huge challenge and somewhat say causing huge damage to the united kingdom. what do you say to that? sajjad: well, i think one thing is absolutely certain, that by the united kingdom coming out of the european union, we have a weaker europe. and that is not in the interests of either the remaining members of the european union or the united kingdom. that is not something that david cameron or any of us that were in the remain cap ever wanted to see happen. ofrying the burden potentially having delivered that. laura: a i ask you, what are your personal plans now that there will be no longer any bridge numbers of the european parliament? sajjad: what i'm finding is that at this moment in time because the negotiating process, i'm finding myself in quite position in that we have to deliver this negotiating round and finalize which means i'm going to be spending far more time in brussels in the coming months ever done in the past and even though i've been an extremely active member of the european parliament. we have been tasked by our rate and we must try our level best to do this. of co

decision made by the united kingdom government and united kingdom parliament and it has to be done in that way. i'm what he said about racism, we should all reiterate statements lead reiterate statements we've made to e.u. nationals here. thank them for their contribution, say the rates are guaranteed in the e.u. would work even harder i am sure for all contenders in the conservative leadership campaign and make clear that they want to safeguard the rights of people who work here instead to hear from the european union for the future. finally, what he says about the fiscal rule, does fail like a stuck record. whatever the problem, whatever the issue come the dancers were fired, more spending, more taxes and more debt. you don't get investment in the stew of economics ability and you don't have economic stability if you don't have a plan dealing with your debts and deficits. this has been proved the world over 30 favorite countries like venezuela. i would argue not to go down that route. >> sir william cash. thank you, mr. speaker. my right honorable friend quite rightly has referred t

referendum we don't know if these would be acceptable to the united kingdom. another model is switzerland erlands, a answer -- series of bi lateral agreements that give them access to certain aspektd of the single market but they also have to contribute to the budget and accept free movement. the final could be a model such as canada ar -- or anyone else, which would require the negotiation of a free trade agreement between the u.k. and e. u. so i think ttd premature at this point to predict what the impact will be the what is clear is that there is a differ between being in the european union and not, and unless the u.k. were willing to accept that, it is quite possible there will be new trade agreements between the u.k. and-iron union that will have to be developed. >> so there has been some talk that this is a victory for russia, which would benefit in theory from a divided europe. what is your response to this comment? >> well, i'm not sure that anyone benefits from this situation. i think we have to be honest and say we would all roth -- rather we were no

germany and the united kingdom have often been a strong and united voice around the world.st further that cooperation. alreadytries have agreed to deepen our bilateral military partnership and two together, to tackle organized crime, and we will continue to work together to stem the flow of migrants across the agn and mediterranean. in light of the terrorist attacks in nice, we must strengthen our efforts to defeat theh and stand up for values we share. as we continue to work together we must also negotiate the uk's successful exit from the european union. this will take time and require serious and detailed work. as long as we are a member of the eu, we will respect the rights and obligations of membership great i want to work with chancellor merkel and my colleagues around the european council in a constructive spirit to make this a sensible and orderly departure. all of us will need time to prepare for these negotiations. the united kingdoms will not invoke article 50 until our objectives are clear. this will not happen before the end of this year. will not please everyo

speaker, there are hundreds of thousands of ex-tight united kingdom citizen living around europe who not vote in the referendum. many of them are utterly. they live on u.k. pensions and u.k. benefits. will my right honorable friend seat to ensure that his successor defends their interests? >> first of all, let me add to what he said. he was a wonderful man in the republic servant and i know he meant a lot to my honorable friend and many others. on this issue of british living overseas, i think we should reassure people that until britain leads the e.u. there is actually no change in the status. one of the things they can do in the coming weeks is to go through these issues very methodically and work out what might change in the different areas to give these people a certainty about their futures. it's important that we do that. >> london is the greatest city in europe. that time [shouting] >> i've been listening to the honorable gentleman for 25 years that i want to continue to hear him. >> of prosperity and tax revenue as vital for the whole united kingdom. london voted remain. does

