he refuses to use the term, radical islamic terrorism. he refuses to use the term. you know you hear the term radical islamic terrorism. he won't say it. he won't say it. and you can't solve a problem if you refuse to talk about what the problem is. >> so again to use the president's own words he refuses to term the term and the question how can you solve the problem if you refuse to say the words. >> i don't think you can. the issue here is partly the specific failure to actually address what went on, to give only the sort of mildest and most even handed condemnation of what happened in charlottesville, but it also fits into a broader pattern with trump if he generally refrained from criticizing people, he was seen as somebody who shied back from engaging in any kind of rhetorical sparring but he's not. in the last week he's been critical of mitch mcconnell, his own senate majority leader. he's been critical of everyone. so it's not as though he lacks the capacity to criticize, to come out and um ambiguously say this is a bad thing and we should be critical of it,

some of the reverses we have seen in terms of domestic policy infar, almost up the ante terms of thingstually be deliverable. the u.s. is not the kind of powerhouse that it once was in terms of commodities. that mental has clearly been taken by china. the u.s. is still important and i think we see the u.s. infrastructure spending will have a meaningful uplifting playing into the positive price story. manus: thank you so much for being with us in a full conference of discussion area surveillance is next. ♪ track your pack. set a curfew, or two. make dinner-time device free. [ music stops ] [ music plays again ] a smarter way to wifi is awesome. introducing xfinity xfi. amazing speed, coverage and control. change the way you wifi. xfinity. the future of awesome. open-ended commitment in about turn from his campaign rhetoric. ireland's prime minister tells us he is confused and puzzled about britain's plans. the world's top miner finally caves in to months of pressure. this is "bloomberg surveillance" and i'm francine lacqua in london. there is a lot to get through and we need to bring you

chart on the a basis of your notes, in terms of what is happening with the bonds.tive spread. and your yield spread. what will be the next catalyst? reforms?, qatar, >> i think we have got a lot of them and the second half of the year is shaping up to be a pretty interesting one for bond investors. as you can see, we saw a bit of a spike on the back of the qatar issue, but generally yields and spreads are pretty low. in my view, risks are rising. we have the volatility in the white house, the fed balance sheet tapering coming in, the geopolitics in the region are still a problem. you talked about turning slowing down in the region. there are a lot of headwinds going into the fall and winter. you've got potential supply coming in. yousef: on the supply, wouldn't it make sense to come to the markets then, sooner rather than later? >> it would. we are in the post ramadan summer lull. we will see a pic of in september. it will not be as -- we will see a pick up in september. it will not be as high as what we saw earlier in the year. it will still be a challenging marke

my perspective, when i look at this region for the long-term, the best case scenario for the long-termok is for out -- while prices to say about $45 to $55 per barrel. that will keep it on track. tracy: the best of both worlds. you pointed to saudi consumers sentiment in a recent report. let me show you this chart. withdrawalsy atm versus oil price. you could argue there is a bit of a correlation there. and terms of the outlook for saudi spending in the face of oil prices, what you think of the latest data? jean-paul: it is not great, to be perfectly honest. it is always guaranteed saudi arabia will be part of posting a full your recession this year. leaving aside the cuts to oil production, if you look at what is happening in the nonoil economy, it does not look great at the moment. you are pointing to atm withdrawals, that is a great indicator. i also look at things like ribbons outflows -- remittance outflows. the nature of these economies, a lot of ex-pats phil -- fill jobs in the nonoil economy. it is an indication of what is happening on the ground. it has slowed down considerabl

he criticized his predecessor for not using the term radical islamic terrorism. let's listen to this and we can talk on the other side. >> radical islamic terrorism. and i'll tell you what, we have a president that refuses to use the term. he refuses to say it. he refuses to use the term radical islamic terrorism. he refuses to use the term. you know, you hear the term radical islamic terrorism. he won't say it. he won't say it. and you can't solve a problem if you refuse to talk about what the problem is. >> and to now use the president of the united states's own words, he refuses to use the term. tough talking on venezuela, on cnn, on the "new york times", on the "washington post". any critics who get in the way this president. then again, when it comes to white nationalists, neo-nazis, the ku klux klan, this president is not being direct. >> this was a hot topic of conversation during the campaign, george. a much larger group surrounds the extremist core. politicians start to notice. this is a president who has benefited from some of that outer ring of extremis

