ed rensi is a former mcdonald's ceo.ne of the themes at the convention was making america work again. he told me what the next president needs to do to make that happen. >> while i was in college working for mcdonald's for 85 cents an hour, i grew up in that organization. it was a pro growth organization. build restaurants and get franchiseees. when you see a strategy of growth and bringing people in, it was clear the entryl-level workers. 65% of them became managers. of those managers, 65% became middle managers. the senior executives of the country all worked in the restaurant at one point. job creation is the most important thing we can do for the economy and the country. when people are productive they have great self-esteem. you have got to have resources, a will and a strategy. anthony: i would like you to talk to our viewers about your thoughts on that. your philosophical perspective on the nation's minimum wage. >> the minimum wage was for entry-level workers, it was never meant to be a career wage. i when you br

ed rensi.rotesters have gathered in cleveland outside the arena where a flag-burning movement caused a scuffle. we are live tonight from the arena here in cleveland for day three of the republican national convention. ♪ with this level of intelligence... ...it's a supercomputer. with this grade of protection... it's a fortress. and with this standard of luxury... it's an oasis. introducing the completely redesigned e-class. it's everything you need it to be... and more. see your authorized dealer for exceptional offers through mercedes-benz financial services. mercedes-benz. the best or nothing. maria: protesters congregated outside of the rnc all week. but earlier today anarchists staged a flag burning. the only networks to cover it, fox and fox business. >> it's a much calmer scene where we are. this is the perimeter, the gate where the secret service allow the attendees to go in. as we cut away from that video we shot when we were reporting on the live protests. these anarchists brought an a

rensi is trying to overhaul the constitution. he wants to overhaul the senate.e says he'll resign if he loses the referendum. how important to italy? how important for business is the october italian referendum? mauro: it is quite important because industry companies speaking in italy needs a simplification of the institutional structure. for ed more rapid answer the institution of parts, creating the condition to simplify the rules and give a transparent way to face the markets in italy. so it's absolutely important that the constitution and reforms can be approved because or n in this way, avoid overcome the gap that we have to the other countries. finmeccanica as c.e.o. mauro moretti. ahead, the european close with the fed and the b.o.j. decisions out of the way, bank of england next. we will preview next week's rate decisions. this is bloomberg. ♪ vonnie: live from london and new york, i'm vonnie quinn. mark: and i'm mark barton. this is "bloomberg markets: european close". 10 minutes left of the friday session. nine minutes if we're being precise. let's tur

rensy in italy, if he fails in his extraordinarily important referendum on constitutional political reformcharlie: and what happened in rome. ian: yes, it took over. big local governments in italy not very important, but they are. he handled it with optimism, like he always does. he is a foreign time. -- florintine. but are they going to be able to, if they do not get the win in october and the polls right now are about 50-50, then he will be out and the five-star movement by 2018 could be governing and they want a referendum and to be out on the euro. now the european union, the euro. in austria, there could be a referendum. there are growing movement in every one of these countries and while i do not think that you will see wins for these right-wing movements in the main european governments, at least not most of them, i think it will affect the politics. the main thing this means is negotiations with the brits will be sharp. they have to be. charlie: so, what do you think the admonishment of ongoing merkel -- angela merkel will be. ian: she is the grown up in the room. she has the least

italy, even with a comedian running it, and all of the things you can say that, oh, it's a non-event, rensiically bet his government on this. if it looks like italian moms and popless have to take a hit. politically he's toast and then germany is faced with yet another possible exit in country, or a country that's going to be bellicose of that exiting and probably not so great for, a, risk appetite, b, the currentcy situation. watching to see if there's going to be another political firestorm. >> and our watch list, five here, the best performing one year to date is down 37%. that's the -- >> that's the winner. >> the winner. the winner's down 37. the loser, down 81. >> right. and the italian banks have been very unprofitable, loads of mpls. a chart showing how much non-performing loans they have relative to much bigger economies, and only about half provisioned against, you know, brexit made that worse but hasn't caused the problem. the italians are in a difficult position. european doesn't allow a state back bailout, clearly what they need. >> they could do it. >> they could, but spun pol

the prime minister cameron, chancellor merkel, prime minister rensi and i met with the president and we reaffirm our support for territorial integrity as well as the need to continue economic reforms. [applause] thank you. i'm already getting applause. i'm not even finished yet. and even as the nato-russia council will meet next week, our 28 nations are united in our view that there can be no business as usual in russia until it fully implements its obligation. nato will do more also to fight against terrorist networks. every ally already contributed to the campaign against isil. now the alliance will contribute aircraft to improve our recognizance against isil. nato training of iraqi security forces will move to iraq where they can be more effective. and 39 nations including the u.s. have committed more than 12,000 troops to nato's training mission. and in addition, some 30 nations have pledged up towards of $900 million to abstain afghan forces, which is a strong message to afghanistan. we're bolstering our efforts on nato's southern flank. the alliance will increase our support to

the prime minister cameron, chancellor merkel, prime minister rensi and i met with the president ande reaffirm our support for territorial integrity as well as the need to continue economic reforms. thank you. i'm already getting applause. i'm not even finished yet. [laughter] president obama: and even as the nato-russia council will meet next week, our 28 nations are united in our view that there can be no business as usual in russia until it fully implements its minsk obligation. nato will do more also to fight against terrorist networks. every ally already contributed to the campaign against isil. now the alliance will contribute aircraft to improve our reconaissance against isil. nato training of iraqi security forces will move to iraq where they can be more effective. to maintain the troops in afghanistan, 39 nations including the u.s. have committed more than 12,000 troops to nato's training mission. and in addition, some 30 nations have pledged up towards of $900 million to help sustain afghan forces, which is a strong message to afghanistan. we're bolstering our efforts on na