as we mentioned, a historic day here in the united kingdom.oming up, david cameron meeting with the queen right now. we will continue to follow the headlines. we know that he will be speaking with the queen about 15 minutes with the conversation, where he will tender his resignation and he will recommend theresa may as his successor an entry summit will make her way to buckingham palace, where she will be confirmed as the 54th prime minister of the united kingdom. this is bloomberg. ♪ shery: this is bloomberg markets. a historic day in london as david cameron steps down as prime minister and theresa may is about to be named his successor. scarlet, you are there. what has the mid-been like? scarlet: so many things moved quickly and without precedent over the last three weeks. inside of three weeks following the exit of though. but today, things feel like they have slowed down a little bit. there's a lot of pomp and circumstance, a lot of formality as david cameron renders his resignation to the queen and theresa may makes her way to buckingham

theresa may has promised to build a more just united kingdom. that for brighton to feel their life has made insecure by globalization. >> not by the interest of the privileged few, but by yours. we will do everything we can to give you more control over your lives. ejra: in one of her first actions, the architect of david cameron's austerity policy, she replaced him with philip hammond . she named her new break since our, david davis. locked --ter may mocked boris johnson's negotiating skills he has been named the foreign minister. he accused president obama of disliking the british legacy because of his kenyan ancestry. the number of japanese living in japan phil are the most on record last year. at the same time, the number of foreigners rose. unless japan's birth rate increases, the labor force could fall 40% white 2060. global news -- by 2060, global news, 24-hours a day, powered by our 2400 journalists, in 150 news bureaus around the world. . checkst's go to the data then get to professor blanchard. continue to boom. 18,400. stronger.s crud

i absolutely confirm that, yes, the united kingdom will leave the european union, but the united kingdomnot leaving europe, and our cooperation will continue. >> i welcome the prime minister to her place, and i wish her well in healing the country in the months and years to come. after all, it is she and her colleagues who so bitterly divided it. can i thank her, too -- speaker,nk her, mr. for her wholehearted support for policy on trident. it is such a refreshing change to hear that from the dispatch box. as a type 1 diabetic and a father and uncle to children with type 1 diabetes, and on behalf of 500,000 people in this country, 30,000 of them children, may i thank the prime minister for the example she has shown in demonstrating without doubt that it does not hold us back in any way whatsoever? there is no doubt that the prime minister's predecessor left the nhs in a much worse condition than he found it. will the prime minister visit west cumberland hospital and honor the promises i the previous prime minister? prime minister may: thank you, mr. speaker. the honorable gentleman makes

that a brexit is equal -- equivalent to a breakup of the united kingdom.hink that is the best thing she can be doing both for scotland as well as for the rest of the u.k., and that is what she will continue to press. shery: still ahead, no shortage of opinions on brexit. we hear from the world's top portfolio managers, economists, politicians and central bankers. , more "bloomberg best" is next. ♪ ♪ shery: this is "bloomberg best." i am shery ahn. our global tour of the weeks top business headlines continues with financial and economic conditions tied to the brexit. wordtainty seems to be the used most by money managers and economists, and there was good reason for what happens next to remains anyone's guess. joe: you say you are not convinced that this brexit vote would be the spark for the political class to get smarter about more inclusive growth. what would be that catalyst? mohamed: i'm afraid to say it would be a bigger crisis, a bigger economic and financial crisis. and step back. as you know, i have this notion the role we have been on characterize

this happens as the united kingdom get the new prime minister. teresa may now the leader tapped with an ugly divorce from the eu answer country looks to hook up to other nations both big and small. we are live with ambassador gordon gray of the us and israel, what she needs to do to save her economy. on wall street check it out. record closes on site right this second as the tao in the s&p fight for a new page, the tao jumping 32 points, oil is sputtering below $45 a barrel. we are less than an hour to the closing bell, the markets, poke stocks on play, start the countdown. the bull are fighting for oxygen in the final hour of trade and have it at the moment right out of the gate this morning, the tao and the s&p hit new record highs and lost them but now they have got them back. any gain on the tao, the s&p will be enough to get us to records once again. we have 28, s&p 500 stocks hitting lifetime highs, names like consumer things you use all the time, pepsi, monster beverage, kellogg, cisco, up 2%. interesting with general mills and a bunch of

