that the foundnding fathers of europe, what did they say europe is to overcome the nation state? what we see is that basically now with the scottish question and all that in place we need to reconsider the very question, who is the sovereign of europe? who is the sovereign in the european democracy? we should answer that question very calm without hurry but with strong reflection. >> andreas? >> well, i don't disagree with anything that's been said. first of all, i am going to try to keep calm. i have been panicking for about a week now. so that's enough panic. as far as uncertainty yes we'd like to reduce it but it is all uncertain and will be for a while. we have to keep calm amid that. that is just life too. i looked up where the phrase keep calm and carry on comes from. it comes from a war time poster as the bombs were already falling. >> just instruction for the worst case. >> right. brits were telling their own people keep calm and carry on. now, clearly there is so much to say. i mean, the fact that boris johnson just said he's not even going to attempt to become prime min

so people in all of europe, coinental europe, now see what brexit, but going out means. so the alternative, you have europe. it is now as clear as it ever was before. you are now prosperous and not a sovereign as you could be, or you are sovereign and running into recession, so this kind of alternative was not as clear as it was before the brexit. people thought there would be a classless society, and we could be sovereign and rich. and now you see, this is not going to be as easy as this. i think it is an eye-opener for many people who thought maybe, france and austria and other countries as well, we uld go on the same path and be prosperous and sovereign again. this would not be true, and you see that in the u.k. peter: an optimistic take. hannah, i sense you might be a little more pessimistic about how the brexit vote might impact the european union in the weeks and years to come. hannah: the idea that the british economy has collapsed in two weeks is a little premature. i don't think it will be that dramatic. that was the argument used by a lot of the remainers, that

they showed -- a shock has taken hold of europe. what many had thought impossible has happened -- britain has voted to leave the european union. leave supporters cheer. the remain camp is heartbroken. prime minister cameron announces his resignation. david cameron goal is i love -- david cameron: i love this country and i feel honored to have served it. michelle: cameron has gambled and lost, the referendum has left not a united but a deeply divided kingdom. welcome to this special post-referendum edition of "focus on europe" in which the u.k. decided to forever change its relationship with the european union. the outcome of the vote was tight -- 48 %said they wanted to remain in the european union while 52% chose to leave. the so called brexiteers edging out the vote by a narrow lead - a decision that had and will continue to have tremendous consequences. here, we go to cornwall, which had a clear leave majority, mainly due to its fishing industry. for decades, local fishermen felt threatened by eu fishing restrictions and regulati

refugees and migrants into europe. they are a big part i would suggest they go to those in power. let's put it that way. that's the big picture. i should have mentioned to put europe into perspective which is that 86% of refugees are in the developing world, not the developed world so that developed world is a tiny fraction of refugees and when it's given more as it was last year it kicks and screams. it's hard to understand if you are here or anywhere really how what went wrong last year in europe. there was a cascade of and confidence in political -- frankly that led to what should have been a fairly manageable crisis yet there were 547 or at peak times 8000 people arriving on the greek island every day. like -- why couldn't the european nations feed the people and take care of them? you have to i think ask yourself that question. it's clearly not because they are not capable of it. if there were an earthquake you would have had a massive response from the international community. you can take care of half a million

but as long as we see pop you lichl and shifts in europe, political shifts in europe and different coming and going we don't need a new convention. the question is what can we do right now? it is time. the member states of the european union to stand together and to think in terms of humanitarian aid program. and would send the measures to those that suffered most from the debt crisis in recent years and we're trying to do something for them. we want an immediate introduction of a minimum wage and only equal pay for equal work in the work places. these are things we need to do now so we can make people's fears of becoming poorer. we can alleviate fears of coming into our countries. these are things we have to do now. give them their lives back. make a statement to the young generation. say to them even if the uk is leaving there's going to be a redistribution in the european budget so that there's more assistance for young people to make them, to help them get jobs and more exchanges from country to country and make it possible to have better training in the european union instead of bein

significant business in europe. they were hurt last year and will be hurt this year by weakness in the currency. but there are opportunities for them to perhaps pick up some assets on the cheap. francine: chris was talking about possible m&a. whether you talk about italian banks or europe in general, , you have one regulator. because of the troubles in the banks and the stock prices, is there no way that we will see cross-border consolidation to make things easier? >> i don't think you will have cross-border consolidation. there will be an important decision by september, october. in europe, the basle committee thinks french banks loaning germany or belgium goes -- those are foreign operations. same central bank, same currency, same ingle resolution. i think what is going to happen is they're going to neutralize this regulatory uncertainty. you can lend across europe and have the same risk. when that happens, it you create a single european market. right now the basle committee mainly for the lauding of americans, t

