Bloomberg Surveillance
Leaders with Lacqua
Bloomberg Markets
francine lacqua
Bloomberg Surveillance : BLOOMBERG : October 14, 2015 5:00am-7:01am EDT
lacqua. with tom keene. tom: you have an optimist to keep us going. francine: mark carney. employment figures and deflation. onus: christopher wheeler banking with those bankers coming out of the united states. let's get to the first word desk. here is vonnie in new york. the four challengers took on frontrunner hillary clinton. at one point clinton and bernie sanders does a great about wall street. >> it is the greed, recklessness, and the havey are a wall street where fraud is a business model -- helped to destroy this economy and the lives of millions of people. >> when i think about capitalism, i think of the small businesses that were started because we have the opportunity and freedom in our country for people to do that, and make a good living for themselves and their families. i do not think we should confuse what we have to do every so often in america, save capitalism from itself. theie: bernie sanders said american people were tired about hearing about her e-mails. according to the new york times, the president is willing to keep enough troops in afghanistan to search for a
lacqua. with tom keene. tom: you have an optimist to keep us going. francine: mark carney. employment figures and deflation. onus: christopher wheeler banking with those bankers coming out of the united states. let's get to the first word desk. here is vonnie in new york. the four challengers took on frontrunner hillary clinton. at one point clinton and bernie sanders does a great about wall street. >> it is the greed, recklessness, and the havey are a wall street where fraud is a...
Bloomberg Surveillance : BLOOMBERG : October 8, 2015 6:00am-7:01am EDT
looking up to st. paul's, across the river thames. next week, jon ferro and francine lacqua have to put up with me. looking forward to being in london all next week as we give you an international perspective on bloomberg "surveillance" right now, our morning must repeat vonnie: there are so many to choose from. i wanted to choose this one. an interview with pbs, hillary clinton said "i'm worried about currency manipulation not being part of the agreement." talking about the china pacific partnership. " we have lost american jobs to manipulation that the companies in asia have engaged in. i'm worried that the pharmaceutical companies may have gotten more benefits and patience and consumers fewer." these are just some of the problems hillary clinton has with the the deal. tom: and the political how kilis of it -- the political calculus of all. james stavidis at the fletcher school, tufts university. one major economist -- it is the only thing that everyone agrees on. free trade is good for everyone involved. give us the new way it is taught on fletcher. we have moved on from gat to bilatera
looking up to st. paul's, across the river thames. next week, jon ferro and francine lacqua have to put up with me. looking forward to being in london all next week as we give you an international perspective on bloomberg "surveillance" right now, our morning must repeat vonnie: there are so many to choose from. i wanted to choose this one. an interview with pbs, hillary clinton said "i'm worried about currency manipulation not being part of the agreement." talking about...
european headquarters. i'm francine lacqua with tom keene in london. tom: it has been a quiet couple days. francine: it is all about the fed, and those odds about them hiking just got that much lower. tom: but i would also suggest it is about the real economy. john norman joins us from bank of america merrill lynch. this is a real economy discussion filtering in. francine: let's get to bloomberg's first world news in new york. isnie: president obama pushing back his timetable to bring americans home from afghanistan. the white house is expected to announce today that they will keep at least 5000 troops there 2016.2016 according -- the taliban and has stepped up attacks since the u.s. ended combat operations in afghanistan left december. more problems for volkswagen. they see some -- they face a mandatory recall in germany after cheating on omissions tests. regulators rejected their proposal for a voluntary callback. at majore delays airports across the u.s. last night because of a computer used for terror watch lists. the outage lasted 90 minutes. authorities don't think it wa
european headquarters. i'm francine lacqua with tom keene in london. tom: it has been a quiet couple days. francine: it is all about the fed, and those odds about them hiking just got that much lower. tom: but i would also suggest it is about the real economy. john norman joins us from bank of america merrill lynch. this is a real economy discussion filtering in. francine: let's get to bloomberg's first world news in new york. isnie: president obama pushing back his timetable to bring...
The Pulse : BLOOMBERG : October 23, 2015 4:00am-6:01am EDT
in market value. welcome to "the pulse" live here in london. i am francine lacqua. manus: i'm manus cranny. we have got the pmi. we have the composite -- that comes in better. germany slow down -- 54. francine: both manufacturing and services. we are better than expected. manufacturing unchanged, but the services rising from a year earlier. that is the pmi data. the top story this week being the ecb. let's take a look at the big market moves following draghi's press conference. ryan: interestingly have not seen the euro strengthen very much at all on the back of the pmi reading which beat expectations. this is the euro over the last two days. it was tanking. it tanked for 11.5 hours after mario draghi started speaking. everyone anticipating more helicopter money on the way. it's settles a bit now. you look at the options market. increasingly sense draghi started speaking yesterday, traders are getting more and more bearish on the euro. let's go and look at the stoxx 600. a second day on fire. it rose 2% yesterday on the comments from mr. draghi. and it is up again today about 1%. fi
in market value. welcome to "the pulse" live here in london. i am francine lacqua. manus: i'm manus cranny. we have got the pmi. we have the composite -- that comes in better. germany slow down -- 54. francine: both manufacturing and services. we are better than expected. manufacturing unchanged, but the services rising from a year earlier. that is the pmi data. the top story this week being the ecb. let's take a look at the big market moves following draghi's press conference. ryan:...
story, credit squeeze. raised capital as a part of its strategy. francine lacqua is on location. pressing, a good morning to you. a great interview so far, talking to tj -- talking to tg tijian. francine: it was quite strategic overall. clearly focusing on the wealthy in asia. he did say he will unlock value in the swiss bank. hand-in-hand with cost-cutting. this is what is getting investments -- investors worried the most. you have to be efficient no matter what. that [indiscernible] it is a very serious decision. something we will like to keep. we have pushed for self-help. we are rightsizing the investment bank. we are cutting by 72%. we are cutting prime. that is good to free up capital, because we are reducing the capital cost. where cutting cost of 3.5 billion -- we are cutting costs, 3.5 billion. 2.7 initiatives we're launching. what i can say about these not an is they are ambition. where worked very hard every day for three months. these are plans posed by our own. 3.5, our summation is a very specific idea. francine: you feel comfortable with these figures and numbers
story, credit squeeze. raised capital as a part of its strategy. francine lacqua is on location. pressing, a good morning to you. a great interview so far, talking to tj -- talking to tg tijian. francine: it was quite strategic overall. clearly focusing on the wealthy in asia. he did say he will unlock value in the swiss bank. hand-in-hand with cost-cutting. this is what is getting investments -- investors worried the most. you have to be efficient no matter what. that [indiscernible] it is a...
