zurich highlights the fragility of all planets but there's always hope for the future through. we begin though with an exhibition and just a little 5 piece limburg photography which he himself put together just before his death last september. was one of the most influential photographic office of his generation working almost exclusively in black and white he's perhaps best known for the models like campbell and cindy crawford to supermodel status but as the exhibition shows he was so much more than just a fashion photographer. untold stories was peter lindbergh's farewell a retrospective of his work he spent 2 years working on the german photographer's friends and colleagues came to descend on earth to celebrate his legacy it's the 1st exhibition curated himself and tragically also. a talent also in books selected the works he chose the works that meant the most to him so this really is a display of his legacy. and from it as. peter lindbergh was a fashion photographer who was never really interested in fashion he liked to shoot in black and white stripping away glossy surfac

i am francine lacqua here in zurich.ping the conversation on european earnings. -- came in below analyst estimates. between u.s. market slows that the presidential election this year may give a boost according to the company's chief executive . we speak to the chief executive now, paul hermelin. thank you for joining us. after 18 years of the chief executive, you will leave to become chairman. what is the biggest concern for your business? is business is healthy. we have very good margins for nine years. is we have toay ,how north american operation 32%. possibly more spinning -- spending because we are very high growth, 14%. i will be replaced. investing on operational wenforcement but we think are looking pretty well and we are quite optimistic. when you look at 2020, what is your biggest concern? i will ask you about the coronavirus and a second. we look at the fundamental of the economy -- , we live injust say a new world? there are some geopolitical tension. we have to learn to live in a world where possibly technol

is our us from zurich correspondent who covers the swiss banks for bloomberg.ter: this was a bit of a shock, i would say, how quickly things moved. we did know there was some tension between the ceo tidjane thiam and the chairman, errs roeher -- chairman, urs ner. we learned there has been an escalation of tensions coming from the fallout of the spying scandals that had plagued credit suisse since september. vonnie: what exactly happened here? did blackrock win out over the hedge funds who may be most focused on shorter-term gains? ision: i think a lot of this stemming from just how people are supporting the ceo or the chairman. when we go back to the start of all of this with the spying scandals, i think a lot of international versus local investors and shareholders had different views of how the scandal was handled and who should be held responsible. at first, both were exonerated, but as more cases came out, there was a bit of a rift between whether someone should have been held responsible, and i think in this last week we have seen those international shar

quarter.n the fourth an important interview in zurich yesterday. i hope that you send him a dozen roses today because he will not be there to receive them. and you have the armani story. everyone on global wall street must be focused this weekend on the soap opera going on. banking is think left, right, and center. and i have a chart looking at the swiss franc. what it means for the further negative. but first, let's get straight to the bloomberg first word news with viviana hurtado. begin with the coronavirus outbreak. it is getting tougher to gauge the true scope of it because china has provided the data that the death toll was lowered to less than 1400. now there are more than 53,000 reported. u.s. officials are stepping up criticism of china's response. a stunning rebuke of president trump from one of his most trusted cabinet numbers. william barr saying that tweets and remarks about going -- ongoing cases make his job impossible. already vowed to veto a resolution to restrict his ability to wage war against iran. to be passed by the u.s. house

we knew they were meeting in zurich.t was absolutely clear there was a significant number of shareholders keen on him staying on. it is a surprising turn of events the replacement is something of a veteran who has been there since 1999. nejra: just give us the background as to what to be leading to the showdown. >> this has been going on for months and we are getting glimpses of what appears to be a fight between two individuals. we were the meeting, reporting that both sides were basically tussling it out and that a showdown would have to be made. it certainly can't be both in the scenario. nejra: what does it mean for credit suisse's strategy? >> we don't now, but we will see in a few days. it has been a calamitous performance from them. but on the other hand, we have faced some real challenges. there is still some on picking and confidencee that needs to be rebuilt. nejra: as we were looking ahead to this board meeting, what might be expected? >> there was more yesterday and the day before. there is more for the chair

