germany's foreign minister is visiting the united states. he is due to meet his counterpart, >> tillerson. he sees himself as a guiding hand for a new administration in washington that doesn't know much about how the european union does business. >> as germany's chief diplomat, he will have to find a way to get along with the u.s. administration. two weeks ago he was economy minister and not impressed by trump's approach. >> if they impose harsh trade restrictions will harm the americans themselves and they will soon notice it. the auto industry has become a hot button issue. trump says he wants to protect u.s. manufacturers and impose tariffs on imported vehicles. when he complained germans were not buy american cars he had a pithy response. my recommendation would be bad -- would be build better cars and someone might buy them. he said europeans must stand together and defend their interests. he has also said he is going to washington with an offer of friendship and trust. he took over as foreign minister from -- last week. his american co

ands originally from texas a chairman of the organization republicans abroad in germany. issays the meeting access necessary and right. with this measure, president trump fulfills a campaign promise. finally, it is great to have alan posener back on the show. are protesting against the travel ban, but anyone with an israeli passport or visa is banned from entering 16 muslim countries. where's the muslim protest against that? at last count, five quarts in five u.s. states issued injunctions against this man, -- ban, against this executive order. many legal experts say it file it provisions of the u.s. constitution and treaty law, but you say it is right? thomas: to the extent a country can limit who enters it, i think it is correct. i don't think you should put a religious test on it, for example. it appears and the haste to get this out, that may have happened. i think we should be ablble to limit or at least that he who comes in to any country. france should.s., have the right to police its borders. the president of the u.s. does have pretty brought authority under domes

germany's largest airline accepted a new wage agreement for 5400 pilots. in four stages, the tonsil will give ae their salary and 30 million euro bonus. increasing payrolls until 2019. it represents a 5000-6000 euro increase per pilot. the company says it will be staffing 40 new claims with employees who are not part of the labor agreement to make that some of the funds. the can strike over three years of cost the airline close to a half alien euros. the latest strike in november alone cost the flagship carrier $100 million although it still managed to post record profits of 1.7 billion euros last year. batons says it must continue with cost-cutting measures to compete with budget airline. and despite agreeing on the wage proposal several other labor issues remain, meaning or structure possible in the month ahead. kate: passengers flying to germany could still experience problems on thursday. ground crew's plan to strike as part of a separate, ongoing dispute about pay. airlines are warning of possible delays or cancellations on thursday. greece is seeing

japan moved into the number two spot by overtaking germany. increased car exports were the main factor. trump accuses countries it has a trade deficit with for being responsible for american job losses. the trade deficit is just one of the many issues that will be brought up when donald trump hosts japan's prime minister in washington on friday. with uncertainty over the new president's policies, shinzo abe's government is scrambling to plan its strategy. >> i will be the greatest jobs producer that god ever created.

"cut me a break" is what i hear germany saying. we have done our it in terms of quantitative easing. francine? francine: manus cranny with the very latest. the interview of the day, so stay tuned for that a couple of hours from now. fx welcome the head of advisory in london. 2012,n see this, back to down. this is the zero line. it touches below zero, goes to negative territory. minas 0.8. -- minus 0.8. what are people worried about? >> primarily, the french elections. the flip side of the increase we have seen in french yields is the decline in german yields. there are a number of other technical things going on that are pushing particularly the front-end of german yields down, which is not so much a worried. it is things like intervention by the likes of the danish national bank. francine: that support. steven: as you say, the ability the -4%uy bonds below the positive right -- deposit rate. the main concern is bonds. francine: what would you ask mr. jens weidmann? do you just want a reaction from him, or peter navarro, the traded