ceo. this is a bloomberg "surveillance." live from london i am francine lacqua. it has been a roller coaster week. fed i just looked at the probabilities. it has become a game of gauging numbers and when they will go. i think the tendency is march 16 or 17. francine: you can see the correlations between a fed rate hike and equities. tom: correlations. francine: you like correlations. is with us,inberg as well. friday, my last day in london. it has been a wonderful week. we will continue with smart guests on economics. here is vonnie in new york. onnie: a european summit refugees has ended in a still made on monday. angela merkel said there was an agreement with turkey on curtailing the info of migrants and refugees. members of the group are dragging their heels over how much aid to give the turks. turkey is harboring 2 million refugees. security has been stepped up ahead of friday prayers in israel. meanwhile, dozens of palestinians through firebombs sacredst bank site held by some jews. 31 palestinians and eight israelis have died in the violence. donald trump lashing out about how
ceo. this is a bloomberg "surveillance." live from london i am francine lacqua. it has been a roller coaster week. fed i just looked at the probabilities. it has become a game of gauging numbers and when they will go. i think the tendency is march 16 or 17. francine: you can see the correlations between a fed rate hike and equities. tom: correlations. francine: you like correlations. is with us,inberg as well. friday, my last day in london. it has been a wonderful week. we will...
with francine lacqua. everybody at the desk is speaking italian this morning. babbleaking babel -- on the airplane. it is an interesting friday. i will try to get you ready for your weekend on economics, finance, and investment. here is vonnie quinn in new york. vonnie: a european summit on refugees and it on a stalemate over money. angela merkel opposed -- ended on a stalemate over money. members of the group are dragging their heels about how much a turkey should get. turkey is harboring 2 million refugees. israeli forces are taking security precautions ahead of friday prayers. police say they will bar most muslim men from praying at a mosque. israelis and 31 palestinians have died in a series of attacks this month. in southern california, several hundred vehicles are stranded on a freeway after a flash flood caused the massive mudslide. it happened on interstate 5 40 miles north of downtown los angeles. no reports of injuries. it could take 24 hours to clear the road. months hemp point for was financing his presidential campaign with his own money, but a government filing yes
with francine lacqua. everybody at the desk is speaking italian this morning. babbleaking babel -- on the airplane. it is an interesting friday. i will try to get you ready for your weekend on economics, finance, and investment. here is vonnie quinn in new york. vonnie: a european summit on refugees and it on a stalemate over money. angela merkel opposed -- ended on a stalemate over money. members of the group are dragging their heels about how much a turkey should get. turkey is harboring 2...
On the Move : BLOOMBERG : October 26, 2015 4:00am-5:01am EDT
berlin. -- hans nichols in berlin. surveillance is up next. we are joined now i francine lacqua, who will -- now by francine lacqua. francine: we have a great come exclusive interview with the italian foreign minister. this relates back to what we have seen on the refugee crisis. it brings it back to the economic pressures on a lot of these countries. my first question will be are we concerned, is he concerned, that this is the end of moderate europe? we saw that vote in poland, voting in nationalists because of the refugee crisis. this is a very divisive issue, and we have the foreign minister on the front line. as someone who speaks to these guys all the time, how do you gauge the mood in europe, when you look at the free movement of people, not just from mainland europe but from the u.k. as well? is this a critical point in the whole project? francine: this is a critical point, and if you wear italian you could see it through different eyes from someone in germany or the u.k. there is something called the dublin act. if the refugee arrives in the country, this is where they have t
berlin. -- hans nichols in berlin. surveillance is up next. we are joined now i francine lacqua, who will -- now by francine lacqua. francine: we have a great come exclusive interview with the italian foreign minister. this relates back to what we have seen on the refugee crisis. it brings it back to the economic pressures on a lot of these countries. my first question will be are we concerned, is he concerned, that this is the end of moderate europe? we saw that vote in poland, voting in...
francine lacqua today, she had an in-depth conversation with christine lagarde. inflation was first mode -- was first and foremost on the agenda. it's hear what she had to say when francine posed the question. christine lagarde: it would be helpful to see inflation pickup and be based on solid data so that the signal would be strong and the monetary policy could evolve in due course. i am more concerned about the lack of investment, and i hope confidence factors will actually encourage a bit more investment going forward. francine lacqua joins us from lima, peru. you returned to the question later, but is it too much of a hot potato for her to give us her true answer? a verye: i think it is difficult question to answer from people here because they link it to policy makers and they say at the moment global inflation is weak so we should wait. when do you think inflation will pick up? that is difficult to answer because it has to do with commodity prices and ultimately china. she did weigh in about when she sees inflation pickup. christine lagarde: inflation numbers have to be solid. we h
francine lacqua today, she had an in-depth conversation with christine lagarde. inflation was first mode -- was first and foremost on the agenda. it's hear what she had to say when francine posed the question. christine lagarde: it would be helpful to see inflation pickup and be based on solid data so that the signal would be strong and the monetary policy could evolve in due course. i am more concerned about the lack of investment, and i hope confidence factors will actually encourage a bit...
bloomberg "surveillance. " live from london. i'm tom keene with jonathan ferro. francine lacqua will be back tomorrow, traveling back from lima. wonderful to be here on the markets. i see a churn. more data to get things going. jonathan: you disclosed my position in the gold market. the commodity market is the center of the rebound. feeds to stronger em and fed across the higher energy markets and is driven by the minors. tom: equities, bonds, currencies and commodities. through the week and right now desk,he news from our here's donna quint -- vonnie quinn. vonnie: president obama says he's not considering changes in syria despite russian's role. he called russian involvement a desperation move by vladimir putin. obama: if you think running your economy into the ground and having to send troops in to prop up your only ally is leadership, then we have a different definition of leadership. vonnie: the u.s. announced last week that the training of moderate syrian rebels will be stopped. the president says he does not think american force will help resolve the crisis. putin is defending ru
bloomberg "surveillance. " live from london. i'm tom keene with jonathan ferro. francine lacqua will be back tomorrow, traveling back from lima. wonderful to be here on the markets. i see a churn. more data to get things going. jonathan: you disclosed my position in the gold market. the commodity market is the center of the rebound. feeds to stronger em and fed across the higher energy markets and is driven by the minors. tom: equities, bonds, currencies and commodities. through the...
