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I think it is ironic that people get the day off on labor day. I am guy johnson, this is the pulse. Here in london. We will get straight to our top stories. Conflict between ukraine and russia taking another twist. Ukraines president has warned that the crisis is this to the point of no return. Eu leaders have given the European Commission a week to draft a new round of sanctions moscow. Ryan chilcote has been analyzing the story. The rebel . Recordruble at 37. 44, a low. The soviet union dissolved in 1990, this is the lowest against the dollar has ever been. 7 since monday of last week, a consequence of the conflict in ukraine. This is one place where expressingre concerns. You couple it with the issue of capital outflows out of russia. Last week we saw the ruble get hit, it is continuing today, down 0. 8 already. Nato summit in wales. And friday. Hursday before that, president obama goes to estonia. Meeting all of the baltic heads of state. Saying look, do not even think about trying to go into the baltics, they are nato countries and we will defend them as part of article five. Interesting that he is not going to ukraine, that might have sent a stronger message. A nuanced message ahead of the nato summit. The ukrainians are asking to join nato, does not look like that is going to happen. Theres a lot of disagreement about the witness of such a move amongst the nato members themselves. We understand that the u. S. And the u. K. Are going to call on nato countries to pony up more terms of defending the economy, that is a big theme within nato. Spend 2 . 28 members of nato do that at the moment. There will be talk about an x position or a forced an expeditionary force. Withy the u. K. Representatives from other countries that would operate as a counterweight to possible russian action. The u. K. Has been working on something with france in the last couple years but this is more completed with 7 countries. What is happening on the ground . It is becoming more fluid. We do not have clarity in terms of where the separatists next targets are. If a week and half ago was the situation on the ground was the Ukrainian Military on the offensive, that has reversed and the Ukrainian Military is retreating. The idea of the Ukrainian Military taking cities like luhansk. Nd rebels are threatening to take the city of mariupol. It has been a staging site for attacks towards luhansk. You had over the weekend two Ukrainian Naval vessels attacked by prorussian rebels. A couple hours after the eu issued a threat that if the situation in ukraine worsens there will be more sanctions against russia, that is another thing to watch. Ee you issue this threat and they said the commission will, with sanctions if necessary within a week the eu issued a threat and they said the commission will come out with sanctions if necessary within a week. This might coincide with the gathering of heads of state this week. Thank you, ryan chilcote. Signaled that quantitative easing has complicated the debate. Action,s urging more they would like to see a lower euro. Angela merkel called mario draghi to clarify his position on fiscal discipline following jackson hole. Joining us from paris. Other french getting what they want . Hollandeet the conversation. Is it fair to say that d raghi is more in line with the french way of thinking . Has signaled a change in viewpoint at jackson hole. He is worried about deflation and slow growth in europe. He signaled something the french and italians have been calling for, not to drop budget rules, but to get less fetishistic ab out hitting 3 . Flexibility about. Fiscal rules. He is doing as much as he can but he does not have the political cover from the germans to go further. I think he would go further if he could. I really is what it comes down to. The french feel that the germans are more and more isolated and more and more governments want flexibility. The u. S. Has taken the view that the europeans are far too austere in their budget views. That is what the french are going to be working on, more softening of the german point of view good luck. I was going to ask about that. Astreshuffle in which we saw more progerman administration , how would you describe relations between paris and berlin at the moment . Is this a proxy war being forged at the ecb . I think that is an important point about a more progerman government. I dont think there is a lot of difference between hollande and vall. It is not worth picking public. Ights with the germans it is better to try to do it more and close doors and at summits. That is more the hollandevalls approach. Think policies have changed, i think it is a question of tactics and how to deal with germany. Thanks very much indeed, greg from paris, a bloomberg exclusive, speaking to the ceo of havas. His reaction to the french Prime Ministers call for draghi to weaken the currency. The euro is a good question. There has been a bad surprise due to a very high euro. It is a higher question. Shown thateks have the euro is slightly going down. Maybe we will