to revive a europe of leadership. a europe which cares for every man and woman. a precious point of reference for all humanity. he had said earlier on that -- called europe an ambitious political project. if you like, it's a call to try to revive those original values that inspired europe, which i think the pope wants to connect with, because he sees that as a way i think of connecting his own message, which is very much a personal one. try to reach out to personal people's concerns in their daily lives, which is why he talked about -- and you heard him talk about a little early migration, saying the mediterranean cannot become a vast graveyard. these with people who need to be welcomed in. he talked about employment. the need to create jobs for people in europe. so real concrete issues that he wants to reach out, but at the same time, as you're saying, critical of european institutions, but trying to encourage them, saying this is a political project that can inspire people. >> also a focus on the dug anity of human

states of europe? >> no. there is no support for that around europe. you can see that from the elections this year. the big step forward is there needs to be a clear recognition on the part of the leaders of europe, that looking ahead, there will be different categories of members in the european union. those in the euro area will require a degree of coordination , if not union, which is wholly inappropriate for those not in the euro area. that needs to be recognized. the euro area is the european union. it will lead to bigger troubles down the road. >> mervyn king, talking to us in florida. up next, a titan at the table. wilbur ross joins us. one of the biggest names in private equity. we will talk about his acquisition targets when we come back. ♪ >> welcome back. you are watching "the pulse." we are live from the european headquarters, here in london. me minister abe's press conference is scheduled soon. 3.e dollar yen trading 116.9 basing this on that we will see the second sales tax delayed by 1

and europe deregulation. i know you're sitting on that chair waiting for what strange currency will he talk about next? >> there you go manus cranny, the man who used to have a jeep. the market opens marginally higher, if you look at the easyjet stock move this morning, down 1.8%. yesterday it was up one so the market rallying about marcus stroman -- mario draghi's comment. possibly. we sat down with mervyn king and here is what he had to say yesterday. the trouble is the single monetary policy does not fit all countries and facing up to that might be a first step to thinking how to get out of the problem. >> joining us for more perspective on the top trading on the back of those bank of england comments from former governor mervyn king, the chief investment officer at alianz global europe. here, when we see those comments from mervyn king on the ecb and he starts talking about one size does not fit all, are we back to the greece needs at bazooka and germany has the buddhas bank -- bundesbank. >> the options

it is also europe. we have a very solid base in europe. as i said, what we are missing is the belief in the future. but there are countries performing still very strongly. it is not just germany. scandinavia, countries like austria, there are a lot of well performing companies like our company. we are doing good business not just in the u.s. and china but also in europe. supportif there is more from politics, meaning new investments in infrastructure -- there is a lack of modern infrastructure in many areas of europe and there hasn't been much maintenance because of the deficit problems, but the companies start to recover, budgets are in a better order now. so all that, i think, could create some stimulus for europe. >> yup. >> i'm optimistic for the next year. seeink next year we will some positive trend. we should not have this exaggerated view. >> everything will be rosie. i will take that. better than nothing. thank you so much for coming on today. ceo and chairman of voestalpine. coming up, storage system for clean energy are popular

this is a phenomenon well-known in europe, asia, central america. poland enters its new road and will never turn back. [applause] the sense of our work and creates in poland problems that would hold folks back from seeking a place abroad, that would encourage them to seek meaning in their and hope for a better future in their own country. one hears sometimes that people in poland do not care to work hard. but even those who say this, know that poles work well and effectively, if only they could see the sense in the usefulness of their work. the working people know their arithmetic, too. they are working much harder and in worse conditions than their opposite numbers abroad. on top of that, are paid much lower wages. the economic system around them is absurd. to make matters worse, every dozen years, the country has suffered a new crisis, a new crunch, and time and time again it turns out that past efforts went two ways. -- to waste. show me the people who would have worked the stuck for decades under such a system. wouldn't they have succumbed to pe

. $164 billion went into europe. takegan had a note saying, your money into europe. that depends on whether you believe the next step will be delivered in terms of quantitative easing. is that enough to drive the european map? equities higher, oil is lower. kuroda has japan, more support in terms of his policy. let's have a little check in. rio and billiton coming lower along with anglo american. a little commodities complex shifting with a downward bias. three companies are on the move. i know that you are going to play some of that interview a little later on. theyali, they are saying are on target to deliver cost cuts of 750 million euros next year, one billion euros in 2016. they had a cap of 40%. they are free to do what they like. trying tothey are sell $2 billion worth of assets in the north sea. five people that we are familiar with say that deal is potentially under pressure. icap.a profit fall at you are dealing with is one month with colossal volume, the next month, things changing. you have a couple of individual stocks that are worth focusing on in today

