the mayor of london. the new mayor of london, sadeek khan, very firmly in the remain camp.ou took part in that great debate at wembley arena, and you were very, very strong in that. so what is your reaction today? >> we've recognized the will of the british people. they voted for us to leave the european union. london voted quite decisively to remain in the eu, as did scotland and northern ireland. the british public have spoken. my message to friends and businesses and investors in america is we're going to carry on being open-minded, outward looking country. my message to the new prime minister will be it's real important we negotiate with the eu that we ensure we get a single market access for our businesses. use an american company, an investor, a business person, can sort of business have access to the european union? what's real important is we carry on being a leading global city. >> how is that going to happen? obviously this really puts london in threat because the brexiters say they don't want the single market if the price is the free flow of people. that they do

for london.e is using the results of this brexit referendum to push that her member that 60% of londoners voted to remain ers voted tondon remain. he is not talking about full on independence or london cutting its ties from the rest of the united kingdom. a second referendum may be on the terms? he has a labour party politician as well so he saw what was happening at the top of the labour party. francine: what people that live in london is wanting -- want to know is whether this can be overturned and it will probably be unlikely. what do we know about financial passporting? it is probably up in the air. right of the the british financial sector to sell its products around the eu. in the wake of the vote there is very little known because we do not know what kind of trade arrangements will be made and this divorce negotiation that is itng to start at some point, has not even really started in earnest, as your last guest was saying it is difficult for banks to plan where to put staff if they do not

mayor of london.eek the people of this country voted to take a new and a new direction for britain in a decision that i passionately support. it is vital now to see this moment for what it is. quayle, it a time to is not a crisis, nor should we see it as an excuse for while the wing or self-doubt, -- four wobbling or self-doubt. a time not to fight against the tide of history or to take that tied at the flood and sale on to fortune. this is our chance. this is our chance to build a britain, not just with a dynamic free market economy but an economy where everyone benefits asm that success because someone who has campaigned across the country and the last few months and spoken to thousands of people, i can tell you there are too many who have not seen their wages rise for years. in many cases, seen them fall. you cannot understand how it is that the pay packets of the ftse 100 chief executives are 150 times the average pay of the workforce in their companies when it was perhaps 50 times 20 1980.ago, 25

>> i don't think that london is a city state and i don't think it would be a good thing for london to become a city state. london is the foremost city in the united kingdom. contributes to the economy and the strength of the economy in the united kingdom but is clearly distinctive and i think that when i was in the plane flying over here today i was thinking about this illusive definition of what is a global city and a global city is not a world city, it's not just a city. it sort of describes a special kind of personality, of self-confers which london certainly has, connectedness to the rest of the world which london certainly has woven in to the rest of the world. immigration over generations has created that for london. and london is as defined during and after the olympics a creative and cool city but the ambassador is right about this. there are threats to london's position, as we would say, as londoners, the greatest city in the world. you can be creative and cool but there's a limit to your creativity and coolness if there are problems with visas and you restrict talent coming

i'm francine lacqua in london, tom keene in london, all in london ahead of the momentous brexit. tom: today to me is the first day we are really into the vote. it has changed dramatically, the tone, the desperation in the newspapers. francine: it is getting personal. you have the queen on the front cover and then it gets really personal with david cameron saying, look into his eyes and do not vote to stay tomorrow. we'll have plenty more later on. also looking at the daily telegraph. let's get to the bloomberg first word news. day ofthe final campaigning before british voters decide whether the country should stay in the european union. different polls put each side ahead. there was one final debate last night on the bbc. >> more than 60% of the world's leading country does companies have their european headquarters here in german dust in london. -- in london. >> i think we have heard an amazing amount of running down of hours that he. >> we are proud of our city. the astonishing thing is that the remains side continually underestimate our ability to do better deals if we are lef

and trade inside london. if you think about the broader implications, that could set off a chain reaction. the rest of the european union space beginning to dislocate and everything we have fought so hard for over the last 50 years could quickly unravel emily: i know that it's difficult to put a number on coming people want to leave, but there are a lot of people who want to leave. what are the benefits of that? guest: the argument made is the famous red tape argument. namely that there's a lot of legislation coming out of europe and a largely to do with finicky things like the size of the lightbulb or health and safety regulations and that makes it harder for small businesses to grow because they have a lot of regulatory hoops. that's the argument and if it's correct, it could have implications for startups and tech businesses but britain would have to come up with its own legislation. emily: there would be huge implications for the global markets and confidence and investing in europe. a big sector in the u

