jenna that bank it is fed week in europe. -- jonathan: it is fed week in europe. qe working. qe apparently will not work for your or at least not for greece. that is the message from the finance minister yanis varoufakis. the country continues to wrangle with creditors as a pays down another charge of debt to the imf today. hans nichols has the details. hans: good morning. mr. varoufakis things quantitative easing is giving us nothing but an equitable and it could be unsustainable. varoufakis contrast mr.'s comments -- contrast mr. varoufakis's comments a he wants an investment led were covered in what he likes to call "the merkel plan." contrast what he was saying with what mr. pier carlo padoan was saying. he talked about the importance of quantitative easing and what it is doing to drive down the euro and greater strength in exports. on greece's ability to pay debt, mr. pier carlo padoan seemed to be suggesting there could be bumps down the road. pier carlo padoan: i'm fully confident the solution will be found. the greek government has popular support which in some stage

europe is with you. our regions, our people can find no better partners and neighbors than each other. history, geography and future binders. but no one separate us because together we can create pillars of mutual respect that will support the common good for generations to come. thank you very much. [applause] [applause] [applause] [applause] [applause] [speaking in native tongue] >> translator: a long applause for you. we might have had even more applause, it's been a long time since we have had such a good speech in parliament so a very warm thank you for your welcome guest and i think the applause showed the appreciation here. you talk a lot about your country's region. the respect you from the heart so thank you very much for that wonderful speech. [applause] [inaudible conversations] [inaudible conversations] >> the promotion of the drug actually starts seven to 10 years before a drug comes on the market and while it's illegal for a company to market a drug before it's been approved by the fda it's

in europe, we sold 880,000 units. through the recession and by the way all those years have been profitable so we are growing sales a growing market shares and becoming more profitable. >> it seems that we are talking a lot a luxury. how is lexus taking off in europe? >> we had trouble for a number years. with the is we have close off with great improvements in the product and the last few years have been great we were one of the fastest-growing brands in europe up 23%. we have a new model that sold out and we expect another strong year this year again. >> your bit hydrogen fuel cell zero emissions, tell us about it. >> demand is something we are learning about. we cannot produce enough right now. we have japan that all sold itself in terms of allocation a u.s. coming on. we will have a small number of units. this is a long journey we are on. we are serious about fuel-cell technology. we think will democratize hybrid and we are leaders. in terms of make a sure anyone can access a hybrid vehicle and we're going to do t

versus europe, i think u.s. parody is coming soon, i would not be surprised to see dollar do better. >> there is nothing stopping that train right now, the ecb is just getting started that will continue to knock it down, they need to increase their exports. they need to continue to knock it down, dollar will move higher because japanese banks are doing the same thing. tom: dani, do you could just because we did it, this is still a bor work in progress, does itn it works in europe or japan. >> unfortunately, what happens this is not a stand alone set of circumstances, it is interconnected because of the globalization of the economies, i think that one thing affects the other, that is what we're seeing with europe, they are trying to get inflation rate up to 2%, investors have been on to this, flowing money into european names into also into european etfs, they are up 21% in terms of assets since january, 9.7 billion have flowed into the -- >> the greek drama, continues. is that going to make a difference at-this-

is this what is to come in europe? guest: in terms of the similarities between europe and japan, you've got a decline in working agent total population. in certain countries in europe you have declining populations in work. without huge increases in productivity, it is difficult to see robust long-term economic scenarios. when you've got a bit of a downturn, something like the sales tax rise in japan, you see a big drop in gdp, then the spring back. when you look at europe, you get the stimulus coming through from the monetary policy. that's sort of the biggest drag for it. when that begins to diminish, we will see a slowdown again. europe looks like it is going to be the japan of the last couple decades. one of the big things has been demographics. we are seeing some major currency swings a bit more volatility in the economic numbers, but this whole use of currency as a central policy is moving a bit of the band around as opposed to creating new demand. jonathan: very quickly, i know what it means for the equity marke

we have many threats in europe. we are in a situation where we are watching ukraine, a big meeting today. greece remains very much front and center in everybody's mind. is the multis prime minister right -- the maltese premise to write? -- prime minister right? copper mr. blejer: he's absolutely right. we did not pay much attention to the trade coming from the middle east. [indiscernible] it's happening the same at this point. i believe he is absolutely right. because these problems ar conditioning the ability of europee to -- because of uncertainty that has been created. ti's creating an environment in which the recovery could not be very strong if you have all of -- so the geopolitical is crucial. guy: it is ordering the -- bordering italy greece etc. who have more close links than northern europe and probably having, will suffered disproportionately if we see failed state emerge. mr. blejer: france and spain are in the same boat. so an important part of europe is conditioned by what is happening on the other side

