that was london's dual goal and that is what he did. when we look back at jack london's life, his writings, what it means, we asked for today, so what? why should we go back and rethink this singular figure? celebrated marquee name in american letters to this day? one answer is that his is a lesson on how an individual taking hold could make a big difference in a society that really needs correction. london's life span moved from the gilded age into the progressive era. wind we had legislation involving children in school, kindergarten movement, workplace safety. these were issues that came into the united states and into the thinking not only of political figures but of citizens, citizens who london said had been stirred in their minds in this phrase, he said i want to stir a noble discontent, a noble discontent to appeal to the best of our moral and ethical drives and to convert that discontent into action. so london's life span, could really be a model for this world we are in now that once again needs so much attention for society a

so we have, for instance, with the jack london collection we have first editions of many of jack london's novels, we have first editions in serial form of many of jack london's novels in serial publication before they were published in book form. in the jack london collection here, we have a wide variety of movie memorabilia as well, really unique because there are, they're the kinds of materials that movie studios would discard after they'd served their marketing purposes, and we've kept them here as a representation of how movie making and transferring novels to movies could be, what the experience would be like. i've brought out a variety of materials from the jack london collection that i would like to share with you, some unique, fun, intriguing items that i think you might enjoy. i'll start with this may 5, 1906, colliers magazine issue for which jack london wrote an essay about the earthquake of 906 and his -- 1906 and his experience of the destruction and damage that he saw. the earthquake shook down in san francisco hundreds of thousands of dollars worth of walls and chimneys. bu

>>supervisor london breed: supervisor avalos? >>supervisor john avalos: thank you, colleagues, this resolution reflects the changes to the plan for the powerhouse. this has been a project that's been starting and stopping for a number of years ever since land was transferred back in 2000. overall the building needs $26 million or so to rehabilitate and to make it functional for community use. the plans are to actually have a community space and arts programming and arts education programming at the site but it's been running into a lot of difficulty in how to raise those kind of dollars. this new life, for the office building is really part of the effort of my office and i want to thank beth rub stein for all of her work rounding up a lot of support to making this happen and i would like to thank the parks and recreation department for keeping this going forward and amy cohen and joaquin torres. this will be using the bond money approved in 2012 and there is a fund that could be available there for just doing the powerhouse side

jack london park today is operated by jack london park partners. we are a not-for-profit organization that helped the state when the state of california was in financial trouble and was looking to close 25% of their parks. we volunteered to take this park over because we believed that we could make it an exciting and sustainable endeavor, and we have. today, we have got about twice as many visitors as used to come to the park. about 100,000 people visit us every year. i think this is a great model for some facilities. we have historic buildings, we have a museum, we have that country, so we can support horsemen, hikers, we can support history buffs, and i think the combination of that with local community involvement can make for extraordinary success. >> throughout the weekend, american history tv is set in santa rosa, california. our cities tour staff recently our city tour staff recently traveled there to learn more about it rich history. you are watching american history tv, all weekend, every weekend on c-span3. atamerican history tv was getty

london time. , london's latest skyscraper officially opens.e talked to the chairman of the insurance giants, one of its first tenants. ♪ francine: welcome back to "the pulse," live on bloomberg. gets its newest skyscraper today, the cheese grater opens for business. the 46-story tower which is 225 meters high is expected to have up to 5000 workers. in is eon, moving up relocating from chicago to london. we are joined from the building by their chairman. great to have you on the program. relocation to london -- that doesn't happen every day. what is the reasoning behind it? >> good morning. if i could say, huge congratulations to british lands end properties were developing this fantastic building. it is a great honor to be one of the significant tenants of the building. when we thought about where we -- to to be, we it was be, it was in the heart of london. this is one of the overriding principles of how we thought we would be based in this wonderful new, contemporary, iconic building. you are right -- it is an iconic building right in the hea

jack london today is operated by jack london park partners. we are not for profit organization that helped the state when the state of california was in financial trouble and was looking to close 25% of the parks. we volunteered to take this park over because we believe that we could make it an eight exciting and sustainable and diaper. we have. today we have twice as many visitors as used to come to the park. about 100,000 people visit us every year. i think this is a great model for some facilities. we have historic buildings, museums, bad country so we can support horsemen, bicyclists, hikers, history buffs. the combination of that with local community involvement can make for an extraordinary success. >> you're watching book to be on c-span two. this week and we are visiting santa rosa, california to talk with local authors. through the city's literary sites along with our local cable partner, comcast. i'm next week to work special collections of lynn prine memorabilia of ernest hemingway's private letters. >> we are on the campus of sonom

