to manufacture gains and to manufacture a bit of cushion on this way down to oblivion but even the swiss national bank remember they were geniuses last year because they were buying stocks they now are down hugely billions and billions of dollars because they live by the sword they die by the sword they have totally lost track of their role as a backstop to the banking system to become this enormous hedge fund and now they're going the way of most hedge funds into irrelevancy and under-performance while the other way you might look at it as well is that for the past ten years markets have continued to go up and up thanks to the fed and the bank of japan and the swiss national bank and others buying up you know basically making sure that these guys never have any losses so the financial markets are as just as gerrymandered as the political markets so ninety seven percent of incumbents win in the politics because it's so gerrymandered to be that way the same with markets is the j.p. morgan chase this is the wall they expect to win all the time because the markets the algorithms are gerryma

past ten years markets have continued to go up and up thanks to the fed and the bank of japan and the swiss national bank and others buying up you know basically making sure that these guys never have any losses so the financial markets are as just as gerrymandered as the political markets so ninety seven percent of incumbents win in the politics because it's so gerrymandered to be that way the same with markets is the j.p. morgan chase this is the wall they expect to win all the time because the markets the algorithms are gerrymandered to make them win all the time during the crash of the one nine hundred twenty nine period you had what were called the flyers these are bankers who were jumping out the window and what happened was that suddenly they looked at their balance sheet and they saw that no matter how much of the propaganda that they spewed and believed their net worth were still zero and the same thing i think will happen here markets crash and these people still be saying it can't possibly be true word of god we print money we buy. your own shares the world is not right do you kn

our sports correspondent andy swiss has more. it girls

the swiss city of geneva a meeting hosted by the un special syria envoy stuff de mistura top diplomats from russia iran and turkey are attempting to put together a committee responsible for drafting a new constitution essentially paving the way for elections in the war torn country our senior correspondent murat goes d of is in geneva for us. the talks negotiations on this new constitutional reform have been very difficult because the different sides have such. views nevertheless the main sticking point is about the makeup of this constitutional new constitutional committee because it may have to either rewrite the syrian constitution entirely all amend certain parts of the to provide for an all inclusive pan syrian election going into the future there are of course other things that they're going to be discussing but that is the main topic nevertheless these three countries russia iran and turkey they've been working together over recent years and their cooperation partnership has yielded concrete results we've seen demilitarized zone stablished in syria we've seen deescalation and ce

not only that but those beautiful swiss meadows will make for much happier cows about as well. that's all for this edition of focus on europe i'm brian thomas for the entire team thanks so much for being with us and if you'd like to see any of our reports again just go to our home page god com or visit our facebook page storks so long for now. the back. of. the books . and. the. fury of the stores the closing performances feasts straightforward internet. feuds. pens music going to bed. sco is once again touring jamming the scene of the event that was not made during the conference mr. earth. home to moods of species. a home worth saving. given those are big changes and most start with small steps global ideas tell stories of creative people and innovative projects around the world. but is the toilets boost drainage solutions and therefore station. interactive content to choose the next generation above environmental protection. using all channels available to people to take action and where to turn it into doing something here for the next generation the idea is for the environ

putting it together, we have the ecb coming up in a couple hours time we had a dovish swiss national bank we had speak to julianna about that we also had a dovish norges bank norges bank is the only european bank hiking. >> the result of the ballot held this evening is that the parliamentary party does have confidenc confidence >> well, theresa may has managed to fend off a conservative party leadership challenge surviving a vote of confidence by 200 votes to 117 sterling had been trading higher ahead of the ballot but later retreated as the number of tory mps voting against the british prime minister showed the daunting task of getting brexit through parliament. >> i'm pleased to have received the backing of my colleagues in tonight's ballot while i'm grateful for that support, a significant number of colleagues did cast a vote against me, and i've listened to what they said following this ballot we now need to get on with the job of delivering brexit for the british people and building a better future for this country >> a draft eu text seen by reuters warns european leaders will t

