we will work so that brilliant works for the countries of europe and the people of europe. and crucially for the british people, who want to work and have security and get on and make the most of their lives. if we stay, britain will be in there, keeping a lid on the budget, stripping away unnecessary regulation and seeing through the commitments we've secured in this renegotiation. ensuring that britain truly can have the best of both worlds. in the parts of europe that work for us and out of those that don't. in the single market, free to travel around europe, part of an organization where cooperation on security and trade can make britain and its partners safer and more prosperous. but with guarantees that we'll never be part of the euro, never be part of shengen, never be part of a european army, never be forced to bail out the eurozone with our taxpayers money. that's the prize on offer. a clear path that can lead to a fresh settlement for britain in a reformed european union. a settlement that will offer the best future for jobs, security, and strength for our country

how might it change britain's relationship with europe? >> he said that britain would never be part of a future european super state. he said there would be tough new restrictions on access to the welfare system, and he also said that there would be new protection for countries which don't use the euro. that being britain, of course.

you must be in europe. if you want to be run by europe, feel free to join norway in the european economic area. third, third, we wanted to reduce the very high level of migration from within the e.u. by preventing the abuse of free movement and preventing our welfare system from acting as a magnet for people to come to our country. after the hard work of the home secretary, we've secured new powers against criminals from other countries including powers to stop them from coming here in the first place and powers to deport them if they are already here. we agreed longer reentry bans for fraudsters and people who collude in sham marriages and an end to the, frankly, ridiculous situation where e.u. nationals can avoid british immigration rules when bringing their families from outside the e.u. mr. speaker, this agreement broke new ground with the european council agreeing to reverse decisions from the european court of justice. we also secured a breakthrough agreement for britain to reduce the unnatural draw t

john: are you happy in europe , that europe has dealt with that issue of fintech on a level, particularly with that thing to do with payment transfer, the embryonic industry , in the way you see when you look over brian's shoulder. >> regulators should not be at the front of the technological development. a part of that is that the regulators should follow it as closely as possible, understand it, and deal with financial stability, consumer protection, and all of the other things the regulator has as a responsibility. obviously, as this fintech issue is developing very, very rapidly, they will try to follow it. the regulators in europe are all tanks,ng up think knowledgebase, groups to try to grasp the issue. if you say is the regulator adjusting? are we adjusting legislation quickly enough? no. that is probably a good thing. you don't want to overregulate it before you understand it. ♪ ♪ >> you are watching "future proofing global finance," a panel discussion of technology and regulation in financial services at the world economic forum in davos, switzerland. >> there is a more nuanc

is europe wobbling as a construction? anna: historical things do play into the current situation in europe. the french-german axis of of course has a historic connotation. there's a lot of romance woven around this axis. and i'm not sure whether this allows us to have a clear and pragmatic view. i think this is a problem, of course it is a problem for merkel but not because it's france that's missing out on supporting her but because she doesn't have any alternative allies at the moment. but if she found them if she found them, for example, in northern europe or in the netherlands or even in poland, if she arrives at an agreement with poland and the paltic states why not form different coalitions. peter: is this the future of europe? alan: definitely. the french tandem is indeed dead. it was a myth, has been a myth for the past 10 years. one of its greatest product the euro, is something -- a mixed blessing, to say the least. and yes, europe needs to be put on a stronger foundation and it can't be the old empire of sharl

isen president raul castro in france for his first-ever state visit to europe. also coming up for you this hour, over 10,000 unaccompanied migrant children have disappeared in europe. we will talk to ngo save the children about fears many of them have been taken by sex trafficking rings. has stirred amazon up controversy in japan. this after several companies offer services to rent buddhist monks. that and more on the way, but first, our top stories live from paris. the u.s. presidential race kicks up in knots this monday -- kitsap a notch -- kicks up a notch this monday. are showing tight races for both republicans and democrats as they tried to get the lay of the land in the final hours before the caucuses begin. i enjoyed by philip crowther. good morning to you. very early there, just after 6:00 a.m. voting does not take off until after 8:00 p.m. tonight. other still campaigning today? philip: they can. there are no laws keeping them from campaigning across iowa, across the state on this last day, the the actual day of the iowa caucuses. 6:00 a.m. local time,

