trichet on the state of europe.ears from 1.5% to 2% growth, not as much as you would wish but if you look at per capita we are doing as well as the u.s. if you look at 90% of the population -- in america the growth rate is at the top 10 and we do not have the same income distribution issues. trichet, on lehman one of the great observations interview to interview is that the europe banking system is behind the united states is system. what does european banking need to do to modernize, to catch up with what the giants of the united states are doing? you're absolutely right. there is a domination of the investment banking in new york and the u.s. in particular which is part of the cycle because the crisis was born in wall street. crisis,enter of the which was as grave as the 1929 in the 20th century is born in the u.s.. mind is have to get in there is a big structural difference between the u.s. and europe. in the u.s., at the first of the u.s. economy was made through banks with only 25% of the financing and through

the former ecb president jean-claude trichet took note of how u.s.advantage over their european counterparts. ♪ there is a big domination of the investment bank in europe and banks in the u.s. in particular which is very cyclical. born all, the crisis was -- the epicenter of the crisis, it wasn't as grave as the 29 -- as the 1930's. but what you have to keep in mind is that these are big structural differences between the u.s. and europe. thehe moment in europe financing of the u.s. economy was made through banks with only 25% of the financing, and through markets it was 75%. it was exactly the reverse in europe. 25 for the markets, 75% for the banks. that, of course, is the fed's explanation. the recapitalization of banks in europe was much more costly in asms of percentage of gdp, was the case in the u.s. there are many reasons for those differences. one important reason is the existence of freddie mac and fannie mae, which were mentioned previously on your screen. that explains why a large part of the financing of the u.s. economy comes out of pub

tail.isis has a long former ecb president jean-claude trichet.nation of the investment bank in new york and the u.s. in particular. after all, the crisis was born crisisepicenter of the was as grave as the 29, 1930's -- it is born in the u.s. there is a big structural difference between the u.s. and europe. thehe u.s. at the moment of birth of the crisis, the u.s. economy was made it through banks with only 25% of the final. and through markets, 75%. it was exactly the reverse in europe. thefor the markets, 75% for final for the banks. the recapitalization of banks in europe was much more costly in terms of gdp than it was the case in the united states. there are many reasons for those differences. one reason is the existence of freddie mac and fannie mae. --mentioned it previously fullyxplains why of launched part of the u.s. cmi publices out of institution and to not the central banks. had arse, the europeans lot of hard work to do and a structural reforms have been decided including the single supervision authority with the ultimate decisions

on the european union, the former head of the european central bank has told the bbc. jean—claude trichetk—up was "totally contrary to the new world" of large emerging economies, the likes of china and india — with single currencies and single markets. argentina's economy shrank by 4.2% in the second quarter, its sharpest year—on—year slowdown since 2014. the slump comes amid a damaging drought — and a currency crisis that has prompted the central bank to raise interest rates to 60% and the government to cut spending. argentina has also requested a bailout from the international monetary fund. and now what's trending in the business news this morning. 0n bloomberg, alibaba billionaire jack ma says he can't create one million us jobs after all because of the trade war. 0n cnbc, retail investors in canadian cannabis are ‘buying air,‘ analyst says. on business insider: ‘the market is betting on a bidding war‘. the fight for sky might come down to a rare sealed auction. and don't forget, let us know what you are spotting online. use #bbcthebriefing. that's it for the business briefing this ho

guy: you spoke to trichet very quickly after? josef: yeah, and the head of other banks. the bank of england, as well, because they were a key player in the british market. absolutely. guy: in the conversations you had in and around the chapter 11 filing, you were surprised. you didn't think the u.s. would go this far and step in. any sense of panic in those conversations. what was the tone like? josef: pretty well. the media played an important role by calming down. saying all banks are bankrupt within hours, that has not happened. the programs were announced, and banks were also saying what is really the direct impact of lehman to me and larger impact on the financial system. i think we were all very calm. i have to admit that aig came and that would have added another problem. aig was a very important message. erik: still ahead on this special edition of "bloomberg best," jean-claude trichet and other central bankers share their insight on the aftermath of the financial crisis. next, 2008 was a frightening moment for investors. recollections from the trading war when w