jack london park today is operated by jack london park partners. we are a not-for-profit organization that helped the state when the state of california was in financial trouble and was looking to close 25% of their parks. we volunteered to take this park over because we believed that we could make it an exciting and sustainable endeavor, and we have. today, we have got about twice as many visitors as used to come to the park. about 100,000 people visit us every year. i think this is a great model for some facilities. we have historic buildings, we have a museum, we have that country, so we can support -- we have backcountry, so we can support horsemen, hikers, we can support history buffs, and i think the combination of that with local community involvement can make for extraordinary success. >> throughout the weekend, american history tv is peter -- featuring santa rosa, california. the city to her staff recently traveled there to -- to learn about its rich history. learn more at c-span.org/citi estour.

>>supervisor london breed: supervisor avalos? >>supervisor john avalos: thank you, colleagues, this resolution reflects the changes to the plan for the powerhouse. this has been a project that's been starting and stopping for a number of years ever since land was transferred back in 2000. overall the building needs $26 million or so to rehabilitate and to make it functional for community use. the plans are to actually have a community space and arts programming and arts education programming at the site but it's been running into a lot of difficulty in how to raise those kind of dollars. this new life, for the office building is really part of the effort of my office and i want to thank beth rub stein for all of her work rounding up a lot of support to making this happen and i would like to thank the parks and recreation department for keeping this going forward and amy cohen and joaquin torres. this will be using the bond money approved in 2012 and there is a fund that could be available there for just doing the powerhouse side

>>supervisor london breed: supervisor avalos? >>supervisor john avalos: thank you, colleagues, this resolution reflects the changes to the plan for the powerhouse. this has been a project that's been starting and stopping for a number of years ever since land was transferred back in 2000. overall the building needs $26 million or so to rehabilitate and to make it functional for community use. the plans are to actually have a community space and arts programming and arts education programming at the site but it's been running into a lot of difficulty in how to raise those kind of dollars. this new life, for the office building is really part of the effort of my office and i want to thank beth rub stein for all of her work rounding up a lot of support to making this happen and i would like to thank the parks and recreation department for keeping this going forward and amy cohen and joaquin torres. this will be using the bond money approved in 2012 and there is a fund that could be available there for just doing the powerhouse side

>>supervisor london breed: supervisor avalos? >>supervisor john avalos: thank you, colleagues, this resolution reflects the changes to the plan for the powerhouse. this has been a project that's been starting and stopping for a number of years ever since land was transferred back in 2000. overall the building needs $26 million or so to rehabilitate and to make it functional for community use. the plans are to actually have a community space and arts programming and arts education programming at the site but it's been running into a lot of difficulty in how to raise those kind of dollars. this new life, for the office building is really part of the effort of my office and i want to thank beth rub stein for all of her work rounding up a lot of support to making this happen and i would like to thank the parks and recreation department for keeping this going forward and amy cohen and joaquin torres. this will be using the bond money approved in 2012 and there is a fund that could be available there for just doing the powerhouse side

>>supervisor london breed: supervisor avalos? >>supervisor john avalos: thank you, colleagues, this resolution reflects the changes to the plan for the powerhouse. this has been a project that's been starting and stopping for a number of years ever since land was transferred back in 2000. overall the building needs $26 million or so to rehabilitate and to make it functional for community use. the plans are to actually have a community space and arts programming and arts education programming at the site but it's been running into a lot of difficulty in how to raise those kind of dollars. this new life, for the office building is really part of the effort of my office and i want to thank beth rub stein for all of her work rounding up a lot of support to making this happen and i would like to thank the parks and recreation department for keeping this going forward and amy cohen and joaquin torres. this will be using the bond money approved in 2012 and there is a fund that could be available there for just doing the powerhouse side

