there are fast reforms for mateo renzi. and these violent clashes in rome will reveal to mateo renzi he is not popular are every single italian, and he has people who are against these reforms. >> things like this, the labor reform, making it easier to hire and fire people, that's the sort of thing that some people argue that italy needs to have to make its economy more competitive, to maybe the labor market that much more flexible. how much more room to maneuver does mateo renzi have to produce growth and create jobs when he's subject to--he has to be careful about italy's debt and how much italy can spend because of e.u. rules, effectively. >> well, it looks like mateo renzi in a way has a free hand on reforms, including unpopular reforms including the labor mark because mateo renzi is the third consecutive prime minister who was not elected through elections but installed by the president of the republic because until now italy is being trailing in other countries in europe in recovering the very heavy economy of this co

they say prime minister renzi needs to put the people first and not the business community. iran has a cued the united states as acting illegally. iran said it not change its choice of enjo envoy and lookint what legal action it is can take against the u.s. >>> the city of fallujah has been controlled by anti-government groups since the start of the year. the government has said it will do what is necessary to force them out of the city. >> if a lou shah has been under siege for more than three months. the government doesn't have control here. that belongs to fighters linked to al-qaida as well as tribes against the government. life is difficult and dangerous as fighters battle government security forces. just getting to the hospital is a risk. >> this must have been some sort of mortar or arrest till rather shells. my brother is injured, too. >> many people have left the city to escape the fighting. doctors appealed to the outside world for urgent help. >> i urge all medical staff to come to the hospital to help. we're running short of staff. >> and they say they're running

renzi much more pragmatic. he has the right plan. he looks like to make some changes and to greet very, very quickly. i think he was good, for sure, we received some changes. we received some improvement. as i said, we need to -- because in my opinion, don't have too much time. >> how much time are we talking about? >> i think we need to see within the next 6 to 12 months, important structural change. >> and then what? if we don't see structural change in italy, do we start to see market pressure back on italy? there's a difference between that and what we're seeing now as far as renzi is concerned and mr. berlusconi. the markets were pressuring action there and they still failed. renzi doesn't have that problem here. >> i think if we don't see some serious improvement within the 6 to 12 months for sure, market will come back and we saw some pressure. >> 6 to 12 months. but i want to talk about your business in particular, too. two big acquisitions. motorola, ibm, it's been a tough growth strategy to sell to investors, hasn't it? >>

that is a lot of worth. >> what did prime minister renzi have to say about his plans to pay more thanrrears to companies. it has it been a big issue. >> it has, not just for matteo renzi, but for an ricoh let-up -- enrico an ricoh us that number is manageable. already they have met a third of italy's financing needs. she's optimistic. as you're not have artie talked about, if you interviewed the head of the italian debt agency two years ago, we would be having a very different conversation. it goes to show how far things really have come. things have improved. >> a very long way. jon, thanks for that. rick, you have just heard jonny say that five years ago you couldn't give italian debt away, could you? have we turned a corner? to look at peripheral debt? is on the agenda, is in the funds anywhere? >> we look to peripheral equity and debt. we got more enthusiastic in the summer of last year about peripheral equity in particular. that is partly predicated on the fact that yields are coming down. that is helping financing and companies. this will take quite a bit of work, political work

>> renzi is doing well in polls. think that -- he is at the stage where it's too early to judge him on his delivery. and he can still be assessed on his promises and stated ambitions. that won't last forever. so question is, how he scores at the next european election. because that's very important for him. polls are signaling that he's a 33%, which is very good. considering that in 2009 his own party did 26.1. however, you should factor in votes and not just the relative strength of parties. back in 2009, 26% was equivalent to 8 million votes. will he get more than 8 million votes? that's the real question. >> where are we on electoral law reform? >> did you notice, it has disappeared. >> we kept talking about it. it seems to have disappeared. >> he clearly is a wonder kid when it comes to communications. he focuses everyone's attention on a topic and all of a sudden no one cares about electoral reform. the electoral reform is on the hold. although the center ride is urging renzi to put it back on track, there are a

