would you stay in the eu? that is a hypothetical question and i never wanted the british people have to answer that question. that's what i said we should have renegotiation and then a referendum. if you're asking about my view -- >> i have not asked you that question. what i'm trying to do is elicit from you whether the decision it -- on whether we should vote yes or no in this referendum is based on what you have delivered in this renegotiation. mr. cameron: i think some people will say whatever you negotiated i would want to stay. i think other people will say no matter what i renegotiated they want to leave. some people will say -- >> i'm asking what you would say. mr. cameron: i will be voting to stay in a reformed european union based on the choice in front of us. >> back to where we were, we are in a current eu. the one we have got now. do you think we should vote to stay in that? mr. cameron: status of the question of front of us. >> that's the question i asked. mr. cameron: i don't know where you are g

the eu as it's going to be or leaving. i think the renegotiation was successful in achieve some fundamental goals. clear that on all , it madelegal advice it absolutely clear if we leave for those proposals. is you want saying us to stay in the european union, but at the same time you're presenting voters with a decision on the 23rd of june based on a false perspective. --is not the reversible. irreversible. you cannot predict, prime minister, whether or not there will be any decisions following that agreement that are not part of eu law. you cannot saying they will be a change in government. you cannot say they will not be outcomes of the reform referendum. mr. cameron: i got the attorney general of the united kingdom suggesting the agreement does not have legal force is not correct. it has affected a point at which the european unit in -- union notifies united kingdom who wanted to stay. of the legal analysis it says the renegotiation package is based on an international agreement which is binding in international law. it

should leave the eu. -- this means that if the u.k. were to leave, it would take 10 years to have some kind of trade deal. carolyn: there isn't a false choice here between being in the eu and being global. a lot of companies are baffled by the idea that you can either be facing europe or facing international. consumers million that you can trade with with absolutely no barriers enables you to be far more successful, globally. we have 55 trade deals internationally. i think he was making an important point about the fact that the world is increasingly trading in regional blocs. of there being their five to 10 years of uncertainty is backed up in a lot of portents now. i think he is saying things we heard in other places. norman: i think it's understandable why president obama took the position he did. the u.s. is negotiating several deals as simultaneously, and it always has negotiated several deals simultaneously. deliberately we were put in the back end of the queue was not right, and president obama will be in office when it happened

in the eu policy process. s commissioner when the issue of the euro or not was pu were to tryt one and convince the u.k. to join the europe. a completelyt is different story. what i said to my then-british if you start a, " proactiv crusade in europe by asking these single market to be really taken seriously with the same instruments of enforcement has,competition policy quick enforcement rather than taking three or four years for infringement procedure, finally to be able to remove an obstacle created by members state for a make tworket, if you to have aonditions more open and competitive brought single market including general,al services in you would put in great difficulty, france. in some difficulty, local germany. not berlin, but the land closer. but you would have an enthusiastic reading of lines from northern europe, from central and eastern europe, and parts of southern europe, and you would be the winner of this transformation of the european union, exactly like the brits would like it to see. " this

on the day we leave the eu we become the largest export market for the eu. with however many jobs depend on trade with the uk. so i mean there is no contradiction, no conflict of interest. it would be a very good deal for the eu. we are told by the remain can't that the eu nations are friends. do want to keep us close. they want to look after us. they want us to prosper. but if you lead or destroy, i don't think that's what they are saying. i don't think there's a single eu nation to which is -- who wishes as the. once we are out, once we can actually have the right to negotiate our own ideals, which most people are unaware we are not even able to do at the moment, once we can negotiate our own ideals, there's actually no reason, given how close we are in terms of regulation, in terms of the relationships that already exist, there's absolutely no reason why the eu would not want to trade with us. >> 's what do you think we should do in the event we do have -- >> a number of practical things you have to do first of all. there would be no need to immediately re

british-led eu mission. >> the core debate of what the eu will look like in 2040. once the direction of travel on defense and security, is it there for people to see? thathat is your position it is starting to stop the development of an eu defense identity. that 450rting to mean million europeans and about 25 million americans. that is something we should be assisting in tracing that identity in the defense output. more importantly isidore said travel in the euro zone countries -- is the travel in the eurozone countries, those interests are going to be so close and our interests will be so different that it is inevitable even with their protection you security in the renegotiation which is quite specific that they will be focusing about their interests. and the direction of travel and european union will inevitably the -- be away from the direction of united kingdom unless we're outside the eurozone. >> please hurry. >> if you arrive late for dinner with your mate, you will find they have decided we were going and there's nothing you can do. you can only decide whet

