Welcome to the pulse, live from london. Nikkei hasns recorded its biggest oneday gain since 2008. That came as asian stocks rose across the board amid optimism that chinese policymakers will succeed in stabilizing the mainland equity markets. Francine the chinese premier will address an evening session of the World Economic forum and discuss the state of chinas economy later this morning. To round up all the market moves, lets get to mark barton. Mark what is going on today , then . The asia pacific index rose the most since 2009 in the last two days. The shanghai composite Index Benchmark has risen by 5. 3 , all on this belief that china will stabilize its Financial Markets. It comes after all three u. S. Indices went down, their secondbiggest gain of 2015. Index hadsiapacific its biggest gains in 2009 not the most astonishing move today in asia. This is the most astonishing move yesterday, 24 hours ago, we were talking about the nikkei erasing all of this years gains. What a difference a day makes. Japans benchmark, after falling 2. 4 yesterday, look at that, all the way upward. 7. 7 higher today. Its biggest increase in seven years. Whats interesting is that this has been a gauge hardest hit by chinas move to devalue its currency. China is its biggest trading partner. Since august 11, i have circled it, the day china devalued its currency, the nikkei has fallen by 16 . That was through tuesday. Only the shanghai composite has fared worse, out of 93 global primary equity indices. 7. 7 higher quite astonishing. I want to look at some of the commodity producing currencies, and i have chosen one because today we have a commodity exporting countryled rally. South africa currency rising, australia, new zealand. I have chosen south africa because it was only on monday that it fell to record lows against the dollar. This is the rand against all major currencies. Only one is rising against it. All the others are falling. It is falling to a record low on monday, having sung 15 really quickly. Also rising up for a third consecutive day, no longer in a bear market. It achieved that dubious distinction at the end of august. Manus you got there, mark. Heck of a market move. Despite the recent concerns of chinas slowdown and the effect on the global economy, the worlds third richest man, Warren Buffett, doesnt seem too concerned. Heres what he told bloomberg earlier. I think it is unlikely that the world has it always can. You look at history and it has not been a Straight Line in this country or any other place. Five or 10 or 20 years out, there is no way that america is not going to make progress, china is not going to make progress. Usncine but guy hands told that the current investment process is the trickiest hes ever come across. It is probably the most difficult investment landscape during my lifetime. What that means is that in terms of revit equity, there are opportunities that are quite shortterm, and you really have to grab them and execute them very quickly. Manus lets bring in john molden. Good morning to you. Handto 10 to 20 guy says there is opportunity. He is giving reference to the u. S. Civil war and china would do well on that same logic. Its the first time ive seen a guess used to predict the outcome of china. Chinese are clearly really important 40 on last years growth in the World Economy an enormous voter that is slowing down. A lot of concern about the credit, a lot of concern about the political system, a lot of concern about efficient state industries and demographics, but it is still a massive motor. F you get your way to slog through the papers you will see all kinds of views. The ft this morning said it is nearly time to leave them. Whatine the more i read you read and the more i talk about it, the more i think what i think lassen berg says no one can read china. Jon correct. That is probably fair. It operates a political system we are used to playing with, so a free market doesnt quite work. Francine that makes it tricky for investors. Jon it does. It makes it very tricky. Low Interest Rates, massive involvement with Central Banks, these rules do work very well. We have had quantitive ready tout getting take that away is something the world bank warned tagainst. Is there going to be panic in turmoil in emerging markets . Or should we get ready for more . Panic, butthere is Central Banks, i think, have very much overestimated the effects of their monetary actions. They really havent succeeded in doing much more than moderating things. There is a lot of weakness, a lack of investment, around an extraordinarily low Interest Rates. It is very strange. Markets benefit from their withdrawal . Actually,hey well, because im sufficient to cringe contrarian to believe so. Francine you come on regularly on the show and we talk about your investment strategy. We were looking at the criteria this morning. 50 million to 500 Million Pounds in equity investments, and you are looking for something structural. Jon we do nothing but turnaround. Francine so this is perfect. Jon no, its lousy. Francine why . Jon there is almost no turnaround. Of the effects of low property. Very few companies are actually allowed to fail, were pushed into drastic restructuring. They stagger along and they may not be Bad Companies but they arent good companies. Good assets in the mediocre companies. Manus you have taken some interesting investments. Entertainment, fashion. Are those your biggest calls in terms of investment . Jon in the turnaround area, we have a sufficiently thin flow of deals that we can be fussy. Give them a chance and i would do nothing but manufacturing, something which is relatively mechanic. Consumer Products Companies are obviously much harder, much more diverse in their problems. Francine you are often involved in airlines. Sales this is a great environment because you have low oil prices. Jon absolutely. It is relatively easy to make money on an airline. It is a rotten business in a downturn, but the oil is in the and this lousy weather works well for the airlines because people needed to get somewhere that is sunny. Manus what do you make of the argument that people should be looking at the oil industry, the commodity industries, as having gone so low that they are ready for a big bounce . Jon basically, i dont try to guess about futures. , guessing howngs to hedge the oil is the biggest decision we make, and the one we had the least capability of getting