u.s. or europe that it was making sense to create a new program for their employees. >> once you convinced likes of bp, that was it. >> that is exactly right. went to see you have business leaders -- once you have business leaders, ge for the u.s., we were able to have the key customers. step, many others joined. >> was her first venture? -- what was your first venture, and what was the key takeaway? >> when you come from a large have many people that you work with. suddenly with a startup, you push a button and nothing happens. [laughter] >> you have to move it yourself. >> but what would i do differently? i might do it with more capital because we started small. >> $100,000. >> $100,000, around 20 people. it took a while. the concept was the right one not have the resources to sell as much as we should or could. all, overo do it again i would start with more resources. if it had to be today, the ies need to be ablee abl to jump in with a great deal of firepower. quite the opposite. the early days of the start of, attracted extraordinary talent who has stayed with the company to this day.

u.s. or europe where there are large centers and the the patients can are refer and can travel, because its not as much of an issue, it is does not translate here, because it is so difficult and strenuous to travel. >> and so the heights, and you know, the high points will be a lot. >> what dr. rai is doing is so amazing is because he has developed comprehensive cleft care for the entire country n a country with challenging settings like nepal where the geography is a major hurdle to overcome. >> it will be easy operation. >> i think that we have carried out more than 25,000 free surgeries for the poor patients. of course, the number of actual number of surgeries is more patients who pay and i am not counting them, but the patients who have been treated free of cost must be around 25,000 altogether, and not just cleft or the post issues, but other plastic surgical problems. e fact that we have been able to take care of the poor patients and the fact that the service has been continued for a long time, and i have not only walked like this for the last 17 or 18 years to have this service, it

u.s. or europe, that it was making sense to create a new program for their employees.linda: but once you convinced the like of bp, that was it. arnaud: that is exactly right. once you have business leaders -- for the u.k., ge for the u.s. -- we were able to have their key customers demonstrating best practice. and, step-by-step, many others joined. haslinda: it was your first venture as an entrepreneur, a startup. what was the key takeaway? if you could do things differently, looking back more than 30 years, what would you have done? arnaud: the first thing is when you come from a large business, and i was managing the u.s. subsidiary of my group, you have many people that you work with. suddenly, with a startup, you push a button, nothing happens. [laughter] haslinda: you have to move it yourself. arnaud: it was very perturbing. but what would i do differently? i think i might do it with more capital, because we started small. haslinda: you started with $100,000. arnaud: we started with $100,000. with a team of around 20 people. for theok a while concept -- the concep

u.s. or europe.need to do more there, but there is some informal collection system going on across a wide range of waste. what we need to create is the circular economy, value for that. we did this in mexico, for example. it was less than 10% of the plastic was recycled 10 years ago. now it is 60%. how? the informal economy was collecting the waist, but there was no market for it. we invested in factories to recycle that come and we used that in our bottles. i think there is a model there for china and other parts of the world on how to create value. david: you put out a bold strategic vision called total beverage company that includes things beyond coca-cola and diet coke. these five categories, what is driving that? is that to get away from sugar drinks? james: we are following the consumer. when you look at what is happening around the world, as the world is urbanizing and people have more disposable income, they are spending more money on a range of things, including beverages. so what is importa

u.s. or europe police also raided several digital currency exchanges on suspicion of tax evasion japan is one china against carrying out military provocations in the east china sea it's accusing chinese naval vessels of sailing close to disputed islands while the philippines accuses beijing of building up disputed islands in the south china sea adrian brown explains. well once more china and japan are pointing fingers at one another over these disputed islands in the east china sea they are tiny clusters of rock claimed by china but administered by japan on thursday japan said the china sent a warship and a submarine very close to these islands china says what was happening was this it was tracking a japanese warship and submarine it is a reminder that this area remains a flashpoint another flashpoint of course is the south china sea and the philippines says it's going to be protesting to china over what it says is clear evidence of the continued military buildup in this area in particularly on an island called fiery cross reef now china is making no secret of the fact that it's been buil