in rejecting their ambition to join the eu. was notcorrect, erdogan an autumn on autocratic want to autocrat wannabe that he is today. part of the explanation is as simple as that. host: we are talking about whether erdogan is a friend of germany's. whether he should be. whether we should be engaging in the refugee deal. what you make of that analysis? deger: i agree. turkey, when you look at and the eu, the reform process started in 1999, there was a consensus between different groups and ideologies. goal. was a common you had less dispute. erdogan came into power in that time. they all agreed on the common goals. it was a huge mistake by merkel, i guess, when we look at that time now. i don't think erdogan forgives her. we know he feels betrayed. he is disappointed and doesn't trust merkel. we can see that merkel knows it because of the statement she made lately. words, deepes some discussions based on confidence. words,u elaborate on the that means there is a lack of confidence. she is trying to explain she is open to discuss

i couldn't have done that outside the eu. elivering sanctions which have been far more effective because 28 countries are implementing them, not just the u.k. and at the same time, we maintain that crucial unity between europe and the u.s. in the face of russian aggression. on iran, again, it was britain that pushed hardest for the implementation of an eu oil embargo against that country. and it was the embargo which helped bring iran to the negotiating table and ultimately led to the u.n. sanctions that led to iran abandoning its ambition to build a nuclear weapon. who led those negotiations? it was the eu with britain playing a central role. and on ebola, it was britain that used a european council to push leaders into massively increasing europe's financial contribution to tackling the disease in west africa, there by helping to contain and deal with what was a major public health emergency. if britain left the eu, we would lose that tool. the german chancellor would be there. the french president, the italian prime ministe

the eu as it's going to be or leaving. renegotiation was successful in achieve some fundamental goals. clear that on all , it madelegal advice it absolutely clear if we leave for those proposals. is you want saying us to stay in the european union, but at the same time you're presenting voters with a decision on the 23rd of june based on a false perspective. --is not the reversible. irreversible. you cannot predict, prime minister, whether or not there will be any decisions following that agreement that are not part of eu law. you cannot saying they will be a change in government. you cannot say they will not be outcomes of the reform referendum. mr. cameron: i got the attorney general of the united kingdom suggesting the agreement does not have legal force is not correct. it has affected a point at which the european unit in -- union notifies united kingdom who wanted to stay. of the legal analysis it says the renegotiation package is based on an international agreement which is binding in international law. it is irrevers

in scottland is supporting remaining in the eu. i know one person who is not and there were reports in the sun newspaper today that's going to be an s&p group. i think it's important that public opinion is reflected in the scottish parliament, but i have enormous faith in the people of scottland and the people of the united kingdom. i consider the biggest decision in the lifetime by vote to go remain in the united kingdom. i trusted them with that decision. i would have respected that decision. i trust and respect the people of the united kingdom to make this choice. >> so my point being is do you not agree that there are elected members of the conservative party who are well advised on this issue? >> i think a large number of people vote today remain in the eu but a large number of people would have voted to leave the eu. it's quite right that their views are reflected in parliament and we said it's not for mp's to decide, it's not for the prime minister, it's not for me, the people of the united kingdom will decide and then respec

we benefit greatly from being a part of the eu. benefit from the trade agreements the eu has built around the world because lloyds is a very global business. helps uspart of the eu keep the business. it also helps us access parts of the world. it is very important to us. francine: as a company, can i insure myself against the brexit? you can probably hear the master of ceremonies trying to call us in. have you deal with low interest rates? >> in two ways. they can hurt the deals within our own portfolios. we have a lot of new capital coming in, and investing in insurance. we have a lot of competition. gs from thetwo thin low interest rate environment. underwriting though, that is key to what we do. we have to major that we get the pricing right. for is our biggest focus within the lloyd's market. >> i will hand it back to you. they are all waiting for her. we have to let her go. guy: the master of ceremonies, you can't ignore him. it is city week. richard jones is with us now. china is interesting. the fed stuff is interesting as we