including in europe. so over time, of course, we would have an ongoing program looking at what opportunities may exist. we'll make an answer at appropriate times in the future rather than speculate on what may be possible in the future. >> i want to finish by talking about -- when i did my research, i saw an advertisement in those pages. talk to me about how important it is to attract a female drinker to your premium lagers and how that is progressing. >> it is important obviously given the economic contribution of a woman and of course the contribution of the population and alcohol growth over time. beer has for decades been aimed principlely at men. we are seeing a slow shift in the category with brewers in general, ourselves included to it is amixed gender and fantastic example of that. it is positioned as a brand being styled to the world of beer. it is advertised very much at a mixed gender audience. for example, here, picking it up. he finds that the par tissspation significantly higher. -- it is pa

it is back to politicians to find ways to restore growth in europe. all of europe is suffering. germany included. for lack of growth and political initiatives. that is the -- we cannot solve it. we can struggle through it for some more years. hopefully we will find a way to move europe outside of this corner where it is today. >> do you worry about deflation? desflation i guess the -- should be the ultimate worry. we could really get stuck with no grothse. >> it is. on the other side, i think it is important to remind each other that europe is the biggest insurance market in the world. from the standpoint of if it europe, i'm sure that it has worked. a big economy if we consider europe as one economy. second biggest economy for insurance companies in the world. it is very stable. i hope that deflation won't such a scary thing as it is today in the next years. that the government intervention will help us. >> we spoke about this before. do you still see italian discounts because you're an atalian company? >> that is possible. i would say more broadly that there is a european disc

army europe. the major is deputy commanding general in europe. he previously served as commander of the joint multinational training center, multinational training center. >> multinational training command. >> in germans. enlisted as nr man, pennsylvania native, deployed all over the world, spent a lot of his career in the pacific but managed to bounce around to other places i recently learned. so again he's going to talk to us about what's going on with u.s. army europe, what's going on multinational training there and hopefully give us some perspective on how things have changed in the last six months, which i manage the outlook is a little different than it was a year ago. so sir, over to you. >> i think we took these steps well over a year ago when i went to -- got an assignment to joint national training command, general odor, a told me i'm sending you over there. i took over in june 2013. he said very clearly, and this was several months before, your mission is to get u.s. army back integrated into nato. part of our plan planning and traini

judge me by my record in europe. i promised we would get the eu budget and we have. -- if it wasd veto not in our best interest and i did. i do not contend this will be easy. it won't be. it will require a lot of heart pounding, a lot of negotiation, but it will be worth it because those who promise you simple solutions, they are betraying you. those who say we would certainly be better off outside the eu only tell you one part of the story. of course, we could survive. there is no doubt about that. but we need to weigh in the balance the loss of access to the single market and our right to take the decisions that regulate us. and we lose the automatic right to the 1.3 million british citizens who today are living and working elsewhere in europe to do so. that is something we would want to think carefully before giving up. test., i have one what is in the best? long-term interest of the people of our country? that is the measure against which everything must be judged. if you elect me as pie mr. in may, i will negoti

so it only works, europe, as a magnet, as a prize, can only work if europe is true to its values. if it enforces -- >> question? >> yes, so what do you think of that? is that a counterexample? and for you melinda, also on azerbaijan, with these people in jail, some of them have received funding from usaid from european donors. donors are already announced grant competitions. with top people in jail there's an opportunity for government to bring up a whole bunch right now. what should usaid and europeans do with this? all the best are in jail. the commissioner announced a new $3 million competition. how should people handle it? >> melinda, i think that one's for you. >> i think the second part's for me. >> why don't you tackle it. >> i'll jump right in. i really share your concern, miriam. i can't believe that many of the people i've worked with in azerbaijan are behind bars. and tom was on this point that we need to use our political leadership to stand up to this. carl made this point, too. democracy isn't just a program. it's also using our moral leadership to say you that can't

acquisitions, i have already mentioned the consolidation, eastern europe, retail banking, europe. attractive. these the types of things we can look at. the focus remains on the organic growth. >> speaking to bloomberg exclusively. we heard from another bank boss today. -- he spoke to bloomberg about the investment banking revamp. >> we believe in paying able toively and we are do that once we reposition the business. as it make it more focused, we will have less very highly paid people within the organization. how far are you from this process? >> good strategy is about focusing on the areas where we have the ability to grow. we have to reshape and refocused to do that. it is part of the evolutionary process. that allows them to invest back in our franchises. >> you mentioned the most -- i wonderarea what barb will look like in five barclays. -- u.k., we have over 3 million people using mobile banking. two years ago, that probably did not exist. much better with our customers. more technology driven in the next five years. their jobs or main much easier -- will remain much easier.

