i think the u.k. should stay, and the damage will be much bigger for u.k. then eu. u.k. has that the always been an open country. ago,ould go 1000 years it's always been open to the world. entrenching the u.k. is an island is a big mistake. norman: he said the present situation in the u was not satisfactory, and it needed radical change. i'm sorry to say i don't think that radical change was met, it was disappointing. given that he didn't achieve what was necessary, on balance, not an easy decision we ought to leave. i think the issue of self-government is extremely important. i'm sorry to say that's been excluded from what we agreed originally on the debate. if the issue even for city people just issued in markets -- interested in markets. carolyn: we speak for thousands of businesses, and we've been talking to them for over two years since the referendum first at the agenda. what they have been telling us repeatedly is that the value of the single market to market access, not just in the eu, but around the world for trade deals is valuable. it's valuable for jobs and a

the u.k. does decide to leave the eu. we have three who believe they should stay. we have mario monti, jon moulton, carolyn fairbairn, lord norman lamont, and maurice levy. thank you for joining us in the debate. first of all, just to start off, i'm going to give you each 20 to 30 seconds, state your case. maurice: i feel compelled to give an opinion, i don't consider that making such a decision is only a u.k. decision. it has a lot of implication regarding the eu. i've been quite irritated that david cameron has decided to play with this fantastic, great european dream just for internal purposes and career path. i believe that this is far too serious an issue to just put his career as the key elements of the decision. i think the u.k. should stay, and the damage will be much bigger for u.k. than eu. i believe that the u.k. has always been an open country. you could go 1000 years ago, it's always been open to the world. entrenching the u.k. is an island is a big mistake. >> my reason for wanti

even if the u.k. decides to leave, the next day nothing happens and the country will enter into negotiations very slowly. importanthis as an strategic route, but it has continuity to it. the probability of a brexit has fallen somewhat recently. because of these factors, it will not influence the decision. rishaad: and, egyptian aviation officials say egyptair flight 804 did not lose altitude before disappearing. this contradiction the greek defense minister who says the plane made a radical turn and dropped from 10,000 feet before falling off the radar. it went down last thursday morning. it was en route from paris to cairo. all 66 people on board are presumed dead. the highest level since 1994 which indicates the prime n's may have had some success and throwing -- slowing the rate of population. it rose in 2015, which was up by .04% of the previous year. women aged between 30 and 34 was the biggest. global news powered every single day and located in more than 150 news bureaus around the world. you c

japaneseany of the companies set up their operations in the u.k. precisely because the u.k. is a gateway to the eu. leave would make u.k. less attractive as a destination for japanese investments. markus: we are going to take a look at stock markets next. and american shares started in positive territory, but those gains have fizzled out in the past two, three hours or so, with the dow jones industrial average down about 2/10 of 1%. the gains have fizzled as oil prices have come off of their previous highs. at first in the session, we saw oil prices heading higher on those canadian what -- wildfires and supply concerns out of libya. we have seen the oil prices come down from their previous highs, which means that energy shares have also come down from previous highs, which means that the american stock markets have come down into negative toward lori -- negative territory. still some caution ahead of the u.s. jobs report, which is coming out for the month of april, on friday. investors are essentially waiting to see whether or not the u.s. economy continues to create jobs at

u.k. voters giving their first voting on jeremy corbyn's leadership of the labour party. sustained losses across england. the brightest spot for labor maybe the london mayoral elections. defeat theely to conservative candidate. he's distanced himself from the leftists and corbin. the election results may give us some hint of voter sentiment. japan may not be able to ignore the yen's growing strength for must longer. prime minister shinzo abe going so far as to say he may raise the issue at the g7 talks later this month, saying the exchange rate must be stabilized and japan will carefully watch and respond as necessary. meanwhile, david cameron has been using japan to press his case for britain remaining within the eu. cameron said britain could benefit to the tune of 5 billion pounds from a japan-eu trade deal. >> we both want to see more jobs, greater growth, and increased prosperity. we both agree that the way to do that is through a comprehensive japan-eu free-trade agreement. this deal

nejra: the u.k. treasury wants that britain faces a year-long recession if it leads the european union under its severe short show nouriel -- #area of the house prices would fall 10% from current levels. it warns that pensioners could be left hundred billion pounds worse off. -- could be left 300 billion pounds worse off. mark carney -- was asked about as he appeared before the u.k. treasury committee. in the spirit of goodwill, i'm going to ask you dismiss something. that is we know that goldman [indiscernible] can i give you the opportunity to refute any suggestions that goldman sachs put any pressure on you? i will take the opportunity -- yes, i refuted categorically and am stunned. >> thank you. atlantic, across the the president says he doesn't see the eu referendum influence he said even if the u.k. decides to leave, the next day nothing happens and the country will enter into negotiations bounds to go very slowly. s&p global ratings once that a brexit when not just weaken the pound, it would e

