renzi to his position.t will be ceremonial, it is a very important figure in providing stability to a country which is had it evolving door government since after world war ii. >> the big name that a lot of people floated around i had of this was a mario draghi possibly taking over from a napolitano. what are the other names mentioned? >> mario, a former italian prime minister himself, had a very influential role in europe regional school for him as a candidate in the last election but do not get enough votes. is a complicated process. the candidate has to have a two thirds majority and get a drop down to a simple majority. his name is out there and has been mentioned. and there's also the possibility we will have someone who is a bit perhaps more low-profile and will be the get enough votes on both sides of the political spectrum, not just for mr. renzi's on party but the opposition as well. >> thank you. that's a bit of politics story coming out of italy. can -- dan liefgreen. a picture of the markets for

renzi has an ally right now, for a few more minutes.e needs to find another candidate who will back his reform agenda, which as you know ranges from reforming the labor market to getting new rules in place on how italy chooses its legislature. he needs someone who's going to broker-deals with the opposition if he's going to push this through parliament. the first objective is to come up with a name. they are going to propose someone. maybe not right away, but they've got to come up with a name who is prestigious. >> dan, in terms of how we should think about this guy, this is essentially a ceremonial role that he's transformed into something bigger. he's had a much bigger impact on italian politics than you assume by the authority he has. >> that's right. the italian president is not elected. by a popular vote. he is elected by parliament. it is generally a ceremonial role, but we've seen in the last few years with this unstable political environment, that he has used the powers to dissolve parliament when necessary, appoint a prime min

renzi -- mr. renzi said he didn't want to give us any names.o the parliamentarians from the democratic party and asked the name. yesterday, the citizens had the possibility to vote online for the presidency. our name -- this is an example of direct democracy. it never happened in history. we will see in the next days -- one thing is for sure. if we have to support a name from mr. renzi, this will be voted by the people, by the italian citizens. we are just spokesmen. italian citizens will have the possibility to tell us what we have to vote. >> do you think he is -- in that circumstance, do you think people will be looking at him as a possibility? >> again, as i said before, i'm a spokesman. spokeswoman. spokesperson. the citizens will have to decide. of course, we want a president who is superpartis and we will see the figure of mr. renzi's name. but the citizens will decide. >> do you think it should be a woman that gets the job? i know you are only a mouthpiece, but would it be good to have a woman in this top job? >> they asked me already.

we are getting live pictures out of matteo renzi. addressing the world economic forum. he says that italy needs to power through the reforms. politicians need to seize the motive. this is a great message for italy. >> some positive messaging over the last 24 hours. he is continuing to push his story from rome to davos. we are going to take a break. >> we certainly are. oil prices hangover davos -- hang over davos. can russian sanctions be ongoing and what does the oil price mean for the russian recession? how long is that going to last? ♪ >> welcome back. you are watching "the pulse ." >> russia is front and center in the swiss alps. joining us now is russia's deputy prime minister. >> thank you very much. >> talk to us about how concerned you are about the recession continuing and how russia will get out of it. >> last year, we had some growth. low, but still growth. the russian economy is more stable than the oil price shocks. but it is difficult with the oil price below $50. we are concentrating on the things that are more importa

renzi, mr. draghi.story surrounding these guys. >> qe and oil prices is what everyone is talking about. maybe a little bit disconcerting that not many people have an answer to it. is the nature of our business. these guys are trying to navigate their businesses. they are trying to navigate the world economy like the rest of us are as well. >> they will tell us what they think. looking forward to the conversations. back to you. >> enjoy the next three days. get the gloves ready. get the hats on. let's have a little bit of glamour in davos from both of you. see when a couple of days. as we head to break, let's look at the markets. we have turned. we aren't seven-year highs on day four of rising equity markets. just london is holding onto those gains at the moment. we seem to have just stopped pause in our tracks at the moments. in terms of stocks that are on the move, you have sports direct down 4.5% and the greek bank also declining. you are seeing a little bit of a turn lower. .4% on the dax. ♪ >> here

