charlotte is live from the renault headquarters with a special guest.uick one, investors are not taking today's results well at all. can you give us more detail? >> good morning. yes, the shares in the red this morning. i'm joined by the managing director to discuss all of this. the results this morning, the market a little disappointing there. are the results reflecting specific wren at or the car industry more widely >> it is a general industry problem. there are a number of issues with renault some of the compliance on co 2 for renewal are more critical. this makes the emerging market exposure that did not help >> you wither in a meeting a bit earlier. coming into place in july. the acting ceo we mentioned higher restructuring cost. do you think they are taking the right steps to address the issues that they face. >> they should have started earlier. it could have been done in a different way. when you see the right dictions being taken now, it will take some time. >> is 2020 the year of make or break. can they a survive without the architect and cre

renault or not.re seems to be pressure from shareholders on whether or not it is paying offer them. this adds to a lot of building tensions already around that auto making alliance, and makes it harder for them to come up with that midterm plan as to how they will revive nissan, and after that, renault. anna: thank you for the update. bloomberg's asia business editor in tokyo. now, matt miller joins us from the munich security conference. coronavirus a part of the conversation there. we will be hearing from our guest at the top of the hour. not the only thing being discussed. absolutely, coronavirus is something a lot of participants here will touch on, as well as the issue of trade. they talked about that a lot last year. maybe the ball has been moved forward this year. there are a number of conflicts that look like the world is ready for a resolution. afghanistan, they want to reduce the violence there. the u.s. defense secretary will be here in a little bit. the conflict in yemen, they want to red

let's get to renault. reporting revenue for the full year that broadly meets average analyst estimates, 55.5 billion euros. that is the full year revenue number. so far, so good. the fully operating income number, 4.1 one billion euros. that is less favorable compared to the estimate. 1.10ividend per share, euros. butestimate was wide, certainly the number has come in at the lower end of the estimate. that is the redhead line across the bloomberg best morning. renault cuts its dividend to 1.10 euros a share from 3.55 euros. we were having that exact conversation with our guest in okobza, about the extent to which markets were not only forgiving, but expecting car companies to cut back on dividends where they needed the money to invest in new products and invest in the pivot toward electric vehicles. coming up, we will bring you the interview with the renault cfo. that is the conversation coming shortly after 11:00 a.m. u.k. time. let's get to the broader market picture and have a look at where we are on th

renault's interim ceo told bloomberg they may be forced to close additional plants. >>>> we had to closeur plant in bussan, korea. damphere with insight is locations on the global economy, joining us from hong kong is sophie kamaruddin, and matt security at the munich conference with more on germany's stagnating economy. sophie, what is happening in china? we are increasingly seeing higher and higher numbers. we are also learning that beijing is now telling people returning home that they need to stay in their homes for 14 days. the chinese don't see any let up in this story. sophie: china will want to ramp up quarantine measures, and as you pointed out, we got the latest reports regarding cases on the mainland, and there were some inconsistencies in the data , which has sparked some confusion. the big jump we saw in hubei today,as a one-off, but china did lower the hubei reported cases by more than 1000, why also -- while also trimming the nationwide death told by more than 100, citing double counting and those numbers. aside from wuhan, there is a call for other cities and will bake --

renault is slashing its dividend and posting its first loss in a decade. down. we spoke to the chief financial officer and interim chief executive clotilde delbos. she -- here she is. clotilde: this has been a difficult year. we suffered for many reasons, one being the markets. the markets have been tough on us, especially markets where we are strong like argentina, turkey, and russia, and also for internal reasons. in terms of governance, it has not been a nice trip over the last 12 months. also for internal reasons such , tooo high costs in r&d much content in our car which we have not been able to fully price to the customer. is it going to get worse before it gets better? it will be tough in 2020, to be honest, as we suffer from the same volatility on the market, from the regulation in europe. willtheless, even if 2020 be a tough year, we are engaging in a heavy reduction plan to rebalance. >> you announced 2 billion euros of cost-cutting. the details will be provided in may. you are not excluding any planned closure including in france, but that is se

we'll speak to the deutsche ceo later on cnbc. >>> moody calls renault revenue.o undergo a $2 billion restructuring program. >>> qatar airways taking total holdings to 25.1%. they've steadily been increasing since the first investment in 2015 >>> the european commission will today release the white paper outlating proposal for data and artificial intelligence. let's get out to silvia. can you give us more clues as what to expect what are going to be the foundations of the paper that people should be watching out for going forward? what will be the data strategy let's not forget this is a big important area for the eu. i have to share this interesting paper i found overnight. according to this think tank four firms capture about a quarter of the u.s. market there is a lot of work that the eu needs to do in order to support the companies in the ai space. let's see how they will react from these efforts let's not forget what happened back in 2018 when this commission announced the rules from this privacy laws they serve as regulations from around the world the same

