reporter: the siemens ceo defends the cuts.: the declining market for fossil fuels is not temporary. it reflects the expectation of a dramatic development which we can and must address with structural measures. reporter: siemens is planning to shed a total of 7000 jobs worldwide, mainly at its power and gas division. half of those cuts are set to be in germany. for the workers affected, it is a bitter pill to swallow, especially at a time when siemens is posting solid profit overall. helena: earlier today, we spoke to our financial correspondent and asked why the company's ceo sounded so urgent out nounng tse j cuts. dani: well, when you look at the numbers of the gesture when business, you can understand what he means with urgent. sales were down 20%, and profit was down, with even more than 50%. of course, these are very alerting numbers. in the past, siemens has been criticized a lot for not reacting very fast whenever there would be changes inside of the market. siemens employs -- all of these are different. i was talking t

it sounds like a business for siemens.0,000 people working for siemens in the united states. we are in 50 states with 25 manufacturing sites. we are established. we are poised to help build a solid and modern infrastructure in the united states. in a modern power infrastructure. >> a quick follow-up on bridgewater, what is the one thing people need to know about why we need to believe in the sustainability and viability of your company? >> the investors need to make their own choices, it is a free market. i am a strong promoter of sustainability investment in long-term aspects on a high performance culture level. if companies that against something, they will have reasons -- bet against something, they will have reasons. fundamentals, if i look at my company, topline growth and i feel pretty good. >> you had a meeting with the iraqi prime minister, will that -- how will that translate to more investment in the region? >> that was part of the conference that i was talking to the iraqi prime minister and i will see him again

siemens workers from the east and cycled hundreds of kilometers to the annual. shareholders meeting in munich to protest plans to dress to slash the company's workforce. we're continuing to fight for our future as long as we continue to do so and see a chance we're going to keep going as even c.e.o. joke is appointed to market trends in his defense of the cuts. in the declining market for fossil fuels is not temporary so it reflects the expectation of a dramatic development which we can and must address with structural measures. siemens is to shed seven thousand jobs worldwide half of those cuts are set for germany it's a bitter pill for workers to swallow especially with siemens posting solid profits overall. if you're in china trying to skype chat with colleagues in the u.s. think again what about surfing google or using twitter and facebook sorry game over . the chinese government is banning virtual private networks which have helped users bypass online censorship. businesses also use them to move their data securely. the government has assured foreign compan

for workers to swallow especially with siemens posting solid profits overall. if you're in china trying to skype chat with colleagues in the u.s. think again what about surfing google or using twitter and facebook sorry game over . the chinese government is banning virtual private networks which have helped users bypass online censorship. businesses also use them to move their data securely. the government has assured foreign companies they can now fully access the internet without b.p. ends by using state approved portals. but many firms are nervous about exposing their data to the chinese. this won't impact security that's because government telecom companies just provide a channel a network they can't see any content related to your company for businesses that follow chinese laws and regulations and this is guaranteed constitution stipulates that citizens have the freedom to communicate and that corporate communications will be protected types with. privacy however comes at a cost many small and mid-sized companies are troubled by the usage fees for the stat

and siemens will after the i.p.o. here after it becomes public and listed still be the major shareholder so it will get a cash injection for the group plus participate in profits in the future that's the same for deutsche bank and its asset management e.w.s. it will remain the major shareholder after an i.p.o. but it's doing it for a different motive i think it needs the money from the i.p.o. to build up its capital base the bank says itself capital base for financially stable but many others do not think so so that's a major motive there was first in frankfurt thank you. for some it's a dream. in for others hush every day reality the life of a fisherman on the boat dixie are only do they have to brace rough winds and stormy seas to bring in their catch they also have to be equipped with a special app the monitors their every move not to protect the fisherman but the card during the breeding season. a blustering southwesterly wind here on the island of food means any low tide fishing is the question today from now bef