nationalists say the united kingdom scotland voted for two years ago is not the united kingdom that is for them brexit changes everything. this is the opportunity the movement has been waiting for. >> a second independence referendum is clearly an option to be on the table and it is very much on the table. >> while brexit may have sped up the possibility of another run at independence, it has also made the prospect far trickier. say the economic case for independence is even worse now than it was in 2014. plunging crude prices prove going it alone is too risky. and what would happen with the rest of trade in the u.k.? even if scotland gets independence, it will need to convince eu member states it is worthy of joining the club. it's uncertain how sympathetic summit eu members might be if they are battling separatist own.ents of their >> that was one of many quick takes you can find on the bloomberg. that's all for bloomberg best for this week. thanks for watching. this is bloomberg. ♪ charlie: welcome to the program. on the final night of the republican national convention in cleveland

for which the united kingdom would be hate crimes. there are some helpful differences and i am here is a fascinated observer of how america does politics, and understand how brexit happen. the real story is little people, ordinary people has completely given up politics. don't believe anyone speaks for them or represent them. if you inspire people to vote. >> host: who else has a question? over here? >> i mark mc keg, a delegate from texas and i was wondering, nigel farage, the impact you had on the larger conservative party impacting the way it campaigned and governed. how would you say -- were able to steer the forces of the conservative party into the governing style of the electoral leadership? >> guest: 25 years ago i embarked on this because i didn't feel our country was headed in the right direction, the european project which my parents bought into being about trade, about being good neighbors, i could see the political dimension and we had a treaty 25 years ago, i have been doing this for 25 years and one of the big questions

the united kingdom is not leaving europe and cooperation will continue. thank you, mr. speaker. and i welcome the prime minister to her place and wish her well in healing the country in the month and years to come. after all, she and her colleagues are both divided. can i thank her to, mr. speaker, the wholehearted support and endorsement for official labor party policy. such a change from the dispatch box -- [shouting] as the father and uncle, on behalf of 5000 people -- connecting to prime minister for the example she has shown to these people and demonstrating without a doubt this doesn't hold us back in any way whatsoever. there is no doubt whatsoever that the prime minister's predecessor left the nhs in a much worse condition than he found it. will the prime minister -- will the prime minister visit my constituency and honor the promises made further. thank you, mr. speaker. can i say the honorable gentleman makes a ref is two divisions on the conservative urdu bench. which is the party that took three weeks to decide which has been a candidate in the labor department. can

on friday alone, we made 1500 businesses across the united kingdom.e early morning hours of friday, we had foreign exchange trading through the system, we normally have in a full day. to know what our corporate clients are asking in the institutional clients, so we are very prepared and i feel terrific about how the bank and of itself. the other thing which is quite different than what we may have seen in previous financial crisis is the corporation between large banks and regulators. ♪ ♪ shery: you are watching "bloomberg best." i am shery ahn. even though the aftermath of the brexit about dominated the news bloomberg brought you the very , latest in other news around the world from settlements to stress tests. michael: the first round of a stress test showed they had adequate capital. this was round two. the qualitative test were the risk management systems that, as you can see, the unit of deutsche bank, deutsche bank trust did not pass. >> stop there. that is misleading. that is hsbc and the toronto group dominion. that is not deutsche bank. that

did they want to break away from england and the united kingdom?hat was less of a changed more in scottish politics. here is the situation. a large part of the reason why rejected independence was fear. fear jobs were at risk. to their european union would be cut or 20 u.k. voted to leave the eu, overwhelmingly scotland voted to stay. ofscotland sees the prospect being taken out of the eu against our will. i view that as democratically unacceptable. >> necklace storage and -- nicola sturgeon enjoys widespread support. her support exploded after the 2014 referendum. year.hopping 115,000 this in the 2015 general election, seats inon all but 3 one ofliament making it t the largest parties in westminster. is this scotland's independence, finally? here is the argument. nationalists say that the united kingdom scotland voted for 14 years ago is not the same as now. for them, the brexit changes everything. it is the opportunity the movement has been waiting for, though it is less than ideal. >> it is clearly an option on the table, and it is very much on

