welcome to the program the european commission is hosting a virtual fundraiser for efforts to develop a vaccine and treatments for the coronavirus event hopes to raise more than $7000000000.00 euros germany has pledged 525000000 euros to the fund and french president manuel markov has promised 500000000 along with a boost in funding for the work for the world health organization. the battle against covert 19 has many fronts and it looks different in every country but the ultimate goal is the same vaccine and an effective treatment governments anyone can fall into with a virus and that is why we have the target of checking together worldwide. many of the world's scientists estimate that it could be 18 months or more before a vaccine is available for widespread use but there are efforts underway to speed things up by pooling resources and pouring money into research. you have to build up capacities to manufacture it villian dozes and then we have to make sure that we can deploy to every corner in the world no fear and affordable price and that's what exactly we're working on for that we

european commission trying to push this now. because the european union's travel industry has been so badly battered if you like by the current virus pandemic by these knockdowns are people having trouble they've had to stay at home restaurants hotels bars cafes museums of all been shots and of course that's been dealt a devastating blow to the european union so the tourism industry it is one of the main economic contributors to the block and that is why the european commission wants to try and revive it was to try and get the travel industry going again and also the european commission says that at stake of more than $6000000.00 jobs people who rely on tourism for their incomes and for their their survival and that's also of course a key factor in this but again you have the health situation the health risks are always at the forefront the european commission said all these guidelines there the main the main issue that underlines all of them is the fact that the health risks have to be taken into account as we open up the secto

commission's virtual pledging conference taking place today. also coming up austria eases its 7 week lockdown will take you to mozart's birthplace the city of salsa group to find out how people are using their new freedoms. but in singapore the lockdown rules are being enforced more strictly than ever after a successful start in controlling the virus a certain cases has led to the clampdown. i'm sumi so much going to thank you for joining us a vaccine against a corona virus and effective treatment available worldwide quickly and affordably that is the aim of a european commission pledging conference taking place today the goal is to raise at least $7500000000.00 euros to be allocated to international researchers about $100.00 groups are researching vaccines with almost a dozen in early stages of human trials or poised to start here's a look at a few of them. around the world more than $100.00 projects have been launched to develop a vaccine against the novel coronavirus but it's still far from clear which candidate will succeed. by on tech was

the european commission threatens to sue germany. therong rebuke over constitutional court's ruling on ecb bond purchasing. this is the picture we've got. welcome to monday's program. of futures, euro stoxx 50 futures up by 0.4%. ftse futures up-ice 0.7%. -- up by 0.7%. we have seen the nikkei doing quite well. the hang seng doing quite well. less well in the chinese market, but broadly speaking, positive. in response to a lot of talk about stimulus, we have had talk from the pboc and china, policy coming through in india. lots to think about in asia. also thinking about the european context. we will look to where all of that conversation goes. that expectation of fiscal policy doesn't seem to be underscoring the positive move in equities. reopening gradually, very gradually. economies with a positive effect. let's get the first word news update. the european commission is threatening to sue germany challenging the european central bank policy authority. on eu law isd always spoken by the european court of justice, adding eu law has

the european commission says the economy will shrink almost 8% this year. we will speak exclusively with the european commission executive vice president later in the show. and reopen at all costs. president trump pushes the u.s. to reopen the economy even if it means some americans will die. and the non-magical world of disney. the crisis cost $1 billion in the last quarter. gm set to report. welcome to "bloomberg daybreak" on this wednesday, may 6. i'm alix steel. building on the rally we saw yesterday. s&p futures trending higher. the euro moving lower. you have a selloff in the bond market in europe. not a huge one, but the european commission has some dire forecasts on what happens to the euro zone if they can't get it together for this crisis, really weighing on the currency. oil treading around, trying to get some kind of bid to support markets overall. time for today's market moving news from our washington and new york bureaus. president trump is pushing to reopen the economy, even if it leads to more deaths. speaking in arizona in his first trip o