that is exactly what italy is urging prime minister matteo renzi to do. last month, the italian government said the slowdown in the economy had ended. italy has been the most sluggish country in the eurozone for more than a decade without posting a single quarter of growth over the past three years. now that it has turned the corner renzi wants to turn the page. >> i believe for my children, italy will be a lab, not a museum. the traditional country is very beautiful but the best moment for italy is not yesterday. it will be tomorrow. >> news of the ecb stimulus is pushing up stocks. a room at 600 billion euros is beyond most analyst expectations, and it's having a positive effect on wall street. dow jones, nasdaq, and s&p 500 all trading up, less than 1%, but still getting positive the back so far. >> time for a brief look at other news making headlines. international monetary fund said oil exports to the middle east and croatia will reach up to $300 million this year. zynga about iraq, libya, qatar as being the hardest hit by the economy. the imf added

the new jobs act with matteo renzi. we're talking about a country that has one of the most explosive and public sectors in the world and he's reducing the amount of impact it's going to make on his called revolutionary jobs act. i have to agree with you on that point. >> in december, new orders weakening. the number coming in through december 49.4 from november which is 49.1 but remains below the crucial 50 mark suggesting that we were still in a decline period at the moment. for the stoxx 600 as we stand is just off 0.5%. it's weakened steadily throughout the day as the pmi data has. >> mario draghi to see about the germans to qe. we'll continue to watch that with baiteded breath. let's take a look at what's coming up on the show today. >> for more details, obviously, i have no idea about that, of course. and it's the new year yes. with our website, cnbc.com where you'll find 2014 and planned for the year with health and fitness. if you have any comments, you can e-mail us, "worldwide exchange"@cnbc.com. >>> don't beli

whempb e when congressman rick renzi got convicted on multiple charges, rick renzi actually got threeand he'll be out pretty soon. >>> so it's not like politicians usually get the book thrown at that. in the kaes of must be lick corruption, they tend to go pretty low on the low side or lower than anybody's expecting. it was still quite a shock when sentenced to two years in prison. there are no cameras in the courtroom. but the federal prosecutor who brought the case and who had argued for bob mcdojd that prosecutor was described with his face twisted in anger. that 10-12-1/2 year recommendation was what the federal probation office had said bob mcdonald should get in this case. the judge, today, widely respected president shl apoin fee of ronald reagan, he reduced those sentencing guidelines at just 6468 years. and then when it came time to hand down the sentence, he handed down that range. he acceptability bob mcdonald off for just 24 months. the public downfall started in march 2013. a weird article explaining just who had mysteriously paid for the governor's daughter's wedding. th

this is how italian prime minister matteo renzi described the reforms shared by the government. shares soared this week in anticipation of the measures which changed shareholder voting rules and obliged them to become joint stock companies. this could lead to banking consolidation and your conversation addressed that. and i asked him also how concerned he is about this idea of risk sharing between the ecb and the national central banks. listen to what he had to say on that point. >> institutional investors, the big insurance countries are investing in the rate and in three years time they will not pay pensions in this country. it's very important that we come out and in the end all of the european councils will pay the bill of not having recovery in the euro zone. >> well i'm not pleased to say i'm joined by the secretary general of the oecd. thank you for joining us this morning. we were just talking about the limitations perhaps to the qe set to be announced by the ecb this week. you recently said the limits as far as monetary policy is concerned. can ecb qe help? >> of course

." >> matteo renzi's campaign to defend the reforms in italy -- he had comments about the general europeanitude toward the economy. he said there needs to be a focus on growth rather than austerity. his point was to try to sell italy as a place to invest into those 1500 chief executives that are here at the world economic forum. he said that italy should be an innovation laborde tory -- laboratory and not a museum. he is just one of many leaders here to sell their countries to investors. this is a meeting -- forum dominated by economic affairs. you were saying, looking at the overall atmosphere this year that the economic environment we are looking at is reminiscent. >> it is sort of back to the future. it looks very much the 1980's and 1990's. the u.s. is back to being a locomotive of growth the dollar is strong again, the u.s. is the biggest producer of oil -- that is where we were in the 1980's and 1990's. in that sense, this is familiar territory. >> oil prices are a dominant issue. do you see it going lower again? >> it could go as low as $30. then it will come back up. we think the a