guy: if you are not a u.k. investor, that obviously has the edge taken off of it. >> it does and that would be something i would be thinking about if i was not a u.k. investor. guy: thank you very much indeed. mark burgess from threadneedle is going to stay with us. matt: up next, the recipe for a great hike. the dallas fed president says the u.s. jobs market and the economic growth are the right ingredients for a move. of course, he is a nonvoter, but still adding to that voice. that is next. ♪ guy: welcome back. let's take a look at where these european equity markets are. we are actually, in many ways, fairly firm. you would expect markets to take a pause for breath after a decent rally and perhaps, that is what we are seeing. do we carry on pushing this rally higher? oil is above $50 a barrel. the markets on the equity front. are waiting and watching. in terms of the mix below the surface, let me take you to the stock level. anglo is up. billiton is up. all trading higher. it is interesting to see the ste

., what would be the u.k. government's message to the people of scotland and in that scenario. are we doing going to shrug our shoulders. that smart of being in the u.k.. the debate around the independence referendum. i think all the many occasions who favored scotland leaving the uk arguing the eu referendum and there was a potential for scotland and britain to leave the eu and that referenda. i think the issue has been -- >> my message to people in scotland, and i would hope it was s&p's message was come out and remain. but you've got to follow through. between the uk with 1.5 billion people voting snp, the scallop parliament election when 1 million people voted snp, so i think your energy should be out there getting people out to vote to remain in the eu if that's what you really believe in. >> can't i say to you, the support for the remain, all opinion polls is a difficult higher than a whole of the united kingdom. >> votes and polls a number of people who turn out to vote in election two quite different t

the u.k. in 16 hours. we take a train journey to gauge voters views on the u.k.'s european decision. ♪ back.ne: welcome let's get to the bloomberg business flash. nejra: credit agricole has reported a 71% decline in first-quarter profit. net income fell to 227 million euros. dropped, andvenue the bank began a reorganization to streamline its capital structure. lafarge polson has reported losses.arter adjusted operating earnings -- fell 22% in the first three months of the year to 821 million swiss francs. the company shares are down today and have plunged by 40% since last july's merger of la holcim which created the largest cement company. adidas is to get a payoff from chelsea two and a sponsorship deal six years early. adidas says the move illustrates its strategy of partnering with fewer sports teams. insurance group has recoded a first-quarter profit that beat analyst expectations. 875 income fell 28% to $7 million. as cethe ceo continues the overhaul of its biggest unit. and that's the

could be explained by police forces in the u.k. have launched criminal investigations and the conservative mps? mr. speaker, it's very serious. so how was it that a conservative crime on policing commissioner can serve in such a role under police investigation? >> first of all, let's be clear about the anticorruption summit. no one is lecturing everybody. one of the reasons the issue doesn't get addressed is because countries and politicians are too worried about addressing the noted that no country is perfect nor is any politician. it's right for britain take the lead because you need our contribution i made. we are entitled to raise this incredibly important issue. what he says about the electoral commission, when it comes to operational decisions by police force, they are independent, too. that's the hallmark of a non-corrupt country. >> ministers recur, i want you to join me in congratulating 84 reelected as a commissioner last week. significantly for her work in helping the big guns. in that respect, will the prime minister co

a far bigger u.k. vote that would've caused concern on behalf of the par minister. -- on behalf of the prime minister. guy: is that good campaigning for the brexit -- is that good for those campaigning for the brexit vacco -- brexit? >> we had to take trump seriously now. of presidention obama on the other side arguing very strongly that the u.k. would be better to stay in the eu. join then't, it would back of the queue for any trade deal. that suggests that had some modest impact on the voter sentiment. i imagine trumps intervention would not have any particular impact. he made very clear that america first so any weakening of the eu would play into that narrative. the prime minister has been article of trump's comments on muslims and reinforce that message yesterday. the timing looks somewhat predictable. stuff.an, interesting on crawford joining us out of edinburgh on the latest coming out of the u.k. regional elections. we're looking for to getting results later here in london. joining me now is ra

non-u.k. banks exposed the u.k., the bank of ireland, santander, deutsche bank, it highlights berkeley having limited u.k. exposure, less than one half the u.k., lows to domestic focus banks are more exposed. santander is down by 2%. that was an interesting report. big news out of the u.k., the latest gdp number was released earlier. we saw the figure the same as the preliminary estimates, .4%.h of what is new is showing that consumers are resilient ahead of the referendum. household spending rose by .7%, the fastest pace in a year, offsetting declines in export in business investments. will feelpicture debate about the impasse, the therendum, is having on u.k. economy. what is not debatable is that the economy is slowing. .4% in the last quarter versus .6% in the fourth quarter. on sterling, 146.79, down 1/10 of a percent versus the u.s. dollar. first word news, taylor riggs has more. donald trump has hit the magic number according to the associated press. number of delegates needed to clinch