. francine lacqua sat down with the new ceo. she has how he measured success. >> the objectives we gave you. francine: shareprice? >> over short-term. overlong tom -- over long-term [indiscernible] former ceo of prudential said any ceo believes there's any between short-term and any movement in the share price is delusional. i agree. over long-term, shareprice [indiscernible] retrieving 2.1 billion in asia by 2018. [indiscernible] will give you a call to target. spending 21 billion. i've never like cost-income ratio. liked cost-income ratio. when i tell you where closing down locations, i've said many times i believe in binary thinks. we have announced tonight the sale of banking activity in the u.s. to wells fargo. francine: it is not an outright sale, right? >> the brokers really own the customers. million ofnding $645 savings. we are giving up $50 million in profits. jonathan: francine lacqua joins us now. great to have you with us. two issues for this company, one is the underlying this is. aboutalways going to be the strategy going forward. what is the strategy? francine: it was a comp
. francine lacqua sat down with the new ceo. she has how he measured success. >> the objectives we gave you. francine: shareprice? >> over short-term. overlong tom -- over long-term [indiscernible] former ceo of prudential said any ceo believes there's any between short-term and any movement in the share price is delusional. i agree. over long-term, shareprice [indiscernible] retrieving 2.1 billion in asia by 2018. [indiscernible] will give you a call to target. spending 21 billion....
to the pulse. i am francine lacqua. medical i am manus cranny. burberry shares plunged 12% at last check in. they revealed the retail sales rose 2%, far short of the original estimates which were a percent. francine: the company says the growth was impacted by the challenging environment for luxury, especially in china. it is about the fed. let's get to mark barton. mark: multiple issues for burberry. first half sales missing estimates. the slowest pace in three years. becoming indicated profits will drop for a second straight year. get in here, have a look at burberry shares. sinking as much as 13%. they are now down 12.5%. that is the most in three years. its company gets more of that's more than 30% of its revenue from china. japan, very only gets 2% of its sales. u.k., 40% of its european sales. dollar shoppers are heading to the euro zone take advantage of a weaker euro. barberi on track for its worst year since 2008 with shares sinking 23%. 13% lower right now. have a look at what is happening to gold. as expectations for u.s. rate hike get pushed further away, gold is rising
to the pulse. i am francine lacqua. medical i am manus cranny. burberry shares plunged 12% at last check in. they revealed the retail sales rose 2%, far short of the original estimates which were a percent. francine: the company says the growth was impacted by the challenging environment for luxury, especially in china. it is about the fed. let's get to mark barton. mark: multiple issues for burberry. first half sales missing estimates. the slowest pace in three years. becoming indicated...
. i am francine lacqua. manko we got a couple of big exclusives coming up over the next hour. we'll be speaking to stefan eckhardt -- stephen urquhart. that is in 20 minutes. ceocine: we speak to the francesco caio. manus: more poor data out of china. this time the inflation figures that is seeing further weakness. we have news of more m&a in europe. francine: here with all of the details and how markets are reacting is mark barton. , producerng 1.6% prices sinking 5.9%. the 43rd month of decline. it gives the people's bank of china more scoped to loosen policy. looked at it at a different angle. this is the high market value. china stocks falling for the first time in six days. ending the longest winning streak since july. the value of all chinese equities, $5.72 trillion. that is up. on --aluation occurred 4.3 chilean dollars -- $4.3 trillion. the value of the u.k. stock market is $3.5 trillion. central bank loosened monetary policy today. risinggapore dollar today. the central bank of singapore reducing slightly the depreciation in the local dollar, versus those of its trading partn
. i am francine lacqua. manko we got a couple of big exclusives coming up over the next hour. we'll be speaking to stefan eckhardt -- stephen urquhart. that is in 20 minutes. ceocine: we speak to the francesco caio. manus: more poor data out of china. this time the inflation figures that is seeing further weakness. we have news of more m&a in europe. francine: here with all of the details and how markets are reacting is mark barton. , producerng 1.6% prices sinking 5.9%. the 43rd month of...
up. with francine lacqua for the polls. mr. xite visits from jinping. headline today said nowhere near as bad as expected. we look at a whole variety of metrics. where the economy is in china and the question is are we going to see hard landing? as dramatic a slowdown as people thought? on the rebalancing away from fixed investment in for structure spending? not a bad set of numbers. it's a bank getting out there early, getting one off the block ahead of credit suites. john cryan is the sentiment of what this bank will be. jonathan: you had a busy week. you looking at the chinese gdp. if you're wanting white manus might be -- wondering white manus might be downbeat, take a look. [indiscernible] [laughter] >> he is going to take argentina into the semifinals. manus: he enjoyed that, right? [laughter] thishan: i went around to desk to manus cranny's house to watch this demolition in rugby. medical do we have to -- manus: do we have to replay that over and over again? the argentinians played a blinding game. jonathan: manus cranny with francine lacqua. it is francine's job to try and
up. with francine lacqua for the polls. mr. xite visits from jinping. headline today said nowhere near as bad as expected. we look at a whole variety of metrics. where the economy is in china and the question is are we going to see hard landing? as dramatic a slowdown as people thought? on the rebalancing away from fixed investment in for structure spending? not a bad set of numbers. it's a bank getting out there early, getting one off the block ahead of credit suites. john cryan is the...
The Pulse : BLOOMBERG : October 8, 2015 4:00am-6:01am EDT
hike from the u.s. federal reserve. this amid a sluggish global economy. francine lacqua caught up with the governor of the south african reserve bank and unsurprisingly, you could say, the fed was at the forefront of his concerns. >> the job is tough. .ou get complicated i think that we all would like to know what the fed is going to do. the question is, when will that hike take place? when that hike takes place, how does it affect emerging market economies, and a country like south africa? we think this impact would take place. first, the resizing of south african assets. this is taken mainly through the exchange rates market. what we have seen is that capital had been flowing not just out of emerging markets, also flowing out of emerging market funds. the fund managers have experienced an outflow. the second is growth. to the extent that the fed hikes rates because the u.s. economy is strong, that is good for the global economy. of course, if they delay, it makes your job a little easier. do you think it's easier for the fed to delay? >> uncertainty is not good for anyone. if it
hike from the u.s. federal reserve. this amid a sluggish global economy. francine lacqua caught up with the governor of the south african reserve bank and unsurprisingly, you could say, the fed was at the forefront of his concerns. >> the job is tough. .ou get complicated i think that we all would like to know what the fed is going to do. the question is, when will that hike take place? when that hike takes place, how does it affect emerging market economies, and a country like south...