but the eu commission says it will only address the issue once progress had been made on the terms of the withdrawal. we will have reaction to the proposals from westminster and brussels. also this lunchtime... rail fares will go up by 3.6% injanuary — the biggest increase for four years. passenger groups say commuters will be worst—hit. my pay has nowhere kept up with inflation, so more of my salary has just been paying for me just to come to work. the grenfell tower public inquiry will examine issues including the cause of the fire and the actions of kensington and chelsea council. mudslides and floods in sierra leone have killed more than 300 people. thousands more have been forced to flee from their homes. and i'm in amritsa where the people of india are remembering partition 70 years on. and coming up in the sport on bbc news... premier league clubs will vote on closing the summer transfer window before the start of the season. it currently runs until the end of august. good afternoon and welcome to the bbc news at one. the government has confirmed it wants to negotiate a tempora

many are questioning the president's term or use of the term "many sides." is that creating a false equivalent here? does that legitimize this group of hatemongers? >> reporter: it does. when you say all of god's children are sin, that does not shine new light on what most agree is a pressing reality. there are some people in our country, some people in our midst, sometimes even people we know who hold views that are on matters of race, justice and e equality abhorrent to most. >> he used the word bigotry. but he did not call a spade a spade. the people that were there were white nationalists. that is simply the fact. thank you for your time today. >>> still ahead on newsroom, president trump being criticized for his reaction to shattersville. both sides are giving their statements more directly. more on that ahead. you won't see these folks they have businesses to run. they have passions to pursue. how do they avoid trips to the post office? stamps.com mail letters, ship packages, all the services of the post office right on your computer. get a 4 week tria

i think the court should look at the terms of the agreement and probably enforce the terms of the agreementharia compliant is not part of the agreement. here in the uae, it might have been a potential angle. i think in the u.k. they will probably look at it in terms of the overall agreement and obligation. they will look at the agreement. tracy: so the high court isn't going to be issuing any. guest: i wouldn't think so. tracy: some people i had spoken to said they expected dana went -- would attempt to sweep some of this controversy under the rug by maybe offering a suite and restructuring deal. are you surprised that hasn't happened? guest: there's an ongoing negotiation going on. both parties are looking to get an advantage. going from the position of effectively owing a lot of money in profit, they have come up with some arguments as to why things should change or why the restructuring should occur. again, the u.k. court did feel that there was substantial reason to actually hear a full court hearing in september. they had improved their position from these negotiations and discussions.

he refuses to use the term. >> you hear the term radical islamic terrorism. he won't say it.e won't say it. and you can't solve a problem if you refuse to talk about what the problem is. >> so to use the president's own words here he refuses to use the term, derrick. we'll get into the history in a moment but your thoughts on where the president is on this important issue. >> he is refusing to use the terms. >> yeah. words are powerful. when you obsfucate and run away from the emotion you inspire passion. i'm going to say let him gather his thoughts. it's time for rational thinking. we call on the president to come up with a rational statement that will govern this country and bring us back together. these are the moments that make a leader great. we are waiting for that moment. i hope he does come through. >> so far he didn't the president of unity, though. >> you know, he's predicting that right now. but i want to make sure that people understand that while the president is important in this discussion, at the very end of the day, what are you doing in your neighborhood to

i think the court should look at the terms of the agreement and would probably enforce the terms of the. that it is sharia complaint is not part of the agreement. in the uae, it might've been a potential angle, i think of the u.k. they will probably get it -- probably look at it in terms of the overall obligation. tracy: the high court not going to be issuing any fatwas. some people i spoke to said that they thought that dana would try to sweep some of this under the rug by offering a sweetened restructuring deal. you surprised that has not happened? anlid: i guess there is ongoing negotiation going on in both parties looking to get an advantage or to strengthen their position. going from the position of effectively owing a lot of money and profits, they have come up with some arguments as to why things should change or why the restructuring should occur, and again, the u.k. court did feel there was a reason to hear a full court hearing in september. they have improved their position from these negotiations from discussions. we have to see in september with the ultimate outcome is. trac

you have some other bigger issues be on the geopolitical in terms of -- beyond the geopolitical in termsace, and looking to some kind of tax reform. we think there is some more downside here in the meantime, so we would not rush to "by the dip" if we saw it again. not want todo diminish the statement from the president of the united states, because of the platform that statement has been put on. the president of the united states is saying that talking is not the answer. say this iseasy to a trump tweet, but this is saying thatt talking is not the answer. do we need to take this seriously? do, from a geopolitical perspective and what that means for society, for the united states. have dealt with situations like this before in the past. if you were to sell equities during the cuban missile crisis 1980's cold war, you would have missed out on significant performance. my comments are not to suggest we should not have some concerns about this, my comments are to say that if investors are going to allow themselves to get whipsawed and pull out of the market every time they are concerned about