to for a drastic interest rate hike to keep prices from further skyrocketing but turkish president trichet type ad was so far opposed such a move claiming that high interest rates through western europe the country's economic problems intervene while turkish regulators have also decided to ban all the real estate business in foreign currencies all transactions will be handled in the iraq and this is another attempt to support the lira which even after many turks bort with dollars continue to tumble. this man heeded the call of turkish president rich of thai of heir to one who wanted all turks to save the lira by purchasing the currency with dollars us one company install security technology surveillance cameras and alarm systems he does much of his business in dollars and that collected a lot of them. into the pool and i changed two hundred thirty thousand us dollars i changed all of my money. but it hasn't helped the lira much it's still tumbling rapidly things have become too expensive for us money how to his customers he's lost half his revenues but he doesn't plan on giving up instead

julie: that was francine lacqua speaking with jean-claude trichet a. trichet.gest share of workers in 2001 quit their jobs. the strength of the labor market made push wages higher. u.s. real estate funds have about $500 million more than targeted. fun had -- evious chipmakers are falling after all said-- analysts at rbc that demand has [indiscernible] going back now, the lowest about 22 months. this is coming from the demand not through mid-2019, looking like it will stabilize anytime before that. and some supply concerns. new supply coming online. that is pressuring some of the prices. that is leading them to cut western digital to a perform from an outperform. that price targeted to $70 from $95. so much of this depends on revenue and gross margins. it is a cyclical business. we are forecasting half of 1% drop in the next quarter. every few years, you've got this. it will be interesting to see where the pressure in the gross margins as well. r.b.i. analysts believe they can contain it, given the cost measures they have undertaken. the stocks falling in sympat

news line from berlin turkish president trichet to you on wraps up his trip to germany with a visit to the western german city of cologne where he inaugurated a giant mosque opponents and supporters staged drivable demonstrations ahead of his visit to google lines for analysis. an earthquake and tsunami leave hundreds dead in indonesia after a powerful waves barrel into the island of sumatra the officials are warning the final death toll could be much higher we'll get the latest from all correspondent. i'm thank you for joining us turkish president. is wrapping up a controversial state visit to germany the trip was meant to ease tensions between berlin but it's been mobbed by the differences of a human rights a short while ago at one inaugurated a giant mosque in the west a city of cologne in his speech he said it had been a quote very successful visit in a very critical period he also had appointed woods for his post saying germany needed to do more to tackle racism and islamophobia at zero one was welcomed by a large crowd of supporters from germany's to his community they were kept

and i remind of the top stories we're following for you turkish president trichet tave and on wraps upis trip to germany with a visit to the west and to the west of cologne the western city of kanaan where he inaugurated a giant mosque opponents and supporters stage driver demonstrations head of his visit. he's three hundred eighty four people are reported dead in indonesia earthquake triggered a tsunami on the island. officials one death toll could rise. significantly as rescue us from bill to reach the stricken region. you're watching the news more at the top of the hour thank you for. the law. going about a contentious feature at home. in germany. gorbachev is one of the great.

turkey's president trichet type everyone has warned that the entire world stands to pay the price of an assault on syria's it live province writing in the us newspaper the wall street journal he said all members of the international community must understand their responsibilities he also warned that the consequences of inaction are immense tens of thousands of people have fled into libya syria and russian forces prepared to take the rebels final stronghold those staying behind are making improvised gas masks and shelters are going to see years that the assad government could deploy chemical weapons. well many of the people fleeing the offensive in it lead have been heading north towards the border with turkey correspondent daniel hessler visited a refugee camp there where he met a boy who was orphaned when a barrel bomb hit his home in the city of hama. he's only fourteen but omar hussain alo already knows what suffering is three years ago he fled to this refugee camp in northern italy disabled traumatised and off and here he found safety he now sells food and drinks from this tent

turkish president trichet go on has wrapped up a controversial state visit to germany the trip was meant to ease tensions between berlin and ankara but it was marred by their differences of a human rights it was final stop was in the western city of cologne where he inaugurated a mosque he was welcomed by a large crowd of supporters from germany's turkish community they were kept apart from critics of the president who staged a protest on the banks of the river right. hundreds of people gathered to catch a glimpse of the man they call their president match up type ads. many had waited for hours like butter elena and still are all born and raised in cologne and only here in their power. point we just want to welcome him and show him we stand behind him and he always has our support. look at all the people here even though we live outside turkey we really love him. but many people did not welcome at a once visit. critics of the turkish president were also itin force across cologne largely a mixture of left wing activists and kurdish groups. you have to get rid of all my intention isn't to