supervisor london breed: thank you. ladies and gentlemen please join us for the pledge of allegiance. >> thank you. madam clerk are there any communications. >> there are none to report today. madam president. >> please read today's consent agenda. city clerk: these items are considered routine. supervisor london breed: please call the roll. city clerk: on items 118, >>supervisor jane kim: >>supervisor eric mar: tang # >>supervisor katy tang: >>supervisor scott weiner: >>supervisor norman yee: >>supervisor john avalos: aye, supervisor london breed: aye, >>supervisor david campos: aye, >>supervisor julie christensen: aye, supervisors cohen aye, supervisor farrell, aye. there are level ayes. >>supervisor london breed: those items are passed. item 19. [administrative code - amendments to residential rent stabilization and arbitration ordinance] sponsors: kim, campos, mar and avalos ordinance amending the administrative code to: 1) prohibit, with certain exceptions, rent increases based on the addition of occupants even whe

in london. tom: let's do a data check. there is nothing going on in the equity markets as we wait for a busier week. i purposely caught up to the two-year yields. >> you always do. the fascination with the german -- it has beent there for a long time. they do expect to be paid to the floor for a while longer. harrods thised weekend, we do have an important guest year with the spirit of europe. the battle for britain's future is heating up today. jonathan: let's welcome johnson. we go back to the unknown. got toy in a camp acknowledge the uncertainty that goes with that. how do leverage? luke: we have a fair debate. we put the facts of the table. saysthe stay in a campaign , where are the details? a great many people are concerned about things like control of our borders. thated as a nation to know we can control who comes in and out of our country. these things are very important. of the common agricultural policy is essential. this is the largest single budget item in the eu. it is written for

>>supervisor london breed: supervisor avalos? >>supervisor john avalos: thank you, colleagues, this resolution reflects the changes to the plan for the powerhouse. this has been a project that's been starting and stopping for a number of years ever since land was transferred back in 2000. overall the building needs $26 million or so to rehabilitate and to make it functional for community use. the plans are to actually have a community space and arts programming and arts education programming at the site but it's been running into a lot of difficulty in how to raise those kind of dollars. this new life, for the office building is really part of the effort of my office and i want to thank beth rub stein for all of her work rounding up a lot of support to making this happen and i would like to thank the parks and recreation department for keeping this going forward and amy cohen and joaquin torres. this will be using the bond money approved in 2012 and there is a fund that could be available there for just doing the powerhouse side

supervisor london breed: thank you. ladies and gentlemen please join us for the pledge of allegiance. >> thank you. madam clerk are there any communications. >> there are none to report today. madam president. >> please read today's consent agenda. city clerk: these items are considered routine. supervisor london breed: please call the roll. city clerk: on items 118, >>supervisor jane kim: >>supervisor eric mar: tang # >>supervisor katy tang: >>supervisor scott weiner: >>supervisor norman yee: >>supervisor john avalos: aye, supervisor london breed: aye, >>supervisor david campos: aye, >>supervisor julie christensen: aye, supervisors cohen aye, supervisor farrell, aye. there are level ayes. >>supervisor london breed: those items are passed. item 19. [administrative code - amendments to residential rent stabilization and arbitration ordinance] sponsors: kim, campos, mar and avalos ordinance amending the administrative code to: 1) prohibit, with certain exceptions, rent increases based on the addition of occupants even whe

this is something jack london built in 1915. when he belted the scribes from san francisco were making fun of the fact that he had spent $3,000 and they called it the palace hotel for pigs, making reference to the finest hotel in san francisco, designed for over 200 pigs and one man could manage the entire operation, feeding them, watering them, doing whatever needed to be done. .. >> >> today we have twice as many visitors as used to come, about 100,000 people visit every year. it is a great model for some of facilities. we have historic buildings, museum, back country so we can support horseman, a bicyclist, hikers, a history buffs and the combination of that with local community involvement can make for an extraordinary success >> clear on the campus now where our jack london collection is housed. the reading room also houses the second jack london collection in context. right around us are special collections including hemingway letters and other unique rare and fragile items. all told it is 5,000 items related to movies, hu

london.are everywhere. francine: which is why cable is going up, why mark carney has a headache, and why we are seeing on one hand,m -- wage growth going up, employment going up, but inflation going down. tom: the backdrop here of foreign policy, the papers. grexit -- we will talk about that in the coming hour. right now, the news, here is vonnie quinn. vonnie: the first democratic presidential debate proved to be a sparring match between hillary clinton and party rivals. gains traction last night in las vegas. the discussion about capitalism and wall street showed her differences with bernie sanders. bernie sanders: the greed and recklessness of wall street, ,here ford is a business model helped to destroy this economy and the lives of millions of people. thinky clinton: when i about capitalism, i think about the small businesses that were started because we have the opportunity and the freedom in our country to people do that -- for people to do that and to make a good living for themselves