commission meanwhile the european commission unveils a plan to revive tourism but even as travel resumes the coronavirus threat still remains also coming up. free at last the children of turkey go out to play after being locked in those for 40 days because of the coronavirus. and what you do when your olympic dreams are on hold go for food to meet the japanese fans so who's keeping fit and ending money as a food delivery writer. i'm told me a lot of boy it's good to have you with us after weeks of lock down borders are starting to reopen across europe the german government has announced that it will begin relaxing border controls with other e.u. member states this coming weekend at the same time the european commission has unveiled a plan to revive the bats have tourism industry and make it possible for people to take a sum of vacation. border checks were supposed to be a thing of the past in europe schengen zone germans were used to freedom of movement but the coronavirus put a stop to that cross border travel to neighboring austria switzerland and france was limited to those with an ur

the european commission president of underlying and unveiling a 750000000000 euro recovery fund to every e.u. country must of prove the plan what are the chances of that happening also coming up tonight u.s. president donald trump threatening to shut down social media networks such as twitter after cast doubt on the credibility of several of his tweets and the u.s. launching a new chapter in manned space travel with the 1st manned takeoff from u.s. soil since the space shuttle western call almost a decade ago. i'm burnt off it's good to have you with us tonight the european union is planning a route back to normality after the coronavirus pandemic european commission president or so fun to lie in today unveiled a 750000000000 euro plan to help members of the european union balance back much of it will be funded by common e.u. debt a new approach proposed by germany and france and a lie in describing the fund as an ambitious answer to the challenge and she said that the european union faces the choice of member states going it alone or responding together. the european union's massive rec

and rigor it is covering the story for us from brussels high berent a european commission president was last on the line wants to collectively 7500000000 euros for this effort how realistic is that. the commission and also its president are quite confident that it would be possible to raise this amount of money in fact many countries around the world have already started to pledge money and they're already hundreds of millions in there for example britain canada france germany italy japan always saudi arabia and the commission itself of pledged a lot of money saudi arabia for example 500000000 euros saudi arabia is the head of the g. 20 group this year the 20 most powerful economic nations in the world they are also taking part in this effort also the w w h o the vote has organization so they are quite confident that the money will be there this is only the beginning and initial start because much more is needed to actually produce the vaccine and to distributed all over the world so that it is a sex accessible for the whole world population and we heard the commission president say we

union could pretty thank you very much for the european commission's plans to reopen internal borders becomes good news for spain one of the country's worst weather coronavirus been damaged in cities dependent on foreign visitors for their economy but monica many hope all is not lost for the upcoming summer season. spanish beaches like here at your at de mar have never been this empty no one is sunning themselves at the popular tourist resort the beach bars are all closed as the lockdown continues but it's due to be east gradually in the coming weeks. we're not giving up international tourism for last this year we're pushing for our action plans to be finalized we want the european union agreements to be reached so that tourist targets will be allowed and we need to know the exact conditions that must be fulfilled by tour operators clients and especially by the airlines so that planes can start arriving from other e.u. countries. for the time being the aircraft are grounded like here in mali last year nearly 20000000 passengers landed here most of them vacationers the hotels bars and

now european commission president. has proposed a 750000000000 euro relief package to help the block bounce back from the coronavirus most of the money would be in the form of grants the rest would be loans the funds would be raised as common debt borrowed by the european commission on behalf of e.u. members that's a culture for szell idea and it may not be easy getting the unanimous agreement required to make the plan a reality. the european union's massive recovery funding plan is aimed at helping member states hardest hit by the pandemic it's really in spain will get the lion's share the commission president and brussels keen to play out europe's united approach the a must be to invest together in our common good. we will be bold by raising unprecedented amounts of funding at european level we will be focused by channeling the funding to the new priorities that will shape the future. in practice it's germany and france which are driving the plan and will provide most of the money german chancellor angela merkel for

i think -- i'm very thankful for the work of the european commission on this and the leadership, and, frankly, i do not think the so-called tech lash would exist without that in april of 2015, exhibiting that she was willing to square shoulders with a large company. on the other hand, the commission chose to take a pretty narrow case, this so-called comparison-shopping vertical. basically how we shop for products online. it was originally filed in 2010.