francine joins us now from zurich.been interviewing the ceo for many years, watching his career, and the turnaround at the bank. knowou get the sense, i demurred,him and he -- does he feel it is unfair that he caused this turnaround and now is on his way out? francine: he didn't say it openly. he did take a slight dig at the management board, saying he cleaned up a lot of the problems he inherited when he joined credit suisse. when i asked if he regretted leaving, should you have left if the results were so well, he said you need to ask the board. so it is clear there was something, but today he's trying to say that i am here to give interviews because i want to thank the clients, the employees for their support, and it is time to move on. i think he was very guarded. it is a complicated day for him, -- had to present these results that were mixed, some with a provision in the investment bank that was not great, a beat on net income. but what was clear that it was an emotional day. anna: wanting to thank those people,

now an exhibition in the coding styles in the swiss city of zurich that makes us think about the relationship we have with op planet that has been the overriding topic of danish icelandic. in recent years and is not all doom and gloom with lights lasers and installations on a grand scale the song explores how we should co-exist with our planet and how hot can help. the exhibition symbiote exceed comprehends human beings as part of a larger system artist are left for us on explores our relationship with the natural world with work that has a powerful emotional and sensory impact. seascape corns to the contrary one thinking about culture in general is often a physical essential experience it doesn't just appeal to you rationally it's about coexistence you might experience it with other people in a certain context or place experiencing art isn't the same as reading about something in the paper size will listen to the exhibition proposes an idea of the world based on coexistence and collaboration rather than competition. tuesday with the modern world and the history that has brought us to where w

me now is francine lacqua from zurich. cine: i think there were delicate questions to answer about spying in the performance of the bank, but it was clear that the chief executive wanted to go out on a high no his lastf executive day at credit suisse. weorrow he is out, and only found out a week ago he was ousted by the board. he tried to say this was just succession planning, but i think he's genuinely proud of what they achieve at the bank. he still says he knew nothing about the spying scandals, but , he if you look at the bank is leaving after five years in a much better shape than he found it. today i think was a day of looking a little bit back at that come up presenting these earnings that were may be a touch disappointing on the thinkingt side, also the investors that supported him. alix: thank you so much. now we want to turn to london, where we have breaking news. u.k. chancellor of the exchequer so sheets of the -- chancellor of the exchequer so sheets about the u.k. chancellor of the exchequer is resigning. son

latest exhibition and zurich highlights the fragility of all planets but there's always hope for the future through. we begin though with an exhibition and just pulled off of pisa limburg photography which he himself put together just before his death last september lemberg was one of the most influential photographic artists of his generation working almost exclusively in black and white he's perhaps best known of a.z. models like campbell and cindy crawford to supermodel status but as the exhibition shows he was so much more than just a fashion photographer. untold story was painted in. a retrospective of his work he spent 2 years lacking on the german photographer his friends and colleagues came to decide off to celebrate his legacy it's the 1st exhibition curated himself and tragically.

latest exhibition and zurich highlights the fragility of all planets but there's always hope for the future through. we begin though with an exhibition and just pulled off of pisa limburg photography which he himself put together just before his death last september. was one of the most influential photographic of his generation working almost exclusively in black and white he's perhaps best known of easy models like campbell and cindy crawford to supermodel status but as the exhibition shows he was so much more than just a fashion photographer. untold story was pretending. and retrospective of his work he spent 2 years working on the german photographer his friends and colleagues came to decide off to celebrate his legacy it's the 1st exhibition curated himself and tragically.

you are of course busy enough with your 2 orchestras your zurich obviously but also one of the guest conductors at san francisco. but you also just took up the president of the beethoven house in bonn very timely just a couple of days ago i guess for the beethoven year tell us about your connection to beethoven and why he is so incredibly important for musicians when you know i think for any musician beethoven is kind of like the mount everest we we feel him we love him and we want to conquer him that's what we do and he's so much part of our d.n.a. he's inspired me since i was a little boy since i had his violin concerto when i was 4 years old and the chance now to work with the beethoven house as the president it's the leading institution in the world 80 scholars we have the best collection of his manuscripts we have his instruments even his violin is amazing and to help take this journey with beethoven now into the next millennium he's i've heard it said a number of instruments or musicians have told me that he's one of those composers that keeps you on your toes all the time you'