are yields going to plummet further for the united kingdom?oph: it is too early to address the ecb what the bank of england. we need to see more hard evidence of how the economy is doing and how the negotiations will go with regards to brexit. i think they will not react as quickly on the ecb side of things and the bank of england will wait until august. the rate cut is fully priced in. right now, i think a lot of you are already on the downside. caroline: stimulus, when will it be announced? what will be that stimulus? christoph: we are looking for another rate cut, but not before december. they will wait a little longer than some people are expecting. they will expand qe purchases for longer. caroline: wonderful speaking to you. christoph rieger, head of rates and credit research at commerzbank. seems as though it is time to go where the ecb doesn't go, corporate credit. back to you in the studio. manus: caroline, great conversation. let's see how low those yields can go. lufthansa cut its profit forecast. easyjet missed their earnings estim

we're focused on the united kingdom. pleased with the messaging from chancellor merkel and others within europe? christine lagarde: for the moment, they have not decided to lay out the terms and the space and the maneuvering they all want to offer or expect from their partner. i understand that, because there has to be certainty about the timeline. the two years which will be triggered by this article 50 has not yet been invoked. i can see why they would not want to put their cards on the table yet. if the united kingdom moves in the direction of what i hope, purpose, clarity, indication of timeline, europeans should respond. my hope, my real hope as a european, is that the european leaders will find the strength and determination to bring about those structural reforms, changes that deliver value to the europeans, that will demonstrate it is worth working together. it is the future. ♪ >> you are watching "bloomberg best." last week, turkey faced a political cataclysm as the erdogan government repelled an attempted coup.

. >> united kingdom will not be the last member state to leave the european union. >> the european unions in mortal danger. shery: initial market turmoil warn investors. >> there is a lot of uncertainty. >> uncertainty is the enemy. shery: does big pharma have prescription for brexit side effects? it is all ahead on "bloomberg best." ♪ shery: hello, and welcome. i am shery ahn. this is "bloomberg best," your weekly analysis of interviews from bloomberg television around the world. this week has been all about adjusting last thursday's u.k. vote to leave the european union. on monday, the market moved in uncertainty, and nowhere else things uncertain than in britain, with the leadership was thrown into chaos. nejra: it is interesting what the next step will be, because logically the next step would be for the u.k. to trigger article 50 and excellence start those negotiations on leaving the eu. actually, other governments in europe are not expecting david cameron to do that when he needs other eu leaders on a meeting and tuesday. what he wants is some kind of plan for what happens next. jo

ryan chilcote on the special relationship between the united kingdom and united states.s chief u.k. economist at bank of america merrill lynch. embarking on this road of putting the great act in great britain beyond the european union, that is boris johnson's job. is he the man for the job? rob: i don't think that is for me to say or not. with the u.k. now embarking on leaving the eu, which to my mind probably means worse trading now, setting has of better terms with other countries is vitally important. the real difficulty that the u.k. will find is if -- informal talks are one thing, but trade deals come down to the detail, the nitty-gritty. at the moment, the u.k. doesn't have its own tariff or menu of external tariffs that it applies. they are part of the eu. manus: surely that is where people would say, use the wto menu. talk to me about theresa may. very interesting, these nuances in terms of how we think the negotiation of start and go in terms of theresa may's ambition to have access to the eu, but to reduce immigration. square the circle. rob: well you can't. th

. >> ifill: the united kingdom has a new prime minister, and her name is theresa may.y the second woman ever to hold the office, may takes over the top job after an extraordinarily rapid turn of events following last month's popular vote to exit the european union. we begin our coverage from london with this report from chris ship of independent television news. >> less than three weeks as print voted in the e.u. referendum, a new prime minister, theresa may was walking down downing street and a new chapter beginning in british history. not just a new occupant in the building but a new direction as ms. may made clear from her first words in her new job. >> i have just been to buckingham palace where her majesty the queen asked know form a new government, and i accepted. the government i lead will be driven not by the interests of the privileged few but by yours. we are living through an important moment in our country's history. following the referendum, we face a time of great national change. i know because we are great britain that we will rise to the challenge. as