renzi his change plus continuity style. the chairman role at all these companies is a nonexecutive, non-daily operational role. in that sense, yes it is important, however, i think there might be some disappointment from women's advocacy groups going forward. >> let's talk about where the power has really changed. those are the nonexecutive positions. walk me through where the surprises are in the executive positions. well, as in most cases in italy, when this situation comes up, when you have to nominate , the two mostars senior positions at the company, their are always leaks in the press. speculation in the media about who might be getting these positions. in all honesty, the three names that came up that were nominated , none of their names were mentioned as leading candidates. clearly, renzi is very good at consulting with his inner circle , trying to go out of the mainstream to find what he says creative and competent leaders to run the public and corporate sectors. >> dan, very briefly. he is a political statement is

renzi wants a new come in younger people.hat is some speculation this might be internal or a political appointee. it might be a woman. he wants some women in the boardroom and in top positions. company, the current ceo has a good chance of making it again because he has not been there that long. renzi might choose to appoint a younger force and or woman to show that he is bringing change. >> i you very much, alexander. she is joining us from rome. renzi was saying in april that energy policy and foreign policy . >> the intelligence bed. where going to stay in italy. love foodse of the on the planet. are with the former. its worldas championships. we want to find out what takes to make the very best. >> when it comes to pizza, it is not just taste that wins over the critics. you might need athleticism as well. this is the world pizza championship and parma, northern italy. it is taken seriously. from a mouthwatering marinara as to fruit -- pizzas that look like bowls of fruit. pizza makers from 30 countries compete to be the v

but as i was saying this is certainly the biggest protest since renzi became prime minister two months ago. but because of the track record of violence movement there is a heavy police presence. they fear that tension and violence may play rough especially in the view that they are now heading towards the ministry of finance, which is literally about a kilometer from here. that's where the first signs of tension may become apparent. >> i think we can hear security forces, helicopters somewhere over head keeping an eye on things. but taking a step back to the protest itself, has renzi's government done anything that could be construed as a benefit for the people of italy? >> well, indeed. for two months he has passed on quite popular reforms. there is cautious optimism for his government, especially in the view that he's proposed tax cuts, and cuts of public spending. he even put money in the itali italian's pockets for 10 million families who earn less than 10,500 euros. he has proved to be fairly popular among italians. the people demonstrating here are really demonstrating problems t

matteo renzi has cut the growth outlook for this year.is message to the people is that politicians are going to take the pain as well. will try to get you some tax cuts in the process. when he auctioned off those shofar-driven cars, that is not going to raise much money, but it is symbolic of the direction italy is trying to go in. france, under their prime minister, has announced another 11 billion euros in extra tax cuts, which may help some people. it is the budget deficit that is coming after a lot of scrutiny in france. where are we now? 4.3% budget deficit. they need to get down to 3%. they got an extension last may to get there by may of 2016. it looks like they are behind. are they going to hit that target? >> one of the radio stations said that 3% is still the target. guys, we have given you a couple of extensions. get it together. >> the other thing you have got to look at, euro-dollar. making tots we are cut our deficits must not be swept aside by a euro rate that is too high." how far into the crisis are we? we still have this

renzi says his economic blueprint complies with the budget rules and includes italy's biggest tax cuts in two decades. >>> the french prime minister, the new one, survived his first parliamentary confidence vote, passing a policy package. stephan is joined by a guest. the first bit of his job is done. >> the first part of the job is done and he managed to get more votes at the national assembly than the former prime minister, 306 votes in favor of the new government. that's to compare with 302 for the previous government. this is something we'll discuss with our next guest, head of political studies. is it surprising that manuel in the end got more votes than the previous prime minister who was appointed just before the presidential election. >> it's a good result for the new prime minister. he's seen much more on the right of the socialist party. there was some concern from him about the fact that some people left of the socialist party and in the parliament wouldn't vote for him. there was also the concern about another party and the vote. so, yes, it's a bit surprising to see that s

we have the fed and quite a lot of freeform in europe with matteo renzi downgrading the forecast. we are watching ukraine, corporate news, what else are we watching? >> we are watching the markets. it is time to check it out for you. losses in europe and overnight in japan as well. the japanese yen got a little stronger. this is the open in europe. the dax not showing us a price yet, but we are expecting higher there as well. from here? go you look at the s&p 500 in the u.s. ths.orrection for 22 monh the guy that goldman sachs say there is a 66% chance of that happening in the next 12 months. if you look at the fx market, euro-dollar significant because this is back to the pre-ecb levels. where does it go from here? lower, agoing to go lot of people say it is not about ecb action, but what happens with the federal reserve and when you get the first fed rate hike. look for color on that debate later this evening when we get the release of those minutes. >> thank you so much. jonathan ferro with the latest on the fed and the currency markets. joining us is the chief investment offic