and i can't tell you but this is a huge deal on one street in zurich, switzerland.tory. thiam resigned and some saw he was ousted and a stunning reversal by the executive that was backed by shareholders following a spying scandal and he'll step down after presenting the fourth quarter results and will be replaced by thomas gutstein who is a veteran of the bank. it follows a power struggle between thiam and the chairman. joining us is our finance reporter patrick winters. was thiam ousted or did he resign? >> i've got to say looking at all this evidence circumstancely today, you've got to say he was ousted. and this escalated really, really quickly. last couple months the bank was saying thiam did nothing wrong and didn't know about the spying and one week ago the chairman denied the story we wrote in which he was looking for candidates to replace thiam and it escalated quickly and has all the markings of an ousting. francine: what do we know about the new man in charge? patrick: the new man in charge is a swiss guy with a long banking career behind him and he has a

jeff is in zurich. the reaction in julius baer shares down more than 4% tells you investors are not really buying into this strategy. also, worth bearing in mind that the profit was down almost 40% last year. yet again, the same issue is arising, that of profitability what can these asset managers do at this point to help boost profitability at a time of increased amount of competition in the space >> reporter: well, the problem is, as you know, you've been following the sector, most of these banks, as they're announcing ho-hum numbers are offering more jam tomorrow and i think this is the message that we're getting from julius baer obviously, there was a big impairment number in the earnings we saw for full year 2019 so, that explains some of that big headline net profit drop attributable to shareholders, that 40% you talked about, or 37% in reality but the bank is announcing some interesting new targets here one is 10% profit growth over the cycle per annum. they think they can do that by squeezing co

google is confirming an employee in its zurich office has tested positive for the coronavirus it's notng any more details includes where the employee is is now or where he or she may have traveled to. in a statement, the company says that one employee has been diagnosed with coronavirus they were in the surk office for a limited time before e they had symptoms we'll continue to take all precautionary measures as we prioritize everyone's health and safety now that office in zurich remains open like all of google's other offices and they're going to continue to monitor the situation. shares down about 2% >> the office does remain open i think that's probably the most important thing for investors and employees. >> and their headquarters is in mountain view, not far from here google is not sharing any more details. we don't know where the employee is is. if they've left or traveled anywhere else. >> thank you stocks have been selling off around the globe with the market on track for it worst week since october 2008 the nikkei, the kospi, shanghai composite all falling more than 3% just to

lake zurich switzerland the mold fundi are cultivated here the original material is stored in dry ice at a temp. minus $190.00 degree celsius it's completely nontoxic still it has to be continuously controlled in atlanta is fungus and there's fungus although. there are good ones and bad ones the good ones have been used for centuries to make soya sauce from a church of in that case it's over when it comes to bad ones there are 2 categories that spoils food like for example the classic mold coating on jam isn't usually toxic. but it doesn't look nice and it makes the product look an appetizing gifty go with it and then there's pathogenic fungi which cause diseases or produce certain toxins called cuts a vacancy in the world at the push to. it took a long time until modern lucas finally found a butcher's shop where they could start testing 10 years ago. the pits one has given you the fungus wasn't toxic. soon we invited our friends and actually used them as human guinea pigs. vice they always received 2 steaks one had been treated the other was normal he says they didn't know what steak

days because there was no explain for anyone to do anything so the the stuff was flown back from zurich into london and directly injected into the. troops on 4 separate occasions and really days before the marathon. so you know you catholics is it does find itself in a difficult position over this but it has issued a statement in for sizing that they were actually no rules broken because carnitine infusions are committed. and also as long as they remain below the 50 millimeter limit over 6 hours that was in place back then that's part of the problem isn't as far as i can see here because no specific rules were actually broken there is this gray area whether it's in the spirit of sports or whether it's the ethically right i mean in terms of that substance well carnitine how common is the use among athletes and how great is the potential to abuse it if if necessary. i i really don't know but certainly episodes like this don't help because athletes may be looking for you know the next thing that might give them the marginal gangs they see and this doesn't help because people will now be th