in europe, only one nation refused to join the community of freedom. yet, in this age of redoubled growth, of information and innovation, the soviet union faces a choice. it must make fundamental changes or it will become obsolete. [applause] today, this represents a moment of hope. we in the west stand ready to cooperate with those in the east to promote hope and break down barriers that separate people, to create a safer and freer world. surely, there is no better place than berlin, meeting face -- meeting place of east and west, to make a start. [applause] berlin, today is in the past. for theed states stands strict observance and full implementation of all parts of the war power agreement of 1971. let us use this occasion, the of this city,ary to usher in a new era, to instill a safer life for berlin future. let us maintain and develop the ties between the federal republic of the western sectors of berlin, which is permitted with the 1971 agreement. denied by mr. gorbachev, let us eastern andg the western parts of the city together so that all the

efficient high-speed rail systems tie europe together. superhighways and stunning bridges further enhance the continent-wide transportation system. within cities, sleek subways move millions underground. on the streets above, public transit reduces traffic congestion. and nearly every city is creating traffic-free pedestrian zones, making urban life even more people-friendly. as the world grapples with climate change, europe is taking a leading role in developing alternative energy sources. and while still preserving the historic character of its cities, europe has found a way to integrate innovative architecture into the landscape, giving the old world a modern face. and the human face of contemporary europe is more diverse and vibrant than ever. even as this continent of 500 million people unites, it's finding ways to allow its rich mix of cultures to celebrate their unique identities. from norway to greece and from portugal to bulgaria, people are proud to preserve their distinct languages, foods, and traditions. ♪ >> memphis, tennes

poland's solidarity movement exposed communism's first cracks in europe. and the young electrician was lack wilansa, and he became the charismatic leader, galvanising support, bringing poland's communist government to the negotiating table. 10 years later he wept on to become poland's first popularly elected president and presided over a transition to a post-communist state. but today, as the crisis unfolds in neighbouring ukraine, the polls feel pressure from moscow. i sat with a man in from the beginning. he, again, has his eye on russia. thank you so much for speaking to us. you have been speaking so much about what is happening in ukraine with russia. and poland has been very strong in saying that the west has got to resist what russia is doing. now, in the world, many team think the worst is over, the worst is behind us. in poland people are worried about russia being expansionist, wanting to do more. what are you thoughts? >> my great grandfather, my grandfather and father said there is no free poland without a free ukraine. that is why the polls are

europe is surprisingly good. -- asia to europe is the strongest growth corridor which is surprising but we think it is due to a bit of stock building. the u.s. is starting to pick up now. but has also been a little bit slow than you would expect when you compare with growth figures. do nottainer flows exactly reflect the global economy. stable, -- a stable and not too exciting global development. >> when i last spoke to you in august that day you said that profits at your oil division will be helped by higher oil prices. as we know it so happens since august 19, crude has fallen by 20%. how is that going to impact you? basically, you can say on an annual basis, $10 price drop cost us about $200 million. 20 --talking about somewhere around 35, $40, $1 million. it does have an impact. he did improve our results in your business in the third quarter because we had higher production and we also had some reduction on the expiration costs. -- exploration costs. >> your --[inaudible] alliances?ct more and we look forward to more mergers in the industry? >> we are [indiscernible] that gets the

the conflict over ukraine and the sanctions that followed has dealt europe another blow. no where is the fear greater than in germany. europe's finest is 23589ering badly. as far as the crisis in ukraine, german exports fell. and many analysts forecast an out right recession in europe as it grapple with the fall out from ukraine. sanctions are taking a big toll on russia's already stagnating economy. oil prices put it on the brink of recession. the ruble fell to record lows, and the bank of russia projected that investors could yank $28 billion out of the economy in 2014, more than double they took out the year before. and since sanctions hit, food prices in russia have soared, in some casings by as much as 30%. and that has prompted some russians to stock up on groceries in places like poland, where the prices are cheaper. but despite the sanctions, president putins a hold on power doesn't seem to be sanctioned. >> the most immediate seems to be among the elites, and the oligarchs and the tycoons around him, where their access to western capital has been limited, they're