u.s. or europe. however, we think that the output gap is further improving under labor market conditions and are tightening. while consumer prices are likely 2%, thease by deflationary mindset and change has been more tenacious than expected. therefore, the bank of japan will continue to support japan's economy and prices by pursuing persistenceing with under quantitative monetary easing. risks in theious short to medium term. but from my perspective, they are mostly external, including some geopolitical risks. >> can i follow up on one question because it is an issue that you face and mark carney doesn't. you have an economy that is growing significantly above trade for quite and extended period. that unemployment at 2.7%, which is clearly very low and falling. and you announced when you became governor, not you, the government and the bank of japan together, that you would hit the inflation target of 2%. most people would say, if the economy was like this, you would have gotten their. re. so why ha

u.s. or europe, here is the price? >> one of the things we say in the article is that we need to expand our communication. we need to have a more robust dialogue, not just on strategic stability, which is on strategic weapons, but also on what we unacceptable in our democracy, our institutions, and telegraph very ca clearly that this is unacceptable and there will be consequences. that dialogue -- right now, it is very thin, and it needs to be expanded. mr. biden: we should be very clear about it and just not compare buttons in public. you know? i'm serious. this is about communicating specifically. specific actions we are willing to take relative to their interests. if in thought they continue the behavior they have. that is not something you're going to -- the president should call out and call a press conference and say what is going to happen. it should be made very clear to russia and russian authorities what this means. i think it should be initially in private. and then in fact if it continues to occur, pull the

u.s. or europe is not possible. you cannot really move the supplies.t is not doable to move it back. in georgia and atlanta we opened our street factory. the supply chain is unrealistic. byncine: we saw an interview you saying, i hope europe can get its act together. what frustrates you? >> i think europe has been in restructure mode since 2008, getting the eu to do what it needs to do to create a competitive, strong region in that is focused on education that has not been achieved. i think it is immensely important that your become strong as one market and not as sum of many markets. francine: do you think you'll be impacted by brexit? >> there is no doubt that brexit will impact the economy. i hope we will have a soft brexit. i think we belong together. eu.de or outside of the francine: that was kasper rorsted, the coo of adidas. back to you in london. we have great, fantastic interviews. fivee speaking to four or heads of state in the next bubble days. guy: plenty of great guests from davos. francine, thank you so much indeed. let's talk about some

u.s. or europe please also raided several digital currency exchanges on suspicion of tax evasion u.s. retail giant wal-mart has announced it is laying off thousands of workers just hours after giving staff a minimum wage increase the world's biggest retailer said it would start paying its u.s. employees at least eleven dollars an hour starting next month to give some workers a one off cash bonus but that it later said it will close dozens of at sam's clubs wholesale wholesale shops where the loss of thousands of jobs japan has summoned the chinese ambassador in tokyo to protest the presence of one of its warships sailing their disputed islands in the south china sea do countries lay claim to the islands known in japan as the set of who and how you in china adrian brown has more . well once more china and japan a pointing fingers at one another over these disputed islands in the east china sea they are tiny clusters of rock claimed by china but administered by japan on thursday japan said the china sent a warship and a submarine very close to these islands china says what was happening

u.s. or europe place also rated several digital currency exchanges on suspicion of tax evasion british prime minister theresa may has announced plans to eliminate avoidable plastic waste in the u.k. within twenty five years billions of tons of plastics enter the oceans every year and some take hundreds of years to biodegrade correspondent margaret philip supports from the waste collection center in the west of england this is the cost of consumer culture we don't like to think about the waste we make but we are responsible for it this blog to the west of england process is hundreds of tonnes every day the paper the gloss above all the plastic we throw away and as the british prime minister says it's the planet that pays in years to come i think people will be shocked at how today we allow so much plastic to be produced needlessly this plastic is ingested by dozens of species of marine animals and over one hundred species of sea birds causing immense suffering to individual creatures and degrading vital habitats. the prime minister says she wants to eliminate all of voidable plastic waste by

