. >>> italy's prime minister matteo renzi is in rome right now. he is giving a planned end of year address to the media. it's likely he'll mention, of course, that operation in the adriatic. he has also been tweeting about it, talking about the helicopters bringing people to shore. let's have a listen. >> the italians who are saving people, and frankly, it's very impressive. and i look to the various messages and i was thinking of how dedicated these people were and also, you know that there were other interventions at sea, and of course, it's a very difficult and painful situation and i'd like to express my concerns to the people. so our men really have carried out this work with a lot of passion and have managed to avoid an appalling situation. and i am very grateful and i'd like to express my gratitude in the name of all italians, whatever their political opinion is. during the day, of course, more information will be given by the ministers, who have responsibility with regard to the military and the ports, so they were responsible for these re

matteo does not think we will see much.t up -- a quick profile of one or both and cops pushing us out of the way. >> suddenly, cops on the move they are pushing us back. i mashed my finger on the shutter. that is it. three seconds of royalty. >> i saw kate's hair. that is about it. i saw a hand wave. it could have been anybody's? >> was it worth it? >> yes. my wife is thrilled. as long as she is happy i am happy. >> everyone wanted my e-mail a dress. -- addressed. even these grainy, digitally zoomed in shots were something to be cherished. >> there will always be a space for you in the london bureau. you got to spend some time with the royals. >> i was 10 rows over and one section over. next to them -- who is the most glamorous person? >> we will be back in a minute with some holiday cheer in the latest from our advent calendar after this. ♪ >> it is our absolute favorite part of the show. it is a person who is dear to our hearts, but reynolds. some of his best memorabilia is hiding -- hitting the auction blocks. >> next "t

. >> by 6:00, matteo and his friends that in there for half an hour. >> we just want to say, here wegood to see you. >> it is really boring, waiting for royalty. so they interviewed me. >> what is your name? >> griffin hammond. >> we laughed with friendly cops and worried about the british flag tangled in the wind. everyone's iphones were dead half an hour later, so they were counting on me to capture a good auto -- photo. i worry that i do not travel with telephoto lenses. matteo does not think we will see much. >> just a quick profile, and cops pushing us out of the way. >> suddenly, cops on the move. i mash the shutter. that is it. three seconds of royalty. >> i saw a hand and that is about it. it could have been everybody -- anybody. my wife is thrilled, so as long as she is happy, i am happy. >> i did not think i captured much of value, but everyone wanted my e-mail address. for the crowd huddled around my camera, even these grainy digitally zoomed in shots were something to be cherished. >> griffin you got to spend some time with the royals. >> i was 10 rows behind them. there

. >> matteo renzi earned himself the nickname, the demolition man of italian politics, ready to dismantle the system of the ruling elite. he became the oldest person to take charge of modern italy. his ascent gave many italians hope for dinner all -- for general hope. -- for general change. his glass has faded and doubts are beginning to set in. >> none of the reforms he promised has been implemented. people are now asking, when will we see result, when will they be noticed by everyone? >> take judicial reform, cases still wind through the courts at a snails pace. for me missable reform, renzi wants to dismantle 109 it ministrations but there will not be any savings. the provincial administrators are not losing their jobs, they are being transferred to other posts. the business committee hoped that he would be more than simply relax job protection regulations. the economy continues to contract and an employment is rising. >> matteo renzi can a longer simply raise expectations, he now has to come up with concrete answers for italians. after tenants in office, it is now the moment of truth.