siemens is planning to shed a total of seven thousand jobs worldwide mainly at its power and gas division half of those cuts are said to be in germany. for the workers affected it's a bitter pill to swallow especially at a time when siemens is posting solid profit overall. now the chair of the u.s. federal reserve janet yellen is due to step down when her term expires at the end of this week yet it was the first woman to head the federal reserve took up that post in february twenty fourth teen legacy includes slowing down the quantity of easing regime which her previous has to ben bernanke introduced in twenty fifteen she also raised interest rates for the first time in seven years jerome powell will succeed yellen and he's not expected to rock the boat to march with his views aligning closely with yemen's. well let's bring in our man on a wall street now yes quarter is standing by for us as ever and always nice gains we've also had that meeting all of the fed today what came out of it. the federal reserve knowledge that the u.s. economy is continuing the past of grows and they did change

there, the ceo of siemens.him, we are talking to him about the raid dalia short position. $22 million bets against some of europe's biggest companies including siemens. his is what he had to say on that. it's a free market. i have always been very strong aspects of sustainable on a very high performance level. areously, if companies against something they would have their reasons for doing it. there also are fundamentals. we are looking at topline growth. i feel pretty good. fundamentals still look strong. the relationship is not exactly a hundred percent it will be interesting to see how investors do with the issue of fundamentals, earnings, and relative valuations. good morning. reallyket bounceback strongly from the movie couple of weeks back. last week it had its best week in five years. it seems to be a strong mentality out there. the fundamentals, do they backed the market up? look at growth in the u.s. -- >> looking at growth the u.s., growth in the world, we see great numbers. all the macro leading indi

volkswagen is a client of theirs as are porsche and siemens. it's clear that high profile brands have the ability to weather scandals. and a market the it's a brand that people trust and why is that. well people grow up with it and it's become a part of their social environment a part of their personal journey in life the brand has always been an integral part of their community and a central figure in society and it's always put a human face in its communications has developed its products so people have developed a standing trust in the brand and they have a huge personal investment in it. easy because. saddam didn't just walk away scot free of course in the u.s. the carmaker was slapped with a twenty five billion euro fine. and even though overall sales have risen cells of its diesel vehicles in europe are under threat. twenty seventeen saw market shares drop in spain by over eight percent and in germany by about seven percent. out of my mouth take her to the customer disappointment as a kind of tented love that's their current relationship

project and a new powerful european consortium formed by a french company all sturm and germany's siemens as part of with a malaysian firm to place a bid they're also partnering up with an italian and austrian they're hoping to combine european technology with the best local experts let's bring in our local expert andrea hang in singapore who stands the best chance of winning this one. that's the answer that everyone wants know the that they have the to the question it's really quite early to speculate been on one hand going to bed with a malaysian company will help the consortium boost its bid on the other hand it'll be it'll test us both singapore and malaysia relations the china who has muscled in really early against japan so it's and an enviable spot to be in just how lucrative would the contract be considering the challenges of connecting an island state well the connection between singapore and malaysia and the malaysian capital of kuala lumpur is meant to foster greater economic synergy between the two countries the two need was. allegedly on malaysia's this is falling in line wit

siemens growth really quite stunning. the earnings growth comes through at 135%.financials, 138%. how much more europe do you want to take given the e.a. backdrop? ashok: i think we have the first signs with the european growth is in a sustainable growth with the qe going on. qeever, the benefits of the have been that performance has improved dramatically and wages improved. the consumer cycle begins to pick up. the domestic component of the european equity markets are beginning to get very exciting. the expert side of the equation with europe being so strong is it will slowdown in terms of the corporate earnings momentum. when you concentrate on the domestic side of the economy, that is much more to do with the consumer stocks. it comes with a bit of a lag, but it is not too early to look at them as well. that is a large spread of the availablees that are to do the due diligence and pick up. the exciting bid is about the financial. sector, the banking sector that is in a very strong recovery, clearly for the higher risk of traders and equities. i think the europe