have you with us now if there was one topic dominating the economy in twenty eighteen it was trade swiss u.s. president donald trump attacking partners in the e.u. as well as canada mexico with whom he signed an updated version of nafta called u s m c a and then of course it was china trump went after the country for its trade imbalance with the u.s. and started a trade spat that ended in tariffs on cost electronics agricultural products and other goods worth billions of dollars over the weekend trump said on twitter the. he has been talking to china's paying about a comprehensive trade deal that progress is being made and on the last trading day of the year chinese stocks ended the session in positive territory for more let's cross over to andrea hang in singapore andrea how much of those gains are actually down to those trade talks between the u.s. and china a lot of it has to do with the chinese china us to. provide a very big boost to the market sentiment over the last few days now is also a rare glimpse of hope in what seems like a very tumultuous year for in twenty eighteen and acc

are restructuring unit was bigger than i swiss bank. -- a a swiss bank. they wanted to see it effectively prevented. we definitely underperformed. plan toa very ambitious grow, to cut costs at the same time. that was very ambitious. you get the europe factor. european.ing as we have to keep explaining switzerland is not in the eurozone. it is not affected by what is going on in europe. all that plays a factor. inwe deliver and 2019 -- 2019, potential to lead to a higher -- >> i have to cut you off because there has been a vote of no-confidence against theresa may. does that change her plans? >> -- your plans? only sensible thing to do. we are well versed in that respect. to spread our activity. frankfurt, paris, london, dublin. that is the sensible thing to do. a couple more questions on market volatility. now that you have done restructuring, how do you expect to grow the bank? asset sales? acquisitions? >> in 2015, we said global wealth will continue to grow. we have grown our revenue in line with that. that is going to continue. global markets would de

went just for the popular all over the world and the swiss region of the outs is always busy at this time of year the both is just one of the many resorts the thriving right now that's because long before it became known for its winter sports people came to the town for health and wellness we take a look back at the history of this town and how it's evolved over the years. davos is a swiss winter sports resort nestled in the alps it attracts snowboarders and skiers on around three hundred twenty kilometers of peace it's. home to a population of about thirteen thousand is a blend of traditional and modern one of its newer landmarks is the luxury hotel intercontinental which opened in twenty thirteen also affectionately called the golden egg. but it was the congress center built in one thousand nine hundred fifty nine that put davos on the map as a location for international business and medical conferences the best known is the annual world economic forum. professor talk to the group founder of the world economic forum with professor dr klaus schwab and he decided it should take place

not only that but those beautiful swiss meadows will make for much happier cows and out as well. that's all for this edition of focus on europe brian thomas for the entire team thanks so much for being with us and if you'd like to see any of our reports again just go to our home page i did of you dot com or visit our facebook page storks so long for now the be. free of. the box . good. to. see you and. building a church for a catholic community on the outskirts of tamanna it's a gift from the. pope francis personally that's the foundation stone back in twenty fifty. since the progress has been slow. but the community can't think of the project now it seems their dream is finally coming true. sir. w. . anxious leeway thing we do for a lifeline to syria. good morning where are you why aren't you answering. every call brings them closer together. to the but it hurts because they feel powerless to help. they worry about the wrong they've left behind. i'm trying to be strong but deep down i'm broken. the war continues to haunt those who fled from syria. cut. and i'm trying to reach th

speed riding in the swiss alps going over hill and dale with a special parachute and skiing down pristine slopes at more than one hundred kilometers an hour this is speed writing a combination of paragliding and skiing for swiss extreme athlete and multiple world champion only cation holds it's the perfect sport if you go to the feeling you get speed riding is incredible because of the combination you can ski off a cliff and suddenly you're in the air flying and below you can see the next slope so you swoop in and your back to skiing on the sympathy of them see fall. all you need is a pair of skis and an eight to ten square meter waiting to go off piste. to cora to help steer the wing into the air and back onto the snow. only has been doing this for ten years three or four times a week. after mrs that i want to wheels most to me is that it lets me reinterpret free riding on you to rights i can tackle new mountains and be the first to make the cents which wouldn't be possible otherwise the. only catch the hawks was born to ski from an athletic family he grew up in the swiss alps now he's a