trade unions up in arms over matteo renzi's economic reforms. also coming up, u.s. congress avoids a government shutdown hours to spare before a deadline paired the house of representatives passing a federal spending bill. the final day of climate talks in peru. long-term missions at the heart of negotiations. so far, there's been little agreement inj lima. first, we begin with midday prayers in the west bank. they've been watched closely. fears of further violence following the death of a senior palestinian official. ziad abu ein died wednesday in a confrontation with israeli troops. disagreement over the cause of the death. palestinian authorities say the official diet from a blow by israeli troops, israeli officials say the 55-year-old suffered a heart attack. palestinian authorities say the officialgallagher fenwick is standing by in jerusalem. what is the latest? >> the situation, as you mentioned, is relatively calm in jerusalem and throughout the west bank. just got off the phone with a spokesperson for the israel police. telling me that thousands of extra tr

matteo renzi believes he has to try to get this jobs act implemented.2010, only two countries' economies performed worse than italy's, haiti's and zimbabwe's. >> wow. short and sweet from you. appreciate it. thanks for the update. james reynolds live from rome there. let's switch gears altogether. let's talk about bollywood, because the indian film industry is worth some $4 billion and counting. but today, we're focusing on one film in particular, because it's earned its place in the bollywood hall of fame for being the world's longest running movie. the film is called -- i probably messed that up. this film has been playing every single day since it opened on october 25th, 1995, running in mumbai. that's more than 14 years, making an estimated over $20 million. we're going to go live to one of our bbc asian network correspondents shortly. but here's a little taste of the film. >> okay, let's talk to our entertainment reporter. actually just promoted into a correspondent for our bbc asian network. great to have you. we saw a little snippet of it. i've g

trade unions up in arms over matteo renzi's economic reforms. up, u.s.congress avoids a government shutdown hours

italian prime minister matteo renzi told a press conference that about 60 passengers are still onboard. it's hard to be exact because they could be illegal migrants among those who are stranded. it was traveling from western greece to up here in italy when it ran into trouble near the island of corfu. this is what mr. renzi had to say. >> translator: i looked at the various messages and i was thinking about dedicated these people were and also you know that there were other interventions at sea, and of course, it's a very difficult and painful situation and i'd like to express my concerns to the people. so our men really have carried out this work with a lot of passion and have managed to avoid an appalling situation and i'm very grateful. and i'd like to express my gratitude in the name of all the italians whatever their political opinion is. hence during the day, of course more information will be given by the ministers, who have responsibility with regard to the military marine and the ports, and so they were responsible for these rescue operations and they will have a press confere

matteo vince he can breathe a sigh of relief. he has one parliament three support to push ahead with labor market reforms aimed at pulling his country out of recession. >> deputies backed the so-called jobs act, but the reforms are highly controversial. many italians believe they will only bring more hardship. >> it's a gray day in the italian capital, rome, one that matches the mood across the country. traders at this markets a business is slow and that they do not believe the government's reforms will improve their situation. >> absolutely not. it's another revolving gunman trying to fill state coffers to stay in europe and make themselves look good. they are killing us like all the other said. >> -- like all the others did. >> i don't have any conflict with them. in this type of government, i have no confidence. >> one problem in italy is weak demand. consumers have stopped spending money. they are hoarding their savings because of concerns like the job losses, a real fear in a country with an unemployment rate of 12 percent.

cb andtions should the matteo renzi take?welcome back to "the pulse live from bloomberg's london headquarters. lufthansa has canceled flights today as the pilots union strike hits europe's second-largest airline. 150,000 passengers will be affected. lufthansa has canceled thousands of flights this year. the lockout will affect short-haul flights today and short and long haul flights tomorrow. john bank is making nonbinding billion pound bid to about four brady for its private public partnership portfolio. said if an agreement is reached it will finance the acquisition from an equity capital raise. balfour beatty is up sharply on the news this morning. cristiano ronaldo has another crown to add to his collection. the football star snatched the player of the year last year and now he is also the top player on facebook. one posed by ronaldo is worth an average $144,000 for a brand. sponsors include nike and emirates. he earned $22 million from endorsements last year. not bad. now, the ecb meets this week and while the threat of