germany is the latest to fuel the pinch. helena: for five years, the group has been struggling to sell its brazilian steal mill in an attempt to end its unsuccessful expansion to america. now it has found a buyer. a belgian competitor has agreed to pick up the plot for a hefty $1.3 billion. and assume around $300 million in debt. it is what the factory owes to the brazilian government. it is markedly lower than what analysts had expected. the biggest reform of global trade this century is how the wto puts it. the first multilateral deal for the group coming into forced today. improving access to richer markets. the u.s. is party to the pact, having signed it under the obama administration. no comment from president donald trump who is hostile to free trade. nations agreed to simplify and standardize customs procedures to make it easier for goods to flow around the globe. 164 members. the two thirds threshold to bring it into effect. they have returned to work after a weeklong strike. protesting against measures they believe

germany is highly critical of that. during her visit, chancellor angela merkel said to president erdogan, in a democracy, you have to cope with opposition. that is daily business. she also urged him to stand up for freedom of speech and human rights. brent: is there any indication that german citizens have maybe been spied on? >> sure. a lot of turkish citizens have dual citizenship. brent: thank you very much. >> you are welcome. brent: to paris now where finally demonstrations continue, following reports of an alleged rape of a young man by french police. a few hundred protesters clash with police in demonstrations in the suburbs of paris. just over a week ago, a 21-year-old black man was allegedly raped after an identity check. demonstrations have already led to more than 200 arrests. one of the world's oldest carmakers is set for a sale. daniel: general motors head is on the defensive today. she is looking to convince german authorities that selling will be beneficial for the country at the workers. they would be fo

, not from germany. there were only 560,000 german jews. even the opponents of immigration were not necessarily convinced that this country could not absorb half a million people. the problem was there were 3.3 million jews in to beland, there were 800,000j well,ews in lithu, and every single one of those governments had publicly expressed the desire to reduce its jewish population and had gone to the league of nations anded and asked for help in that respect. the ambassador of poland in great britain in 1938 actually tried to blackmail the british government into accepting 100,000 poll -- polish-jewish immigrants, or, he said, we will be compelled to adopt the policies of the german reich toward its jewish citizens. so this was a world in which resistance to immigration was enflamed by a sense that the influx would be even greater than was predicted. the extent of u.s. nativism, i think this is where we go to the next one. everybody will recognize the illustrator. almost everybody will. this is dr. seus

if they go to germany, because germany has a demographic crisis, they need them to prop up their economic model. the polish will be replaced with old aryans and romanians, perhaps. —— bulgarians. they are hard workers, hard workers, more than us. and cobalt. we did a story last week about this. a lot of investors. many people are jumping into cobalt which is used obviously for batteries, which are used in these cars, these electric cars. it isa no no these cars, these electric cars. it is a no no poop sherlock. what was that? is that a technical term? laughter. what is that expression? it is further down the article. umm... the point here is, you know, we are looking at a really exciting evolution in cars, electric cars and automobiles. we are looking at tesla and securing everything in the supply chain that is needed, and cobalt is obviously part of that story. it is interesting to look at it economically, but i am not sure how that relates to sherlock. well, there is a little expression... umm, grey squirrels. do you like them in comparison to the red lines?|j grey squirrels. do you

elina commuted between france and germany, attending daycares in both countries. it didn't take long for problems to arise. but instead of trying to solve them together, luc sought help from a controversial self-help group for french fathers. after a vacation, he informed britta that he wouldn't be bringing elina back and went into hiding. straight away, britta schlotcke drove to strasbourg and began searching for her daughter without success. she filed a parental abduction complaint with the police. >> my daughter had vanished without a trace along with her father. she wasn't at daycare. she wasn't at home, and her father wasn't at his workplace. the police never called, never contacted me. >> luc kept his daughter in hiding for 8 long weeks. ourg. britta was summoned to she had no idea what awaited her here. >> i never suspected that a child custody and residency hearing would be taking place. i only came here because i assumed that my complaint was being heard. >> instead, the court ruled that elina was to reside in france with her father. britta could only see