for the workers affected it's a bitter pill to swallow especially at a time when siemens is posting solid profit overall. now the share of the u.s. federal reserve janet yellen is due to step down one had term expires at the end of this week yet it was the first woman to head the federal reserve took up that post in february twenty fourth teen legacy includes slowing down the quantity of easing regime which have criticized ben bernanke introduced in twenty fifteen she also raised interest rates for the first time in seven years jerome powell will succeed yellen and he's not expected to rock the boat too much with his views aligning closely with us. well let's bring in our man on a wall street now yes quarter is standing by for us as ever and always nice gains we've also had that meeting all of the fed today what came out of it. the federal reserve a good knowledge that the u.s. economy is continuing the past of grows and they did change the tone slightly from moderates to solid solid growth when it comes to the job market when it comes to overall growth when it comes to consumer spending

and siemens will after the i.p.o. here after it becomes public and listed still be the major shareholder so it will get a cash injection for the group plus participate in profits in the future that's the same for deutsche bank and it's asset management e.w.s. it will remain the major shareholder after an i.p.o. but it's doing it for a different motive i think it needs the money from the i.p.o. to build up its capital base the bank says itself capital base for financially stable but many others do not think so so that's a major mode of their first in fact i think you. iraq is open for business that's the message officials are pushing at an international donors conference wrapping up today in kuwait iraq is hoping to lure major investment for reconstruction in the country after years of conflict the united states has already pledged three billion dollars other investors of billions more this way still fall short of what baghdad is seeking and needs war against islamic state produced numerous iraqi cities to rubble it'll

that's just the type of problem siemens is trying to tackle at the crystal it center for sustainable urban development in london here expert air pollution reports for cities across the globe are prepared using data collated by tailor made software. that's already been tested in london. this tool do not start here. and we can access the data recorded by a london monitoring station. and we're looking at having to take action to counteract the threat of exceeding pollution limits. they're frequently unpopular measures and this tool helps city planners to say ok i'm going to have a problem and three to five days. that would mean keeping as many cars as possible out of the city those which do enter are charged a fee which increases in line with the amount of harmful exhaust a vehicle emits the cars are identified using london's road toll system which has been in place for fourteen years right now you pay eleven pounds to enter the city on a weekday. just to become straight off your bank account yes basically straight away and in the future that will at least double what it is that might b

and people are increasingly migrating to the cities a global trend siemens highlights in the crystal city's offer jobs culture hospitals it's senseless to keep polluting these increasingly important living spaces with exhaust fumes so which city would alex and ebbing house prefer to live in. here in london and london's got a huge debate going on about air pollution which the new mayor said he can is just beginning to deal with if i think about it probably move to the countryside. when understandable attitude for an expert in pollution levels in major urban centers. the diesel gate scandal is closely linked to air pollution around the world and to fox the german carmaker that since been struggling to regain credibility and to redefine itself as reliable future oriented and green a tall order which fox fan believes is in good hands with its chief digital officer . i keep hearing about volkswagens desire to reinvent itself and shake off the diesel. i'm introduced to cedric it's car of the future. the first v.w. model that's self driving and digitally network. and this is the man behind.

the company will be called siemens health.likely to use money from the sale to help acquire companies in siemens' main businesses. aberdeen ended talks over merging insurance businesses. they disagreed over control of the combined entity. standard life wanted an equally held joint venture. reckitt benckiser says it will bounce back from its worst year ever. painkillers and other products is forecasting a sales increase of up to 3% after revenues were stagnant last year. bloomberg talked to reckitt benckiser's ceo. >> 2017 was a tough year. madeg that year, we transformational moves. we sold our food business for a good price. we acquired me johnson early last year. 50% of our business now comes from higher growth. to 2018.rward i think it will be a better year. that is how we are guiding the market. sebastian: that is the bloomberg business flash. francine: u.s. president donald trump has criticized the fbi, democrats, robert mueller's investigation, and his own national security adviser over russia's efforts to sway the u.s.