the european commission threatens to sue germany. the president issues a strong rebuke of the constitutional court's ruling on ecb bond purchases. good morning. welcome to bloomberg surveillance. i am francine lacqua. a lot going on in your markets. happy monday. asian stocks are advancing with the u.s. index futures following a mixed section in asia. investors move across growth to relax restrictions for coronavirus. i am looking at the dollar drifting higher against most of its major peers. let's get to bloomberg first word news. >> in the u.s. vice president pence is self-isolating after his press secretary tested positive for the coronavirus. he has tested negative everything a day. he has not been in quarantine. he plans to be back in the white house today. -- threatening to sue in germany over the country's constitutional court. eu -- final word on --ing eu law has infringement proceedings against germany are possible. speak to the lawmaker later this morning. saudi arabia has announced austerity measures. it is cutting allowan

it's a role of the european commission to go and look into that only the european commission is responsible for the treaties for the e.u. treaties and making sure every vendor state is responding to that so i you know it is of course the role of the european commission to go and look at that as it into that into very much detail so we're looking to have results of the european commission and ever and in the meantime we have to make this a coup you know to come to a good and and i think that is what i said earlier is too real for. the positioning of the buddhist tact where it's essential to in re or from independence of a central bank we're not going to demand anything after your consent for bank european central bank is only reliable towards the european parliament not national parliaments ok that is francisca broadness she's a member of the german parliament for the green party thank you. thank you. now for a brief look at some of the other stories making headlines around the world russia has the world's 2nd highest number of corona virus infections off to reporting just and 11000 new case

i think the european commission will take that proposal very seriously. the expectation is that the main elements is carried through in the documents we've presented today. i think the key point here is that germany has really taken an important news stance supporting the expanded eu budget aiming to those funds. that is the political signal here and why the development is so important to follow don't forget, we had a pessimistic instance with the court adding to this. all of the core indicators that we track just incredibly bearish to this point. it is one of those things that could be an important turning point. i want to a >> i want to ask you about the timing here. do you think european economies can wait until next year to receive additional help? >> that's a good question. in this context, there are some good signals but problems associated with it >> one problem, we have these frugal countries backing against it pushing back is one thing. the other point you are making is perhaps this will only come into effect in 2021. we don't know this for sure.

member states this coming weekend at the same time the european commission has unveiled a plan to revive the battered tourism industry and make it possible for people to take a summer vacation. border checks were supposed to be a thing of the past in europe's schengen zone germans were used to freedom of movement but the coronavirus put a stop to that cross border travel to neighboring austria switzerland and france was limited to those with an urgent reason to move now the interior minister has announced a road map to get the roads open again. in this country that is simply needed that if people continue to show discipline observe the hygiene rules and wear face coverings then in spite of the easing of restrictions during may not only here but across europe we can foresee that the borders will be open on the 15th of june 5th and 6th. race if a popular border points which were closed completely will be reopened and there will only be random checks by police all 4 countries have agreed to review their policies in mid june and there are hopes of freeing up travel to germany's other neighbo

commission itself at the moment is working on a plan for recovery fund for the european economy for when the pandemic is beginning to end and numbers for that have been bandied around up to 1.5 trillion euros 1500000000000 so whatever some it costs in the end to get of the vaccine and to get that vaccine around the world that is going to be something of a bargain richard walker with a view from brussels thank you. 3 research from a virus hotspot here in germany is shedding new light on the spread of the virus in the country a study from the hard hit district of heinsberg estimates that only one in 10 coronavirus cases in the country has been diagnosed now it's highlighted the dangers presented by all identified carriers as germany takes further steps to open back up again. the priority for these germans was pretty obvious queuing at the hairdresser's 1st thing on monday one basis for the discussion on further easing of the rules might be found in a new li published study on covert 9000 cases in the western german district of heinsberg it suggests that 1800000 people may have been in