swiss, norway, turkey. the ukraine is there as well. we also have the philippines. i was hearing in the break about that one. hike in first rate 2020. just a few weeks ago we were looking at it being in september. no interest rate moves are expected today. in the ukraine, 18% interest rates. in turkey, 24% at the moment. that is 2:00 p.m. ankara time, 11:00 a.m. u.k. this is the ecb market volatility. david: this shows you the number of months from the current time when the market is expecting the first rate hike. three months back, it was september of next year. right now that is well into the first quarter of next year. certainly german bonds of 27 basis points tell you that is not going to happen anytime soon. special coverage of the central bank policy decisions later today. that is the policy decision, 8:45 hong kong time. more importantly, it is when this man faces the media about an hour before markets open in the u.s.. rishaad: will he say, that is it, we are done with you we -- with qe? the current deposit rate is -.45%. the swiss national bank as well with

. >> but it was in this remote corner of italy not far from the swiss border our story talks its most intriguing turn. two years after mark slipped off that yacht in the greek islands, a mysterious american rolled into an alpine village, making a lasting impression with his money. >> courmayer is in the shadow of europe's highest peak on italy's side of the border with switzerland, it's quaint and remote. wealthy tourists are drawn for mountain climbing in warmer months. all of it providing the perfect cover for anyone who wants to live well without standing out. call it st. maritz without the glitz? >> do you forget how spectacular this is when you live here? >> you can't because it's very spectacular. this colonel heads the italian state police. >> you know everyone? >> no. everyone knows me. >> according to the colonel, it was in 2006 beginning of another ski season a certain high rolling stranger arrived. >> he arrived how? >> in a large limousine with a driver, we were told. >> first class? >> very first class. >> local people said the stranger appeared to be an american. he kept

the dude who could be carter or to dinner sometimes i could use a swiss on this subject don't include the absolute perfect the minute you go to miter and see like democracy it would set up a financial support him and no one knows i'm on but the knowledge will not suddenly produce be colored boozer. comedy block long and pretty exact monem shoes put it to . a sudden increase in the price of oil weighed heavily on the world economy. it put the brakes on growth. production costs went up prices went up. inflation is skyrocketing. high inflation has a major drawback it impoverishes savers and investors since their money depreciates . for government inflation became a new enemy to be defeated at all cost. after removal going on would have wrestled a brief federal sat at all those are the federal reserve there is to slow yeah follow easy late class will this no see you for valley going to me community really classy going to the andris around you cause i said i used to our classic good stock of israel if i was eagleman and gone by gar on credit during the debate you feel silly it put you to s

the reason for this is a long story it began with swiss cheese. zoom run in their chairperson of the water pose agricultural cooperative tells visitors to the village museum about a certain german named alexander kaiser. he came here over one hundred years ago and realized that the lush meadows on this plateau provided the ideal conditions for making m. and all cheese well. alexander because it this village owes a great deal to alexander kaiser and to his daughter she diligently carried on her father's legacy they left us a lot of cheese recipes that i had to take the time to learn. and the other women in the cooperative don't just make any one of the milk cheese they specialize in turkish cars grove year with a little imagination rob year sounds like greer a variety of swiss cheese. this culture great grandson of the german pioneer knows how this came to be today he's one of the few men with any real say. but i do know that. my great grandfather came here with us was friend on their way back from the caucasus after the up peoples of russia's octo

that while we're on the subject let's bring in our financial correspondent from frankfurt only knows swiss bank credit suisse is also advising clients to get out of britain that's hardly a vote of confidence as it. that's true and it is really making waves here credit suisse is not commenting on this report that's to be seen in the f.t. and it's spread around through all sorts of other media but apparently after the parliamentary vote in london and westminster on the back so it was postponed because the prime minister didn't want to have it voted on the customers started coming to credit suisse in droves asking that their money be in some way made safe and that apparently prompted credit suisse to advise its super rich customers its prime customers to move assets to move money out of the country so that if there is a no deal practice certain things go down the tube in some way the money is still there are not locked up in prison but definitely not only the super rich clients of credit suisse worried that as we've heard the report that german business sentiment is also have been affected by

