matt: that wasn't ryanair's michael o'leary -- that was ryanair's michael o'leary speaking. you are going to shortly look at pictures of credit suisse ceo, who is thinking -- speaking at the bank's investor day. they cut their equity target to about 10%. . ningget a profit war from credit suisse a day after deutsche bank says its profit targets are ambitious. negative interest rates across europe and making it difficult for banks to make the kind of money they want to. see, the lowest increasing activity we have had is turning 9%. that is --. 29%. . that is really important. we are again working in quality. it is also a way to make sure we get higher quality groups and make sure we have proper relationships with clients. aligned with that is the composition of our revenue. we were dragging up net interest income and recurring. a billionn revenue is in what we want. only 100 million in -- how do we do it? by providing quality solutions to our clients. it is a mouthful but what we fundamentally do. we gave you an example here. across switzerland, i w m, and aipac, we did 60 tr

michael o'leary has described the e.u.'s single european sky initiative as a lamentable joke the single european skies seeks to reform europe's air traffic management system to minimize environmental damage the commodore leary argued vehemently against the take zation traffic claiming it represents only 2 percent of c o 2 emissions. the 10th of december is the anniversary of alfred nobel's death the day when each year's nobel prize winners are art it happens at a lavish event in stockholm with lecturers 5 food and a presentation by the king of sweden the winners receive money a diploma lifelong recognition of course and a medal one made in sweden. the 2019 nobel prize medals this year there are 14 of them because there's more than one when each award . each medal is engraved with its whenas name it's the highlight of nicholas to see a. yes i am i am the only one who was doing this job. and there why i think it's it's because of. that i have been doing it for 7 years and i know exactly how how to do it it all begins with a t

michael o'leary has described the use single european sky initiative as a lamentable joke be initiative seeks to reform the europe's air traffic management system to minimize environmental damage mr larry argued vehemently against the taxation of a traffic claiming it represents only 2 percent of c o 2 emissions. since taking power in 2018 ethiopian prime minister abi ahmed has implemented sweeping political reforms that have won praise and the nobel peace prize which he collected on tuesday ethiopia's economy is also going from strength to strength but a lot remains to be done because foreign investors are mainly attracted to ethiopia by the incredibly cheap wages their companies say they are in breaking the law and support efforts for a minimum living wage in the country but in the meantime despite setting up shiny new textile factories they are profiting from very low wages some workers earn as little as one euro per day. the ethiopian economy is booming and with this the country's textile industry industrial parks boast flagship factories their clean and well lists but are things re

michael o'leary has described the use single european sky initiative as a lamentable joke the initiative seeks to reform the europe's air traffic management system to minimize environmental damage mr larry argued vehemently against the taxation of a traffic claiming it represents only 2 percent of c o 2 emissions. since taking power in 2018 ethiopian prime minister abi ahmed has implemented sweeping political reforms that have won praise and the nobel peace prize which he collected on tuesday ethiopia's economy is also going from strength to strength but a lot remains to be done because foreign investors are mainly attracted to ethiopia by the incredibly cheap wages their companies say they are in breaking the law and support efforts for a minimum living wage in the country but in the meantime despite setting up shiny new textile factories they are profiting from very low wages some workers earn as little as one euro per day. the ethiopian economy is booming and with this the country's textile industry industrial parks boast flagship factories their clean and well lists but i things real

ceo michael o'leary joins us from brussels. one of the proposals is higher taxes on airlines to reduce the impact of co2 emissions. what is your response as chair of a4e? michael: good morning. we are opposed to taxation. taxation does nothing to the end -- does nothing for the environment. we explained this morning that airlines like ryanair and other european airlines are investing $170 billion over the next decade, re-fleeting, buying new aircraft which will carry more passengers, but burn 20% less fuel. we are already investing very heavily in the industry. to deliver growth in a much more sustainable way and a much more environmentally sensitive way. taxation will set back that investment agenda, where already we are delivering. vonnie: i imagine the eu response would be that that is not enough, that the airline industry is threatening to overtake even power and utilities as the biggest emitter. unfortunately, ryanair is one of the biggest emitters among the airlines itself. what do using the airline industry can do in ord

michael o'leary has described the e.u. single european sky initiative as a law meant to build joke the single european sky seeks to reform europe's add traffic management system to minimize environmental damage or larry argued vehemently against at traffic taxation claiming at traffic represents only 2 percent of c o 2 emissions and talking of emissions madrid is currently at the center of the un climate talks as host of the cop 25 conference spanish government officials like to emphasize spain's firm and gauge meant in the battle against global warming and the country's continuing political deadlock is how prng efforts to effectively deal with climate change at home. for months one month calderón has been feeding his sheep a that's because the area of land where they should be grazing on fresh grass now looks like this problem is that we've been suffering from drought began last year that's why i have to give my animals a ready made feed. he took up sheep farming after the economic crisis forced him to abandon his job in

o'leary said yesterday that it would be one of the safest planes when it finally gets into the air, which should be better for boeing long-term. brooke: it should be. it will be harder for boeing to convince the public the plane is safe. the general public may not know what has been done with the plane. when you see 346 people died, and we live in the internet age where people can screen for flights based on their aircraft model. the real news today for boeing is the pushing out of the deadline. this is something the company has repeatedly had to deal with. they have set goal posts and they missed them. the most recent update from boeing was they thought the faa might deliver leniency to start delivering the max by the end of 2019 even though they cannot technically fly them yet. the messaging today basically said that would not be the case and the reason that is problematic for boeing's if you are not delivering planes are not getting paid for the planes. guy: went does this start to affect production? when does this start to mean that boeing needs to think about a lower rate for t

michael o'leary told us what he thinks. stagnation does nothing for the environment. we have explained to the commission this morning that the investing 170 billion dollars over the next buying will be fleeting, new aircrafts, in our case the boeing max which will carry more passengers but burn 20% less fuel. we are investing heavily as an industry to deliver growth in a more sustainable way, in a more environmentally sensitive way. the taxation will setback that investment agenda where we are already delivering. >> that is great, but i imagine the response would be that is not enough. the airline industry is threatening to overtake even power and utilities as the biggest emitter. unfortunately, ry nar is one of the biggest emitters among the airlines themselves. what you think the industry can do in order to absorb higher taxes as well as research? i think that is misinformation. the air industry is not one of the biggest polluters. in fact, we are one of the most efficient. we count globally for less than 2% of emissions. shipping accounts for 5%, yet no one is sayi

later today on bloomberg markets, michael o'leary, ceo of ryanair. always entertaining, always interesting. -- 3:00m. in london p.m. in london, 10:00 a.m. in new york. this is bloomberg. ♪ ♪ positive and i'm encouraged with the momentum we have. we took swift management action in the investment bank to focus on our key strengths and that seems to pay off. we have taken a conservative outlook on the interest rates, therefore in this regard we changed our underlying planning. have lower for longer. that is part of our overall plan. therefore, we have prepared for that and we need to adjust and disregard our business model, and we started to do that. tom: if you would like to read more about mr. sewing, i cannot the lengthy essay on mr. sewing. i learned a lot. francine: good peace, must-read. tom: if you are on global wall street, it is must-read. ian mccafferty with us. it is a good time to talk about chairman volcker. waspassing yesterday, it not a surprise given how sick he was. young9, you were a whippersnapper and living the good like in paris