the u.k. votes to stay in the eu. lots of headlines here. they are rate increases, are more likely than not. it may cause the pound to drop sharply. it sees inflation dropping. that is very important because as inflation is forecast to rise, the bank of england is telling us, rates are going to be raised in the forecast. in the 2-3-year horizon. investors will depend a lot on what happens in the upcoming referendum. the big take away is that yes, the bank of england has cut the gdp forecast for this year but it is not a big surprise. the economy is slowing and the back.ata is there is a slowdown in construction and manufacturing. the conference that takes place in 30 minutes is going to be a political trade wire. it will be fascinating. amanda: that is hitting the nail on the head. matt miller, we may wait for reaction after what governor carney says after that conference. matt: what we are seeing now is a jump in the pound. you can see the spike here to 144.65. now is a jump in the pound. you

and a gauge of u.k. consumer confidence rises for the first time since january but remains below zero. a very warm welcome, this is countdown. i am anna edwards. over in japan, a little later than that. that is where we find david cameron speaking at the g7 meeting. we will bring you the latest headlines. the mention of brexit risk it did get a mention. weme minister cameron: shared ideas with each other. on russia, the g7 has agreed on the importance of sanctions rollover in june. ukraine is the victim of russian aggression. the g7 is clear sanctions must in place. on the migration crisis, the lessons of the recent past are clear. we must help refugees. we must support jobs and livelihoods in unstable african countries. the united kingdom does more of this work than anyone else. strong borders. -- it sillypeople fragile agreement but returning people works. we are working closely with our colleagues to boost the capability of the libyan coast guard. the u.k. will send a u.k. training team to assist in i

and the u.k. fires minister told bloomberg he is very worried that a vote to leave the european union could inspire other members to abandon it, too. speaking to francine lacqua, he is confident that it would be made with the situation in greece. >> the situation in greece is slowly improving. the greek government has passed important laws in parliament. there is still disagreement on some details. but i'm confident in light of the european group meeting this week, that progress will be made. and we can complete the first review with greece. i far as brexit is concerned, am very worried about brexit. not only for the immediate damage to the u.k. and the european economy, but also from the fact that is can be taken as an example of leaving europe. let us notuntries, forget that we are witnessing a widespread discontent about european values and strategies. so brexit could lead the way to more painful entanglement of europe. francine: is it a moment? pier: it could be decisive moment in european his

you mentioned the u.k. government, in april they gave the thumbs-up to the industry by creating a new asset class for their government program. they had given it the greenlight. i think it is business as usual. bad. not everyone is the former chairman of the financial markets, he does not think it is going to end too well. >> i think the industry has moved on from then. we could not get a hold of him to see what he thinks. there are questions about it. we are talking about household money here. i think saying we can include it in the government program, that says a lot. mark: the returns are quite well. >> very decent. for an individual savings account, i think you can get a plus. of 6% that is not bad. this a decent return in environment. mark: thank you for joining us. sarah jones on the impact of the lending club scandal. time for the bloomberg business flash. a look at the biggest stories in the news right now. consumer confidence rose in the u.s. this month, not as much is expected. that is according t

if the u.k. decides to remain in the u, there will be volatility. if the u.k. decides to leave, there might be more volatility. what are you saying? is that volatility going to be a preventing factor for the finance minister? regarding selling some of that business, i mean. >> i would say there will be a lot of market volatility if britain decides to leave the european union because the terms of trade of britain with the european union will not be known for an extensive period of ti me and it will take a very long while for the revised trade agreement to come into effect. the are some very heavy-duty negotiations, in the absence of any agreement. apply rules.o will during that period, there will be reduced business investments in britain. that will have an effect on the irish economy as the british economy slows. this is an extremely dangerous economic event, which both governments have indicated is the biggest macroeconomic concern. admitted quite publicly that the british people will decide to remain in the european union. it does not seem to make any sense a

says the u.k. is the second less regulated country in the world, after the netherlands. u.k. growth is up, unemployment is down, it is hard to see what the economic problem is. what is happening is a settling down to the issue of immigration. immigration is a clear area where the u.k. government does not have full control over the movement of labor from the rest of the eu. this is something you cannot fix with economic argument. foreign leaders cannot impact that call. tom: i think you get to the heart of the matter. is it economic, which i doubt, or political, far more. i cannot remember this quote on a friday, but the issue is that it is a political debate wrapped around the movement of the people. what should be the response from brussels as we stagger to the end of june? andn: i think brussels, other eu governments in the eu commission, i imagine will try to make sure nothing happens between now and then that could act as an additional spur to brexit. the big worry is whether there is anew push of immigration out of turkey. if that deal were to collapse, even though brita