guy johnson is in london. the headline was that the pope was not in london yesterday.esident of china visited the white house, they were very -- they were barely cleaning up after the pomp and circumstance is of the pope attending. this is a very big deal for china, isn't it? we are definitely china focused here in london. it is going to be a week as well. we will see the chinese premier as he tours the u.k., handing the keys to a nuclear power station. tom: how many people go to a state dinner? is it thousands? is it like a cate blachett movie? guy: a couple hundred. but i never been to one, have seen it being laid out. tom: we will have a full report from francine lacqua tomorrow on the state dinner. i like to get rumors started like that. let's get to our bloomberg first word news. here's vonnie quinn. vonnie: we are moving to canada because they are voting for an unprecedented turnaround in their government, the liberal party. stephen harper has been ousted as president and ends a decade of rule by conservatives. >> this is what positive politics can do. hopefulwha

and london's famous black cabs are now threatened by uber. if big ben were to go -- >> it would be a calamity, a catastrophe, a disaster. for that reason i suspect they will find a way around this. >> reporter: but they're running out of time. mark phillips, cbs news, london. >>> and that's the "cbs overnight news." check back for "the morning news" and "cbs this morning." from new york city, i'm scott pelle. >> announcer: this is the cbs "overnight news." >>> welcome to "overnight news." i'm jericka duncan. it's being called the real life see the question to the movie "goodfellas." and it's 37 years in the making. an aging mobster with a rap sheet a mile long is being accused of taking part in a heist at kennedy airport. lawyers for vincent asaro admit he's no angel but claim the whole case is based on elder ly rats and snitches and all of whom either have a grudge or are trying to get out of jail. >> reporter: it was december of 1978 when masked gunmen stole jewelry from lufthansa at jfk airport. today the first alleged organized crime asso

>>supervisor london breed: supervisor kim?pervisor jane kim: 46, >>supervisor scott weiner: 48. >>supervisor london breed: can you call the roll. city clerk: supervisor mar, aye, tang, aye, wiener, aye, supervisor yee, aye, supervisor avalos, aye, supervisor breed, aye, supervisor campos, aye, supervisors christensen, aye, supervisor cohen, aye, supervisor farrell, aye, supervisor kim, aye. >> those items are adopted. please read item 46. city clerk: to continue funding planned parenthood and for the san francisco health center in the event of federal defunding. >>supervisor london breed: supervisor kim? >>supervisor jane kim: thank you, colleagues, i want to thank cosponsors for this resolution, supervisors campos, tang, mar, wiener, yee and cohen. this has become a quite important issue nationally as members of the house of representatives voted to defund planned parenthood. the countries largest provider of women's healthcare and also offered to cut 10% and have been cutting or eliminating family planning fund. this is anti

back to you in london. tom: thank you. let's look at equities bonds. we have seen a major change here in the markets this morning. -11, -10.e seen a jump on interest rates in the last two days. doing an american data check in london, that is strange. churning, your is see it much more in the red, but showing the euro-dollar 1.13. we are the correlation of some fix --allenges with the vi yesterday in the u.s., we sawx. oil give way. it is now $50 a barrel. there is so much to catch up on here. most of the markets are links to economic eight. >> this means two things. it you willbly, probably have to wait to raise interest rates, and it also means that the u.k. is not growing as we thought it was. tom: we do need to speak to a guest who is better than good on economic growth. better than good on economic inflation. he won the nobel prize for humility. [laughter] >> let's bringing the expert of a professor and welcome christopher p cerritos -- christopher is a rights. it is still unclear as to whether this is

we are right here in london. i'm guy johnson.urope's biggest investment bank, germany's biggest bank is racing for its biggest loss and a decade. deutsche bank could scrap its dividend. it's boosting reserves for legal costs. sounds like a bad thing. ryan chilcote here with the details. we got a lot of bad news. it sounds really terrible. but stock is up. what is going on? ryan: the immediate reaction was negative. the stock is up. there is a giant competition going on. the balls -- the balls on the up.k -- the stock now why? a lot of people saying we thought when they did this announcement we were going to get a capital increase. the fact that the dividend is going to take a hit, is a do it -- is a positive. it increases the likelihood of a capital increase down the road. analysts whonty of think a capital increase could happen here it -- happen. ryan: the second issue is take everything that was happening in the statement to the side, look at pretax profit. it is either smack in line with slightly -- thing guy: performing ok. c