you're watching out is it a reminder of our top stories this hour the european commission is pushing some member states to lower border restrictions in an effort to restart tourism under its proposal regions that have contained the virus would open up while others would keep restrictions in place. a coronavirus lockdown has been imposed on a city in the northeast china the 2nd this week new cases in g. leno raising fears of a possible new wave of infections. president donald trump's former campaign manager paul manifold has been released from prison to home confinement the 71 year old is serving a 7 year sentence on tax for charges that followed special counsel robert miller's investigation into election into feelings. u.s. secretary of state michael peo has been visiting israel for talks with prime minister benjamin netanyahu a unity government formed by netanyahu and coalition partner benny gantz is to be sworn in on thursday i mean fawcett has more from west to lose them. my compost 1st foreign trip since the start of the pandemic and the exceptions that required to be made to isr

let's bring in eduardo santander, executive director of the european travel commission. he joins us live from from brussels. thank you forjoining us here. these guidelines, how difficult or easy is it going to be for different countries to implement these things as time goes by? first of all, i think we all agree to these guidelines. the communication has been a huge achievement from the european commission in this case. it is not a competent said that european union that creates a problem here. now everything is in the hands of member states. this is where we now have to stretch stretch and they really need member states to harmonize procedures here. we do not want from the terrorism perspective and industry, we do not wa nt every perspective and industry, we do not want every country to have different rules. that's terrorism. that would create so much frustration for public confusion and a lot of uncertainty which are the biggest enemies of a tourist. —— tourism. the problem is that the response to coronavirus it has not be uniform throughout the eu. and therefore.

the european commission has threatened to sue germany twice in one weekend. abiding eu law following a ruling by the constitutional court challenging the ecb's monetary authority. the commission president ursula von der leyen said this. the final word of the eu law is always spoken in luxembourg. nowhere else. -- european mission commission's task is to safeguard a proper functioning of the year of the euro system and unions legal system. we will look into the possibilities of next steps which may include the option of infringement proceedings. 's from newtone investment management and is still with us. eu to germany, germany to the south of europe, but i emphasize south of europe. breakup risk is on the table. how do you play that? is it real, or is it media hype? catherine: i don't think it is -- it is certainly not out of the question we could see a breakup of the eurozone. done iss outbreak has it has led to a heightening of animosity among the sovereign europeans who feel northern europeans have let them down because they've had to rely on china and russ

so glad you asked this question because it's important to remember that the european commission took up these questions immediately after the federal trade commission about seven years ago decided not to take action. i think one decides not to take action against the dominant firm in a antitrust investigation after you as the regulator had been persuaded that this big company in question is not going to be as big in a few years perhaps there will be more startup and so forth in that space. i think it is fair to say that the decision to abruptly close the ftc's investigation into google in 2013 and that decision has not aged well. one of the reasons it has not clearly is that europe looked at the same set of evidence, took a little bit more time to carefully that the evidence and came to the opposite conclusion and ultimately issued a finding of guilt or these practices against google. >> to think that the european commission to inject greater competition has been successful? >> is a bit of a mixed bag. i think that i'm very thankful for the work of the european commission on this and

could be lost unless the industry is revived the european commission says the challenge is to encourage the sector's recovery but prevent a resurgence of coronavirus cases or risk is spreading even further across the bloke who talked about how just 0 powers were jamieson is the managing director of world travel and tourism council she says travelers need clarity so they can start making plans. we know domestic travel has been a they have very important role at the beginning and then it's going to start expanding to this sort of bubbles of travel between countries and then eventually a long haul but the more that the travel there is certain that there's certain that enhanced safety and health protocols in place it's going to be easier for sector to to restart all the research shows that people want to travel people want to get out i mean there is a desire to go out to meet cabin these 2 and julie all all the all the beautiful things that are sector brings now of course that needs to be done with with certain caution before a scene is available as i as i was saying so that we don't see th

well we just heard from the vice president of the european commission you outlined the commission's rescue plan for the tourism industry now what she said was that many countries have to of course close the e.u. to close its borders in march at the beginning really of the current virus pandemic in the european union but the some countries should now look at reopening their borders lifting those restrictions now she said that it's not the european commission's a place to prescribe how and when countries do that but we know that some countries have already started looking at this discussing this germany for example announced today that it intends to open its border with france switzerland and austria britain and france have already discussed free travel between the 2 countries so without any quarantine measures or or restrictions the 1st person said that opening borders is one way of trying to get people moving again to try and travel again she also said that the commission has a formulated guidelines for hotels and restaurants some of already started to open across the european union before