right. Same for everybody. I think whats going to happen out here at the moment is pretty unclear, and remain so as ever. Sorry to have a silly answer. Francine very quickly, you said it is difficult to find turnaround companies at the moment so i guess he will have to wait for intrest rate rises when will they come to fruition . Companies have Interest Rates of a percent and 10 and they run out of money quickly. When it is down they are paying rates of 3 . The bank can avoid having to put a company into bankruptcy, take it right down, by advancing a very small amount of money. You can keep the Company Going a very long time with very poor performance. That is the biggest problem we have. When Interest Rate to rise, there will be more companies coming forward, but it is quite remarkable, the number of Companies Going into turn around and restructuring is very much reduced in europe. My main to competitive funds have withdrawn from the market. Francine jon, thank you so much. Manus heres a look at what else is on our radar this wednesday morning. Soared afters a profit forecast by 25 . Discountbiggest airliners said profits have been bolstered by strong summer ticket sales and higher than expected fares. British Airways Passengers rushed to safety after a london bound jet caught fire at a u. S. Headquarters. Billowing clouds of black smoke went into the air and all passengers and crew members were safely evacuated. A second day of strike after a court force them to drop the action. 1000 flights have been canceled. Investment in north sea oil and gas projects could drop as much as 80 by 2017, as the collapse in oil prices forces the industry to cut back. That is according to an industry lobby group who says that Capital Investment across the industry will probably decline by between 2 billion pounds and 4 billion pounds annually. Manus alibaba has been stripped of its title as asias biggest Internet Company after a 10 month slide. It wiped 140 billion off its market value. Tencent now takes the number one spot. Francine Queen Elizabeth ii has become the longestserving monarch in british history. She took the throne in 1922, age 25. She surpasses her great grandmother victorias reign. Well done. Manus absolutely. Juncker says the refugee are the continents number one priority as he delivered his state of the Union Address yesterday. The First Priority is and must be the refugee crisis. Since the beginning of the year, nearly 500,000 people have made their way to europe, the vast majority of them fleeing from syria, the terror of the Islamic State in libya. , with over 200,000 refugees, in hungary, and italy with 120,000. The numbers are impressive. For some, they are frightening. Time to taket a fright. It is a time for both determined, concerted action by the european union, by its member states, and by its institutions. Francine for more on all of this lets get to hans nichols in berlin. What do you make of what we heard so far . Far inhat we heard so the migration refugee side of the equation is three important points. He came up with a dollar figure 1. 8 billion euros for refugees, for this sort of problem. He also came up with increasing border protection. Make a realm to Border Police and a coast guard. This is a little bit more macro he hinted at the demographic problems, saying lets not forget that europe is a country that is demographically in decline. It is a strong indication that he sees the refugee inflow as one way to solve at least the european repopulation problem. All this we about should take a look at the economic states as they are. You take a look at a dozen countries, not all 28 eu members are part of it, but you take a look at what it does and has 1. 2 5 billion visits. When you look at the amount of commerce, that is what is at stake. Willntioned that schengen not go down under his watch. He also throughout a lot of numbers, the numbers of new arrivals in europe. I think it bears repeating that all these numbers are in flux. We have here in germany 27,000 over the last 40 days arriving in berlin alone. They are building housing and trying to figure out some way to bring them in, but the pace of arrival is accelerating. That gets us back to the political challenge, and the Prime Minister of hungary has said all europe is doing now, by saying it will accept it, they are accelerating the problem. At a certain point, europe will be at a breaking point. Mr. Juncker is calling for a hundred 60,000 resettlement, just from those that are already here in europe already hungary, italy, and greece it doesnt do anything for the 4 million syrian refugees, 3 million in lebanon,. In turkey it is from that pool that David Cameron wants to reach his quota of 20,000. Those are different Difficult Conversations to come. Manus very much. Hans nichols in berlin on the latest from Jeanclaude Juncker. John bolton is still with us jon moulton is still with us. This is europes Biggest Issue at the moment. Jon very much so. Humanitarian angles and pure economics. On an economic basis, the demographics are notoriously poor. Getting some relatively lively, productive refugees to join the population is economically attractive to them. Itsalso their age problem, their productivity problem. You are seeing that very clearly in germanys willingness to take in large numbers of immigrants, and a fairly strong minority rightwing component very opposed. Francine i wanted to ask about capital. You were talking about the market you had a tough time are you worried about the future . Jon always. Francine are you really worried . Jon no, im quite a robust soul. We have some great successes. You play the turnaround field and you have to get used to the idea that you will have failures. End, weut the other have an aerospace engineer. Francine so there is no company you wont get involved in . Jon oh, yes, lots. Out of my career, about 100. I can assure you there are some. Manus we will get those offcamera, see who they are. You will stay with us. , what can we expect from apples big hey, siri media event . We will be looking ahead with the head of digital. Francine welcome back to the pulse, live in streaming on your tablet and phone and bloomberg. Com. A dan youle hosts will splash in San Francisco later on today, where it is expected to unveil its latest edition of the iphone. Francine bloombergs head of digital is here with more. Nate, thank you for coming on. When we look at what to watch