charlie d'agata, london. when the engines failed on the plane i was flying, i knew what to do to save my passengers. but when my father sank into depression, i didn't know how to help him. when he ultimately shot himself, he left our family devastated. don't let this happen to you. if you or a loved one is suicidal, call the national suicide prevention lifeline. no matter how hopeless or helpless you feel, with the right help, you can get well. (franklin d. roosevelt) the inherent right to work is one of the elemental privileges of a free people. endowed, as our nation is, with abundant physical resources... ...and inspired as it should be to make those resources and opportunities available for the enjoyment of all... ...we approach reemployment with real hope of finding a better narrator: donate to goodwill where your donations help fund job placement and training aa >>> michigan-michigan state. it's one of the fiercest rivalries in college football. but things may be getting out of hand. the michigan punter

in london this week.zealand is here talking about the collapse you see in commodities. -- in irhan an iron o on ore. which weight is iron or break -- way does iron ore break? >> i think it goes lower. tom: what is the correlation of copper and other us -- other industrial metals? >> probably 75%. tom: that tells me we are going to have a lot more angst. i knew you cannot comment on glencore per se, but it comes over to a regional balance sheet toustment of anything having do with minerals and hydrocarbons, right? >> we are seeing that already in the news flow from australia. we are seeing that from latin america. the question at this stage is who is the most exposed to the lack of demand? job isancisco blotch's most exposed. it is a joke. [laughter] >> i think it is it -- it is an interesting discussion. e.m.,have a problem in the thought was that it would be a problem for europe, but if you look at the metrics, the u.s. is quite exposed. if you think about the dependence of companies like canada and mexi

but with a champagne, is the party over for london prime real estate? ♪ jonathan: call it crude reality, bp earnings eat expectations. tracked down by the lower oil prices. earnings jumped 40% on the quarter. basf, the world's largest chemical maker, cut targets due to the lower oil price. hans nichols has more on the story from berlin. will kennedy is also with us. wilco -- will: super crude logic to make more modules. trading did well in. they have a big trading operation. they tend to do well in all types of markets. jonathan: that is bp covered by for basf, it is as much about the guidance for the rest of the year as it is for this morning's number. why are they cutting the outlook? china, lowerand oil prices. this is not a difficult formula. the question is by how much? the only guidance we have from them is the expect a slight decrease from 2014 profits. this gives you a sense of where they are going. -- that slumping oil led to lower prices for basf, that led to a 5% decrease in revenue. they came in well south of 18 billion euros. the estimate w

charlie d'agata, london.421 and a half prostate exams. so why do i do it? because i get paid. und... on this side of the glove i know prostate exams can save lives. so, if you are a man over 50, talk to you doctor to see if a prostata exam is right for you. if we can do it, so can you. >>> michigan-michigan state. it's one of the fiercest rivalries in college football. but things may be getting out of hand. the michigan punter is getting death threats after he cost his team the game. adam zuker has the ststy. >> reporter: football makes us crazy but shouldn't make us killers. blake o'neal native of australia started playing this year as a graduate student. early in saturday's game fans were singing his praises after a monster 80-yard punt but it's the last play of the game that everyone is now talking about. >> there's no doubt michigan state is an outstanding team. >> reporter: up two points with ten seconds on the clock the university of michigan looked state its first defeat of the season. but then the uni

jack london believes he could do that. he read everything he could find written about agriculture in this area. he worked with the university of california to understand the most modern techniques. he worked with pioneers, people like luther burbank to develop crops that would work here and that would be innovative and unique and provide real benefits. built, what jack london the scribes from san francisco made fun of the fact that he piggery.000 to build a they called it the palace of pigs, designed for over 200 pages -- pigs. one man could oversee the operation. this is one thing that he did that was an example of his entrepreneurship. after his death, the family going,o keep the farm they found it more and more difficult over time and eventually they converted it into a guest ranch. before and during world war ii, this is a place for people from san francisco to come and enjoy the weekend of horseback riding or enjoying scenery. park today is operated by jack london park partners, this is a not-for-profit organization t