i'm simply someone's got a couple have you with us european commission president was enough on the line has unveiled a plan worth 750000000000 euros to help member states bounce back from the recession triggered by the coronavirus pandemic the plan includes a 500000000000 euro fund proposed by germany and france based on common e.u. debt a funny line said the fund was an ambitious answer to the challenge she also said the european union was facing the choice of each country going it alone or responding together as a call. that caused a lot of the pandemic is the president actually is. in the crowd doesn't it is linked in to a number of different front lots of. friends there is economic the interdependence of our economies it's not only the countries that have been severely affected by the crisis like italy spain or france that have suffered economically you know it's also countries that depend on tourism countries with we could capital markets or countries where industry is very much dependent on european and international value chains from on the story let's bring in our correspondent

when i looked around the european commission knows of course that europeans are desperate for a vacation after staying a lot at home working in a home office they also do know how important markets tourism is and making up 10 percent of the economic output in the european union and so there their suggestion to a member states here is that they proposed to do the idea behind that being that member states should not discriminate against the u.s. citizens on a national basis but rather use the efforts of illogical situation as a means to establish whether one could travel from one country to the other the way that would look like is that you create if you want green zones across e.u. borders and say look the situation here is there's no virus neighboring country so we can create a bubble and people can travel seeing that the risk is the same across borders and so you've got these green zones red zones or we heard that european countries have not really coordinated their summer plans very well with each other so how is this planned today how is it being received by members in the. other big

commission feels enough on the line the head of the european commission talking about a marshall plan and specifically addressing the idea that money could come via the european a budget what is however new is that we're now talking about how for trillion which is a huge number initially france asked for a trillion but now we're talking about 500000000000 which is still a lot of money and we're talking about grounds not loans let's talk a little bit more about the whole dynamic between grants and loans and the fact that this involves huge joint e.u. borrowing which has really been a sticky issue on the e.u. level so what could it mean for the plan's viability. absolutely i mean mutual i said debt is something that is very divisive you have the so-called frugal for including austria and the netherlands the countries mainly in the north of europe who have already announced that they stick to their guns and they stay on their position that they don't think that mutual i stept is a good idea another was a corona pons now this new proposal by france and germany will have to be agreed on th

even though the lockdown is being eased but what the european commission is. saying is that as the infection rates do drop as lockdowns all being nice the tourism sector needs to be revived because it's it's one of the big industries that contributes to the european union's economy more than 6000000 jobs or is stake because the tourism industry say been so badly affected you talking about millions of people who have stayed at home airlines have been grounded you know museums hotels restaurants shut that's had an enormous economic impact on those countries and of course on individual people who rely on tourism for their livelihoods of european commission wants to get people moving again traveling again but is that fine balance because you are trying to revive an economic sector on one hand but on the other hand you have to make sure that it is done safely so they also put out guidelines on how a hotel and restaurants should be opening for of course. things like social distancing of course has to be have to be put in place hotels are even being told perhaps you

the european commission threatens twice over the weekend to sue germany. the issue of ruling by the german constitutional court that challenged the ecb's monetary authority. the european commission says the final word will come from luxembourg, or the e.u.'s top court is headquartered. global news 24 hours a day, on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in i amthan 120 countries, ritika gupta. this is bloomberg. tom? francine? tom: thank you so much. it is the 114 miles from indianapolis to louisville. interesting, most congressional district. we will speak with, rissman hollingsworth of the indiana district here in a bit on the challenges forward for his republican party. please stay with us. this is bloomberg. ♪ timeow, this is not the simply to end the lockdown. we are taking the first capital step to modify our measures. i know, you know it would be madness to throw away that achievement by allowing a second spike. u.k.ine: that was the prime minister, boris johnson. turning us now is tim roth, who has