out for apple tv, something that will block unwanted ads . Nate yes. Its amazing how much attention that is getting. Something that is very popular on the web and on desktop browsers, that hasnt really come to mobile phones yet. New iphones. Probably the most important, interesting aspect we are expecting, the ability for the screen itself to know how hard it is being pressed. On the surface that doesnt sound that interesting. That these sorts of moves allow apple to make devices thinner and remove buttons. Apple thinks they are heading in the direction that is a completely button free phone. That would be the ideal product. This allows us to get a little bit closer to that ideal, which is something the company introduced for the apple watch last year. The other thing is the apple tv, which for a long time apple has said is a hobby, something that has gone through a number of iterations. We havent seen that much attention on it since 2012. We are expecting to see a complete change to the apple tv, a change in the business model, perhaps, the introduction of an open up the apple tv platform to all caps Developers Making huge sums of money around the world on ios. Manus typically, we look at apple we simply didnt have some of these things seven or eight years ago. What will be revolutionary . Is a blocking ads, a bigger ipad, a slimmer iphone . Nate we expect so much, and it depends on how we define revolutionary. Anont think we are seeing introduction of an entirely new product category, the likes of the apple watch, the ipad. Cane the iphone generally get most of the attention because of the amount of apples revenue it accounts for, and quite rightly so, it is probably the apple tv that will see the most significant change. We are talking about a platform that has been very affordable, and it sits under a tv and allows you to stream content. We are potentially seeing this move into the category that could be as profitable for developers as the iphone and ipad, at least in terms in terms of apps. But if it does become the next big platform, it puts it in competition with the likes of sony and microsoft on the games console side, and that is something that possibly could make apple a lot of money. Francine i think it is something it has a touchscreen, so you can play games. Jon, youre not crazy about tech at the moment. You think valuations are too high. Jon they are indeed. Francine anything with apple . That has a cool factor. Jon it does, though i would prefer its 200 billion in cash. It is amazingly successful. These products field to me rather more incremental no new concept. Forward to this precious entity, sticking my fingers straight through the machine. Manus you were writing down a few notes the alibaba stor y, that takes you back to the china story. Jon apple is a big china seller, isnt it . More than a quarter of its sales are there. It is a recorder in china. Andg part of the story apple share price effect that in a lot of ways. The technology i love i love investing in technology, but it is rarely as good as the stuff apple does, its applications have gone bonkers. Stacks of private companies, a billion plus now in the united states, even in the u. K. , coming in well over half a billion pounds, valuations for companies with revenues in futures. We are seeing startups in pharma, as well. It is a bubble. Francine thank you so much. We will see what the apple event brings in San Francisco. The event kicks off at 6 p. M. U. K. Time the only way to get better is to challenge yourself, and thats what were doing at xfinity. We are challenging ourselves to improve every aspect of your experience. And this includes our commitment to being on time. Every time. Thats why if were ever late for an appointment, well credit your account 20. Its our promise to you. Were doing everything we can to give you the best experience possible. Because we should fit into your life. Not the other way around. Francine welcome back to the pulse, live from london. Manus we just got breaking news july Industrial Production falls by 4 10 of 1 . The estimate was for a growth, so we are seeing a contraction the question is it momentary, transitory . Not exactly a germanic the question is how long will this day . Francine lets bring in jon moulton. We are looking at possibly the invocation of high Interest Rates. Productivity is not great, industrial output is falling. We arent sure whats going on to war and an Interest Rate hike. Jon well, the argument for high Interest Rates is quite interesting. A low Interest Rate eventually causes a lot of damage. No Interest Rates mean you dont have a siv, something forcing you to loosen Bad Companies to be forced out. So why do we do the high Interest Rates . I think you deserve high Interest Rates to take a risk, for investing money to take a risk. Higher Interest Rates we need. If the economy is Strong Enough manus these exports have dropped jon its interesting. You will see no relationship between gdp and Interest Rates. Inflation is barely present. Inus there is an issue these numbers exports dropped, sterling is strong, a phenomenal run. Exports are under pressure. There are headwinds for us. Jon particularly in manufacturing and Industrial Production, where you are very dependent on exports. Those markets are slowing down. Sterling has stiffened up. We were amazed to find out that the consensus was it would be up and i cant imagine how it would be. I thought it would be down. Manus a tenths of 1 . 8 10 of 1 . Jon all the markets are down in manufacturing. The government has failed in its rebalancing of the economy towards manufacturing. Really, quite badly. Francine what does it mean for the future . Jon it means that we are ever more dependent on services in the u. K. , and that we need to find something to do about getting the productivity and effectiveness of our money. Currency is in a complete prosperity. Switzerland is doing quite well. Manus if you had a chance to sit down and get productivity up, you would get involved in businesses to turn them around. What is the clear message that you need to do . Jon there are some very simple things regulation is the obvious target. The government talks a lot about regulation. We need to get rid of as much regulation. As we sensibly can. It wont solve the whole problem but it will give you a shortterm kick. Longterm, it is about education, status and the suremy, it is making manufacturing is a respected part of the economy, that we have the right types of people to do it. There is no clear shortage of electrical engineers, and that goes back to immigration policy, too. If your aim is to improve manufacturing, the list ive just given can tap into most of what you can do. Francine thank you so much. Manus lets get you up to speed with the top headlines. European markets are up this morning following a big positive swing in asia and japan, the nikkei jumping by 7. 