indeed, the heart of europe. and that was the year that president kennedy spoke in germany and said to all who doubted, let them come to berlin. many of us here remember the starkness of that period of time very well. i was a kid. my dad was a legal advisor to the high commissioner of germany in berlin. i was privileged to be dumped off at a school in switzerland. i did not know where i was at age 11-12. i saw firsthand what europe would like in those years emerging from the war. everything they talked about was the war and remnants of the war. i used to ride my bike down and see the churches and steeples and burn down reichstag. i knew very well what that was about. it is clear that while the cold war is long over, the need for the same qualities that brought people through that -- the courage and resolve in defending liberty and pursuing peace -- is absolutely is vital to date as it was half a century ago. obviously everyone in this room doesn't need a secretary of state, from great britain or germany, or anybo

you must be in europe. if you want to be run by europe feel free to join norway in theh european economic area.igh third, third, we wanted to ment reduce the very high level of migration from within the eu bye preventing the t abuse of free e movement and preventing our welfare system from acting as a magnet for people to come to ouo country. after the hard work of the home secretary, we've secured new to powers against criminals from dy other countries, including powers to stop them from coming here in the first place, and ad powers to deport them if they mm are already here. we agreed longer re-entry bans . for fraudters and people who collude in sham marriages and ai end to the frank ter ridiculouse situation where eu nationals can avoid british immigration rules when bringing their families from outside the eu. the mr. speaker, this agreement broke new ground with the a european council agreeing to emo reverse decisions from the european court of justice. we also secured a breakthrough agreement for bri

their arrival in europe is the journey. i recently spent nearly a month in europe. a million refugees arrived on the shores of europe last year, the majority were syrians, afghans and iraqis fleeing brutal wars, in search of a safe haven in europe. this group was applying for asylum in northern europe. >> my friend's house in sweden. >> you're going to germany. >> as syrians over 80% will be granted some kind of refugee status in europe. allowed to stay and to work. but then, there are migrants like karamo. a young man from war torn guinea bisau who traveled thousands of miles by foot for a chance of a new life. karamo is among the hundreds of thousands of migrants from countries whose citizens have become virtually invisible within europe's refugee crisis. they are often from africa, more likely to be seen as fleeing poverty and facing a long and difficult road to legal residency. >> there is a long period when you are an asylum seeker so you are in limbo whether you are waiting to stay in italy or maybe they decide to send you back. >> valentina fabri works for an

in europe and india and usa asking the u.k. to remain within the european union and thousands of foreign fighters infiltrating the u.k. because of its agreement because of membership of the e.u. and military leaders in the united kingdom have spoken against the european union and wants to handle and truths to the people of britain and he is looking forward to a time when britain leaves the united kingdom and guess who else, vladimir putin, they want to split the european union, to fragment the european union to infiltrate better and we have to stop them doing this. that is why we say to the british people that we live at a time of major uncertainty and insecurity is. we have to be sensible. europe is weaker, it is definitely weaker in terms of trying to tackle these difficulties. hopefully the british citizens will choose to address their problems together with us in the future. turning to migration, presidents of the commission said that decisions taken at council have been confirmed. however unfortunately there is still a lot

small children struggling for a new life in western europe. for many of these refugees, the border crossing and makeshift center near the mass zonian down -- macedonian town marks journey. >> a few months ago relief agencies say those travelling here were yemen. they say increasingly they see families with children, small children, families with babies, and children travelling alone. >> vladimir is a social worker with a macedonian child protection organization. his job to search out the most vulnerable refugees, the own. >> your specialty is unaccompanied minors, what are you looking for? >> victims of trafficking. >> how would you find people who are victims of tracking? >> it's difficult. boys that travel alone. they have prepared story. they never tell you that they are 13, 14, 16. >> reporter: they lie about their aftening? >> yes. >> reporter: euro poll reported last week that they cannot account for the whereabouts of over 10,000 migrant children, raising fears that many are exploited by sex traffickers and other criminal elements. on t

