laila: the news from siemens did its share price no good. we have this report from the stock exchange. reporter: the share price of siemens fell this thursday because cutting jobs costs money at first. redundancy payments have to be made, and it costs money if you want to change the inner structures of a large company like siemens. what's more, many analysts are convinced that it will not be enough for siemens to just cut jobs. if the company wants to become as profitable as the large competitor, general electric more measures will have to be taken. on the broad market this thursday, the dax managed to climb upwards in afternoon trading, but most traders here are convinced that the times of high volatility, heavy ups and downs, are not over yet. laila: let's get you up on how financial markets performed on thursday. as we just heard , shares in frankfurt fell early but rebounded. the dax ended 0.5% higher. the euro stoxx 50 was little changed. in the states, trading still underway. investors cautious following comments from fed chair janet y

siemens announced another 145 job cuts. let's go to our siemens expert. alex webb in munich.is dominating? alex: clearly the big story are the job cuts. it is pushed the total to 13,100. a big number as they try to reach $1 billion in savings. if you look at the numbers themselves, nine divisions and every single one made a lot. i'm sorry profit decreased in all but to bump divisions. -- two divisions. have money to spread on infrastructure and trains and so forth, that hasn't really laid out to it might do in coming months but in the short term, while declining, that is not the case. jon: you and i have gone back-and-forth between joe and his strategy and i go to the day he was announced as the new ceo. you and i talked about the fact that internally, this was the man that everyone wanted and then came the job cuts. what are the implications? alex: is a different gig being the head of a company in germany, the labor representatives are two an extent your boss. they sit on the supervisory board, so you are accountable. when he goes to london or europe, he is a different guy.

german engineering giant siemens has developed a tool that aims to solve the eternal parking problem. >> parking spots are tough to find in european city centers. locating one takes up valuable time waste gas, and it's bad for the air. the irritating search is practically a ritual for many, and it can take the fun out of any trip downtown. an engineer at the zaman's company in munich wants to do something about the city's chronic shortage of parking space -- an engineer at the siemens company. >> about 30% of the people driving cars in the city are cruising around for a parking spot. it's one of the problems we have with inner-city traffic. we could cut down on it, it would be good for everyone. it would be good for drivers and better for the city. >> he has developed a system that alerts drivers to unoccupied parking spots in the vicinity. that is if there aren't any. the information is collected by special sensors built into streetlights. the radar registers when spots are free. a test system is already installed at this parking lot. municipalities in germany are interested in the s

anna: german company siemens cut jobs. guy: u.k. voters go to the polls today. good morning and welcome. you are watching the pulse. we are right here in london. anna: we begin with the global selloff. $2 trillion has been wiped off the market. guy: you are looking at it right now. as you can see there is a lot of red on that screen. anna: bonds continue to retreat today. that is the german and 10 year bonds showing yields. guy: that is what happens when you strip things early. the latest concern comes from the federal reserve chair janet yellen. she said that debt markets may exist. >> equity market valuations at this point are fairly high. not so high when you compare the returns on equities to the returns on safe assets like bonds which are also very low. but there are other potential dangers there. guy: that is quite a combo. that brings us to today's twitter question. it is simple and straightforward, is janet yellen right? anna: it is a good place to start our next conversation. we are joined now by luke pick more. -- luke hickmore do you think janet yelle

and siemens is a good sign that the cause is made. but in another way, we do not have any chance to help people in those countries. they need to do the changes in the countries which need to be done. we can try to support them. by weakening the corruption. melinda: i want to come back in a moment to the specific aspects. mekonnen mesghena, perhaps you can give us some specific back run a something troubling. i was recently in south korea. a shining example of export led development. an african leader got up and said in 1962 we had the same gdp per capita as south korea. we are now far, far behind. it is about governance. why did a country like south korea get it right, more or less? and so many african countries not? mr. mesghena: something is wrong in that statement. good governance has been the major factor. it really makes fast-forward development. also, in building democratic assistance. very true. but look at the amount of money put into south korea for security reasons. i have heard this argument for years. comparing ghana and s

so karl-joseph kuhn is the head of reliable automation and control at siemens corporate technology for new technology fields. i'm interested in your sense of the research and development necessary to actually accomplish the vision that we just heard. what's -- what are the missing pieces? what do we need to develop that we haven't developed, and in the spring of the sort of international side of this conversation, how much of that is u.s. technology. how much is non- u.s. technology and what's the interaction between the two? >> first of all, thank you for the invitation to this interesting panel discussion, and the route to automation or autonomous cars is not just the route with cars on the road. it's more because we'll see more and more autonomous or automated systems in our daily life. so we have it in the military area already somehow, and we will see it in the next step on the road, but we'll see it also in private households and factories and so on. so the car industry is recently the driver for this technology but you will see it in other areas as well. i want to answer this wi