we are taking the market in europe. they are growing strongly. the new bases are all growing strongly. that traffic is coming directly from-our competitors. >> how is it the business traveler, the profile of this person you are trying to get to spend more, how is that going? what have you learned? you have turned us what your objective is. what have we learned? what are we going to see? >> an interesting statistic is 27% of passengers are traveling on business, despite the fact we have never provided anything other than low fares. we have put together a package to see if we can persuade half of those to pay the small yields about 40 euros a ticket. you get reserve seats in front of the planes, fixable tickets. we will change her ticket at no fee. >> the percentage change. what is the number now? >> it will still be 27. i think the number is growing. the number who will play a premium. as we move into the winter we have fleshed out big business frequencies, three or four flights daily between the main european cities. we expect that to rise. hope

europe is strong now. but germany is having the strongest growth since 2012. >>> $6 billion and counting. alibaba firmly on course for record breaking sales as consumers snap up online bargains. cnbc speaks to founder jack ma later today. display you're watching "worldwide exchange," bringing you business news from around the globe. >>> nouriel roubini says he doesn't think the fed will hike interest rates anytime soon. factors in whether the u.s. inflation and the rest of the world could lead officials to start hiking more slowly. >> it could be sometime in the middle of the year. could be june, could be july. even if inflation employment data the right level to start hiking, the fed would like to wait a little bit longer just to make sure that if they start hiking with the liftoff, they're not going to abort it and they can go back to zero. >> roubini also said easing by other central banks could impact the u.s. economy. he's saying even when all the growth, inflation, unemployment is in the right place,

two thirds of the sales come from europe. ,he second half of the year their weight -- they're raising the forecast. they just improved the range in terms of profitability. goldman sachs saying we feel this is turning a quarter -- a corner. vodafone has been spinning one plate in europe, focusing 19 billion pounds of investment. comlm, -- voda downgrading. at the moment, it looks like it is positive news for vodafone. >> thank you. >> staying on company news, alibaba has seen record sales today. that is the biggest shopping day. worth $5.9oods billion. ryan chilcote joins us with the latest. this is just getting bigger and bigger. salesustomers do more online. >> more presales. what is most of novel as they have a master plan to make even more money out of singles day. what was the homegrown anti-valentine's day in china to something that everyone in china got in on. just for singles, global. that is the whole idea to get u.n. me to participate in singles day. >> if there is a sale, i am there. of the people that took part in

it is now coming to europe. you have a lot of countries in the emerging markets doing more and more. what does it mean for lego? do you have a worldwide strategy for black friday? >> for our case, it is still very much a north american, particularly a u.s. phenomenon. it is true that it is spreading to other countries. we view it as a major retail promotional event. we always want to work positively with our retail partners and we of course try to support them in having an attractive offer and having their shelves full of product when consumers are out there. we're also seeing online it is becoming a major event and i'm sure it is going to be that, particularly in the u.s. and in our major key markets around the world this year. >>> thank you so much for joining us and yeah what a greath product. logue group c.e.o. and president. sticking in the retail space, black friday used to be a very american event when shoppers went wild in the shops the day of thanksgiving. let's head to caroline hyde. fights breaking ou

across catholic europe. as we learned, many countries celebrate the christmas season with an emphasis on different days. santa lucia day is really big in norway; that's december 13. and epiphany -- that's january 6th -- that's a big time in italy. we'll see why later in this special. well, this show is a travel experience in its own right, so thank you for bringing it to us. and your support is what made it all possible. make your call, make a contribution, and make a difference right now. and here's something we really hope will encourage your support. let's quickly review today's top thank-you package. support your public television station with a contribution of $200, and we'll thank you with all the gifts we've been talking about today. you'll receive the book, the dvd, the cd, the map, and our exciting boxed set of dvds. this 80-episode, 13-disc anthology brings you the entire rick steves' europe library, 45 hours of travel fun, including every program we've ever produced. today we're celebrating the pu

out that forted europe to ask a global player such as google to adapt its structure would be europe overplaying its hand. another professor says that the parliament is attempting to influence illegal investigations. i might add that the european parliament hasn't decided what the final statement will say, what the final assembly will vote on. we understand that a second version doesn't include the ofds "unbundle" or in terms that, they are just saying, let's get tougher. >> there is a big investigation going on, which is a little like what has happened with microsoft and could have fairly meaningful impact anyway. this may be goes just a little bit, or maybe a little more little bit further away from that. >> they are backing off. i think this is all about frustration. for five years, the european question -- commission has been taking questions about this. they seem to be making no clear steps. they have had to put off any agreement to settle with google. google put some options on the table. now, the new head of the european competition chief, she said she is listening once again to competito