he seems positive about europe. nouriel roubini is being reassured by that man in frankfurt, mario draghi. >> very aggressive qe implies that the risks are now reduced and there will be a recovery of the eurozone for the next year or so. ♪ jonathan: good morning and welcome back. this is "on the move." i caught up with nouriel roubini yesterday, a.k.a. dr. doom. maybe it was just the italian sunshine. roubini was sounding a little less gloomy. check it out. >> the ecb has to be aggressive on trying to avoid deflation. you've gone into negative policy rates. you have to do quantitative easing. quantitative easing is starting to work. the euro is falling. that increases the competitiveness. the stock market is going higher. borrowing costs are lower. over time, there will be a recovery of the eurozone growth. this is an extreme remedy but these are also extreme times. jonathan: a little bit of sunshine from dr. doom on europe's outlook. we have chief investment officer at allianz global advisors. she joins us now. r

and crony capitalism is chronic in europe. so we have, for example, the french government always pursuing, even sarkozy was doing it, promoting idea of national champions. picking winners. what europe needs to do is foster an environment for small and medium-sized enterprises, entrepreneurs of europe, to be able to invest, to raise capital, to be able to provide services and goods that people want, like jobs. david: you're not only a entrepreneur, you also got involved in politics. you ran for the european parliament at one point? >> i did. quick backstory i was looking to do roll-up in power industry in europe. i started to read the draft european constitution which was 496 pages. and after i read the first nine-pages, i read all of it, i read the first nine-pages i was alarmed. like reading some sort of manifesto. david: like reading obamacare. >> it was much worse. like reading marx. it talked about building europe's social market economy, whatever that is. david: so you tried to run for parliament, to change things the way

i'm optimistic about europe. europe is picking up. stacy thomas driving -- they see autonomous driving coming up quickly. the technology is prepared. we are prepared to invest and bring it to serious production. the european policymakers are saying where do you want to test? this is the best place to be. to make it hans: very open transparent and quick. hans: give me a timeline. when can i drive from here to stay guard by myself? mr. stadler: with autonomous driving, we hope 2017. hans: you are going to need eu regulations to change. mr. stadler: this is our plan. if not, we are in the u.s. hans: as long as the car can park itself we are set. a lot of confidence from the audi ceo. a beautiful car behind us. francine: beautiful and, you know, it would be great to drive to work without having to do work. hans nichols at the geneva motor show. guy: let's change gears. some pictures from moscow. the funeral abortion itself -- the funeral of boris nemtsov. that looks like the hearse. a number of foreign officials have been denied access to

europe's war became the world's war. today we are fighting a similar war, a war against an expansionist ideology that feeds on hate. that is committing murder in the name of god and religion to justify evil actions that no religion tolerates. a war against terrorists who disrespect this land values and humanities values. our victory now depends on our unity and europe's role is vital. only by cooperation can our regions shut down the sources of terrorist support and defeat their purposes. and it is also essential that our regions renew the source of our strength. the mutual respect that binds and sustains us. young people especially must be inspired by values that reject violence, create peace and build inclusive societies. [applause] and let me suggest three areas of importance. the first is meaningful interfaith outreach, engaging people where they live. the dialogue overstocked is the -- of respect is the rock bed of all societies. attacking and excluding others , insulting other people send -- people's and their fait

this as people in northern europe and in parts of europe here and in africa are able to witness the solar eclipse. we heard from on this dominant earlier -- from an astronomer earlier that it does happen once every six months, but one of this magnitude is quite rare. these images are from the faroe islands. many scientists and astronomers gathered near svalbard to get a glimpse and carry out many scientific experiments to cede and collect data. one such experiment is eclipse wind. it hopes to collect breeze experiences collected at this moment. many scientists, some at oxford university, are using the event to try to understand how the event effects electricity grids - event affects electricity grids, to see if there is any change in output from solar panels. some would say it is only three minutes long, the eclipse, it should not have a massive impact. but seeing how there is any impact on the electricity grids that makes a difference -- that is just one of the experiments currently underway as researchers look to see if there is a dip in performance and stability of any of the grid netw

there was a fear increasingly in the united states that if germany won in europe, it would be a europe europe inimical hostile to the united states. it would become more vulnerable eventually as technology was changing, more vulnerable to threats from europe. in any case on december 15 and , december 1915, wilson and his state of the union speech talked very focused, it was focused on military preparedness. he developed and approved a new five-year plan for the navy, which was approved by the senate. in june 1916, after a great deal of debate in congress, a national defense act was approved, which increase the army to 223,000 people. it had been an army of less than 70,000 people. this was a very marked increase. this was cast in terms of defense of the united states not of getting into war. you can see the similaritiesthis was a very between the debate that took place in the united states before 1941. a similar debate that the u.s. does not want to choose sides but should look out for itself in a world that is becoming very difficult. what you also got was an interesting debate in the