i guess he is a known quantity in zurich. jan-henrik: i don't know what it means to be very swiss. that he's a very calm person at the end of the day. he is a soldier, will probably do what he's told to do. maybe that is swiss. first of all, he's an investment banker. a lot of experience. he was the ceo of the swiss unit, a universal bank, so he knows all the businesses of the bank, the trading, wealth management, corporate banking. so in the sense, he's very swiss, everyone knows him in switzerland, he's highly regarded. the swiss unit was a key profit driver. that probably also qualifies him for the ceo job. he's well connected. i don't know if it's typically swiss, but it plays a role, having a swiss ceo, swiss chairman, to restore trust and put an end to all the headlines. anna: i am sure the answer will be it's too early, but is there an impact in taking someone who leads the swiss unit and making him the person in charge of the business, in terms of the direction of the bank? the moveder thiam toward wealth management and away from the more trading sides of the banking univer

past with the present crafting something from nature and savoring the music across the generations zurich and hopes he's reigniting an appreciation of an art form that transcends music and can continue 'd for many more millennia natasha getting 0 i man. all right let's have a look at the top stories here down to 0 in the latest move to stop the spread of corona virus the chinese government is demanding that everyone returning to beijing from the new year holiday isolate themselves for 2 weeks more than 2600 cases were recorded in china on friday is about a reduction of about 50 percent of the number reported the previous day for miss a one year has admitted the outbreak is a challenge to china but he's criticizing some countries the calls in panic and several protests are being held across hong kong against the government's plan there to set up coronavirus clinics so a club has more. what they're saying is i don't want a committee out right now to happen in an overpopulated quite a highly populated area like where we are now they're also complaining that they say there's been a lot of pub

zurich insurance posted a 16% rise in 2019 operating profits, which came in above $5 billion net profitshighest in a decade the swiss insurer has plans to beat all of its target thanks to bigger business, lower v volatility >> it is difficult to read today what the coronavirus will bring to us over the year. so far, the impact is minimal. we don't see the impact through the year yes, the travel will be canceled but that will not impact our accounts in 2020 in significant way. most impact will be on the gdp and what will happen on the western economies as a china result of the coronavirus. >>> shares of nestle are lower the maker of kitkat and nescafe said it is too early to know the impact of the coronavirus. >> and beating estimates, the group cut its full year profit guidance due to concerns over the impact of the coronavirus in china, its second largest market pernod expects the outbreak to affect the third quarter performance. we'll take to the chairman this afternoon. >> the chinese proof is has reported a record rise 242 people died on wednesday alone. the highest percentage increa

waters of course that western side of the mediterranean that couple of days ago the further north in zurich we were getting up into the high teens for self-discipline the top temperature here on wednesday there's some snow there over the alps know that into the balkans and some was for snow just pushing across hungry easing over towards the southern parts of ukraine very heavy rain sleet and snow there pushing down it to bulgaria and also into a good part of turkey in the choppy weather also affecting the eastern side of the meds and not looking too pleasant here is it go on through the next few days prices guys data back in behind me down into single figures across a good part of the reason to be cold enough to cross parts of north africa over the next day or so particular when you consider what's going on into that eastern side of the mediterranean so although we get up to the mid to high teens across these northern areas as we go on through wednesday a top temperature of just 13 by thursday. frank assessments the one good thing about these bushfires is that you really want to get out of

greater zurich area.s for your time this morning. let me first ask you what your thoughts are on the coronavirus thus far. clearly the markets have taken a badly over the last few days. do you believe we will see a recovery? >> i do still believe we will see a u-shaped recovery. china is leveling out the new rate of infections. if we look at the side, that means some probably -- that means supply side and demand is still there. if that is happening in china, we suspect -- it will be satisfied in the near future. the big question with the outbreaks in increased numbers in europe is will that also because thereand, is pending demand that is still there. will that be disruptive because of the new cases? currently when we look at the data, we do not see that, and that's why we have no reason we should change the scenario from v shaped to capital you or l shape. -- to u shape or l shape. anna: you say in your notes that the world health organization has not declared is a pandemic, but we are getting closer to