some of those could be heavy, possibly thundery by the middle of the afternoon. in terms and west. 15 to 18 celsius. highest values again, just like today, of 23 in the south—east corner. but that rain will arrive. it will gradually sweep its way steadily eastwards overnight monday into tuesday. not too much significant rainfall across the south—east and then clearing behind to a trail of showers. but tuesday looks reasonably promising. most of the rain will have cleared out of the way through the night. some of the showers again could still be quite heavy and possibly thundery. 16 to 18 celsius in the north, but again we will keep 23 celsius in the south—east corner. a little transient ridge of high pressure tries to build, but not for long before another area of low pressure starts to threaten. but it does look as though on the whole wednesday will be a slightly quieter day before more rain arrives. this week is a little complicated. there will be some sunny spells, some of the showers really quite heavy indeed, and turning just a little bit cooler later. this is the ne

you need to be successful in the short term, yet not lose in the long term. s the balance you need to strike. it is that simple. it is necessary to keep the difference between the short-term aspect and the long-term aspect. you just need to keep the distance very close. because the wider it gets, the more active it is to say hey, this is the performance cap i want now. francine: it was pretty controversial when you went to see vladimir putin a couple years ago. are you ever concerned about being controversial? joe: the intent was not to be controversial. francine: in march 2014, joe kaeser met with vladimir putin at his residence outside moscow. it was days after russia had annexed crimea and just as the west was launching its own showdown. >> together, we have condemned russia's invasion of ukraine and rejected the legitimacy of the crimean referendum. joe: the outcome was complicated, to put it positively. because first of all i didn't , know that president obama and the european leaders at the same time i was meeting the president, i had just had a press co

across the years with brother obady lil in terms of free the land in terms of the republic of new africa and milton henry, all those individuals, the mayor in jackson, mississippi. a continuation. we can cease see this processing going on this cryout for shakur in view of the anti-normalization of the trump administration. whiching away at the obama legacy and of saying something about, hey, bring back this fusionism justice in terms of shakur and the cuban government saying hands off, she's note going anywhere. and then to go back in terms of "black lives matter," should she's absolutely right in terms of criticism of being leveled against them. these three young women who brought this organization into existence and then picked up -- i mean the whole ferguson thing we in other words with the michael brown as well as what is happening with freddie gray in baltimore and has resonated across the country because the continuation of police brutality and then exoneration of and acquittal of officers irvest reminiscent of the discuss i discussed in "black detroit" because we had a series of t

it seemed to be the best step in terms of creating a growth strategy and growing the company long-termtaking a long-term view, but addressing the near-term issues, which is about the disruption created by ditto technology -- by digital technology. manus: bob iger talking about the future of disney. 10:30 u.k. time. we have another major interview for you, sheryl sandberg joins emily chang for an exclusive interview to discuss the social networks in power. this is what you need to know, fire and fury is the message from the president of the united states. the consequence for markets is this. the nikkei is down 1.3%. the south korean market is down by 1.1%, coming off a rally in the msci. , andhat aggressive volatility is nowhere near it was, but markets are lower. this is what you call a protracted sell down. this is bloomberg. ♪ we check our phones 85 times a day. so it only made sense to create a network that keeps up. introducing xfinity mobile. it combines america's largest, most reliable 4g lte with the most wifi hotspots nationwide. saving you money wherever you check your phone.

term. they need a pipeline in the long-term. this does add to that. i mean, the immunotherapy, that is the sweet spot right now for folks. are they behind. when i talk to professionals in the field and i talk to a lot of different folks today, they all said, this is a great deal this is exactly what was expected and their drugs, they feel, they're going to be able to compete, the immunotherapy area, cancer, oncology this is exactly what they needed to attack and they've got a great pipeline that's going to be absolutely a monster. >> and you hold on to gilead on the back of this on this pop, you still hold on to gilead? >> absolutely. absolutely and by the way, when you pay $12 billion, melissa, and you're up 2.5%, i totally disagree with what steve's saying. usually, you would see at least a little bit of a pullback i think this says a lot about exactly what this will be as a combination. >> i don't think you would see a pullback, pete, if you're buying something that you're going out there and you're saying it's tremendously accretive if you've been

