have to pay a huge sum to the government becomes a man was also affected but there was a loophole perignon fought long and hard lobbying politicians to reduce the girl. also comes in view we finally caught their attention with a public campaign that we put together packages of goods from our member companies and sent a package to each member of the bundestag involved. we also gave interviews with public broadcasters. over time the pressure grew in the politicians to preserve more jobs and we ended up holding negotiations with the ministry of finance. and the result of that was we were able to reduce the original demand of $336000000.00 marks to $12000000.00 marks. for you and. and so after 6 years of hard work back now i was able to save a total of $4000.00 jobs at 30 companies and those companies were now in good financial shape nevertheless many in eastern germany still felt disadvantaged. to actually send their truly is economic inequality in former east germany households in the west have more than twice as much wealth as those in the east and pension levels are not equal. what's more

when you couple total sales including dom perignon, we have those numbers coming in at 11%.nalysts were looking for 9%. they said it is a reality check for the global growth momentum for the luxury space. luxuries will only make up half their sales from hong kong. they are not out of the woods yet. this is the perfect way to look at the headwind they are facing. then the hong kong potential for recession. you can see the second quarter dropped into contraction, and is likely to again in the third quarter. hong kong retail sales fell to the worst in august as well as exports some of that will be a big factor for the luxury space moving forward. anna: we will keep an eye on lvmh and others in the luxury space. we will tell you in a moment your stocks to watch at the opening. this is bloomberg. ♪ anna: welcome back to "bloomberg markets: european open." six minutes until the start of equity trading. , and arehordern equities team is covering boeing suppliers. basf.nk between thehe last suitor for construction chemical unit, basf is looking for $3.3 billion for the chemical unit

lv lvmh, hennessey, the owner of luxury brands, anything from louis vuitton, christian dior, dom perignonto add another luxury brand to its family crown. the company saying it had quote, preliminary discussions to buy the jewelry brand tiffany's. to the blue box lover, i'm sure you are, too, right, the robin's egg blue box we all get excited about when we get it, susan li, what are fashionistas and investors saying about what could already be kind of a neutral dead deal because when they made the bid for it, it was probably a lot less than it is now, because the stock is going nuts right now. susan: it is. that means they are expecting a higher bid from here. how much is the blue box worth? according to lvmh, it's worth around $14.5 billion, at least initially, for its initial bid of $120 apiece. but as you mentioned, tiffany shares trading above that level and really close to its record of $140 apiece. it just struck it last year. also hit a record low of $60 back in 2016 so the stock is pretty volatile. now, it's also been going through a tough transition for the last few quarters, look

biggest luxury goods names — including christian dior and givenchy and champagne brands, including dom perignon be acceptable. the report said with bank branches and cash machines closing, there was more urgency to make sure online banking worked. it says financial levies and more regulation may be needed. hsbc‘s plan to speed up its restructuring comes as it announces worse than expected profits. noel quinn took over as hsbc‘s acting chief executive in august following the shock departure ofjohn flint. he's now promising action. europe's largest bank said profit before tax fell 18% to £3.8 billion in the three months to september. fiona cincotta is a market analyst at city index. shejoins us now. where are she joins us now. where are the shejoins us now. where are the main problems here? i think he pointed to europe and the united states. what are they? exactly, the problem ec is hsbc, they are in a position where it is suffering from the uncertainties from brexit, the uncertainties from brexit, the uncertainties from brexit, the uncertainties from the us— chinese trade dispute and the uncerta

lvmh has over 60 brands from louis vuitton to dom perignon and fenty by rihanna adding tiffany would help grow his jewelry business, especially in china where tiffany has struggled, but remains a highly popular brand, guys, back to you. >> this is very interesting as well, because the ceo of tiffany does have a history with mr. arnault. >> he does in fact, the ceo, alex boleioio worked for bulgari and there's a board member on it haveny who was a board member of ball garni when he bought it. this would be round two and for bulgari, it worked out really well, so that could be a precedent. >> steph, what's your take on this and any read across for how long luxury is at the moment >> luxury is definitely strong, definitely has momentum. i think the price is too low 15.2 times ebitda, the deals on average has been 20 times ebitda and there's precedent. some companies have paid even higher than that if you were to put a 22 multiple on ebitda on tiffany's, i think it can do much higher. and i think the contribution is great. lvmh is an innovator and tiffany has the global brand name. i thi