the ideological divisions between northern europe and southern europe are two great. it is not going to happen. the next best thing you could do is set aside the directive and allow the tie and to recapitalize the banking system itself. that is a problem because the germans and the commission do not want to suspend the directive. the spent a long time getting it up and running and now they have this toy and they want to insist on using it. forbest case you can hope -- scarlet: with the stress test. david: with the stress test, is that some way will be found around the tools to recapitalize the individual bank. that is the best you can really hope for. tom: why don't they merge? one of the great mysteries we have, there is a chapter in every beginning econ book about the financial system and combinations are part of crisis. this seems to be undoable in europe. why is that? the consolidation of the banking system in europe is definitely necessary. it is screamingly obvious that that is what you want to do. it is politically very difficult to do. seem torship structures

a berlin-dominated europe. which would you like? this will unfortunately spread. marine le pen can just wait, go out on her summer holidays, because the people in brussels and berlin are doing her work for her. malte: you are completely right. this is the dilemma that brussels is in now. it adds up to the decision to contractthe trade with canada to a national referendum. i think it is a bad idea, but it was the necessary idea of the brexit. this is the dilemma that brussels is in right now. already mentioned that young folks in the u.k. have been demonstrating their passion for the eu. let's have a look at that, before we continue. >> whatever the result of the referendum, these brits want to remain. they believe the eu safeguards democracy, plurality, and peace in europe, assuring war will never again break out between its nations. to them, the european project also symbolizes the rule of law, and respect for human rights, along with the freedom of movement the chance to study in other european nations, to wo

it will ripple across europe. it will change politics in central and eastern europe. marketsme about how the perception -- market's perception will evolve regarding europe's ability to coalesce regarding changes. michael: a positive affect to the euro and the european union after brexit. the media and many politicians and even the public -- -- the reactions were not extremely rational. in the opinion polls, the mainstream parties did better. that was a good trend. as we pointed out before, that tragic event, we have to wait to see if that will change the situation. it is important to wait for the details. if it was indeed a single person with a french passport, i do not necessarily think it will hurt a lot. we have had some situations in thepast where some of terrorists were tracked down as coming from syria. to see some more details how it will affect the political situation in germany and europe. guy: thank you for your time. let us check in on the markets. european equities by and large are suffering. the french market down more than most. it is the travel stocks t

unify europe. and there has been a lot of discussion about whether the decision -- britain's decision to leave the eu could be a model for other eu member states. and interestingly, the czech republic is one that often comes up in that discussion. you know, people are so happy to talk about chexits that a possibility? could you speak specifically to the czech case? >> i'm convinced that it's absolute nonsense. not because you said it. no. no. in czech republic to speak about czexit is none sense. it is a country and industry is our backbone. we are export oriented country. it is a great exchange is our livelihood. maybe -- i saw it in this country. it would mean maybe to decrease some type of living for maybe i don't know, 45 years. i can't imagine that we would be able to keep rational debate to access something similar. it's a small country with export oriented country. they are really all our right is connected. i have to say i'm very glad that our mutual trade between czech republic and the u.s

i think people want to better europe where europe is more effective on migration, on foreign policy and also on the social aspect of europe. i think we have had the presidency in the last six months, i'm also saying to the viewers who think forget it, we're still there. we're not a museum. we're working hard together. in a very unstable environment. it is important to work together. >> you don't anticipate that brussels is going to make it necessarily difficult for the uk here? you don't anticipate they're going to try and use this divorce as a deterrent to other countries from seeking -- >> look, i mean, divorces are the worst when they become fighting divorces. there is not an idea to make it harder or softer. we simply have some rules of the game. if you want to leave, it means that you leave. that means you have to renegotiate. it's not about making it harder or softer. the uk are our friends and we want a good deal. but a good deal for all of us, not only for the united kingdom. >> now, we're going to be heading out get an update later. david cameron is also there flying the flag f