u.s. or europe or anyone else. there are reasons in each of the markets. if you look at the u.s.duction of tax rates has been a big booster for equities. context, a big boost for equities is formalization of the national savings. large amounts of money going in for domestics. there, it is flows creating -- it is a big tunnel of money coming in into a small type of stocks. in terms of exuberance, my view is while it is structurally better, i would be cautious on the small and mid-cap sector. they have the risk of eating a little bubbly. speaking to our very own husband arlen. time this hasrst happened since december, 2014. the dollar index fell just below the 90 handle. first time since that time. more coming up on indian banks. we will be hearing from our interview with state bank of india chairman. are popularcooters in many parts of asia but the combustion engines just add to the smog. a taiwanese company hoping to clear the air. this is bloomberg. ♪ ♪ o♪ we are back and this is bloomberg markets. haidi: taiwan is leading the charge to clean up the streets of asia with electric

u.s. or europe, tighter monetary policy in u.s. so this weakness on the dollar was a favorable thing that this cycle's going to continue for far longer. >> at the same time we talked to a lot of strategists here on the set and a lot of them seemed to be liking europe at this time. at one point does a weak dollar and strong euro provide a headwind for what seems to be the consensus trade right now? >> i mean that's already been happening, right so euro is the mackerel performer. so where does good economic news flow to, which in europe you're definitely seeing. it's growing at about 2.5% in a trend growth rate economy of about 1% so it's really doing well from a fundamental perspective but it's underperforming because they got parked in a stronger eurowhi, wc is a headwind. so euro strength is a bad thing for european equities. that said, unless you have a strong view on the dollar and where it's going next month, i'm not sure you want to vote against it either. >> when you look at the united states, the saving grace is you have tax

it is miniscule compared to what is happening in the you ko europe or the u.s. -- in the u.k., europeey are very cautious about doing something themselves for digital currencies. i don't think the hack last week will do anything to assuage their concerns about digital currencies the future. the government regulates the means of exchange for digital currencies, that did not stop things like this happening. on one hand, the boj will watch what happens other places but i don't think it will be leading the charge on introducing new technologies. betty: all right, thank you. our japan-korea economy editor. , back here in the u.s. and the nafta talks in canada, they have taken a step forward with agreements on measures aimed at preventing corruption, but there is still concern negotiations could drag on for months and maybe until next year. international economics and policy correspondent mike mckee has been in montreal all week. on friday, there was talk of optimism, is that still the case for the weekend? authorities say they think so but they can't quite be sure. ,t has been a week of pr

data fromd robust various locations, whether it's the u.s., china, or europe.ll of that underpinning the strength we are seeing in these risk assets at the moment. we have the dow jones futures in their. -- in there. despite the snow perhaps. the jobs data it will be crucial, the two numbers we are watching, not a great start for the year for the dollar. prices put in the nymex to show they were pretty stable after what we have seen via record run of gains in commodity markets. around that $62 a barrel. animal spirit in these markets, certainly a theme. manus: a couple of big things. rises.asking for 3% wage , the relationship is broken. we'll talk more about that between inflation and the job market, but the animal spirits you refer to is the dow market. the pace, the velocity of the market. this is the global risk on, risk off. it is the risk sentiment rising to the highest level since 2015 and the quid pro quo is that you have the dow above 25,000. it's the pace of those moves. it has 18 components, six of them are equity, two of them are currency, two of th

u.s. or in europe as you can see as i scroll down that list well as always we'd love to hear your thoughts on this and other stories we're covering on the news grid today i am getting some comments on the turkey story in fact saying whatever turkey is doing is not cold war it's actually an operation against what he's describing as terrorist groups so a lot of interest in this story do keep your comments coming in to us so we're on twitter at a.j. english we're also on facebook at facebook dot com slash a.j. newsgroup you can also send us a what's up the numbers right there it's plus one seven four five one four nine and just use the hash tag a.j. news grid. now egypt's president on before the house a say has officially filed his papers to run in the presidential election in march the news comes off several other potential candidates have withdrawn or they've been barred from running again facey mohamed jungle reports. president of the fatah has sisi officially launched his bid for a second term in office after announcing his candidacy last week submitting registration documents for his ree