europe's steel sector is facing its worst crisis in years. the eu commissioner meetings are meeting in brussels. thousands are meeting in the streets. they want there to the pressure over china for illegal trade practices. >> fair competition. that is the goal of those demonstrating in front of the commission. they are concerned about their jobs and the decline of europe's steel industry. >> we are here to defend our jobs. we are here for our own future. we want decision-makers understand that they have to to make the right decisions, now. otherwise, thousands of jobs will disappear. >> we want to defend it european jobs, because our future is at stake. it is hard to compete against the chinese. >> we just want environmental and sanitary rules to be applied to our chinese competitors. >> they've european commission has imposed tariffs, but industry leaders say that is not enough. they face additional obligations that the chinese don't have. >> we see that, in europe, we have to pay for co2 certificates. that is not the case for china. the pri

europe is - i don't know if you want to pivot to europe. it's an interesting story. we think europe will do well this year. they still have got a lot of structural problems that they are dealing with. let's find out about what - europe has been going in a different direction than the united states. the united states now signalling upward in interest rates. europe is still moving the other direction, trying to be more stimulative. is that the answer, is it likely to work. >> it is the answer, it will work. it's important to bear in mind here that the e.c.b. only started doing quantitative easing less than a year ago, starting in march of last year. the federal reserve did quantitative easing last - at the end of swathe, beginning of 2009. the economies are in different positions. unemployment in the u.s. is 5%, more than 10% in the eurozone. the level of g.d.p. in the eurozone - this is shocking statistic. the level of g.d.p. is still about half a percent shy of its pre-crisis peak. has not got back to that water mark. in the u.s. that mark is close to 10%. the fed is

reporter: greece is seen as a gateway to europe. this year alone, 100,000 migrants have arrived on its shores, with the intention of heading through the balkans towards northern europe. thisreece has just opened camp for people stuck at its border with macedonia. it says there is a bottleneck of 12,000 people who cannot continue their journey north, because some balkan countries have started only allowing syrians and iraqis through.the u.n. high commissioner said country by quarter -- country by country border rules will not be observed. >> we observed borders shutting down, putting restrictions, especially the western balkan countries -- restrictions some of which we believe go against even european rules and regulations and certainly against the basic refugee protection norms. reporter: greece is also frustrated it wasn't invited to this meeting in vienna on managing migration. nine balkan countries took part. those at the table defended recent decisions to allow only syrians and iraqis through. migrations, greece's minister respo

lastly, my friends, i would like to add a word about europe. europe clearly has a special in the in supporting us across the mediterranean. it is also essential not to endure the challenges that face us in the balkins. the muslim majority countries in the balkins deserve our support to preempt the threat of extremism. these countries are europe's frontline against extremism and its first line of defense. nothing could be more costly to europe than rising in civility and extremism in the balkins. it is vital to shut outx extremist on all sides who seek division in that area of the continent. this relies on the ability of some to take advantage of shutting down those who don't have this interest in mind. i appeal to you to reach out to countries like bosnia, albania and cosovo because these countries should be an integral part of europe's architecture and pillars of your security, as well as your prosperity. bringing them closer as models of co-existence will be important so they can become europe's frontline of stability. i do hope that here at

friday, it is -- anna: cpi data in europe. plus ireland polls, the general election, and bankers convening in shanghai. so much. up next, a surprise missed by europe's largest bank. we are live to hsbc's hq for more. ♪ anna: welcome back. this is "countdown." let's get the bloomberg business flash. >> the billionaire owner of arcadia group says he is uncertain about what might happen with britain's teacher in europe. he spoke to francine lacqua at london fashion week. >> again, as i said, most of our business in europe is online. i am hopeful that that is fine. let's wait and see. take a position on whether we should leave the eu or not? >> i don't want to get into politics. retail is hard enough. blackrock is bullish on japanese shares even after this years equity rout sent the topix into a bear market. the oj decision on negative interest rates punished banking shares. blackrock says that will hold down the yen and help boost or bring earnings. cutworld's 12 biggest banks staff by 5% in 2015 according to a report by a rese