london. it is tuesday, october 13. i am tom keene, with francine lacqua. francine: great to have you. tom: inflation or lack of inflation, the story this morning is truly historic. francine: they cannot get this policy wrong. tom: there is a raging debate about the future of britain in europe. economics folds into that debate. francine: i hope to get our guest host to answer that. greathis is going to be a hour. right now we need to get to the first word to ask bloomberg in new york. vonnie: adrian beltre's its bid abn death must pay -- a.b. in the -- china's slowdown are in their deepest slumps for six years. -- isic demand is to dropping. import prices did weigh on the data. -- switzerland is imposing a new leverage ratio on its biggest banks. bloomberg news is reporting the major swiss banks must hold 5% of assets. credit suisse and ubs are on easier terms. the u.s. has similar requirements. barclays search for a ceo leads to another american investment banker. just baileyws says is the leading candidate. last american to run the british bank, robert diamond, resigned resigned
london. it is tuesday, october 13. i am tom keene, with francine lacqua. francine: great to have you. tom: inflation or lack of inflation, the story this morning is truly historic. francine: they cannot get this policy wrong. tom: there is a raging debate about the future of britain in europe. economics folds into that debate. francine: i hope to get our guest host to answer that. greathis is going to be a hour. right now we need to get to the first word to ask bloomberg in new york. vonnie:...
What'd You Miss? : BLOOMBERG : October 8, 2015 4:00pm-5:01pm EDT
meetings of the imf and world bank. francine lacqua is there an joins us with nobel laureate joseph stiglitz who has a new position as the advisor to u.k. leadereader -- labour jeremy corbyn. stiglitz, what an honor to see you in lima. .e talk about the slowdown is it possible we could be in a recession and just not know? joseph: -- aseph: we do not talk about recession. we talk about a significant decrease. absolutely we are seeing a significant decrease. a couple of things are going on. slowdown is significant. consequences of the fed raising interest rates, even though everyone has known it is maybe going to be september -- did not happen -- maybe december. they have known about it, but it seems as though it is still news. and finally the eurozone has not gotten its act together. depression will continue -- maybe a little bit better now than 2018. all of this is not good news for the world. francine: i have questions. greece-- number one, -- that make payment. that would help? not unless they change the macroeconomic target. the real problem is they aren't testing they have a 3.5
meetings of the imf and world bank. francine lacqua is there an joins us with nobel laureate joseph stiglitz who has a new position as the advisor to u.k. leadereader -- labour jeremy corbyn. stiglitz, what an honor to see you in lima. .e talk about the slowdown is it possible we could be in a recession and just not know? joseph: -- aseph: we do not talk about recession. we talk about a significant decrease. absolutely we are seeing a significant decrease. a couple of things are going on....
francine lacqua is -- when the fed should press the go button. says wean authority will be data dependent, there are two drivers -- unemployment and inflation. what we are saying is inflation numbers have to be solid. we have to see them, and for the moment there is not much on that horizon, neither on inflation nor on wages. favor asery much in soon as it is possible, to normalize what we do in monetary policy -- the same goes for europe. place, the different u.s. is ahead of us and economic recovery, but let's not postpone it. >> the fact is that america's recovery is anemic. if you look beyond the five point whatever percent unemployment rate, the true unemployment rate, people working part-time, is well over 11%, 12%. >> we think they will go at some point this year. the markets don't see it like that, and i am not in the business of guessing with the next fed move is -- what is much more important is the medium to long-term guidance it will get to the market wil. manus: let's bring in james burboun. my question is -- you read the minutes and saw the market reaction. was thi
francine lacqua is -- when the fed should press the go button. says wean authority will be data dependent, there are two drivers -- unemployment and inflation. what we are saying is inflation numbers have to be solid. we have to see them, and for the moment there is not much on that horizon, neither on inflation nor on wages. favor asery much in soon as it is possible, to normalize what we do in monetary policy -- the same goes for europe. place, the different u.s. is ahead of us and economic...
. believe it. it is a happy new york. let's go to francine lacqua. she is a very important guest. it is daniele nouy, the supervisory board chair of the ecb. this is a huge job. .ou regulate supervising we have talked about changes. we have talked about the investment banks being entrenched here in europe. are you concerned that this puts us in a position where we are giving freelance to the u.s.? daniele nouy: i think that is a bit extreme as a position. in thesee some reform european investment banks. there are years when the u.s. are gaining market shares. wherewill be other years the european banks will be able to gain market shares. francine: what is the biggest threat for european banks of the moment? why have we been so late in getting our acting order? daniele nouy: obviously, we took a bit our time for the facing the newor phasing in regulations. biggest: what is the risk facing european banks right now? daniele nouy: the economic situation is not as good as we would like to see. the level of interest rates is edging the profitability of the number of banks. i would say the num
. believe it. it is a happy new york. let's go to francine lacqua. she is a very important guest. it is daniele nouy, the supervisory board chair of the ecb. this is a huge job. .ou regulate supervising we have talked about changes. we have talked about the investment banks being entrenched here in europe. are you concerned that this puts us in a position where we are giving freelance to the u.s.? daniele nouy: i think that is a bit extreme as a position. in thesee some reform european...
the public. welcome to "the pulse" i am francine lacqua. manus: it comes in just below the number. 53.7. the market survey was for 54%. this is the market eurozone services purchasing managers index. that is just a shade lower than we had anticipated. was about 50%. it is still in expansion mode. it is the industrial prowess of germany we are looking for. it has been called into question after we had the vw scandal. we had concerns about china growing. that is why every single piece of data we had is so powerful. now, glencore shares have sore this morning. we have reports that the commodities giant is talking to potential buyers. rocked in hong kong and is up over 10%. the company says it is not aware for any reasons for the movement and chairs. the bloomberg chief energy and commodities responder. up 70% at one stage. glencore does not know of any reason why this would ramp u p like this. >> if you look to us 10 days of the share performance of glencore, let's not forget we are talking about a 5100 company. they rarely move more than 5% or 6%. he is in the share price go down mo
the public. welcome to "the pulse" i am francine lacqua. manus: it comes in just below the number. 53.7. the market survey was for 54%. this is the market eurozone services purchasing managers index. that is just a shade lower than we had anticipated. was about 50%. it is still in expansion mode. it is the industrial prowess of germany we are looking for. it has been called into question after we had the vw scandal. we had concerns about china growing. that is why every single piece...