not so terrible for the united kingdom or the united states but when it comes to germany and france its a lot worse. elisa: what we are actually seeing today as they are pointing to a flaw if the bailout goes ahead. they pointed to some bank valuation being so low, unicredit, it is an opportunity to come in. these talks are coming to a for gains and not further losses. wrote ark gilbert wonderful piece yesterday, is brexit a lehman moment? he talked about the roles for europe to be dealing with this banking crisis if you can call it that, head on, not just in italy but in other nations. is there a sense the rules could be pushed aside and use brexit as an excuse? statesthe laws do allow to come in and effectively bailout their lenders. what will be key is whether this is that one time because clearly it sets a precedent for europe at a delicate time. market alone pointing to needing more flexibility. blackrock, they say europe needs its top moment. us,: thank you for joining elisa martin newsy -- martin newsy -- martin newsy. vonnie: it is been a rocky month for tesla. what is next for

up next on "the pulse," pmi for july in the united kingdom.t the first piece of post brexit data. will it set the tone? this is bloomberg. ♪ manus: welcome back to "the pulse." we had a seven-year low in the composite flash pmi, purchasing managers index. a seven-year low, 47.7. the market was looking for 49. this is july. this is the world, and the reality for manufacturing and services in a world at the beginning of the shock and all of the brexit vote. , 1.3216. dropping services, 47.4. market was looking for 48.8. manufacturing came in a little bit better, 49.1. the manufacturers will benefit potentially from a lower bound. manufacturing beat. services is where you are seeing the significant drop in the number. ote wreaks havoc. there has been deterioration in the economy post brexit. could we fall into a recession? the latest readings put the economy on course to contract. what happens next? we will get into that discussion with my guest. in the meantime, the first word news. nejra: hillary clinton is poised to unveil her choice of runnin

the united kingdom is one of them.hough the cameron government did institute significant reductions in public spending in recent years, they did recently meet the 2% standard. i think most allies are hoping they will continue to do so but will be under economic pressure. it will be a concern. >> more interesting days ahead for europe. esther brimmer, thanks for being with us. >> thank you very much. >> ifill: now we kick off a special series about efforts to try to end the aids epidemic. leaders and researchers from around the globe will be meeting at the international aids conference in south africa next week. one major focus: how to stop the epidemic. but with no vaccine or cure in sight, how likely is that? this week, we're looking at efforts around the world. we start in san francisco, where we've followed people for the past six months. correspondent william brangham and producer jason kane reported this series, with support of the pulitzer center on crisis reporting. >> reporter: san francisco's gay pride events

her emigration did, we've had since the 1950s we've had a managed immigration policy into the united kingdom. net migration rent out about 30,000 people here in the 1950s, '60s and '70s, '80s and '90s. we knew how to do that. we had wanted to difficult but generally of all the countries in europe we have the best race relations, the best integrated levels into our society. we had a tony blair government

with more on the politics of her united kingdom, here is nejra cehic.: theresa may becomes the prime minister today and one of her first jobs is naming someone to take the u.k. out of the european union. she will announce the formation of a brexit department and whoever she picks will be a bona fide supporter of leaving the eu. cameron will face questions and the house of commons one last time before submitting his resignation to the queen. will rise that oil between 50 and $60 a barrel until at least 2018, and opec should stick with its policy. they say the markets will absorb the oversupply that led to lower prices. now that bernie sanders has endorsed hillary clinton, will his supporters follow? clinton made a bid for sanders' backers, echoing some of his campaign pledges. congress have not been able to agree on funding for the zika virus and that is likely to delay government research into a vaccine. they are planning to start their seven-week vacation and democrats have blocked the zika bill because it would deny new money for planned parenthood. p