long beenbritish have in the state of angst about europe. cameron decided to offer them a referendum. huge debates about whether he should have done that. but that is the starting point. the british have not voted this since the 1970's. i think there was a lot of pressure on cameron to give them a chance to have another say on this. it has been building and bigley -- building, particularly in the conservative party. within the conservative party, the easiest way to think about europe is it is roughly a can to being -- akin to being pro-life in the republican party. if you want to be selected, being skeptical about europe is part of being elected. cameron's deal has always been he would go to europe and come back with improvements in the relationship. charlie: he negotiated with? john: angela merkel efron saw -- francois hollande. he brought the package back to parliament and said we will have a referendum on whether to stay or go. i will offer everyone a free vote, but i want to stay. charlie rose: tell us the advantage of being a member of

and making their case for a new case in europe in britain. the british prime minister meeting francois hollande in paris ahead of a key eu summit. first, russia is being blamed for airstrikes that have hit at least three hospitals and a school in a northern syria. at least 50 people have died in the strikes. witnesses saying that the bombings came as russian warplanes backed up syrian troops. government forces are intensifying their push towards aleppo. the strikes have drawn condemnation from the united states. scrambledrescuers frantically at rubble on monday. they are survivors of the wreckage of what was once a hospital with 30 beds. french charity doctors without borders had been supporting the facility with supplies and finance. it seems at least five centers around syria were hit the beginning of the year. the organization denounced the latest deadly strike in no uncertain terms, saying the blame lay only in one place. >> clearly the syria-led coalition, either the government it is russian plane clearly an attack against the medical mi

they want to go to europe. if you stop them, it would be against their best interests. >> normally that would be part of your job as u.n.i.c.e.f., to gather the kids up, and keep them safe? >> yes. what we want, what we are looking for is to make sure the children are not called. we are making sure they are not smuggled. i can tell you all of the world between here and germany, no one is going to do anything legal. no one had the means. the main objective is to make sure no one stays behind. >> the truth is on the long road many countries like macedonia don't want the burden of caring for the children. so it's not until they get to destinations in austria, germany and beyond, that they come forward and ask for help. last year alone germany registered 60,000 unaccompanied minors, a huge increase from the previous year when 24,000 were reported for all of europe. like this 16-year-old sarah, we met her in berlin. can i ask why did your parents agree that you could make this difficult journey on your own? >> at fi

we need a strengthening of workers rights in a really social europe. and we want to see a democratic reform to make the european union decision-making more accountable to its people. we must drive economic reform to put jobs and sustainable growth at the center of european policy. and workers partners in europe to bring tax avoidance under control so that we can get a far better deal than the chancellor managed with google last week. but, mr. speaker, to extend, to keep protections with remain within the european union or leave the field, the conservative party to make a bonfire of workers rights. that prime minister says tsa could britain's exposure. the european army and the european super state. the prime minister in is in never, never land. we have never argued for those of things and don't intend to. we need to work with a allies to achieve a more progressive reform its people need to build a more democratic europe that delivers the jobs, prosperity, and security for all of its people. we must do this together. that's why when the referendum is fi

so europe will have to do the hard things. i mean, it's now beyond time of thinking that we can just get away with the easy things. we're now, now is time to do the hard things. and the second and this is equally difficult and controversial, we have to stop conditions from deteriorating in syria. and here i can hear the pandemonium. sometimes, you know, involving some of my colleagues, too. here we need to step back and develop a little bit of perspective. perspective is extremely important because when people hear that we have to do something about syria, they say, yeah. you know, the russians are bombing everyone. you know, assad seems to be stronger day by day and who wants to cooperate with, whom? you have saudi arabia. you have turkey. you have iran. you have u.s. et cetera, et cetera. is that possible? my answer is, it's possible. it's not going to happen tomorrow. it will have to be coordinated. it has to be much closer in terms of cooperation to -- i'm not walking about war but i want to give you an example to the firs