we have to differentiate between the shorter term in the longer term. ere isrm, potentially pressure on the dollar as your chart shows. when you enter a period of weakness, it tends to last. in the short term, arguably a lot of optimism has been placed into europe both on the economic recovery side as well as how the ecb could address that and how it may be looking forward to hiking at some point. at the same time, there is not the trumpanymore on administration side, frankly. shorter term, there could be some correction forced with the euro coming in a little bit lower. anna: in terms of the sectors that you are focused on in terms of european stocks. some quite taken by commentary on the bloomberg around the technology sector where investors may love tech may benow, but they thrown by all of the big investments in r&d looking for the next big thing whether it be artificial intelligence, self driving or whatever. a lot of that is costing money. >> that is a key question. the technology sector is a sector that is a focus of hours. broadly speaking. we al

in the shorter-term, you end up with lower cash flow from hedging, but in the longer-term, it is not reddie, we are not quite done with you yet. we will carry on the conversation with freddie lait fedhe radio, on whether the has the ability to go on with many more rate hikes from here. matt: up next, it is our weekly 30 minute "germany decides" show. we will do this every monday between now and the election, which is on september 24. and theexpert guests latest market and political analysis. we are coming up on one of the biggest elections -- well, the election for the most powerful european country. this is bloomberg. ♪ got you outnumbered. the dinosaurs' extinction... don't listen to them. not appropriate. now i'm mashing these potatoes with my stick of butter... why don't you sit over here. find your awesome with the xfinity stream app. included with xfinity tv. more to stream to every screen. matt: welcome to our weekly 30 minute "germany decides" show. i'm matt miller in berlin, alongside guy johnson in london. let's a roundup of the bloomberg german headlines. remember, the camp

and we'll do more of that as we get closer to the mid term elections. i suspect my republican friends will have more interest in the conflict of interest subject. because this administration is replete with those conflicts and frankly, sadly, the president has been singularly insensitive to that topic. >> reporter: the congressman believe that, but jim and shawn, the republican so far have seem to have no appetite at all to getting involved in this trump hotel situation. especially the -- jim and shawn, what's interesting about this, it wasn't all that a long ago that we heard from the federal government on the it was just back in march where a 166 page letter was sent to the trump organization saying they had gone through the lease and determined that the trump organization was in compliance with this lease. so for now, for two government agencies, to now revisit this, reopen this and take another look at it, this is dramatic turn and only about a three-month period of time from when they had said that they looked at it and that everything was fine >> w

if so, what are the implications for rates? in terms the tax system, like what president trump was talking about yesterday, i am not convinced. i think the period since he has become president, it is certainly good reason for being skeptical at this point. out, car forpoint credit on the backside of these numbers. it is also affecting the rest of the french sector as you can see. derek, the u.s. curve underpricing the possibility of the fed being more aggressive? derek: in terms of the near-term debate, it is about whether or not they go in december. on the perspective, the market iran, 30%.ced and the data we had yesterday and the data we get tomorrow, even with inflation softening, we make it evidence of that again today. the most important piece of information during the month of august was in the cpi reports. some of the components as explaining this transitory weakness have actually start to rebound. therefore, the fed are looking like they could be correct in their interpretation of this softness in inflation. cell phone prices, p

the second consecutive session. we saw mixed earnings coming in there. in termsat stocks are watching, sold off after the 9.5% drop after friday, after the ceo decided to skip aside. blue scale falling 22%, the most in six years after the earnings was a miss, but fortescue doing very well on the rebound we found in iron ore rices. we look at it on btv. industriesng china getting to record highs as we see a rebound in the contract. this is important because we are them repay investors because of this rebound you saw and iron ore. , analysts suggest the profit could have rebounded sixfold and there will be a lot of pressure to see whether or not the income has derived from assets including iron ore businesses, will be paid back in terms of hired dividend payments. matt, manus. matt: juliette saly in singapore. a search is underway for 10 american sailors missing off the coast of singapore, disappearing after their worship, the was is is john mccain collided with a patrol in -- the uss john mccain collided with a petroleum tanker. let's go to jason could sake who jo

what we know about the terms of this enquiry? od by three weeks to allow residents, local people and people who lived in the tower who may be traumatised to have a chance to say what these terms of reference will be. we have had those confirmed by downing street today and they will include because and the spread of the fire, how that happened, the design, deconstruction and bb servicemen, critically, as grenfell tower. also how far regulations go when looking at high—rise tower flats, notjust here but across the country and whether these were followed in the case of grenfell tower. the inquiry will also look at the actions of the local authority and other bodies in the run—up to the fire so that will include the tenants management organisation which ran this building. also the response after the fire, that has been criticised looking at london fire brigade, how they responded, whether they have they responded, whether they have the right equipment but also the local government here and the council and gathered and chelsea council