that being said, there is a lot to be said about how microsoft's cloud zurich offering has reineventsedhis area. they are doing a lot of things right. also amazon's kind of quivelss with the trump administration and the pentagon did not help its -- the perception. the all, it is still, market is still in the fifth inning of growth. there is a pie there that i think should serve its three dominant players very well, especially the early movers like a.w.s. and microsoft. taylor: finally, i want you to ce take ooa look at another chart i'm showing in my terminal. this is as of close on thursday. it is not yet reflecting the post-market movement. if it were, this would be a frillon dollar company. is that evaluation justified? >> you know, i think so. that is why we kept our buyer recommendation, in the face of all the chatter with the anti-trust and government investigations. i think keep in mind this is likely to be a volatile stock in the year ahead as we head into the presidential election year with all the potential chatter about the anti-trust. this is a name that you know what you're

balkan peninsula we're talking anywhere between $20.30 centimeters of snow in the forecast here for zurich though take a look at those temperatures as we go towards wednesday rain in the forecast with 15 degrees here on monday but by the time we do get towards wednesday it is going to be a chilly day with temperatures only reaching to about 5 degrees there well here across another part of africa we could be watching the system as well winds are on the increase across much of the northern coast and for ghazi expect to see about 17 as forecast. gives you a deal dead and did you get the peace prize too soon. is this going to hurt or help donald trump's reelection chances it is very true when they fail to cheat somebody on 5th avenue and not have any consequence this is not a muslim issue this is a human colony issue join me maddy huff and as i put it up from questions to my special guests and challenge them to some straight talking political debate here on out. here with al-jazeera and these are the top stories turkey's president says his military's hit back at syrian government forces after

past with the present crafting something from nature and savoring the music across the generations zurich and hopes he's reigniting an appreciation of an art form that transcends music and can continue 'd for many more millennia natasha getting 0 man. on the way down the headlines on al-jazeera china's foreign minister has criticised some countries for overreacting to the coronavirus a number of new cases has dropped by nearly half the previous day on friday on the total number of people killed as more than 1500 beijing has an introduced a number of measures to curb the spread including a quarantine for people returning to the capital. it's a deal that lasts only a week but u.s. officials say if it's a success that could lead to the withdrawal of troops from afghanistan the taliban and american negotiators have agreed to a proposal for reduction of violence in the country a senior u.s. official says if this deal holds that it could be followed by a more permanent accord the u.n. secretary general has welcomed the agreement if this were to succeed it would obviously be a notable step in br

going to continue as we go through the rest of the weekend and into monday notice is temperatures zurich at 14 it's also going to be accompanied by a lot of rain across much of this area we could even see some winds down here across southern parts of germany into the czech republic as well now as we go towards monday still a lot of heavy rain across much of the region a few snow showers here across parts of the alps those could be heavy at times we are going to be seeing the change of air by the time we get to tuesday those temperatures will begin to drop and that is seen here in vienna where temperatures are above average very rainy across the region but as we go towards tuesday it begins to drop we do expect to see a tempter there of about 8 degrees well here across the northern part of africa for bodyguards see we're going to see some rain showers over the next few days that will linger as we go through parts of sunday attempted there about 17 degrees and then as we go across towards parts of egypt would be seeing some cloudy conditions as well for cairo expect to see a tempter there

around anothera departure last week, now we have zurich all over again.t of the reason for his departure, the reason for his departure was all of the scandal to ubs.ahn going but he is not one that will take over at ubs. reporter: that is something we insinuate in the story. the credit suisse story. it sounds like an ordered process. eight years is a long time. he wanted the top spot at credit suisse. he did not get it. when ubs started its succession bringing, it was we in more executives to strengthen the executive board, then maybe these people become successful. i still think he has a fighting chance to get the job. understand is the search is focusing on other candidates more, more external candidates. there are also other strong internal candidates at ubs. coo is a potential succession candidate. now, i think the important part of this story is that ubs has started succession planning. there are people involved in this and the process is ongoing, and ermotti might step down this year. he oversaw restructuring, and now it is really about growth. i th