when we come back we'll dig deeper in the dilemma that europe faces. how far can europe go before it hurts itself economically in the process? this is inside story. >> an all new airplane in a once in a generation achievement of human ingenuity. >> three years late... fleet grounding... fires on the airplane... >> they're short changing the engineering process... >> from engineering to the factory floor... al jazeera investigates broken dreams: the boing 787 only on al jazera america >> game of thrones when it came out, didn't hit any best sellers lists... >> the worlds, the magic and the fascination of george r.r. martin >> i'm writing the equivalent of a medieval world war ii... >> how his imagination keeps millions of devoted fans always wanting more >> it's nice to be doing something everybody is so aware of... >> every saturday, join us for exclusive... revealing... and surprising talks with the most interesting people of our time... talk to al jazeera, only on al jazeera america >> economic jacksons on russia are having an impact. capital has blo

when we come back we'll dig deeper in the dilemma that europe faces. how far can europe go before it hurts itself economically in the process? this is inside story. >> economic jacksons on russia are having an impact. capital has blown out of russia. blanks are short of finance. and the rouble has fallen significantly. russia's actions pose a grave danger to the rest of europe. >> welcome back to inside story. i'm sheila mcvicar. that's british prime minister david cameron at a formal event in london this week. if sanctions are imposed and should putin fail to back down will tough be sanctions be given from the e.u. we've seen putin bluster a lot. we've seen him deploying his military in ways we have not seen in a great many years how much is putin bluffing here? is it possible to know how much the russians are hurting? >> i don't think he's bluffing. he's trying to make us reluctant to impose further sanctions on him. i think it's criminal as we see these military forces streaming in to ukraine for a second invasion of the ukrainian territory that the

and to the rest of the world -- europe is back in business. this is not the moment to look back. investment is about the future. >> the eu will guarantee 16 billion euros and the investment tank is setting aside 50 stop it's designed to act as a catalyst by acting as a security against lawsuits. he hopes to attract some 315 billion euros will stop the fund aims to jumpstart projects and transform education in the digital economy. the plan calls for him to create a million jobs.% >> the markets like the talk of stimulus rum europe. we have a wrapup of all the action from the frankfurt talk exchange will stop >> the dax has been climbing for 10 days now, upwards and upwards. some people thought enough was enough but they returned quite likely, so 10,000 points is a short jump away. one of the reasons for the good mood in the market is the vice president of the european central bank mentioned sovereign bond buying. if other efforts were not successful or sufficient, it would have to be a measure and we would have to think about it. that is what p

the big difference between trading europe and investing in europe, let's start with that. >> europe has been a good trade. we have been long on european bonds, that the idea is that i am buying european assets because the ecb is protecting me . it has been a good trade. are you investing in europe, are you opening a factory, are you going to france and buying a house? >> know, personally i am not. >> there are a lot of obstacles, bankruptcy regimes that are very inefficient and labor laws that make it hard to higher. there are a lot of obstacles to real investment. ireland and spain have done the right reforms but apart from that other countries are uninvestible from a long-term perspective. just ine seen this not the general economy but the corporate sector as well. >> hoarding cash. >> or they borrow in the debt market or by back stock or issuing debt for tax efficiencies. how does this change? >> this changes by reforming the legal system and the labor markets, which is a long-term story but we have commitment from the governments. you do not need to spend a huge amount of money toda

.> now a warning for europe u.s. treasury secretary jack lew calls on europe to do more to avoid a lost decade of growth. >> more action is needed to reduce the risks the region could fall into a deeper slump. anotherd cannot afford lost decade. singled out germany and the netherlands. hans nichols now joins us with the very latest. how have these comments been received in europe? >> angela merkel is on her way to the g-20 in australia. she landed first in new zealand. yesterday, she had a domestic problem. last night, you heard something similar from jack lew, saying that monetary policy is at the end of its rope. you need to do more with fiscal policy, have more spending to boost aggregate demand. we keep reporting it because policymakers keep saying it. here is merkel's challenge. she is gettinge international pressure, domestically, it is going in the opposite direction. her council of economic advisers, it is criticizing her for doing too much to spend more on labor subsidies, more on social security, more on in

athink we are about to see turn in the credit cycle in europe. that will add to the economic cycle. >> do we need the kind of credit that maye-style policy be some are advocating? >> i think the answer depends on whether we see credit growth coming through. >> you think we are already seeing it. >> the service data tells you demand is improving. the actual lending hasn't picked up in a meaningful way. the speed of deleveraging slowing and possibly about the turn. whether or not that comes through is key. whether or not they do qe will be depending on that. >> the issue in many people's minds is that we have a high debt load. i appreciate that deleveraging has taken place. it still has a long way to go. you have a long way to go, you have countries that have well over 100% debt to gdp ratios. in some countries, you have very high household debt levels as well. the problem is, what we are not doing is generating growth right now. the lag factor in some of the things you are talking about, how long is it going to take before we start to change the s