about the battle for germany in the battle for europe who controls germany and europe is it going to be the russians or the u.s. hopefully nobody hopefully europe will be its own master but at the moment europe is still very much. under the american wing and i think that the long term effect will also be to see people like schroeder don't forget schroeder who is anti the war in iraq etc coming more and more to the fore and convincing the most important sectors of the german economy and even the french economy after that because of the franco german axis that being so hostile toward russia is simply going to weaken their own economies because russia is a very strong independent economy so long term if this policy goes on and i'm not sure it will depend what trump does or whether he he he proved to be more stable goes on then it will it will strengthen russia that's all i don't see it helping the the u.s. military industrial complex by the way one very important final point is another excuse for these for these sanctions of course is the. alleged meddling in the us elections i've never seen such hypocrisy from t

u.s. or europe or in japan have far less room to cut interest rates when that next recession comes and that surely will happen at some point. to me the question really is what to do about this new reality and again i'm going to talk a little bit about price level targeting. so what i -- i want to just get people to maybe not be quite so afraid of price level targeting. it sounds radical. it sounds very different. really it's a very modest difference from historically what we think of as inflation targeting. instead of thinking about the central bank trying to get inflation back to 2%, once the -- over the next few years, you're really thinking about trying to keep the price level growing 2% a year. it's not a radical shift in framework or objectives. it's really a matter of defining what we think about in terms of price stability. i think an important reason is really in the context of the issue of the very low neutral rate. let's just do what i think of as the unpleasant a ririthmetic ard inflation targeting. in good times half the time we'll be above 2%. half the time we'll be below 2%. t

u.s. administration says or western europe, they absolutely do, because the people do.he people look to it. they look to it for moral support. so, i think putting people on notice to say, listen, the world is watching you has a huge effect. >> is there a risk, that if the americans and this administration embrace these protests too much, that it kind of feeds the narrative that you're hearing from senior leaders in iran that are starting to say this is western-driven? >> yes. >> foreign enemies are using this opportunity, and so in doing so, you kind of get the nation to coalesce around the leadership. country and against the protesters? >> well, the u.s. has to walk a fine line. there are decades of mistrust between the u.s. and iran, the leader. the more president trump conducts diplomacy by tweets is putting sort of fuel to the fire. and it plays into the narrative in iran that, you know, the u.s. is against us. they want to overthrow of this government, like they've been behind overthrowing other governments. >> right. >> so, i think you have to walk a fine line. ha

deal there has been work quietly happening behind the scenes of you know why or what are europe's options really if the u.s. does terminate its obligations under the nuclear agreement there are some thoughts put in place organizations like myself and i said you are levi's works we've been looking at different types of mechanisms whereby europe can have a contingency plan and that would really be based on giving iran an economic package together with russia and china the other six parties to this nuclear agreement whereby there can be some sort of economic benefit given to iran absent the united states not for that to work the heart of this debate will really fall on whether the european governments can forcefully and effectively ring fence and protect their companies from the informal foresman of u.s. secondary sanctions and that's where the debate is going to fall ok well just to throw back to iran for a moment what does tehran think of that contingency plan is that a discussion that's going on in government circles right now. well you know of as regards to iran tehran has you know stress that it would no

u.s. growth is strong. trade will still be pretty good. tom: what are you characterizing in terms of moves for greater protectionism, whether that is in the u.s., europe, or is the potential impact? wang: i think the trade protectionism is on the rise. the administration's very focused on the issue. likely to rise. the global economy is on the recovery trend. the benefit of a better global growth is going to be outweighing that protectionism. tom: we are getting money supply data out in the next few days. credit, you are testing to pick up by the 2018, 13%. that is the ubs call. there is crediting compton to the system. is it about where credit is going? is it going to be targeted toward the private sector versus the state sector? is that the policymaker's drive now? wang: indeed, that is one of their goals. it's a pump credit into areas that are more needed and less axis capacity sector. also, it is who delivers that credit, right? with the duly averaging -- deleveraging campaign, they are tightening on channels and more through the normal channels as well. we are expecting 13% growth. it is a slowdown compared to the last couple of years. it is a contin