>> trevor: welcome back to the daily show, my guest a formula one driver currently competing for renaultseries, formula one, drive to survive. >> i took a gamble and switched teams. everyone is like why are you leaving red bull. a lot of people are asking questions. >> you know the expression i will [bleep]. >> when i kind of had everything on the table in front of me, the renault encouraged me and convinced me more. please welcome daniel ricard-- ricciardo. (applause). >> trevor: welcome to "the daily show." >> thanks. >> trevor: this is so, so good having you here, have i been a fan of formula one your entire life. i know most americans are like what is that. but now that is changing and i think a lot of it has to do with this new show on netflix. you have felt the change in your life because were you one of-- it is not even an exaggeration, you were one of the best drivers, not of just like, of drivers, in the world that is who you are. >> yeah, i guess. >> trevor: well, you are. >> yeah, i guess. no, i am, i'm very modest. judging by the audience, yeah, i definitely feel the f ones b

these include firms like microsoft and siemens, as well as car factories operated by honda, renault,otors. virtually all of the world's iphones are made in china, mostly by foxconn at sites in zhengzhou and near shanghai. foxconn has said its facilities in china remained closed for public holidays and would remain so until all businesses have resumed standard operating hours. china is the world's largest producer of active pharmaceutical ingredients, and has 15% of the world's facilities that manufacture active pharmaceutical ingredients for 370 essential drugs. china also produces a significant portion of the world's supply of protective gear, such as face masks and respirators. let's get more on this story with tracey dawson, managing director of daletech electronics, a company that makes circuit boards. joining us from our studio in the north of england, how can what is going on in china affect what your business is doing here in the uk? good morning and thank you for inviting me. we manufacture electronic assemblies for diverse applications. the majority of our components and mat

companies around the world clearly feeling the negative effects, from astrazeneca to renault the royal stagnates. in ats q4 number comes zero before the effect of the virus is felt. we will take you live to munich for the latest. and it is a name change, but a game change. rbs will become natwest, a name closely associated with the financial crisis. we will hear from its cmo. life from undone, i'm guy johnson, with vonnie quinn in new york -- live from london, i'm guy johnson, with vonnie quinn in new york. we are counting you down to the european close on "bloomberg markets." ♪ back in the green for the s&p 500. we started the day in the green, gave up some of the gains, and we are back up 0.1%. those companies faring well are expedia, up more than 11% after reporting results that surprised the street. they were better than expected, looking for double-digit growth.

its top shareholder is its french partner, renault.ts stake in the a2 20 jetline to 75%. leaving tompany is conserve cash. million to pay $591 the company. the government of quebec listing is share to 25%. that is your bloomberg business flash. francine: we are just getting breaking news out of boris johnson. we understand a number of cabinet ministers have left their the last one to leave is geoffrey cox, who we knew through the u.k. press had asked the prime minister not to sack him. , weou look at the reshuffle are expecting to look at exactly was in and who is out in the next couple of hours. boris johnson also seems to have pushed away people who really supported him, who were very pro-brexit throughout his campaign. tom: i saw one chart, the leave, they remain, who will stay and who will go as well. coming up later today, jeffrey currie of goldman sachs on commodities. this is bloomberg. ♪ beyond the routine checkups. beyond the not-so-routine cases. comcast business is helping doctors provide care in whole new ways. all working

chcharli: results for french auo giant renault. how does that look? >> not s so good. it's dragged down by its relationship with nissan. a 3.4% drop from the previous year. revenues are down by a similar margin, and all of that adding up to a loss of 100 million euros. the outlook for 2020 is similarly grim, citing new e eu regulations, falling demand in china, and the coronavirus. she says the company is not ruling out factory closures. >> we have no taboos. we are not ruling anything out. given the current world market situation and that we may have had too much capacity for higher volume vision than we have today, a anything coululd b be e table, whether that is worldwide or here in france. defininitely bad news for the company, but how are we seeing it reflects on the markets today? bryan: shares in no initially lost 4% -- over 4% in trading, but they have bounced back to -- 8.5%. a .5% the european indices treading water as investors keep an eye on the coronavirus outbreak and how it's affecting the global coming. markets and lead a bid by the chinese government c

viviana: we begin with renault. it is reporting its first net loss in a decade.s comes a day after its partner nissan totally scrapped its year-end payout. renaud sales declining after 15 months of upheaval. it began with the departure of ceo carlos ghosn after his arrest on charges of financial wrongdoing. a strong investment bank performance boosting credit agricole numbers in the fourth quarter. jumping more than 50%. it helped revenue beat estimates. the bank also reporting record inflows at its asset management unit. we end with tesla. it is raising money again. the electric carmaker selling at least $2 billion of shares weeks after ceo elon musk said investors did not make sense. the company's recent stock surge seemed to have changed his mind.he will use the proceeds to shore up tesla's balance sheet and fund his seemingly endless aspirations. francine? francine: rbs is growing in for rate rebrand as the bank is changing its name to net west group. that is state control entered looks to put its past behind it. the new chief executive is also embarking on m