we are facing, we together, the gravest humanitarian crisis in europe since world war ii, as innocent people, many of whom are just women and children, are either trapped inside a country without access to medicine and food or they have been forced to flee. the flood of desperate migrants has now spread well beyond the middle east as we know 50 of the people now are knocking on the door of europe with a whole industry being created to try and help move them, and some very perverse politics in certain places that turns the dial up and down for political purposes. half of them now come from places other than syria. think about that. pakistan, bangladesh, afghanistan. so the burdens of europe which is already facing a complex economic, political and social strain is now even more intense. i want to make it clear to all of you, we in the united states are not sitting across the pond thinking somehow we're immune, we're not sitting there saying this is your problem, not ours. no. this is our problem. the united states of america understands the nature of this threat to the politics and fab

we need europe. we need very well performing europe. >> but until we get greater union at a european level, the government still has considerable xhalgs from the domestic side and mr. renzi has to do what he can at the domestic level. are you concerned that the longer these fears go on that this could turn into a political crisis for the government? >> i think at the national level, what is really important is to continue in the standing review for the national budget. and let us take and to use the money that we save because of the review, reducing taxes. this is the key issue for italy because it's a country with a very low growth and with a very high depth. so we need to continue because of the spending review. it was interrupted. i push the government to continue in this process because it's the only way to save money and to have money to reduce taxes and to to push growth. >> there's a difference between what we're seeing in italy and the likes of spain and ireland is that the nonperforming loan

friedrich: i think there are many good reasons. , europe without the core of europe which is potentially france, britain and germany, would be odd if that fell apart. there are many good reasons for that trading business. the boss of easyjet, she mostly penned in one of the sunday papers. how much you pay for your holiday depends on how much influence britain has in europe. would you agree? friedrich: i think in one of the areas is a question of how does a pound actually compared to the euro? if it been down, then definitely compared to the euro, the holiday would be more expensive. as getting such deals done between airports, all of these things, with the friction go up and running a business? friedrich: the risk is there. the proof is in the pudding. my personal view on this is as a european, many industries and the tourism industry would risk to be a little bit under pressure with the brexit if it happens. i hope that they are convincing arguments that britain stays. as a european but i also know when you have feelings and emotions, arguments are difficult. guy: that is an interesting

and said you have to do this for europe. now the ability to persuade anybody at all to do anything for europe is much less. it is like the united states with each state fighting desperately for its bit. charlie: is boris johnson in opposition for political reasons, or for a deep and passionate belief about economics in the european union? john: i think there is a strong amount of personal ambitions. there has always been tension between him and cameron on many different levels. he is dying to become the successor to david cameron. there is principle as well. boris has always been a euro-skeptic. includingny others, cameron and osborne, but they have made the decision in this particular case the cost of leaving is so gigantic it is not worth doing. charlie: does george osborne get all of the credit, and does he deserve most of the credit for what happened to the british economy? john: i think he deserves a lot of credit. some would say he took a bit of a gamble in the same way david cameron is taking a gamble now. i think wha

if we look at the u.s., 1.6% for europe, we worry about china, but combine europe and u.s. and it is still a times the european economy. we have seen these overreactions in the bond market and equity market. it still seems a relatively solid earnings outlook. that is when you see these big dislocations in the market. guy: i just want to get your take on this, and what it takes to get us down to the levels you see. this is going back all the way, the max chart you can get. that is 2000. that's 2007, the financial crisis. is as 2015. look at that channel. what would it take us to get back down to hear? >> if you are waiting for an entry point where stocks are cheap, you would have to get to that point. right now we are still 10%, 8% above average in the eurozone. i think it says two things. if this. in terms of the big selloff, it will not be a real swift recovery. we are not that cheap. it will be at best a slow grind. the reason you can see that happen is if you look at margins and a potential profitability, it is still much better than it is for the u.s. margins are low. t