have a good surprise in the coming half. For sure, we had the impact in every other european group. Great interview, i will play you more of it later here on the pulse. Let me bring you another bloomberg exclusive, speaking to the ceo of fiat chrysler, Sergio Marchionne says the merger might take place october 13. The company will focus on higher priced models. Sedansmail alfa romeo and the jeep suv. Sergio marchionne is targeting an increase of 18 . Is that achievable . What about 2014 . I leave it at confirmed guidance. How are you going to achieve it . Work very hard. A recovery in the markets . The u. S. Market is going incredibly well. You will see what we release numbers on tuesday for august sales the whole industry is doing well. It is a package that continues and provided a lot of support. Lets continue to focus on the right things. [indiscernible] i just told you that all our stuff will be discussed with the board at the end of october. I think it would be unwise for me to speculate. High values isit has not because there no look witty. We have learned a lot from that. , the return toh the process will provide liquidity because the shares will be reissued in the u. S. Market. I think we will be able to attract a different investor base. Marchionne speaking to bloomberg. A little testy with the answers but there will be a lot to find out. He has some big challenges ahead. Ukraine tofrom centralbank watch. A head start on what to expect from the week ski events. All of that coming up right here on the pulse. Welcome back, youre watching the pulse. Currency markets theres the pound. 1. 6621. Very excited, expected u. K. Factory data, a 14 month low. Global risk seems to be the headline at the moment. Some morgan state as well which was a little softer than anticipated. Some mortgage data as well which was a little softer than anticipated. I will also show you the more region krone. Versusi data at 51 anticipated 55. Other data does paint a slightly different picture, wait and watch. 1321 france urging more action from the central bank to weaken the single currency, the german chancellor Angela Merkel has called mario draghi to complain made comments he about Public Investment projects at jackson hole. Everybody wants to talk to mario draghi. I hear, but i do not listen as politicians try to make their voices heard. Rather than hearing but not , trichet likes to talk but not do. If he wants to achieve anything, more in terms of what he says rather than he does. Is coming, het qe will be not doing it. More hints at looking at the abs market. Depositsomething on the rate. If it is about the currency and that is with the french what, maybe that is the easiest is that they easiest way to keep the markets broadly satisfied. Lookense seems to be, you at the flows and it supports this, there is a believe that at some point he will have to make a policy move. Totypically markets anticipate too much and get disappointed when it is not delivered. Difficult to provide anything concrete in terms of policy. Days like this there will be disappointed. The data are getting worse. But then what are we trying to do with policy if you are running the ecb . Trying to the Government Bond yields down . Gettingency is already to move at that, maybe a bit further or faster would be nice. Atbe it is a case of pushing an open door. Inflation expectations is the other one, that is beginning to evolve sharply. The policy prescription of what do we do when this happens, that is qe. You cannot do it overnight. A lot of this has happened. Lead of the pieces are in place. Sure. Abs market, that is where they are trying to address of the monetary transmission. It will be a while before they can put that in place. Theyve only just appointed consultants to tell them how to do this. Ltros coming later in the month. Unlikely to be fronting those with a set of dramatically poliy shifts. U. K. Pointing the to slowdowns. Does that push the rate hike out . I think it does. People thought we could be looking at a november hike. We got support from connie but he seems to we got some support from our connie but he seems to change his mind frequently. The data is suggesting is more likely to be february next year. Is it further out . I think the u. K. Is growing strongly and there is more evidence that you are seeing things like wage pressure built in certain parts of the economy. Just enough to make you think we have not got as much Spare Capacity in this economy as some people thought. We do not want to leave it too long. Lets take a whip around the world and analyze what is happening. , bad news orata good news more stimulus . Yes, you get more stimulus at some stage and it is all about stability for them. Real. , the bad news is we know what is happening in the shadow Banking System and it does not look good. The Property Market looks worrisome. That thist be going is fantastic, we get more policy induced construction growth. It would be more concerned about how sustainable this is. Hobbling not that sustainable. I think bad news is bad news. Pull this together. The data in the