of german industrial giant siemens joe kayser told you that his company is rebuilding four power plants in iraq because securing availability of electricity is probably iraq's biggest challenge right now we know that the grid is under tremendous stress. urgently wants to ramp up oil production oil sales which account for more than ninety percent of the country's total revenues generated close to fifty seven billion dollars and twenty seventeen the donor conference comes just two months after iraq's declared victory over the so-called islamic state. south african president jacob zuma resigned this week during his tenure the country saw its bond rating downgraded to junk status and with its second largest city cape town quickly running out of water trust in the country's ruling elite has plunged growth has declined steadily for more than three percent seven years ago to less than two percent in recent years one of the weakest rates for all of sub-saharan africa. has to be crushing at the moment stability is pretty difficult so you. can just. say the country is now resting its hopes on new

do business it's offering projects in almost every area of its economy including the energy sector siemens c.e.o. joe kayser told t w his company is rebuilding for power plants about securing the availability of electricity is iraq's biggest challenge at present. the conference is taking place just two months after the country declared victory over the so-called islamic state it's not cheeseman the government is hoping will convince international businesses that now is the time to invest in the country's future. and i would have your thoughts on valentine's day millions of people buy into it with millions of love as around the world getting bouquets of flowers now with europe in the grip of winter if you were lucky enough to receive a bunch chances are your flowers came from somewhere sunny like kenya in fact they cut flower industries to the country's economy the competition from neighboring ethiopia is putting the business risk. at the syrian flower farm in central kenya all these stem to beauties are processed by hand from harvesting to bundling to packing for transport. tons of flowers

the ceo of siemens. we'll be talking with the executiver of the expo 2020 in dubai.ck to you. >> thanks, john. insightful interview. >>> the royal watchers join us after the break. >> we'll have details about prince harry and meghan markle's big day ahead. you'll want to stick around. it's time for the 'ultimate sleep number event' on the only bed that adjusts on both sides to your ideal comfort, your sleep number setting. and snoring? does your bed do that? right now during the ultimate sleep number event, save 50% on the ultimate limited edition bed with adjustable comfort on both sides. ends soon. visit sleepnumber.com for a store near you. new year, new phones for the family. join t-mobile, and when you buy one of the latest samsung galaxy phones get a samsung galaxy s8 free. yahoooo! ahoooo! plus, unlimited family plans come with netflix included. spectacular! so, you can watch all your netflix favorites on your new samsung phones. whoa! join the un-carrier and get a samsung galaxy s8 free. all on america's best unlimited network. had a little incident witht kia

shery ahn is 20 -- siemens is joining airbus to counter the rising risk of massive cyberattacks as theplans to sign a charter at a new mexico the conference for stronger safeguards on digital systems that control homes, hospitals, and nearly all infrastructure. the world economic forum's attacks cost a trillion dollars in damages over the next five years. oft is your business flash eight. that update. vonnie: the lunar new year is ongoing. higher, nasdaq, s&p all with the vix at 17.6 and 10 year yield up earlier from her it was. this is bloomberg. ♪ ♪ shery: this is bloomberg markets. i am shery ahn. vonnie: i am vonnie quinn. -- life and casualty insurance, the allianz ceo spoke to bloomberg. >> we are in the process of completing a buyback, we did 3 billion and buybacks in 2017 and doing 2 billion and buybacks. we will evaluate options and we will look at what is the best way to deploy the capital we have the -- we have. we have capital to deploy and if we can deploy it at about the cost of capital, we will do so. if we cannot do it at the cost, we will go back to buybacks as a mean