in the longer term, the government has set out two possible options for a future relationship.scribed as a highly streamlined customs arrangement where there is minimal red tape and technology smoothing the way. or a new bespoke customs partnership where there would be no customs border at all between the eu and the uk. the key is not the structures, it is the outcome, which is retaining the best possible arrangements of tariff—free access and avoiding avoiding delays at borders. those are the important principles. that is what we think we need to fight for. not whether we are in reality in the customs union or not. these are, for now, just the uk's proposals, they will have to be negotiated with brussels, and the eu says it won't address a possible transition period or what happens after that until divorce talks have made sufficient progress. discussions start again at the end of the month. 0ur correspondent adam fleming is in brussels for us. what sort of response has there been to what the uk is proposing? what sort of response has there been to the uk's proposals. it has be

but the near-term trajectory is downward pressure. icture on the fed, on markets, work it expectations -- market expectations. we keep theis that line in terms of wage inflation, labor costs, the impact on productivity. what we saw on average hourly earnings was a good story. we are seeing wage inflation stabilizing, and potentially accelerating into the second half of the year would be helpful. we just cannot have inflation falling off a cliff. that will keep the fed able to tell the transitory story and keep december in play. david: you already said you are looking forward to the second half of this year, and you think earnings will go up for corporations. how much of that is tied to inflation and productivity? it.: i think what a bit of the challenge to our view will be if we continue to get cpi readings like that, which you mentioned will be released this friday, which underwhelmed expectations. we are thinking the opposite. as we look through core personal consumption expenditures, the ,omponents that comprise that we are seeing a

the insurgents. he made that very clear. he also, in termsf discussing pakistan but also the larger afghanistan situation, said this is not a blank check. we are not going to be there forever. tracy: coming up, bank of america merrill lynch gives us its outlook for gulf economies and tells us how fiscal reforms across the region could play out. this is bloomberg. ♪ tracy: welcome back to "best of bloomberg markets: middle east." countries across the region are implement and reforms to make up for falling oil revenue. we asked bank of america merrill lynch how much the coming measures could lose era gulf economies -- could boost arab gulf economies. guest: i think this has been a long time coming. there are some very encouraging reforms moving in the right direction. with the fall in oil price and the requirement to diversify the sources of income, we have necessarily seen governments introducing new measures in order to reduce their reliance on oil price, as well as looking at ways of increasing revenues from nonoil sources. a move away from

the direction will be up or down. racy: two very different paths. in termsmarket narrative, almost of time last year after trump won the presidency, we sell the market left onto the narrative he would be the president who brought in infrastructure spending, fiscal stimulus, really boost economic growth. assuming that does not happen, what sort of presidential nares do you think markets will seize on -- presidential narrative do you think markets will seize on? peter: one of continued chaos. this has been a mirage of opportunity, and what you have is a very divided america socially, politically and potentially economically, between the haves and have-nots. rally, and relief that is what i see it as, particularly among republican voters, that is really at risk. either we see some solidity come back into confidence and greater partisanship -- or, reader bipartisanship, or there is a risk this becomes -- risk this starts to unravel in every one of those dimensions. tracy: interesting times indeed. we are living in them. take you for staying up late with us. , pr

we can see elements of that because not only did they own the lands and thereby on the terms by which they would sell the land to somebody wanted to build a building or whatever, e-house, -- a house, they were able to enforce their own ideas about how they wanted the city to look. you very much sense that today on the campus. there is a sturdy brick warehouse that were built under the guidelines that were imposed by the railroad. the builders of the warehouses would meet the cash terms to buy the land in the first place but the railroad's been dictated the design, the construction method of the building themselves. these 35 warehouses are often much the ideaetty of the force to building standards that the railroad had. by the 1930's and into the 40's, the neighborhood began to recede a little bit as the automobile took over and passenger traffic by rail faded away. warehouses still began and in operation but as the port modernized, a lot of the big grocery warehouses and hardware moved out into the industrial port area. the paradigm became almost forgotten anyway, it was still a utili