relations between germany and poland have not always been easy. do you see signs of goodwill on both sides? >> good evening, yes, indeed, i see very clear signs, and i think the fact that angela merkel came to warsaw today and a very positive mood of the press conference show indeed that both sides really want to communicate and agree on certain issues. they both think europe is important, so we need to have compromises, we need to talk. host: that is a positive way of looking at it. we have not always heard that type of positive talk coming from, for example, the head of the law and justice party. we know the german chancellor met with him today. are we seeing a sign of relations warming up a little bit? guest: well, he recently criticized angela merkel and germany very clearly, so the aim of the meeting was to communicate, to break the ice. i hope it succeeds. however, of course we don't know how the situation will develop. we cannot really say how they will react in the upcoming weeks or months. it was a good step, and i hope their relations wi

by opening its borders, germany is at the forefront of this debate. and it is clear that the tech community has a role to play and can help ease the transition to a new home. hello and welcome to the week in tech. it was the week that uber found itself under fire after a former employee accused the company of sexual harassment in a blog post. uber responded saying it would conduct an urgent investigation into the claims which it called abhorrent and against everything uber stands for and believes in. it was also the week that youtube announced it would get rid of unskippable ads in 2018. scientists showed off a special coating making it easier to get catch about of a bottle. ketchup out of a bottle. and astronomers have discovered seven sized planets orbiting a single star. and, before you ask, three of them may have conditions to support life. if you just hate living in a world with wires then disney research may have the answer. their prototype living room can wirelessly charge ten items such as smart phones and fans by static resonance. this means

that includes germany, and has been expressed from germany that they are committed. the good thing is that germany has increased defense spending. there will be a significant increase in 2017 around 8%. germany as many allies have a long way to go, and some allies will meet the 2% or two.ithin a year romania declared last week they will meet the 2% target this year. left away and you and latvia will soon meet the 2% target within a year or two, so we are making progress. toin, i expect all allies keep the pledge they made together in 2014. let me saypence: again, the president and i are grateful for the secretary-general's focus on burden sharing and for our nato allies, germany or other countries, to meet the commitments that the treaty allies made to one another. it is a demonstration of president trump's leadership that before taking office he was speaking about the fact that the united states provides more than 70% of the costs of nato today, continuee committed to to do our part, but the time has, for our nato allies to step forward, and the secretary general st

that also includes germany. it has also been expressed from germany that they are committed to the defense investment pledge we made together in 2014. the good thing is that germany has started to increase defense spending. in 2017 there will be a significant increase in german defense spending, around 8%. so of course germany, as many other allies, has a long way to go. some allies will meet the 2% target within a year or two. romania declared last week that they will meet the 2% target this year. lithuania will soon be able to meet the 2% target also, within a year or two. so we are really making progress. germany has started to increase defense spending. again, i expect all allies to keep the pledge they made together as leaders in 2014. >> let me say again, the president and i, our administration are grateful to the secretary general for his focus on burden sharing and for our nato allies, whether it be germany or other countries, to meet the commitment that treaty allies made to one another. i think it's a

post netherlands, post france, you have a bit of a gap in germany. what happens there of all is good on a united eu? >> i think it's risk on. relative valuation of europe to the u.s. is comparatively attractive and the recovery in europe is the best we have seen in maybe eight or nine years. tradingthe cyclical europe will be back on and people will look at small mid caps. you have a government that is more likely to instigate new reforms in france. mark: thank you very much. markets mask -- we ♪ are headed toward the close. mark: live from london and new york, this is the european close on bloomberg markets. we are four minutes away from the close of the wednesday session as we trade. there is little change for the stocks in europe 600 after three days of gains. i will leave you with the currency board. this is bloomberg. ♪ mark: live from london and new york, this is the european close. stocks were finishing up the european session and it will be touch and go whether the three-day winning run could come to an and. it could be a winning run. yes