renzi as a good leader for italy. track on delivering. ecb action is considered very important.e seeing signals of recovery not only in the export related or luxury and other fields but also in the internal demand. we have 8 billion euros of savings from italians. it is something like 50% of gdp in our accounts. we are seeing a signal of coming back to consumption. 500 basis points to 200 basis points, people are feeling richer. the are also confident on recovery. >> how concerned are you about the specter of deflation? probably the most dangerous thing for any business. possibleould be a difficult situation. way to can have some reduce these risks. youarlo messina, you say are the strongest bank in italy. >> in europe. >> absolutely. i speak to a lot of investors. the europeank at spectrum, they want to invest in a lot of european peripheral countries such as italy and spain. do you think 2014 will be the year of intesa sanpaolo and an italian banks? >> we will come out from the asset quality review. i am sure that intesa sanpaolo, this will be a great year. >> thank you so muc

. >>> a policy overhaul, prime minister renzi implements a sweeping reform package. michelle caruso-cabrera exclusively spoke with the italian foreign minister about the reform package and what will contribute most to the country's growth. >> it's a combination of structural measures notably in the labor market and fiscal measures which cuts the tax wedge, gives more money to households and companies to invest and spend in consumption and ensure fiscal sustainability even more. debt will start going down next year. it's the combination of these measures that will boost girls in the short term and the medium term. >> there's been criticisms that there's a lack of clarity on where the spending cuts will come from. >> the spending cuts will be broad-based and permanent. this means we will get more resources from our spending review but we will also change the way the public sector spends, both at a central level and local level. >> that means local government, caps on salaries. is there any way to flush that out a little bit? >> as i said, it's broad based. there are it

angela merkel from germany, hollande from france, renzi from italy. it was a five-way conference call. four members of the g-7. this is coordinating the next step of sanctions. the united states would like the escalate the sanctions against russia even further and make them sectoral. whether it's the energy or banking sector. that isn't where the europeans are going. this is about a coordination. the president says 24 hours ago new sanctions are teed up. there are some companies. i think that's what they are trying to coordinate is which one are they going to do. they are going after the largest oil companies. are they going after a couple more banks the way they did last time. so the bottom line, andrea, more sanctions are coming against russia. they now believe not only is putin not abiding by the geneva agreement but what he has done is trying to escalate the problems in ukraine, trying to create more chaos and confusion in eastern ukraine with what he's trying to do. they feel as if they have to act. maybe it's by the end of the east coast busines

british prime minister cameron, french president hollande, germans chan chancellor angela merkel and renzithe president hinted at broader penalties later but more targeted action now. >> what we've been trying to do is that continually raise the cost for russia of their actions while still leaving the possibility of them moving in app different direction. and we'll continue to keep some arrows in our quiver in the event that we see further deer deterioration of the situation over the next several days or weeks. >> one would expect a telephone consultation with allies to continue on this asia trip. >> so the big question, mike, is how are the russians responding? >> not well. sounds like russia's foreign minister is aggravated by secretary of state john kerry's demands of the russians. sergey lavrov a little earlier blamed the united states for problems in ukraine. >> well, it's quite telling that they chose the moment of vice president of the united states visit to announce the resumption of this declaration because the launching happened immediately after john brennan's visit to kiev. so

republican rick renzy of arizona, he got sentenced to three years in prison on corruption. he's out on appeal. he filed his campaign report. bob may got two years for conspiracy and false reports. ohio democrat, he had the most amazing hair in the last 100 years in congress. james traficant, seven years for fake the up tax returns, taking bribes and using his staffers for chores on his farms. he was the first member of congress sent to the big house in the 21st century. really, he was only carrying on a very long and not proud family tradition. before the old great washington independent went out of business they left behind a list of criminal members of congress, god bless their defunct souls for doing it. you drop into the 19950s, you'v got ten. they couldn't keep out of jail, democrats, republicans, bribe takers, influence peddlers. the '80s were a mess. the 1970s were not that much better. meet george hansen convicted of 1975 of violating campaign finance laws. frank bresco convicted the year before for conspiring to receive bribes. if you're looking for people who went