there will be military acca nomic and political agreements and the long term between the leadership of the northern areas of syria and the u.s. administration now what things need to be put in place in northern syria in order to stabilize and make sure that things on operate smoothly well that's a great question because not all of northern syria is kurdish territory and the kurds have been consistently sold out whether it's by you know the syrian government or by the u.s. and the u.s. is of course infuriated. turkey with what it's done by arming the s.d.f. instead of using turkey and its less effective euphrates shield force in northern syria against isis which is a smart move in my opinion because the turkish forces were actually just ideologically a shade different than isis but with what we have to consider what could happen in places like russia and around there which are sunni majority arab cities where the u.s. is using kurdish forces to essentially take over through hard to extremely hard urban combat which means driving usually driving out the entire population creating massive

we need to define the term. the way that i describe suicide attacks is the type of the person who is strapping themselves to a suicide belt or carrying an explosive device and the button.ushing those are always organized terrorism, there is always an organization behind it. of the dayat the end that there is one individual conducting this but this is organized terrorism, not lone wolf attacks. when we are talking about the rationale, the best news i can give you today that based on my experience in counterterrorism, i am in this field more than 35 years and i can tell you the base of my ex. in diameter generalizing, there will be a rationale actor. are khaki in general living cost and benefit. and choosing the alternative which they believe is more efficient than costly. that is what rational people do, that is what you do, what i do every day, that is what the terrorists are doing but they have a different cost-benefit calculation that we have in the western society and in other places. they have the subjective

the only one listed in two places. yousef: that is what you have done. in termsat's to come, do you have more mandates in the pipeline? can we expect a revival in some of those deals? a lot of government entities are coming to the market. are you going to be part of that story? guest: we look forward to being part of the story. we have always supported ipos in the market. we have a great ability to not just structure ipos and place them, but to underwrite ipos. we see shuaa more involved in that. yousef: how many mandates? guest: between five or six. yousef: let's get to other developments. the first ratings downgrades from the region has come from oman and bahrain taking a hit. joining us for more on this story, the middle east editor. good to see you. another series of downgrades for what has arguably been the vulnerability in the broader gcc. talk to me about the significance of this in a wider context. reporter: there's no doubt that oman and bahrain have always been the weakest links in the gcc economies, along with saudi arabia. saudi arabia is edging highe

we see element of that today because not only to the railroad own the land and the terms by which they would sell the land to somebody who wanted to build a building or whatever, house, but in the days before building codes and zoning they were able to enforce their own ideas about how they wanted the city to look. you very much sensethat today on the campus. these sturdy brick warehouses were all built under the guidelines that were imposed by the railroad. so the builders of the warehouses would meet the cash terms tobuy the land from the railroad in the first place, but the railroad been dictated the design, the construction method of the buildings themselves. all these warehouses and sturdy, fireproof warehouses are all pretty much the idea to force the building standard the railroad had. by the 1930's and then into the 1940's, the neighborhood began to kind of receipt of little bit as the automobile took over and the the port modernized a lot of the big grocery warehouses and hardware, all the goods they came and went, moved out into the industrial port area. the prairie line beca

i think that continues, not just over the short term, but over the long term. e are structural issues around the u.s. and the globe that will drive demand for debt and duration. , to pick up on that point, how has the market been able to observe this without so much as a blank? .raig: it is a seller's market you can come to market and cut deals, the demand for risk remains strong. global markets are a wash in liquidity. there is money that needs to be put to work, that wants to be put to work. the chase for yield is still out there despite warnings. it is about liquidity and demand remaining strong. i would like to add that -- the seen record new use of proceeds has been largely refinancing pushing maturities further out to the future, actually post financial crisis we have not seen a resurgence of the boom we saw before him, so aggressiveness is not that exceptional and triple c issuance was quite light. there is some triple c issuance, but most of it is refinancing. scarlet: things don't look terrible from that perspective. rachel: i have another chart on my s

talk us through the first half in terms of the numbers.ood morning, it has been a pretty good six months. what we have seen is operating profit that is up 11%. eps is up 50%. that is driven by topline results coming down and dropping down. it is -- the product is brought based. lots -- life insurance, that is up 27%, that is helpful. german insurance is up 17%. france and poland and turkey is up. if you look at asia they are up, china factors doubled in sales and we have plenty of cash flow, plenty of capital but also put the dividend up 13%. hopefully investors will like it. anna: a lot of positives to point out. looking at what you have done for the first half of this year, you have done a lot of transformation in the first half, it has been that transformation and getting out the assets you do not want. give us the big picture thinking here, is all of that does -- that done, do you leave the transmission story alone in the second half of the year? the: we certainly are in fixed phase of the business and we have moved to transforming the