europe. it's been one of the global economies weak spots and today, the head of the european central bank took the next step in his battle against that sluggishness rising unemployment and the risk of deflation in the euro zone. mario draghi considered confidence in europe something not heard in a while and massive bond buying program will begin in just a few days. today, reaction was in the currency market as the euro fell below the level for the first time in 2003. details on draghi's plan from the european central bank's meeting in cypress. >> finally, going to start the quantitative easing program. it will be next monday. and we also know now that the ecb is also going to buy sovereign debt with negative yield. apart from that mario draghi left the doors open to perhaps even extending the qe program beyond the current planned date of 200616. it will depend on inflation development in the euro zone. but can say that mario draghi is very upbeat about the economic developments here in europe

effects of the crisis can be contained, at least the effects on western europe. that's why the market has been holding up so well. i also have to say the nervousness is quite high on the markets, even more so as the dax here in germany had reached so many record highs. at the moment, the dax is slightly higher than last night. still, pretty far away from its record highs. the euro stoxx 50 index up front about .4%, and the euro trading at a bit more than $1.11. >> thank you very much for that. >> indonesia is preparing to go ahead with the execution of two australian nationals in a move that has sparked a diplomatic row between the two countries. so far, a flurry of international appeals against the executions have been unsuccessful. >> the two members of the so-called bali nine were arrested for drug smuggling in 2000 five. they have arrived on the indonesian prison island off the main island of java. while there, indonesia says they are due to be executed by firing squad. >> shortly before the transfer michael chan turned away from the prison gates after trying

and europe. let's look at commodities because the oil price although off the six year lows still very low. still very volatile. highlighted by the fact that wti is down 47.4. brent is up 55.3 today. seema back to you. >> wilfred you are looking at live pictures from the french alps where the rescue operation of the crashed germanwings plane is being directed. they'll visit the site later today. they said the first black box retrieved yesterday is damaged but usable. meanwhile germanwings confirmed further flights will be cancelled after some crew members refuse to fly over safety concerns. annetta joins us from outside the aviation station at frankfurt airport with more on this story. >> thank you very much. there's some germanwings crew members that are saying they're not willing to fly but what i have been hearing is not that it's out of safety concerns because it's just for personal matters. they are just shocked that an aircraft of their fleet could essentially explode in the middle of the al

controversy, and those that are just plain quirky on tales from europe's squares. ♪ tales from europe squares, our new series, starting next week. do not miss it. finally this week, an age-old turkish tradition you probably associate with women -- belly-dancing. the difference is -- this story is about male belly-dancers. now, if that is raising your eyebrows, bear with us for a few minutes. turkish men have actually belly dance for centuries, and there have been male belly-dancers in gay nightclubs for many years . women still rule the roost, the best of the men are now breaking into the big time. just like the women, they hypnotize their audiences with their gyrating hips. before they get started, meticulous preparation is needed. reporter: after a few alterations the costume is , perfect. erhan ay says the garment has to fit just right. as a belly dancer, he spends lots of time at tailors and cloth merchants in his home city, istanbul. erhan: in istanbul, you have got unlimited possibilities. there's an abundance of all kinds of accessories and fabrics. reporter: ay designed this g

over europe. >> at the margin we're moving from u.s. to europe. we have been doing so start of this year and we continue to make that move. we're overweight in both cases but at the margin we're shifting to europe. the better values are there. if you look in terms of real economic growth europe is likely to see acceleration next year over this year whereas the u.s. at best is going to be flat and maybe even slow down a bit. >> you're not worried about the parabolic move in the german dax recently? aren't they getting a little ahead of themselves do you think? >> no, not at all. the markets are undervalued in europe relative to the u.s. no matter how you look at it. we have a bevy of metrics to do that. low interest rates, no inflation. the opportunities are there. look, if you're not early, you're too late. and so moving large amounts of money over you have to position yourself for the coming months not what's going to happen tomorrow. >> rick what are people -- let's talk for a second here. we haven't heard much about it. it's off about $5.50 but

but not in europe yet. it has to be easier for customers but the infrastructure is done by banks still. >> but going forward do you see apple pay and the other tech giants getting into mobile payments as a competitive threat for your banking institution. >> they are both partners and competitors. it depends on the banks. in the case of europe we have our own to make payments happen. it's not defined yet. there will be a lot of competitors. >> how do you stay relevant in the emerging market ifs you're trying to expand into the markets when you're looking at many customers that don't have a bank account. they're simply managing their accounts on their mobile phone. >> absolutely. we have that in mexico. we provide banking based on the mobile which is far easier and more convenient which is the way which is right. >> you picked apple pay but will you brick samsung on board as well? >> they're other countries but what is important to understand is we will compete overtime in different parts of the banking chain