the president of siemens usa and governor rendell, i think everybody knows. my take away from the comments is labor on james will soon be running for the 11th district seat in ohio and will need a position on tni immediately, at which point he will change the world. but jumping off a little bit on the secretary's comments, a lot of people in this room do not disagree about what is needed and do not is agree from a headline from one of the events a couple days ago that the current state of play is embarrassing in terms of the u.s. infrastructure as it stands. on this panel, with the three distinguished gentleman to my left, we will get into that and have questions from the audience at the last 20 minutes. i want to put them on the spot early because one of the goals here is to talk about the future. some optimism in the midst of all this pessimism. if you could quickly, what is one policy technology thing that you are seeing in your business or in your travels on a regular aces that is most exciting to you when it comes to change or the future. evernote, i wil

we will hear from investment secretary foxx and siemens ceo eric spiegel. bloomberg government posted this to our panel. >> good morning, everybody. my name is josh east right and i had the agency here. -- i had the agency here. this is the kickoff of infrastructure week. those of you joining us online please feel free to keep engaging with us throughout the day on twitter. our mission here at bloomberg government is all about giving washington decision-makers the tools they need to do their jobs better. with dozens of bills already introduced a around structure issues, certainly this is a topic our customers want to know about. this is impacting everyone in this room and across the country. that's why we're hosting several events in partnership with our friends building americans future. we are proud to be hosting today's event with the entire steering committee for infrastructure week. i find myself thinking about london. you might ask why. it is because i live there full-time and part-time for the last 18 years. the huge and sustained infrastructure inve

eric: i think in germany at siemens, we take a long-term view of things. short-term view. we understand infrastructure is an important part of that. for example, we have invested in several brand-new manufacturing plants here in the u.s. in the last four or five years. every one of those, we either need to upgrade rails or roads and put in other types of infrastructure around water, electricity, etc. when you look at adding things like manufacturing, you look very hard at the structure because you need to be able to move products within the country and be able to export. germany is an export story and that is because they spend money on the sharks are. brendan: i would disagree there. you spent a lot of time at the headquarters in germany, but one of the things that we hear from germany is that they themselves are having trouble spending money on infrastructure. the smaller companies in germany are complaining about the roads in germany are not where they should be. why is this so difficult? it is something economist like but politicians have trouble with.

siemens has announced it will cost another 4500 jobs.hat is on top of the almost 8000 jobs that were announced in february -- job losses i should say. most of that coming down from the sales of assets. the french technology firm alcatel lucent its report of net losses more than 615 million euros in the first quarter of this year. more than three times the lawsuit report -- a loss report this time last year. the japanese gaming company nintendo has turned its first annual operating profit in four years. the firm said lower cost helped to compensate for slower increase in revenue. sales fell 4% during nintendo cost last financial year. genie: there has been somewhat of an embarrassing turnaround at the top of one company in india after the chief executive sent a resignation letter. stephen: proving you come back from almost anything. the property website housing.com, a private -- a prominent start up. including this sentence, i don't think you guys are intellectual capable enough to have a sensible discussion anymore. he went on to say he

the big news is that siemens is putting another foreign half thousand 4000 jobs. caroline: let's turn our attention to the $2 trillion, the global retreat of stocks and bonds is continuing asian today. and the latest concerns comes from janet yellen, herself. she yearnedwarned about the debt markets. janet yellen: to this point generally, they are quite high. they are not so high when you compare to equities in return to assets like bonds which are also doing low. but the potential danger is there. caroline: the warning extended a retreat. in the states, stocks and treasuries dropped against the dollar. private payroll numbers missed estimates. job figures from the u.s. on friday investors looking for clues on the state of the world's largest economy. for the latest manus is ready for us with a touchscreen for the european story. first you, give us a sense what is happening in the asian trade today. >> good morning, caroline. slumping the most japan is coming back online after three-day holiday. down 1%, the big story is that the selloff is in china. that three-da