or the u.s. market, or even the european market. revita-lift in the u.s. market and europetting rid of wrinkles. julia: it is a plumper. jim: it is a plumper, but the way chinese skin ages, it tends to plump up as women age. instead, they are looking for flexibility and the ability to get rid of discolorations, but the name stays the same. you discover this when you grow skin and then test it and see how it reacts versus skin they have already been growing for europeans for years. carol: what is interesting is the skin they are developing, they are also creating another market where they are selling it to other cosmetics companies to do their own testing. james: they are donating it to academic researchers, but selling it to other cosmetics companies. so this is -- it is a double business for them. julia: the other challenge is the chinese demand products be tested on animals. carol: the body shop is one that does not want to do that. julia: their brand is based on that. jim: this is the possibility of allowing companies like bert's bees, who currently don't sell directly i

europe is looking at this and you've got these two camps now we stick with the us. just you know a green beret or we realize we can't rely on the u.s. anymore because the trial which came was going to be stronger now after these two speeches. i mean europe is again in the position that it can't really choose either or we have this very strong dependencies on the u.s. and i think this speech somehow made people believe well you know finally maybe you know if he comes around he will be a good president but the the the fear that what he says in the state of the union has very little to do with reality it's still there and if you look at the facts for example he he threatened the t.v. will do something about not about north korea if they cross a certain line it's something where he has to live or it's not a good thing but if he if he makes this announcement a halt accountable for his actions and. i very much believe that people look at this speech quite closely and the reaction and analysis what does it really mean in reality will it come in the next few weeks months where you know we see what will happen in the u.s. your thirty second

u.s. china and europe and we're thin in recent months with donald trump the u.s. for follow not for those now or more if that is that are surely if the strategy so we have to. draw a new a.q. berea between china and europe and such for one part of. micro strategy in china to say europe is now an important. part of the fourth sign off and we have to discuss to find a new way kubrick and so that was the first part the second part it was about risky procedure the thing you train you to export the load to europe we want to. have a more balanced trade we view it's a complicated story it would be it would take time let me just jump in there because you talk about a european strategy is there really a common european approach to china other i think we have this we have to keep this in mind it's something we have to. discuss we have to think about because. we know that micron market on the other than these kids around that and we we want to. you know the discussion we we've seen in europe for the last. or the last year in both fifty third we have to replace through up in the world and so that was one pa

in germany or in europe but in the u.s. on almost every time trump tweets because there's a kyra and there's a discussion around it. and it also is the case online and i think the print. producers which are all dejavu york thank you very much for having me. turkey's incursion into northern syria is in danger of escalating that says rockets fired from within syria in turkey killing two people and wounding several others turkey's president has also vowed to expand his army's offensive words where they risk approaching u.s. forces stationed in syria u.s. president warning turkey against that move as the fighting intensifies. the shot to turn of yield to this evidence of the force that turkey has brought to bear enough turkey's government is determined to press on with all of branch which to them has been a success so far it's because. the operation will continue until the threat is removed . but the kurdish y p g wants the world to know that they would surrender the enclave without a fight. we will resist and will not allow th

in germany or in europe but in the u.s. on almost every time trump tweets because there's a cairo on and there's a discussion around this. and it also is the case online and i think the print. papers which are obviously but the longer form newspapers have gotten a bit better about trying to get into a quite a ride out of there in chief of the columbia journalism review joining us tonight from new york thank you very much thanks for having me. turkey's incursion into northern syria is in danger of escalating that's has rockets fired from within syria away and in turkey killing two people and wounding several others turkey's president has also vowed to expand his army's offensive words where they risk approaching u.s. forces stationed in syria u.s. president warning turkey against that move as the fighting intensifies. the shuttered turn of yielded this evidence of the force that turkey has brought to bear enough turkey's government is determined to press on with operation all of branch which to them has been a success so far