i'm gratified welcome to the program the european commission is hosting a virtual fundraiser today to help efforts to develop a vaccine and treatments against the coronavirus event is expected to raise more than 7000000000 euros german chancellor angela merkel french president obama where mccall and united nations secretary general antonio wood terrace among world leaders who have pledged their support. the battle against covert 19 has many fronts and it looks different in every country but the ultimate goal is the same a vaccine and an effective treatment. everyone can follow through with a virus and that is why we have the task of editing together worldwide. many of the world for a vaccine is available for whites broke use. but there are efforts underway to speak things up by pooling resources and pouring money into research. we have to build up capacities to manufacture it villianous of those and then we have to make sure that we can deploy to every corner in the world no fear and affordable price and that's what exactly we're working on for that we need money and we need to go glo

i think -- i'm very thankful for the work of the european commission on this and the leadership, and, frankly, i do not think the so-called tech lash would exist without that in april of 2015, exhibiting that she was willing to square shoulders with a large company. on the other hand, the commission chose to take a pretty narrow case, this so-called comparison-shopping vertical. basically how we shop for products online. it was originally filed in 2010. and i would argue that they are effectively sending an ambulance to the funeral. that that industry has already been vanquished. google's entrance into the market distorted it, created a landing strip for jeff bezos to come in and effectively conquer online shopping. and it may result in precedent , but ultimately, those markets have already tipped in a way that they cannot be salvaged. and so i'm thankful for their enforcement action. i'm not sure i would have taken the same theory of harm. route. host: luther lowe, is it fair that you are a good looking at google as more of a public utility than a private company? luther: i do not kn

well the european commission is hosting a virtual fundraiser to help efforts to develop a vaccine and treatments against the corona virus the event is expected to raise more than 7000000000 euros around the world more than 100 coronavirus vaccine projects have already been launched laboratories are taking different approaches some using in activated forms of the virus others are testing live vaccines in each case the hope is to find a vaccine that can help the immune system build antibodies without inadvertently making the host sick. well there is no way to predict which if any of the vaccines being researched will work effectively and safely and it could be 18 months or more before one is available for widespread use about one way of speeding things up is to pour money into the search and that is what the european commission's conference today is all about as its president was enough on the line to explain to you we have to build up capacities to manufacture it villian so those and then we have to make sure that we can deploy to every corner in the world in a fair and affordable pric

the predictions coming out of the european commission continue to be very grim. we may be starting to get some good news when it comes to reopening. germany coming through with details about how it's going to be reopening it's a company -- its economy. the u.k. expected to do similarly on sunday. health care doing better today. the staples are doing a lot better. the defensive bias, certainly working today. oil and gas trading lower. some individual names to focus on. certainly here in europe that we are watching quite carefully. in terms of the breakdown, telefonica. we're waiting for that story we broke here at bloomberg sunday telefonica. semi coming out with a cracking set of numbers. bmw trading lower, joining its peers. softer today, down by 4.71%. vonnie: in the first 45 minutes of trading, we were higher in the u.s. now we are flat-tish on the session. it feels like a trader's type of session. disney up. the doubt just a little lower -- dow just a little lower. the dollar index stronger today. the yuan, not really going anywhere. it did weaken a little bi

and welcome to the program european commission president. has unveiled a plan worth 750000000000 euros to help member states. from the recession triggered by the coronavirus pandemic plan includes a 500000000000 euro and fund proposed by germany and france based on common in u. debt the doctor for the line described the fund as an ambitious answer to the challenge she also said the european union faces the choice of member states going it alone or responding to god the a must be to invest together in our common good we will be bold by raising unprecedented amounts of funding at european level we will be focused by channeling the funding to the new priorities that will shape the future and to achieve this we're setting up next generation e.u. worth 750000000000 euro together with a core and if of 1 point one trillion this sums up to 1.85 trillion general in today's proposal. as tried to brussels and where we join i did a correspondent a barber a very small welcome barbara what about this package makes it unprecedented. unprecedented is that t

and the european commission is aiming to raise 7500000000 euros to produce millions of doses of all the coronavirus vaccine affordable priced for use worldwide pledging conference today has the support of many world. most of you know the news stanford if you can keep in touch with the news on a website that's today dot com comes to follow us on twitter and instagram ask. god help us another have an update for you. and for the full. to live on stray. dog wilson and then radio choir create a biographical well. ringback done using the great reformers untaxed and music by johann sebastian bach. dancing with a gong no heaven without help was. next on the issue. for his whole working life toiling in the mines who know he's 45 year old and penniless. just hours away with just get the order in order mary. gearin can turn any one miner after another contract black lung disease. or see a more cases their way ever have any doubt as to its. leaving the victims to fend for themselves. 3000. and 60 minutes. hey listen up. that's what video game music sounded like 30 years ago. today's tracks take the