siemens location here has just received a major order of wind turbines.ts a huge smile on my face. cause i'm like, 'this is what we do.' the fact that iowa is leading the way in wind energy, i'm so proud, like, it's just amazing. apples fall, but the apples of your cheeks dodefy gravity. juvÉderm voluma® is the only fda-approved injectable gel to instantly add volume to your cheek area. as you age, cheeks can lose volume. voluma adds volume creating contour and lift for a more youthful profile. for up to two years. temporary side effects include tenderness, swelling, firmness, lumps, bumps, bruising, pain, redness, discoloration and itching. ask your doctor. juvÉderm voluma®. defy gravity. big day? ah, the usual. moved some new cars. hauled a bunch of steel. kept the supermarket shelves stocked. made sure everyone got their latest gadgets. what's up for the next shift? ah, nothing much. just keeping the lights on. (laugh) nice. doing the big things that move an economy. see you tomorrow, mac. see you tomorrow, sam. just another day at norfolk southern. t-

. >> reporter: siemens, general electric as well. >> yes, yes. >> reporter: so this means a lot of jobsor the people? >> a lot. >> reporter: those new jobs are attracting mexicans seeking stability and safety, like aguilar himself. he was a journalist in the state of sinaloa, 700 miles away, until... >> the teammate that i had died because of the drug dealers. >> reporter: how did he die? >> they arrived into their house, they broke into their house and shot him into the head. him, his wife, his two daughters, and the two grandmas that were living there. i said no i don't, i ain't gonna expose my life. >> reporter: he moved to quereÉtaro with his wife anel and daughter, tammy. >> how was your day? give me my kiss. my kiss. good. qu me a job, gave me stability, and gave me an opportunity to grow with my family. >> reporter: safely? >> safely. >> reporter: last year the murder rate in mexico declined for the third straight year, though it's believed that since 2006 at least 70,000 people have been killed in mexico's drug wars. but quereÉtaro, deep in the country's interior, has been relat

city backed up into the macarthur maze is a lifetime from it is still under 20 minutes just like siemens want to share just a few decent to us the e-mail breaking news at www.kron4.com a second look at some of them this morning very cute kids dressed in their yellow and blue look at the little kid jota of his jersey number 30 or look at the little one and red jersey dresses and a little blue socks and chubby cheeks. >>mark >>michelle apon: she is looking so nice of her yellow and blue with to see what you are sharing so coming up at 715 our share more follows a guy sporting your warriors yellow and blue pictures we want to see them so we can post them to our next at 715. >>james: in the weather around the bay this talk about the east bay to talk about the socks bay here is a quick look at the peninsula house of sfo and is a quick look at as some forecasts for the san francisco peninsula area of the fifth is along the coast mid to upper 60s on the bayside back with apple to the weather coming of. we sp it. wetack it. wemoosh it. lovit. hersy'makeit a'more... u ma it ecial. hehey's isine,o

siemens is down, a report they are selling three businesses. and on friday i covered a story in our's sources say according to -- there we go. those disappointing pmi numbers. you can call it a marginal effect. the aussie dollar has had a bit of a flurry. the momentum there through april through may as the recovery. not very well for rate cut tomorrow from the rba. the market is the least short. aussie dollar down for the fourth day in a row. jonathan: thank you. looking forward to the rba decision. four days of the tens negotiations and no sign the country is any closer to a deal with its creditors as a 200 million euros repayment looms on wednesday. for all of the latest we are joined by marcus. it investors take -- for the investor's take, a strategist at j.p. morgan. marcus, the results for preliminary agreement and it doesn't look like where anywhere near an agreement. never mind a final agreement. what are your thoughts. marcus: another self-imposed deadline has gone by. they want to some level. both have stressed the progress on the cred

jonathan: is a final question, in early january there was a similar call for the chairman of siemensstep aside. is there something happening in corporate germany? >> we are present a group of more than 40 pension funds in the u.s., working together we have the capability to address some of the concerns we have with german companies. speaking out at the agm is important. things are shifting stewardship and responsible owners of companies are coming to germany. jonathan: fascinating. hans christoph hurt, the hermes equity ownership service director. stewart is still with us. he could've been describing any number of banks across europe, is it a deutsche bank problem? >> it is a general financial services problem. it is an interesting week would be multibillion dollar fine across the different markets. we still don't know what the ultimate end of the game is. the problem with financials is where is the growth coming from? if we see growth coming through in a broader economy, these banks will struggle to really show any sort of forward momentum. we are neutral at best on the banks. jonat