from london all week, bloomberg "surveillance." ♪ francine: bloomberg "surveillance," live from london tom keene is with me and looking at the pound such a high since david cameron called for the eu referendum. time for the bloomberg business flash. nejra: walmart is reshaping its operations in china, taking a 5% stake in jb.com. they will take ownership of walmart's online chinese marketplace. they are slow to adopt to a rise in online shopping. shifting more of its investments -- harvard will no longer continue a strategy of select -- the fund has more than $37 billion. the largest insurance company in france is looking to cut $2.4 billion in cost by 2020 and they plan to step up digital investment to cash in on growing demand for policies that protect savings and health. they want more growth in asia. that is the bloomberg business flash. kingdom, in the united you would never see this headline in new york, "rail firms to be fined if trains one minute late p are co-this has never occurred -- one minute late." can we go for an hour? francine: i love this. if they were on time they wo

the banks and insurance sector and others will be leaving london or london, frankfurt, or paris.hat means jobs leaving our cities. london remain a financial powerhouse? here to share insights from pieces, including cold really constructed ignorance winning barry ritholtz. it is almost fantastical? we're talking about people's livelihoods and the future of a country that was the fifth-largest in terms of gdp. barry: it is nice to hear that there is an adult in the room with the mayor of the city of london. it is amazing the populist flag-blaming stuff that farage put forth in the eu. he is not looking to win friends or influence people. he is not having a positive but itfor the brits, plays well to a certain audience that reacts first and thinks second. vonnie: mayor khan was talking about pass boarding -- passporting for london and thinking about things to get done. what could it mean beyond offering special visas, assuming that banks would even keep headquarters there? barry: that is the multibillion-dollar question. i hate the term "uncertainty." people use it incorrectly. roll

it has been a hub, london has for a while peter last year, the city of london, the financial districtne a big victory over the ecb in a court in luxembourg that allowed it to continue those operations. what the french president is saying is if you leave the eu, then in two years time, and the u.k. officially exits, you will not be up to do that, because he would love for france to take up that business. francine: ryan, the mccammon is coming back to the u.k. 20th is when other eu leaders gathering today on the agenda brexit. brexit, group hug, group therapy. today is perhaps more important than yesterday. yesterday, met with a lame-duck prime minister who can i do what they want him to do which is to start the active negotiations. what they can do amongst themselves as a group of 27 is decide what kind of european union they want in the future. that is going to be a robust discussion. all 27 are politicians and they want to be reelected. they are well aware that back at home there is some of the same euro skepticism, some of the same questions about how good the eu is that they need t

in europe are based in london.w will be that those tech startups will be starting elsewhere? >> it's a great question. right now, the overriding mood is conservancy. companies whothat were considering moving to london have talent all over europe, so companies starting in estonia, in spain or greece, are making that move to london, now may consider going solar else. we have already seen places like berlin and dublin beginning to gain ground. this is the opportunity for them to pull ahead. betty: was this happening even before the vote last week? >> you know, there has certainly been a growth in startups as a whole in europe. london was still seeing as the center of what was going on. lots of companies started in berlin would move to london, because that is where the big venture capitals where. the next question is, is the startups are going elsewhere, where did the vcs go? david: you started your career developing software, and in that line of work, we have seen such a move toward globalization. in the sphere of sof

investment in london.e was absolutely right to share a platform with the prime minister in doing that. because this is an issue of national concern, not one of narrow party politics. gillian: would you go out and be an ambassador for thailand, not just bangkok? gov. sukhumbhand: while they remain, there is very little time to engage in international diplomacy. governments find it difficult to travel. sitting here in chicago, people in bangkok will start asking, where's the governor, why isn't he here trying to drain water from the streets? [laughter] gillian: ok, so we will watch the weather forecast in bangkok. gov. sukhumbhand: that doesn't mean we don't engage in any diplomacy at all. but we have built good relationships with different cities. but that's one thing. it is a totally different thing to engage in international diplomacy on a sustained basis. word.n: last ambassador chan: i fully agree with everything that has just been said, but i would say that cities do, mayors do can do some type of dipl