company in japan k lines and even non shipping actors are getting involved for example run oh the renault group the area angry. valet. and and and so on fascinating a glimpse into the future of gavin alright thanks very much indeed thank you. and that is our show for this week if you'd like to comment on anything you see you can tweet me at nick clark are just as you dress and just use the hashtag a j c c drops an e-mail account of the cost that al-jazeera dot net dress and of course there's more for you on line al-jazeera dot com slash c.t.c. and that will take you straight to our page which as individual report links an entire episode for you to catch up. clarke all kind of the cost thanks for joining us with news on al-jazeera is coming right up. and join the listening post as we turn the cameras on the media indeed has more than 424 hour television news channel. pockets and focus on how they report on the stories that matter the most the states misleads the public the state media reflects the same thing. climate change or their it all shows they die quickly if they have anything to ap

and testing french carmaker renault fell off the s sl after it said it wouldld suspend production at its south kororea implant due to susupply shortages caused by the outbreak. and finally for business and economic hardships can have a s severe effects on a child'd's upbringingg but one eight year old boy in uganda. has times the full fortunes around by sisinging about pover. patrick sanyo j. his stage name the fresh kid has become a you tube sensation by singing about his parents struggles to provide for him and his four siblings he began by doing itt warm up p acts incoming at in khan says. but ironically he's carry it really took off when the ugandan government tried to box at bought him from seeing in due to laws against child labor. the boys then made a new music video pleading with the authorities to allow him to sing which became a sick hit song and won an american music awards i'm- a deal with the government. life in the village is not easy. sometimes you achieve what you once and other times you don't. sometimes it's a happy life. and other times it's not. for me it was not

we're in a really good place we're no longer in there were no signs i don't think we were ever in a renault saw we were in a time where it was it was full storms i think we've grown up with woken up to that. you know simon frederick is the director of they could have us come on that makes april heather thanks for joining us a scene next time on the street. from fossil fuels to modern day renewable as societies develop the energy demands increase requiring innovative solutions to meet such demands as a global power development of investment company nebraska power is uniquely positioned to deliver against these developments we provide business growth promote socio economic benefits and provide innovative safe and environmentally sound energy solutions for future generations the breastpin pioneering future energy the race for the white house has begun. to 04 states have their say on the day wants to place donald trump the election. julius to laugh head to the continuing coverage of the 1st stage of the 2020 u.s. election. only just. around the world and to manipulate and influence us. this tak

we're in a really good place we're no longer in the release of so i don't think we were ever in a renault saw and we were in a time where it was it was full storms i think we've grown up with woken up to that. you know simon frederick is the director of they could have us come on that makes april heather thanks for joining us a scene next time on the street. one of the really special things that working for others here is that even as a camera woman i get to have so much input and contribution to a story i feel we cover this region better than anyone else would be for us as you know is that it turns the body but to be there because you have a lot of people that are divided on political issues we are we the people we live to tell the real stories are just mended used to do we were in-depth enemies and we don't feel inferior to the audience across the globe. around the world council and cities are working to manipulate and influence us trolls just bought a 6 a can you just out rhythms that a teen developed and designed to push content that says click me every click we make you sad you just

renault shares down nine tenths of percent after the automaker. announced its first net annual loss in a decade. meanwhile one of the world's oldest banks is changing its name. two hundred and ninety three years after its founding the royal bank o of scotland is becoming nat west. taking on the name of its largest brand. team is part of an overhaul to improve the firm's image which took a big can a financialal crisis after a b. s. was saved by government bailout. blender also says it stepping up efforts to fight climate change. co promising to phase out call financing by twenty thirty take lessons. say what we want to do is be positive helping the u. k. transition to a low carbon economy. we have very strong policies in terms of our landing today seventy point 3% of our balance sheet. is identicall based industries- and what we willll do isis we set a time we will with tool that landing but what we want to do is work with our customers on transition plans. next up to the north of france where workers are reacting to reports of rail giant aus dem p

we're in a really good place we're no longer in there were no songs i don't think we were ever in a renault sauce we were in a time where it was it was full storms i think we've grown up with woken up to that. you know simon frederick is the director of they could have us comedy on that plates april heather thanks for joining us a scene next time on the street. i'm a dr tench and decreasing conflict libya last 9 years since a revolution to roll down longtime dictator moammar gadhafi al jazeera explains the complexities of libya's civil and potential political solution special come on al-jazeera. radicalism is on the rise across the globe. we're told it's every western told was supposed to be highly suspicious of everybody and everything but our government policies aimed at tackling radicalization in fact pushing youngsters to the fringes of society in the impact is huge typing on the net there's only so much they can take before you say ok that's me rethinking radicalisation the part of the radicalized syrians announces the era. trouble began at the end of the country's civil war when most