>> the current situation in the united kingdom, we have only very, very few hearts. and you're only transplanted when you're on the urgent waiting list. no one really gets a heart on the normal waiting list unless you're small and in a specific group. >> there's been a lot of focus on helping transplants succeed after they were complete, getting the immune system to accept the donor organ instead of attacking it. what about before all of that? what about the way the heart is preserved before it even reaches the recipient? >> the heart you know, in many cultures and many parts of the world is really perceived as the most important organ that keeps every part of the body alive. >> while he began his career as a heart surgeon. as a junior resident, he went on a retrieval, getting an organ donor transplant from another hospital. he was in charge of a cooler and realized how rude meant tri it can be. >> it really upset me, that at the time to become a cardiac surgeon, still to today, you need to spend 10 to 11 or 12 years in training. and i looked at this and i said, from

she spoke and said the united kingdom would be giving up that it was due to take over.he has a busy day ahead of her. she will be going to berlin today and onto paris tomorrow and beginning to sketch out a road out for the negotiations are the coming year as they prepared to leave the european union. 1:15 in15 in p -- it is paris. we're going to begin with good news for volkswagen. >> the carmaker expects profits to be higher than the previously thought in the first half of this year. in a surprise announcement, the profits will be 7.5 billion euros. another 2.50 you to cover legal risks from the admissions scandal. the united states announced they were taking legal action on tuesday. >> how have the markets been reacting? 6%shares are rising by over after the announcement. it was announced early, so it wasn't surprised for investors. shares trading up today in london. markets reacting to unemployment in the uk falling to 4.9%. the pound up against the dollar. >> the republican convention going on in cleveland. you have been looking at donald trump's economic policy. >>

s biggest guilders of commercial property in the united kingdom. they are saying to us that the first-quarter dividend is confirmed at 7.3 pence. they have seen a robust position post brexit. british land says it is in a robust position after the brexit vote. in terms of disposables during the quarter, this is something we heard quite a bit of. you and i had a conversation with mark at aberdeen and he said they were selling british property ahead of the brexit. british land, non-quarter disposals, selling those. in terms of the first-quarter, 25,000 square feet of office renewals. that is the state of play on some of the breaking news that we have. what a day and what a crown jewel to consider getting off the books. the futures, let me pull them up for you. we have an indication, a little bit stronger. if you look at all of the risk we are taking on board, equity futures all trading higher. london up by 20 points. the dax up by 35 points. anna: we have emerging markets it -- market currencies for you. have, just to tell you where we are -- en has c

our broadcast partners in the united kingdom. with its early morning programing now on the feed coming in to us from the continent and from great britain. and you see their morning show programs will begin in about 20 minutes. and we'll share some of that coverage for you, breakfast time on the bbc and morning programs across sky network. another witness to the emergency services said it took 25 minutes for them to reach the program had in, quoting a truck arrived and smashed into everyone, everyone, the man said, turning to wave at the fire trucks behind him. there was no security. it took the fire trucks 25 minutes or half hour to arrive. of course, security had been quite tight during the evening there had been fears across euro 2016 of all of these stadiums. of course there in nice and beyond. of the heightened security and fears that euro 2016 would become an attack site. and yet it did not. the next great concern was today, bastille day, all across the country. i should say yesterday now. thursday, bastille day. the french

a process that will be decided by the members of the conservative party in the united kingdom. from my own part, i think we've got an incredibly strong hand and i say that because actually the deal that the uk currently has with the eu is a rotten deal. what we joined 40 years ago in a world of high tariffs would could argue gave a significant business advantage, but in a world where after tterre tar ra down. to have the unfree movement of people to be prohibited from making our own trade deals with the rest of the world, but perhaps worst of all, to be stuck inside this outdated customs union that means the 88% of the british economy that is not exporting to the eu is still bound by the same rule book. for all of those reasons, britain's current relationship is rubbish. i hope we see a strong prime minster that recognizes in the commercial world, it is the customer that is king. we are the customer. we are the buyer. the trade deficit is now approximately 70 billion sterling every year. with elections coming up next year in france and in germany, i would expect to see german c

what does john think about this this vote and what does it mean for the united kingdom?llen: i think he thinks it is a setback. he thinks that it is the end of classical liberalism that the u.k. has enjoyed. i think he thinks it is a mistake. and he sort of takes us through the history of the change in the u.k. over time and what this means. it is a special perspective that we are happy to give readers. david: and liberalism, he notes, has not been entirely great for the u.k. ellen: right. for people on the upper end of he saysfor people on the upper end of that it has been better the economic spectrum rather than people who are less fortunate. david: your economics editor peter cory has a piece in the magazine, looking at the referendum, and it is to give again. u.k.ll be terrible for the , and now peter is taking a step back and saying in the long-term, it may not be that big of an issue. ellen: peter says down the line, it will not be a total divorce. it will be something short of that. and he is a little more optimistic than some and basically says it is not over yet