london.e referendum vote on thursday. let's get to the bloomberg business flash. >> lime energy bag is considering -- vladimir putin is considering whether to sell a stake in the state owned oil company. it is estimated a sale could bring $11 billion. oil than its more some mobile. --japan, exports have fallen the slowdown in the global economy and the stronger yen have made japanese products less attractive overseas. for the first time since february, gasoline prices in the u.s. have fallen. the average price for a gallon of gas dropped to $2.37 per gallon. that is the bloomberg business flash. francine: thank you so much. india's central bank governor is to step down in september. the rupee made it steepest before on the news paring its decline. think is a much for joining us from mumbai -- thank you so much for joining us from mumbai. we understand why he is stepping down. is there a concern that the central bank is not as independent as he wanted it to be? definitely, that is one of the c

king-loving scum. >> after 10 years in london, this is how i'm received? >> i apologize for the reception, dr. franklin. ever since lexington and concord, all of america has been on edge. >> lexington and con... >> of course. you've been at sea. america is at war, dr. franklin. welcome home. >> good god. >> ♪ my country, 'tis of thee ♪ sweet land of liberty ♪ land where my fathers died ♪ land of the pilgrims' pride ♪ from every mountainside ♪ let freedom ring >> pushed to their limits by an oppressive empire, a determined group of rebels unites under the cause of liberty. their quest for freedom will unify a people, ignite a revolution, and forge a new system of government. in time, these brave men and women will come to be known as the american patriots. benjamin franklin -- brilliant renaissance man, world-renowned genius, and enduring symbol of america's potential for greatness. but behind every genius stands a man, and behind every legend lies the truth. [ indistinct conversations ] >> is this the pennsylvania delegation? >> maryland, sir. >> mm. close

back to matt miller in london.aking news -- the s&p is cutting its rating on the european union's super unnatural credit to a aa from a aa plus. i have the statement open right here. s&p analysts are saying we reassessed our opinion of cohesion within the eu, which we now consider to be a neutral rather than a positive rating factor. that said the outlook is favorable. s&p cutting its rating -- it's super unnatural eu rating from aa to aa plus. scarlet: it is reflecting that anchor ratings will remain at the current level. this is interesting, especially in light of the fact that you had two ratings companies downgraded their assessment of the u.k. following the brexit vote. oliver: exactly to the outlook is stable, but still a big cut. the u.k. getting cut and we had that from moody's. then we had this cut today. it brings up the point that listen, even though markets are signaling a recovery, there are so many questions lingering, and you to think about what kind of events could potentially be on the horizon that

london could be the key. this area, four million plus voters are expected to has been up to this point three to one voting to remain but is that enough to outweigh appears what the rest of the uk is saying? we know scotland and northern ireland will probably vote to stay in but it is going to come right down to the wire. trish: you bet it is, ashley, stay with me. we have lots to talk about, joined by lido aisle advisors jason rotman who says britain should stay in the eu and steve says get out as fast as you can. steve, a lot of people have the mind-set in the uk. we've been talking about the similarities between america and great britain in that people are upset with their economic lot in life and they're blaming the politicians that they say put them there. >> right. and trish, they're upset and they should be. in the u.s. and in the uk. they have seen their incomes become incredibly stagnant. what they have seen is incredible trust on multilateral, multinational organizations. whether be the eu or trade a

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and max foster, our london correspondent is there. max, the only reason the british government called this referendum was firstly to appease and to get their own side off their back, to stop the warfare in the tory party. but also because cameron never thought he'd have to do it. he expected, if he won the election to have to go into coalition. how true is that, or is it just myth? >> i think ultimately whatever was said before, whatever the situation was before the election, after the election, he had to somehow heal that rift within his own party and he took a big political gamble, and it was, let's deal with this once and for all. let's ask the british people what they want. this is the result he got. he had to fall on the sword. if he didn't go today, he'd have to go another day, he thought. i'm just going to do it now. the big question now is how this party, how this government moves on from here which is why we need to hear from boris johnson. he's now clearly the front-runner to take over from david cameron. michael gove was ve

london does a few things really well.e saw the acquisition of magic pony, and ai company, for $150 million, and we know that there are great companies that will be coming up with acquisitions in the future. but the question is will they stay in london or will they move somewhere else where they have access to a larger market? emily: a big issue is of course, immigration on both sides and it echoes some of , the arguments around immigration here in the united states. talk to us about the potential impact on immigration. in the u.k., unlike the united states, immigrants can move even more freely between borders and it certainly has impact on skilled workers and talent. >> i would not classify myself as a skilled worker, but i have been a beneficiary of this. i lived in germany without a visa or anything. a lot of people say it aloud perhaps lower cost labor to be shipped in from eastern europe and therefore undercut labor costs. for people who are already in the u.k. the flipside is if you think about the golden triangle ox