i wonder what are daimler and siemens and engineers who deal with this thinking about in terms of the right approach to making those calculations. do we know ethical decisions of this kind can be reliably automated and computed by machine and do we need to know that before we can have things like say mercedes, one of daimler's marks doing testing in california do we need to know and how much do we know before we can actually sort of have these ethical questions answered in terms of what the car is capable of doing? >> the question is not so difficult. as soon as you have algorithm, you know what it is doing. it is deciding before something is happening. the rules are fixed. it is programmed. so you know exactly how the car is going. you have a choice of accident left, right car from behind, you know it, so the calculation time, it is making selection from a few choices. it is done faster than the human brain. so you know exactly this is what happens in this situation by this or this or this. so we have to make that transparent that we want to have this reaction so we can discuss situa

talked to siemen's. talked to them and what they have done and so, folks, look there's a reason for this. we're going to -- we have now and will have for the remainder of the first half of this century and longer if we're smart the cheapest energy in the world. the epicenter of energy for the 21st century is not the saudi arabian peninsula. it is not nigeria. it is not venezuela. it is north america. number two, we have the best research universities in the world. we're basically have the only staple of research universities because we designed during the sputnik era, eisenhower decided to invest in our research universities. we also have the most venture capitalist system in the world. and we have a rule of law to protect not only contractual rights but also intellectual property. and i might add, and i say this with my friend, rich here, we also have the most proconductive workers in the world. they are three times as proconductive as the workers in china, for example, and i want china to be proconduct

siemens trains are not your grandparent's technology.y're something that's gonna change the cities we live in today. i find it so fascinating how many people ride this and go to work every single day. i'm one of the lucky guys. i get to play with trains. people say, "wow, we still build that in the united states?" and we say, "yeah, we do!" american history is the history of the scary thing being the exact thing we have to do. cross that ocean. walk on that moon. fly. none of this makes rational sense. it only makes american sense. here, the hard things show us who we are. leaving your job to start your own thing. having a kid, when you still feel like a kid. signing a 30-year mortgage on a home. scary sure, but no match for our colossal self-belief. we're supposed to do scary. without scary, we don't get to be brave. buy in. quickenloans/home buy. refi. power. >>> so we're here in baltimore at fort mchenry, the birth play of the star spangled banner. vince and his crew are dedicated to bringing history to life. >> be careful with that t

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siemens location here has just received a major order of wind turbines.ergy, i'm so proud, like, it's just amazing. every new recipe. because it's cats who know best what cats like to eat. up today, new friskies 7. we're trying seven cat-favorite flavors all in one dish. now for the moment of truth. yep, looks like it's time to share what our cats love, with your cats. new friskies 7. for cats. by cats. >>> we do have breaking news. u.s. officials tell cnn that a pair of f-15 military jets were scrambled to escort an air france jet to new york's john f. kennedy airport. there are reports that an anonymous threat was made against flight 22, that is air france flight 22 from charles de gaulle airport in paris to new york. it is not clear what that threat was or just who made it. the flight did land. it is at jfk right now. the plane is being searched. cnn will have more on the story at the top of the hour. >>> search and rescue teams in texas are looking for 12 people missing in devastating floods there and forecasters say heavy rains could hit again today

talk to siemens and what they have done. there is a reason for this. we have now and will have the cheapest energy in the world. the epicenter of energy for the 21st century is not the saudi arabian peninsula or nigeria and is not venezuela. it is north america. number two. we have the best research universities in the world. we basically have the only stable research university in the world. instead of investing in government entities, invested in our research universities. we have the most adverse venture capital system in the world and a rule of law to protect intellectual property. and i might add we also have the most productive workers in the world. three times as productive as the workers in china, and i want china to be productive and grow. look, to keep our age and to make this a permanent resurgence , which it has the possibility of being, for real. you've told us how much china is going to eat our lunch. come on, man. i am being deadly earnest. we want them to do well. as they say in my own neighborhood, they are not patching our jeans if we

siemens location here has just received a major order of wind turbines. it puts a huge smile on my face. cause i'm like 'this is what we do.' the fact that iowa is leading the way in wind energy i'm so proud, like it's just amazing. >>> breaking news the woman at the center of a shocking new video speaking out to cnn tonight. michelle cooks who was eight months pregnant was arrested toppled to the ground on her stomach after she refused to give officers her full name. the incident was caught on the officer's body camera. i'll show you a little bit of it here. this is as she's being arrested. this came after a minor altercation between a black woman you see there and a white woman in an elementary school parking lot. watch what happened to michelle. after both women had a chance to tell officers their versions of the story. >> what is your name? >> i'm not giving you my name. >> i actually do have the right to ask you for your name in this case okay? how long is it going to be for you to make sure? >> let me make sure. i'm not about to get harassed by the