full-year net loss of 925 million swiss francs. they are scrapping the dividend. , theis about rallying board decided to cut the size of the management or from nine to seven. they will be a full-year loss. whohas lost both their ceo will step down, being replaced by the interim ceo. this all goes back to one lines manager, tim hayward. looking at performance of the stock, down over 60% in terms of foul you. 32%rought it back down to over the month. that you're breaking news. juliette saly is in singapore. the second session of gains here in asia. yesterday we had that buoyancy coming through after the huawei ceo was granted bail. in canada it's about soy gain -- soybeans. up to 2mmitting to buy million tons of soybeans. hoping there can be a reprieve in the traits that. the nikkei higher by 1%, yen weakness pushing that index higher. the hang seng and csi 300 leading gains in the region. the csi 300 and china jumping the most in about a month. we've seen pretty good positivity coming through on number of emerging-market currencies

the fate of syria will be thrashed out in the swiss city of geneva later today at a meeting hosted by the un's special syria and boy staff and it to mr top diplomats from russia iran and turkey will put their weight behind political efforts to eighty's years of turmoil in the region correspondent ised gassy of his in geneva for us covering the events and writes good to see you well can we expect from today's gathering. when it's still up in the air as. official called it today's either a breakthrough or a breakdown in negotiations and the topic is huge they've been added for a while trying to form a constitutional committee for syria to either amend syria's current constitution or a new foundation legal foundation in order to ensure national all inclusive elections which is needed. for a peaceful resolution to the syrian civil war unfortunately one of the caveats one of the things that. one of the things that seem to be blocking this solution is that everybody striving to stuff the constitutional committee with their own people be it the syrian side the side the rebels that they're ba

the fate of syria is being thrashed out in the swiss city of geneva a meeting hosted by the u.n. special syria envoy stuff on de mistura top diplomats from russian iran turkey are putting their weight behind political efforts to ease years of turmoil in the region our senior correspondent is in geneva for us joins us live on the program route as far as i'm aware the meeting is in progress on the stage do we know what's come out of it. well nothing yet it's been quiet but the foreign ministers of iran russia and turkey huddled together behind closed doors we expect a statement in a press conference later to see what indeed if anything they've agreed to just just to get this out the way the talks negotiations on this new constitutional reform have been very difficult because the different sides have such deferring views nevertheless the main sticking point is about the makeup of this constitutional new constitutional committee because it may have to either rewrite the syrian constitution entirely or amend certain parts of the to provide for an all inclusive and syrian election goin

the fate of syria will be thrashed out in the swiss city of geneva later today at a meeting hosted by the un's special syria and voice steffan de mistura top diplomats from russia iran and turkey will put their weight behind political efforts to ease years of turmoil in the region our senior correspondent more advanced is in geneva for us. the day is either a day for a breakthrough or a breakdown in negotiations russia iran and turkey the three principal actors behind these this peace initiative along with the united nations have been trying to form a constitutional committee to either write a new constitution for syria or amend the current constitution in order to allow for national elections all the syrian elections in order to you know stablish a peaceful solution to this civil war which is raged for so many years now unfortunately the main sticking point is who gets the stuff this constitutional committee because. the russians the and the rain ians all have different views the syrian government obviously wants to get as many of its people in there the rebels these limits want to g

iconic swiss chocolate becomes. everyone who claims to be a pullman's to this limousine. refused to buy. time to say goodbye i do not who does next. germany is weighing up whether to block chinese telecom giant one way from bidding on a government tender to develop a high speed internet network there comes amid rising security concerns over the company's alleged espionage activity for beijing a u.s. delegation reportedly visited berlin and held a closed door meeting at the german foreign ministry encouraging a boycott of while way the company has already been blocked from building high speed networks in the us a story of. the u.k. secret intelligence service chief alex younger also voiced concern however germany's i-t. watchdog has expressed skepticism due to the lack of evidence proving weiwei spying activities. for such serious decisions like a ban you need proof well the editorial director of the american institute for economic research thinks it's a case of the pot calling the kettle black. the u.s. is is famous for its for its hacking and cyber surveillance of every