crafte seen renault and move into the sector.t is probably not itself the , two of but remember the largest issuers are now in the high-yield index. that could be a major problem for the high-yield market. it's one to watch, but as you mentioned, we are spread really tight. nejra: we have got the chart showing that it is forming this .olden cross will the bulls be unleashed even further? what does that mean for asset allocation? edward: valid point. the u.s. dollar story is intact. interest rate in the u.s., but it's got the strongest consumer and economic outlook. if there was one thing out there thinking inflation is conspiring to a positive story, that is the united states. the u.s. dollar should perform well. in terms of our asia view, we are looking at an economy trading around 13 times 12 month earnings. it is very cheap. a bit of dollar headwind could be accepted in the numbers. nejra: bond traders are doubling down. futures are moving closer to pricing a half-point cut. what is your sovereign bond strategy? are you offset

ftse 100 back up above 7,500 up 20 points or 0.03% higher cac is up 0.6% renault in france up 4%. they have their earnings next week a strong performance in autos and auto parts this morning. the central dax seeing good gains. they've had very weak new orders come through dropping 2.1% month-to-month in december so it is still pointing to a heavy manufacturing back drop despite the positive sentiment we are seeing. let me take you to one sector we are focused on basic resources has been closely interlinked. the focus today in europe up about 0.3% point down a little bit. let's not forget despite the positive news on the tariff side of things, there is still a lot of question marks about demand going forward. that has hit the demand for oil, we've been watching that as well looking at luxury names in france, kering down 0.02 other names are doing better today. a mixed bag but generally the sectors that have some form of exposure are rebounding nicely overnight. >> thank you for the market update let's get out to ken wong on the phone joining us from singapore. it looks as though in

well the 1st thing they need to be doing is to be working a little tighter with renault and with mitsubishi and i know this was a big factor that we've talked about in the past but the reason that all this came down this coup came into play is the japanese misunderstood and thought that the french car company was going to take them over because they have controlling interest but that was not the case in reality the deal that should be is that they share platform share technology and share drive lines if they can do that with the 3 car companies all 3 will survive instead all 3 have taken a huge hit and nissan's response to that was to send out a lawsuit toward carlos go on for $91000000.00. just speaking of that. seems to be kind of sucking up all the oxygen surrounding the story as well how much longer is that saga going to continue and very quickly just catchable viewers on how he plays in all this well right now carlos ghosn who is the x. c.e.o. of nissan who was also the president of the group with reno which he was the president as well as mitsubishi he was working on a merger so they

alone in terms of the economy it's the center of the chinese steel industry companies like nissan renault general motors they all make cars there are many other. international companies are active in will han alone so this is certainly something that is going to affect the globalised economy china is the 2nd largest economy and it is an essential cogging in that global mechanism economic mechanism and you can't simply shut china out of the economy globally without some serious consequences all right rob riles that. protesters in iraq and announcing the appointment of a new prime minister will be marching in several cities including baghdad and not just former communications minister mohammad allow it was named prime minister designate on saturday he's promising reforms and an early election but protesters say greater political change is needed iraq has faced months of mass protests against corruption unemployment and poor government services similar faulty ports from baghdad. the streets response to iraq's prime minister designate came fast and it was loud and clear. mohammed the law is r

not very big but that small town in italy, hosts a manufacturer that supplies the likes of peugeot, renault>> given the nature of the virus and how it has spread, from a supply chain perspective how are you advising clients to deal with supply chains. i know you had a great chart showing alternative supply options how are they predicting this unpredictable nature? >> those companies that knew about it having the advantage. our customers are forced to map the supply chain risks are elevated they were elevated because of trade wars and protectionism now it is even more critical to know who your suppliers are and where they are sourcing from you can't rely on different companies to switch suppliers. that comes at a cost if you are prepared, it is easier for you the uk will hit the next supply chain year after year. the uk companies should look into that regardless of how coronavirus develops >> if you had imagined a graph and then on the other access, the economic impact, how significant is the outbreak? is it an increase? is it something you can see a straight line core relation? >> it is an