europe and asia now have to address this problem. we are still talking to qe in europe and we have a situation. >> you could take a decision on cannot fight the decline in commodity prices? >> the answer is it is probably not, i think it is unnecessary but you need to have on top of monetary stimulus structural reforms. that areof reforms straining relationships in paris, london and rome. france is delaying some of the structural reforms and until they address that that is really what will make a difference. believego ahead and we there will be a discussion into q1 but probably the effectiveness is to be debated. >> if they ecb and the eurozone is a victim of deflation and let's say the bank of japan wins that currency war, what happens in other asset classes. talk to me about the concern around the government japanese bond market. they are buying at an aggressive pace. >> that is a question i asked a number of japanese investors because i said is quite obvious that double their change in who is going to buy it and the answer is it i

europe, growth still there. it is slowing but there is still 6% growth in europe. asia-pacific, one of 2%ir biggest units, down in terms of sales. japan off by 13% because of the sales tax hike. jewelry, that is pretty resilient. but they still make the watches as well. operating profit is where it was hurting most. the stock is up because perhaps this is no surprise. they said back in september, we had the worst start to our fiscal year since 2009. fell in the middle of golden week, one of the busiest trading sessions, when the chinese in the mainland come over to hong kong. this asianseen weakness across various earnings from luxury goods companies. the big question is whether this is some short-term phenomenon or whether the weakness is going to be something more long-term. >> exactly, they have been clamping down on giftgiving, potential bribery. they are trying to make out that this isn't a long-term problem. i think the numbers show this. the cfo of richemont is saying, down 4%.ales it is actually getting a little better. they look forward. they say at the en

fundamentally, what does europe do next? how does it solve this crippling unemployment problem that we have here in europe, particularly, youth unemployment. ♪ >> ferguson, missouri erupts in anger and protest. police to smoke -- police officer will not face criminal charges in the death of michael brown. in the year of geopolitics, we consider the transpacific response to a new military triumph. -- stephaniestocks ruhle guarantees stocks always advanced thanksgiving week. good morning, this is "bloomberg surveillance." daughter'say, my birthday, i'm tom keene with olivia sterns and stephanie ruhle is with us today. scarlet fu is cooking a 22 pounder. brendan greeley is watching "frozen" for the 14th time. in the city of ferguson, missouri, exploded overnight in violence. police carsorched and looted buildings. chaos broke out moments after the announcement came that the grand jury would not indict the white police officer who shot an unarmed black teenager last august. police used tear gas to try to break up the protest a

instances in europe is -- and instances in europe is anti- semitickic. >> the european jewish congress has a president and his name is moshe cantor. he is quoted quote -- never at any time since the end of world war ii has anti-semitism so manifested itself on the continent of europe. what about that? >> he's absolutely right. it has first place, a part of it comes from the fact there's a large muslim population in europe. but people who have emigrated to europe. frankly for economic reasons. and there's a significant community there. and they are the core of it. but there's always ban residue of anti-semitism in europe as we know. but it had a great deal of it being just diminished and it had disappeared. it's coming back again and it's principally pushed by the muslim community. >> we'll be right back with predictions. at perdue, we know fresh chicken. well, not that kind of fresh. but we do take extra steps in our farms, trucks that deliver daily and everywhere in between... ... to bring you a fresh tasting chicken. perdue. we believe in a better chicken. a broader mix of energies,

holiday season as europe celebrates the arrival of christmas. and as you enjoy this next segment of our christmas in europe special, think about the value of public television in bringing the wonders of our beautiful world right into your living room, and then become a part of the community that supports great public television programming. if you have yet to join this station, please consider doing so right now. for those of you who have joined us, thanks so much for your generous support. christmas eve is almost here, and your magic pbs holiday sleigh is taking you to italy. and as they say there, avanti! let's go. this is the home of the vatican city, headquarters of the roman catholic church and some of europe's most sacred christmas traditions. for centuries, pilgrims have hiked from all over christendom to this great city. domes and ancient obelisks still serve as markers, lacing together relics and sacred stops... including the tomb of st. peter, marked by the greatest dome anywhere. and through the ages, pilgrims have stopped here at the