7 , the biggest oneday gain since october, 2008, coming amidst optimism that chinese policymakers will succeed in stabilizing mainland equity markets. Francine juncker says the refugee crisis is a top priority in an address this morning. He insisted that it is a fundamental right, and says that more needs to be done in managing refugees. Manus shares have soared after the Company Raised its profit forecast by 25 . Europes Biggest Discount airline says profits are bolstered by a strong summer ticket sale. Francine british Airways Passengers have rushed to safety after a london jet caught fire in las vegas. The blaze sent flames and clouds of black smoke into the air. All 159 passengers and 13 crewmembers were safely evacuated. Only two minor injuries were reported according to a statement. Next, volatility in the gold market. Is it still a haven . We will ask the chairman of the Goldmining Company. Peter hamburg joins us after this short break. Francine welcome back to the pulse, live from london. Manus we have heard a lot about market volatility over the last few weeks, so just where are the havens . Gold certainly has had its moment against the other precious metals. Overall, we are down over 5 for the year. We are joined now by peter, the chairman of the Goldmining Company who has been working in the Financial Market for a few years. Welcome to open with the pulse, sir. Lcome to the pulse, is it still a haven for you, in your opinion . Believe it is. I have in my hand a gold coin, minted in belgian. It buysrs ago, it and the same amount of bread today. Francine it probably buys more. Peter buys an awful lot of bread, but the same amount. Manus 2000 years. Francine there has been so much , and that brings investors to be concerned about the future. How do you see all of this . And you have something else. Problem ist the that when you talk about gold, this is an investment with speculators. Its not the physical thing. Peters the alternative is paper gold. Other peoples promises. That is nobodys promise this, you can feel the weight. Francine but the price fluctuates. This is paper we are talking about, which is weather has been so much volatility. Peters promises are the things that vary. Haveou sure it is good to futures as the real thing . In the shanghai market, which is the only big physical market, recently introduced by the chinese, year on year, they fromered 55 million ounces august to august, 65 billion worth of physical gold. The worldst half supply. When you add to that the goal that has been bought by icbc, chinese are the biggest producer in the world. Done forchinese have their people by encouraging to buy gold, than devaluing their currency francine you think the prices going up . Peters it is less stable, and that is what you want. Gold is what i call wealth insurance. The pboc are buying gold as a form of currency. Will that demand continue . Is that your baseline scenario . Thers my baseline is that people have been buying it in enormous quantities. It is virtually impossible to get physically gold to ship to these countries. We get permanent requests in russia now would we please sell our physical gold to india and china . I really worry that the market, the paper market, is something that could be stamped on, people say sorry, we will have a financial closeout. You ought to be in the physical business. Francine its difficult and dangerous to store. It statistically becomes a lot harder to manage. Peters yes. Under the bed is a great place. [laughter] francine talk to us a little bit about your concern for Interest Rates rising and whether the first fed move makes a difference. Peters do you think the fed will . I am not convinced. The cost of funding will go up. That will increase the deficit. At a time when china is selling treasuries, its not a good time. The labor market its not as strong as people think it is. I dont think this will happen. I think there is talk of it because there is a real worry about financial instability. Threats of Interest Rate rises perception is the new truth. Manus shouldnt they get on and get us to some level of normality . It says to the world, our economy is strong, we can begin to think about moving off to another set of normals . Peters but you can also say we will do it because our economy is strong and not do it. It is all about perception. Francine perception. Thank you so much for coming on. You will have to come back. Peter hambro. Manus here are some of our other top headlines. Days after launching its first foray into asia, netflix has announced more plans for the region. It says it will expand further, injury high one, taiwan, singapore, and south korea. It hit screens in japan last week offering original local content for the first time. Francine Hillary Clinton has apologized for the first time for using a private email server during her time as secretary of state. Speaking to abc, the democrat said the decision was a mistake for which she is sorry and takes full responsibility. Clinton insists her use of private email was legal, but her opponents argue that a kind of compromise u. S. National security. Launchedllsroyce has a new convertible for ultrarich drivers despite slumping sales. Figures carries a 330,000 price tag. And admits that the slowdown in china has been much faster than expected, forcing a substantial fall in demand for luxury items. Says it is hard to know how much sales elsewhere can compensate. The china market is currently seeing quite a contraction in the luxury business. Many reasons behind that, and of course we are well protected, and i must even say quite potential. Francine lets take a good look at the new car with tim elliott. If you are shopping for new rollsroyce you have only three choices. That would is a big deal when it unveils something new, and this one is a doozy. It is called the dawn, and is t is a 6. 