today we have 1 billion in europe. it's almost stopped in the americas from south and north, 1 billion. in africa today, 1 billion and in asia, 4 billion. what will happen. up to mid sent united nations population division tells us no more europe almost the same in america, but there will be 1 billion more in asia. and with that the fast population growth in asia, can increase a little, can even start to decrease. by mid century, 1 billion more in africa. so africa will double. >> what happens at the end of the century. >> no more in america, no more in europe, no more in asia but most probably two more in africa. >> africa's population doubles in size. >> doubles twice. maybe if africa is very successful, three and a half. but there will be twice as many people in africa as in the americas and europe together. look, if i take north america and west european, 1 billion. this is east europe, this is latin america. you have less than 10% of the world population here in the old west. you have 80% of the population in asia

and people across europe suffered. death rates started to soar that summer, in the summer of 1783, and people didn't know why. usually most people died back then in the winter when it got kind of cold and nasty, and you couldn't fight off your cold z or typhus or whatever you were going to get, but this that summer people started to die. and we talk in the book about natural scientists trying to puzzle out where this fog came from and why it was so dangerous. ben franklin plays a key role because he's one of the scientists who figures out that perhaps this weird haze comes from a sol volcano all the way in the north atlantic, so far away. ben franklin, of course, is in paris at the time. this is right after the revolutionary war ended, and he was will to help hammer out a peace treaty. so he's kind of one of these scientists at the forefront of trying to understand what this cats catastrophe is, where it came from and what it might mean. and then finally beyond that not only was it a catastrophe for people in iceland,

there was a fear increasingly in the united states that if germany won in europe, it would make europe inimical hostile to the united states. it would become more vulnerable to threats from europe. on december 15 and december 1915, wilson and his state of the union speech talked. it was focused on military preparedness. he developed a new five-year plan for the navy, which was approved by the senate. in june 1916 after a great deal of debate in congress, a national defense act was approved, which increase the army to 223,000 people. this is a market increase. this was cast in terms of defense of the united states not of getting into war. you can see the similarities between the debate it took place in the united states before 1941 -- that took place in the united states before 1941. what you also got was an interesting debate in the united states about what the proper role for the united states should be in the world. it is a debate i think which has occurred throughout the history of united states. i think we see it again today, a debate about whether the united states should be inter

turkey is now the transit point, really for people trying to make their way to europe. it has been criticized for not doing enough. so maybe this is the turkish authorities trying to show that they are doing something to stop this massive influx of people heading to europe. it really has become a huge problem. people sometimes take boats from libya trying to reach italy, so turkey under pressure under a lot of criticism, maybe trying to show the world that it is trying to do something. >> zana many thanks. >>> the iraqi government is confident that the victory in tikrit is just days away. the iraqi army and sunni tribesmen have been advancing. the fighting now focuses on the presidential palace complex and pockets of the city center. >> reporter: pounding enemy targets on the fourth day of a huge offensive. about 3,000 iraqi soldiers and police have been attacking positions held by isil as they try to reach the city center. they are backed by 20,000 militia and sunny tribesmen. they have reportedly been slowed down snipers, suicide bombers, and booby trapped buildings.

and europe and what can we learn here? >> there's a long understood performance gap between returns on u.s. venture investing and in europe and most likely most of the data i've seen points to one key factor. the tendency of u.s. venture capitalists to kill their young early if they're not performing and give it to the winner. >> i think it's a more general economic point as well in terms of freeing up labor markets and freeing up the movement of capital. look how long it's taken to achieve some measure of qe here versus the u.s. the european policy makers could have done this two years ago but didn't. >> this comes back to the question of we keep asking this question in europe how we take the start of the small businesses we have so many of here in europe and make them into the big corporates of tomorrow. this is back as far as what you're saying labor ability and labor reforms it's not about financing right now. it's about the key structure of the marketplace. >> i believe more in creating the right fundamentals in the m

economic prices in europe how it was affecting their sales. let's take a look at what he had to say. >> within my region, it includes russia and ukraine and there are two impacts. the first one is demand. the final quarter of last year saw a 10% reduction in overall demand in russia, and that was supported by government scrapping for domestic manufacturers, but the overall demand actually we as eight a progressive reduction of overall demand. between 1.70 you and 1.9 million units, which is down from about 2.7 million, so dramatically declined. the second impact is the weakness of the ruble and the dramatic decline was on the ruble progressively through november and december and into january, so all manufacturers have an impact. nissan has a big commitment. we have a big manufacturer in st. petersburg, and also with our alliance partner renault, we have a big investment with a larger brand in russia, so we have set a very big commitment in russia for this nissan. the next 18 month will be difficult, but after that, we look to capture market sh