that is way below the eu average of 7.3 deaths. social workers help heroin addicts on the street. >> we try to have a good relationship with all of them so they can say the truth to us. >> is there anyone there? reporter: soria and andrea exchange new syringes for old ones. in 2014, the figure dropped to 4%. >> do you want more? l >> yes and i've got more here. reporter: the state doesn't force the addicts to come off drugs. but if they want to get clean, they can receive help anytime. dan: one of the things that i loved about living in london in the 1990's was the club scene. today, things are very different. many of the clubs i remember have closed it down. that is partly because of rising rents. but also because young people in britain just seem to be going tonight labs -- nightclubs -- going to nightclubs less. the financial pressures are greater. they. would rather spend more time on the careers rather than on the dance floor. that doesn't mean people are not going out. instead, they are making useful contacts. a members club i

new poll says half of europeans believe that a british decision to leave the eu could spark a domino effect. the survey says that roughly the same proportion believe their own countries should hold a referendum on the eu. the decision on whether to stay in the union is june 23. in paris with talks on the conflict in syria or he will meet with the french foreign minister and representatives from other countries, plus the eu. tomorrow, he is due to meet with the german foreign minister in 74before heading -- at least people were injured as flames ripped through a hotel and nearby buildings in downtown cairo. officials say it took six hours to put out the fire, which adjacentpread to three buildings, including a warehouse. the cause of the blaze is under investigation. wall street is giving a financial boost to hillary clinton. in march, secretary clinton

to remain in the eu. a referendum is due at the end of june. his opponents have argued that the country would be better off financially outside the european union. let's bring in someone with a unique perspective on the so-called brexit debate. thanks for being with us. you are well known, of course, for your novel some of talking it who lives in paris. as of tomorrow, catch up on the european adventures as well, taking up a job at the eu in your latest book. then you tell us what you make of the eu referendum debate so far? >> "debate" is a very flattering word, from what i've seen. in the british press, going back to the u.k., it seems to be a slinging match. one side says something dryly economic and the others i just contradicted and they're just shouting at each other and ignoring each other. it is not a political debate at all. no one is coming out with hard economic arguments. it is basically emotional, all down to fear or panic. your book, as i said, about another brit living in europe. you did some work experience yourself at the europ

and the uk is a significant net contributor to the eu. w do you respond to the argument if the uk leaves the eu, then the government would -- about how it was spent? >> well, the uk government would prioritize the same spending as the eu does collectively in areas like agriculture and fisheries, which may not be the case. in de indeed, that speculated on last night at the food and drink event. there's also an element that a lot of research funding in other areas is match funding. so you wouldn't get that same double effect. and also there's a sense that this is something that scotland benefited from in the past. that the collective european budget identified the areas that needed development. the steel areas, the islands, south wales, liverpool, so on. there was an element of redistribution in that. i make no apologies for that. you know, anybody who thinks that they spend all their cancel tax, income tax and get nothing back from it would think the same about the eu contribution, but i think it was the cbi who put figure of something like

they'll decide whether to stay or leave the eu. he answered questions on how this would impact the trade relations with europe and jobs. >> order, order. thank you very much for coming. prime minister, i'm very glad your changed your mind. >> always pleased to see you. i do value the opportunity, particularly on this subject, i think we all do, bearing in mind we have the referendum coming. i would like to begin by quoting what you said in the chatham house speech as an opening question. you said if we can't reach an agreement, that's the agreement you have negotiated, with britain's concerns met with a deaf ear, we will have to think again about whether this european union is right for us. is the current eu with the -- without the renegotiating package right for us, without the renegotiated package? >> that's not the choice we have. that was the choice i was determined to avoid. i thought that would have been a bad choice, if i said we would rather stay in the organization that has failings we need to address or leave all together

what we do when we come out of the eu is drop those tariffs imposed by the eu. a price drop. people all able to buy goods more cheaply. it also triggers a competitive game. eu exporters now have to compete eu exporters. we've done this. we've argued the case. i think the overall problem is that the world is very uncertain. oecd, have the imf, the all flattering you, i think people are in danger of being up the of being taken garden path. they think there are all these authoritative people saying the loss is going to be x%. frankly, this is all speculation. bookies are pretty firm that the eu is going to stay in. what do you think the economic story is going to look like if we remain in? give me a sense what you think the economy is going to do. , they arethe bookies very bad forecasters of political results. they are not so good at football either. sincet would look like, i we probably are in a bit of a slowdown at the moment. some of that may be brexit-related. there's a chance of recovery if we vote to stay in. i think there are other factors making for slowdow