first off, i would love your take on how significant the european commissions proposal is for italy and whether it's justified we see a rally in btps here >> i think it's significant. the principle of european solidarity embodied in the proposal is the key thing for the market to focus on yes, the size is large in terms of the actual numbers hitting the market, the ecb is far more significant you have market expectations about the expansion of the program next week. >> my issue with it, though, is just how quick ly the money maks its way to italy or any other countries. it seems to me that because the process involves national parliaments, we could actually be waiting well into 2021 before the money gips to be distributed. i wonder whether we have even got through the political objections yet, given the allocation key suggests that the bulk of the funding will find its way from northern europe to southern europe, which is something the frugal four is still unhappy about. >> there's definitely challenges for this they are questioning why countries lower should be subsidizing countries in

plus an unprecedented proposal to rescue new economies from the 10 demick the european commission wants to raise a 350000000000 euro recovery fund but 1st they have to get all 27000 you members to agree. also coming up tracing the provenance of a treasure trove of art looted in nazi era germany after 8 years of detective work the inquiry has been closed many mysteries for me. i want to welcome to the program we begin in hong kong where riot police have fired pepper pellets had pro-democracy protesters and arrested more than 300 people demonstrators were out in the streets to protest a newly proposed bill criminalizing disrespect for china's national anthem hong kong lawmakers are expected to pass the law next month thousands of hong kong residents. fight police orders and took to the streets demonstrating for their independence and against china's efforts to tighten its grip on the semi autonomous region the protesters were met by a strong police force which fired pellets filled with pepper to disperse the crowds and arrested hundreds one of the residents concerned a bill threatening an

commission oklahoma.

coming up, we now have a plan out of the european commission for how to help the european economy. our own stephanie flanders will be here to take us through the plan, which is a big surprise to many people. that is next on "balance of power" on bloomberg television and radio. ♪ david: this is "balance of power" on bloomberg television and radio. for that we go to mark crumpton. mark: the white house is refusing to put its stamp on data documenting the plunge into recession in the coronavirus pandemic. bloomberg has learned the trump administration will not issue a formal economic forecast showing the extent of the downturn caused by the pandemic. the forecast is traditionally included in a part of the white house budget call the midsession review, which is usually issued in july or august. the european union has a growing list of grievances with china. still, angela merkel says the block needs to consider the big picture. union as a great strategic interest to improve the cooperation with china, which is one of the major actors in this century. to master our relations will depen

thank you very much, valdis dombrovskis, european commission vice president. this is bloomberg. ♪ alix: the debate in emerging in washington is recovery versus more stimulus. that relies on some of the current programs that still need to be unveiled, as well as tweaked. so how are they doing? deutsche bank has been tracking the impact on small businesses in the u.s.. here's what they found. in the hospitality sector, well over 50% say they have missed scheduled payments for rent utilities or payroll. 10% have missed scheduled payments. almost 80% of small businesses have asked for aid from the government paycheck protection program. a little less than 20% haven't asked for any financial assistance. part of that may also be some tweaks. the majority of those loons turn into grants if you want abusing the majority to protect the payroll, but what if you need to pay utility or rent? coming up, splashed back to the 1880's -- coming up, flashback back to the 1980's. the treasury will sell 20 year data for the first time since 1986. i will break that down with mar

of preparation is now becoming clear my guest this week from brussels was the european commission oklahoma.