that has been the focus on whether matteo renzi can deliver. right now, youth unemployment near 40%. that's a big concern when looking at italy's economy. autoing big talker has to be oil. take a look at spot gold. brent crude showing a rebound today. $70 a barrel, up about 0.5%. wti crude, up 0.4% at $67 a barrel. how do you make money in these markets? u.s. markets trading at record highs. here is what some experts have been telling us this morning. >> i think the bank should outperform. it's, again, not so much on the fundamentals. you're not getting loan growth in the eurozone and the prospects for that is still not very good. but the cost of funding is coming down with a single supervisory framework in the ecb. you think you could get more positive positioning. specifically with the m&a. >>> what really is the point in getting involved in european sovereign bonds when countries like france are now yielding a fractional bid over germany close to 1% for ten-year debt? this can ohm go so far higher, but it can go an awful lot lower. >> our eu

the third quarter certainly raising questions over whether this man right here, prime minister matteoet his promise to cut spending whilst boosting growth and halting the rise in unemployment. you may remember, because just after prime minister renzi took office in february, the government was predicting -- they said back then yeah, we're going to grow. we're going to grow by nearly 1% this year. how wrong they were, because we now know that italy's economy is expected to shrink by almost half of 1% this year. this is according to the latest european commission forecast. and all of this compounds the fact that the italian economy has been stagnant since 2008. in fact, enduring three recessions since then. still in one right now. professor john weiss is at the school of economics in rome but today he joins us from our studio in sheffield. great to have you on the program. we're close to three and a half years in recession at the moment. it makes you wonder, when do you start calling it a depression? but italy, this is a chronic illness, isn't it? >> yeah, it is, unfortunately. you cann

in opposition for labor reforms, which have been laid out by the prime minister, matteo renzi.he government reforming the country's labor laws, which they say protect workers from being sacked by unscrupulous firms. but mr. renzi has made the reforms the centerpiece of his plan to lift italy out of years of economic stagnation. so we're going to keep across that general strike. now, let's talk. there you go. let's talk bollywood. the indian film industry is worth some $4 billion and counting, but today we are focusing on one film in particular, because it has earned its place in the bollywood hall of fame for being the world's longest running movie. the film is called -- hang on. >> they've abbreviated it on screen. >> have they really? i tell you what, it sell britted its 1,000th week on screen. it's been playing every day since it opened on october 25th, 1995. apparently it's made something like $20 million. and you have not seen it. >> no, i haven't. i went to see paddington and that was delightful. >> follow me on twitter @bbcaaron. i'm going to go. take it over. >> sea you

matteo renzi's reaction is to this in the fabulous museum.e spinoff strategy for ferrari. he is a ready moved the tax base for field slice -- fiat/chrysler. the government appears to be on board. at ferrari, italy, separating them could be a difficult story. anyway, more news on that. "surveillance" is coming up next with tom keene. see you tomorrow. ♪ bid.l goes in search of a markets signal a new and greater uncertainty. washington, they try to get to the holidays, a cia bombshell and a budget agreement. out in toober is many cities. good morning, this is "bloomberg surveillance." we are live from our world headquarters in new york. it is wednesday, december 10. i am tom keene with scarlet fu and brendan greeley. let's get to our top headlines. >> overnight, in announcement that commerce has reached a deal for u.s. spending bill that would avert a government shutdown. but there is something for everyone to dislike in this bill. conservatives are unhappy because the bill failed to challenge president obama's immigration policies. some democr

. >> what should the market give matteo renzi time to be implemented and that's one reason investors should stay on the sidelines to wait for the economic gains to continue. >> well, the reality is this is driven by the ecb policy spreads between italy and germany. they are going to be a function of whether the ecb does qe and further spread compression. not so much to do with the credit rating, but without a doubt, structural reforms take a long time. and they are not an instant fix. they are a long-term fix. if he's making progress, then the markets will give him the benefit of the doubt i suspect. >> we'll bring you here to talk about where the euro stands at the moment. is it structurally issues in reforms in italy and europe, or is it increasingly structural? >> it is increasingly structural. i'm with charles, if the bonds were to jump down a credit rating, then we would see the previously sticky flows move away from the euro, but we are not there yet. while the sovereign qe remains in the air, whether you believe it or not, that would keep the euros relatively supported as we m