but the eu is very confident.t believes brussels is so desperate for turkey's cooperation that human rights will not be a stumbling block to this deal. >> a lot of people say europe is selling out and turning a blind eye to -- blind eye to those human rights abuses. how is that seen in turkey and does the eu at this point, the cousin needs the migration deal badly, not have any other options? dorian: that certainly is a feeling of the government. that all point to the fact that the situation has markedly deteriorated. they had a brutal crackdown against kurdish rebels against the southeast, which is seen many towns and cities centers effectively leveled. there has been a seizure of newspapers critical of the government, and they say the european union is now rewarding turkey. they have said engagement rather than criticism is the way forward, but detractors point out that since the process has started the situation has only gotten worse instead of better. >> how about turkey's domestic situation? how is this being

tell the people in scotland of uk shape the eu and the global position on climate change. tell them how eu membership makes scott safer because we can opt into the european a west -- arrest warrant and share police force across europe and tell them how it has magnified our diplomatic reach globally. brought i rented negotiating table over the nuclear program, and enabled piracy in the indian ocean that was a fearsome menace to be weakened in all sorts. >> i think we need the chancellor to give that dyer of positiveness. >> we rarely see it. >> in the uk does leave the eu, there will be significant changes to the powers of the scottish parliament. as it is a policy controlled by the eu within the agriculture, to name a few. have you learned how brexit would affect scotland demolition settlement? >> we haven't made, as has been indicated, on a number of occasions, a contingency plan for brexit because that is not the uk government's position to the uk government position is to argue scotland, and the rest of britain remain in the eu. obviously, the point you may do so is evid

drba follows the eu in training expectations. callsngyang, kim jong-un the first congress of the ruling party since the 1980's. bloomberg is there, live. welcome to "the pulse" live from bloomberg's european headquarters in london. i'm francine lacqua. today is all about the u.s. jobs data and whether it can give us an indication of what janet yellen may or may not do in june. this is a picture for the msci index. down 0.2%. we are down on the week, the biggest weekly loss since february. yen rising a touch ahead of that key american jobs data. haven,u look at yen as a we've seen it increased this week. let's get the bloomberg first word news with nejra cehic. nejra: the aussie dollar has dropped and bond yields have fallen to a record after the rba reduced its outlook for core inflation. the quarterly statement sees underlying inflation of 1% to 2% this year. disinflation will be a key challenge for incoming rba who willphillip lowe, succeed glenn stevens in september. u.k. voters have given their first verdict on jeremy corbyn's

you know, on the day that we leave the eu, we become the largest export mark for the eu. you know, with however many jobs depend on trade with the uk. so, i mean, there is no continue diction. no conflict of interest. we're told by the camp that the eu nations are our friends. they want to keep us close. they want to look after us. they want us to prosper. i don't think that's what they're saying. i don't think there's a single eu nation that wishes us ill, and once we're out, once we can actually have the right to negotiate our own trade deals, which most people are unaware that we're not even able to do at the moment, but once we can negotiate our own trade deals, there's absolutely no reason, given how close we are in terms of regulation, in terms of the relationships already exist, there's absolutely no reason in the world why the eu would not want to trade with us. >> so what do you think we should do in the event we do have a -- >> a number of technical things you have to do, first of all. there would be certainly no need to immediately revoke our membership of the e

this group feels more connected to the united kingdom than to the eu. e right-wing populist ukip party and labour have joined forces to call on scottish voters to leave the european union. but it's not always easy to convince people on the street. >> what's going to evolve from this stage to the next? have you got a set agenda, and a plan or a structure or an identity to bring forward?" >> there's a lot of mystery with the future of the european union. no-one can predict the future, they can plan for it, for everything. but i don't think the current situation in the european union is what was expected 10 years ago. for example, britain has looked after itself and has been a democracy for hundreds of years. >> harking back to the past, if the future is unpredictable? there are lots of ifs and buts at the moment. if the united kingdom leaves the eu, will scotland really leave the united kingdom? alan voted in favor of scottish independence two years ago. he still wants it today, and he also definitely wants scotland to remain part of the eu. should the uk

the eu commission is set to lay out his policy that wt energy. unlike some individual member states such as germany. instead, the commission plans to replace most existing nuclear reactors to ensure a stable nuclear generation capacity over the coming decades read the answer is subject to a ruvell by the eu -- to approval by the eu parliament. they are the so-called small modular reactors. the ideas for eu countries to collaborate on development of these mini-reactors that are more flexible and easier to build. the reality is that nuclear reactors are -- can be they will continue to operate with errors. those near the german boarder were repeatedly found to have defects. the oldest reactor is over 40 years old and is that to continue operating until 2025. belgium is dependent on the year energy which accounts for more than 47% of its electricity production. at the end of last year, a total of 128 nuclear reactors were operational across the eu. france opepe 58 reactors which generates reporters of its electricity. germany, justt eight reactors ae