beginning their two-day meeting in germany. this will be the first trip for rex tillerson to europe in that role. patrick donohue is there for us. thank you for joining me. i know it's early in the day for you there, but what can we expect from this g-20 meeting. it's rather a special conflagration, isn't it? >> it's a g-20 foreign ministers meeting, which is outside the purview of most g-20 subjects which deal with global finance and the economy. foreign ministers will talk about conflict prevention and climate change. they will be testing the position of rex tillerson and the trump administration on their position on a whole range of multilateral issues. manus: i suppose everyone will be focused on the tillerson-lab rob meeting. what can we expect in terms of the munich security conference tomorrow? >> rex tillerson will meet all his colleagues today and with russian foreign minister sergey lavrov. it could be a bilateral meeting. rex tillerson will not move on to the meeting of the security conference, it's a big security co

this is why he is criticizing europe, why he's criticizing germany. out germanylling for gaming the fx system is really an attempt to jawbone the dollar down. carsten: it is also another one to create confusion with a former trade partner and former diplomatic partner. europe does not know how to react on it. guy: i think that is a really interesting point. is it an attack on the single currency or an attack on europe, discord? sow there is a sense in europe that donald trump's anti-you. is this heart and parcel of this process? if you were french, would this make you more wary of germany? is this more politics than economics? carsten: it is more politics and fits into comments we had from the u.s. ambassador to the e.u., showing i think, for this current u.s. administration, trade is really business, and partners, but a lot of them are competitors. if you look at the european single market, it is bigger than the u.s. single market, so if they can sow confusion, achieve more on dismantling of e.u., e.u. further disintegration, you want competitors dow

strong out of germany and france , france overtaking germany. what is going on with the euro? richard: i think because politics comes to economics. if you look at various euro pairs, euro-sterling is low. mark: why is the euro losing? richard: i think euro political risks are catching up what we have seen and the u.k. we have seen a massive fall in the pound since the brexit referendum but the european risks are coming to the fore. i think it is because of these political risks. mark: i was talking about an life earlier, the comment was about mr. harker and parker has spoken, three rate hikes this year. knewchard said, we already he was pretty hawkish. why was everyone jumping on the dollar bandwagon today, was that post holiday euphoria? richard: i think it was. i think risk have been reduced ahead of the long weekend and now that we have come through the other side you get a little bit of risk reinstatement. i think harker probably had a little bit to do with it but i do not see his comments as being a game changer for the march meeting. we still have probabilities far too l

we go to germany where the far right is making gains. the united states is deeply concerned about the escalating violence in eastern ukraine. eastern back rebels and government troops have been clashing for three days. this report is from the frontlines. reporter: they knew hardship before the bombs. now, there is an ugly persistence to europe's forgotten war. even when the soundtrack of fighting swells surreal normality persists, as well as resistance. >> we can't sleep. even in a city with a valuable industrial prize, which has seen many battles, it is a new, uncertain chapter. people going about their everyday business while gunfire and artillery is a short distance from here. you can hear it. in the industrial age of the small city there has been a violent stalemate for two years. in that time i have rarely witnessed such a presence from the ukrainian military. in a block that overlooks the stilline and where anna lives with her neighbor's children. it is 8 degrees below freezing inside. scary. here is really i have see no solution t

it was the first assembly line produced car in germany. the bright green two-seater pave the way for opel to become germany's biggest carmaker. that success held for a while, helped along by other models like the cadet and the record. but opel's star started to dim in the 1980's. the managers made for cost-cutting decisions and sheet metal caused the car to rust quickly. since then, opel has suffered an image problem. the financial crisis of 2008 saw a global demand for cars screeching to a halt. opel's american parent company, general motors, teetered on the brink of bankruptcy. threatening to take opel with it. jim considered selling opel but eventually shelled the idea. instead, savings measures were meant to pull opel back into the black. but it was the workers who lost out. factories in antwerp and in vocal germany -- they were closed. gm promised to hold on to opel. >> with sales of more than one million vehicles last year, opel is clearly a vital part of our company. it is the third largest passenger car brand in europe. and it will