but to make europe work better. guy: i'm sure we will be seeing a great deal of you over the next weeks and months. up next, in a bloomberg first, we'll be heading to barcelona to talk about world progress. that is up next. ♪ guy: welcome back. 8:43, london. let me bring you some breaking news. the hsbc call is on. they start asking questions now. we've got to get some of the headlines coming through. hsbc of seo saying to the restructuring has now been completed. he is saying the business is strong. this is how the market has been trading is in the, well-capitalized. however, there is only two banks in negative territory this morning. inld bank of scotland negative territory. hsbc, the big loser here test big loser. test tel iv is the life of blog of the call it if you are a bloomberg customer, check it out. bank that is another has been battered on the back of restructuring. the market not knowing what is happening did not expect it to come through. hans: if you look at the tone of the ceos comments, their simil

europe. and that was the year that president kennedy spoke in germany and said to all who doubted, let them come to berlin. many of us here remember the starkness of that period of time very well. i was a kid. my dad was a legal advisor to the high commissioner of germany in berlin. i was privileged to be dumped off at a school in switzerland. i did not know where i was at age 11-12. i saw firsthand what europe would like in those years emerging from the war. everything they talked about was the war and remnants of the war. i used to ride my bike down and see the churches and steeples and burn down reichstag. i knew very well what that was about. it is clear that while the cold war is long over, the need for the same qualities that brought people through that -- the courage and resolve in defending liberty and pursuing peace -- is absolutely is vital to date as it was half a century ago. obviously everyone in this room doesn't need a secretary of state, from great britain or germany, or anybo

we will work so that britain works for the countries of europe and the people of europe. and crucially for the british people, who want to work and have security and get on and make the most of their lives. if we stay, britain will be in there, keeping a lid on the budget, protecting our rebate, stripping away unnecessary regulation and seeing through the commitments we've secured in this renegotiation. ensuring that britain truly can have the best of both worlds. in the parts of europe that work for us and out of those that don't. in the single market, free to travel around europe, part of an organization where cooperation on security and trade can make britain and its partners safer and more prosperous. but with guarantees that we will never be part of the euro, never be part of schengen, never be part of a european army, never be forced to bail out the eurozone with our taxpayers money and never be a part of a super state. that's the prize on offer. a clear path that can lead to a fresh settlement for britain in a reformed european union. a settlement that will offer t

dorte: our members come from all over europe. if we speak about europe, we always include the u.k. organization, we welcome if they decide to stay a member of the european union. unionnk a united european would be much stronger. it would -- it makes business sense. it is something that -- we don't have a voice. there is nothing to say on that, but absolutely, we would welcome it. jason: what is the mood among the private equity and adventure capital firms? are they optimistic? are they cautious? you mentionedood venture capital, in europe, their liking way behind. objective ofer european commissions to foster and mold venture capital. here at this conference, they are much more optimistic these days. investors, institution investors, they do show a bigger interest in investing in european venture capital. everybody knows there is liquidity in the market. if you look at the wider macro environment, -- not only in europe, but in asia, what is going to happen in china, how the u.s. elections results impacting the macro picture. i think everybody is being more careful than people were

is there a link between populism's in the united states and europe? here host, melinda crane. >> welcome. is the trump factor still in play and where is it taking the u.s. political system? we have three guests following the events. ulrike herrmann is the business .ditor for the german daily she says of trump or to become the nominee, that would be the best thing that could happen to the democrats. alan posener is anuthor an commtator fo theerlin dail he ss thankto the t-party system, popults neveret into the whe house. and erik kirschbaum has worked for reuters and is currently a correspondent for the los angeles times. he says it is alarming trend do soringe candidates well but it is still early days. do we still need to worry about the trump factor? dozen iowa signal the beginning of the end? but this is such a crazy election that it is tough to make elections -- predictions. he is popular with people who do not vote. there is a big block of voters who do not usually vote. there could be a lot of disappointing results. they have nothing to lose. it