6 liter drophead convertible that will cost you upwards of 300,000. At top speed is 150 Miles Per Hour. The car is different from its siblings, starting with its nonghostly name. Dawn refers to the original silver dawn it first made in the 1950s. Only 28 were made. It is hoping that it will be as treasured as its predecessor. It has the long nose, short and high shoulder that we all recognize, that the grill is different. It is recessed into a front bumper that is lower and wider. The interior of the car is truly beautiful. The entire cabin is surrounded by paneling, and the technology is impeccably rollsroyce. There is a nighttime heat detection system that can see humans and animals in the dark. Right top did the because nothing is more romantic than driving a convertible in the rain at night and hearing the drop spattering the roof. But i prefer the silence, aspects, and increase in durability of the hardtop. Tickets to 60 Miles Per Hour in 4. 5 seconds with the fuel efficiency of 90 miles per gallon. Those are not especially oppressive numbers, but i have a feeling you will be so taken with the wood paneling, the audio system, and glove Leather Seats that you wont mind. The paneling gets me every single time. , Queen Elizabeth up next, Queen Elizabeth has become the second longestserving monarch in british history to date, but the longer she reigns, the last wealthy she looks. Why question mark we explain after the break. Francine welcome back to the pulse, streaming on your tablet, phone, and bloomberg. Com. Manus what do the new york Empire State Building and malaysias patroness tower and the burj khalifa have in common . Orh skyscraper broke ground opened just as the countrys once booming economy crashed, known as the skyscraper index. The next example might just be a tower opening soon in the heart of chinas financial capital. Francine Stephen Engle reports from shanghai. In the last 40 years there has been no bigger boomtown been shanghai, illustrating in gleaming glass and steel chinas economic ascent. The shanghai tower punctuates that point, the worlds second tallest building, a spiraling feat of engineering that supposedly is impervious to earthquakes and typhoons. But it is the economic headwind that maybe the bigger threat. Ground broke months into the Global Financial crisis of 2008, and it will open just as chinas economy shows signs of buckling. The man who calls the tower his second child explains how he views the growing pains. The construction of such a huge building happens when the economy is growing. Construction takes time, and some may end up competing with the economy starts going down again. The exact opposite is happening here. We started construction when the economy was bad. It is completed now when things are getting better. Relatively speaking. The u. S. Architectural firm envisioned the multibilliondollar building being more forward leaning. They want us to give them a vision of the future. That has a thermos like transparent skin and Wind Turbines up top for energy efficiency. A captures and recycles rainwater and has multiple sky gardens, for markets in Public Meeting places. Now that shanghai has completed its three tallest skyscrapers, the postmodern tower, the japanese owned World Finance center, and the curvy shanghai say therban planners challenge now is to create a community in the Central Business district rather than having three tall, separate silos. Ofthis question or problem how to make a problem a crucial question. Stutterse greenspan modern urban living. Buildings are by their nature controlled spaces. I think that is a big problem. How do you let an interior of the building become the free space of the street . It is a very difficult proposition, particularly difficult in china. As chinese policymakers must now be realizing, an open spiraling market economy may be far more difficult to control. Stephen engle, bloomberg, shanghai. Hascine Queen Elizabeth ii become the longest reigning monarch in british history, ruling an unprecedented period of wealth. She reignsive six decades later. Now bywe are joined devon. Is she really, relatively pauper . , of pa stretch not by any although within billionaires, she is not worth that much. 450 million only makes her worth 3 of the uks richest person. She is not worth that much. However her personal assets, if you were to include all the assets beyond that houses, the jewels, Buckingham Palace those are worth a lot more, but they dont belong to her. There in the crown estate and they belonged to the british people. Ncine the royal brand they are in charge of the face of the new royals that is quite powerful. That brand has become more powerful in the last five years. Devon absolutely. A Brand Finance company put the value of that brand, including the hard assets, at 89 billion. That number would make the brand, if Queen Elizabeth owned all of that, easily the richest person in the world. Richer than gates, then buffett. Manus in terms of comprehension, there is also the great debate of the economy and the impacts that she has when she travels in terms of the assets. When you look at a brand like this, how do you perceive her global position . Devon it is very strong. If you look at the brand of the monarchy, you have to see how is that affecting the u. K. . You have all these people all over the world coming to visit the u. K. , spending money, crowding outside Kensington Palace to see a glimpse of the prince and princess. They are pouring money into the economy, and that makes her an extremely powerful brand, because she has basically represented all of this wealth, encapsulated in one family. It is irreplaceable. It is something that has lasted for generations. You cant buy or sell it. But at the same time, it is something that has tremendous impact on the u. K. Francine thank you so much. Manus for those listening on bloomberg radio, the first word is up next. For our viewers, we have a cracking lineup. Francine more on the asian stocks surge on the apple announcement, and exclusive interview with the former chairman. Manus jump onto twitter our areter question du jour, you looking forward to the apple launch . Do you think we will get value out of the press launch . Thepulse. We are back, stay with us. Manus stocks rise across the board. Manus the nneka jumps the most since 2008 amid optimism chinese policymakers will succeed in stabilizing equity markets. Francine ryanair raises its Profit Guidance by 25 . Manus and Jeanclaude Juncker says the refugee crisis is the continents top priority, as he gives his state of the Union Address. Good morning to our viewers in europe and africa. Good evening to those in asia and welcome to those waking up in the united states. Francine this is the pulse live from london. Kkei hasapans nneki reported the biggest oneday gain since 2008. Optimism chinese policymakers will succeed in stabilizing equity markets. Francine the chinese premier will address the opening session of the World Economic forum and discuss the state of chinas economy later this morning. Lets get around above the market moves with mark barton. Mark high hopes china will stabilize the market. The shanghai composite raising 5. 