in the near-term, medium-term, long-term? tting a proper meal yield, something pretty attractive. what would it take to start to dark in the clouds over it? charles: a big move in interest mark or a big question over global growth. both of those with the potential risks. at the moment, the federal is behaving in a pretty predictable manner, and the rate cycling is very slow and measured. so that does not look particularly likely as long as we do not see inflation out of control. investingon't like hot money, money that will walk out the door at a moments notice. charles: they're obviously are hot money flows in all of these things, but you do not get a chart -- for example, the one you have on indonesian bonds -- where it is hot money. these are people moving thatturally into markets previously perhaps they were not involved in, but they are there for the longer term. flows thathort-term you can describe it hot money, but the underlying trend is very much that this is long-term, real money investment into these economy, and th

it is determining what the terms of the exit are and whether the eu will agree to those terms —— courtto those terms -- court. yes, they are still waiting for the detail, and they? -- aren't they? yes, determining the bill for leaving and that sort of thing, the eu is not saying they need to know that figure exactly but they need an idea of what the figure will be. if they can agree on those, then they can move on. they are not even getting that. with things like the border in northern ireland with ireland, ireland and the eu did not cause it and don't want it. they don't necessarily understand why they should now be having to figure out a way a round it that avoids impacting this very difficult peace process. there is a lot of concern in the foreign office about the potential process. it is so difficult to see how you could maintaina difficult to see how you could maintain a frictionless border how do you square that circle? returning quickly to the mail on sunday, why do you think theresa may is setting her sights on fat cat and their salaries? -- cats. the mail on sunday, they are r

how is the energy market reacting so far in terms of prices? talked about gasoline and also divergence between different oil markets. >> you hit it on the head area because the refineries have been the biggest impact, gasoline prices have shot up. there is a diversions between global and u.s. oil is you the refineries in texas are connected to the wti benchmarking oklahoma through a series of pipelines. them being shut down means there is less demand for that oklahoma oil which is keeping wti depressed relative to the print price in europe that sets the market for what -- most of the world's production so you're saying that gap between wti and brent's been out later than five dollars, the whitest it has been in two years. you're seeing a couple of interesting tangles from these storms shifting global energy flows. manus: thank you my the latest on harvey. news oh andk at the we talk about the impact, this is one of the fastest growing states. to would ask -- to what extent will this storm and hurricane be localized versus a bigger set piece for

two, we have, in fact, engaged in a foreshift in the terms of the amount of military posture we built up in asia as compared to the rest of the world. >> rose: to say what to china.

he refuses to use the term radical islamic terrorism! he refuses to use the term! you know, you hear the term radical islamic terrorism. he won't say it. he won't say it. and you can't solve a problem if you refuse to talk about what the problem is. >> now of course, that is a phrase some would question if that is the phrase that should be used in that case but the president's point is you can't solve something if you don't identify it. there is another word we haven't heard from the president in relation to the mosque bombing in minnesota, the train attack that happened in portland. that is the word terrorism. what are we hearing from this administration specifically about this being a case of domestic terror? have they come down on one side or the other yet? >> no, the administration has not. some of the snords in theenator. but corey gardner did say this is domestic terrorism and let's call it that. you can argue whether this is is terrorism or not but you cannot argue the point of view of the protesters and the people who went there. we have reports that people

economy in the long-term. as has happened in the past, have been extremely shortsighted, focusing on narrow things such as tax cuts and with the kind of combative stance, with the total, absolute lack of support from the democratic side and a gradual, steady, but surely erosion of support from the republicans, it is hard to see how he will pass any tax reform. any part ofnot see this government being able to make moves that are actually good for businesses in the long-term. otherregulation and the dismantling of some of the regulatory apparatus might give a short-term boost, but in the long-term, far more economic andge has been done political risk is higher than it has been historically in the u.s. in a long long time. 350 classmates from the ale class -- he a a class that steve mnuchin should resign from the cabinet.- president's steve mnuchin responded. how reassured argue by the men and women who surround the president at this point? sony: to begin with, what is very clear is that there is a steady exit of