europe is kind of doing it japan not really. tom: and there is currency war but it is more monetary policy more. brendan: what country can get structural reforms right -- tom: excuse me. i do agree -- i rarely editorialize, but i will say -- brendan: [laughter] you editorialize all the time! tom: i rarely do. some piece of this should not be until we come to the last friday of the quarter. we go to the top headlines, and he will not editorialize. seriousness in germany. brendan: breaking news come he editorializes all the time. investigators are trying to figure why address lubitz crashed the plane into the mountain. he was the copilot of the plane that crashed into the french alps on tuesday. investigators believe he locked the copilot out of the cockpit and intentionally crashed the airplane into the mountainside. officials reportedly tell a german newspaper they have "made a significant discovery," but investigators say the search continues for answers. >> we have searched the apartment for clues and other indications as to w

europe is just getting going. if that is the case would you not put money into european equities over u.s. equities? >> we think there's a very constructive case for many of the developed market economies outside of the united states perhaps outperforming the united states this year. certainly policy is front and center both in japan and soon to be in europe as well. the fed is likely to tighten rates either in june or september here in the united states. so there are many tail winds to the other countries outside of the united states. valuations are also a bit cheaper in japan and europe and the earnings eckxpectations are higher as well. there's several things that are probably constructive developments that would argue for selected developed international markets doing much better in the united states this year. earnings growth valuation and policy being front and center. >> thank you for joining us. much appreciated. jim russell. now coming up here on worldwide exchange, u.s. auto sales expected to show anothe

from europe. tom: is your policy janet yellen friendly? alan: i think it works with the idea that the fed can go slow, that inflation pressures will remain subdued partly because the dollar is strong. tom: a stronger dollar imports disinflation and deflation into the united states. brendan: exactly, but let's take a look at europe, alan. over the long term, we know that the longer euro is good for german exporters. is it also good for the tourist economies? alan: it should be. this is one of the perverse elements that germany was resistant to keeley. -- to qe. germany probably benefits more than anybody else. you have a going up against 10% of gdp -- stunning numbers really. brendan: this is germany's way of saying please do not throw us into the briar patch. "in the loopolivia: it is time to answer our twitter question of the day. is george soros right? could greece "go down the drain"? first -- you do not have to be an investor guru to know where greece is heading. greece will sell. -- will fail

i was in europe two weeks ago. while they don't want to say this publicly just like in the opening speech they don't want to say it publicly. they need us, they need us, so they have to tread lightly. they they told me off the record how profoundly disappointed they are especially in light of people around him saying, please saying, please, this is a time for american leadership. when we will that decision be made? we found out where the president stood when he vetoed the bill for the keystone pipeline. is it next week, tomorrow? there are statements today admonishing the european union not to be premature. and they're are also parallels. .. >> >> i think if i now love will bilateral list it and i think it is leadership would bring in this together to stick together in is easy to do things buyers of it is harder to do things in conjunction with others and that is what is my estimation. i am not sure even with the weapons but had we had dial-up to get defensive weapons to the ukraine and in my mind what is offensive

so our role in europe is connecting corporate europe to the fast growing markets. admit china slowed a bit. what a disaster. when i look at europe if i'm a corporate ceo in europe i'm looking across asia at growth rates 5, 6, 7% in africa. india we just increased our forecast to 6.7% gdp growth so admittedly a few markets slowed down in the emerging markets but across africa across asia we love what's happening there and we'll stay connected to it. >> what can we expect from the bill winter's leadership. >> you'll have to ask bill that. >> but you have met him. >> i have met him. he's very personable. he had great marketship. he had great followership. >> investors are looking forward to that too. >> indeed. >> thank you. appreciate your time this morning. best of luck with your panel. the ceo of the u.k. and european business at standard charter. back to you. >> thank you so much. let's get you a run down of what to watch this trading day because inflation will be the big focus in the u. s. february cpi is out at 8:30 a.m. eastern. headline consumer inflation is e

and europe are going to continue to widen. caroline: you work cut off by norway's bank not cutting rates. where will it go? which central-bank in europe is not going to be stimulating apart from the bank of england? >> i cannot pick of one. they have all seem to engage in a european currency war. it is really against what the ecb has done to offset that. they compete in the export markets. i think everyone was caught offguard yesterday by the norwegians. the four cats show they are factoring in another rate cut. -- forecasts show they are factoring in another rate cat. -- cut. the next meeting that is life. beyond that they could cut rates further. mark: he says the frank is still overvalued. what is the right level for euro frank do you think? >> over the medium-term it would have to be above 1.20. whether it is going to get there is highly unlikely. you are seeing the comments was it is overvalued against the euro. it looks like they are targeting more of a trade weighted basis. if you get more dollar strength, that offsets