earnings are rising due to strong momentum in the eu. hold rating on valuation grounds before today. earlier today, the world biggest steel company was up for a fourth consecutive day. it was on a four-day advance of 60%. some of those games have come off because today it is down by 1.4%. i want to show you the mouthful that is the bloomberg correlation weighted currency index for sterling because this is the best performing major currency this week. it is up by .9% and rising for the fourth week versus its main developed market peers. ,his is on the bcw i function the longest running since july when it fell to the lowest levels of april 2014. it has rebounded 4% since. you witharding statistics. all you need to know is that we are seeing a rebound in the pound because of improving polling for the remainde camp. shery: you mentioned fed chair janet yellen speaking at harvard university later today. that is what i'm looking at because she is receiving a medal for having a transformative impact on society. she will be talking about herself

to the merger that the eu was going to go against it. at would be have been dynamite for the brexit campaign. some short, though, i think it's definitely the right decision where the markets have had fewer supply. hutchinson would challenge the ruling would take place after the eu referendum. that potentially opens the way for a different decision. >> dave, good to have you with us. dave millett, director of equinox business consulting. >>> moving on, and syngenta saying it still expects the chemchina deal to end. and at the request of lawmakers seeking photo clearance on requests of the deal on security. >>> and taylor wimpey trading on top. the home builder is now promising to pay out 1.3 billion pounds over the next three years this as taylor wimpey raises targets since 2013 following a boost in uk demand for property. >>> premier foods says it plans to streamline operations after seeing it rise by 1% in the first quarter. the maker of gravy, i haven't made gravy for ages, the second shareholder, they've expressed disappointment that t

to stay in the eu. we are to bring you that live. in the meantime, as mark just mentioned, cbs earnings blue plastic dust blew past wall street estimates and climbed more than 40%. the super bowl and grammy awards played a large part. even ignoring football, ad sales were up 12%. david weston his here joined by ceo les moonves. david: welcome to bloomberg. glad to have you today, . we have seen advertising market cycle up and down. is there something more fundamental going on? s: a lot of money potentially move to digital and suddenly people are realizing that not all digital is that great and that there is a lot a false viewing on digital. i think a lot of money has returned to television. network television is showing that it's doing better than basic cable networks. we are seeing a return right now to the broadcast. there's no better bang for your but. it is helped by the big events like the super bowl and the grammys. the underlying growth without them was 12%. numbers fromk at facebook and they seem to be grown from the sky. les:

to leave the eu? >> i think we should listen to all the business voices, particularly those in manufacturing, so many of whom say we're better off in a reformed european union. we get an enormous amount of investment, particularly from japanese motor industries. i'll be welcoming the japanese prime minister here to the u.k. tomorrow, where i'm sure this will be on the agenda. >> closed question, dr. julian lewis. >> number 12, mr. speaker. >> prime minister. >> nato is the cornerstone of britain's defense, but our place in the eu is a vital part of protecting our national security. i would argue it helps in two ways. first, by ensuring that issues are settled by dialogue and second, helping to provide assistance in particular circumstances. for example, the balkans. >> dr. julian lewis. >> entirely agree with the prime minister's remarks about nato, but does he accept that whilst dictatorships often attack democracies or other dictatorships, democracies seldom, if ever, go to war with each other. if a

he is ultimately blackmailing the eu. ng millions of poor refugees into the waters of the agm. he has had the money we going to see thousands drowned in the waters of the aegean sea. him there'sn to going to be a massive backlash. in the constituencies. otherwise china is going to collapse under the weight of it. aboveld be talking about and beyond the visa waiver. turkey's accession to this is kaput. >> what message does angela merkel need to send to the turkish people to make them understand the risks they are taking. the turks need to understand that there is for them in the eu. democraticve a more and more modern society that develops much faster than right now. but to do so we must really ways thate asiatic seems to be what is advocated by oregon. transgressions against the dissidents and journalists in opposition to stop. it needs to raise its game in terms of democratic reforms. the eu should not compromise on any of those grounds. engaged a keep turkey constructive view of the annexation. thank you so much for join

