>> roughly. >> 50% of people in scotland work for sme's.ow many of those do you think for the possibility of what could be a major disruption to their businesses? >> probably very few. if you think of the dynamic of a small business, the predominantly concentrate in dealing with their customers. most of them probably took the view that the chances of independence were probably close but it wasn't going to happen. the second point is, it is a very complex issue. it is easier to contact -- concentrate on detailed plans about something that may not happen. >> in terms of what should be done now, i guess it is too late to start serious forward planning in the event of only a week to go. in the event of a yes vote, give me a sense of the magnitude of the change that is likely to affect these kind of companies. companies, ifse you are working in a local community and your customer base is based in the community, there is probably going to be little change for you. you may be caught up in some legislation or tax changes. in the mean, there is goin

trying to find out how creditworthy an sme is.mportant for new lenders trying to enter the market. working with the government to improve that information and help smes get to a wider range of finance providers. businesses looking for funding, where should they be turning? should they be going to banks or do we need to see small businesses using alternative sources of funding. crowd funding is one. stock markets, bond markets? >> they should go to banks. they should not depend solely on banks. if they go to one bank and do not get the answer, try other banks. they should think about other forms of financing. are dependentmes on bank lending as a source of finance. in germany and italy and the u.s., small businesses go to a wider range of people. crowd funding is growing, venture capital, private equity, business angels, supply chain finance. lots of different ways of getting your small business finance. finance depends on what situation you're in. if you are a startup, you are looking for equity. if you have a track record and an

that would include employees of smes. the new plan is aimed not only at helping out the workers, but reducing their employers' burden as much as possible. the company's monthly contributions would be capped at around $50 per employee. and the ministry also wants to lighten the administrative load for the smes. the firms would be able to farm out much of the procedural work to financial institutions that already manage pension funds. the welfare ministry plans to submit a bill on the program to a diet session early nt year. >>> many japanese farmers struggle to make a profit in a country that imports more than half of its food. one farmer in northern japan is using innovative marketing techniques to stand out from the crowd, and he's watching his bottom line grow. we explain. >> reporter: at the airport in hokkaido, the guyway to japan's far north. many airport stores sell fresh seafood to travelers. but there's one store that's attracting customers with a sales system called all you can stuff into a container. six kinds o

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so you need the big companies, but you also need the smes that can support their development.decided, also, to promote this kind of enterprises to prove and to bring, to prove to the world that we are definitely aeronautical players in the economy. >> something to add to that? >> yes. the fundamental thing is that there was a strong partnership between the administration, the government and the private sector, because you do not declare a country being competitive if you don't have a strong ties with and a common vision on the sectors you want to be supportive of. and high training program, standards and norms have been put in place. and all this dynamic value chain has been, has been very proactive from governmental side, but also from private sector. grade jvs. we've majored, such as saffron, or, and integrating in terms of jv, which means that even if the country has a lot of smes, the reason added value to share this experience in terms of a shared added value in the whole value chain. i thank you. >> minister, you gave us a brilliant tour of egypt today, the economy, wher

further behavior from consumers and sme's/ e can talk about the greek conomy?e been very successful in the private markets in the past. my bank and other banks have raised billions in capital. i feel very calm what with the dialogue and the support we have robust base. private markets will be behind us. >> a couple quick questions on the ecb. there's been some talk that the greek government might issue debt to give you guys eligible capital to take it vantage of the teltro. that?re any substance so >> not that i know of. has a capacity of around 3 billion euros in terms of debt. assuming that the country , it will be in the not distant future, we will see credit ratings recover in greece and that will allow us to create more collateral. that will allow us to access these facilities. i do not think the situation in greece is any longer constrained by liquidity conditions among the banks. banks have done a lot to improve their liquidity conditions. they are going to stand behind the great corporate world -- the greek corporate world. it is a question of further c

t more we get sme's to wan credit, how does their confidence get raised?> we have to pump more money -- >> they have to want the money. >> as we saw today with the ecb experiment, the demand has not been that high. finance a demand for from the public and private sector. it is very important that this move from the solely banking and financing of the economy, which has been the greek way for years, towards a more financial market.riented capital which is something we are working on. but we have been doing during those years of the crisis is to put the tools and structures necessary in our financial market, which is not huge. >> housing you get a bigger take up? the u.s. uses the capital markets more effectively than we do in europe. we have a banking channel that is broken. on the whole is trying to mend that. this would have an impact on greece as well. it cannot be a national thing. in -- as the events unfold, we will be into that process. >> why is the government not moving more quickly? it seems that we have this painfully slow clinical -- it seems tha