average age in europe, just over nine years. some of the biggest low-cost operators in the world use this aircraft. air asia is one example that heavily relies on this fleet. easyjet is heavily reliant on this fleet. ryanair flies the 737. this is an aircraft that somewhere in the world is taking off and landing every two seconds. that gives you the idea of the scale. just to put it into context and give you a sense of what this aircraft actually delivers around europe and around the world. we are back to that story very shortly. in the meantime, barack obama may not block a palestinian move at the united nations. it would represent a major policy shift. elliott gotkine has more. this all seems to be coming from net and yahoo!'s ruling out of a palestinian state. this is the response -- netanyahu's ruling out of a palestinian state. this is the response. elliott: benjamin netanyahu was desperately trying to shore up his votes before the election. he implored voters to get out to the voting booths. he apologized if he did offend

in europe. and that will increase the economy. i just happen to come back from london and madrid just now. last week i got back saturday night. here are the two things i saw. london very affected by the complete disappearance of the russian tourists who used to be a very big spender in that economy and spain, very much suffering with dependency on euros with local spaniards can barely afford to eat in their own restaurants because they have a currency that's just unsupportable see typically in most of these places europe is so far behind they look like the u.s. did three or four years ago and it's going to be i think, a long ride of economic stimulus in the european zone. and that's going to create a lot more money flowing around which will make equities an attractive alternative. i still think because the u.s. is far ahead, we're going to have higher volatility but you should expect a lot of very strange noise in the currency markets. >> we're tight on time. joe, very quickly. of the major risk

and europe. the financial contribution to the large institutional investors is really down as compared to what it was. it is a direct effect. it has an indirect effect on reinsurance. they are seeking return so the initial capacity to bear risk with the new competition we face , so we have fierce competition with all types of vehicles to bear the catastrophic risk around the globe. negative direct effect. negative indirect effect. guy: you are being hit twice. can you run me through how you think the portfolio effect is going to work as a result of quantitative easing starting in europe? mr. kessler: we have a specific problem in europe. under the 72 regime we have to be careful about capital charges. when we invest in a government bond and we have no capital charge, but when invest in a corporate bond or private equity, we have capital charges that are quite high. we are led to invest in government bonds and the return is extremely low. we have very low return on the asset side. when you combine

they're looking for a job someplace else in europe. they are seeking a better future for themselves and their children. they left with heavy hearts. they're making a sacrifice for their family. >> it's uncertain whether the pupils leaving school today will ever find jobs here. by looking at the village you can see some people left in a hurry. homes and shops are empty -- some just half finished. gani thaci has a farm. his five sons are jobless. he doesn't think going to germany is so great. gani: my son needs money to send his children to school. i told him, "don't go to germany." he said, "papa, i don't have a choice." >> in the meantime, two of his sons have gone to germany. one to frankfurt, the other to hanover, but they haven't found work there. thaci shows us their rooms. he's sad. gani: i've got 140 euros a month from my pension. how can you live off that? it's bad that the boys are gone, but what else could they do? >> with poverty as grinding as it is in kosovo, those who can leave do. even as border controls tighten, their de

travel to europe. and strong recent data as well for hotel room night growth in europe. priceline has a 5% free cash flow yield, which is compelling. the company has a $3 billion buyback in place. and it's one of the most shareholder friendly companies. >> what about currency headwinds? >> that will persist. consensus estimates at this point in time have pretty well reflected that. any further strength in the u.s. dollar given the translation back to usd will continue to be a headwind. >> if you tell me, ok, xyz company gets 70% of its business out of europe, and we think the dollar the continue to appreciate, it's good reason that would make one nervous, yeah? >> that's been the largest contributor in our opinion to the weakness in the stock. and so given that that rate of change may be expected to continue in terms of u.s. dollar strength, the pace, you know, will most likely be slower. it's very well advertised at this point in time in terms of being reflected in analyst models. and there's a lot of, i think, growing positive potential fundamental sentiment around the

taking a look at europe we've seen a little bit of activity here in europe over the past couple of days. investors focussing on economic data in europe but also trying to make sense of what is happening in the u.s. as well. the ftse 100 trading near record highs at 6,968. basically flat on the day. the dax continues to move to the upside at 11,962 up about 62 points. france in focus up about 9 points and the athens ase. >> seema, thank you very much. data out of the u.k. they showed the u.k. public finances have improved sharply in february leaving george osborne the chancellor on course for his targets which he was talking about earlier this week. we've seen the public sector come in at 6.2. that's much better than expect expected. it's down 34% from a year earlier. significant improve ltment there and falling on the u.k. finance minister's budget earlier in the week. we're looking at sterling at the moment. in the session it is flat. 14757 at the moment. now having talked about currencies, important to think about the u.s. dollar of course and coming up today the first interview since