you've got france and then you've got germany. they're going to want to set the broad outlines before then. i think we will need to overcome these hurdles to get any clarity. what is important to highlight is that it is not in the e.u.'s interest to give britain a terrible deal either. they want to keep good relations. but of course this is all tough talk from both sides. rick, should you assume the worst and hope for the best? as a kind of general strategy? rick: yes. you need to bracket the outcome. how bad could it get? price things in that sense. hope for the best is not a great strategy, but to brett the outcomes is really important. francine: what is priced in at the moment? rick: i think it is a pretty bad outcome but it could be worse on sterling. francine: interesting. thank you so much, rick lacaille, and stays with us. he's global chief investment officer at state street investors. & you o'donnell keeping us up-to-date with all thing brexit. up next, we speak to the former skype vice president and founder of tech london

if you take, for example, germany, the gap is really something like 30 billion annually, so germany actually does have a big job to do in terms of reaching the 2% target that trump and his administration seem to be focusing on to get the nato security protection. mark: how much of a threat is trump's entitled e.u. rhetoric? he's almost shown disdain for the e.u. project, dismissing it as a vehicle for germany. is this bringing the e.u. bodies together? look, i think it is certainly bringing the current government in the european union somewhat together, but i think of course his message does resonate with a number of countries and populations in the european union that feel left alone and that feel left behind. i think at the moment, the prevailing mood is still one of, we have to move closer together because of this attack coming out of washington. mark: yeah. brexit is yet to be triggered, article 50 has yet to begin, or has yet to be triggered, possibly by the end of march. will brexit form any part of the g-20 foreign minister discussions? brexit is think certainly part of the discussion

something like the grand coalition and germany. that is his policy. for me, if i was ranch, that would be the man i would vote for. pascale: may, too, without any shadow of a doubt. when we talk about marine le pen being anti-european, but it's much worse. she has polished her discourse compared to her father, but they are anti-semites. ,his is the xenophobia, racism keeping france for itself. the ideology behind her is very dangerous and very unpleasant to say the least. macron without a shadow of a doubt. peter: two votes for macron at the moment. tony: obviously, i agree with both of you, and another element comes in, that if she gets in, the franco german alliance, which is the motivating power, -- thatr behind europe is broken. seriously broken if she gets in, and that will mean that europe is going to start to unravel, and that is something that is a very dangerous prospect indeed. peter: thank you all for your insight. come back next week if you enjoyed the show as much as i have. bye-bye and cheers. ♪ michelle: hello and welcome to "focus on

and that includes germany. and it has been expressed from germany that they are committed to the commitment made in 2014. the good thing is that germany has started to increase defense spending. in 2017 there will be a significant increase in german around eighting by percent. so of course, germany has many other allies, a long way to go. some allies will meet the 2% target within the year. -- meeting the 2% this year, --huania wilson ruby dee lithuania will soon be able to meet that target. i expect all allies to keep the pledge they have made together. mike pence: the president to die and the administration are grateful for the secretary burden's focus on sharing. and for our nato allies. germany and other countries. to make up the commitment that the treaty allies made to one another, i think it is a demonstration of trump's leadership that before taking office, he was speaking about the fact that the united states provides more than 70% of the cost of nato today. and we are committed to do our part. but the

i'm keir simmons, live from munich, germany. a global campaign underway this weekend to overcome that difficult week for president trump. this evening, the president himself rallying supporters in florida, after giving a surprise news conference on thursday, and appearing before supporters yesterday in south carolina. while here in germany, an international charm offensive in the buildings behind me. all meeting with world leaders here. trump's secretary of state was in europe this week, but do they speak for the president? i asked vice president pence that question earlier today. mr. vice president, nbc news, sir. are you and the president sending the same message, sir? >> yes, exactly the same message. >> reporter: more of my exchange with the vice president later. but it's a big day for the trump administration. on twoaj fronts today, my colleague, lucy kafanov is here withe in munich to discuss the trump administration's charm offensive on european leaders, while we're hours away from the president's campaign-style rally in