by the end of 2017 -- credit suisse its swisspo of banking unit by the end of 2017. francine lacqua spoke with ceo tidjane thiam. francine: and a lot of things ahead of the strategy were leaked. we know the amount is $6 billion. we knew they would cut costs, 3.5 billion. he has refocused on the asian wealthy clients. to grill him on was confident that $6 billion in capital raising was enough to be a substantial safety cushion. : on way to take that is to do what we did last week is to take a number of investors and try to do a non-preemptive crunch. that has been successful because we have 1.3 billion dollars of firm commitments signed from a bunch of very good names. francine: 6 billion in capital raising is a lot. they had some pretty poor earnings from the investment bank. he did say he would cut into the unit. jonathan: good morning, it is jonathan in london. there were not surprises in terms of strategy. for there was a surprise was the performance of underlying earnings. and then comments about switzerland. i do not think people expected swiss unit and for him to comment so much on
by the end of 2017 -- credit suisse its swisspo of banking unit by the end of 2017. francine lacqua spoke with ceo tidjane thiam. francine: and a lot of things ahead of the strategy were leaked. we know the amount is $6 billion. we knew they would cut costs, 3.5 billion. he has refocused on the asian wealthy clients. to grill him on was confident that $6 billion in capital raising was enough to be a substantial safety cushion. : on way to take that is to do what we did last week is to take a...
Leaders with Lacqua : BLOOMBERG : October 31, 2015 3:00pm-3:31pm EDT
♪ francine: welcome to "leaders" with me, francine lacqua. pearson is an international publishing company with its biggest businesses in education and books. earlier this year, pearson sold two of its most well known "thes, the "ft" and economist." in an exclusive interview, i speak with the group's ceo, john fallon, about the impact of selling those established brands, and his vision for the company. thank you for speaking to bloomberg. we have been talking about the "ft" sale for as long as i can remember. when did you decide it was for sale? john: there wasn't a single moment. i think it was a progressive process really that i have said all along, and has been important to me, to as ourselves honestly are we the best owners of the "financial times" for the longer term. pearson have been fantastic owners of the ft for 50 years. i think we have been great guardians of the editorial integrity and quality of the journalism, but we also helped the "ft" to become global, to make the initial shift from analog to digital. but "inflection point" is a greatly overused word, but in this c
♪ francine: welcome to "leaders" with me, francine lacqua. pearson is an international publishing company with its biggest businesses in education and books. earlier this year, pearson sold two of its most well known "thes, the "ft" and economist." in an exclusive interview, i speak with the group's ceo, john fallon, about the impact of selling those established brands, and his vision for the company. thank you for speaking to bloomberg. we have been talking...
up next with francine lacqua. ♪ francine: carney weighs in. the bank of england governor p ionts out the risks. meeting of the ecb 2015. with all of the new capital requirements on banks in europe, we see the ecb board chairs. this is bloomberg's " surveillanc"
Bloomberg Markets : BLOOMBERG : October 9, 2015 10:00am-11:01am EDT
this comments with francine lacqua in lima, peru. francine has another eu leader, the vice president of the european commission. francine: thank you so much. we are joined by the commissioner. i guess europe is not seen as the naughty child of the world because we have structural reforms throughout our region. what is the main concern that world leaders have here? is it the fed hiking too soon? or is it that we don't understand what china is going through? for thef the concerns global economy right now is the slowdown of emerging economies. not only china, also problems in brazil and russia and other emerging economies. the main reason why i have revised down my outlook. oururope, we will update macroeconomic forecast next month. i will not expect any major changes in the outlook. we currently expect the eu to grow at 1.8% this year and accelerated 2.1% next year. francine: when you look at emerging markets will financial , they took on too much debt. fourfold, the amount of debt that corporations and emerging markets took in the last 10 years. are you worried about the credit crunch? v
this comments with francine lacqua in lima, peru. francine has another eu leader, the vice president of the european commission. francine: thank you so much. we are joined by the commissioner. i guess europe is not seen as the naughty child of the world because we have structural reforms throughout our region. what is the main concern that world leaders have here? is it the fed hiking too soon? or is it that we don't understand what china is going through? for thef the concerns global economy...
report from francine lacqua tomorrow on the state dinner. i like to get rumors started like that. let's get to our bloomberg first word news. here's vonnie quinn. vonnie: we are moving to canada because they are voting for an unprecedented turnaround in their government, the liberal party. stephen harper has been ousted as president and ends a decade of rule by conservatives. >> this is what positive politics can do. hopefulwhat a positive, vision and a platform and a team together can make happen. theie: trudeau is 43-year-old son of prime minister pierre trudeau. britain's prime minister says -- xis visiting president jinping arrived yesterday. aboutvestment will create 4000 jobs, but british union leaders say 5000 british workers will lose their jobs because of the chinese deal. lawmakers are wary of the administration's plan. the transportation department wants to issue rules next month. there is growing concern about the risk to aircraft. drones istion of expected to quadruple this year. 300 students at the white house, including the boy who was mistakingly arrested. i presu
report from francine lacqua tomorrow on the state dinner. i like to get rumors started like that. let's get to our bloomberg first word news. here's vonnie quinn. vonnie: we are moving to canada because they are voting for an unprecedented turnaround in their government, the liberal party. stephen harper has been ousted as president and ends a decade of rule by conservatives. >> this is what positive politics can do. hopefulwhat a positive, vision and a platform and a team together can...
." good morning. ♪ francine: this is "bloomberg surveillance." i'm francine lacqua in london. we are not seeing the lavish welcome that we are seeing -- we are not seeing the lavish welcome in london of president xi. he will have a 41 gun salute, lunch with the queen. tom: he is not competing with the pope, either. it was on to see the white house greet the pope and 24 hours later greet the leadership of china. it was clumsy all in all. one of our smartest legal minds at harvard -- this is one of a -- this is a copyright. we just saw the "star wars" piece. this goes to songs from 60 years ago. francine --and vonnie, let me go to you first. the idea of sampling old cuts, from 50 years ago, some people are saying you cannot do that. vonnie: the robin thicke court case -- this has to do with -- it does not take any of the original song lyrics. it is fascinating. tom: everybody has an opinion on this. really front and center in the united states. it goes back to copyright as an export industry, a la star wars. i was not expecting on monday morning to talk about egyptian copyright law. but th
." good morning. ♪ francine: this is "bloomberg surveillance." i'm francine lacqua in london. we are not seeing the lavish welcome that we are seeing -- we are not seeing the lavish welcome in london of president xi. he will have a 41 gun salute, lunch with the queen. tom: he is not competing with the pope, either. it was on to see the white house greet the pope and 24 hours later greet the leadership of china. it was clumsy all in all. one of our smartest legal minds at...