anna: i am anna edwards in london. just past 7:00 in the morning in london.be one day until the eu referendum, but we've got corporate news to get to. h&m, the retailer of clothing, swedish-based but operates globally -- second-quarter pretax profit coming in at 7 billion krone, a little bit below the estimate. the estimate was for 7.23. the growth margin has come in at 57.6. that is a touch of the estimate. their sales rose 7% in the period. they are talking about their plans for opening stores in 2017. h&m plans to open stores in four to five new markets, clearly still talking about expansion at this business. back to the profit and loss, second-quarter net income, 5.3 6 billion. that is below the estimate. the pretext level and net income, coming in below estimates. sales increased in march and april, significantly below the plan, according to h&m. we know some of these numbers already because we have had some of the monthly updates, but they are talking about how that was significantly below the plan for them. pretax profits, below estimates. that is one

london has not fallen.still there chiming on the hour and flights are still landing in london airport. this is all fear mongering and rousing for the first weekend. it's going to take two years to unwind all of this. a lot of thing rs going to happen in two years and i don't think two years from now when you and i are sitting talking about it, one, we will be remembering elizabeth hurley and the cushion. >> i don't know, i may remember by then. >> my mind's going at this age. but i think these things will all get sorted out. the majority of people in britain did not want to be told by the foreigners of europe what to do. as boris johnson said, where to go. we had enough of that in two world wars and we put a stop to it this then and we will now. >> i want to bring it back the celebrities for a second. because you see a lot of that going on here. people like sean penn, oliver stone. jane fonda was doing it since the '60s, but american people tend to discount i think the celebrities realizing that maybe they

"bloomberg surveillance" from london and new york. an important conversation. right now, we need an update on brexit with our first wear news. nejra: the head of the european commission got right to the point when he was asked about the upcoming vote. ryan chilcote caught up with him at the st. petersburg international forum. ryan: we're just one week from the u.k. referendum. what would you like to say to british voters? >> don't do it. anna: the british vote is one week away. russia's president has a message for the european union. let's put ukraine behind us and get back to business. he is speaking at the st. petersburg national forum and will call for normalizing relations between russia and the eu, but he will not offer concessions over the conflict in ukraine. all of this aording to people familiar with the matter. president obama traveled to orlando today to pay his respects to the victims of the nightclub massacre. the tragedy could end up reshaping the race. president obama has been pushing for gun control, gay rights, and ac

it symbolizes the development of london and how rich london is. basically that was the plan. one thing that i really want to mention is that when i was an islamist, there were lots of people who agreed with me. the fact is that the islamist ideology isn't simply just a fringe minority view. it's more of -- it's a significant strain within islam. when i stopped becoming an islamist, when i became deradicalized, i was suddenly struck with thinking, wow, we're really screwed if we're in this situation. which is why i'm doing the work i'm doing now as it relates to countering extremism. >> when you say that you became deradicalized, you stepped back from the precipice, you never participated in any sort of violent attack. what caused that transition in you? what happened? >> there were a number of reasons. there was one guy in my high school who would come into the prayer room and ask really difficult questions about literalist sharia law, about stoning people to death, killing apostates. that triggered a lot of doubts in me. also on top of that, there was the -- when 7/7 happene

london. alive special show at :00 eastern, 5:00 london time. have a full day of coverage. ♪ kingdom isited adapting and adjusting to a most historic day. brexit begins and a prime minister resigns. markets find a bid after a heroic early morning. sterling plunges. scotland, we have a problem. mr. trump walks the back nine. good morning from our world headquarters in new york. fu and alixcarlet steel. it has been an extraordinary 24 hours as you can see as i stumble through the opening. alix: the market action we have seen was incredible. it was all over twitter when the yen surged below 100. twitter exploded. scarlet: why don't you get us