but through it only something that i believe every good man being deep down once and when you keep trichet and you keep pushing at the end of the day all such as marrying and respecting your courage in a dedication and finally they will buy into it and will be called this enough to understand why you are standing for your cause in the hole in your. i have to keep on. focusing on what we are fighting for and not who we have by what we are fighting for is our belief a pretty divided believe of the fundamental rights fend of went on freedoms and also to protect the people who do not have a voice so to stay focused all the time we are attacked and especially as women and i have an american passport i was educated in the west i was married to an american man who passed away so all of that is against us again so this to this revolutionary so we have learned i have learned to delete and i say to people all the time did it delete what they want to use to make you lose focus you say my focus is here with me in my head in my heart in the struggle of my people you can call be anything you want but on

turkish president trichet one is in the western german city own.

to kish president trichet air the wind is in the west in german city of cologne where opponents and supporters staged rival demonstrations ahead of his planned opening of a giant new mosque we'll go live for analysis.

naturally but through it only something that i believe every man being deep down once and when you keep trichet when you keep pushing ideas of the devil such as marrying and respecting your courage in a dedication and finally they will buy into it and will be convinced enough to understand why you are standing for your cause and also linger. i have to keep on. focusing on what we are fighting for and not who we have by what we are fighting for is a pretty divided believe of the fundamental rights fend of went on freedoms and also to protect the people who do not have a voice so it stays focused all the time we are attacked and especially as women and i have an american passport i was educated in the west i was married to an american man who passed away so all of that is against us again so this to this revolutionary so we have learnt i have learnt to deal and i say to people all the time do you need to delete what they want to use to make you lose focus you say my focus is here with me in my head in my heart in the struggle of my people you can call be anything you want but one thing one thing

from the current seventeen percent could keep prices from further skyrocketing the turkish president trichet type add on continues to oppose a further rate hike claiming it would worsen the country's economic problems now turkish regulators have decided to ban all real estate business and foreign currency all transactions will be handled in the new iraq. apple has unveiled its latest smartphone lineup with customary funfair in cupertino california the company says the i phone ten s. and its biggest sibling the i phone ten s. macs are the fastest i phones ever liquid proof and they have the most secure facial authentication technology ever in a smartphone apple is counting on hans and profits for the i phone ten s macs with the company's biggest phone display so far it also highlighted new health features for its next generation apple watch including one allowing users to take their own and make sure canio graham. this is due to be a new century is a reminder of the top stories we're following for you. the catholic church in germany says it is distressed and ashamed by the findings of a new r

important is that we do tend in the west in germany in liberal circles to demonize the turkish president trichet time. and find all sorts of reasons to prove that he's a dust pots and a dictator and if there are very many good reasons for coming to that kind of assessment on the refugee issue it is i would like to say it's not just opportunism that's why i cautiously earlier used the word hosting that turkey has proved to have sort of also as a charitable instinct says proved willing to take in so many refugees and also give them sort of near access to hope even when the syrian the horror of the syrian war were to come to an end so it's very very important but it's also as it were it's not just a bargaining chip or a mechanism that one can use to blackmail anglo-american blackmail the germans to something just a little bit more humane going on there to get along with the humanity there are very cold political calculations as well right across the border is a primarily turkey i think area that ankara is making a geographical play for there's no doubt about it it's militarily occupied right now an

up next, we speak to a former ecb president jean-claude trichet. might be next in line for his old job. this is bloomberg. ♪ comcast business built the nation's largest gig-speed network. then went beyond. beyond chasing down network problems. to knowing when and where there's an issue. beyond network complexity. to a zero-touch, one-box world. optimizing performance and budget. beyond having questions. to getting answers. "activecore, how's my network?" "all sites are green." all of which helps you do more than your customers thought possible. comcast business. beyond fast. nejra: economics, finance, politics. this is "bloomberg surveillance." let's check in on what is coming across the bloomberg universe. hisdent trump lauded accomplishments. the audience laughed at him. the defeat ofom, angela merkel's caucus leader was a surprise and blow to her authority. it took the depth of longing for change after almost 13 years of crisis management. our most read stories, and third-place, dunkin' donuts is operating -- opting for a shorter name. goldman p