he fled syria and came to germany in 2015 as a refugee. when the german chancellor visited the hostel he was in, he took a selfie. this is the selfie you took. soon it went viral. together with the claim that he was a terrorist. more fake news. and now he's suing facebook. translation: it made me feel very bad. i even cried. i'm a good person. i've found work, i go to school here. then i found out people were seeing me as a terrorist. these are lies. many germans fear that false stories online could stoke the rise of extremist parties. fake news seems unlikely to disappear any time soon, and what's happening here could help determine the future of democracy in europe. amol rajan, bbc news, berlin. now, how do you capture an image of a black hole? not easy. they can be as tiny as an atom or heavier than i million suns. and they are normally millions of light years away, anyway. they are also invisible, a place in space where gravity pulls so much that even light can't get out. well, despite all that, researchers in the us have managed to li

reporter: relations with germany are getting worse and worse, as you say. can president erdogan afford to let this happen, given that he has this referendum coming up in april? >> what concerns erdogan is what turks in germany are reading about turkey. he needs their votes in the referendum, and he will shrug off berlin's protests, but he may have to take notice. today the german justice minister said that when it comes to turkish politicians visiting germany, those who want to benefit from free speech in germany must safeguard free speech at home. yesterday, austria said it would not allow erdogan to campaign for the referendum among turks in austria, and i think marx was suggesting that germany might take a similar decision. and if it did, that would hurt erdogan. >> jasper mortimer, thanks very much for that update from turkey. a major target in the offensive to kick the islamic state group out of the western side of the city. the uptick in fighting has for but in some flee cases trapped residents were forced into deeper parts of jihadist territory. we h

it allows investors, if they set up a huge investment, take for example germany, after germany decided it did not want nuclear energy any more, a swedish nuclear company sued them saying that it takes away their losses and they wanted to recoup them. this is commercial law. it is done by investment treaties being incorporated into trade treaties. people are finding it for the first time about these investor state dispute settlement provisions. they have been going on for 50 years. germany is the biggest critic. that is where it originated in. people are coming to grips with something that has been around a long time. some are asking the question, could this be used as a model for british — canadian trade deals? once they leave the eu. this is certainly a model in that it is a trade agreement, but it goes nowhere near matching the level of access we have now. 99% of tariffs, but in sensitive areas of the agriculture, ta riffs sensitive areas of the agriculture, tariffs were phased out over a long time. you would want to go much further with a brexit deal. time. you would want to go mu

i think germany is paying 1.2% of the gdp. there e are different models in the background that will be discussed in munich, as far as i know. paye is a model of saying 3% of gdp including development aid, because in the wider definition of security this contributes. then you can put development money and so on to try to please that. i think the main aim of president trump is that the europeans are paying more. i think with some rights he can claim that. the big question is what role does foreign policy play into his agenda? nato security questions with the russia, with ukraine, wasn't he elected by and large as a kind of isolationist? america first, let's repair infrastructure, these are his main agendas, not foreign policy. melinda: i want to come back to that point, but let me ask you shi ming. we heard matthew say that clearly the defense secretary and secretary of state are at pains to try to counteract some of the more unconventional statements that donald trump has made. on the other hand, this very unpredictability, doe