. >> siemens is planning new health care. the new company will be called siemens health.s has been a long time coming. this is something that i spoke to them about many times. asking, what is the timing of this? we are getting answers today. >> and it will be one of the largest ipos in europe. they are talking about 40 billion euros. it is also part of this broader thing we have seen across europe and even globally, of these really big public conglomerates with businesses everywhere, simplifying and saying what are we good at and let's focus on that. >> theresa may is planning the trade deal she would like to achieve in brexit negotiations britain will seek to stay close , to the eu will look in some areas while breaking away from others. it is an approach that some in brussels are calling cherry picking. theloomberg, we have gotten scoop, we have landed that if britain doesn't get the deal it is prepared to hold back from brexit payments, how you illegal?s >> there is a chance that this kind of protest statement from the u.k. could cause disruptions . what we do know is

the siemens ceo told dw his company is rebuilding four power plants, and that securing the availabilityelectricity is iraq's biggest challenge at the present. the conference is taking place just two months after the country declared victory over the so-called islamic state. it's an achievement the government is hoping will convince international businesses that now is the time to invest in the country's future. helena: it's back over now to sarah. sarah: thank you so much, helena. the leader of the opposition in zimbabwe, morgan tsvangirai, has died of cancer at the age of 65. the announcement was made by the vice president of his political party, the movement for democratic change. tsvangirai was his party's candidate in the controversial 2002 presidential election, losing to robert mugabe. he later contested the first round of the 2008 election, winning almost half of the vote. he claimed to have won a majority, but mugabe held onto office until deposed last november. for more, we are joined by privilege from harare. thank you so much for being with us. we know that tsvangirai died in

check out our website at www dot com slash business where you can find the entire interview with siemens c.e.o. joe cases. well from the would go u.s. president star trump had a very clear idea about how he defines fair trade it's fair when america benefits from it fair enough and now he's considering a range of options including tariffs and quotas to address steel and the minium imports he says are unfairly hurting us produces. the u.s. president met with lawmakers at the white house to determine whether to slap tear of some foreign steel imports from countries like china secretary rice submitted the result of the investigations to me last month my administration is down reviewing the reports and considering all options. part of the options would be terrorists coming in as they dump steel that big tariffs substantial tariffs which means the united states would actually make a lot of money and. probably our steel industry and our limited edition would come back into our country right now which decimated. trump insists that the new cherubs being introduced on chinese steel are fair and th

do business it's offering projects in almost every area of its economy including the energy sector siemens c.e.o. joe kayser told t w his company is rebuilding for power plants about securing the availability of electricity is iraq's biggest challenge at present. the conference is taking place just two months after the country declared victory over the so-called islamic state it's not cheeseman the government is hoping will convince international businesses that now is the time to invest in the country's future. and it's back over now to thank you so much talent well the leader of the opposition in zimbabwe morgan has died of cancer at the age of sixty five the announcement was made by the vice president of his political party the movement for democratic change. was his party's candidate in the controversial two thousand and two presidential election losing to robert mugabe. they are contested the first round of the twenty two thousand and eight election winning almost half of the vote they claim to have won a majority they held onto office until deposed last november. and for more we're j

chiefk with the siemens executive joe kaeser about ray galliano -- rate elio -- ray dalio's sure on theworse w

siemens plans an ipo of its health care division in the first half of this year. box office smash. the latest movie from disney's marvel superhero unit opened with sales of 190 $2 million in north america, a record for a $192 millioning -- in north america, a record for a february opening. anna: american markets may be closed for president's day, but investors are still chewing over last week's eco-data. rising inflation and little growth could lead to a nasty scenario for the u.s. economy according to our next guest, neil mackinnon. give us your thoughts. in your notes you talk about the of inflation, but stagnation? guest: we had an interesting start to the year for the u.s. the recent numbers on retail sales and industrial production were not riproaring in any way, shape, or fashion. they were flat on the month. you might argue the u.s. economy tends to have a soft start to to works whether due in seasonal adjustment factors, the third quarter gets strong. that is what happened last year. it is interesting to note with all the tax cuts and fiscal expansion, wha