when you look at europe and the u.s., europe lags 35%. it is early, early days. quite small still. they are turning but still very small. jonathan: if i had an fx strategist at made a big call for 2015, the big call is a call for parity. what is the big conviction call? karen olney: conviction call on fx? on equities? is it sit where it is, it could go up a little bit. a 10% bond. earlier today they have not moved in four years. they are just starting to move. a little upside to go. jonathan: karen olney head of strategy at ubs. a picture of the markets. the ftse 100 is higher. up by 0.5%. record highs in the equity markets. another day, another high -- another skyhigh high-tech evaluation. valuations of $11 billion. we talk about sales and this more. pinterest. we talk about after the break. ♪ jonathan: good morning to you. up to the with bloomberg's top stories. holds opened for israeli general election. the most survey is saying it is too close to call. some polls say that netanyahu is trailing. the final results will be announced later on thursday. a bank director stipulates

today we have 1 billion in europe. it's almost stopped in the americas from south and north, africa 1 billion asia 4 billion. what will happen. united nations tells us no more in europe almost the same in america but 1 billion more in asia. with that the fast population growth in asia will increase a little can start to decrease. by mid century also 1 billion more in africa. africa will double. >> what happens at the end of the century. >> no more in america, no more in europe no more in asia but most probably two more in africa. >> africa's population doubles in size. >> doubles twice. maybe if africa is very suckedful, three and a half. but there will be twice as many people in africa as in the americas and europe together. look if i take north america and west european 1 billion. this is east europe this is latin america. you have less than 10% of the world population here in the old west. you have 80% of the population in asia and africa. >> now let's tell people the answer to the question. >> this is the question

this is where equity markets in europe are. they got a boost from janet yellen's comments yesterday. we will be back in a few minutes. ♪ anna: welcome back to "on the move." let's bring you up to speed with bloomberg's top stories. in tunisia, gunmen killed 22 people after storming a museum. the assailants first entered parliament before taking visitors hostage at a nearby museum. citizens from poland, italy, and germany were among at least 17 tourists killed. three japanese nationals were killed in the attack. russia has accused ukraine of breaching a cease-fire agreement by assigning a special status to some eastern regions of the nation. the claim comes as skirmishes continue in some parts of ukraine. eu leaders meet today in brussels to consider the possibility of additional sanctions on russia. citigroup shareholders will vote next month on whether to defer a chunk of top executive pay for 10 years and use the money to cover fines if the bank breaks laws. it would be a substantial portion of annual compensation. citigrou

how do you view the spate of terrorist attacks in europe and what does it say about europe's security picture? >> we know unfortunately in europe, in spain of different produced for the marxist troops and troops of soviet union. promote policies. but now terrorism is trying to impose a way of life that is different way of life and trying to, to establish sala fate position of islam, very radical. the -- in europe they have radical movements from the terrorists and this complicity between populations and terrorism is very dangerous for europe. they shake, neutralize, extend fear, extend silence and extend neutrality, to neutralize the capacity to react against terrorists. reinforce our values, is the responsibility of all the european and western leaders. [applause] >> last question for you, mr. baird, what keeps you up at night when you think about israel's future in the world today? >> i am tremendously concerned obviously about iran. it is in my judgment the biggest threat to international peace and security in the world. i'm tremendously concerned about radical extremists islamic t

>> over here in europe in terms of sales in europe? >> in general, japanese benefits. >> sure. >> benefits japanese carmakers have? >> absolutely. a huge benefit for them. we have talked with executives in detroit and they have said time and again r they worried about the euro relative to the european competitors? no. they're concerned about the weakness in the yen. that is a far greater concern for them. >> all right. thanks very much phil lebeau, from germany, reporting on currencies. love it. and the impact of the automakers. you saw him there, over to jon fortt with a look at what's coming up next on "squawk alley." better be talking currencies. >> we have unique perspectives gary cohn president and chief operating officer at goldman sachs will join carl quintanilla and flip cart two executives from that indian e-commerce jugger net and meerkat's founder and ceo on the growth of that app. all coming up on "squawk alley." it's not muted. was that you jason? it was geoffrey! it was jason. it could've been brenda. can it make a dentis

good morning to our viewers in europe.