the eu does not want to do that. both want to recognize the professional degrees that have been earned by citizens on one side of the atlantic or the other so they can work across the atlantic. there seems to be some agreement on that, but again it's a difficult area. sarah: ok, gary -- guest: i could name others, but that is a big list. sarah: gary, thank you, we appreciate it. turning to other news -- a plan to restore syria's crumpling cease-fire according to the u.s. secretary of state john kerry, who has been negotiating with the syrian envoy and the saudi foreign minister in geneva. he says there is a progress to ending the violence in the city of aleppo, but more work needs to be done. the situation in aleppo is complicated. kurdish forces, shiite hezbollah militants, and the him nusra front are trying to take over the city. civilians are caught between shifting battlelines. the u.n. has says the -- has said that there can be no progress on that there are tangible benefits on the ground for the syrian people. h

it could threaten the eu's very existence. oph: before they decide to stay in or leave, they went to the polls and national in regional and local elections today. if this election can be seen as a litmus test ahead of the referendum. >> the party exists because they want britain to you -- to leave the european union. if they do very well today throughout the country, that sends out a strong signal for their major project which is brexit. if they do poorly today, it sends a signal that probably people do not care as much about leaving the european union as most of them thought. christoph: people that tesla have their foot on the gas, or rather the electric throttle. the automobile maker wants to increase its output to half a million cars a year, that would be faster than expected and five times as many as 15. erlon musk recently unveiled a new electric car. >> the tesla is a big hit with the rich and famous. elon musk's company has made a huge impact. now he wants the new model three to make new inroads into the mainstream. >> i

the eu commission has made a counter proposal for the eu-u.s.de court that would be the estate entity. can greenpeace live with that? >> we don't see it as a compromise. we see it as a cosmetic attempt to get ttip down the road. it would also create a justice court in parallel to the already existing, democratically legitimized system. we don't need that between two very developed groups of states. if you do an investment in a country that has a bad government -- developing countries still have corruption -- i understand that investors want to have an assurance, some kind of possibility to make lawsuits against the government. but this is not necessary between the u.s. and europe. we have a perfectly developed system of justice. we don't need private arbitrators to do the job. forng no possibility ordinary people and ordinary courts to claim that position. host: there has been u.s. suggestions to sideline the issue and go with a leaner version of ttip consensus where it can be found. you say you don't want ttip -lite. why not? >> because today t

vote to exit the eu, life will go on as it did before. tremendous amount of conjecture about what may happen. that is destabilizing. even if the u.k. votes to stay in, if it is a close call, there could be some element of uncertainty with the matters. if the u.k. leaves, that would be an adverse scenario. there is risk that creates tensions in europe that will this destroy it. ♪ ♪ ramy: you are watching "bloomberg best." i am ramy inocencio. in less than 60 days, great britain will hold a referendum on whether to remain in the european union, the so-called brexit. recent polls show a close contest. many voters are still undecided. on friday we had politicians and influential business leaders together for a debate on the implications of brexit. mario: so many bad things happen within the eurozone that no one, no one can speak of the euro crisis. we have lived through very difficult, and i can testify to this financial crisis within many members of the eurozone. but the euro has been unimaginably strong since the very beginning, and sometime

he has to be faced down by the eu. n the conservative party heal the words that are been wounds thatworms -- have been inflicted? liam: passions will be united in the referendum. i agree that we need to accept that we will stick are the result whatever it is, and how easy or difficult it is for us to come together is largely dependent on how respectful we are for our respectful views. people are -- people have strong views on both sides of this and no one has the answers. a little bit of taking down the temperature, being respectful and courteous will not do any harm. , therehave to remember will be a 24th of june, not just a 23rd. mark: thank you both for joining pulse." on "the breaking news coming out of turkey. announcementsme on the cabinet. simsek isintment of the big take away, that there have been a number of headlines crossing the terminal, but that is the big announcement that sim thend has been reappointed dollar -- reappointed. , the lira is down rising on that news. up next, fueling discontent. we will get

i don't even like answering it, but if i would get out of the eu. i u see what happened with the great migration destroying europe and eu had a lot to do with that.