siemens trains are not your grandparent's technology.y're something that's gonna change the cities we live in today. i find it so fascinating how many people ride this and go to work every single day. i'm one of the lucky guys. i get to play with trains. people say, "wow, we still build that in the united states?" and we say, "yeah, we do!" (mom) when our little girl was we got a subaru. it's where she said her first word. (little girl) no! saw her first day of school. (little girl) bye bye! made a best friend forever. the back seat of my subaru is where she grew up. what? (announcer) the 2015 subaru forester (girl) what? (announcer) built to be there for your family. love. it's what makes a subaru, a subaru. t-mobile is breaking the rules of wireless. and the samsung galaxy s6 edge is breaking the rules of design. can't get your hands on it because you're locked down by a carrier? break free t-mobile will pay every penny of your switching fees. get ahead of the curve and get your hands on the galaxy s6 edge for $0 down at t-mobile today

siemens trains are not your grandparent's technology.onna change the cities we live in today. i find it so fascinating how many people ride this and go to work every single day. i'm one of the lucky guys. i get to play with trains. people say, "wow, we still build that in the united states?" and we say, "yeah, we do!" [ jennifer garner ] why can't powerful sunscreen feel great? actually it can. neutrogena® ultra sheer®. its superior uva uvb protection helps prevent early skin aging and skin cancer, all with the cleanest feel. it's the best for your skin. neutrogena® ultra sheer®. >>> a new round of severe weather leaving damage in a big chunk of the u.s. >> we have three tornadoes confirmed in northern texas. warnings and alerts for storms and floods remain in place. hail the size of golf balls near denton texas overnight. a lightning strike apparently setoff a natural gas well explosion. a 4.0 magnitude earthquake. >>> and several tornadoes through oklahoma. one woman died after her storm shelter flooded. oklahoma's governor declared a

siemens trains are not your grandparent's technology. they're something that's gonna change the cities we live in today. i find it so fascinating how many people ride this and go to work every single day. i'm one of the lucky guys. i get to play with trains. people say, "wow, we still build that in the united states?" and we say, "yeah, we do!" >>> some breaking news to tell you about. a bomb threat at l.a.x. airport officials just tweeting airport police responding to a reported threat onboard an aircraft. police are there on site. the fbi is heading to the airport at this hour. and this is a threat that was phoned in against eva airlines flight number 3. the plane left taipei taiwan earlier today, arrived at l.a. sxmpt x. in the last hour. it's in a remote corner of the airport as investigators go over it. this latest threat and this is why this is concerning is that it comes on the heels of at least ten scares against passenger planes over the memorial day weekend. we're continuing to monitor the breaking story. we'll bring you the la

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siemens location here has just received a major order of wind turbines.ts a huge smile on my face. cause i'm like 'this is what we do.' the fact that iowa is leading the way in wind energy i'm so proud, like it's just amazing. >>> welcome back to "the lead." i'm jake tapper reporting live from baltimore. just a few feet away from a large group. it's not a group of protestors, but they're rallying, they're happy. they're celebratory. they're excited about the fact that six police officers now face charges in the death, the homicide according to the state's attorney, of freddie gray. cell phone video, of course captured what appears to be a badly injured gray being loaded into a police van on april 12th, but what caused his spinal cord to server in police custody? specifically what action happened to cause that remain as mystery. some suggested he was subject to a prohibitive ride, in philadelphia calm add nickel ride. other cities call it a joy ride when a handcuffed prisoner is placed in a police vehicle, not buckled in and taken for an intentionally jerk