and london's famous black cabs are now threatened by uber.ld be a calamity, a catastrophe, a disaster. and for that reason i suspect they will find a way around this. [ bell tolls ] >> reporter: but they're running out of time. mark phillips, cbs news, london. >>> and that's the "cbs overnight news" for this tuesday. for some of you the news continues. for others check back with us just a little later for the morning news and "cbs this morning." from the broadcast center in new york city, i'm scott pelley. >> announcer: this is the "cbs overnight news." >>> welcome to "overnight news." i'm jericka duncan. it's being called a real-life sequel to the movie "goodfellas." and it's 37 years in the making. an aging mobster with a rap sheet a mile long is being accused of taking part in a $6 million heist at kennedy airport. lawyers for vincent asaro admit he's no angel but claim the whole case is based on elderly rats and snitches and all of whom either have a grudge or are trying to get out of jail. anna warner has the story from u.s. district cou

vonnie: jon in london.onsolidation chipmaker's industry -- i wonder if it just screams weak global growth and companies struggling to find global growth. that it actually screams this is a mature industry that is struggling for growth. chips are no longer a competitive and vantage -- a competitive advantage. no one really cares about that industry anymore. jon: do you see demand for the product still? rick: the amount of smart phones and mobile computers will increase as the developing world gets more power in the pocket. but the competitive advantage will no longer be driven by chips. it will be driven by the iphone and android devices. tom: what are you focused on now? we talked about ibm and the chip business. in your smaller world, what is the focus of rick heitzmann? rick: the unbundling of finance. banks do not want to lend to the individual anymore. they want to write bigger checks that are more secure. talking about what happened with credit suisse or jpmorgan, nobody wants to do that. so we are inv

my personal view is that a lot of this has to do with london and the ambition that the city of londonan help china realize with regard to its goals for its currency for the team. joe: what specifically are the goals, and more specifically how can they help them realize those goals? >> the avowed goal of the chinese leadership is to internationalize the yuan. china is the world's biggest exporter. it soon will be the world biggest economy. it is only fitting. they understand that they realize and acknowledged that it should be right that the yuan should playfully -- play a .igger role in world finance they have a big issue in the dollars dollars of financials around the world. anything that would help the yuan to be more widely traded. london has already had china's permission to become the major western financial center for clearing supplement trading. studynnounced recently a which should link the london, shanghai, and the stock exchanges. but there is also a program which has recently been announced that is about to get underway or the chinese sovereign will issue yuan denominated b

jack london park today is operated by jack london park partners.e are a not-for-profit organization that helped the state when the state of california was in financial trouble and was looking to close 25% of their parks. we volunteered to take this park over because we believed that we could make it an exciting and sustainable endeavor, and we have. today, we have got about twice as many visitors as used to come to the park. about 100,000 people visit us every year. i think this is a great model for some facilities. we have historic buildings, we have a museum, we have that country, so we can support horsemen, hikers, we can support history buffs, and i think the support history buffs, and i think the combination of that with local community involvement can make for extraordinary success. >> sonoma county agricultural history began with wine. the first vines planted here were by general vallejo. they were mission grapes, and nobody would make wine out of them now, that they did then because that is what they had. the wine industry significantly beg

they are doing it in london. sovereign debt to be sold in london as well. yuan-denominated debt. all of this showing what the financial sector can win out and hopefully it will start to rebalance things in the rest of europe. we are in deficit when it comes to our chinese trade. we're $30 billion in deficit because we import far more than we export. manus: give me a sense of what pomp and ceremony they are going to have in the house behind you? it?s a small house, isn't caroline: the red carpet being rolled out. get a sense of the anticipation. if you pan to my left, you'll see hundreds of chinese nationals are coming already to wave in president xi jinping. we understand prince charles will be there and he will meet for a private wluverage the queen and the houses of parliament, the lords and the m.p.'s he will be speaking with this afternoon and then a state banquet and even then he stays the night with the queen in buckingham palace and of course beside him.re they will be in manchester, seeing the stadium home to manchester city. he will be going with david cameron and also v