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ecb in germany, if the abs, thatnches of can help smes in other parts of europe.es of asset-backed securities. spending more broadly. if you are going to do reforms, you will have short falling growth in the near term. you need some sort of stimulus, not just austerity, to withstand the impact of reforms. hold that thought. i want to say goodbye to our viewers in the u.s. "the pulse" is wrapping up. we will continue the press conference live. tom keene is chomping at the bit in the u.s. and a lot of things to talk about. we will see you tomorrow. for our european viewers, stay with us. ♪ >> this is bloomberg "surveillance." >> the president speaks to the nation. the u.s. will attack the islamic state with airstrikes. the goal -- to ultimately destroy the terrorist group. move, yields higher. pound sterling continues its descent. a conversation on your more work, less life balance. good morning, this is bloomberg "surveillance." live from new york. it is wednesday, september 10. i am tom keene, joining the is scarlet fu and adam johnson. adam has our morning brief.

in europe come from smes.reate jobs in europe because that's only 10% of the funding. so that's the big step. actually, they are killing two birds with one stone because they are doing a very large program. it's aimed at credit but it also involved rnbs, residential mortgage backed securities, but they are targeting credit at the same time. so i think it's a very good program and we need to give them the benefit of the doubt to see also the impact of the stress test and see if over the coming months, banks will start lending slightly more on the back of this program. and if demand fcomes back. >> before we let you go, david, i would like to get trading advice from you. you say it's all about the fed and the ecb, so in this environment, what are you buying and selling? >> in the emerging markets, if you look at ultimately the question is, which markets have a strong dollar and rising rates in the u.s.? ideally you want the markets less likely to have rising rates and positive influence on the equities with rate

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>> i believe they did the sme thing with isis with the beheading.i believe twitter shortly thereafter took the video down or suspended the accounts or something. they did take some action regarding that. so at least -- >> tre's precedent. >> but to your point, now they're playing the supreme court. this, you can do. this, you can't do. we're going to allow you to see the beheading. we're not going to allow you to see jennifer lawrence. >> they're taking a more aggressive big brother role than the nsa ever did and the public outcry is against nsa, not against microsoft, google, facebook, twitter, because they're the ones who are truly intruding on the individual rights. >> but don't you think it also comes down to, when we're talking about celebrities, somehow all the public is so interested in -- oh, my gosh -- >> that's what makes them a celebrity. >> exactly. >> that's what makes them a celebrity. >> the point is that's what people are going to be looking at and talking about. and twitter says, we don't want that coming down on us. >> the cases th

business we compete and we focus in terms of the competition.there's sme and there is some competition within organizations but the competition that i felt was really intend and it made meable. very uncomfortable and it maderes me very resentful. so i wrote about it.any reac c-span: you said you have notnot a gotten any reaction from yourb-- oup colleagues?s that i >> guest: now. not the ones that i wrote about.ok atthe but i talked to a few colleaguesed beforehand. i asked them, what do you think?hing because one thing i wanted to make sure that i was not doing was taking cheap shots atto people. and so i wanted to protect myself in case i was doing that and there were a couple of myyo colleagues, whitue and black and i sent a couple before the book came out i said let me know if you think i'm taking cheap shotspinion. here. and let me know what you'rethi. thinking. the and the reaction was mixed. some said no, i think you're being honest.st he others have said, you're beinge honest, but maybe you don't need to name names.think and some others have said it. think it is a cheap shot.hi

i crave a sme that's all i crave. that's where this comes in.tte gum has patented dual-coated technology for great taste. plus nicorette gum gives you intense craving relief. and that helps put my craving in its place. that's why i only choose nicorette. i know what my money is doing. i rebalanced my portfolio on my phone. you know what else i can do on my phone? place trades, get free real time quotes and teleport myself to aruba. i wish. welllllllll, not when your travel rewards card makes it so hard to get a seat using your miles. that's their game. the flights you want are blacked out. or they ask for some ridiculous number of miles. honestly, it's time to switch to the venture card from capital one. with venture, use your miles on any airline, any flight, any time. no blackout dates. and with every purchase, you'll earn unlimited double miles. from now on, no one's taking your seat away. what's in your wallet? from now on, no one's taking your seat away. this one goes out to all you know who you are... you've become deaf to the sound of you