london has one of the largest irish communities in the world.s referendum is not only about england leaving the european union, it is about the whole of the u.k. leaving. that includes ireland. now, when my grandfather left belfast, the region was a warzone. and i can remember myself the bombings here in england as part of that conflict. today, though, northern ireland is more peaceful than it's been for years. and some say that's partly thanks to the eu. but there are very real fears could be under threat if the u.k. votes to leave the european union. barry cullen, sales manager for a duck farm, is making his daily rounds. as a native of northern ireland, he's feeling a bit worried these -- a bit concerned these days. he is worried that if britain were to leave the eu, it could have negative consequences for the farm -- which lies right on the border between northern ireland and the republic of ireland. the farm, might end up having to pay customs on meat exports to the north. should britain leave the eu, the border to the single market would r

we saw london and the london footsie, now we are looking at us futures.you are watching "fbn a.m.," your first look at morning markets and breaking news. >> the economic consequences of vote out our huge. that is why i am voting to stay. >> to see what they actually do. >> the european union. >> so many refugees. it is another reason everyone wants to vote to leave. .. nicole: britain decides to leave the european union. we are contemplating whether they are speaking. the leader of the exit campaign, we show you the percentages, 52% to 38% in the european union. looking at futures, over 800, dow futures down 452. >> a knee-jerk reaction. at the stock exchange, russell rebalancing, a lot of volume in this decision, to contend with and the world right now is reacting to the uk voting to leave. headlines around the globe in the newspaper, the daily record in scotland, be afraid, be very afraid. the wall street journal, uk vote rippling across the globe, see you later and the new york times, us stuns world with the to leave eu. david cameron, after great brit

and recognizes the importance of the eu to london and the u.k. >> on the other hand, london is an importanturopean base for many international companies. where they all go if not here? in addition to the cost of building the infrastructure, one also has to work out whether people would want to live in another financial center. they certainly would not want to live in paris because of the tax rates. they would not want to live in frankfurt because there is an even housing there to house them. >> the city of london has been the center of banking and trade since the 16th century. if you ask some stakeholders here, it should stay that way for at least another 400 years. sarah: culture has become big business. music, gaming, animation, and massive paying audiences. the german government has noticed. this tuesday in berlin, the german economics minister attended the opening of the center for cultural and creative business. >> it's the kind of start up this new center will support. they produce educational animations, accompanied by video chat. creative, modern, and functional. cultural and creati

london as well so really london northern ireland and scotland versus the rest of the country. the north of the country will vote more than likely to leave and it could come down to what happens in the beloved country. in that respect we knew it was going to be the case in scotland but it's really an trysting. i think we thought it would be a lot more on the stay site at this point even though we have many more polling areas to report. i think the league campaign is stronger at this point and we thought. trish: ashley 10% of voters in now and again we should point out as it looks as though lead is ahead. take a look at the futures board. we have been down more than 300 that now it's down to within 45. we have more results in. let's listen in. >> 79,302. the number of votes cast in favor of the european union was 44,000987. the number of votes cast in favor of leaving the european union was 34,271. >> falkirk following the pattern and scotland voting 2-1 in favor of remaining in and you can see that on the right-hand side of your screen. it's a result of that masses -- massive m

jonathan: we are taking you from new york to london to brussels. turmoil rubbed it in u.k. politics after the vote to leave the eu. eight cabinet members have resigned as revolt against jeremy corbyn. to brusselsd live to figure out what is next. what company -- countries will stand to benefit? we look at which asset classes are poised for the biggest swings monday morning. this is special coverage from london and new york. this is bloomberg tv and bluebird radio. let's get some news. tojohn kerry is going brussels for talks on the uk's exit from the european union. he spoke in rome with the italian foreign minister. the most important thing is all of us as leaders work together to provide as much continuity and is much stability, as much certainty as possible in order to the marketplace to understand there are ways to minimize disruption and ways to smartly move ahead and order to protect the values and interests we share in common. emphasizeretary will support for the eu. he will keep the message from the white house that the special relationship between the united states

. ♪ >> worldwide, the focus on london. am jealous of pharaoh alongside -- i am jonathan ferro alongside david westin and alix steel. boris johnson announcing he will not run in the leadership race to be the next prime minister. there is a little bit of a bounce on sterling, which and is rather engaging for people looking at the race. another political shock. david: they keep them coming from there in london. the markets appeared to be settling down and we are joined by outstanding guests today. led by bill gates. he would join us to talk about biotech and drug pricing. alix: cromwell we be joining us -- more regulatory hurdles facing the banks. but first, we have a slight rally on the table for today. jonathan: features are firming up about .2% and the ftse is an positive territory and raising all of the post brexit gains. .he dax is up as well i want to talk about what is happening in other asset classes. boris johnson does not run and cable jumps, the pound a stronger marginally. we will discuss why. 1.52%.unchanged at w