the put renzi in place. it used to be a ceremonial role. >> i put on my white house course on the tat. had likely that this mess about not sending unofficial to the paris march. eric holder was in town. he did not attend. the u.s. has egg on its face. >> we heard about security concerns. if you're not going to send obama -- >> we should be looking at cyber companies. the number two at the handgun is starting up his business. >> i am looking forward to the interview in half an hour. >> we will take a break and then take you over to our team in new york. they will run the show for the next half hour and then we will come back. he is coming up here on bloomberg television. see shortly. ♪ >> this morning, i continued flight to cloudy. global ramifications of a true collapse in oil. the president needs to agree to. there will be pipelines of politeness and wall street goes in search of charity for benevolence. good morning, this is "bloomberg surveillance." we are live from our world headquarters in new york. it is tuesday, january 13. i am tom

duos such as benjamin netanyahu and mahmoud abbas next to president hollande, angela merkel, matteo renzi, david cameron, and many others. there was some very emotional moments for example when president hollande hugged this "charlie hebdo" survivor. you also had a moment when someone in the crowd decided to hug a policeman. many people in the crowd were wearing signs, we are charlie, we are all muslims, all protesting together. many brought their children, their families. some parents were saying that it was a duty for them to show their children that they were not afraid. president hollande said paris was the capital of the world yesterday. >> caroline, what is next for france? we know that francois hollande is meeting with his main security chiefs and they are still looking for the accomplices of this attack. >> that's right. for now, they are analyzing video of amedy coulibaly that is being checked for authenticity. he pledges allegiance to the islamic state in front of an isis flag. that will be part of the investigation. you have a question of the whereabouts of the girlfriend of co

i was going to ask the effect of the rents he reform -- the renzi reform.ow much that will change the perception of the country? >> this reform was waiting for the last 20 years. i think the banking sector in italy has two main challenges. one was governance. the governance in this bank was not aligned with expectations of the market. it's opened up the market. and potential consolidation looking forward. the second big task is mps. the stock is quite big. also, this topic has to be addressed hypothetically. [indiscernible] the market will become attractive for investor. >> what is the question that you get asked the most? you are italy's biggest bank. to people want to know about reforms in italy or about banks? >> we see more questions about italy. this is good. >>a lot of curiosity about italy. venti is known but not that much yet. political believe that italy -- a prime minister keeps talk about reform. my view is that the last few months, the speed of change, is accelerating. this is have to be -- is has to be perceived in the market. >> do believe the

once we go past those initial three it goes down to a simple majority and the hope here is that renzi can get his choice of candidates selected. who is his choice? there's no one announced so far. we have the finance minister's name. no one here is talking about the prospect of mario coming back to italy to be president of this country but the expectation is he'll go for somebody less high profile. perhaps the cultural minister is one name also being thrown into the ring right now. so plenty of uncertainty out there over who the candidate is going to be. he needs someone that is bipartisan, that can be voted for by both sides of the political spectrum here. he needs someone that will support his reforms but also someone in sympathy with him if he does decide to call early elections if and when he gets his electoral and constitutional reform through. first stop of course is the formal resignation expected at 12:00 cet. >> thank you. david, he came out this morning to say he wasn't interested presumably for europeans out side of italy that's a good thing. >> that was the market chatter

estaran el primer ministro espaÑol "mariano rajoy" el britanico "david cameron" el italiano "matteo renzi ministra de alemania "angela merkel" asi como el presidente del consejo europeo "donald tusk". ---segun hollande, numerosos jefes de estado del mundo han expresado su solidaridad al pueblo frances. blanca ---en tan solo unas horas el puente "golden gate" que conecta san francisco con el condado de marin estara cerrado a la circulacion vial. cesar ---el cierre de esta via de transporte take live shot comenzara cerca de la media noche de hoy y sera el mas prolongado en la historia de la estructura y el primer cierre desde 1987... ---paola reyes nos tiene mas detalles... take pkg ;01 ;15 ;54 take vo cesar --- con el cierre del puente golden gate... una forma para desplazarse por la bahia este fin de semana es usando los taxis del agua. --- una nueva compaÑia llamada "tideline s-f" tiene botes disponibles para transportar 40 pasajeros. --- los recorridos incluyen tres paradas...entre estas... sausalito y tiburn. --- estarn disponibles las 24 horas y el pase del dia tiene un costo de 25 do

