wolfgang: i hated it.was building this house and i had to help them bring the bricks and do this and that. all of my friends were playing soccer. i used to hear them play, and i had to work. i did not like that. haslinda: it almost never happened because when you were doing your apprenticeship in the kitchen, at about 14, you suddenly ran out of potatoes. that almost cost you your job. and your life. wolfgang: and my life. it was a really crazy thing. after one month, i told my father i would never come back. i would kill myself before i came back home. after one month, we ran out of potatoes during lunchtime on sunday. that was the big meal. the chef called me over and said, "you are good for nothing. you have to go back home to your mother." i said, i cannot go home. he just fired me. that day, at night, i went on the river, there was a big bridge. i said, "i'm going to jump in the river." haslinda: what went through your mind? wolfgang i am not going home. : he doesn't want me. i certainly don't want to

wolfgang schaeuble chiming in from time to time.he treasury secretary said he believes it is possible to get 3% growth or more. at myd they are looking alternatives and the border adjusted tax is one of them. i thought it was interesng he said at the conclusion of that question, a about tax policy, he said we have not made a decision about which way we are going to go. there's been reporting as to whether or not the white house does back the border adjusted tax. getting more color on the relationship between the gentleman i had of that meeting in baden-baden. steve mnuchin -- excuse me, wolfgang schaeuble saying it is natural to not agree on everything when you're just making a relationship. we want to find common solutions, and we have come to a common understanding that we won't -- both want to stimulate and sustained economic growth. i want to bring in she forged correspondent kevin cirilli who was losing into the news conference. let's go back to the tax question. i imagine your ears perked up when you heard what he had to say a

wolfgang schaeuble cutting back on tough talk. to what extent will the g-20 members be able to form a this around rules-based trading? around protectionism? around use of currency to trade advantage. the next or he the ecb. the euro climbed to a five-week high. a rate hike may be on the way. cook momentsjeremy ago and he said that could be possible. we could see a rate hike from an end tofore we see the qa program. and daybreak focuses on oil. opec may extend supply cuts. the sign is that inventories are still above the average for example. the markets are still not confident in the outlook. we do not see companies or investors feeling good about the health of the global oil industry. we have to signal to them that we want to do what it takes to bring the industry back to a healthy situation. anna: let us head now to the united states. this budget proposal cannot pass the senate, that was senator mccain's reaction. president is advocating an audacious budget with cuts to almost every domestic budget. includeny budget does increase

that that is the one thing steve mnuchin and wolfgang schaeuble were talking about in berlin.rived behind to continue their talks and include the japanese financial minister who is also here this morning. the problem is that some members of the g-20 want to include a line in the communique that will be released on saturday denouncing part section is in -- denouncing protectionism. the americans don't want that line, but they want one that includes fair and equitable trade. view thatshare the trade, fair trade, has to be shared. is that trade is good for our economy and protectionism cannot be the solution. matt: that is the issue that might get contentious. that and currencies are the two major focuses of the g-20 communique, the wording of which has gotten so much attention this week. francine: what is the one thing that you are hoping to see at the g-20? who will be the loudest voice that will be pro trade? the europeans want it, but they are dealing with brexit so they are distracted, aren't they? matt: they're dealing with brexit, but they don't seem distracted. the french

wolfgang schaeuble chiming in from a conference in frankfurt today. >> is always the wrong choice.be very tempting in the short term, but in the long run, it only serves to animate [indiscernible] globalization means we are more connected and more dependent upon each other today that at any other time in our history. reporter: now rental -- renault shares skidded off the track. the french carmaker denies allegations levied against it, but the entire management is kind defeat devices planned to dodge environmental rules. >> the so-called questionable practices started in 1990 with the first generation of cleo. the former employee revealing the devices that reduce emissions when put into test mode. they carried out tests on multiple brands, finding renault breaking emissions standards, opening a case in january. in a report on wednesday, fraud investors blamed the entire leadership, including the ceo. the pressure on him is mounting. renault has denied these allegations. the second in command said renault does not cheat, and all of its cars comply with legal standards. in a statement

the place that made artist wolfgang tillman the artist of a generation.techno parties, so the apartments. he shot at all. young people were happily trading in the air of margaret thatcher for one of sexual liberty. he threw himself into the debauchery of the club scene and documented it for the whole world. >> in 2000 and the age of 33 come his provocations and talent won him the turner prize, the highest distinction in the art world. a decade and a half later, his work remains provocative. ♪ reporter: his 14 room show showcases photos taken around the world. they blur the lines between glamour and documentary. culture and nature. advertising and art. wealth and poverty. the name of the exhibition, 2017, forces the audience to see the works in a political light. in a time of global uncertainty, he is asking, what will this year bring? ♪ brent: if we only knew the answer to that. after a short break i will be back to take you through the day. stick around for that. ♪ [captioning performed by the national captioning institute, which is responsible for its c