jowell: i think london is not a city state, and it would not be good for london to be a city state. london is the former city in the united kingdom, contribute into the strength of the economy in the united kingdom, but it is clearly distinctive. in the planei was flying over here today, i was sinking about this, this elusive definition of what is a global city. a global city is not a world city. not just a city. it's sort of describes a special kind of personality, self-confidence, which london certainly has. connectedness to the rest of the world, which london certainly has, woven into the rest of the world. immigration over a generation has created that. , during and after the olympics, was defined as a creative and cool city, but the ambassador is absolutely right about this. there are threats to london's position, as we would say, as the greatest city in the world. you can be creative and cool, but there is a limit to your creativity and coolness if there nde problems with visas a you restrict talent coming in, if you do not have universal broadband coverage, and if young creat

will take you from new york to london. the aftershock of the brags it continuing to wreak havoc across the u.k. political landscape. live from westminster with the latest. global markets and sterling recovering somewhat. will the relief be enough? mark: mario draghi made no mention of the u.k. vote in his speech today. our other monetary leaders concerned? 90 minutes -- vonnie: it's 90 minutes into the trading day. julie? julie: the s&p 500 wiped out 5.3% over the past two sessions and is now coming back, but not recouping those losses that it's seen. nasdaq was the biggest loser over the past two sessions. but if you look at the past five for for context, perspective, you see we are still down over the past week of trading. right? we had that big rally that happened last thursday. today's is only the largest since last thursday. and then the come down when the vote did not go as anticipated. take a look at some of the biggest movers in terms of the waiting in the s&p 500. of the large technology stocks that have lost over

francine lacqua is in london. what is the distinction of the debate in london this morning?ost of the debate is in brussels at the moment. the political system in the u.k. is still in turmoil, but in brussels, they are drawing lines. they are talking about no renegotiation, and angela merkel was pretty tough on the u.k. last night. tom: let's get an important update without first word news. here is nejra cehic. is blaming islamic state for the suicide bombing at the airport in istanbul. the three bombers opened fire and blew themselves up after police spotted them. at least 40 people were killed and 200 wounded. a turkish official says none of the attackers got past security controls. in recent months, both islamic have carried out attacks in turkey. the british prime minister told fellow leaders at dinner in brussels he could have one bank the referendum if they had not refused to reduce immigration to the u.k., according to a british official. the eu leaders said there could be no turning back for the u.k. meanwhile, get ready for a recession in the u.k. of thethree quarte

so to keepanother interest it in london. the question here is how are the regulators in frankfurt and the bank of england going to work this out a cousin it is in nobody's interest to start splintering up the financial center. the question is are how are these guys going to work it out and keep activity located in one place but we have to deal with the reality that the financial regulation is going to the european union and the u.k. will the longer be part of that. john: a judges ruled saying that williams does not have to be purchased by energy transfer. this is the fallout from the plunge in oil prices. the headline here is the judge has ruled in the energy chancellor william steel and it is not a move they have to make. we will have more coverage as we continue. ♪ >> a historic decision. the u.k. decides to leave the european union. our guest is back with us. the question that was asked immediately today, who is next? we have experienced the push back against that idea by punishing those who want to leave sending a messag

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twice for the mayor of london and that is impressive as we know that london is a majority labor stronghold i think the answer is obvious. campaigning was right by boris johnson's side for weeks during the eu referendum campaign, the justice secretary who dramatically he was stananding throughout the campaign, in live , would he stand as the candidate to be the next prime minister? he rolled it out again and again and again. there is a saying in british politics that one week is a lot in time. i think we will have to revise that three hours is a long time in politics. who could that be? may who isheresa saying she can unite the party. dramatic developments here in westminster. >> indeed. both boris johnson -- earlier spoke again about one nation, a united party, and yet it does not seem united at all. >> no. and there is an interesting line. michael has not appeared before the panelists. he just published a statement. what is being said here is theresa may has effectively stabbed boris johnson in the back. making various little thinks about him throughout her launch press conference this mo