3 . Pacific index biggest gain since 2000 and. The since 2009. Japans nikkei. What a difference a day makes. Up by 7. 7 . As you say the biggest increase since 2008. Quite incredible. I have looked at it from a different perspective. Yes, we have risen today. Look at how far we have come since the early 1980s. Back in the early 1980s, we saw a massive ramp up in the nikkei 225. Since then, we have come down to the end of 2008, creeping upwa rd. From there to there, it is a drop of 52 . That is a big retracement. Commodity currencies today. South africa, australia, new zealand, malaysia they are all rising today because of what is happening out of china. The rout on monday the rand has fallen 15 today but has risen for the second consecutive day. Today is very much a day where theres real appetite for riskier assets. European stocks rising for the third consecutive day. The longest winning streak since over a month. Get in here. I thought we would look at the dax index in germany. Along with spain and france, germany has been hit hardest by the equity selloff since china devalue the yuan. It is a big market for Companies Like bmw. Since it reached a record high, itsax, in april, fallen by 15 . From there to there was a bear market. By 15 . T is down what a day. All on the belief that china has stabilized and will stabilize its markets. Manus and that is the perennial bet. Mark baton, thank you for rounding that up for us. Francine despite raises concerns about chinas slowdown, the worlds third richest man Warren Buffett does not seem too concerned. Manus hear what he has to say to bloomberg. I think it is unlikely there is a great slowdown, but it always can. It is not been a Straight Line in this country. But what i look at is five or 10 or 20 years out. That americao way is not going to make progress, china is not going to make progress over that time. European equities offer a safe haven in times of economic uncertainty. Rory, great to have you with us on the pulse. Nothing goes in a Straight Line. Those are the words of a longterm investor. I presume you concur. Rory i do, yeah. The volatility with seen today is a function of volatility. For a littletinue while. We have a lot of uncertainty regarding the chinese situation. Hikes. Fed rate francine where do you see value, and how much you care about when the fed hikes . Ever whene thing that the snow, or if it is a small rate hike, does it matter . Rory there has never been so much coverage of a rate hike. What the chinese situation has shown us is there is likely to be some element of global gdp impact. So the necessity for an hikeiately rate would be somewhat lessened. The dollar strengthening. There is already a little bit of tightening going on in the u. S. As it is without the rate hike. The Market Reaction to a rate hike would be relatively muted, given it has been given so wellcovered. It is all about the confidence and the fed needs to be in the front in terms of inflation expectations. With a bit of luck they will do it. My sense is that the economic recovery in the u. S. Is quite resilient. And they should probably just get on. Manus crack on. Then we can talk about what the next series of rate hikes are going to be. The nikkei up at the close of business, up over some percent at one juncture. A rally in europe, a turnaround and some of these markets. Do you trust this kind of rally . Rory no. I think we are in for a period of volatility. Increase. Ns of it feels like volatility might be here to stay for a little while until he get parity clarity around the fed and chinese policy response. So, to my mind, we are in a period of volatility. Francine what do you buy into . Rory europe offers a safe haven. torts from the e. U. Are 10 china. In absolute terms, export growth has been strong from europe to china. The level of exports is still less than 10 of exports. It has been a key driver of growth. European trade is going to be the driver Going Forward and there are Many Companies within europe that can take advantage of that. Francine if we manus if we look at that domestic play versus the export play, is it the german companies, is that the Consumer Companies, what are the companys, the nature of the companies we need to look at that is going to be the domestic focus . Focus . Intrra europe rory . E. U. Exports 1. 9 show you euros outside the e. U. 9tra european trade is 29 trillion. 10 goes to china. Have beenters beneficiaries of chinese expansion. I get that. I understand that, but the intra european trade, things like banks, support services, things like Consumer Companies within europe, there are many opportunities that can take advantage of that improving Economic Outlook within the european environment. Francine are you concerned about valuations being too high . I guess it is also the unloved thatsof 2015 or 2014 where you want to be, right . Probably not tech . Rory there are some interesting europe,ortunities in actually. I do not want to get into specifics but we find value in technology. Financials and banks, especially. I think valuations overall in europe look pretty attractive. We have got 14 times long term valuation measures look attractive relative to the u. S. Broadly isto europe this expansion in margins we have not seen it. Margins is 50 to the u. S. We have got this potential profit recovery coming through. As i say, i think that happens with a lot within a lot of the intra european companies. Manus a profit upgrade for reiner. Ryannair. And abb. Any big thoughts on those kinds of areas . They are less exposed. Rory yeah, well, we are keeping a very significant eye are in and are in contact with companies we own on the ground. We have not seen a slowdown from asia as a yet. Companies are telling us the slowdown in emerging market has been going on for quite oil, but we have not seen a significant has been going on for quite a while. So, companies that can restructure, companies that can improve their, profitability are all vehicles we are looking at now. Francine thanks so much for that. Manus heres a look at what else is on our radar this wednesday. Lets kick it off. The pound has fallen against the dollar this morning after much weaker than expected u. K. Factory data. Total production fell by 0. 