remaining in the eu. we will see how obama's words and merkel's words affects the referendum coming up. you can find much more on the bloomberg terminal. mr. ambassador, thank you very much. john b. emerson, the u.s. ambassador to germany. up next, credit suisse shares are up despite posting a second straight loss as the bank deepens cuts. we will hear from the ceo, who has been speaking to our very own francine lacqua. the best day for the stock in a month. ♪ guy: 44 minutes into the equity market session. let's talk about what's going on. here's the bloomberg business flash with shery ahn. lower this morning after a cut in profits, to a minimum of 1.4 billion euros. that's compared with previous guidance of 1.6 billion to 1.9 billion. germany's largest steel maker also adjusted earnings before interest and taxes. earlier20% from a year to 326 million euros. that beat analyst estimates of $295.6 million. the cfo told us how this deal glut is impacting the industry. >> clearly, we need to see some price in

that's when britons go to the polls to vote on this eu referendum on it. ina de santos went to a factory floor to find out why. >> reporter: assembled in britain by a german country and destined for trains all over the world, these signal boxes are the embodiment of what the eu neens business. unferted access to the largest single trading anywhere in the planet. >> the first thing we have simply access to a huge market. the biggest in the world, 500 million people. that helps our business here in the uk. the second is, we ought to have influence from the uk, through the european union, to make sure that the standards and the regulation that is set for our manufacturing here suits us and works for us. and the third is really, really crucial. and that issue is that we want to participate in european-wide research programs that help us set what future industries are going to be. >> reporter: with 14,000 staff across 13 factories like these, this is one of the largest global firms operating inside of the uk. when it comes to this news on europe, turns out it's

the eu is succeeding in rescuing refugees on the high seas.group suffered a major blow. the iranian backed organization says a senior commander has been killed. of thein charge hezbollah military operations in syria. according to a lebanese report he was killed by an israeli airstrike. this may be one of china's biggest online leaks. personal information on dozens of chinese communist business leaks onave been twitter. among them is jack ma. global news, 24-hours a day, powered by our 2400 journalists, in 150 news bureaus around the world. i am nejra cehic. equities, bonds, currencies, commodities, up negative eight. yields, we will talk about that. 1.73. back over to the next screen, the vix showing a little bit of tension. 15.12. the german two-year, getting to negative lows. zero point 51 with curve flattening in the united states. a big deal to go from 102 to 97 point five. a lower 10-year yield. deal.ne: that is a huge this is the picture from the european markets. the area growth is revised down slightly despite strength we saw in german

market is not a single in japan is not a single market, but they trade with the eu. utely nothing to fear for the british peopleon june 23. guy: thank you very much indeed. up next, the expectations are expected to improve in may for germany. ♪ guy: what are we expecting to hear from him? matt: first of all, i would love to know what their forecasts are for inflation and for economic growth. we have seen some conflicting numbers here in the eu, and strong numbers for germany and guy: we looking forward to what he has to say. speaking of independent, he told me to ask about the tancio ifd to ask cons they have a contingency plan for the uk leaving the eu. there. will wrap it up matt miller, looking forward to that interview out of frankfurt. richard jones will be joining me on bloomberg radio very shortly. ♪ >> the china credit -- the top analyst for the country will need a debt a in the trillions of dollars. in an interview, morgan stanley james gorman tells us why he is still bullish. >> the second largest economy in the world. it is going at 6.9%. it is going at a r

[inaudible] businesses i believe the eu. >> i listened all the business voices particularly those in manufacturing, so many who say we're better off in a reformed european union. we get an enormous amount of investment particularly from japanese motor industry. i will be welcoming the japanese prime minister to more were i'm sure this will be on the agenda. >> doctor julian mr. lewis. >> number 12 mr. speaker. >> nato is the cornerstone of britain's defense but our britain's defense but are placed into you in my view, is the lower part of protecting our national security. i would argue it helps in two ways. first by ensuring the issues are so by dialogue and seconded to feith assistance in particular circumstances for example, the balkans. >> i entirely agree about nato because he accept that whilst the curatorships off an attack democracies or other dictatorships, democracy seldom if ever go to war with each other. if the name of the eu is we're constantly told to prevent conflict between its own members as in world war i and to come is it not heading in precisely the wrong directio

you stay in the eu or if we live. e leave we expect the bank to cut them very quickly towards zero. francine: how much softness are we seeing in the u.k. economy at the moment? we had some pmi figures. we had a great chart made up for you. , if youook at pmi's look at services, it is that little bit softer. how do you model brexit? >> in the short-term the way we look at it is a big rise in uncertainty. we can correlate uncertainty with gdp growth. there is a clear correlation -- that is how we look at the short-term impact. in the event of brexit, the u.k. is more likely not to enter a session within two years. in the longer term or look at things like trade and migration and flows. in the long-term we expect by the year 2030 that the u.k. gdp smaller what it would be if the u.k. has stayed in the eu. very similar to what the treasury has published. francine: then give me a sense of -- again, what are the implications of brexit -- it seems that for the moment all of this uncertainty has been played out on pounds. will