put europe back on track and make europe work again. let's finally stop the europe al . i have nothing against this as long as next time you agree within the next week we can go ahead with our integration in all of these areas. we are needed to establish a more united europe. because we need it to tackle the multiple crisis we are facing do is and certainly the refuge crisis. this is the last point. we should do more on the refuge crisis. the effort to solve the refuge crisis has to be done to give a solution. thank you. [applause] >> so thank you. there are seven people that wish to ask questions to you. i know europe and colleagues who have left the chamber. the first from finland. i am bringing a question to to european parliament. >> mr. president, thank you for the floor. i would like to make a question to the person who i know is a good speaker, mr. fox, are you aware of the fact that also people from your group is starting a campaign for the exit? thank you. >> i cannot see the entrance campaigning for an exit. it is more interesting our british people deciding an

and travel to europe is down. some fear terrorist attacks, while others feel unwelcome after the eu introduced sanctions against russia for backing separatists in eastern ukraine. as a result, domestic travel is up. and sochi, the host city for the 2014 winter olympics, is one of the most popular destinations. >> the ideal spot for skiing and snowboarding. sochi in southern russia boasts over 100 kilometers of perfectly-prepared pistes, modern ski-lifts and plenty of snow. since the fall of the rouble and recent attacks on russian tourists abroad, the subtropical city on the black sea has been doing everything to attract russian holiday makers. many are pleasantly surprised. >> i wouldn't have thought i'd like sochi after skiing in austria, but i really do. >> i'm russian. i'm afraid to go to egypt. and turkey? they're shooting down our planes, they don't like us. so we'll have our fun here instead. >> we'll listen to our president and stay in russia. >> but pistes alone do not suffice. the infrastructure has to b

, be interested, be associated, but do not be absorbed by your. -- by europe. by borise other quotes johnson is, "do not hug the skirts of the nurse in brussels." critics are saying cynically that he is just out for himself, aiming to get david cameron's job as he plays a political chess game. declined --ften many saw margaret thatcher fall because of the justice issues. claire: what about the papers in favor of the u.k. remaining in the e.u.? there is a referendum on june 23, and the two things are entirely different. the tories are saying the important thing now is not to leave europe to the conservatives. them that machinations could lead to a general election, and early one. it says brits must follow david cameron's lead to stay in, the lead of the labour party. party, and labour also the greens and most of the other parties. it says one of the interesting things to note, two thirds of tory ministers in the cabinet are going to fight to stay in europe. claire: and the in and out referendum is getting coverage in french papers. nick: of course. "liberacion."

europe will continue to move higher. the consumer, we believe, is in much better shape than some people describe it. >> all right. well, thank you. that's arndt ellinghorst joining us. meanwhile, we've also been looking at airbus results this morning. the ceo says that more a-380 plane orders are needed. within the results, we did get good news when it comes to a-330 production. they've now said they're going to create about seven per month. that was revised a bit higher but still lower than the original target of ten. still questions over what the a-380 program looks like. demand weaker than expected for this very expensive jumbo jet. the ceo said the a-380 deliveries are to remain at break even. the program did break even this year as well. on the macro front, we're getting comments on the low oil prices. they're saying low oil prices are good for us. that's a line airbus has been touting for quite some time. still, on the flip side, people wonder that the incentives are not there. >> but the a-330 production, that's g

joining us is raul of open europe. you have put together a laundry list of what is behind the banks like the lack of profitability. what was the tipping point this week? raul: i think it certainly has been the view in negative interest rates. a growing sense of that the ecb will grow more negative in march and that is feeding into the concerns in terms of the lack of profitability. interest rates will make it harder for these banks to make profits in the medium and longer-term. it is feeding into the broader concerns we have seen about the legacy problems on the balance sheets of these european banks. very high nonperforming loans. this impact the profitability, the capital positions and their approach to lending and their willingness to take on new risks. also, they are also having broader concerns about the potential economic downturn or slowdown in europe. we have gdp this morning. there was a huge sigh of relief that germany grew more in the last quarter of 2015. this is an economy that is meant to be driving the e