committee, does he agree with me that farfrom being gloomy, we should agree with marcelle lamme and wolfgangng to europe than to the uk if there wasn't a success made out of brexit? may i congratulate my right honourable friend on the spirit he has taken, which is very much the spirit the prime minister is going to adopt in the negotiations. i believe she'll be absolutely vindicated, because i think our friends and partners on the other side of the channel understand exactly that. i'm worried about the foreign secretary as to whether he's now excluded from cabinet decision making, as to when he told robert peston, a week past sunday, that no deal from brexit would be totally 0k, while his cabinet colleague was simultaneously telling another station it would be really bad for britain in europe. what estimates, what forecasts, official, has he seen or any, which led him to believe and to say to robert peston that no deal from brexit would be perfectly 0k? i think that the right honourable gentleman will recognise the prime minister is going into these negotiations in a spirit of optimism and p

does he not agree with my favourite politician at the moment wolfgang schaeuble, the finance ministere german and all the european union were to cause any damage to the united kingdom it would be increased tenfold for the european union. i'm sure the financial minister in question will be uncontrollably excited to discover that the honourable gentleman is such a staunch fan. my honourable friend, mr speaker, makes an extremely good point and that is that this market, the uk market, will be the biggest export market for the continuing european union after we leave. that is recognised notjust by herr schaeuble but by the belgian chamber of commerce, with whom i spoke earlier this week. the prime minister has said britain will not remain a full member of the custom union but the chancellor said it is clear we cannot stay in the custom union. which one should we believe? it is clear that if we are to seek free trade agreement around the world, we will not be able to remain in the customs union as it currently stands. having said that, what we do seek, that will be able to construct custom

wolfgang schauble says everything is due to the competitiveness of the german economy. >>> good morning. if you're just tuning in, let's peek at u.s. futures. yesterday we saw another down day for the u.s. markets. the dow and s&p were in the first consecutive session of declines in more than a month. the s&p 500 seen off by three points. the dow jones set to lose less than a point. the nasdaq seen off by 2 1/2 points. let's show you what's going on in europe. it's a fairly mixed picture. we're busy with earnings once again. you heard it in the headlines, adidas surging by 8% on better than expected forecasts for sales and profits. that is offering a bit of a lift to the xetra dax, germany trading just below the 12,000 level. cac 40 in france is suffering from pressure by edf given the share sale by the government. by in large very flat trading. when it comes to the fx markets, we're in a wait and see mood ahead of the jobs report on friday. that's why we're seeing a bit of softness in the dollar. that has stabilized somewhat. ya against the euro. >> 1.0550. against the pound, 1.2161. >

i had the opportunity to go out for dinner with wolfgang. and then was probably the most tired i have ever been, spending the next two days doing 18 bilateral meetings and sitting in big groups and doing press conference. >> for the counterparts who aren't america, how are they feeling about america first thing? >> well, you know, first of all, there are very important issues that we discussed. one of the issues was trade. i want to emphasize that this is probably 20% of what we talked about and was reported at 90%. you know, the other issues that we talked about which couldn't be more important within treasury and within my counterparts, is fight against terrorism, money laundering, elicit activities, we spend a lot of time talking about other things on trade. on trade the point that i made to my counterparts was, the president wants to have free trade, we are the largest trading market in the world. we are the most open trading mark in the world but he wants to have fair and balance trade and we are going to renegotiate agreement that are

mary bergin, head pastry chef for wolfgang puck's spago restaurants will make a chocolate bundt cake with a torched creme brulee topping followed by a tasty nectarine chiffon cake.

he says it is not in the cards but wolfgang+++ on a few occasions that if they do not reform, they willhe eu. carson: there are tools being set in place that could help prevent contagion from other countries. we are better prepared than in 2010. do i think this is a reversal of the euro -- i do not think that is in the interest of the rest of the eurozone unless they have a clear vision on how further european integration would look after a grexit. matt: how bad would it break -- how bad would a grexit the -- how bad would a grexit be? carson: it would raise doubts about the entire future of the eurozone. brexit -- the calendar we have in europe from the political point of view and the greek story -- how do they all fit together? diagramse drawing venn and you look at the crossover among the factors, are those diagrams getting more of an overlap or less of an overlap? do we have to increasingly put these together? carson: it is the year of populism. that is for sure. it is also the year in which alere are disintegration forces. my base case scenario would be after the dutch elections an

mary bergin, head pastry chef for wolfgang puck's spago restaurants will make a chocolate bundt cake