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siemens trains are not your grandparent's technology.hey're something that's gonna change the cities we live in today. i find it so fascinating how many people ride this and go to work every single day. i'm one of the lucky guys. i get to play with trains. people say, "wow, we still build that in the united states?" and we say, "yeah, we do!" >>> welcome to 2016 with an accent. voters are at the polls at this moment, a race that will determine the next prime minister there. it is a nailbiter of an election that seems tighter than milk jagger's slacks. >> seeking a second term as prime minister, opposition labor and party leader, big opponent. the outcome of this could determine if britain's vote on leaving european union very important indeed. senior international correspondent nic robertson also important. he's in london for us joining a game we have about questions about your elections, nic. how are you? >> wearing the jacket. i guess he would be running. >> milk jagger with one endorsement. here is one question. explain to us, whoever

siemens trains are not your grandparent's technology.hey're something that's gonna change the cities we live in today. i find it so fascinating how many people ride this and go to work every single day. i'm one of the lucky guys. i get to play with trains. people say, "wow, we still build that in the united states?" and we say, "yeah, we do!" this allergy season, will you be a sound sleeper, or a mouth breather. well, put on a breathe right strip and instantly open your nose up to 38% more than allergy medicines alone. so you can breathe and sleep. shut your mouth and sleep right. breathe right. ♪ devour food that's good for you, the same way, you devour food that's not good for you. ♪ big day? ah, the usual. moved some new cars. hauled a bunch of steel. kept the supermarket shelves stocked. made sure everyone got their latest gadgets. what's up for the next shift? ah, nothing much. just keeping the lights on. (laugh) nice. doing the big things that move an economy. see you tomorrow, mac. see you tomorrow, sam. just another day at norfol

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the greek bond purchase funded a bunch of products -- projects from siemens, every other company increasedds, -- building airports roads, and the structure. the greek people have some nice stuff that got yelled, at the wrong --built at the wrong price. stephanie: what do you mean nice stuff? david: great hospitals, great airport. all of that was built with jobs created in the north of europe. they got paid a wage and created jobs in the north on a, kind of fake, debt-created infrastructure boom. you have to go back and tell european worker you have been made it -- making 50,000 euros a year and talking a way to 10,000 or 15 thousand euros for the future. that is only 5000. i'm sorry. we lost it. it is not a pleasant thing. that is why the northern europeans are petrified of telling the body politic in the north of europe that they did this. it was a terrible decision. lending the money to greece was a terrible decision. stephanie: turn the clock back. david: yeah. stephanie: what really could they have done -- what should they have done? david: it is the same as a subprime loan, saying you

siemens says profits fell nearly 5%. one big factor, low oil prices.ns to cut 4,500 jobs. sales of three units eased losses. and early july bookings at chicago hotels are lively, thanks to the grateful dead. legendary band is playing three sold-out shows that will be their last. fans are paying more than $350 a night for rooms during that weekend. we will not stop to linger on the irony of that. those are your top headlines. olivia? olivia: still to come -- at 8:00 a.m., we look at the global rout in stocks and bonds. that is why $2 trillion across asset classes in the past week. then 8:05 a.m., we break down tesla's earnings. elon musk is going sell 55,000 electric cars this year. and then at 8:10, we look at the shakeup at alibaba ahead of our interview with the new c.e.o., dan znang. there is hope in the labor market. great news, in recent months wal-mart, target, and mcdonald's have all promised to raise their minimum wage, and the lowest earning american workers are finally feeling upbeat. lower income earningers have become significantly more opt

above all the industrial margin is disappointingly low and analysts are saying they don't see how siemens wants to raise the margin during the course of this year to the target of 10 to 11%. the main problem is the energy business. here we have a drop in operating profit of 34% but also their digital hub is not performing as they expected. analysts had expected. of course they are banking on the fusion of digital and their industrial expertise and they see it the way forward but the business is underperforming. back to you. >> thank you so much for that. elsewhere in germany, first quarter operating profits up 40%. the country's second largest bank was boosted by an increase in market volatility and trading activity. flip flopping between red and green. currently high by less than 0.1%. munich in focus. 16% drop in first quarter net profit. this is what the company reported although the fall was less than expected. this as they contend with a very competitive market environment and of course the pressure from ultra low rates and last but not least, henkel off by 1.3%. first quarter operat

or siemens. so it did hurt. that is a fact i echo what peter has said. the potential for an agreement is of course also a potential for all of our economies. it would benefit our economies -- not that we would rush back into iran. we would be cautious. the government advises our companies actively to hold back. but it could be -- carry a huge potential, not only for us but also for the young iranian generation. they are looking to the west. it might entice or trigger some internal change in iran. ms. slavin: it is my understanding that what comes off from the u.s. side initially are the secondary sanctions that inhibit foreign companies from investing in iran. you say american companies are eager but they will be largely shut out? ambassador araud: like in dubai. the automakers, we were providing 50% of the iran in -- iranian market. all of the gears were made in one small city in france. the city was devastated by the sanctions. a small city in the east of france. also, our oil company had made the strategy choice of investing in iran. this company was,