we met professor schmidt who at a business conference in zurich. he often speaks at such of ends where he outlines his vision of the role that artificial intelligence may play in our future. he says buffett sheet. his presentations are wide ranging and thought provoking thank you nancy in the near future perhaps a few decades from now we will for the 1st time have a i can do much more than people can do right now in their own well yelling schematic and we will realize that the majority of physical resources are not confined to a rather small world biosphere using our solar system as there is a lot of the tools that can be used to build robots or we could develop robots transmitters that's and receivers that would allow the ai to be sent and received at the speed of light. we could already do this in a laboratory and from senator this would be a huge development rap's the most important since the beginning of life in earth trina her 5000000000 years ago as this means something. but if the professors vision accurate. wilke humans at some point be ove

we are live from zurich. plus, thomas piketty's new book has a solution to mobile and equality.his manifesto for the left. live from london, i'm guy johnson, with vonnie quinn in new york. we are counting you down to the european close on "bloomberg markets." ♪ vonnie: we begin with breaking news. the federal reserve releasing its semiannual monetary policy outlook. one of the headlines, the downside risk to ease in late 2019, but the coronavirus is a new threat to the global economy. fedously, that is what

apparently going to be making the move from amsterdam to zurich.oming up on this program, a new arrival. democrats taking the stage in las vegas. but with the new target. we are going to discuss the latest. you're watching bloomberg. ♪ joe: the ninth democratic presidential debate takes place in nevada tonight. for the first time, our owner, michael bloomberg will be on the stage with his fellow candidates. although he is not competing in the state, he has been rising in the national polls. here is kevin cirilli. we all know him pretty well here at bloomberg, but for many americans watching the debate, this may be their first chance to see the candidate by many measures a second or third in a lot of the polls. the first time former new york city mayor michael bloomberg will make his debut. i am told by sources connected to the bernie sanders campaign that this is a welcome opportunity you for the democratic front-runner. bernie sanders can draw a contrast against bloomberg. it is also an opportunity i am told i sources close to joe budden's campaig

string along a pair of high-ranking nazis for six months and in november of 1944 and traveled to zurich becker, who had worked for thater, showed proof roosevelt was interested in the negotiation. during world war ii the american government representatives held a top-secret unauthorized ssting with a high-ranking official to negotiate on humanitarian matters and as a result mcclellan and meyer got --e than 6000 jews released 1600 jews released as a good-faith gesture. beyond this, the board opened the refugee camp in upstate new york and brought nearly 1000 mostly jewish refugees from europe to live there. they argued that the knot sees must not be given the pretense of justification of the allies was speaking in horrified terms .f the not too jew they pass along requests to the war department for the bombing of the rail lines, gas chambers, or wiping out the entire camp itself. with no authorization from the rest of the government they gave the american government public detailed information for the first time in the process of arrival selection and gassing. in response to the informat

facing somee well-publicized scandals that have been the talk of zurich over recent months.hing your business is able to benefit from? are you seeing clients come to you because they do not want the distraction elsewhere? we declined to comment on competitors. we build our strategy on strengths, not the weaknesses of butcompetitors would matt: you do want to offer safe and secure asset management. volatilitye times of in other places around switzerland. you must take advantage of that moment to pounce on those clients. >> of course. the skills and the edge of our products and services. withe routed and anchored a majority shareholder that brings a long-term vision to the table. we have stability. we think that combination is of interest to quat -- clients. nejra: thank you very much. let's talk about another earnings story today. operating income for the fourth quarter that the estimates. let's get some clarity. good to speak to you once again. what message are you trying to ?ommunicate >> we feel very much on track. in 2017, we were barely above 9%. the markets are probably

on into thursday some heavy rain sliding across the breast peninsula bumping into that colder as zurich at around 4 celsius we will see snow sliding its way and stays that will continue to drive this way for the race was brought the skies come back in behind but if you head towards the weekend it will turn wet and windy again thank you very much everett's and now the u.s. president dilma drum says he's optimistic a comprehensive trade deal with india will be reached as he wraps up his 2 day visit talks with indian prime minister narendra modi in new delhi the trips not design the chips designed not only to be straight and ties but also trumps reelection chances at home by appealing to see indian american voters. another major focus of my discussions with prime minister modi is forging bilateral economic relationships that is fair and reciprocal our teams have made tremendous progress on a comprehensive trade agreement and i'm optimistic we can reach a deal that will be of great importance to both countries that have both sort of caught on the beach and he had the relationship between th