that companies in the u.k. are increasingly sensitive about hiring highly skilled workers in the finance industry in the lead up to the referendum next month. the biggest ebbing company has not experienced the material impact. it reported a source of revenue in alignment with expectations. there is a slow recovery in france. companies are hiring. that is interesting, that companies are reluctant about hiring highly skilled workers, particularly in the finance industry ahead of briggs. -- brings it. xit.re they are hesitant. betty: we're going to talk to the head of the u.k. company later on to talk about brings it. it.brex taylor. parliament of france has extended a state of emergency. police have more power to make arrests. it will cover the tour de france. for the first time since the end of the cold war, germany will expand its germany. they will add 14,000 troops. moreny has been taking a ambitious goal in mobile crises. president obama will travel to japan. he will diversity president to visit hiroshima. a

and u.k. is going to be in the back of the queue. >> seth: and he's the only american who can say queue and still sound cool. sophomore back from a semester abroad who starts saying everything is "brilliant" or "dodgy" or "that selena gomez is a fit bird." now, obama weighing into the e.u. debate did not sit well with some british politicians, like former london mayor boris johnson who wrote in an op-ed that obama was compelled to oppose the u.k. because of, quote, "the part-kenyan president's ancestral dislike of the british empire." now just to give you an idea how much of a jackass boris johnson is, here he is tackling a 10-year-old boy during a game of rugby in japan. [ audience ohs ] >> seth: the kid wasn't even in his way. [ laughter ] like he strategically tried to take him out. ultimately the case for leaving made by johnson and others is about two things, sovereignty and immigration. this may sound familiar to you. u.k. politicians on the right say immigrants from the e.u. should not

corbyn: i asked what he about the u.k. administered tax havens that received large sums of money that shouldources and must be closed down as it should any tax evasion in the city of london. we need a british government is prepared to chase down this level of corruption. this government has done more than any previous government to deal with this issue. making sure that our overseas territory and crown dependencies behave in a responsible way. taking part in the automatic exchange of tax information. that is never happened before. they signed up to a common reporting standard. they are getting central registries so we can find out who owns the companies in each territory. realf these things are progress. of course we would like to go further. at have public registries of beneficial ownership like we are introducing in this country. not because of anything a labor government did because of the decision right conservative prime minister. where i would urge him to be fair on these issues is that many of them have gone much fu

the u.k. votes to stay or leave the european union. supporters and the opposition on the brexit are going all out. can the threat of economic instability sway the public? turning to an interesting debates out of switzerland, where the government is considering paying each of its citizens two point $5,000 a month, can a conditional basic income spread to other countries? 90 minutes into the trading day in the u.s., let's head to the market desk where julie hyman has the latest. stocks are still fluctuating. julie: not much change overall. even call it makes very easily in terms what we're seeing today. you can see the nasdaq is holding up relatively well versus the other major averages at this point in time. mindsets are changing about the fed, now they're looking to economic data the remainder of the week. take a look at the bloomberg and the imap, you have materials is the best performing group. tech is up as well, but just barely. energy is really the big drag today. it's a push and pull bet

my concern is the u.k. is losing more momentum than we anticipated to the buildup to risk appetite is weakening. the employment as to the needs as we approach this referendum. .usiness surveys are weakening confidence is weakening as well. if we vote to stay in, a lot of momentum could mean the first quarter next year before we see a proper recovery. that would push back those rate hikes for the bank of england. francine: thank you so much for coming on. coming up, french strikes. ♪ francine: let's get to the news. nejra: a broad-based weakening of inflation pressures is behind this months surprise interest-rate cut. cutaustralian central bank for the first time since 2008. growth outlook remained steady. yes trillion dollar jumped. it was not viewed as a slamdunk. has cut his firms investments in u.s. stocks by more than a third. he has warned of risks stemming from china's economy. he thinks the hard landing for the country is practically unavoidable. ehrenberg will increase its holding of gold and othe

and i think the u.k. is poised to grow strongly once the huge uncertainty of the brexit referendum is removed. certainly, we see it from our forward bookings. bookings are running about 2% of where they were this time last year, but at lower prices. we are having to reduce prices, for the u.k. consumer and visitor are booking their summer holidays. they will travel to spain and the greek islands. they are just traveling with ryanair and nobody else. anna: you mentioned the egyptair flight. the industry must have a series about what happened. -- must have a theory about what happened. what is your working a something? michael o'leary: i think the working assumption is there looks to be some kind of explosion. we don't know what caused the explosion. we need to recover the black box to find out exactly what happened, but it is not good. the fact that we have had the bomber attacks in paris and brussels, it isn't good. i don't think it will alter -- the great thing about terrorism is it always is doomed to f