if you walk around london, anywhere around london, it is market inompetitive the world.ost competitive espresso market in the world. we think that is a good thing. but being the center of your competition is really important to be innovative. francine: if this country decides to leave, how do you view that? do you start thinking about it now? don't think it impacts us at starbucks in terms of our headquarters. multinational company doing business across a lot of borders in europe. it is important for britain to stay part of the eu. coming up next, as the u.k. prepares to host china's president for his first state visit to britain, we look at the thorny issue of sharing scientific research. ♪ anna: welcome back to "countdown. " grew little economy better than expected. the slowest quarterly expansion since 2009. as plans to cut costs, will abolish its 19 member committee. sellers take it vantage of a housing shortage. average values increased 1.6% in september. properties coming to the market has fallen within 16% in the last year. anna: let's look at the top stories. let

arrived in london.an i say that? is it on demand expectations? the market set up at the moment is really quite curious. if you think there is going to be a chinese intervention or something is going to happen, and the possibility of a squeeze and the assets is definitely there. how much do i need to think about fundamentals? how much do i need to think about how the market set up is working at the moment? >> the look at copper, we have a surplus. the commodities including oil, we have a surplus. the market will undo the what is happening next -- will anticipate what is happening next year. is, we haveing already more than an idea of the companies reacting in the investment plans to the low commodity prices. companies have cut with production. we have seen this with glencore. as a production cuts. -- asset production cuts. it is very much, if you take a snapshot of the situation, today, you can you are looking at how the market is going to be looking into the first quarter and first half of next year, th

i single best chart happened earlier in the week in london.cross the floor in london headquarters when this stunning number came out -- back to 1960, weak u.k. inflation. 2%, the bluethe line there. how important is this from mark carney? the chief economist of the bank of england has said we need to look to this. core inflation is not as bad. tom: and we were talking with carl weinberg earlier about this perceived inflation. bad is inflation, and good is inflation. in london have more cash in their pockets and they will spend it. effect is athe oil one-off. it will increase consumer spending power in europe, and that is good. tom: does the perceived inflation give us a developed-world yield curve that benefits the banks, where in every case the wind is behind them and they will do better? davide: of course they will. over the last five years, you have your -- central banks decide on pricing, and you have a business that sets up its own markets. banks cannot. tom: where is the single opportunity in europe? , think rbc capital markets talking b

they eventually joined him in london. when copley came back to alolon after his year in italy, he was so pleased to be reunited with his family he painted this portrait in celebration of that reunion, so this is copley in the back holding some sheets of paper and his family in the foreground. his wife with his young son, john copley jr., and his father-in-law is holding the youngest child, the recently born baby. there's an interesting story about that. and the other two girls, you see their dolls. a doll and a hat here in the corner. they're in the background. when copley learned that his wife had come to london, he was still in litaly. she said she came with three of the children. he asked her which one did you leave behind. it must have been the youngest one because he was so delicate. she did leave their youngest son behind. he died in january. when copley started in painting of his family, the baby would have been that child, but that child died and copley must have known his wife was expecting another. he left the s

and the visit to london. is them suffering r&b bonds in london a very serious endorsement that george osborne is going to be the city of choice? the western partner of choice for china? or is it a small step? >> it's a big deal. everyone is eluding to that. china is driving a lot of moves at the moment. so that's one thing and then china and growth and how the markets react into that is another for sure. >> we talk a lot about what the fed is doing. the ecb and the notion of whether or not we'll see more quantitative easing. speculation at this point. do we keep a short dollar or short euro position here in europe figuring that quantitative easing is going to be extended and figuring that the fed is going to hike before this happens? >> it's not a question of if but when. the growth figures will fail to reach their targets. so you have to take a short euro view. in the short-term the market is focused this week so you might get a slightly better entry level so the view is to have a short position and then pot

anna: london libor trial.before the court, accused of helping to manipulate libor. ♪ guy: welcome to countdown. i am guy johnson. anna: welcome to the second hour of countdown. coming off the board just a little bit. the asian session, a positive session around equities. the factory numbers are out. they are bad, aren't they guy: caroline: they are horrendous. being downgraded. we are seeing for august a decline in factory orders of 1.8%. the market has been expecting growth. instead we get a decline of 1.8%. indeed, the previous month of july has been downgraded from a 2.2%.o a decline of i would to focus in on what the market reaction is. the euro is not moving in comparison to the dollar. clearly the market not too worried. what was concerning about july's was a drop in foreign orders. this is the global slowdown wreaking havoc on what is the industrial powerhouse of germany. very disappointing numbers coming out of factory orders. a decline of 1.8%. year on year, you are eking out less than 2% growth. affe