london time, we have results. 4:00 a.m. london time is the busiest.ear idea of the vote at 7:00 a.m. tomorrow. you are not capturing the majesty of this united kingdom. is it correct that the first results come in from gibraltar? francine: yes. we will make you a britt. let's get over to the bloomberg first word news. emma: the u.s. is defending its use of economic sanctions against venezuela. president obama says it is a way of responding to repression. the u.s. is trying to break an impasse between president nicolas maduro and opposition leaders. frankfurt is set for a makeover. it is investing $130 million in upgrades that include yoga rooms and a forest-like recreation area. the fbi has rated the office of a new york hedge fund. agents are looking into operations after a manager at the firm was charged with bribing a union boss. platinum is considering shutting down its main hedge fund. casino billionaire sheldon adelson wants las vegas to gamble on the nfl. he has called on the city to come up with the biggest subsidy in pro football history to g

i'm max foster in london. uk parliament is convening here for the first time since the referendum results. the vacancy that's cameron has left when he'll step down as conservative party leader. uk finance minister gave a televised address in which he tried to calm any fears about the british economy but markets are down this morning as the impact of brexit sinks in. the uk is divided following the brexit vote. how can it recover? richard quest is here with me. what george osborne was doing is trying to create some kind of continuity and stability to the system. >> yes, clearly there's uncertainty. it's the weight of uncertainty that is now causing most of the difficulties. there is a worry about how they move forward. business could put spending on hold. consumers may stop buying big products. nobody wants to take a risk until they know what the economic picture actually is going to look like. what george osborne did say is that he stood back for none of -- he did not stand back from any of the comments that h

in london.ily telegraph," british warplanes and superb forces and other military personnel will continue to support the u.s. coalition led effort to degrade and destroy isil and syria and iraq. need lls to say the eu has been totally to the success of the coalition effort, which will continue irrespective of whether or not britain maintains its membership." i picked it not just for the british audience but the global audience with the less interest in security in nato in fighting isis and terrorists. >> i have to say william hague made a great argument why it's against the global security interest that the uk stays in. >> and so has obama. >> as on cnbc yesterday. my "must read" is from "the new york times." i don't have a copy of it. it's titled "brexit vote david cameron faces problem for his own making." the writer saying besieged by the wing of his own party, mr. cameron made made a promise intended to keep a short piece among the tories, before the general election. if re-elected he would h

london is a big player in the global economy.here are 7, 8 million people here and lots of things that london has going for it and indeed the uk have going for it that won't change. whether we're in the eu or not. so transparency, the size of the market, the language, the currency being different. investors will want to diverse if i. and things like that make the uk and london good to invest. >> what are you worried about losing when the divorce negotiations get going and finalize. >> duane: a l >> a lot of the concern is around the financial industry. if we're not in the eu, the question arising as to whether we'll lose financial services firms. some of the rights you need in order to be able to trade in the eu are not actually eu rights. you still have those so-called passporting rights allows you to work and trade inside the eu. there are other options. >> very quickly the thought maybe the weaker british pound could lead to more investments. do you see that as a silver lining. >> absolutely. yes, in fact we've had buyers comi

can london make up the deficit? inwe had of the results come for places which were clearly in the leave camp. >> this is the picture so far. love turnout in scotland. remain has not had -- low turnout in scotland. and we have had high turnouts in leave. and now we have a couple results for remain. this will tell us a story. many of those groups of people that we expect more likely to support remain. professionals, there is of the country with special. look at oxford. lambeth. deliver higher shares for remain. arease all those gray that we think are going to both for remain but have not yet declared. areas wherethose there are high proportions of veterans, similar picture. proportions of graduates, similar picture. more likely to vote remain. there will be a picture margin. lots of young people. areas with lots of him people. those areas that have declared for remain but are still lots of areas that we expect to declare for remain yet to declare and those areas are most people with passports, all of the london area.

in london.ere trying to discern how to hedge to ensure that their properties are going to be safe, number one, and number two, if they're going to buy some properties just ahead of the referendum and make sure that if they're going to keep the contract and know the outcome. >> has anybody canceled? have you had people pull out? >> yes. we've had people pull out from london real estate and they're redirecting that cash to major three markets in the united states. >> let's talk about that. which ones are they? where is the money coming? i assume it's coming to new york. it's probably going to miami. l.a.? >> new york, number one, always. we've seen direct correlation of any geopolitical or political stability with increase in new york real estate. number two is actually los angeles. very strong market and number three is miami. >> you know, it's complicated for those investors, i'm assuming that most of your investors and clients don't carry mortgages. they probably pay cash. >> no. >> right? >> s