that's not how it is done in europe right -- europe. you can see kind of the plane diplomatic clothing of the american civilians versus the british admiral the undersecretary for the colonies, and in admiral. is her actual quotes taken from original documents. feel free to have a seat. history is fun right? this is john adams and this is the former senator from delaware. don't tell the vice president. real quick, think to remember is the treaty of ghent and the war of 1812 alltel place against this larger backdrop of global events, the napoleonic wars and the french revolutionary wars. we declare our independence, we fight the war for independence we win, and we inspire the french to have their own revolution. this starts about 20 years of conflict. this is the battle of leipzig called the battle of the nations. over half a million men were engaged, the largest battle before world war i. this is not only the 200th anniversary, but also the 100th anniversary of world war i. roughly 150,000 casualties. the war of 1812, by comparison will

the currency is the big issue here is a europe? >> -- big issue here. is it europe? >> the currency following the currency. where you can get more for your money. absolutely. tiffany said 40% of sales are from tourists. that was down significantly. you saw difficulty with the u.s. dollar and what was happening at tiffany's elsewhere. a huge performance from european countries. tourists expected to come in. there's a lot going on in terms of where terse are moving. >> how long do these trends ride out for? perhaps the easing we're seeing in china or hong kong. >> it depends brand by rand and how quickly -- brand and how quickly they are bringing in new products. as manus said they didn't have enough accessories at the lower price point. below $500 were seeing more difficulty. they will bring out new products at those levels. >> what is the risk? what you have got is -- if you see someone else walking down the road with a product bag that is $500 and you pay $2000 suddenly that unique experience of owning a very luxury product dissipates or am i being snobbish? [laught

ryan: can we expect m&a to be a driver for equity prices in europe? the upper rally deal yesterday -- the parelli deal yesterday. john: there should be more. we don't want to rely on m&a as a driver of valuations, but companies generally have the cleanest balance sheets and are in a better financial position than individuals or governments so they are in a better position to spend. they can raise cash easily to the bond markets. people want to buy fixed income products. thanks in europe are starting to lend again, so everything is set up for m&a to continue. as we know some of the rules and regulations in europe are more difficult to get your way through mergers than other parts of the world. that is a bit of a constraint. caroline: you were saying you want to see it seeping through the european economy outside of exporters. is quantitative easing going to push that? will we see it helping from the ground up starting to seed through into the smaller companies? john: certainly on accessibility to cash it should help and the fact that we have gotten thr

that went across europe. to give you an idea of the scale, it led to a massive recall of products initially beef burgers sold in british supermarket chains costco and aldi. products had to be recalled. it went across europe. uk republic of ireland, france norway switzerland, sweden and germany. this was two years ago. it had a huge impact. even in the uk yesterday, a man was found guilty of supplying beef labeled as horse meat. this isn't just unique to the netherlands. this is where it was seen as starting from. willie has spoken. he said he's denied doing anything wrong. he said possibly mistakes were made and he was shocked when horse meat was found in some of the products. he believes it may have been on the machinery. he admits having horses at his premises in netherlands, but denies deliberately selling it as beef. he believes he will be acquitted. >>> james gordon made his debut on american tv as a chat show host. he's the new resenter of the late late show. the problem is that many people in the u.s.

they are flying flying over eastern europe. -- nato awacs are flying over eastern europe. ships are in the baltic and black seas. all of this is designed to bolster and underlined the article five commitments. >> we have said -- all four of you have said that the solution is diplomatic, economic and military. my question is on the sanctions. they don't have a consumer economy. russia doesn't have a consumer economy. they have an energy economy. their banking sector can be hit and also there -- their military arms manufacturing sector. can you speak in a nonclassified way about what needs to be done from a sanctions perspective that can get his attention at this point? >> thank you for that question. the sectors that you mentioned have been targeted through the sanctions. both the defense sector and financial sector have been subject not only sectoral sanctions, which restricts the early of companies to borrow money and access capital markets needed for them to develop businesses, but also particularly in the defense sector, there have been individual companies listed subje

ground launch cruise missiles in europe. can you further elaborate on the military response is the administration is considering to russia's violation and how nato allies have reacted to the suggestion? >> on last issue, where i talked about that in the hearing, it was in the hypothetical sense. it would not be in compliance with the treaty. i had put that out there is something we could do if we chose to come out of the training. what we are looking at in terms of options and countermeasures some of which are complying with the treaty, some of which would not be, i can describe a range of things in different buckets -- one would be defenses of nato sites. second would be a counterforce capability to prevent attacks. third would be strike tip of the leased to go after other russian targets. we are looking at a range of things. we are trained to persuade russia to come back into compliance with the treaty. >> so far, we have not succeeded in getting them back into compliance. >> correct. >> at the height of the protests in de