there is a lot of fear in the united kingdom. >> we know she had overwhelming support in parliament but there was a lot of talk that the overall membership in the conservative party may have given 51% to andrea letson. what does that tell us about what the public thinks about theresa may? >> in the conservative party, they were fairly even when you have the latest polls and i think andrea letson really -- she didn't really want to that and this is why theresa may once very much a strong majority of these. she has the power to govern. what the rest of the country thinks of her, we not -- might not find out so soon. for now, that's not on the table. >> arts correspondent in london with a story every day. from the country and political transition to one and political chaos tonight, south sudan's leaders have called on rival factions in the military to stop their fighting. it comes after a day of violence in the capital. troops loyal to the president have clashed with those belonging to his deputy and former rebel leader. both men have appealed for peace as the country teeters on the brink

whether that is a banking crisis, you work for bnp paribas, you say i need to focus on just the united kingdomeverything else is moving as well. unitedll decouple the kingdom from the challenges of europe? steven: europe is an interesting one because clearly with the uk's decision to leave the eu there is a? i -- there is a question mark on how that you -- the eu response. the euro is probably stronger than you would anticipate it being but our view is that it is likely to fall going forward. i wouldn't knowledge there is an issue with what this means for europe more broadly, but as far as a global outlook is concerned, we do not think this is likely to lead to contagion. i get back to the fed, we think the outlook for the dollar has changed. we do not think the fed is likely to hike rates this year or next year. that is very likely although i must stress -- so that injection of liquidity or not taking it away with the fed remaining on hold, should help calm arc it's. -- markets. tom: we see the german 10 year yield break down to new negatives, -0.25. in our next hour of bloomberg "surveillanc

the relationship between the united states and the united kingdom is special. america is our principal ally and partner around the world and the partnership is vitally important for the continued security and prosperity. we should follow the un foreign policy or fail to speak honestly us )-close-paren should. it is a legitimate factor to be taken into account in british foreign policy. of especial interest in itself makes britain safer. second, it would be wrong to conclude we cannot trust the analysis and judgment of the community. i know as well as anyone the vital contribution and the agency is needed to keep her ten and the british people safe, and i know the risks they sometimes have to take in order to do so. but intelligence is rarely black-and-white and it always starts with a calibrated warming and confidence level the users should attach to it. when the decisions and when the strategic communications are placed on intelligence, the reforms that are put in place following the butler report have quite properly separated the process from the policymaking

i care passionately about our united kingdom as i know he doesn't all of us do in this house. we do need to make sure, we did need to make sure as we leave the european union we work out how to keep the benefits of the common travel area. hard work is being done with civil servants in northern ireland and the republic of ireland and that pace needs to quiken. >> thank you mr. speaker and that is to pay tribute to my honorable friend for a hard-working is done in leading this country for the last few years. my honorable friends lasting legacy is supporting the through peshmerga in bravely fighting da'ish. peshmerga on the frontline and their airstrikes weapons and training are crucial but the interest could be reduced with additional equipment like body armor respirators and frontline medical facilities and possibly provide beds in hospital birmingham. does my right honorable friend agree with this is a small investment that would make a huge difference or allies to fight the evil of terror some? >> let me say to my honorable friend thank you for this kind remarks that he's abs

on monday, we will extend the conversation on europe, the united kingdom, and france.ne lagarde will join me on monday at the new york federal reserve. thrilled to speak with madame lagarde on monday. ♪ good morning, everyone. "bloomberg surveillance." we continue with david from deutsche bank. he and his team have been overt and aggressive about a solution for italian banks. let me bring up a chart of the animal spirit of italy. throw this up on the bloomberg surveillance wall. gdp in italy is not getting it done. growth is not there. how do they do a bailout, how do they do it bail in, how do they cram down these losses to the italian public with an economy flat on its back? david: they cannot and they should not. you have to recapitalize the debt. there are three ways of doing it. one of them under the current directive would be the bank resolution recovery directive, the banks need to be in default before you can actually put in public-sector money. the government wants to avoid that. it also means that you can't put in money without being in violation of that dire