Bloomberg Markets : BLOOMBERG : October 8, 2015 10:00am-12:01pm EDT
christine lagarde, the managing director of the imf. standing by right now is francine lacqua and her special guest is the head of the world bank, dr. jim young king. that is exactly who i have, and i'm very excited. thank you so much for being on bloomberg tv. we worry about inflation because it seems like central banks do not have control over inflation and it is difficult for them to spur inflation. mr. kim: there is no magic formula in any of this. in japan, for example, if you look at the situation, they --ged their voluntary monetary policy to a 2% inflation rate. it helps them, but it keeps inflation down. is very high and many countries have reacted to the low commodity prices high producing more. we do not really see the end of low commodity prices anytime in the near future, and we are watching this very closely. that creates more headwinds for latin america. francine: what is your biggest concern for emerging markets? he said they are linked to commodities. we do not see the prices going anywhere fast. how concerned are you that a small policy misstep, possibly from the fed
christine lagarde, the managing director of the imf. standing by right now is francine lacqua and her special guest is the head of the world bank, dr. jim young king. that is exactly who i have, and i'm very excited. thank you so much for being on bloomberg tv. we worry about inflation because it seems like central banks do not have control over inflation and it is difficult for them to spur inflation. mr. kim: there is no magic formula in any of this. in japan, for example, if you look at the...
the break with the pulse and francine lacqua. that is it for me. if you want to talk market, you know where i am. i'm on twitter. equity markets snapping a losing streak. .8%.tse 100 is up it is dominating the discussion luxury.ld of burberry. good morning. ♪ francine: a luxury loser, burberry shares plunge. the company warns of lower earnings for a second straight year. manus: the bank of america swings into profit. the ceo brian monahan says jobs will go. francine: fed that fate. data from around the world sends the rate hike to a record low. manus: operation renegotiation. cameron heads to brussels to press his case for change. ♪
the break with the pulse and francine lacqua. that is it for me. if you want to talk market, you know where i am. i'm on twitter. equity markets snapping a losing streak. .8%.tse 100 is up it is dominating the discussion luxury.ld of burberry. good morning. ♪ francine: a luxury loser, burberry shares plunge. the company warns of lower earnings for a second straight year. manus: the bank of america swings into profit. the ceo brian monahan says jobs will go. francine: fed that fate. data from...
headlines. here's francine lacqua. francine: doctors without borders is leaving the afghanistan city where its hospital was bombed. the aid group is one of the last medical providers in the provincial capital of goo kunduz. the airstrike killed 20 people. the u.s. may be to blame, but roops recapture the city from the taliban last week. volkswagen engineers are reportedly at the center of the company's investigation into that emissions test scandals. the engineers couldn't deliver a diesel engine that would pass the tests. they are suspended. for installing software to trick the tests. shares of glencore rose sharply after reports of the company is oprah to take over offices. it was listening to bids. shares in the commodities trading giant lost more than three quarters of their value through the end of last month. kennedy ind by will moscow. we have an analyst saying that the share is rising. this is not a lehman stock. but it is not that much comfort if they are still expecting a lot of volatility for the share price. how do you view it if you are an investor? the wild ride continu
headlines. here's francine lacqua. francine: doctors without borders is leaving the afghanistan city where its hospital was bombed. the aid group is one of the last medical providers in the provincial capital of goo kunduz. the airstrike killed 20 people. the u.s. may be to blame, but roops recapture the city from the taliban last week. volkswagen engineers are reportedly at the center of the company's investigation into that emissions test scandals. the engineers couldn't deliver a diesel...
goodbye. jonathan: we have to leave it there. manus cranny, hans nichols. francine lacqua will have to pair with them throughout the morning on bloomberg. you want to talk, i am on twitter. stock down across europe. a beautiful day in the city of london. best of luck for the rest of yours. ♪ francine: a deflation fear. another slow down and chinese factory gate figures. growing speculation that the pboc will act soon to ease monetary policy. manus: jpmorgan mrs. ann says trading pain is not over yet. bank earning season begins. francine: clinton goes on the offensive as the first democratic debate white house race. ♪ welcome to the polls. live from bloomberg's
goodbye. jonathan: we have to leave it there. manus cranny, hans nichols. francine lacqua will have to pair with them throughout the morning on bloomberg. you want to talk, i am on twitter. stock down across europe. a beautiful day in the city of london. best of luck for the rest of yours. ♪ francine: a deflation fear. another slow down and chinese factory gate figures. growing speculation that the pboc will act soon to ease monetary policy. manus: jpmorgan mrs. ann says trading pain is not...
Bloomberg Markets : BLOOMBERG : October 9, 2015 1:00pm-2:01pm EDT
, dating remains accommodating. francine: thank you. inx: that's francine lacqua lima, peru. later today at 4:30 p.m., france and will be interviewing you and secretary-general ban ki-moon. -- interviewing you and secretary-general -- united nations secretary-general ban ki-moon. ♪ alix: welcome back to the bloomberg market day. news.t: we start with our mark: fee says executive committee will hold an emergency they filed anr 20 official appeal against his 90 day suspension and demand to know the reasons behind the decision. is the subject of an investigation. he says he will step down after a special election to replace him on february 26. for major sponsors want him out immediately. more evacuations for coastal residents in south carolina. the state is bracing for the possibility of more flooding. more heavy rain is expected this weekend, with the worst forecast for saturday. be alert for possible scams time to the flooding in south carolina. people should be careful when making donations to flood victims because dammartin trying to impersonate charities to get money or private infor
, dating remains accommodating. francine: thank you. inx: that's francine lacqua lima, peru. later today at 4:30 p.m., france and will be interviewing you and secretary-general ban ki-moon. -- interviewing you and secretary-general -- united nations secretary-general ban ki-moon. ♪ alix: welcome back to the bloomberg market day. news.t: we start with our mark: fee says executive committee will hold an emergency they filed anr 20 official appeal against his 90 day suspension and demand to know...