firms like microsoft and siemens, as well as honda, renault, psa and gm carfactories.f the world's iphones are made in china, mostly by foxconn at sites in zhengzhou and near shanghai. foxconn has said its facilities in china remained closed for public holidays and would remain so until all businesses have resumed standard operating hours. china is the world's largest producer of active pharmaceutical ingredients, and has 15% of the world's facilities that manufacture active pharmaceutical ingredients for 370 essential drugs. those active pharmaceutical ingredients make drugs work. karishma vaswani is in singapore. it is interesting, wanted to pick up, you talked about putting billions of yuan into the economy, the reverse repo, as it has been described but there have been pretty brutal moments on the market, hasn't it? yes. in the first instance it is important to remind our audience that the reason why we have seen this collapse or this slump in chinese shares, at around 9%, bit of a recovery towards the end of the day, is because chinese investors we re day, is beca

renault owns 43% of the japanese carmaker.o's final earnings have been overshadowed by mixed results. a loss of $61 million in the company broke down gains in other key businesses. friday is his final day at the bank. the ceo said his legacy was marked by cost-cutting, restructuring, and in his final month, a price scandal. >> these things are going well. i have no major regrets. intalk about tax breaks, but the big picture of things, the strategy has worked. paul: bloomberg has learned ubs is looking at internal and external candidates for chief executive after its long-term ceo revealed his plans to step down this year. ubs is the latest european bank to consider changes at the top in an industry beset by sluggish growth. the bank cut its targets for the second time in two years. chinese: shares in a website sell on -- fell on news that its home agent -- home maintenance service is being delayed as the coronavirus cripples demand. its ipo financing round has not been completed. the offering had been expected in the first hal

actinghat was renault dilbos speaking earlier.ly to suffer global switch shortages do show the coronavirus. this may impact sales or shipments of consoles to u.s. and european markets. this is according to people who spoke on condition of anonymity. this would affect switch units for april. a limited supply of parts from china, which is affecting output in the factory in vietnam. nintendo likely to suffer global switch shortages. let's get a check of the business flash headlines. operations insume three plants in china this week, came back some of the capacity that was shut down because of the coronavirus. factories will restart on monday. operations in town jen will resume on monday. honda japanese carmaker says it plans to resume china operations in the coming days. has french train giant reportedly reached a deal to acquire a business for more than $7 billion. dow jones says the acquisition will be made using likely cash .nd some stock shad the deal could be announced as early as today. the terms are complacent. paul: new york

cut renault's to jump. firstt just posted its annual operating loss. your business flash update. zuckerberg calling for more regulation. after years of the facebook ceo lobbying against it, he is now pleading for new rules. for more, let's bring in sarah miller, executive director of the american economic liberties project. also, cochair of freedom from facebook, progressive groups who brought the idea of breaking up facebook into the mainstream. thank you for joining us do you put any stock when a tech ceo goes to government and says, please, more regulation? >> no. we have seen this before. we want to see basically government take what mark zuckerberg is saying and largely do the opposite. it is a roadmap for what we don't want to do. they are trying shape the narrative and lay the parameters. if you look at the white paper facebook put out a few days ago, it does not talk about antitrust or digital advertising. things, it tries to push they are already doing, enshrined into regulation, would actually help to entrench their market power. of the prnot

renault owns a 44% of the carmaker.e arrest of carlos ghosn. haidi: ubs is looking at internal and external candidates for chief executive after the longtime ceo revealed he has plans to step down. ubs is the latest european bank to consider changes at the top in an industry beset by sluggish growth. last year they cut -- last month they cut their targets. shery: tesla is selling stock as it takes advantage of surging stocks very raising capital makes sense. they say the proceeds will be used to fund as much as $3.5 billion in spending. tesla shares closed 4% higher, shrugging off another probe into the company's financing arrangement. coming up on the next hour, our markets analyst joins us to talk about his look on the coronavirus and other risks. this is bloomberg. ♪ haidi: asia's major markets are just open for trade. shery: i am shery ahn. i'll come to "bloomberg markets: asia." -- welcome to "bloomberg markets: asia." haidi: our top stories this friday, the white house raises doubts over china's virus data as hube

good operating performance and also discipline and buyback capital management >> in the auto space, renault shares lower after nissan said it will delay production in factories due to the coronavirus. they have two plants in the hubei province >>> stay with us european leaders arrive for day two of budget talks. negati negotiations still at an impasse. more when we come back which of your devices are protected by daily security updates? daily security updates... daily? i don't know. the only thing... i'm struggling with this. some providers you have to manually download updates to each device. comcast business securityedge updates every 10 minutes to help keep your connected devices protected against new ransomware, malware and phishing threats. every 10 minutes feels pretty good. get secure, reliable internet and voice for an amazing price. call today. comcast business. beyond fast. >>> welcome back to "street signs. european leaders remain at an impasse with overnight talks only concluding just before 7:00 in the morning wow. sylvia joins us live these leaders love a good all nighter, don