naturally but through it only something that i believe every man being deep down once and when you keep trichet when you keep pushing ideas of the devil such as marrying and respecting your courage in a dedication and finally they will buy into it and will be convinced enough to understand why you are standing for your cause and also linger. i have to keep on. focusing on what we are fighting for and not who we have what we have fighting for is a pretty divided believe of the fundamental rights fend of went on freedoms and also to protect the people who do not have a voice so it stays focused all the time we are attacked and especially as women and i have an american passport i was educated in the west i was married to an american man who passed away so all of that is against us again so this to this revolutionary so we have learnt i have learnt to deal and i say to people all the time did it delete what they want to use to make you lose focus you say my focus is here with me in my head in my heart in the struggle of my people you can call be anything you want but one thing one thing you can no

naturally got through it only something that i believe every man being deep down once and when you keep trichet when you keep pushing i do you know but it was such as marrying and respecting your courage in the dedication and finally they'll buy into it and will be called nice enough to understand why you are standing for your cause and also linger. i have to keep on. focusing on what we are fighting for and not who we have by what we are fighting for is a pretty divided believe of the fundamental rights fend of went on freedoms and also to protect the people who do not have a voice so it stays focused all the time we are attacked and especially as women and i have an american passport i was educated in the west i was married to an american man who passed away so all of that is against us again so this to this revolutionary so we have learnt i have learnt to deal and i say to people all the time do you need to delete what they want to use to make you lose focus you say my focus is here with me in my head in my heart in the struggle of my people you can call be anything you want but one thing on

we talked to trichet who is very concerned.esbank and the bank of england as well at the time because they were a key player in the british market. so absolutely. >> in terms of that leakage that you describe, and the preparation that you put in what did the counterparty risks look like? >> you also have to look at it an exposure to certain counterparts, but they have exposure to you. weat --pretty sure did a lot of funding before hand in order to be well prepared. to keep yours try market risk under control. i had started in 2007 and i was fully convinced this is not just something that will last for three months and then disappear. imbalances things, on the debt level and imbalances in the real estate market normally last much longer to find equilibrium. buyers, and of course i knew that an expected that as an economist. to reduce our risk in 2007. i was also chairman of the global banks and insurance companies. i warmed that we had to get ready to change the system we were operating. nejra: that was the former deutsche bank

tom: you heard there this week from jean-claude trichet.have to send someone to america. sent jean-yves fillion will. . he commanded the bnp paribas flagship in america. we are thrilled to have you here. much to talk about in the hour. what was the lesson you learned from lehman brothers? jean-yves: it is a pleasure to be here. not allt lesson was crises are predictable. world got caught by surprise even though signals were there. the second dimension we learned was i do not think we had assessed the inter-conductivity -- interconnectivity between countries in the world. they are interconnected. believe the world today is so different than 10 years ago. the banking industry specifically, is more capitalize, more liquid. i think the steps here in the united states have provided improvements as well as all the work having been done around resolution planning. i am saying it is a different governance. tom: set this up for american audiences. france, with a huge european platform, but a early vision to asia as well. lehman was opportunistic and

jean—claude trichet tells bbc radio five live that leaving the european union will have a bigger impactubject to rival bids from fox and the us conglomerate comcast. it‘s not all doom and gloom on the high street — the hot summer and a recovery in incomes have boosted uk hello. news of major retailers going under seems commonplace these days. take french connection, for example. the fashion retailer said this morning that it had more than doubled its losses and sales continue to decline. but could the worst be over for our beleagured retailers? it is only one month‘s data. but today‘s release from the office for national statistics makes for interesting reading. rather than another squeeze on retail, the sector actually grew in august. yes, we still spent relatively less on food, fuel and clothing, but we did spend more on household goods. and those stronger than expected retail sales numbers have helped boost the value of the pound. the question is, will it last? to answer that question is sophie willmott, senior retail analyst, at globaldata. is this a one off or is this a turning poi