iconic swiss chocolate becomes to conform with islamic purity. everyone who claims to be a pullman's to the viewer must of course refuse to buy. time to say goodbye. is next moves. this week president trump left the international community stunned following his surprise decision to withdraw u.s. troops from syria however the move has been backed by a number of leaders including one major nato ally. told us during a conversation with. him. before and after this. as long as you give us the support in terms of logistics and how they started to withdraw they have. not all of those involved in the syrian conflict are on board with washington's plans though it's safe to say trumps this issue has been met with anger among the kurdish forces in the region family members of the fighters in particular appealing to the u.s. to reverse the withdrawal mothers at wives of the soldiers in the armed opposition the syrian democratic forces have been gathering near an alleged american military base in aleppo province. and their kid turned his back on us as we cont

trust swiss drugmaker roche told the financial times that the company is aware of the discussions between tehran washington and byrne but also said quote to our knowledge no concrete proposals have been made. there is more news in the bankruptcy of storied u.s. retailers sears bankruptcy judge robert drain of the southern district of new york has approved a plan from sears holdings. to pay out twenty three point five million dollars in bonuses to the executives who were at the helm for sears this bankruptcy and who have presided over one point nine billion dollars in declared losses for sears so far in two thousand and eighteen at the same time sears this plan approved by judge greenwood denies severance to sears employees who those executives plan to put out of work sears now has court approval for their plans to make five thousand four hundred fifty seven workers unemployed the chicago tribune reports that sears will inform many of those employees of their new status before christmas. in the wake of carter's exodus from opec and the rise of russia in the oil sector some are asking is op

the faces syria will be thrashed out in the swiss city of tin evo later today at a meeting hosted by the un special syria and boy stephan demister top diplomats from russia iran and turkey will put their weight behind political efforts to ease years of turmoil in the region our senior correspondent mike galatea is in geneva for us and i get to see you the meeting is now in progress can you bring it up to speed on the latest place. well it's just about to begin as i understand sergey lavrov the russian foreign minister walked in through the door behind me just a few minutes ago but there's there's a lot that's going to be discussed this a number of issues dealing with a peaceful resolution to the conflict in syria but the main thing that they're going to be talking about today is the formation of a constitutional committee to write either a new constitution for syria to guarantee free all inclusive elections in syria or to amend the existing constitution obviously this is been problematic to say the least the main sticking point has ever been that. resized the opposition the syrian go

you will get a stronger yen and swiss frank. the dollar has gone up a lot this year. the economy is in better shape than nearly everybody else is. but it is rolling over that will be the story of next year >> it's also yield play as well. in this environment where other central banks are turning dovish, the hunt for yields continues. that's where you find it right now. >> for sure. we're taking yields off the highs again. i think the yield story is still solid for the first quarter. >> all right, kit. thank you very much for joining us kit juckes from societe gener e generale. >>> leaders have been gathering for the european council roundtable we'll leave you with some pictures of that also coming up, asian stocks are sinking as china retail sales growth falls to its worst level in 15 years. more on that after the break there are chefs, bakers and food order takers. doctors and surgeons and all the life savers. the world is alive as you can see, this time of the year is so much more than a bow and a tree. (morgan vo) those who give their best, deserve the best. get up

iconic swiss chocolate becomes hard to conform with islamic purity though. everyone who claims to be a pullman's to this lamaze asian of europe must of course refuse to buy joe blow a taunt to say good boy i do not it's good is next moves the. us wants germany to be careful over here it gets to supply its new high speed internet network we'll tell you hit our freight off right after this short break stay with us. i saw it live. and expect that very many people will choose to be biologically for obeying by logic will move your body get it working for a while it also means your mind isn't working so well i believe that indeed we will have pretty much no biologically old people even if we will have a much greater number of chronologically old people. but politicians do something to. put themselves on the line to get accepted or rejected. so when you want to be president i'm sure. you somehow want to be. it's a going to be pressed to see what the full story of the whole can't be good that i'm interested always in the white house. i said. welcome back president t

book business this move comes as swiss re-eyes a possible ipo of the closed book business. >>> moving on to societe generale it will improve the rh owe by 8 basis points the transaction will have a negative impact of 108 million euros on fourth quarter earnings saudi finance minister says he is comfortable about the impact of lower prices on the country's spending plan for next year. in an interview with reuters, al jajon says the government hopes to change the budget deficit by 2023 but added the target is not set in stone earlier this week, that includes that 7% jump let's have a quick check with oil brent is trading down over 3%, giving back all of the gains we saw yesterday. and this is on the back of a combination of heightened oversupply concerns, paired with global growth concerns on the back of yesterday's fed meeting that sent a ripple across markets on the negative side now falling oil and jet fuel prices may have been a tail wind for the aerospace industry it's been a turbulent year for the sector cobalt and and premera were two that were a bust that's according to aviation