u. S. Is getting better, the fed will find it easier to exit policies if everyone else is being super stimulative because we do not get a liquidity drop. What is the overall picture, if you are looking at the globe and saying are we on a more positive road . It is pretty mediocre. Seems like there is a certain amount of growth the world can e someone does better on someone does worse. In some form. The eurozone is losing data, china, you just put a question mark. A zero sum game. Forward writing a new looking piece for the autumn period, looks fairly ordinary and not that exciting. Nice to see you. Chief International Economist at ing. The Remote Access resort reached via paraglider. Mostcould be the worlds isolated hotel. A pretty extreme way of getting in. How do your backs get there . You areelcome watching the pulse. If your idea of the perfect holiday is more sartres than saga, we have the perfect destination for you. Nestled in the remote peninsula of northern ruble, the of northern oman, the best access is by paraglider. With youru do luggage . A boat used to be the only way to get into this port in northern oman. The peninsula is remote, a chunk ofrock in the strait hormuz, 120 kilometers from the nearest airport in dubai. As you go into the mountains, you, over and you have a zighy bay. G view of the resort took five years to build. It is set up to resemble a village, butmani with what you would expect from a fivestar hotel. Barefoot luxury with a highend price. Rooms cost between 800 and 1800 a night. Private reserves, 15,000. It is perfect with the location. It does not stand out as many hotels do. It is just part of the uniqueness of the beautiful surroundings and mountains. I could take a bit of that. It is time for todays hot shots, the red bull joyride is one of the biggest events of the years in the slips all mountain calendar. The gold medal went to the canadian number one. Let these pictures play for a minute. I like the fact that the music works. Surfs up in indonesia. The perfect weekend to catch some waves. Star hawaiian surfer kilani cha this Double Barrel and managed to capture it on his gopro. We gettures are amazing, inside in just a moment. Look at this. See thatpeople get to shot. Anyways, we talk mobile when we come back. We will see you in a moment. Welcome back, you are watching the pulse, live from london. I am guy johnson. If you are watching interstates, happy labor day. Rebels have attacked two ukrainian coast guard vessels. This is the first time this has happened. It occurred hours after eu officials agreed to impose sanctions on russia that might target the energy and finance industries. Ukraines president says the two nations are close to a fullscale war. The french Prime Minister manuel valls is urging action from the European Central bank to lower the value of the euro. Angela merkel called mario draghi after he backed thestment programs to spur european economy. She wanted to know if the ecb had changed its course when it came to austerity. Chinese manufacturing expanded a slower pace last month. The economy is losing momentum. Chinas official pmi index was 51. 8, the state was 50. 2. How is this being taken . Manus cranny . O the contagion effect from e issuesrussian political is really encouraging across europe. Manufacturing in the u. K. Is down at the lowest level in 14 months. European equities are having a monthstart to the trading of september. We added just under 2 in terms of equity values last month, the best month since the start of the year. Manufacturing at a 14 month low in the u. K. Italy and germany are contracting in terms of manufacturing. You then go to the structurally changing country of greece and then you have expansion. The numbers tell the story of structural reform. Not the rhetoric of what we need to do. It is as if you could hear the coming from france calling for a lower euro. Which takes into the biggest call, jpmorgan has released a call on the eurodollar. Along with that, we have Goldman Sachs who has released their view as well. They have cut their sixmonth forecast to one dollar 25 from 1. 34. Parity by 2017. Not sure what form of quantitative easing it will take. Eurodollar a little higher. Jpmorgan says 1. 26, down from 1. 28. The momentum behind the calls coming from the various people and analyst in the community. Parity, ooh. Lets have a look at the smi. Green in a sea of red. Precise,ication, to be lcz696. That drug could reduce the risk of Heart Failure by 20 and 8 billion. Orth manus cranny, our markets editor. Aniad in talks to make improved offer for Deutsche Telekoms unit, tmobile. Lets talk to our deals reporter. I am perplexed. I thought it was a cunning ruse divert attention from france so they could do what they wanted but they are actually serious. They are actually committed. Hes a successful entrepreneur and they might get the deal done. Private equity, what are they bringing to the table . After Deutsche Telekom rejected the first approach, he wants to raise funds to sweeten the offer. With anyone who will join the party. Private equity firms, especially