it is 4:25 in london.where the markets are headed as we head to the close. 600 down for the second consecutive day after rising for five days. disappointing, lackluster emi manufacturing data out of china -- pmi manufacturing data out of china. all 19 industry groups trading lower today. thanks, energy and health down. the closes potter minutes away. -- banks, energy and health down. four minutes away. ♪ mark: live from london and new york, you are watching the european close. just one industry group finishing the day higher, chemicals. ofeit by the smallest margins. global growth concerns weighing on sentiment today, sending stocks lower for the second day, down 1%, the biggest decline in a month. ofdid come off the back three months of gains. we've had a lot of earnings. we are coming to the end of the reporting season here in europe. retailer announced earnings today that beat estimates because of a revamp in the united states in the netherlands, it is merging with dillards in the u.s. it will be a big

we still with eve irvine in london.out the scott's that we just saw in that piece. > they artie had a referendum where they decided to stay? what would a brexit have on scotland? eve: that is one question about the prime minister of scotland. if does not want to even consider. she says we're not there yet, and we will deal with it when and if it happens. of course, a lot of questions in the campaign, whether or not scotland will hold another independent -- referendum on independence because as you see, it is the him and only -- it i

tom keene in london. berlin, caroline was with us 24 hours ago and she travels not only from a stunned london but to a stunned berlin and. i was shocked by the body language. what did you note in the chancellor's comments? >> amid the searing heat, she's trying to keep a level head. she's definitely trying to contain this desire to hurt the united kingdom and make an example, to stop the domino effect. she's trying to say, we need to remain calm and measured. of being germany in the u k economic ties together. pragmatic, trying to stop any rush to the exit. and the calls for the referendums. >> 35 degrees in berlin. that is 95 degrees. we have to understand that she is on centigrade. very hot in berlin. it thank you. it is bloomberg markets. by thee on the move, led lowest in over three decades. ♪ >> i believe, ultimately, it will be a good thing. scarlet: you are watching bloomberg. alix: this is your business report. prime minister david cameron resigns. a volkswagen executive is arrested as the emissio

brent: let's go to our correspondent in london.he has been following this story since the very beginning. good evening to you. david cameron saying the referendum has to be accepted and that the timing has to follow a british schedule. how do you read that? is he trying to play for more time here? >> definitely. the british government is playing for time because it is not repaired. what george osborne said is more or less wishful thinking. there is no brexit plan ready to go in the bridge government, neither in the drawers of the leave camp. they were more surprised by their win on thursday than anybody else. however, david cameron tries now to at least sort of lead the way, set a timeline and move things along. his successor will then have the task to implement this thankless task. he says there will we a new -- there will be a new prime minister by september. he will then have to continue the work and set the date. on the other hand that is the technique of the british side. on the other hand we have the political side. there is

local time in london. >> local in london and 11:00 p.m. or so in new york. so it will be some time.f it is very close it may even be later. if you see the bbc making some forecasts at 4:00 a.m. you can be fairly certain what the result is. but if there aren't any, all bets are off. >> it is going to be a long night for all of us here. >> it is. >> there's this narrate they've the younger vote is more pro eu and the older vote is more on the side of exit. >> absolutely true. older people and particularly working class older people are massively for leave. and younger wealthier people are massively for remain. >> although i did find a nice group of young blokes as the pub last nights and they were all levers. >> fancy that. what a surprise. and just quick. young people expected to vote remain. does --? >> there aren't enough there to materially make a difference but the issue is young people are just less likely to vote. so they get outvoted by the older vote. and the weather of course makes potentially that even more likely. so lots o play for. we'll see. the markets have already dec

" live from london. we've been here all weekend talking to folks on the ground about their reaction to the historic brexit vote. i found europeans living here in london are shocked and confused about whether they can even stay on working visas. we caught up with a polish teacher who has been living in london for seven years. a spanish software developer and manager at a spanish restaurant about some of their anxieties after the vote. listen. >> i don't know what the employment law is going to be in a couple years. i've been here long enough that i could apply for a british passport. >> that's what's hurting the u.k. the most is not knowing what to do in the future and how it will impact all of the foreign employees in the u.k. >> the prices of products are going to go up because we import majority of ingredients from france and spain as well. >> a lot of people feel unwelcome in the u.k. because concern about immigration was a major factor behind the vote to leave. here's the reality. when you look at th