the european commission is set to discuss plans to lower border restrictions for some member states in a bid to restart tourism is being proposed that regions which have contain the virus could open up while others would keep restrictions in place for the time being it's actually butler is in paris and she explains that not all countries are on board with the plan. well we just heard from the vice president of the european commission you outlined her the commission's rescue plan for the tourism industry now what she said was that many countries are of course close the e.u. closed its borders in march at the beginning really of the current virus pandemic in the european union but there are some countries should now look at reopening their borders lifting those restrictions now he said that is not the european commission's place to prescribe how and when countries do that but we know that some countries have already started looking at this discussing this germany for example announced today that it intends to open its border with france switzerland and austria britain and france have alr

commission has played alongside germany alongside france alongside many of the are nations as well has very strongly argued for not just the science not just the development not just the manufacturing of the sex scenes but they were absolutely committed to making this available globally and and the leadership from the european commission on this has been has been the reason we're going to be having this pledging conference next week it will not have happened without leadership right and it's also of course about funding you yourself say that the world needs at least 8000000000 dollars to get the crisis under control now we've seen huge stimulus packages aim to boost economies worth trillions of dollars so $8000000000.00 can't be such a big problem can it. it isn't i mean the latest figure i heard at the weekend when joining a group of economists and people from the federal reserve's and central banks was the world is losing somewhere in the region of about 200000000000 euros dollars a week. just played out across the whole world and played out for just the 3 or 4 months that we've alre

commission president or so the funded lion says the goal is to develop vaccines treatments and tests to be available worldwide at an affordable price. of scientists around the world race to develop a vaccine the e.u. is trying to rally global support in the fight against corona virus in an interview with details commission president earth sort of on the lie i'm cold. rakuten a suit approach have to build up capacities to manufacture and zillions of those and then we have to make sure that we can deploy to every corner in the world in a fair and affordable price and that's what exactly we're working on for that we need money and we need to go global corporation. the pandemic is also putting a strain on state finances countries like italy and spain want support in the shape of so-called corona bones effectively shared debt between eurozone countries but illustrating the blocks north south divide the plan for each use solidarity has met opposition from germany and the netherlands. in the whole instrument we will have certainly the right balance of loans and grants this is the process wh

there are so many countries who are still battling this fire is why is the european commission trying to formulate this rescue plan right now. it was obviously very difficult because the european commission is fully aware that so we are still in the coronavirus crisis it may have policies peak in some countries but the farce is still circulating freely there are still many cases of infections in many countries says this robot and speech in trying to revive the tourism industry but continue to protect people who want the european commission says as we have more than 6000000 jobs act state in the european union people rely on tourism so it's really important to try and get the sex up and running again tourism is one of the main economic contributors to the european union and that's why they're looking at these plans now they also know that people will and will get to travel so it's about how to enable that to happen as safely as possible natasha about how they're for us in the french capital paris thank you very much that hash. well the top infectious disease expert in the united states

i'm so welcome to the program european commission president. has unveiled a plan worth 750000000000 euros to help the member states bounce back from the recession triggered by the coronavirus pandemic much of it. will be funded by common e.u. debts a new approach proposed by germany and france talked of on the line described the fund as an ambitious answer to the challenge and said the european union face the choice of member states going it alone or responding to go the a must be to invest together in our common good we will be bold by raising unprecedented amounts of funding at european level we will be focused by channeling the funding to the new priorities that will shape the future and to achieve this we're setting up next generation e.u. worth 750000000000 euro together with a core and if of 1 point one trillion this sums up to 1.85 trillion general in today's proposal of the dublin brussels correspondent girl matters spoke with us you have on the line after the news conference launching the rescue package though she has the backing of fr

plus an unprecedented proposal to rescue me from the pandemic the european commission wants to raise a 750000000000 euro recovery fund now the real work begins convincing all 27 e.u. members to agree. also coming up kenya's anti coronavirus prescription for the homeless a serving of glue and jet fuel every morning for breakfast. welcome to the program we begin in hong kong where riot police have fired pepper pellets at pro-democracy protesters and arrested more than $300.00 people demonstrators were out on the streets to protest a newly proposed a bill that criminalizes disrespect for china's national anthem hong kong lawmakers are expected to pass the law next month. thousands of hong kong. residents defied police orders and took to the streets demonstrating for their independence and against china's efforts to tighten its grip on the semi autonomous region the protesters for met by a strong police force which fired pellets filled with pepper to disperse the crowds and arrested hundreds one of the residents concerned a bill threatening anyone who disrespect the chinese national anth