it's a much smaller number compared to europe. we're talking about a few hundred compared to thousands in europe. and a lot of it has to do with two things. it's the proximity. you could go from europe through turkey and get to syria relatively easily. it was a welcoming environment. and then you have these long standing ghettos. i think that's really the only way to describe them. particularly in france where migrants feel ostracized and became breeding grounds for anger. for people for discontent. those two things met each other. the ability to reach a horrendous battlefield and an existing well of anger and discontentment. that horrible combination has come together and that's whiy we're seeing these flare ups in almost pick a european city, almost pick a week. >> lock at these interesting pictures as you speak. on the left-hand side of your screen, this is not the center of town in munich that so many people and tourists are familiar with. this is interesting. this is obviously a kind of urban, suburban part of town where we c

in europe, we need to get to where the u.s. banks are. mark: we are seven or eight sort beyond, but they have of bathroom. alan: but -- up, ingit dividend is has dividend increases, there are certain things doing relatively well. 10%.n on equity circa there are another group of banks -- mark: .40. alan: where there is no dividend likely. mark: so on the matter of bondholders, head to mexico, by a 100 year bond -- is that the answer? alan: you have a good memory. we talked about that one early morning. we invest on income streams. we do not get swayed by it's aral "oh my god, 100-year bond." but we do have interesting investments like a 100 year in mexico. mark: what is the rationale of dying u.k. g -- of buying u.k. gilts? alan: i will give you to ban one is japan. so earned 90 basis points for 10 years, which is better than zero. the second scenario is more speculative. it is 19 today. -- it is 90 today. it will go to 60. make that short-term capital gain. it is kind of a bubble without the retail investor. mark: show -- so shares, you g

in the end, europe voice finds a solution. targets are important but the solution must be a right one, and bearable and defendable. francine: if the italian banks are dealt with in a way that is either sloppy or mismanaged, could it be a bigger crisis than brexit? pierre: i do not see a link to in the two things. the brexit issue is about finding a solution for the exit of a country in the european union so it is more of a political diplomatic issue than a financial issue. the two things are of a different nature. francine: how much of damage to the reputation of luxembourg was lux leaks? pierre: that is very much in the past, we have solved that. way that it in such a under the luxembourg presidency in december last year, the eu agree do have an automatic exchange of rulings at the eu level. 26 countries out of 28 have rulings so we are exchanging them now. luxembourg is a part of the solution, not a part of the problem. francine: hasn't impacted companies? companies? pacted pierre: i think it was a wake-up call for the inter

we are the financial center for europe, 40% of financial services in europe. as we will be strong in the area whatever the outcome but it is untrue the passport does help britisbritish firms and it helpr countries firms come to bring the one of the reasons the swiss banks are here in such large measure is they don't get passporting rights as switching the it is one of the issues about what access the single market actually means. >> thank you very much, mr. speaker. coat i thank the prime minister for all his efforts? does he agree with me though to be fully recognize the very difficult position northern ireland, we voted tuesday. we want to stay, yet we are hostage to mistakes of others who were misled by false promises. unlimited funding for images and farmers. does he recognize that northern ireland would need to open up opportunities to protect their interests and obtain a close relationship with europe can't to protect, has he time to give any thought, -- the good friday accord is undermined by much of legislation that hinges on the eu? >> obviously we'll

europe will change, which might initiate the idea of a second referendum for europe. of stent simply looks unlikely. is theresa may trying to secure, quite clearly, the best conditions for the brexit. no one seriously knows what the brexit means. no one knows what its character will be. are we in the single markets or out? tom: i don't know who she is talking to. your perspective, you have had one month to think about this. i've set up with the defeatist attitude about london. wells fargo buys a building in london a few days ago. what is your take on london's future out of financial europe? i think london will remain the world's global city. i suspected that europe itself will change. i take the minority view. i think europe will change. the europe that exists cannot sustain itself. you have donald trump, unbelievably, and active almost catastrophic saying that america will not defend various european allies on the southern border. who will defend europe? only britain. they have the strongest military. there has to be a new settlement . the external factors are so ext