. >> you're talking about working with germany now because there are so many -- germany seems to be getting all the refugees, or certainly a high number of them. so the programs in germany, can you talk about that? >> so, as we said before, we are an humanitarian organization. we don't deal with the political questions. we are just seeing that there is a crisis, and we would like to help these people. and we now understand that the main problem is to help integrate 1 million refugees in germany. and we are starting a project that is going to last for a few years, probably, with the jewish community in germany and with the german government, to work in the refugee shelters across the country. and i think it's very important, first of all, to help treat them for their trauma and their ptsd -- they're suffering from major traumas, many of them -- and both on the educational parts to give these people hope and a way to integrate. >> and, dr. david, are you seeing any sort of partnership forming to help refugees internationally? >> well, i think it's too early to judge that, but certainly there

tiny asthat spread was opposed to italy and germany, or spain and germany. but it is true, it has moved a lot. you are not quite up to where those folks were, but if you were up to those levels, people would be genuinely worried about a breakup of the euro. but looking at the chart, you probably retraced half back up to where we were during the crisis. . clearly, people see it as a large risk. don't expect the pen the truly in the second round. but the risks are there. sharon, help me here with the reality of a four or 5% dividend in europe. tell me about fat dividends in europe. is that a good thing or a crutch for european equities? thatn: well, you could say although the dividend yield is much lower in the u.s., they get money back by share buybacks. whether share buybacks in the u.s. or dividends in europe is the better way to pay that money is questionable. of which you are paying those dividends are the factors that most people in europe would say are vulnerable to maintain those dividends. traps banks, oil stocks, etc.. if you are paying four percent,

germany is doing very well. meanwhile, all the other countries are dying from the national currency. that is the reality. still with us is steven saywell from bnp paribas. what do you think of the important that is being put on everything marine le pen says? how relevant is it in the currency market? steven: the key answer to that question is there is a strong focus on all elections coming up in europe this year, but particularly the french election. the market is focusing very much on what she is saying. having said that however, i would focus on the polls. there is a sense here to suggest that because we were surprised by brexit, because we were surprised by trump, we are going to be surprised by france. the polls are quite in a different place. remember, the brexit polls were close to 50-50 running up to that. if you look at what pulls in france are saying, marine le pen is not a front runner, so you could argue we are in a very different place than we were before brexit and the u.s. election. of left fieldnd

i mean, germany is so pro-europe. i wonder if this is going to have any effect or if we are going to see this at all in the upcoming elections, because we have an even more pro-european candidate in martin schulz running against a very pro-europe angela merkel. it does not seem like it is going to be a problem even if we do have inflation over 2% persistently. mouhammed: yeah, you are right to call it a minority, but it is a minority with an increasingly louder voice across europe, so hence why the challenge for the established parties are looking at how to essentially address some of those louder voice is taking place, so from that perspective, i think that political challenge remains, and if anything, it is only going to get louder, especially early in the year before the german elections. we are going to have the french elections and brexit negotiations, and those could be instrumental the outcome for the german election. bring it back to the markets and spreads. i mean, if you listen to mario draghi, there should

each said that the eu is a vehicle for germany, that the u.k. was smart to get out and he expected other countries to follow. who should european leaders listen to, you or president trump and can they be certain that what you say, the assurances you give won't be contradicted in a tweet or a state conference tomorrow. and secretary-general, who do you listen to and are you concerned about differences in what you hear? >> well, thank you for the question. let me say it was my great privilege to serve as prievice president for the 45th president of the united states. and the president directed me to go to munich and come here to brussels. to go to munich for the munich security conference and make it very clear. even as we challenge nato and challenge our allies to evolve to the new and widening challenges and further meet their responsibilities in this ever changing, ever complicated world of threats. but with regard to the eu, the president also instructed me to go to brussels and to, press the desire of the united states to continue, continue c

one of our stories today reports on a spy network active right here in germany. it is said that the turkish secret service is behind it. the network of informants is so widespread, it has drawn comparisons to the stasi that operated in communist east germany. but not everyone is convinced the network even exists. there is no outside interference, out of the question, says this man. more on this is coming up later, in the program. modern germany is widely seen as a model of democracy. but for some, it's still menacing. after experi