cameron himself has said the u.k. must not become a safe haven the british authorities billions oft dollars of dirty money are laundered through u.k. banks each year. the crown prosecution service and the serious fraud office have each had their budgets cut. as for the anticorruption summit , critics say will be watered down since major tax havens like panama and the british virgin islands are not taking part. police and friends fired rubber bullets and tear gas at demonstrators who hit the streets angry at controversial labor reforms. the protests broke out across the country after the government used a loophole in the constitution to force through the law by passing parliamentary approval. the only way the bill can be scrapped now is if the government loses a vote of no-confidence. oliver farry explains. >> faced with the possibility of as many as 60 mps refusing to vote for the labor reform bill, the government called an emergency cabinet meeting. to force the law through. >> because the reform must go through, bec

are the results from the u.k. -- area results from the u.k. she will extend her time as the head of scotland's so my autonomous government. lossesour party suffered to the u.k. independence party. a mixed picture in england, just seven weeks before the u.k. votes on whether to stay in the e.u. joining us now, simon kennedy. something for everyone. for those looking for signs of the u.k. heading for a brexit, there was not much? >> there was not much. this was not a country about to stage a revolution. yes, it is scotland. he gets back in without a majority. the labour, party did as bad as it has done in several decades but not as bad as forecast. bitales, it rose a little but not as much as it wanted. country you look at in seven weeks that will march out of the european union. mark: traditionally, the opposition does well in these elections. this was a real test of the new labor leader's popularity and vision, whether it is reaching the country. what is the verdict? elections are used to give a bloody nose to whoever is in power. expected one

u.k. unemployment. with five weeks until the brexit vote, we will analyze key economic data and go live to new york for the latest on the u.s. interest rate conversation. ♪ francine: welcome back. let's get to the bloomberg business flash. caroline: reported a second state drop in annual earnings and plans to save 100 million pounds a year. urberry reported a second drop in annual earnings. are trading lower this morning. as the brewer that assumed to be bought by ab inbev was settled with charges werrelated to south african -- and cost related to the takeover. as china's surged biggest maker of home appliance has offered $150 per share. provide has agreed to kit for chelsea football club. nike will pay 60 million pounds a season over a decade. chelsea first had to get out of a 10-year deal with adidas that had seven years left to run. francine: thank you so much. should the world be concerned by china's rising debt? we are speaking to larry fink, all have to be worried about china's debt and slowing

some big data we had out of the u.k. today. a turnaround in retail sales after two months of declines. that was ahead of expectations. it paints a stronger story of what is happening that is surveys, disappointing trading statements. this is the economic surprise index for the u.k. anything above zero shows the data beating forecasts. anything below zero shows it has been missing. we are at the lowest level in two years. a bit of a pickup today because of retail sales. the trend from april has very much been a down one. something the bank of england is all too aware of ahead of the referendum in five weeks time. betty: let's check in on the first word news. taylor: egypt and france trying to figure out what caused an egyptair jet to does. does to disappear over the mediterranean. it was 30 minutes away from touching down in cairo when it vanished from radar screens. 36 passengers and crew were on board. -- 66 passengers and crew were on board. they say they cannot rule out terrorism. more tension between the u.s. and china over

it is not so much in the u.k. the u.k. has not been selling into the u.k. so, therefore, there is not much overlap into the mainland of europe. manus: obviously, you have the other side of the business. the industrial side of the business. agreement.ew trade if we voted for brexit and had a trade deal with the united kingdom, would you support a very open trade deal with the united kingdom? guido: always. germany is exporting companies. we like free trade everywhere. we want to compete on par level. if we have a level playing field, we are always supportive of free-trade around the world. manus: very fair comment. thank you very much. short in terms of the questions. guido kerkhoff joining me on the phone from germany. anna, back to you. i'm off to emirates. that.you enjoy francine is back. ♪ loss. credit suisse we have the interview with the ceo in 15 minutes. yennese stocks jump as the fell to the weakest this month. the peso in place. the filipino currency gaining. welcome to the program. this is "countdown." i'm anna edwards. it is 7:00 here in london