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to realistically expect that to plunge into the sme market in the next 18 months is unrealistic thato to three years it is. something will happen. stock toindustries or put your money in? >> the downgrades have not come from cyclicals. they have come from banks and telecoms and oil. the cyclical members have faded by a fraction less than you expect just from the many-downgrade to gdp that we have had. it is into the cyclicals and exporters. which they change on will shift their rate, cyclicals are about as chief relative to to vince systems -- , what in particular are you thinking? >> the quarter stocks, some of ,he bigger number exporters airbus comes to mind as an example. euroe take up of steel to will want to rebuild your positions. futures higher across the board. an exclusive conversation with petra diamond ceo. >> we could be talking about this, the recent finds the found . and enormous blue diamond sold just shy of $28 million. ♪ ♪ welcome back. let's get you an fx check. 1.875.o buys you the weaker euro has been the theme. we get the result of the first auction of those new

that is boosting the transparency and liquidity in securitization markets, particularly for sme, smallerprise finance. that goes back to the kind of asset purchase program which draghi and the ecb are looking to initiate in early 2015 if not earlier. thisrry quickly, all of really adds up to perhaps more volatility. i think you alluded to it before. classes,l these asset making it very difficult for people to earn money. >> yes indeed. we are in a situation which is quite unusual, where we have divergent monetary policy on two sides of the atlantic. generally, the rhythm of global growth will be pointing the central banks of europe and the united states in the same direction. we do not have that at the moment. we have a fed looking for a window to normalize. we have a urine see -- a european central bank focused on deflation. that really does create a directional trend per euro-dollar in our minds, which is going to be different from what we have seen over the last couple years. there is a one-way trade out there, if you like, based on divergent monetary policy. that is one way to make

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really, really helpful in terms of encouraging high net worth to invest in start-up or any kind of smesis scif or seed investing. that is apart from where it started to raise money, as well. >> can i get your overall take on where we are in the tech market? are we in a bubble? if we have in a bubble, would that be so bad? some of the innovations and the disruptive innovations coming out of it, it's fantastic for consumers. >> you are generally right. we anticipate companies will take seven to ten years to realize their full valuable. whether or not we're in a bubble is sort of to your point, it's only a problem when the bubble burst. in the meantime, you're in a growth stage. i think we're in a start-up for entrepreneurs. that is very good because that is where we're going to get the most aggressive and fastest innovation systems. >> eileen, thank you very much. >>> still to come, a number of uk pharma stocks trading lower after u.s. treasuries clamp down on local tax inversion. which other firms could be affected? details after the break. your customers, our financing. your aspirations

it's going to knock not just the big companies but really the smes that will be stifled by this. so it could be a good thing in 20 years for the scottish identity, but i think most people would agree it's going to be hugely disruptive to the u.k. economy. >> thank you so much for that. and here's something that the scots could be missing out on. designers and fashionistas around the world flocked to london for the fashion week. amidst all the blogging and selfie taking, serious business will get underway. orders worth more than 100 million pounds are placed during london's fashion week each season. >> tanya brown caught up with the top shop brand among many others and began by asking how the expansion into china is coming along. >> we are just getting our time in the water with the start. i think the decision was to start more focused with a smaller company as opposed to the goliaths, test the water to see how we do and we can be close to it. so it's a start and we'll develop china, it's just a measure of how. >> what about new york because you're opening on fifth avenue very soo

texas so operates a laboratory that fou the sme relts. stin for ebola is hi accurate. it's a crt ofbod. what does this an? thnex stepsre basically threefold. fit,to cre for the patient. we'll hearing fr the hospital shortly, to provide the most effective care possible saly as possible t keep to likelihood,he possibilityhat anyone would become infected. send, to maximizethe chances that t patientight recor. second, weentify all people if anyone would become infected and second maximize the chances that the patient might recover. second, we identify all people who may have had contact with the patient while he could have been infectious and remember a bullet does not spread from someone who is not infected. it does not spread from someone who doesn't have a fever and other symptoms so it's only someone who is sick with ebola that can spread the disease. once those contacts are all identified they are all monitored for 21 days after exposure to see if they maximize their chances and to minimize or eliminate the chance that they would infect other people. the bottom line h