"street signs" europe. i'm @louisa bojesen and very happy to take your questions and pose them to max. then there were three. theresa may strengthens her lead in the race, but the political shenanigans continue in the conservative contest. we'll bring you the latest. stay with us, we're back in two. >>> hi, everybody. welcome back. you're still watching strien ii signs." we're just looking at the oscar pistorius murder sentencing. the judge started reading the sentence. so far saying they're going to be sentencing pistorius for less than the prescribed minimal jail term of 15 years. less than what is seen as the prescribed minimum jail term of 15 years. we'll keep you up-to-date with this story as well here this morning. >>> let's move on. bmps soaring to the top of the market. said it will ban the short selling during trades today. this market intervention comes after shares in the learned fell nearly 20% in yesterday's trading session. >>> fallout from the brexit votes continues to hit banks. share at siu

perspective over to europe? challenge, and a this is one of the more interesting parts of our forecast, we have treasury yields falling. yields rising and one might dismiss that, but we think it is and we think it is based on the fact that you see there is significantly more richness already priced in to the european market. when we look at what was priced and from a policy standpoint, the markets are already pricing in an additional ecb cut and not pricing and further easing on the u.s. side. when we think about market technicals and risks of illiquidity, we see that much greater in the european market and german bunds. bond --d still see bunds that are performing. tom: here and up fully it back to the great global system. in london, the system is euro-sterling. it has not moved. europesterling, stronger even against a beleaguered europe. what does that say? i think first and challenges the ecb is clearly facing with trying to weaken their currency. this is one of these challenges of negative rate policy. once

significant impact elsewhere in europe. positive dynamic in many countries in europe in the construction market. i consider that this will continue. >> some players, market participants, providers of financial services will have to get closer to their clients, put assets in the euro within the european union and with the -- with an the eurozone. and be a legitimate player in the new game. for sure it is an opportunity for france and for frankfurt and maybe for amsterdam. [indiscernible] i anticipate that a few parts of the -- could come to paris. for the french economy, it would not be bad. guy: we will come back to that story. it will be one of the big debates. what happens -- frankfurt, paris? although dalby is also in focus. it is combining two of its largest banks to better compete with that -- regional rivals. there will be a deal that will billion lender with 175 in assets. we have the latest details. brigham young the details of the deal. is it a merger -- breakdown the details of the deal. is it a merger? >> a megam

retains access to europe. manus: you are headmanned and the investment bank and the germans and french are knocking at the door. if the bank needed to redeploy, would switzerland feature on that redeployment? it all depends what is going to be the future of switzerland. switzerland has the same issue of passporting. switzerland at this stage is not an option. there may be opportunity in the future. manus: the latest news from monte dei paschi is the confirmation from lenders. what are your intentions? what do you want to get involved with, what do you want to do for them? >> the bank has issued a press release. we do not really comment on client activities or specific transactions. i have to stop the statement at this level. manus: would you consider participating in capital raising? >> this is our bread-and-butter business to help clients do financial transactions. in general terms, not only for the bank, but in general, this is our business. ubs was not the only bank reporting this morning. also looking forw

turkey and a challenge to europe. this is bloomberg. ♪ in london.uy johnson tome keene of course in new york. let's talk about, remember, the one of the eight who said the economy was uncertain. the direction of travel is likely to be lower growth and higher inflation and a lower exchange rate. remember he was saying that banks should cut and cut aggressively. we have also had this out this morning. the exact opposite. the old lady of the bank of let's bring back in our guest for the morning. i will go to the baronet's first baroness first. there was a promise from the governor we would see action. there was stability at the core of british policy making. >> there was widespread expectation the markets would do what we would expect. signaledect was being so poor, this was the moment to do it. it was my expectation they will do it later. i think the general analysis we're all going to face is a slowdown. the prospect for higher inflation. you cannot argue with that. to me, it is a timing issue. i think they will find

but as long as we see pop you lichl and shifts in europe, political shifts in europe and different coming and going we don't need a new convention. the question is what can we do right now? it is time. the member states of the european union to stand together and to think in terms of humanitarian aid program. and would send the measures to those that suffered most from the debt crisis in recent years and we're trying to do something for them. we want an immediate introduction of a minimum wage and only equal pay for equal work in the work places. these are things we need to do now so we can make people's fears of becoming poorer. we can alleviate fears of coming into our countries. these are things we have to do now. give them their lives back. make a statement to the young generation. say to them even if the uk is leaving there's going to be a redistribution in the european budget so that there's more assistance for young people to make them, to help them get jobs and more exchanges from country to country and make it possible to have better training in the european union instead of bein