point it appears clear that, president obama who had conversations just last night with prime minister renziitaly, and the president of france, and chancellor merckle of germany. there is not within europe at this time, the shared desire, perhaps, to go even further. it is really europe, craig, as you are aware that would bear the brunt in some ways of some of the sanctions because they're so closely connected to the russian economy. >> pete, want to go back to the president's speech and come back to crimea ein a moment. the medal of honor recipient is standing by and pat wreck mrick former congressman. >> we did not hear president obama during the 10, 12 minutes, to the troops, talk about china at all. we know right now in that part of the world in addition to the concerns that you just mention regarding north korea, that country, threatening its fourth nuclear test. china, a rising superpower, they continue to spend more on their military than they have in years and decades past. why no mention of china at awe duriawe -- at all during that speech? >> i think clearly the speech was intended

republican rick renzi of arizona, he got sentenced to three years for corruption. he's currently out on appeal. at least he filed his campaign finance report this month. that was awkward. bob ney, ohio republican, two years and change for conspiracy and false statements in the jack abraham of scene lobbying scandal. james traficant, ohio democrat, he was the most amazing hair in the last 100 years in congress. james traficant, seven years for faked tax returns and taking bribes and racketeering and using his staffs for chores on his family farm and a bunch of other stuff. james traficant was the first member of congress sent to the big house in the 21st century. really he was only carrying on a very long and not-proud family tradition. before the old great "washington independent" went out of business, they left behind a list of criminal members of congress, god bless their defunct souls for doing it. you drop into the 19 points i90 got ten convicts, mel reynolds, for icky stuff. then the democrats, republicans, drunk drivers, the influence peddlers, the '80s were

the new prime minister renzi, what do you make of him?ed in business italy from this man? >> first of all, the fact that we have one of the youngest if not the youngest prime minister in europe, is it proof of perhaps how the italians were fed up of the old political guide. having said that, i think if you terms, hecorporate represents an opportunity to really shake things up. in a positive way. he will be, today announcing important decisions in terms of who are the new leaders within the publicly held companies. i would not be surprised if he chose professionals who are totally different than the usual suspects. as far as our industry is concerned, it is very simple what we need. we need a legal system which is better structured. years toroughly 2.5 have in italy a first-degree hearing in a courtroom while the average in europe is between six and 12 months. processesthy judicial are really hurting the industry. we need a reform of the judicial system. we also need a better tax system which allows also a lower tax rate on the individual

future while many are also venting their frustration at the recently elected prime minister matteo renzi and the promises they say he's feel to deliver on and part of a sturdy measures has also spilled onto the streets with a huge protest organizers say up to one hundred thousand people came i to march against budget cuts imposed by the socialist government peter oliver is in the french capital and find out just what has got so many people riled up. well these people here in paris have come out onto the streets of the french capital to demonstrate again so they see is the wrong direction that's been taken by the country when it comes to how it deals with its public services many of them are from the country's middle classes some of them teaches other public servants that are very who what they see as cuts that have been imposed to target them specifically the incentive to set of cuts that are being forced towards business many of them also quite solid and competent least we spoke to a few of them to find out exactly why they come in to demonstrate on sausage day. the benefits of collecti

renzi getting approval for his budget as well. we are getting news we believe that greece will anons a new long-term bond. they might announce it as early as today. what we could be looking at here is a bond of a five-year issue. they might want to raise around 2.5 billion euros from this as well. the coupon, reuters are saying anything below 5.3% would be fairly advantageous. morgan stanley says greek yields at the moment, 6%. pretty close to where portuguese and irish yields were. analysts saying the market has priced in a greek return to the bond market. this is where portugal is yielding. irish debt on the ten-year, 2.95%. since they returned to the market, there's been one-way traffic. it's one of the reasons why i believe the euro is stronger than many would think it is because of this flow of funds into peripheral debt in the eurozone. picking up yield has been a dig play over the last 12 years. it is keeping them at high levels despite the fact that the new prime minister mr. valls has come in and suggests the ecb isn't do