as we look across the asia-pacific, and back to london.mazing with more than half of those china home sales improving since may. that is falling on the back of u.s. data. let's talk about markets closer to home. equities rallying across europe. draghi says he left investors little doubt he is ready to employ stimulus to boost economies. now the prospect of more qe saw the euro dropped to seventh against the dollar. mr. draghi flagged the downside risks to growth. mario draghi: well your area of domestic demand through test concernsesilient -- over growth prospects in emerging market, and possible repercussions for the economy from developments in financial and commodity markets. continue to signal downside risks to the outlook for growth and inflation. the degree of monetary policy accommodation will need to be re-examined in our december meeting, when the new euro system microeconomic projections will be available. the governing council is willing and able to act by using all of the instruments available within its mandate, further loweri

tom: i left my wallet in london. it took my wallet. it's a great day in london. every day i was there was great. we had a great time in london. thanks to all of our team over there. we need to get to bloomberg. here is vonnie quinn. she's right next to me. ohio-based maker is in talks to buy a german competitor. they build hardware and software for atms and a cash registers. revenue about 70% of from europe. looking at twore volkswagen offices in france. .omputers were seized in raids nearly one million cars in france may have the software. andi goes public this week the ipo is expected. they are expected to trade on the new york stock exchange on wednesday. they will have a market value of almost $10 billion. francine: everybody wants a piece of ferrari. harare, it's ferrari. undertakes the biggest management shakeup in 10 years. they are scaling back the trading empire. for more, let's bring in nicholas comfort. this is a drastic move. the reason is we get rid of the people that were very close. he just wants people who are more risk compliant orb risk averse.

we continue with jon ferro in london.ater this morning, on bloomberg television, an important timely conversation with former morgan stanley chief executive officer john mack. look for that. this is bloomberg "surveillance" stay with us worldwide. ♪ good morning, everyone. london looking up to st. paul's, across the river thames. next week, jon ferro and francine lacqua have to put up with me. looking forward to being in london all next week as we give you an international perspective on bloomberg "surveillance" right now, our morning must repeat vonnie: there are so many to choose from. i wanted to choose this one. an interview with pbs, hillary clinton said "i'm worried about currency manipulation not being part of the agreement." talking about the china pacific partnership. " we have lost american jobs to manipulation that the companies in asia have engaged in. i'm worried that the pharmaceutical companies may have gotten more benefits and patience and consumers fewer." these are just some of the problems hillary clint

the average cost of a london home is $808,000. are you experiencing that in london?e: it is painful. this goes to the heart of the political situation. is that more expensive than manhattan? vonnie: we don't buy homes in manhattan. that londonuggest is worse. from what i observed in the week that we shared in london, your london has more of a foreign money inflows and even new york city. this is a huge issue worldwide. the megacities. cqua cities, la places you want to live, it is ugly. ofncine: you have a lot chinese money, we have a lot of european, especially with the crisis. the grexit. on therney did a speech u.k. and the relationship it has with the eu. the point i want to make is that we need to take this seriously. we had polls, thanks telling investors to wake up this is a real risk. the u.k. may actually exit the eu. >> they goes both ways. we talking about trying to get out of the eu, or not, with a background of mr. cameron delivering a package of improvements. no one has a clue what that package of improvements will have in it. thecine: what do you think

guy: let's start with london.nden was, it probably will be in the future a massive issue were of corporate debt. it is almost a bank in itself. you cross into the finance industry. it is in the u.s. and europe as well. many people finance their vehicles. in terms of its impacts in the german and european economy, all , fromy across the country spain and eastern europe, and germany, the car industry represents seven percent of the german economy. a huge concentration risk in one particular industry which races at -- reaches across the country. when you stop spending money on a quick basis, that has an instant ripple effect across the german economy. guy johnson in london as we see distressing news from volkswagen. we will continue with michael spence. tomorrow, a very special surveillance." the first time these three people have been in the same geography. live at six with us :00 a.m. on the set in new york city. how extraordinary? tomorrow, stay with us, "bloomberg surveillance." ♪ tom: good morning. more breaking