and europe as well. what are they saying about t investment in europe. >> you have french elections next spring, you're got german elections next year, dutch elections. i think the u.s. and national investor base look at the brexit vote and wonder what that means for the wider backdrop. >> they're pulling money out. >> they are in the three weeks since the vote we've seen $3 billion of selling by u.s. based investors and conversely we've seen $2 billion buying in european domestics. there's a tension between the domestics selling to europe and the domestics buying. >> what kind of impact are you expert testimonying as a result of the vote. >> it goes in a few ways. in the uk you'll have an upgrade so 75% of your revenue come from outside the uk. in continental europe we've seen the numbers come down 2% even in the last three weeks. >> i like at the multiple of the uk market, the ftse 100 here, and i think actually that's expensive. it's really expensive. we need some serious upfwrads of earnings. >> we d

how is europe digesting the bond coupon? it seems there is more of a search for safety going on this side of the atlantic. richard: i think as we have seen global yields rise over the last few days, europe has a big meaning to that. we still have a big buyer in the market and i think you still probably have investors thinking there are some gains to be made in the bond market. i think this move has probably been fairly healthy and i suspect that we could get a little more of an increase in yields before buyers start to return. guy: philip hammond is widely picked and something of a political hawk. richard: i think it is more of a bank of england story. i think there are expectations they will get qe, certainly some easing in coming months, and i think that trumps anything we get. if we don't get a rate cut tomorrow or commentary from the bank of england, then we could see a squeeze higher in yields that we have seen in the last couple of days. guy: richard joins joining us from bloomberg. we are going to get numbers from ger

there were even rebinic rulings in europe discouraging jewish immigration to america. it was very simple. if you come to america, it will be better for your body. it will be worse for your soul. and your grandchildren will be gentiles. and they said don't come to america. and as a result, the ultra communities did not. after world war ii, though, the surviving ultra communities did. in part, they came here because they were either non-zionist or anti-zionist and didn't want to go to israel. so they come here. and that population today is what is changing the american-jewish community more than anything else because of their extreme birth rite. i would invite anyone to take a tour of borough park or flatbush in brooklyn, by zip code, they have the highest birth rates of any place in the united states. and if there is retention over generations, the prediction is somewhere around half of the american-jewish community will be ultra orthodox by the year 2050, that the suburban assimilated jew is literally going to die out and the jewish population in the united states is g

. >> and europe did you say. >> yes. >> europe has slightly surprised us. i think we'll have to see if the numbers are going to be maintained or not. europe is such a mature market. the british referendum outcome has added another layer of of uncertainty. health of the euro zone. we don't at the moment. we haven't really factored instead change to our balances in 2016 and 2007 resulting from brexit. it's something we're clearly going to have to watch out for. it's more likely the outcome for brexit will be negative than positive. we'll have to wait and see. >> are we still seeing this build in stock globally that we were talking agent here a couple of months back. higher stock build across the board. is that still taking place? >> yes, although we're close to balance, stocks are still building. when you buy very small amounts compared to what we saw in the first part of the year. in the whole of 2014, the whole of 2015 and for 2016 as a whole, global oil stocks have been increasing by about a million barrels per day. crude stocks may start to come down in t

anti-europe. -- and to europe. we are fantastic customers in that market. we will help them anyway we possibly can. >> would you have to rethink your operation in europe or the u.k. because the regulations? >> no matter how it does unfold we will be very active in helping our customers and aggressively focused on the market. >> what issues would be on your radar before determining you will tweak the operations in those markets? >> the things that are effective or affect our decisions in markets are availability of people. do we have access to quality people coming out of probably universities so we can build our workforce? we make various decisions on where to house service support and sales operations. we would like to bring this operations is close to customers and is close to talent as we possibly can. most of our decisions when we hire and development centers really revolve around access to talent, access to markets, access to customers. >> do you think the doomsday scenarios we've heard before the vote took place, will they still play out? >> i think i

the movement of indigenous people to the western hemisphere, celts into europe, the possible movement of central asians into india are all typical ofur migratory species. and not surprisingly there are a number of theories, competing theorys from economic to climate based, which attempts to explain the mass movements of entire peoples within and among various nations, regions and continents. migration, immigration, sanctuary, diaspora, deportation, and expulsion present challenges to international systems of law and seriously test the proposition that every person has inalienable rights. we migrate because we're human and our individual and collective humanity invariably is tested when we migrate. not surprisingly, then, the regulation of migration by the modern nation state is complex, and pits economic, cultural and legal factors against one another. countries variously promote, block, ignore and selectively control immigration. immigration can be celebrated or vilified, but it can never be ignored. immigration is also a very personal matter to me. my own family's graentd story is c