we are still the united kingdom. our values remain exactly as they were.orning, i woke with a song in my heart. -- he has put down the mighty from his seat. a few days later came the verdict of the archbishop of canterbury. >> the course of the campaign was both robust as it should be on such great issues but at both sides were not just robust but unacceptable. through those comments were in the politeness and tolerance of our society through which since the referendum we have seen an outpouring of poison and hatred that i cannot remember in this country for many years. >> how about this verdict from a former cabinet secretary -- >> i do not remember us an unholy mess as we are in now perhaps -- it is an existential and a political crisis. david cameron argued that matters were out of his hands. >> we know that many millions of people in this country felt they were deceived by the exaggerations and lies in the campaigns of both parties and they now feel themselves cheated by that result in millions of people have protested. right that we look again at the

>> it is right that we create a new department to focus on the work of negotiating the united kingdom leaving the european union in that department will have the expertise necessary to undertake the negotiations. that the to remember days we spent campaigning in parliament and that an election. little did the voters know that the two candidates, unsuccessful candidates and that election would become leaders of two of the country's political parties. i want to point out, my party is a little bit bigger than his it. -- is. order! you have been watching premise or question from the british house of commons. watch anytime on c-span.org or you can find video of past prime minister questions and other edition public affair is. -- british public affair programs. is one of thety biggest issues facing the federal trade commission. communicator, chair of the federal trade commission talks about privacy and data security and how many consumers are unaware of the amount of data that is being collected about them and what the government is doing to protect them. she's interviewed by buzz feed hamz

if the united kingdom moves in clarity ofon of of purpose and transparency an indication of timeline,peans should respond. my real hope is a european myself is that the european leaders will find the strength and determination to bring about some of those structural reforms , changes that will deliver value to the europeans that will demonstrate that it is worth being together and it's the future. tom: it is the future and our future may be in cleveland with a republican convention or in philadelphia with a democratic convention. you have been exceptionally overt about your comments on this presidential campaign. what you fear in the comments from mr. trump about the international economy and the political economics? candidate,rom any anywhere in the world, but it's more pressing now, i fear from any candidate in the world this withdrawal behind borders, this focus on domestic markets issues exclusively, this turning their back to globalization and global issues. problems are of a global nature. we are in this together. disease, climate change, terrorism, threats have no barriers or n

we are focused on the united kingdom. pleased with the messaging from chancellor merkel and others within europe? they have notent, and deliberately so decided to and the spacerms and the maneuvering that they all want to offer or expect from their partner and i understand that because there has to be certainty about the timelines. the two years that will be triggered by this article 50 will open a limited time and i can see why they wouldn't want to put their cards on the table yet but if on the other side the united kingdom moves in the direction of what i call clarity of purpose, transparency, then certainly the year opinions should respond. is thatas a european the european leaders will find the strength and determination to bring about some of those structural reforms, changes that will deliver value to the europeans that will demonstrate its worth being together and it's the future. is being regarded as the star of india's online retail scene and also the most valuable startup in the country. it now faces plateauing

we have seen it in both parties, we have seen it in the united kingdom pots on -- united kingdom's unprecedentedte to leave the united kingdom. -- to leave the european union. [applause] voters are overwhelmingly rejecting the political establishment and overwhelmingly rejecting big government. [applause] that is a profound victory and it is one earned by each and every one of us. people are fed up with politicians who don't listen to them, fed up with a corrupt system that benefits the elites instead of the working men and women. [applause] we deserve an immigration system that puts america first and yes, builds a wall to keep america safe. [applause] sen. cruz: the government that stops admitting isis terrorists as refugees. [applause] sen. cruz: we deserve a trade policies that put the interests of american farmers and manufacturing jobs over the for thenterests lobbyists. [applause] and if we stand together and choose freedom, our future will be brighter. freedom will bring back jobs and raise wages. freedom of will lift people out of dependency to the dignity of work. [applause] we can do t