that is just one of the hurdles facing renault for 2020. they are also facing new regulations on emissions, and their partner nissan is also having a very difficult time. so the ceo announced this morning a new cost-cutting plan of 2 billion euros. exclude any plant closures, even in france, where it is a difficult, sensitive subject politically. she's going to give details on these plans in may, two months before the arrival of the new in july. if they want to do more cost-cutting, she says we will do more. alix: thank you so much. now we focus on trade. the u.s. and china phase i trade deal goes into effect today. for more on what is ahead, shawn donnan, bloomberg trade reporter. it is all good you get the headline today, but where does it go from here? shawn: a lot has changed in the last month. the coronavirus has cast a big doubts over whether china will be able to live up to its purchase commitments of $200 billion of additional u.s. buyrts it has promised to is part of this deal. the good news is we see some relatively small tariff c

i'm reading last night about the fall of france in summer of 1940 and the general, renault, calls up it's over! and churchhill says, how can it be? you ever the greatest army in europe, how can it be over? liz: chris matthews getting criticism for basically bringing up the nazi regime comparison there. bernie's family members were lost in the holocaust, bernie is jewish. reaction to everything chris matthews said? >> so interesting to see chris matthews who ought to know better frankly. he has been on television forever. when you compare anything to the nazis or hitler you expect to get some blow back because it is such a sensitive top i can but the message is that bernie has really wrapped up this nomination. that is why they are really freaking out, liz and it is going to be very interesting to see what happens on super tuesday and going forward. liz: john, great to see you. come back soon. just ahead supreme court justice sonia sotomayor accuse conservative supreme court justice appointed by republicans of bias in favor of the trump administration. we'll explain that next. on ever

to the downside, renault, falling 2%, joining the fallen angel club.'s has downgraded their bonds to junk, so now they are one grade below investment. moody's is saying that essentially it does not look like renault in the medium-term will be able to restore their operating margins to healthy levels, so those shares declining nearly 2%. francine: thank you so much, dani burger with the latest stock movers. coming up, another day high. brent crude has gained more than 9% in the past seven sessions. we will explain why next. this is bloomberg. ♪ francine: this is "bloomberg surveillance." let's get straight to the bloomberg business flash in new york city with viviana hurtado. viviana: we begin with goldman sachs, planning a hiring spree to wrap up the fees from advising wealthy clients. it is not alone. number has learned teams of advisors overseeing 10 billions of dollars in assets are leaving the bank for rivals, include an ubs and first republic. now to a potential new problem for boeing. the plane maker is inspecting within 400 stored 737 max jets t

. ♪ renault posted its fourth annual loss in a decade. by planning a review of chinese assets and exploring plans to cut costs. >> it has been a difficult year. to be honest, we suffered for many reasons. one reason being the markets. the markets have been tough. especially where we are strong, argentina, turkey, russia. and we also suffered for internal reasons. first, internal governance. it has not been a very nice trip over the last 12 months, but also high costs in r&d, for example. it's not such an efficient alliance. content in our car which we have not been able to fully price to the customer. is it going to get worse before it gets better? it will get worse in 2020 to be honest as we suffer from volatility in the market, from capex regulation. nevertheless, we are engaging in heavy reduction plans to rebound. today tonounced billion euros of cost cutting. details are going to be provided in may. plants not excluding any closures. that is a difficult strategy politically, isn't it? >> yes. but we were in die mention a lot more vol

the water continues to rise and part of the renault seven and we are looking at a flood such moving down down, we have evacuations underway and ironbridge, keeping moving down, we have evacuations under way and ironbridge, keeping an eye they are but there is a severe flood warning in place, ten across the country and that is rapidly changing. europe's biggest bank, hsbc, has announced its to cut 35,000 jobs globally over the next three years as part of a widespread overhaul. the bank said it was targeting three and a half billion pounds in cuts by 2022 while scaling back 70 billion pounds of assets. 33 percent fall in annual pre—tax profit, massivly below expectations. the bank — which makes half of its revenue and 90 percent of its profits in asia — saw its profits drop around four billion pounds last year. earlier our business correspondent darshini david explained what was behind the drop in profits. the market was looking for about $20 billion of profits and an event he got 13.3, about £10 billion. what's gone so badly wrong? hsbc, a bank, of course, which actually survived the fina

. >> i'm reading last night about the fall of france in the summer of 1940 and the general renault callsurchill and says, "it's over." and church hill says, "how can it be? you got the greatest army in europe how can it be over?" he said, "it's over." so, i had that suppressed feeling. i can't be as wild as carville, but he's damn smart. and i think he's damn right on this one >> seth: as a general rule, anytime a man of matthew's age starts a sentence with, "i was reading last night about the fall in 1940," that's your cue to exit the conversation [ laughter ] he's like your senile grandpa screaming into the phone on facetime, "they banned me from the golf course for not fixing my divots. this is just like 1940, when the nazi's." [ laughter ] all right, all right talk to you later, grandpa and somehow -- [ applause ] somehow, this isn't even theie' new hampshire, you might recall matthews went on another deranged terror that had something to do with communists executing him in central park or something. it was so incoherent, his fellow anchor chris hayes had to chime in to offer some se