in europe is devolving into a market radical economy. they are criticizing the summit agreements as being too weak. prime minister cameron may have just well received an old pair of socks. >> we are allowed to change ever so slightly for a short time. we are told in the future, we will not be committed to ever closer unions. it is referendum season and the referendum is coming. >> warning against a briggs it -- a brexit. >> the americans have said the governments don't go out. >> i worry about the dismantling of social rights. these british eu politicians actually belong to the largest group of skeptics. with a referendum on their heels, they are the ones pleading the strongest case for europe. >> is 500 million people are still the world's largest and wealthiest marketplaces. are you telling me that they want to leave that? it would be madness. brent: we will take a one minute break. when we come back, more news and money. brent: welcome back. live from berlin, our top story. over the past few weeks, you have heard about the refugee vio

host of his trips are in europe and his top destination is germany. he traveled to berlin a few hours after being sworn in back in 2012. one detail of the trip -- his plan was start by lightning. claire: french papers today also focusing on the face of that known asamp in calais the jungle. migrants not being evicted just yet. florence: they have a few days before judges will decide what will happen to that south sector of the camp. d of rest for the migrants in calais. local authorities are simply going to decide today or tomorrow what is going to happen for calais. meanwhile, belgian authorities have decided to reintroduce border controls to reduce the potential influx of migrants. you can read that all over the belgian press. what is interesting to see is how some belgian papers are reacting to this. let's take a look at the front capitad."la they say the belgian coast is threatened by an invasion of migrants. running with a gun and a line. the caption saying, "i thought we were out of the jungle." claire: this also being discussed across the chann

where does that leave europe? does that mean this is a good up a dirty to get more out of the european business? n-francois: we have been embarking on an investment policy to innovations in europe and innovations have moved fast. mixes,hol products, beer -- all kinds of initiatives which bring topline revenue growth in europe. oil prices don't translate one-on-one in europe into beer consumption. that would be foolish to make that case. but it certainly brings some additional discretionary purchasing power to people, which beer is a small part of that. we want to play our part with them. overall, i think europe can benefit from lower oil prices. we have obviously got an ongoing news going through from -- on whetherre they reach agreement or not. where are we? after this deal, who is the most obvious buyer? what are the assets that you are interested in? -francois: as much as i could make some comments, i think it is difficult for me. are running a competitive auction process. it is their process. we have to just w

first europe, now in japan. the negative interest rate that has sently the japanese curve towards record lows. the 10-year is very close to a negative rate. nearly half are now negative. compare that to germany. 70% of the sovereign bonds are now negative. it has impact not only on central banks, investors, banks as well. hearing from the ceo of julius baer. we will get that interview cut, spliced, and diced. talk to gabriel. he says negative rates are here to stay. do we understand the implications of that if that is the case? >> not really. us totoo new to allow gauge what it means. a couple of years ago, everybody knew that interest rates cannot go negative. if they go negative, they could not go more than .5% because everyone goes into cash. cash.is no rush to negative interest rates should spur banks to lend so that they or requiredies reserves. that is not happening. we do know that negative interest rates work on the currency. that almost certainly is what the bank of japan is taking about -- is thinking

look at japan, look at europe. look where rates already are. >> we'll find out what yellen has to say on that. i'm sure central bankers think there's something else they can do. realistically, what did even draghi get from the qe and the two rate cuts in 2014. monetary policy is supposed to improve financial market conditions. they got that. stocks went up in germany. now they're right back down to square one. i mean, central banks have been very activist. i think bank of japan's move a week ago scared people about negative rates. now they're saying, could we have negative rates here in the u.s.? >> could we? >> don't do it. i think it would scare the american public. >> i agree. >> is that what's happening in banks? what is the action, the relentless and brutal selling in u.s. banks and global banks telling you? >> yeah, i'm not sure. i'm not an expert on that sector, even though i work at a bank. i think people, in addition to concerns about whether they can pay their debt, like what happened with deutsche yester