a congressman from maine served in the us house of representatives in the late 1800s. several terms as speaker of house of representatives. was an extremely powerful speaker earning himself the tit title czar reed. many of the rules he instituted as speaker of the house are still instituted today. i especially like congressman bracket for his wit. he was once asked would he attend a funeral of a political rival. he said, no, but i do approve of it. another time he was asked if he thought his party might nominate him for president. the republican party. he said they could certainly do worse and very likely they will. and finally a fellow congressman at one point very pompously stated, well, i'd rather be right than be president. and speaker reed said, while the gentleman needn't worry, he'll never be either. so he had a very asur bik wit. we are in the house chamber. means house consists of 151 members. each member of the house represents about 86 or 8,700 people. the representatives serve two-year terms. and in maine we have term limits. they can serve no more than four consecutive

the campaign trail. she bids for her fourth term. edges.media company -- plunges. ♪ manus: welcome to "bloomberg daybreak: europe." energyue of renewable and writ energy, one of the most valuable companies on the german exchange. that income, 857 million euros. outlook forhe 2017 the company. they don't see the uk's retail during -- generating positive earnings. it is the valuable -- most valuable utility in germany. will it become independent? these are the top lines concerning the 2017 outlook for this year. they don't see the u.k. side of the business to let -- generating a process on the adjusted basis. net income, 857 million euros. that is the press report as we close off a heavy week of reporting and the european equity markets. let's talk about global markets. this is a game of chicken. potentiallyng at the situation developing into this generation's cuban missile crisis. the president of the united states morning the north koreans that if they follow through with a missile threat, they will face something like they never thou

the terminology. they get so stuck on terms that they care about. the left cares about it because they want to demonize anybody that wants to have some control over that. there undocumented that is better. i can think sme that came through the league though immigration system. words matter i don't think they want to open borders. they do at actually run open borders. we have to do something about it. they are changing how they are subscribed. words matter. my thanks to kennedy. a look at how many milestones they are needed. they say it will get you to the next one. sensing your every move and automatically adjusting to help you stay effortlessly comfortable. there. i can even warm these to help you fall asleep faster. does your bed do that? oh. i don't actually talk. though i'm smart enough to. i'm the new sleep number 360 smart bed. let's meet at a sleep number store. ... ... >> all right, stocks that are ready to set even more records. let's see, what have you got? >> visa just consistent grower. it's been going on for years and i think it's going

and how do you play it in the medium-term? his could be entirely coincidental look north korea. you could see a lot of supply in places like europe. the market has got to take down a lot more in the way of corporate bond risk. it could be reacting too bad earnings from certain companies. when you strip away all of this, the key is the credit risk rhenium overtime is going down, not up. anna: but it matters which of those is driving it, but south korea -- manus: it is almost as if last week was a mask in terms of something more subtle and the markets. anna: the other things you mentioned sound more fundamental. >> may become we are in august as well. -- maybe, we are in august as well. investors should use opportunities like that to accumulate more credit. manus: we will break the gdp germany. we are touching on the election fever. the growth will be strong, but the debate is the economic surprise there's have been lackluster in the u.s. -- economic surprises have been lackluster in the united states, versus europe. have we pass

she said she was here for the long term. he bbc at the start of a three day visit to japan — during which she is hoping to ease concerns about brexit and prepare the way for a trade agreement. from there our political correspondent ben wright reports. edi, abedy, abedi, this report contains some flash photography. it‘s theresa may‘s first visit to japan as prime minister. she doesn‘t plan on it being her last. wearing the colours of the country‘s flag, this visit is a reminder that brexit is not just about fractious talks in brussels. it‘s about reassuring long—standing allies and investors beyond the eu. stick with us, her message to japan. but theresa may also revealed her ambition here, and had a message for her critics back home. is it your intention to lead the tory party into the next general election? yes, i‘m here for the long term. and it‘s crucial. what me and my government are about is notjust delivering on brexit. we are delivering a brighter future for the united kingdom. it is the first time theresa may has been

it isjust the changing of the terms. still do the job or pursue this issue, does it really matter. —— big deal. but this is significant, is that? i guess all of these things amount to something. in these things amount to something. in the end, if we have the us government that is still the most powerful government of the world, saying to be honest, climate change is not exist, and we doubled the world —— we don't want to use the word, this could have implications for other countries in the world. it gives other countries the excuse to say the us is saying it, so why should we use the term climate change? it makes it difficult in the global push to reduce emissions and to cut down on emissions and save, what a waste for us to create more sustainable energy? reasonable, other european countries and china have committed to these things. let's look at the bricks and stocks lifting britain's valley to have a £10 trillion. this brings up the inequality in wages, the notion that, according to previous studies, a 10th of adults o