in germany, the city of dresden is preparing to mark the allied bombing in 1945 that killed thousands and left the historic town center in ruins. commemorations have been marred by protests. police are angry over to outdoor installations meant to be symbols of reconciliation, instead highlighting deep divisions over islam in germany. >> people are stunned, surprise, or confused. this installation in dresden is provoking mixed reactions. it is a temporary monument to remember those people who lived in a war zone like syria, using buses as a barricade against sniper fire. a few minutes from here, at the famous opera house, pictures of graveyards representing the thousands who died on their way to europe trying to cross the mediterranean sea, and many of them don't even have a name. a are buried anonymously. like this person. opinion in dresden is divided over the art installations. they are and not graded ahead of -- to choose the state just to have a remembering when dresden was destroyed is inconceivable for many people here. the victims of dresden should come first, they say. the wom

i don't think it is all just germany or the imf. francine: christian schulz from citigroup and ed shing from b.n.p. paribas both stay with us. james bullard says the fed should not be in a rush to hike him about pimco is preparing for just that. we talk central banks and treasuries next. this is bloomberg. ♪ francine: "bloomberg surveillance." i'm francine lacqua in london. james bullard says the central bank should not be in a rush to raise rates next month. he says continuing uncertainty is clouding the economic outlook. emco trimmed holdings of u.s. government and related debt to the lowest levels since september last month as the bond giant warned inflation is picking up. christian schulz from citigroup and ed shing from b.n.p. paribas are both with us. i want to bring you to my breakevens. this is for the u.s. what does this tell us about inflation in the u.s. compared to europe? christian: inflation expectations are normalizing. they are all pretty much on target. another reason for the fed to believe that you can normalize

we'll be live in germany in a moment, but first this report from wyre davies. with so much attention on his own difficulties at home, donald trump might be thankful that, for the next couple of days, the spotlight will fall squarely on the shoulders of his new secretary of state rex tillerson, attending the g20 summit in germany. among his first meetings was with foreign secretary boris johnson. the people of gambia were delighted to be coming back into the commonwealth. not something the united states is going to be doing. not that i'm aware of. small talk and jokes for the cameras, but rex tillerson‘s counterparts will want to hear reassuring words about many things, including the new administration's commitment to nato. in a turbulent, uncertain world, much has been made of rex tillerson‘s previous role as a senior oil executive with very close business ties to moscow. a relationship that will come under microscopic scrutiny when he sits down with russia's foreign minister sergei lavrov. from security to global trade, the uncertainty about where the unit

that's the law in germany. they're the most successful capitalist country in europe, and they give more power to their workers than any other one. the notion that if you were to do that you would cripple the capitalist potential--uh-uh. it's the same silly argument that says, "gee. those europeans, they're just not doing real well because they have such a big social safety net," national health for everybody, basically free public higher education, and all the rest. germany has one of the most expansive programs of welfare for its people, and it's the most successful country. their unemployment is significantly lower than that in the united states, but on the other hand of course, for a german worker, like for most european workers, being unemployed doesn't have the meaning it does here because since they all have a national health system you get your national health whether you have a job or not. when you lose your job, you do not lose yoyour health insurance. you can't lose your health insurance. it's yours b

. >> reporter: it's day two of the g20 talks in germany. rex tillerson expected to go to a meeting on syria. they're discussing the conflict. also of significance tillerson is expected to meet with the chinese foreign minister before departing back to washington. a packed agenda for him. the new secretary of state, however, keeping a very low profile, not taking any questions from the press. in fact, since he took office two weeks ago he did meet with the russian foreign minister sergei lavrov yesterday behind closed doors. we don't know the details of what the two men discussed. afterwards rex tillerson making a very stement to the media, five sentences saying that the two countries will be looking into areas where they can cooperate together but also that the united states will stand up to russia when the two countries do not see eye to eye. he did mention the crisis in ukraine calling on russia to use its influence to try to de-escalate the violence there. besides that, we simply don't know whether he took a tough approach or a warm appr