iconic swiss chocolate becomes hard to conform with islamic purity. everyone who claims to be a pullman's to this lamaze asian of europe must of course refuse to buy the time to say good boy i do know it's his next move but. still to come the u.s. wants germany to be careful of the him it gets to supply its new high speed internet network or tell you who they're afraid of after the break. you know world big partisan movies. and conspiracy it's time to wake up to dig deeper to hit the stories that mainstream media refuses to tell more than ever we need to be smarter we need to stop slamming the door on the bad shouting past each other it's time for critical thinking it's time to fight for the middle for the truth the time is now for watching closely watching the hawks. welcome back president trying to pass left the international community stunned following a sudden decision to withdraw u.s. troops from syria however the move has been backed by a number of leaders including one major nato ally i'm saying to dump that the us the trump told us during our

iconic swiss chocolate becomes hard to confirm with islamic purity though. everyone who claims to be a pullman's to this lamaze asian of europe must of course refuse to buy a taunt to say good boy i do not it's his next move but. the us ones gemini's be careful of the hill it gets to supply its new high speed internet web network or tell you who they were afraid of after the break. i certainly don't expect that very many people will choose to be biologically all. move your body isn't working for a while it also means your mind isn't working so well i believe that indeed we will have pretty much no biologically old people even though course we will have a much greater number of chronologically old people. welcome back president pounds left the international community stunned following his sudden decision to withdraw u.s. troops from syria however the move has been backed by a number of leaders including one major nato ally. the trump told us during our conversation will you quit direst from here. before and after that is good as long as you give us the suppor

iconic swiss chocolate becomes to conform with islamic purity. everyone who claims to be a pullman's to the islam is a shit of you must of course refuse to buy. time to say good boy i do know kids is next moves with. the us ones germany to be careful of the hair it gets to supply its new high speed internet that would tell you you take a day off right after the break. they put themselves on the line they get accepted or rejected. so when you want to be president. some have. to be first it's like the flag. can't be good. that i'm interested always in the waters of. the city. in a world of big partisan movies lot and conspiracy it's time to wake up to dig deeper to hit the stories that mainstream media refuses to tell more than ever we need to be smarter we need to stop slamming the door on the bats and shouting past each other it's time for critical thinking it's time to fight for the middle for the truth the time is now we're watching closely watching the hawks. welcome back president trump has left the international community stunned following h

a winter paradise nestled in the swiss alps. where the snow never seems to stop falling. here in davos the most charming side of winter. the romance in sixty minutes on t.w. . in a timeless way to discover the boat. house world starts january thirteenth. earth home to millions of species. worth saving. googling tia's tell stories of creative people and innovative projects around the world ideas that protect the climate boost clean energy solutions and reforestation. losing interactive content to inspire people to take action global audience and series of global three thousand on t.w. and online. hello and a warm welcome to focus on europe i'm simply so much gonda today we're taking a look back at some of our favorite stories of twenty eighteen and of the people who moved us people who are working to improve their lives and the lives of the people around them here in europe they're fighting in their own way against the spread of aids and the prejudices that come along with the disease for the right to their home.

iconic swiss chocolate becomes. from with islamic purity. everyone who claims to be opponents to this lamaze ation of europe must of course refuse to buy joe blow. time to say goodbye i do not who does next move. president trump left the international community stunned this week following his surprise decision to withdraw u.s. troops from syria the move however has been backed by a number of leaders including one major nato ally. the trump told us during our conversation will you from him quickly of them before and after this. as long as you give us the support in terms of logistics and how they started to withdrawal they have. others involved in the syrian conflict are not on board with washington's plans trump's decision has been met with an anger amongst kurdish forces in the region with family members of the fighters appealing to the u.s. to reverse the withdrawal of others why the soldiers in the on the opposition the syrian democratic forces have been gathering near an american military base. with one. american turned his back on us as