francine lacqua. if you want to talk about market, i am on twitter. equity markets in the red. set of data out of china. best of luck for the rest of your day. ♪ buycine: ab inbev agrees to anheuser-busch. jonathan: trade troubles. china imports slumped almost 15% after 11 straight months of decline, the longest losing streak in six years. francine: barclays will be heading back to wall street as it is said to be targeting an extra e morgan banker for the job. -- and next jpmorgan banker for the job. welcome to "the pulse,"
francine lacqua. if you want to talk about market, i am on twitter. equity markets in the red. set of data out of china. best of luck for the rest of your day. ♪ buycine: ab inbev agrees to anheuser-busch. jonathan: trade troubles. china imports slumped almost 15% after 11 straight months of decline, the longest losing streak in six years. francine: barclays will be heading back to wall street as it is said to be targeting an extra e morgan banker for the job. -- and next jpmorgan banker for...
up after the break with francine lacqua in "the pulse." that is it for me. we are 56 minutes into another big session in europe. 101dax is just coming up by points. big moves by draghi. a weaker euro. bond yields go south. the belly continues. the best of luck for the rest of your day. have a wonderful weekend. ♪ francine: draghi delivers. stocks rally. hints at more stimulus before the end of the year. manus: negative yields, and the euro falls. with the euro area p.m.i. back his case for more q.e.? titanse: and tech triumph. amazon, microsoft, and google shares surge after hours after adding $100 billion in market value. welcome to "the pulse" live here in london.
up after the break with francine lacqua in "the pulse." that is it for me. we are 56 minutes into another big session in europe. 101dax is just coming up by points. big moves by draghi. a weaker euro. bond yields go south. the belly continues. the best of luck for the rest of your day. have a wonderful weekend. ♪ francine: draghi delivers. stocks rally. hints at more stimulus before the end of the year. manus: negative yields, and the euro falls. with the euro area p.m.i. back his...
Bloomberg : BLOOMBERG : October 21, 2015 7:00am-8:01am EDT
earnings miss. our own francine lacqua law just set down to get details about the new strategy. she joins us from zurich. it seems to be more important with the earnings actually are. what did you learn? down, and heet gave me a half an hour of this time to talk about strategy. the strategy is very clear, we were expecting it because there have been a lot of leaks from the press. 6 billion is what he is aiming for. the cost cuts are a little bit bigger than what we were expecting. also, he is streamlining and we organize in the bank. hoping to ipo the swiss bank in 2016. i tried to push him on whether and it comfortable, really tried to push on whether he was sure this was the only safety cushion he needed. is always there, because you have to be efficient, no matter what. we believe that taking the is a veryith regard serious decision and not something we do lightly. we would like to keep that at a minimum. self-help, wel are rightsizing, we're cutting macro by 72% in terms of labor. that will free up a lot of capital, we reduce the capital consumption, we are cutting 0.8 of that i
earnings miss. our own francine lacqua law just set down to get details about the new strategy. she joins us from zurich. it seems to be more important with the earnings actually are. what did you learn? down, and heet gave me a half an hour of this time to talk about strategy. the strategy is very clear, we were expecting it because there have been a lot of leaks from the press. 6 billion is what he is aiming for. the cost cuts are a little bit bigger than what we were expecting. also, he is...
Trending Business : BLOOMBERG : October 11, 2015 9:00pm-11:01pm EDT
possible. talking to our very own francine lacqua. , in the spotlight officially again and we are going to be live in mumbai, right after this. ♪ ♪ rish: trending business, looking at india, because investigators have raided the office of the kingfisher airlines. -- they ares owner probing into illegal loans. let's go over to mom by. what do we know so far? reporter: well, over the weekend, they were the investigating agency who helped , which was setn up by a billionaire, this according to reports, and his connection with a probe into a former group, and now the airline. kingfisher airlines with a diversion of funds. they are looking into alleged financial irregularities from 2005 when they controlled both companies. in the is largest company, now they are cooperating with the investigating authority, and it is at the fraud investigation office now. they are providing the required information. there was a lack of cash. lenders, and funds were allegedly diverted illegally into other companies. that investigation, as we speak, is still on. thank you very much, indeed. we have g
possible. talking to our very own francine lacqua. , in the spotlight officially again and we are going to be live in mumbai, right after this. ♪ ♪ rish: trending business, looking at india, because investigators have raided the office of the kingfisher airlines. -- they ares owner probing into illegal loans. let's go over to mom by. what do we know so far? reporter: well, over the weekend, they were the investigating agency who helped , which was setn up by a billionaire, this according...
to 2% objective. meanwhile, speaking to our very own francine lacqua in an exclusive interview, jean-claude trichet said that he trusts janet yellen and the fomc. >> i have full confidence in the open market, in janet, in all the members of the market committee, to take the right decision. they have the information, they know well what it is about. i trust them. i will not make my own guess. manus: [laughter] let's bring in alberto gallo. great to see you this monday morning. a lot to get through. the international voice on the fed, stanley fischer, saying it is very much in play, rate hike for 2015. alberto: but don't believe that. [laughter] albert: i think investors are tired of seeing it denied over and over. we think the fed missed the boat. the economy is still growing, but at a slower pace. risks to theare banking systems from emerging market. the u.s. banks and also u.s. bond markets have in lending a lot. there is now a deeper risk that the china's slowdown will affect other countries. debt,about yen-dollar around 10% of the u.s. market. manus: you said they missed the boat.
to 2% objective. meanwhile, speaking to our very own francine lacqua in an exclusive interview, jean-claude trichet said that he trusts janet yellen and the fomc. >> i have full confidence in the open market, in janet, in all the members of the market committee, to take the right decision. they have the information, they know well what it is about. i trust them. i will not make my own guess. manus: [laughter] let's bring in alberto gallo. great to see you this monday morning. a lot to...
emerging markets. francine lacqua went to the it stopped.ima and she single-handedly turned emerging markets around with her appearance in peru. tom, we are back later. the big story driving equity markets, sabmiller says that a revised acquisition proposal from ab inbev "substantially undervalues" the brewer. morning that this previous and former proposals were it. we are joined by consumers reporter thomas buckley. we are also joined by the chief cross-asset strategist at war against him. i've had lots of thoughts on this this morning. is it a done deal? does it look like a done deal? boths: i think that statements from the company this data theyed light on are keen to move forward with a proposal. pounds, it8 billion is interesting, that that substantially undervalues the brewer. it does not seem to have reached an agreement yet. it is interesting to see old ultraia. to see feel like whatf is happening, this bounceback, there was a huge deal which may or may not substantially undervalued the business. coupleomeone earlier, a of people, say we were ringing the bell, and this was as
emerging markets. francine lacqua went to the it stopped.ima and she single-handedly turned emerging markets around with her appearance in peru. tom, we are back later. the big story driving equity markets, sabmiller says that a revised acquisition proposal from ab inbev "substantially undervalues" the brewer. morning that this previous and former proposals were it. we are joined by consumers reporter thomas buckley. we are also joined by the chief cross-asset strategist at war...