those with experience in the u. S. Market, could bring expertise and the money that niel needs. Likelye know the most firms if he were to team up, what firms are talking about . Especially big private equities with big experience in the u. S. Market. We dont know those names yet next. Re the door is open for everyone. I look forward to hearing which names are involved. Thank you very much indeed. Lets stay with the bloomberg rising. E, shares are ceo of the the company and talked about the impact on his business. Spain is a big country with havas. It has nothing to compare with france. Spain is media spend divided by two, it has not recovered at all. The question is not about austerity, it is why austerity and why investment. A combination of making savings and investing in productive ways. Is a combination of both. It is not austerity or investment. It is lets try to be smart. On the economy in every country is whether you put or investment. The collapse of the merger between two other companies. Attainas benefit and clients from either of those companies . It is hard to quantify the benefit. What is sure in what we can mergeris that the fosters to accelerate the pace of adapting to the new reality. Fast, ourd quite organization, during the last during the end of 2013. It is good to accelerate and make people understand the need to change by this merger. I would say that in the First Quarter of 2014, we were ready to fight. It is very hard to say what will have happened. For havas, the fact that we are experiencing the best growth of entire industry is due to a combination of many factors, maybe including this one. Your father is the biggest shareholder in havas, hes also i. Shareholder in vivend many say that is the logical end point of some sort of tie between havas and vivendi. Is that something that could be considered in the future . Honest with you, there is a lot of question about that. I would really say what i think, that havas has their own strategy. Has shown great results. For now, we are really concentrated on what we are doing in the interim basis. So you really believe that as smaller firms can compete stand alone entities . You think you can compete with omnicoms . Ur, the does notscale matter . Scale matters. Its like a heavyweight fight in boxing. It is important to have scale and it is important to the fit, not fat. 16,000 people, has a scale. If you have seen what happened in competition, havas has never won so much business. We have scale. We are trying to remain fit, lean and energized. How do you compete against the startups, the much Smaller Companies that are biting at your heels . These are companies that ultimately are trying to satisfy clients who are looking for ideas, no matter how big or where these ideas come from. How do you compete with that side of the business . Very fair it is a competition. That is reinventing the way we are working. It forces us to adapt to this new reality. Weas, despite the fact that are a big group, we still maintain and try to keep the startup way of thinking. To think outofthebox. We have ae fact that strong and sound grew up, we still have a startup mentality. Is new competition stimulating us. Speaking tof havas essex lucidly speaking to us exclusively. Coming up, another encouraging chapter added to greeces fiscal policy. Will the sector get the economy back on track . We talked to the ceo of the secondlargest lender. Piraeus bank, when we come back. Good morning, welcome back. Youre watching the pulse. Piraeus bank recently released its firsthalf earnings, greeces secondlargest lender show 17 growth. Now fromoins us athens. Nice to see you. Lets talk about how your bank is positioned. , the stressaqrs tests, coming up. You have anything to feear from those events . Were following the moment on the aqer. It is too early to pass judgment. Piraeus bank and all the great banks are coming from a position of strength. We have one of the highest capital ratios in europe. According to our calculations, of 5ve capital in excess billion euros. We have gone through a recent round of recapitalization, as have other great banks greek banks. We feel comfortable with a high level of credit reserves of the of our book is covered by precisions. You have positive, recovering great financials will stop in the years to come i am more optimistic. Midoctober announcements of the aqr exercise. You talk about the fact that you have sufficient b uffers. You are not performing loans. How do you square that with the recovering economy and the fact that youre comfortable with your reserves . High. Levels of npls is or 37 , we are5 at that level. What is really important is the rate, five times less than what was a couple years ago. At the peak of the crisis. All greek banks are posting very positive performances and very positive results. I think that points to a reversal of the trend as soon as the end of this year. That means that the problem is now contained in what it is. The banks have provided anything between 50 to 55 against npls. Obviously, they look forward to the recovered economy to support