. >> i'm reading last night about the fall of france in the summer of 1940, the general renault, callsit is over. how can it be you have the greatest army in europe, how can it be over? he says it's over. so i had suppressed feeling, i can't be as wild as carville. he is damn smart and i think he is right on this one. >> the man cares nothing for intersectionality. the island ever miss fit black girls you defend you in a regular basis that can't -- charles: charles what is going on? >> i think you have got a scared democratic establishment which is typical. what you see over and over again, every election cycle. they thought obama couldn't win. if obama won the nomination all the clinton voters would flip to mccain, that didn't happen. we really know is that at the end of the day this will be an election with a democrat on the ballot and a republican on the ballot. that is what it will say. bernie sanders is strong candidate driving a multigenerational, multiracial coalition that can win this up and down the ballot all across this country. charles: why, i don't know, i find it compelli

renault down 7.4%, the first decline since august. part of that has to do with a new emissions tax.ow. the saga of the elevator sales continue. thyssenkrupp. one of the highest bids said the demand of 2.5 billion euros upfront was too risky so thyssenkrupp has to focus on the other big buyout firms that have expressed interest which as i high have not offered as a price. altmeier.r all t a proposal faces delays due to work.halting joining us now is our reporter in berlin. where do we stand on this? as you were telling us yesterday, it is new forest growth and they want to plant more trees then they are tearing down anyway. the problem is they need to get this all done before the breeding season starts in mid-march. >> we are basically waiting for the brandenburg court to make a decision as to whether tesla can go ahead and finish clearing the remainder of the forest or if that were needs to be stopped. and some of the environmental groups that have put forward this suit is demanding this. matt: what could result from this? build this,ld not would they have to go somewhere else? >> t

renault down 2%.nder pressure because we do not know the economic impact yet. down 12%. why? the ceo and cfo resigning on the same day. anna: surprising to investors it would seem. thank you, annmarie hordern. let us get back to the overall markets where we are seeing a pretty flat picture. an interesting story. our markets live macro strategist. an interesting 12 hours. at the start of the trading day, we were expecting a bounce which we got but now it is unwinding. waiting for the u.s., i guess. >> when we do see the kind of selloff like we saw yesterday, we tend to see some price action which at -- with investors coming back into the market. it is probably too soon to tell about the severity and duration of the coronavirus impact. unlikely we could see a near-term bounce back but we are right nowlight calm in the markets. a wait and see mode. matt: the volume more than doubled. havethe european markets an effect on u.s. markets as well, how important is it for indexes to hold or show a bounce? slow

renault is still rated above junk.ting of may be related to its financing amendment and china. billion dollars in financing that tesla received to pay for its shanghai plant may have helped delay the recognition of capital expenditures. the report also says that is white tesla could have spent $1.3 billion last year. --space x is paying the way paving the way for tourists to fly into space on its dragon aircraft. through buy booking this website. the company previously arranged several flights on russia sawyer -- russia's sawyer spacecraft. >> up next, first the protest, now the virus. hong kong ex-pats eyeing an exit. that is next, this is bloomberg. ♪ it is the straw that broke the camels back in many cases. people are looking to get out of hong kong and looking to get out in a hurry. people are making quick decisions and want to get out quickly. andhe americans international businesses realize that once they leave these markets, it is difficult to get back in. the protests were a big stress on our membership going o

have for the production because, for example, companies such as carmakers in france like peugeot or renault are producing in the region, and the situation in china and how the coronavirus spreads could affect growth for manufacturing here in the region. sonali: thank you. now thatrn to the u.k. has officially left the eu. focus now is what happens on trade. u.k. prime minister boris johnson says he won't undermine the eu. here's what he had to say. pm johnson: i am going to lay one myth to rest. we will not engage in some cutthroat race to the bottom. eu to not leaving the undermine european standards. we will not engage in any kind stunting, whether commercial or environmental. sonali: joining us is bloomberg's maria tadeo in brussels. we know boris johnson was light on the details, so what does he want in terms of a trade deal coming out of all of this? maria: his trade deal needs to be done before the end of the air. otherwise, the eu will have to trade with the u.k. on the video terms -- on wto terms. the prime minister said the u.k. will be fine and will prosper. the market was moved b

