past making political points, and focus on actually making law. mark: the gop proposal would provide a path to citizenship for about 1.8 million immigrants living in the u.s. illegally as well as $25 billion for border security, which includes a border wall with mexico. the russian foreign minister is accusing the united states of trying to maintain control over eastern syria. he said today that the u.s. has "taken dangerous unilateral steps." he believes america's military operations are eroding syria's territorial inte