further. There is restructuring potential. In terms of relating that to stress test. The there is not necessarily a need for a plan b in your mind. B if you needplan further capital, and could you tell me what it is . B. Obviously we have a plan were looking at a hypothetical scenario. All banks will have to come back with a capital plan is sound in deficit. , based pretty optimistic on the results of the First Quarter perspectives and the Business Plans approved by the European Commission. We can fall back to elevated earnings in the next two years to three years. We feel comfortable about our ability to return to current status, a significant part of our nonperforming portfolio as the economy recovers. Consumers to straighten their records with the banks. We feel comfortable that the recovering great economy gre ek will provide support. That will speak volumes for our ability to recover. Further behavior from consumers and smes e can talk about the greek conomy . Weve been very successful in the private markets in the past. My bank and other banks have raised billions in capital. I feel very calm what with the dialogue and the support we have robust base. Private markets will be behind us. A couple quick questions on the ecb. Theres been some talk that the greek government might issue debt to give you guys eligible capital to take it vantage of the teltro. That . Re any substance so not that i know of. Has a capacity of around 3 billion euros in terms of debt. Assuming that the country , it will be in the not distant future, we will see Credit Ratings recover in greece and that will allow us to create more collateral. That will allow us to access these facilities. I do not think the situation in greece is any longer constrained by liquidity conditions among the banks. Banks have done a lot to improve their liquidity conditions. They are going to stand behind the great corporate world the greek corporate world. It is a question of further confidence, further private investment to the benefit of a country that has gone through a massive adjustment. It seems that the french are very keen to mario draghi right now. They would like all kinds of things from the federal bank. What would you, as the boss of a big greek bank, like to see delivered at this point . I think there is an important h affects all southern European Countries. B is tryingthat ec to revitalize the lending countriesacross the of the south. We would like to see more targeted measures that allow us to ramp up our funding through small businesses, smes, and households in greece. Tothing that can be done allow us better access and higher access to the new measures, the special measures, anything that can allow accommodative Monetary Policy in the southern European Countries would be very helpful at this point of juncture in the greek economy. We would appreciate if someone looks into the special case of greece with that prospect. Ok. Thank you very much indeed. Ceo of piraeus bank. We will be bank. In a couple minutes, we talk about iliad and its improved offer for Deutsche Telekoms u. S. Business. In a moment. Were back, youre watching the pulse. Break and news on the m a friend from iliads ceo. Saying some interesting things. He is saying that the offer for tmobile, the u. S. Business of Deutsche Telekom, is still valid. That is on the table and on the pitch and we are going to compete. More than 50 or of tmobile with a partner. That opens the question, who are the potential partners they could go with. Currently they are not only financial, we were talking about private equity. They are also industrial partners, which raises questions about who they could be. And some of them may be u. S. Investors joining in on this offer. Now, a lot of people thought this bid for tmobile u. S. Was to try to draw attention away to allow elliott to allow iniad to compete france. Currently that is not the case, the ceo is saying French Market consolidation is not on the table. It appears they are serious. Bouygues telecom did not really seem for sale. Has been very keen on the telecoms business and there is some resistance to selling that but bouygues is having a look at its assets and trying to figure out what to do with them. Nottmobile bid will affect the french strategy but consolidation is not on the agenda right now. Bidgeneral the tmobile will not affect leverage, they will not load this up with a lot of debt. That is latest on the m a front. That is at four the pulse. It is labor day. You can right here on bloomberg television. We take you inside fendi. Have a great afternoon and we will see you tomorrow. Hello, and welcome to inside fendi. We are in rome, and over the next 30 minutes, bloomberg will take you behind the scenes of one of the most iconic italian fashion houses, fendi, with the ceo pietro beccari. In 1925 two italians opened a fur and leather shop in rome. Their names, edoardo and adele fendi. The mantle passed to their five daughters, and is there where the story begins. They had some help from this man, karl lagerfeld

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