4 from june, far worse than estimates. Of British Goods abroad fell 9. 2 on the month, contributing to the biggest drop in factory output since generate. Shares haveanair sores after the Company Raised its fullyear profit forecast by 25 . 1. 225 billion make euros. Profits have been bolstered by ticket sales at higherthanexpected fares. Manus british Airways Passengers have been russia safety after a london jet caught fire at a las vegas airport. Passengers and 13 crew members were evacuated from the boeing 777. Arecine pilot at lufthansa striking for a second day. More than 1000 flights have been canceled. Manus investment in the u. K. North sea oil and gas projects could drop as much as 80 by 2017. As a collapse in oil prices forces the industry to cut back, according to the oil and gas u. K. Oil prices have fallen 25 in the last three months. Francine alibaba has been stripped of its crown of asias biggest Internet Company. . 10 holdings takes the number one spot. Iius and Queen Elizabeth has become the longestserving monarch in british history. She took over in 1952, aged 25. She surpasses her greatgrandmother tori who held the previous record of 53 years and seven months and two days. Her greatgrandmother queen victoria. Francine up next, Jeanclaude Juncker says the refugee crisis is the continents First Priority. What is he going to do about it . We bring you details after the break. Manus welcome back to the pulse live from london. Jeanclaude juncker has proposed a 1. 8 billion euro fudnd to attack the european refugee crisis. Jeanclaude juncker the commission today is proposing to establish an Emergency Trust fund starting with 1. 8 billion toros from our common e. U. Ddress the crisis in the north of africa. We want to help create lasting stability for instance by creating Employment Opportunities in global communities and thereby address the root causes of destabilization, forced displacement, and the legal migration. Francine hans, watches junckers strategy appear to be . Hans he appears to be doubling down. He is trying to shame other countries into accepting more refugees. Word migrantd the once, focusing on the refugee side of the equation. He had one line that i thought stood out saying there has been enough fingerpointing but not enough fingerprinting, meaning there needs to be more registration coming in. One of the more important things he called for and this needs to be implemented by a variety of National Legislatures he wants refugees to have the right to work from day one. And he almost seemed to be taunting europe by saying look, europe has a demographic crisis. A problem with having enough new and young workers, fresh workers it seemed to be suggesting the refugees could help solve that part of the process. He also did talk about tightening up on borders. You see now, even today after all the back and forth and hungary talking about deploying troops to their border, migrant refugees are still crossing the border from serbia into hungary. That is by no means a secure border. He did talk about having more of a coast guard, more than ability to police europes borders. We have his numbers, 160,000, an d numbers trickling in that will be far outstripping that. You look what is happening in berlin every day. Everyrefugees coming in day. The last four days of all germany. 27,000. A settlement plan of 160,000. Do the math. Likely to be insufficient. A much biggerises issue, which is in regards to the agreement. Did he say anything in that regard . Hans yeah. Theaid, it will not go by wayside under his commission presidency. He made a very robust defense of that. When you take a look at what that does. 28 members of the shengen are only 26. He was clear that this is something manys to be preserved for the sake of come for the sake of commerce and growth. For the economic crisis we have spent the last six month talking about, he says he would you would not be at a crisis until you have full employment across the european, the euro zone. We are a long way away from full employment across any e. U. Country, even germany. Guys . Francine up next, what can we expect from apples big media later. We will look ahead with bloombergs head of digital. We are just getting started. Francine welcome back to the pulse live bloomberg tv streaming and on bloomberg. Com. Amids have rallied confidence that chinas will be able to stabilize its equity markets. One company is bulgari. The chief executive has been speaking to bloomberg at the worlds Retail Congress in rome. When we talk about slow down, we should keep in mind that the stockis exchange in erosion has brought the level back to what we all considered a very good level in september 2014. Its a correction. When it comes to gdp growth last year. Its 7. 2 that is 6. 8 year after year. Economy develops new consumers with discretionary money. That morer bulgari is than ever we invest in the chinese market, more media, more reputation for the brand. Were not closing it in china. We are further opening boutiques. We see very positive growth in that country. Also with many traveling chinese. [indiscernible] we see it as rather a positive in china. Manus apple opens its and host its annual splash today. Planning to unveil its latest iphone. Nate, what should we be watching, reinforced glass or they figures . Nate you can watch out for both. The emphasis on the new iphone, what we are expecting is a new type of screen. When apple introduced the watch last year, one of the notable features was that it was able to detect how hard the screen was being pressed. Added a third dimension to the interaction people had with the devices. Its expected that apple is going to bring this into the phone. Syndicatednot sound but it allows apple to remove functions from buttons in future iterations. It would allow you not just to tap or double tap or swipe but to press with multiple fingers. In terms of interactivity and what that means for apps in the future is quite