u.s. citizens were either born in europe or were descendents of european immigrants.an immigrants found themselves torn. on the one hand identifying firstly as americans, yet on the other sympathizing with their relatives abroad. when the u.s. entered the war, german-americans were labelled alien enemies and faced severe restrictions on their civil liberties. irish-americans preferred neutrality as well as the prospect of the u.s. entering the war on the side of the british was an anathema to irish nationalist sentiment. the sinking of the lucitania led many americans to call for an immediate reprisal against germany. wilson proceeded with caution, demanding an apology, compensation for the victims, and assurances that germany would cease unrestricted submarine warfare. in a speech delivered at a citizen naturalization ceremony on may 10, 1915, wilson affirmed the anti-war u.s. stance. >> america must have this consciousness that on all sides it touches elbows and touches hearts, with all the nations of mankind. the example of america must be the example not merely of

u.s. president bring russia and europe or european powers actually closer together in some kind of joint position well i wouldn't call it that because i think if someone will give up on this that can be the european union it is still unclear how much of their ears reaction is due to genuine desire for peace and calm are true it is just their personal aversion towards trump let me remind you that when mr trump won the election in the united states and you know before the election he said he was going to improve relations with russia the reaction from the you was almost absurd they said all this man is going to improve relations with russia all for the bengals to be are you saying that you think it's a view from and from authorities in moscow that they think there is a real possibility that european powers may go along with the try to renegotiate the deal and abandon it. well i would say that school had a lot of reasons to be disappointed with the european union let's hope that this time they you will hold his ground they promise to stick with the agreement iran was acknowledged as observer the gre

as an offshoot of the kurdistan workers' party or p k k which it together with the u.s. in europe consider a terrorist organization but the y.p. g. has been working with the u.s. to push ice a lot of syria not enough lean but further east of the euphrates river the americans have never had a presence in africa but the russians do and often has been relatively peaceful throughout this war and it hosts tens of thousands of internally displaced syrians it will let you know africa has been there for quite a long time it's never through like you know was it a serious shortage or turkey but they are going to. probably need it this kind of nationalistic. you know. use its military in order to be able to gain more street. with the upcoming elections in turkey so i think that comes to. you know it's at the start when it comes to actual interaction and into a friend tensions have been stoked further in recent days by the u.s. announcement of a so-called border force which will be based east of the euphrates along the border with turkey and iraq and the wife will form it's fact. not to the.

businessman whose fortune is over one billion dollars and they've got business in europe or the united states are also according to the u.s. treasury department and the inner circle of the russian president now the publication as. saying sions bill which was signed by u.s. president donald trump back in august last year but the u.s. treasury department denies that it is a sanctions list. it is not a sanctions list and the inclusion of individuals or entities in this report does not and in no we should be interpreted to impose sanctions on those individuals or entities the us ambassador to russia has already called for the russian side not to react emotionally to this publication kremlin spokesperson said that this list does not represent anything in particular but they will still look into it a possible impact on the russian companies some of their russian politicians have reacted quite certain cast sickly to this list they say that the u.s. intelligence is simply decided to include everyone from the kremlin's phone book and want and one high ranking official even said that this list is essentially a book of who is who an

u.s. anymore. the economic surprises coming from asia or even europe. seeing the money flow that people usually expect the interest rates in the u.s. is actually looking for the cheap asset classes around the world. u.s. dollarthose are markets la which is seeing the money flow to these markets and that is why you are seeing the u.s. dollar be a not as strong as people may otherwise expect. given the fall it has already had, we don't expect it to necessarily continue to fall away aggressively. again, it is quite undersold at the moment. we don't expect that change to increase looking at markets in asia. we talked earlier about china with nine times earnings. the global economy is not that bad. it will continue to attract attention in 2018. ramy: the last time you were on bloomberg television, you were talking about the valuation gap between the u.s. and asian equities. hop back into the bloomberg because you probably saw it three in a half weeks ago. s&pred line is the price-to-book ratio. the blue line is the mx ip index. 1.6 to 3.29. you said you saw t