clothing from europe and china, tires, car parts, foodstuffs. the turnover from this trade is more than 500 million euros a year. everything is stock filed in large warehouses until it is picked up. it's the spanish administered's town most -- the spanish administered town toss most economic business, and she has no choice but to continue laboring to get heavy loads across the highly fortified border. >> i don't see any other future for myself. i'll be doing it for the rest of my life. >> now back your to germany, people desperate to escape fighting in syria or iraq or africa increasingly try to flee to richer northern europe. smuggling people and has become big business for people traffickers. this year alone, more than 5000 people were picked up, and it's thought that many more made it across. to find out more about this tragic trade in human beings, our reporters went on patrol with german border police. >> 5:00 in the morning. the border police begin their working day. it's a good time to carry out controls because human traffickers like to

we are in the middle of a recovery in europe. actually 2014, particularly for the car industry >> has been pretty good with an increase of the sales of cars around 5 to 6%. this was something we didn't see for a while. it's based upon the fact it was about time that the recovery takes place, but it's being blocked by the fact that every time you have a major decision to be made, you need to make sure that all of the european countries are aligned behind this decision. every time you have an important decision, you have two, i would say, two schools of thought. and two different attitudes is process. >> that's what we are seeing and that's what we in the business world really don't like at all. >> and broadly speaking, those two schools of thought are about os tearty versus stimulus. i mean, there are lots of versus of them in between but do we, as central banks and governments continue to stimulate the economy or do we repair the inefficiencies of these european economies that have been there for general operations? this is a tou

pricing will not be easy in europe. but to keep it flat, i think we see that as a reasonable and likely scenario. if i talk about asia, china, we are seeing different dynamics. still, fairly healthy scenario in china. other markets, still pretty sound and healthy development. >> all right, very many thanks for talking to us today. of carlsberg for his first interview of the day. coming up, crippling sanctions against russia haven't left a dent in the fortunes of the countries fourth richest man. we are speaking to the ceo of russia's second-biggest steel marker -- steelmaker. ♪ >> welcome back to "the pulse." now a bloomberg exclusive. another bloomberg exclusive. 's business appears to be just as strong as steel. they posted a profit margin on levels lasting before the 2008 financial crisis. ryan chilcote joins us with the company's ceo. >> thanks, francine. we are joined by alexey mordashov, the ceo of severs tal for a number of years. thank you for doing this. i want to start by asking you about your strategy for s

this is the attention in europe, as well. as germany rolls over. >> diverging monetary paths. >> there it is. let's focus on that right now. we have two phenomenal guests for you this morning. the dollar surges. gold cannot find a bid under 1200. oil, 80.00. call it one big distortion. carl weinberg joins us. william lee joins us. we are thrilled to have lee and weinberg with us. we will talk japan in a minute. why is it taking so long to readjust? the market readjusting on friday. will we really just further today? >> i think it is a one-shot pop in japan. the biggest pension fund and the company said they were increasing their allocation to 12.5% of their $1.5 trillion portfolio. let's hold both of you into the conversation. gives draghiapan cover to go to the bundesbank. >> we have been saying that we need more stimulus. monetary policy can only do so much. it buys time. it buys time for structural policies. there is nothing left to do. care what thelly ecb does right now. tool.ry policy is not the they need fiscal and str

europe isn't the key message. if europe becomes identified with economic decline, which it europe couldlly gradually rise up the agenda even for the labour party. >> is the line between the two immigration? that increasingly appears to be the battleground. >> what you have got is people who have done well out of globalization. people who live in london, the metro elitists. the rest of the country where immigration is viewed as, people take our jobs, change and challenge our cultural identity. people should look very carefully at douglas carswell's acceptance speech. the notion of taking your country back resonates with everybody, young and old. expectfeel they could what is no longer there for them. the older generation feel they are no longer represented. remember the ads about you cap is the people with less education -- none of that works in rochester. levels ofaverage employment, average levels of education. think, isappened, i globalization has started to undermine the middle classes. developingbroad and and

they are europe's largest bank by value. still two come, a conversation conversational with events cable. -- a conversation with events -- vince cable. ♪ >> investigators say the engine of the virgin galactic spacecraft that crashed was intact with no obvious signs of damage. they say the system a spaceshipt deployed early. one pilot was killed no one was injured. what have learned so far? conferencele press was about something called feathering. richard branson himself explained it in his blog. it is effectively like this process that allows the spacecraft to slow down when it reentered the earth's atmosphere. it worse is that same way and crates a bunch of drag. what we know and what did they discover is that the mechanism opened twirly. how -- opened too early. have a listen. 2 in normal flight in these that extent that are referred to as feathers. after the space vehicle is launched and goes up to be apogee returns to the atmosphere, the procedure is to move the feathers into a position where the entire body rotates in