what are the implications for mateo renzi?e last thing he really needs, that instability from the top. >> he had a little bit of time and has been intraoffice a year -- in office for a year. he has this massive agenda is trying to push through. everything from labor reform to the weight italy elects officials -- to the way italy elects officials. he is going to need a president who will help broker-deals if he wants to get these measures passed through parliament. to convince the eu, angela merkel, mr. draghi that italy is making structural changes in the way it operates. >> it is still early. we are waiting for him to step down. give us a sense of where they may reach out. who might be in the offing at the moment? >> that is a big question and right now there is no figure -- italy needs someone like napolit ano who can sit above the political fray who is authoritative and knows the methods of reaching compromise. deraraghi's name has come up however he has not said if he is interested in leaving the ecb to come to italy. othe

. >> matteo renzi says in his dream -- says it is his dream. >> euro-dollar parity is not inconsistent with that. i do not understand why there is such drama around this. >> what does qe do for greece in europe? >> the targets that are set for them to achieve in july -- again, you read it, you realize there is enough room for compromise on where greece is coming from and frankly, what berlin is going to want. hopefully that gives them something they are going to achieve and they can become part of the qe. >> would you adjust u.s. investments based on the last 10 days of news flow out of europe? if someone was in blue-chip stocks, before 401(k), or whatever, how do you as a pro adapt to the amazing news flow with swiss bank, denmark, negative yields, etc.? >> i am really blind to -- my skill set is not well-adjusted. in our world, the investment opportunities are really amazing to read >> do you have any interest in european debt? >> we are very interested in -- newmont >> even though there is no -- we are very interested in? >> if things work, you are going to do quite well. >> hans hu

what does matteo renzi say the italian people about their mountain of debt when they have a higher debt- than greece. >> greece will have to agree to debt to equity conversions, to privatize nations, some much more. are they willing to have more flexibility in the labor market? yes, they can follow greece to a similar route and we would be better off. the global financial markets would be better off then. anything is better than the band-aid solutions we have had for the last five years. >> great to have you with us. >> we will keep you updated on what is moving in the early session. stay "in the loop." ♪ >> welcome back. trading just underway. scarlet fu rejoins me here. >> people are hoping you're going to run out and get a power generator in the next three hours before the storm hits? this is a huge theme when hurricane sandy. they lined up for the power generators and then they lined up at the gas stations. we will watch this one. >> given the storm it sounds like it. >> this came out earlier this morning. the company does not release reports until friday. sales have slumped for a f

matteo renzi told people at davos that parity with the dollar is his dream.g change of tune. >> the thing is the guys that are actually pushing it down, the guys who control monetary policy, it is the boot for them. they do not want to mention it. they always say the fx them exchange rate is not a target for policy, although it does impact price stability, so do the math. if you want a little would have prize stability or inflation the cheap way to do that is to push her currency down. the problem is the risk -- it can create the wrong kind of inflation. you make goods more incentive for your consumers. is that good? no. >> we haven't talked about currency deflation as all-time as if it is just about increasing ability to export, but there is a very important internal aspect which is that if you have got a little bit of inflation, which europe does not have right now, it makes it easier to give workers wage cuts. this adjustment that we are talking about where wages me to keep going down in greece -- that cannot happen without this inflation, right? >> that i

also talking about italy's path to recovery because mateo renzi was happy with the decision as well. reforms in italy will be decisively continued. that's one of the big decisions going forward is whether it's enough to stimulate the euro zone. many skeptics say it's needed to get euro zone out of this deflationary gap. we're watching the euro trading at a multiyear low against the dollar. >> just days after the launch of the landmark qe program that was bigger than many expected and could continue if the inflation profile suggests it's needed. jeff spoke to ecb board member earlier this morning and he asked him about the market's reaction. >> it is encouraging. the program is credible from lack of participants. it's obviously too early to tell. it's only one day after. it is inflation. it is not market reaction. so we have to see it feeding through to the european economy. lifting inflation expectations and creating growth and that's what you want to see. >> let me ask you about the euro specifically. a lot in the city included have suggested that the parody is a possibility with th