minister in to be speaking on behalf of the u.k. or the scottish government. >> en this was discussed a time has all aspects of the society that is extremely influential. so when we get to the final decision in that has shifted to the european parliament since then. the also the with the drafting of legislation and that is something scotland has been very good at. the of relationship but with business organizations didn't we have something about a debate in that cultural interest? so just for a minute how these conversations. when the firing bad was fired drive a the referendum to the representation by these. and we continue that. and over a couple of weeks we're all over the place for :but with the debate did say membership chosen for one reason or another not to show if he weren't in the referendum but almost all discussions are with the general public and the political discussions for go far. >> what are the risks? i cannot think of any without the top of my head i have seen the scottish tourist that the top of the commission tha

if the u.k. votes to stay part of the european union, but for sure as we get to that date, the uncertainty will impact financial markets. you have ao contingency plan in case brexit happens? jes: we manage the bank to deal with all contingencies, we are very comfortable with our ability to manage any stress that will calm our way. the clearly, we hope that the u.k. stays in the european union. francine: are you planning or is there a plan b to move bankers? jes: we plan for everything. francine: is there a concern that somewhere like berlin or paris or frankfurt becomes number one in the financial center of europe? jes: the history of london being one of the worlds greatest financial centers is very important for the u.k.. very important for barclays, obviously. we look forward to our presence in the financial centers of the world being new york and london. can you see how cautious jes staley was when talking about brexit? he says given the polls are suggesting the u.k. will decide to stay within

alphabet calls the u.k. one of -- most advanced, conta advanced contact a list countries in the world. that is the latest bloomberg business/. -- business flash. to produceused stronger lines of steel for industrial pipes and aircraft. arts there has been a bit of a buying frenzy, showcasing the growing appeal of the various boutique markets. it may be worth as much as $4 billion. ?ow do you discover niobium thomas: personally, i didn't discover it. it was discovered by michael hatchet in 1800. mark: very few companies have their hands on niobium assets. isn't that the case? and that's what makes it doubly interesting. thomas: indeed. there were three big producing mines in the world. the biggest one in brazil is owned by a private company called cbmm. it really has a strong grip on the market, able to control production, supply and prices to a large degree. betty: is it hard to price? wife? -- why? thomas: it has to be a liquid market. the market is to liquid to provide a price for this market. betty: tom,

not just the u.k. you also have hungary, slovakia,a n and plan turning te other -- and poland turning the other cheek as well. i think the policy reign is about to end as well.it is very difficult to see how very well will survive this. sittingbeing the chancellor and already, the press is talking about, who is your most likely successor. i is never a good sign for the political process. i agree, germany is the biggest risk here. matt: one of the problems, steen. the germans think, every time there is a bail out to be done, they are the ones writing checks. and the nobody follows their prescriptions. in greece, nobody here in berlin thinks they will be able to pay their debts. hashe same time, merkel not been able to put any of her austerity work to practice as they accept this huge flood of refugees, causing a lot problems here as well. and seems the bottom line problem is everybody wants a free lunch and nobody is willing to pay for anything. is that a concern for all of europe, do you think? >> you

euuld the u.k. goto exit the , on the day after nothing will happen, like logo on -- life will go on. but there will be a tremendous amount of conjecture. if it is a close call, it relieves some element of , and if the u.k. leaves, to meet with her be an adverse scenario, there is a real risk a great tensions and europe. ♪ ♪ enlist in 60 days, great britain will hold a referendum on whether to remain in the european union, the so-called brexit. many voters are still undecided. on friday bloomberg had a debate on the implications. things happened within the eurozone, but no one can legitimately speak of the euro crisis. this, financial crisis within many members of the eurozone, that the euro has been unimaginably strong since sometimeseginning and too strong. i think this is a complete myth that is the eu that has created piece in western europe. it is nato that has kept peace in europe and we live in a completely different world in which people travel, in which is trade, they were betrayed with

even if the u.k. votes to stay in, if it is a close call, there could be some element of uncertainty with the matters. if the u.k. leaves, that would be an adverse scenario. there is risk that creates tensions in europe that will this destroy it. ♪ ♪ ramy: you are watching "bloomberg best." i am ramy inocencio. in less than 60 days, great britain will hold a referendum on whether to remain in the european union, the so-called brexit. recent polls show a close contest. many voters are still undecided. on friday we had politicians and influential business leaders together for a debate on the implications of brexit. mario: so many bad things happen within the eurozone that no one, no one can speak of the euro crisis. we have lived through very difficult, and i can testify to this financial crisis within many members of the eurozone. but the euro has been unimaginably strong since the very beginning, and sometimes too strong for the european producers would say -- norman: i want to comment on the poin