you are saying europe pizza grow and push reforms how much of a danger is it -- europe needs to grow, and push reforms how much of a danger is it? >> we have seen a number of reforms in a number of countries and really what has been achieved already in portugal and in ireland and also in greece it is commendable in terms of social reforms. this is already a lot. this is a huge step forward in terms of stability. now what needs to be delivered is growth and that is very particular to investment and that's why the discussion on the unicef plan is so important. >> what is your main concern facing europe? >> my main concern would be that we cannot collectively design and implement reforms that will support productivity and europe. likingroductivity is while -- is lagging, while in -- u.s. it drives a wedge it is a threat for future well-being of european people. we need a strong push to see productivity in europe through the reforms. >> francene joins us now and she brought us that exclusive conversation, confusing comments coming from the ecb on one level because he is talking about not

the new europe that former u.s. defense secretary donald rumsfeld once proclaimed seems as divided as the old one. the only difference is russia seems willing to throw its weight around, in places where it still wields power. >> up next, the new cold war continues as i go man on man with the person who helped end soviet dominance, answers two minutes away. o. >> feu countries are more suspicious of russia's actions than poland. in 1980 a new independent trade union called solidarity led protests that challenged poland's communist regime. by 1990 poland was able to transition to democracy and pivot itself towards the u.s. and nato. a quarter century later, former polish president lech walesa says, his country is on the borderline with another cold war with moscow. rchg 1980 a young electrician climbed this gate and rallied the 17,000 striking workers who had barricaded themselves here in the gadansk shipyards. the solidarity movement was born. poland's solidarity movement exposed poland's first contraction in europe,

and in europe. at the sale same time, i find this bizarre, we never really left the comforting view that liberal democracy does not have any serious contender at the global market of ideologies. as a consequence, democracy promotions became progressively limited to technical and essential and non-sensitive, non-political projects. these projects bolster civil society, ngos and institutional capacities and so on. because they are not political by definition, they cannot advance the crucial issue, that is the lack of democratic mode of thinking. working democracy requires first of all a democratic mindset. we do not address this issue. therefore, any solution to the challenges must be a political one. the very first step towards democracy revitalization must include thinking hard of why is it losing its attractiveness in the west. by thinking it hard, i do not actually mean the expert thinking. i challenge the politicians to do the thinking. because we cannot -- we need to make this issue political. w

and pope francis slams what he calls an elderly europe. speaking at the parliament in strasburg, he says the eu seems to be taking a back world -- backseat role in world affairs. it's time to look at headlines around the world. we have flooded with us on set. lots of information on the decision -- we have flow with us on set. lots of information on the decision not to indict the officer in ferguson, missouri. >> it's getting a lot of attention, especially in the u.s. media. i pulled out an article from the "washington post" that describes what this grand jury decision means. darren wilson, a white police officer, will face no state charges for shooting dead michael brown. he was that unarmed black teenager who was shot dead in august. this immediately triggered outrage and protests, violent protests in ferguson, and not only in ferguson. it was nationwide. there were protests in chicago new york city. barack obama called for calm, as did michael brown family. they urged protesters to remain peaceful, but rejected the outcome, saying we are

so it only works, europe, as a magnet, as a prize, can only work if europe is true to its values. if it enforces -- >> question? >> yes, so what do you think of that? is that a counterexample? and for you melinda, also on azerbaijan, with these people in jail, some of them have received funding from usaid from european donors. donors are already announced grant competitions. with top people in jail there's an opportunity for government to bring up a whole bunch right now. what should usaid and europeans do with this? all the best are in jail. the commissioner announced a new $3 million competition. how should people handle it? >> melinda, i think that one's for you. >> i think the second part's for me. >> why don't you tackle it. >> i'll jump right in. i really share your concern, miriam. i can't believe that many of the people i've worked with in azerbaijan are behind bars. and tom was on this point that we need to use our political leadership to stand up to this. carl made this point, too. democracy isn't just a program. it's also using our moral leadership to say you that can't

caroline, europe is up there. greg called for real reform and talked to you about the allies they have for reform. >> it is fascinating. it is all focused on eurozone posing the biggest threat to the u.k. economy. who better to talk about the threat to the u.k. economy than the ceo of hayes, the biggest white-collar recruitment company in the u.k.? thank you for joining us this morning. amongozone the key risk your clients at the moment? what are you hearing when it comes to hiring, recruiting? >> we are very mindful of the news in places like france and germany. we are not seeing one iota of difference because of the contents going on in places like germany. obviously, continuing to grow quite strongly. here in the u.k. as well, we are not seeing the impact quite yet. we are mindful of what is going on, but we continue to invest in our business and see our own clients invest in their business. recruitment, job creation, picking up clients quickly. >> why do you think there is all this gloom salon -- surrounding t