the bank of england vows before the eu referendum. w will the threat of a brexit play into a rate decision? mitsubishi motors confirms it is asnegotiations with nissan, the efficiency scandal terms of the page. set to receive a 50 million euro payoff to end the deal with chelsea, six years earlier. ♪ a very warm welcome to the program. i am anna and words. just facets :00 year in the u.k. will join us in dubai. the french banking group reporting their numbers, q1 profit at 227 million euros against the estimate of 220 million euros. that number beating estimates on the next level, large customer unit net profit coming in at 163 million euros. cole reportingi that trading revenue fell at the bank began a reorganization to streamline the capital structure. the cost of a rebound, that is also of interest. remember this european banking sector the largest having struggled this year, at record low interest rates, freezing income. and turbulent financial markets deterred clients from trading, listing, and other matters. that is something the

and the current eu and the hypothetical is what it would look like after the negotiationd so i am asking you a real question and not a hypothetical, were the current conditions in tu so unsatisfactory that you would leave? >> well, it is a hypothetical, because it begins with the word f. if you have not got a reno ga goschation, then it is a hypothetical question, so that is why i said that we want a renegotiation and then a referendum, and if you are ask canning me about my view over the years in unreformed state, have apsed that clear ly. >> i have not asked you that, but nice again answering it. what i am trying to elicit from you is whether the decision on whether we should vote yes or mo in this referendum is based on what you have delivered in this rene goe renegotiation. >> well, i can answer that, because some people will say that whatever he negotiated, i would want to stay. i think that other people would say, whatever i have renegotiated would want to the leave. some people would say, and i have known many of them -- >> no, i am asking what you would say. >> i

julian lewis. >> our place in the eu is vital to protecting our national security. d argue that nato helps in two ways, ensuring that -- for example, the balkans. >> dr. julian lewis. >> i entirely agree about nato, but does he expect that -- except that whilst dictatorship attacks democracy, and other dictatorships, democracies seldom, if ever, goes to war with each other. we are constantly told to prevent conflict among its own members, as in world war i and to -- ii. is it not heading imprecisely the wrong direction by trying to create an unelected body which is unaccountable to nobody. david cameron: i would make a couple of points in response. i don't think we should forget that some of the countries in the european union, until very recently, weren't democracies, but were a form of dictatorship. the second point i would make is those members have had to put in place other democratic norms to help them on their way. the final point i would make is we've had an unparalleled. -- period of peace and prosperity in europe. my argument would be that with you want to a

vote to the eu? asn in iphone the companies which is gear and puts millions of dollars into the uber rival, didi. a third day of losses on the stoxx 600. if we are going to be checking in, let's look at the tech industry group. let' l -- let's see how we are opening at the moment. we have a decline of .5% with the stoxx 600. but dax is up by more than one percentage point. by .3%.40 is down >> i have got the different industry groups on the stoxx 600 on the imap. it looks like commodity producers and materials are down .4%, they are the biggest losers, but we are seeing losses pretty much across the board. energy stocks are also down .7%, not a surprise given the oil price is slipping today, especially the u.s. crude falling from that six month high. let's look at some individual stocks. here what we have is the quarterly loss widening. this is a french building and telecom conglomerate. this will affect this year 's operating profit. we will see how this is reacting to this widening quarterly loss. 1

in the balkans and yugoslavia, but the eu made a complete mess of it -- vanity.divinity he said thisca. they made such a hatch of it america had to come in and clear up the mess that was left by europe. i just want to pick up on this point about economic shock. just linking it to this point about young people, i could not agree more. i have three under 30 and i know what they think and what they care about. confidentnstinctively about the future within the european union. it is not just jobs. this is a generation that went through the financial crash, saw this out of university and school, and are we really going to do it again? are we really going to inflict another downturn, another short-term recession for this unproven trade deal that we have no idea what they might look like? so i think these are two very important and very connected things. francine: we are running out of time, so i will ask you all 10 seconds, come the referendum, what people should be thinking about in the booth? nigel: what people should be thinking about is what the european union is about? the european uni