. >>> well, the managing director of teneo intelligence is with us this morning. good to see you this morning. i was speaking to somebody last week who was saying how everybody's referencing 2016 as having been a tough year, you know, on the business front, on investment fronts, glad to be done with 2016, good riddance 2016. and he was saying, you haven't seen anything yet. 2017 is going to be miserable. we have to get through a ton of various elections in europe. we have everything coming home to roost. we have new transition in the states. we have transition in europe. we've got more details that will be emerging with regards to brexit. he was just saying, wait and see, 2017 will be worse than 2016. do you think it will be from the political standpoint? >> i think it's finding to be a fairly busy political front. i think there's going to be a huge amount of noise because of electoral cycle in europe starting in march in the netherlands and going until the end of the year with germany in september. but, on the other way around, we don't see major risk coming out

wolfango piccoli of teneo intelligence and madhur jha of standard chartered. stay with "surveillance." sunday coming up, including, as rex tillerson is emerging as president-elect donald trump's favorite for secretary of state, how policy is shaping up the white house. plus, paolo gentiloni and political risk. and as the oil market catches up with the first global market cuts deal in 15 years, our exclusive interview with the russian oil minister, plus we speak live to the petroleum minister of nigeria. this is bloomberg. ♪ francine: this is "bloomberg surveillance." let's get straight to the bloomberg business flash. has agreed to buy pioneer global asset management from unicredit. they will pay about 3.5 billion euros in cash. the purchase of pioneer will make the french company the world's eighth largest asset manager. phillips has agreed to sell a majority stake in its licensing component to apollo management. the deal values the business at $2 million. today's agreement comes after an earlier sale fell through due to u.s. opposition on national security c