the u.k. will choose to leave the european union. that suggests there is less uncertainty over the results then opinion polls are signaling. prime minister cameron outlines a program of social reforms. as centerpiece is to change the way prisons are run. he is trying to heal the split and his conservative party caused by the referendum. spain's caretaker government is .lmost burying the eu's budget eu commissioners are discussing what to do after spain breached its budget limits for the fourth year in a row. that could lead to a fine. minister mayime not be penalized and the eu may decide not to do anything while it prepares for its second election in six months. the japanese economy has avoided a recession. gdp rose at a rate of 1.7% in the first quarter. business spending fell but increases in government and consumer spending. news 24 is a day powered by our 2400 journalists in more news bureaus around the world. a general churn with some interest in fx, crude oil with a little bit of a left

anna: there are a lot of players in the u.k. the line between them is blurring. >> i expect a lot of m&a. there is a lot of talk about lending. regulated -- we are fully regulated. the fixed cost of that regulation will result in some consolidation. much fornk you very being with us on the program. up next, we focus on some data. german growth. we of the latest gdp data from europe's largest economy. we will also hear from the oil sector about sales. ♪ iaae-m" anna: the boj calls for patients on negative rates. central bank governors told bloomberg before your long negative rate policy is slowly boosting inflation. talk.h brazil's acting president has appointed a former central banker as the new finance minister as the country continues to suffer through his worst recession in a century. and apple gets the slight of china's ridesharing business, investing $1 billion and iin uber's rival. welcome to the program; this is "countdown." we have breaking news coming through from the german economy over the last few minutes, so let's

u.k. inflation right now is at .3%. core inflation is at 1.2%. we are way below the bank of england's 2% target. quarterlyek's inflation report, the bank still projected two-year inflation at 2.1% and three-year inflation at 3.2%. the bank is still confident it will reach its inflation targets, which suggests the next move in rates is an upward movement. it all depends on the referendum next month. shery: the governor is only human. we are also seeing tempers flare up everywhere because it is a heated debate. toers have only four weeks go before the referendum and campaigning is in full swing. carney's view about a brexit could spark a recession has ruffled feathers of pro-leave lawmakers. here is carney again on how he is looking at the economy. >> given the uncertainty engendered during this campaign, there is a higher bar in reading current economic data to give a sense of the underlying momentum in the economy. mark: that is the european close. ♪ okay, ready? whoa! [ explosion ] nothing should get in the way of the things you love. ♪ get

the day after, if the u.k. decides to leave the eu, euro falls through the roof, or collapses, or what does it do? kamal: we are looking through the lens of volatility. our view has been that euro would generally -- euro is generally underpricing the risk. the volatility move is more important for us. francine: very interesting. thank you so much for helping us understand what could or could not happen. kamal sharma, director of g 10 fx strategy at bank of america merrill lynch. up next, a new dawn for brazil. the government shows up for its first day of work. we assess the path ahead. ♪ francine: welcome back. breaking news. honda to recall 21 million vehicles to fix their airbag function. let's go straight to tokyo and bloomberg's dave mccombs is there. first of all, what i don't understand, 21 million cars being recalled. they come out with a statement saying how much it will cost, but they don't give us the number of vehicles they need to recall. >> the total is still rising. they are investigating how ma

guy: thank you very much, the u.k. chancellor want to consent out his case for remaining within the european union. >> the claims of the impact of the economy have been supported by the bank of england, the and everyf the imf, major credible institution in the world. everyone at our allies in the world has support of the argument be made about our securities. osborne yesterday, the brexit debate looks like it will be bit the bank of england's so-called super thursday. remember, the bank is expected to give it update on the june 23 vote of eu membership is affecting the expected -- infecting even the economy. external number of the bank of england, the emerging policy committee joins us now. good morning. >> good morning. guy: steady as she goes? that has to be the message from -- ey give any >> yes. even i, who believe that we should -- guy: for quite some time. >> believed that we should be raising interest rates think that the right strategy for the bank of england for this month and the next month would be to keep t

could be explained by police forces in the u.k. have launched criminal investigations and the conservative mps? mr. speaker, it's very serious. so how was it that a conservative crime on policing commissioner can serve in such a role under police investigation? >> first of all, let's be clear about the anticorruption summit. no one is lecturing everybody. one of the reasons the issue doesn't get addressed is because countries and politicians are too worried about addressing the noted that no country is perfect nor is any politician. it's right for britain take the lead because you need our contribution i made. we are entitled to raise this incredibly important issue. what he says about the electoral commission, when it comes to operational decisions by police force, they are independent, too. that's the hallmark of a non-corrupt country. >> ministers recur, i want you to join me in congratulating 84 reelected as a commissioner last week. significantly for her work in helping the big guns. in that respect, will the prime minister co