Countdown : BLOOMBERG : October 9, 2015 1:00am-3:01am EDT
event down in peru. from christine lagarde and francine lacqua has been talking to many of these people and we have many interviews. plenty more sound coming through from lima. let's check in on the equity session in asia. .t has some decent momentum shery ahn is standing by. shery: you said it -- a federal reserve minute is helping markets across asia now that there is more speculation that the central bank is not ready to increase rates. we are seeing this momentum across asian stocks, headed for their best weekly day in four years. the nikkei is finishing 1.6% higher, even when it's heaviest todayed stocks plunged +++ estimates. oil is continuing its gains and the shanghai composite is currently rising more than 1% -- it has seen one of its best weekly gains in six months and the shanghai composite has one more hour to go, the hang seng index also gaining 1%, a solid above 40% and the 30 day average -- some shares are the worst performers among global indices and they are making a comeback, searching about 16% since the energyer low -- oil and players are leading the game, not to men
event down in peru. from christine lagarde and francine lacqua has been talking to many of these people and we have many interviews. plenty more sound coming through from lima. let's check in on the equity session in asia. .t has some decent momentum shery ahn is standing by. shery: you said it -- a federal reserve minute is helping markets across asia now that there is more speculation that the central bank is not ready to increase rates. we are seeing this momentum across asian stocks,...
that focus on being the very best of journalism. leaders with lacqua essentially -- francine: it is difficult to make money because of social media. it is becoming harder? john: the ft does make money. last year profits of 24 million pounds on sales of 300 million pounds. i believe the ft has a sustainable and profitable ofure but the best way ensuring it can maximize that is by being part of a company that is completely and actually focus on journalism. that is what nikkei brings. i've been in the business of global journalism is a great thing to be in. being in the business of global education likewise important to the future of the world and a great opportunity to grow but those are two quite different horses and you can ride them both simultaneously. francine: was there any moment you thought actually, it is such a great brand we shouldn't be letting it go? john: personally, a hugely difficult decision for me. when i joined pearson in 1997 ownership of the ft was one of the things that attracted me. ironically the synergy between the ft and the rest of pearson or greater now tha
that focus on being the very best of journalism. leaders with lacqua essentially -- francine: it is difficult to make money because of social media. it is becoming harder? john: the ft does make money. last year profits of 24 million pounds on sales of 300 million pounds. i believe the ft has a sustainable and profitable ofure but the best way ensuring it can maximize that is by being part of a company that is completely and actually focus on journalism. that is what nikkei brings. i've been...
. tom: it is gorgeous. look forward to being there with you and francine lacqua. here is the morning must-read. it is from steven roach. dr. roach of yale, formally morgan stanley. the recognizing the drivers of these development. a chronic shortfall of aggregate demand and a deflationary profusion of technological innovations and new supply chains, the fed continues to minimize the deflationary impact of global forces. this is absolutely must read. agree or disagree. -- jonro, a makepeace .erro, a meant peace why are central bankers so reluctant to bring in? is it fear that dominates our thinking? axel: they are out of tools. they do not know what to do. they have been doing so many thanks, it doesn't quite work. if you are faced with a credit bust -- janet yellen talks about the unemployed which is a huge lagging indicator. they are lacking guidance. they want to increase interest rates. none of that is going to make a difference. 10 rogue off of harvard say the same thing. do not raise rates unless you really see something going off, including financial instability. what would hap
. tom: it is gorgeous. look forward to being there with you and francine lacqua. here is the morning must-read. it is from steven roach. dr. roach of yale, formally morgan stanley. the recognizing the drivers of these development. a chronic shortfall of aggregate demand and a deflationary profusion of technological innovations and new supply chains, the fed continues to minimize the deflationary impact of global forces. this is absolutely must read. agree or disagree. -- jonro, a makepeace...
Leaders with Lacqua : BLOOMBERG : October 16, 2015 10:00pm-10:31pm EDT
♪ francine: welcome to leaders with lacqua. earlier this year, pearson sold two of its most well known brands. in an exclusive interview i , speak with the group's ceo, john fallon about the impact of selling those established brands. thank you for speaking to bloomberg. we have been talking about the sale for as long as i can remember. when did you decide it was for sale? john: there wasn't a single moment. i think it was a progressive process that i have said all along, and has been important to me, to ask ourselves honestly are we the best owners of the financial times for the longer term. pearson have been fantastic owners for 50 years. we have been great guardians of the editorial integrity and quality. we have helped the ft to become global from analog to digital. but inflection point is a greatly overused word but in this case i think it is entirely relevant and appropriate. because increasingly we are now seeing more and more people accessing news analysis, journalism through social media, through twitter and facebook and all sorts of emerging channels and we're seeing mo
♪ francine: welcome to leaders with lacqua. earlier this year, pearson sold two of its most well known brands. in an exclusive interview i , speak with the group's ceo, john fallon about the impact of selling those established brands. thank you for speaking to bloomberg. we have been talking about the sale for as long as i can remember. when did you decide it was for sale? john: there wasn't a single moment. i think it was a progressive process that i have said all along, and has been...
fallon when we return. ♪ ♪ francine: welcome back to leaders with lacqua. publishing group pearson will gain a billion pounds from the sale of the "ft" and "the economist." but what will it do with the money? john: if we can find acquisitions that create value to shareholders and sustainable opportunities as well, we will take them. but we don't need to hurry or rush, and we will do that in the context of returning capital to shareholders. francine: do you worry about currency movements? john: we judge things at constant exchange rates. we are a u.k. listed company. clearly the most important exchange rate that our shareholders look at is the pound-dollar exchange rate. over the cycle, we and most shareholders would look through that. clearly you look at events in brazil at the moment, that is not a place where it will be a priority for capital but we will see how things emerge. francine: we have talked about investments and acquisition targets. will you also sell your stake in pain when random? -- in penguin random? john: random house is performing exceptionally well. we own 47%.
fallon when we return. ♪ ♪ francine: welcome back to leaders with lacqua. publishing group pearson will gain a billion pounds from the sale of the "ft" and "the economist." but what will it do with the money? john: if we can find acquisitions that create value to shareholders and sustainable opportunities as well, we will take them. but we don't need to hurry or rush, and we will do that in the context of returning capital to shareholders. francine: do you worry about...