dani burger looking at renault for us. let's kick it off with you.t is the story with the carmaker? dani: rough run for the carmaker. moody's cut their rating on the company yesterday, putting their corporate debt at junk, so now it is just one below investment grade. they are looking at sales falling 16%, and they say that given the company's outlook, it looks like their margins will not improve significantly in the midterm. i should say s&p still maintains their investment grade rating, but again, that's just another piece of poor news for the carmaker. telekom, this story, i have to say, i started my professional career covering bn ina reporter for frankfurt. there was already the talk of a possibility of a sprint deal. now we see that finally coming to fruition. >> that is very much the key part of the story today. the wireless market is competitive and getting more competitive as well. the sprint deal, as you said, is the key part of the earnings and what will be driving shares this year. one thing to note as well is t-mobile u.s. is doing well

it was a renault. i don't like to see the state involved in this, but at some point, we have to put a limit on the horsepower of cars. thank you. >> president hirsch: any other public speakers on items 3-a through d? okay. seeing none, public comment is closed. i would make a comment. we on the commission do not comment on cases that are under investigation. we haven't and won't. next item? >> clerk: line item 4, discussion and possible action to adopt a resolution urging the board of supervisors to authorize the san francisco police department to accept and expend a grant in the action of $65,828 from the state of california, department of parks and rec lation, division of boating and water ways for the sfpd marine unit for the project period beginning the date of grant agreement execution through november 30, 2020. discussion and possible action. >> president hirsch: good evening. >> good evening, president hirsch, vice president taylor, commissioners, chief scott, director henderson. my name is vee

lack ofe company's willingness to commit to further debt reduction -- reduction. , therecase of renault coupled with environmental regulation and esd or climate change concerns. in the case of macy's, really getting more of the change in consumer preferences. more of a shift in this context , away fromd-mortar brick-and-mortar into online retailer. -- company also struck structuring plans in the face of those challenges. kraft heinz is the other one you had. beyond these names you are looking at, are you keeping a watchful eye on anything else at the moment? matthew: the announcements that --published recently showed let's call it $80 billion to 90 billion dollars in fallen angel debt. most of that we think will come from the consumer discretionary space. that is leverage in the corporate sector that is at a record level. 47% of u.s. debt to gdp. december percent increase this cycle, which has exceeded the last two cycles. we think this cycle is fairly long in the tooth. as earnings moderate and you have earnings growth, it is essentially evolving around zero. you are going to see more

it was a renault. i don't like to see the state involved in this, but at some point, we have to put a limit on the horsepower of cars. thank you. >> president hirsch: any other public speakers on items 3-a through d? okay. seeing none, public comment is closed. i would make a comment. we on the commission do not comment on cases that are under investigation. we haven't and won't. next item? >> clerk: line item 4, discussion and possible action to adopt a resolution urging the board of supervisors to authorize the san francisco police department to accept and expend a grant in the action of $65,828 from the state of california, department of parks and rec lation, division of boating and water ways for the sfpd marine unit for the project period beginning the date of grant agreement execution through november 30, 2020. discussion and possible action. >> president hirsch: good evening. >> good evening, president hirsch, vice president taylor, commissioners, chief scott, director henderson. my name is vee

prosecutors are taking a closer look at his spending while ceo of renault nissan.sn continues to deny any wrong-doing. more fallout for the peloton and fly wheel legal fight. fly wheel admits it illegally il copied the spin bike company and will shut down online class as of march 1st. fly wheel at home customers will be able to get peloton bikes by the way. you can go to fly wheel, the actual classes, in person. finally, this. barbie collaborating to create a new line of barbie dolls. they're celebrating black history month. here's some pictures. the dolls will showcase a variety of skin tones, sizes, styles, pretty neat. terini said it was important to reflect barbie as an icon through the lens of the black culture during black history month. she drew inspiration from the first black barbie which debuted in 1980 and these barbies -- she's doing snake skin help pars awesome. love. maria: we have breaking news in a market that will open lower so far. morgan stanley aa choiring e-trade -- acquiring e-trade. schwab acquired td ameritrade. a lot of financial services c

these include firms like microsoft and siemens, as well as car factories operated by honda, renault,ve gear, such as face masks and respirators. this 0ne company that‘s been affected by the outbreak is daletech electronics, a uk company that makes circuit boards, their managing director spoke to my colleague ben bland earlier this morning great manufacturing electronic assemblies for diverse applications. the majority of our components and materials that we use in manufacturing are imported from the far east and china. through uk distribution and direct sourcing. we we re distribution and direct sourcing. we were quite surprised that the holidays had been extended and even more surprised to get an e—mail telling us that the factory supplying materials was in the affected province. and therefore, in lockdown. we‘ve tried to resource and infact lockdown. we‘ve tried to resource and in fact we‘ve been successful to resource materials but there are massive price applications, that‘s put some business pressure on us. the materials that we utilise, you can‘t get in the uk. the technology i