the ceo of the u.k.'s biggest fund management company said that he would bring severe ut --ility to markets, b of course, we are talking about brexit. but not another lehman's moment. the aberdeen asset management ceo spoke about all of the risks. >> no, i don't think so. i think it will be very uncomfortable for a few days. currency will be volatile. the share market will be try toe while people work out what the affect is. part of that is because markets are really pricing and that we are staying in currency markets. that could be, as i say, create extreme volatility. anna: martin gilbert there. the four year operating profit has risen by 46%. joining us now for the first and review of the day is tommy breen, dcc's chief executive. i wanted to guage from you your approach to mma versus organic revenue. you said you got the capacity in balance sheet for further developments. what is your expectations for how much growth comes from mma, and how much are chemically going forward? >> the story from dcc for

so the u.k. starts a look a little like the odd man out. >> so we shouldn't put too much related on referendum slowdown concerns. there are other concerns which you say could and should select sway the bank of england. even if we do stay in the eu. >> the reality is that the u.k. is not an economic island. it's part of the global economy. when you look at what is happening to the global economy, it is slowing. ever -- other central banks recognize that and they have eased policy very aggressively this year and the reality is that there is probably more to go. >> are you just talking a interest rate cuts or is it a reappearance of unconventional measures. >> is probably all those things. there's a limit probably to how low interest rates can go how country does cover both central bankers are reducing interest rates for tops and never doubt the creativity of central bankers. the reality is it could be more qe or indeed other things. >> this week is the cause of the inflation report. this week the c

first lab inir cambridge and you've got the u.k. ceo of microsoft saying the u.k. being part of the eu has been one of the most attractive gains in europe for the we have made. they are not think they would pull out if the u.k. pulled out of the eu, but there's an implication we would not see as much future investment. there's one very important thediate impact and that is u.k. being part of the eu has enabled much more flexibility for workers coming from different countries. there is a perception the u.k. talent fool is limited, so drawing talent from across europe has been a huge plus for all of these companies. the polls we are seeing have been varying widely. that brexit at a likely -- you can gosays -- thepile all the polls of people shows 39% people out, but 15% of are undecided and have until june 23 to make that decision. david: let me ask you about what microsoft is most worried about -- they are concerned about trade and what it might mean for immigration. emily: i think talent is number one for these companies. we've been talking about it being a war for

happy holiday here in the u.k. and it's a bank holiday today but stuff is still going on, nevertheless. we have data hitting the wires right now. the eurozone factory growth. 51.7 versus 51.5 in the flash estimate, 51.6 on the march final reading. the march final pmi and the eurozone march output prices 47.4 versus 47.7 on the flash estimate, the second lowest reading since 2010. so the manufacturing pmi edging up to51.7%. they're cutting their prices to the second deepest rate since 2010. factory growth weakening in april despite the fact that we've had pretty heavy discounting going on. the euro dollar 1.14. we were looking at a much lower euro dollar. we have a guest in a half hour's time so we can get more into what's going on notice currencies at that point. >>> let's move on with the pmi data. japan's final raidirating shows industrial sector contracting with the earthquakes hitting manufacturing output. and in china, the official pmi fell slightly short of expectations. here in europe, our european equity ma

there is more pressure in the u.k. on health care costs that are causing consumers to curb their spending here. mark: have we lost the appeal of mercedes? andrea: we will not know until we and through the referendum. there has been a sign of a slowdown. one of the areas where we've been spending money on homes, it would be interesting to watch if as we becomeo cool more uncertain on the economy. betty: we have sales numbers later this week. shannon: there is a good tell whether coming out. apparel spending isn't doing great in the u.s.. macy's is going to have to give customers a reason to go into stores. it needs to be something that consumers feel they need to have. there is not a lot of high-fashion item that people are scrambling to get like skinny teams -- jeans. macy's could be a great one to watch. betty: or yoga pets. it's.ts are in -- -- pants. earnings will be rolling out. right now we see a mixed market. about 40s down by points. that's coming off our lows of the session. earnings will continue to dominate t

can already claim asylum in france or then come to the u.k. we've accepted 30 such transfers since february. there won't be any delay. we'll get on with this as fast as we can but in order to follow the law we have to talk to our loaf authorities first. >> dr. president obama's recent visit, was the prime minister able to talk to him about the issue of chinese steel, including introducing tariffs of 288%? if so, what's his advice? keep backing british steel, increase the tariffs and tell the chinese to go to the back of the line? >> well, i did discuss this issue with president obama and both the u.s. and european union have taken zens against chinese dumping. the actual the anti-dumping tariffs have been very effective and in some categories reduced chinese exports by as much as 98%. so he shouldn't believe that the e.u. action doesn't work. it does work. if we were outside the e.u., we might be subject to those tariffs ourselves. >> and the prime's government was elected with 37% of the vote. so i'm sure he would acknowledge the success of n