for us an efficient and well functioning europe are of high importance. we closely monitor the situation in the u.k. and other european markets. the longer-term implications of the referendum will not be known for some time to come. francine: heavy not model the possible impact for lego? joergen: no, not yet modeled that. we are working through the different scenarios and outcomes. francine: give me a sense of your main concern about -- is it currency? you have not modeled it. the ceo of a company that has been done externally well, how do you negate all of the economic uncertainties? joergen: that is a but -- that is a very relevant point. what we do in our thinking is working across the different risk factors. for us, the antiquity of the passporth is the shared areas which the kate was never a part of but that exists within europe for a number of itntries and therefore allows for a very fast transfer of goods across former national boundaries. for instance between denmark and hungry or denmark and the czech republic. they are very important concerns to

we are facing a monstrous ideology that spread its tentacles across europe, and europe is facing the consequences of many, many decades of extremely weak-kneed policies and open borders policy within europe that has been dissous in terms of security. lou: it seem the elites particularly of europe appear, one certainly hope hazard it's not the case. but they decided a certain number are acceptable numbers of collateral damage in what is a war marked by indifference and ebbing interests. it is a cruel sense of government to accept people in who you know mean your citizens harm and have no response and little regard for the consequence. is that too harsh? >> i think europe is living with the legacy today of many, many decades of extreme, you know, weak immigration policies. it's also living with the consequences i think of unwillingness to across knowledge the scale of the islamist threat within europe. and, you know, you have across europe, especially in france and belgium, cities that have become hornets nests of extremist islamists. this is an extremely dangerous scenario. lou: lyle

the united states, russia, or europe -- europe, saudi arabia, iran. and we all know how difficult thises process is -- this process is, but there is simply no other way to bring peace in syria other than working together. even if it is very difficult. actually, through the difficulties we face around that table, we understand better the difficulties we face on the ground. and such possibility for peace would not exist without our deal with iran and without the close cooperation between europe and america which made it possible. john kerry and i, sitting together with quite an impressive number of -- [inaudible] together we tarted -- we decided to revitalize -- [inaudible] and the reports we have come up with just a few weeks ago cannot be underestimated. if you want, we can come back to this in the q&a. but for the first time ever, the u.s., the e.u., russia and the united nations have agreed on the clear analysis of identification on the ground -- situation on the ground and also, more importantly, on recommendations on way to turning a two-state sol

more europe or less europe? one of the reasons the referendum failed from the european point of view was a positive aspect of europe simply was not solved. tom: i am fascinated where the dialogue comes from in the coming quarters from prime minister may and her team, who do they talk to? guy: we will find out tomorrow because theresa may's first .oreign visit happens tomorrow she is going to see angela merkel in berlin. at this point, theresa may has tried to create political stimulus -- stability to make sure there is no id -- no ambiguity that the brexit happened. let's talk a little bit about how she is setting the u.k. up at the moment. clearly she understood the political paralysis was causing huge problems for everyone and tried to take that off the table. case,that is already the how do she then go and talk to brussels and particularly to berlin? ewen: i think it is a case of saying, how do we do this in a way that will not upset you, europe, and us, the u.k.? it will be a negotiation where you are really

i think you are seeing that in this country and in europe, particularly eastern europe. there already has been a rise of parties who say we will do the right thing and we will seal our borders, a victor, the main campaign was build a wall across the border to keep the migrants out. i think it's a universal tendency when faced with fear, when faced with perceived lack of control, and i think there has been more of a lack of control, more of a real lack of control in europe, particularly with the migrant crisis than in this country where it's more of a perception of loss of control. >> other countries in charge of their own domestic security here, but what role does the eu play? >> not much. the problem is, it's none of them, and a bit of all of them. there's no real central repository for intelligence or coordinated defense strategy or standing army. the european political institutions pass laws that are sometimes binding and sometimes recommendations, and i think that the content suffered because the government is in a fish nor foul situation. now faced with brexit and t