is more room for that to go down and you can find that chart -- what i thought was fascinating, wolfgang complexity of navigating and negotiating these bilateral deals with the european union. mark: both relevant, both presented absolutely brilliantly, both created -- david, by playing to merkel and plain to me and plain to trump -- by the smallest margin, i'm going for gora today. >> what happens if we have a split decision? mark: it goes to the gallery. julie: i am going to go with dani. chartart is the scarier talking about the mean reversion. what does the gallery say? mark: what is the gallery saying denmark david is the winner -- what is the gallery saying? david is the winner. >> hopefully that does not play out in the real bracket. [laughter] julie: thank you, guys, for both of your interest. coming up, we have makro research. this is bloomberg. ♪ mark: it is 11:00 in new york. from london, i am mark barton along with vonnie quinn. welcome to bloomberg markets. ♪ we are going to take you from new york to london, and covering stories out of washington and germany today. here are t

i had the opportunity to go out to dinner with wolfgang schaeuble, an interesting person.has been around politics so long, and seen so much. listening to his perspective, going back to the reunification of germany and other things, is pretty interesting. probably the most tired i ever did, spending the most -- the next 18 days on bilateral meetings and sitting in groups and doing press conferences. counterparts that are not american -- how are they feeling about this america first thing? sec. mnuchin: i think there is -- well, first of all, there are very important issues that we discussed. one of the issues was balanced trade. this was probably 20% of what we talked about, and was reported as 90%. the other issues we talked about, which could not be more important within treasury and within my counterparts, the fight against terrorism, money .aundering, illicit activities we spent a lot of time talking about other things on trade. on trade, the point i made my counterparts was, the president wants to have free trade here in the largest trading market in the world. we are

i spoke with wolfgang schaeuble and he said, i suspect britain will continue to pay as they are requiredtracts. the austrian chancellor has put the price tag at about 60 billion euros. john: there has been so little domestic debate about this issue of what should be the bill that britain pays in order to deal with the legacy of commitments. the focus has been so much about, can we get a trade deal, and to what extent we should be trying to limit freedom of movement. there's been very little debate issue, let'sst agree to the size of the bill. one needs to remember here, although the opposition may feel the u.k. government is going for too hard a brexit, don't expect unionback the european when it comes to the size of the bill. the u.k. iscepts going to leave. expect every politician in the u.k. to back reducing the size of that bill. what yesterday does do, is of course, one of the concerns that there is about brexit is the security cooperation between the u.k. and european union countries. that it likes to think has rather good intelligence services. we await the explanation as to why t

treasury secretary steve mnuchin will meet with wolfgang schaeuble ahead of the g-20 conference.cted criticism that the german trade surplus is based on unfair advantages, saying it is based on competitive products. michael, it is great to have you on the program. willsteve mnuchin shows up he be on the offensive or the defensive? : the u.s. would like them to be on a charm offensive, but it will probably be defensive. some are calling it the g19 versus 1. trumpe not happy with the administration, particularly the rhetoric on trade. this is an export dependent company. they're wondering what they're talking about when they accuse the germans of manipulating their currency for trade game. as a member of the eurozone they do not have control over the currency. they say it is our dollar and our problem, because it is the trump rhetoric raising the dollar, not that the euro over the yen is falling, creating imbalances. francine: what does he hope to accomplish in berlin? michael: it is not clear what he than making friends or dialing down the rhetoric. he comes with a message that th

the german finance minister, speaking of action, wolfgang schauble, is going to meet with u.s.secretary steve mnuchin ahead of the g-20 conference in bonbon, which kicks off tomorrow -- in kicks offn, which tomorrow. and angela merkel meets donald trump on st. patrick's day in washington. there are tensions over trump administration views on global trade, and accusations from the state that germany is exploiting what it calls a grossly undervalued euro. with us,atson is still fixed income products strategist at blackrock. marilyn, how do you think this is going to turn out? what you expect the meeting between shoretel and mnuchin to look like -- what they shoretel between the treasury secretaries going to look like? isolationism seems to be the trump administration plan. marilyn: we expect we will not see too much in terms of glowing lines coming out of this first meeting. it is a very initial contact, still very early days. i think they are still setting out their standpoints. we would expect at the moment not to see too much in terms of headlines. i think all the focus we are

earlier it was concerned that britain may have to pay dues before negotiationfor brexit begins, the wolfgang those concerns to rest. >> no, the negotiations will begin as soon as the petition to trigger article 50 is filed. requirements will continue as long as the rules of the agreement are set out. great britain is a dependable partner in all international that he meant --agreements, so i have no doubts. matt: another focus for the minister has been the greek debt crisis. a positive note was struck by -- and a lot of areas, would it be pensions, privatization, labor markets. we are now entering into a process, it is a success story. abe: all eyes are on shinzo as he continues his tour through europe to focus on trade. matt miller, bloomberg news, brussels. betty: up next, one fed president -- this is bloomberg. ♪ yvonne: this is "daybreak asia." i'm yvonne man in hong kong. betty: i'm betty liu in new york. default fears resurfacing in singapore ahead of a wall of ensuring corporate debt. companies excluding banks must repay around $27 billion of local bonds over the next 4 years. maturiti