as an offshoot of the kurdistan workers' party or p k k which it together with the u.s. in europe consider a terrorist organization but the y.p. g. has been working with the u.s. to push ice a lot of syria not enough lean but further east of the euphrates river the americans have never had a presence in africa but the russians do and often has been relatively peaceful throughout this war and it hosts tens of thousands of internally displaced syrians it will let you know africa has been there for quite a long time has never through like you know was it a serious shortage or turkey but there are going to. probably need is this kind of nationalistic. you know rhetoric and potentially use its military in order to be able to gain more. with the upcoming elections in turkey so i think that comes to. you know set aside when it comes to actual interaction and into a friend tensions have been stoked further in recent days by the u.s. announcement of a so-called border force which will be based east of the euphrates along the border with turkey and iraq and the wife will form its backbone.

or international. the studies we commissioned showed 25% of the activity that happens in u.s. financial services is related in one form or another to europey do shift that? the question here is, where do you go other than europe? if you knew look at where economic growth is coming from, where clients want to book business, it's not in europe, it's in asia and the united states. what brexit is doing and if we are not careful, what they will accelerate, is they will move out of europe as a whole. this is one of the reasons why critical mass in the broader european market is critical. anna: europeans buy that argument? they don't think it's a negotiating tactic? miles: i think at the start, some of them did think that. but if they have seen where jobs have moved to, i think it's very clear. we have a fantastic brexit tracker that shows where jobs are going. that underpins that there is no signal place in europe where these jobs are going. it is fragmenting. manus: this goes nicely back to the macron interview. they talked about a number of different things. was this discussion about the risks of the eu being cut off from london's market and

u.s. whether that's in japan or europe. we move away from the u.s. t u.s. mark: are we in a bear market now for the u.s. treasury market or not? alain: i don't think so. i think it's very late to be bears. the rates were 1.6% on the 10 year treasury 12 or 18 months ago. we're now closer to 3%. i don't think the u.s. treasury market is going to be one of the best in the global market this year. mark: exit strategies are gaining momentum. you have said protect against global debt complacency. how do we do that? alain: you go away from super expensive corporate bonds, especially the high-yield and u.s. high-yield is not getting a good renumeration for the link cycle. you can also go away from smaller companies, especially in the u.s. again. when you screen the equity market by size, the smaller you go, the highest quantity of debt. you have already seen a factor within global markets that highly inductive companies versus good balance sheets that you have a significant reallocation. that is a second way to do it. mark: oil is another call. we've not had

whose fortune is all for one billion dollars and they've got business in europe or the united states are also according to the u.s. treasury department and the inner circle of the russian president now the publication as. saying sions bill which was signed by u.s. president donald trump back in august last year but the u.s. treasury department denies that it is a sanctions list it is not a sanctions list and the inclusion of individuals or entities in this report does not and in no we should be interpreted to impose sanctions on those individuals or entities the u.s. ambassador to russia has already called for the russian side not to react emotionally to this publication the kremlin spokesperson said that this list does not represent anything in particular but they will still look into it a possible impact on the russian companies some other russian politicians have reacted quite certain caste sickly to this list they say that the u.s. intelligence is simply decided to include everyone from the kremlin phone book and want one high ranking official even said that this list is essentially a book of who with whom an

u.s. and its policies and an example to follow instead of attacking europe or attacking the eu. and that's a different way of approaching this. and i think probably likely to win more converts than the opposite. >> yeah. i think the message was a u.s. leadership message which we didn't have in the last eight years from president obama. president obama tended to more apologize for u.s. strength. this president went out there and said we're strong and that's good for you. i think that was very positive. >> let's talk about steve meneau chin, the treasury secretary. he created turmoil in the markets by talking about the low dollar, a low dollar is good for america. and now donald trump was really interesting, two days later, he said, well, i think he was misinterpreted. and i actually think that, yoi,u know, he shouldn't talk about the dollar. the dollar will do what the dollar does. that's interesting. he's usually said i'm for a weak dollar too. maybe there's learning a little bit here about that. >> yeah. the dollar is down 8% against the index in the first trump year. so i think