berkeley's presence in europe is important for berkeley but also for europe. i would add in this exit discussion, as recently as last month we had to completely reengineer the legal constitution of our business in the united states. had to execute our banking business in the u.s.. we're currently in the process of completely reengineering our banking presence in the united kingdom in order -- in order to meet the rules, we have to create an entirely new bank called barclays u.k.. isusting our legal construct something we are getting pretty practiced at. wrecks it will be another issue that requires to adjust how we do our business in europe but i'm very confident, because of the value we bring to europe, that we will find a way to gather with the british government so barclays can remain an important presence across europe. >> certainly a business dealing with a lot of changes at the moment. let's talk about the interest rate environment. what kind of headache is that giving you? are you going to have to close branches as a result of this? >> let's see what ha

reporter: in europe, it's the biggest movement of people since world war ii. fleeing war, hardship, and perersecution, many end up in italian detention centers. doyle: you know, migration is thehe oldest adaptation strataty that man knows. if you think about it,t, how people spread d around t the wod rough migrgration, so we're nott talking about somethingng that's just been invented in the last couplple of months or weeks now that we're paying more atattention to it in the media. doyle: i mean, the italians, because they arere closest, if you will, to nonorth africa, they take an enormous number. many of these migrants and refugees wish to go through italy very quickly and move on to sweden, where they may have family, or germany, where they knonow there's s a chance of a . soso the italianans have beeeen exextraordinarily generous. they've funded the mare nostrum maritime rescue operation for two y years. they've saved h hundreds of thousandnds of lives, and they continue to do so. but ththey're in a tough place, too, because like every country, they y have

in western europe, and 12 more in eastern europe. the fbi has a heavy commitment there, as well as agents at interpol headquarters at the hague as well. >> will ripley is monitoring the situation from london from our bureau in london. will, what else are you learning? >> reporter: we're monitoring social media at this point. we are not yet on the ground in munich. but we're also talking to eyewitnesses. there are a couple of important things. one, the mcdonald's where the shooting occurred is across the street from the olympia-einkaufszentrum shopping center. there are photographs appearing to be inside the mall, graphic photos of people lying op the ground inside the mall. there's also video from a parking garage, attached to the mall from the rooftop of that parking garage. all of these videos come in, we have a process we go through to authenticate them before we put them on the air. what this indicates is that this shooter, or perhaps multiple shooters, because police say they don't know, frankly, how many people they're looking

, they are against this europe. the proof of that is -- this is from april. you know it's the results are? 82 percent want more action terrorism. 77% are more european in the fight. 75 of european citizens are for more european action in the fight. europeanfter more pursuit in the european migration. 15 of the questions put forth to the european citizens, a few --ks ago people are at the asking for more european action, not less. -- haveion has become become the next on the legislation on deciding the amount of toilets. of watern the amount on toilets and subsidies that the locals received from government. but what they want as citizens, that is what this tells us. a european migration policy to tackle the process. a capacity in intelligence. andave government in europe a european army to protect our borders. that is what the citizens are asking. -- the problem is and inconvenient truth. more of the same will not get us out of this crisis. want you to work on this. doing this, what you are doing is sleep walking tow

i always felt that the real problem in europe was in europe, which i was the was basically an unstable currency, cannot exist from the existing structure. it never entered my mind that sterling was an issue. it was a floating currency. was in fairly good shape economically. >> if your attention is on europe, would you request from chancellor merkel, what would you request from brussels? alan: i am not in a position -- >> we would like to know. off with whattart i think ought to happen between the euro. first of all, the euro has been pulled apart basically by this greece got in by mistake. or should i say, mills calculations -- miscalculations for the purposes of entering the euro. it became very clear when the showed up that the data which have been submitted is not accurate. they have been a foreign in the side of the whole euro structure ever since. they should never have been in the euro. it should have been out as soon as possible. if you want to sustain the fundamental euro structure. we think about the new russia and how they respond to brexit, what should we listen for from mr.

k and anued eu underwhelming europe. jonathan: the two drivers of global growth, china and the u.s.. both of them appear to be doing alright. that is fine. once you get away from those, europe has got its problems. u.k. trying to work out what will happen for the next two quarters. manus: whatever that here is treasury yields. this is typical, isn't it? turnaround inthis .ur rates, in treasuries are you a part of the camp that says manus, i am worried about growth and i think we have to go through 1% in the united states on the 10 year? jonathan: if you have 1.5% yields, that is unattractive. it got yields negative going out 30 to 40 years, switzerland, and where are government bonds, it is unattractive. we make the yields fall further in the u.s.. i am not going to buy bonds to benefit from that. manus: hold that thought. we want to find out where you will allocate the money. jonathan bell, stays with us. stay with the pulse we got a lot coming up. the ftse 100 bull run is headed for a reality check. that is the word of

is that the biggest risk for europe? risk fork it is a big europe. for the united states, too. anyoesn't mean we don't get information about these folks. it is a risk. for both eu member nations as well as the united states, the freedom which is so beneficial is also one of the challenges these threats posed today. i know donald has commented on the events. how will this feed into the presidential contest? >> anytime you have a terrorist attack, whether domestic or abroad, it is going to be of concern to people involved in politics. inther running for office or office. this race has been about security. who has the most stable, capable hands to deal with threats that face the u.s. we will see it continue forward. a pan-european response, specifically in france, do you think europe with its challenges needs a more substantial policy response? i think there is no doubt this is not a problem to be solved by one nation acting alone. you've got to take a pan-european, frankly a western united states and allies in europe approach to this problem. , taking theto take fight to the grou

our access to europe will be vital. he is due to return to number 10 downing street which is the home of the prime minister. time, he will take a six minute car ride to buckingham palace where he will speak with the queen and offer his resignation after six years and 62 days in office. at 49 years old, david cameron will be the youngest prime minister to leave office in 200 years. he plans to remain in parliament but because he does not have a government office, he is not the opposition leader. he will be a rank-and-file mp, known as a backbencher. jon: those are the formalities in the british quirks. for global investors, i guess they want to know what does the teresa may team look like and what is the approach with the eu and when do the formal negotiations begin? guy: those are key questions. thing that people will be looking for is the makeup of her cabinet. she has not had long to put it together. she is trying to figure out what she will do. next door toy number 10 downing street, the chancellor of the exchequer a

cares about europe. michael: the idea that they would be able to retain favorables trade status because they are such an important export destination for the eu. tom: call it bmws in london. gap,el: call it the export the u.k. needs the eu more than the other way around. here's what i called the negotiation cap. -- gap. exports go to the other 27 eu -- tom: i am going to start crying. ying this up and explain the axis. michael: that is the percentage of exports that go to other countries and the u.k. is a far smaller market for the eu than the other way around. if they want to get this norway model, there are not very many countries with high export numbers to the u.k. the netherlands is the highest at 9% and you could go all the way down to the u.s., 3.9%. tom: that means that amsterdam really likes its stilton cheese. francine: if you look at tutti , it basically gives access, the americans have access to the single market in europe so if you are germany why would you not give access to the u.k. unless

>> jordan: right, wot makes europe work like one big country. (as e.u.) "welcome to the e.u., poor countries, portugal and poland!" (as migrants) "guv'nah, we needs work." (as e.u.) "ehm, a-riot, come on ovah!" easy migration, and bob the builder! >> larry: i think you mean "bob's your uncle." >> jordan: bob would never shag me auntie! she's a right slag she is. >> larry: can you speed it up, please? get to the part about the brexit vote? >> jordan: ha ha. oh, larry, you're such a crimpled gibbla. >> larry: now you're just making up words. >> jordan: oh, fliberty-jibbet! so from 1993 to 2014, the u.k.'s foreign-born population doubles. u.k. conservatives is loik, "we're not germany! why should we float all these deadbeat losers, especially brown ones from i.s.i.s.?!" (audience reacts) >> larry: so you're blaming the brexit vote on xenophobia. >> jordan: oh, you did it yourself! xena, the warrior princess, plus phobia, the greek god of fear. , no xenophobia is actually a word. please won't. >> jordan: keep your knickers on, yeah? prime minister david camer

anna: a call for more europe. is europe going to be pulling together? would you feel the responses been for merkel and the remaining 27 countries of the eu? >> some of the mood music we have heard has been more encouraging than people might a feared a week ago. europeans recognize that u.k. is an important trading partner but the recognize if you give u.k. too hard a time, they also encourage more of europe. will -- all and ollande toerkel and h talk about how europe should be. france and the netherlands, you have a left-wing parties coming through. there are a lot of political uncertainties in the eurozone. it is important to stress that europeans recognize that are still some difficulties out there. with a single currency, ideally you need to have a single fiscal policy, making union. these things are proving difficult to build. more integration to create further economic outcome. policies are moving in the opposite direction. each is not just a challenge for u.k. itself it also a challenge for europe. anna: have you been concerned about issues? some