significant. So that is something in terms of the iphone that we are looking for. Francine then there is apple tv. This could start rivaling game consoles. Nate potentially. The expectation is apple tv will become a much bigger part of apples portfolio. In particular, the device we are expecting us to get its own app store, which it has not has so far. It has not really been updated properly since 2012. It is a product that is long overdue. In that time, weve seen a huge rise in the success of app stores on the iphone. And this is kind of the next big thing potentially for developers is getting there apps. That apple has a no name for in the industry on the television. That could be a huge deal. Manus talk about the gaming industry, because where or how could they fit into that . How can they compete with the likes of sony or microsoft . Nate it is a discussion if apple of the sizes gamy. One of the key differences is that apple tv does not ship with any kind of interactive controller which is the orfference between xbox playstation. If youre using a phone or a tablet or if apple does ship wireless utilities used for gaming, then it becomes a very low cost, very potentially rich gaming platform. It is not going to be able to compete in terms of graphical performance, which is what gamers look for in playstation or xbox. But it could beat them significantly on price, on ranges of products. It could introduce a new market of people to gaming, because said me they have got a lowcost products sitting underneath there tv that said me they can play with or with their children. That could be a big deal because apps in the stores of they are not free, they are not more than a few dollars. On sonys platforms, microsoft, we could be talking tens. Francine thank you so much for that. K price is not move, but the share price has been so much under pressure that investors will want to try and figure out if growth is still there. Manus absolutely. The question is whether you have apple or amazon in your portfolio. We take a look at somebody who is is having a great day. I think. Francine yep. We will talk about the apple event in San Francisco who is having a great day . Its the queen. Manus she is the longestserving british monarch. This is a great place to work. Not because they have yoga meetings and a juice bar. Because theyre getting comcast business internet. Comcast business offers convenient installation appointments that work around your schedule. And it takes done. About an hour. Get reliable internet thats up to five times faster than dsl from the phone company. Call 8005016000 to switch today. Perks are nice. But the best thing you can give your business is comcast business. Comcast business. Built for business. Tand thats what were doings to chat xfinity. Rself, we are challenging ourselves to improve every aspect of your experience. And this includes our commitment to being on time. Every time. Thats why if were ever late for an appointment, well credit your account 20. Its our promise to you. Were doing everything we can to give you the best experience possible. Because we should fit into your life. Not the other way around. Francine welcome back to the pulse live in london. You up to speed with the top headlines. European markets are up this morning following on from pretty positive swings in asia. Nikkei jumps 7. 7 , the biggest gain since october, two thousand eight, amid optimism that policymakers in china will succeed in stabilizing mainland equity markets. Francine Jeanclaude Juncker says the refugee crisis is the continents top priority. Speaking in his state of the Union Address this morning, he insisted that asylum is a fundamental right. Id more needs to be done to manage the European Unions borders. Manus ryanair shares have soared. Expects to make between 1. 75 and 1. 22 5 billion euros. Europes Biggest Discount airline says profits have been bolstered by strong ticket sales and higher than expected fares. Manus British Airway passengers have pressure safety after a london bound jet francine caught fire at a las vegas airport. It sent billowing clouds of smoke into the air. All 159 passengers were safely evacuated. Only two minor injuries were reported according to a mccarennt from the K International airport. Manus jon ferro. For the second straight day, every single Industry Group in the green this morning. Germany up by 1. 73 . The periphery doing well. We are here in london on the ftse 100, 2 percentage points. Dominating the headlines. The Asian Session of what happened in japan overnight. 225 erasing all the gains for 2015. This morning what a move. Up 7. 71 . By percentage points, that is the biggest pop since 2008. Financial markets, the commentators, they like to astify a move, find catalyst. There is no catalyst. It is about presented about positioning. On the tokyog Stock Exchange since september 1 was shortselling. That is the biggest proportion since they started taking records in 2008. The move overnight, the size of the move, the journey is what we should be talking about. Orther it is stocks or oil bonds we keep seeing monster moves in either direction. In the fx market, sterling at 1. 5366. This one a little easier to explain. Manufacturing industrial output falls. Guess where that came out . Right there. A drop in month of july. You look at the export data. It would be easy to say he was down to the strength of the pound. When the pound is weak we do not get a pop in exports. Maybe it had nothing to do with sterling. But we are weaker this morning. Ahead of tomorrows rate decision. Who thinks they are going to hike . How quickly it has happened. For the u. S. Session, futures higher. A bank of canada decision later. Ferro talking about the journey from Central Banks and the pound. Oil has rebounded from the lowest price in a week manus but with fears with a global glut, what does the future hold for the industry . Lets bring in paolo scaroni, the former italian ceo of the Italian Energy company. The last time we caught up, fran was out, and you said get ready for lower for longer and you are not wrong. We have not touchdown into the 30s yet. Paolo it is possible. I still consider it is more likely be go to 30 rather than two 80. I still am quite bearish on oil, which means i am bullish on the european economy. Francine yes, but one thing im trying to get my head around is that with all this volatility and we see the projects being viable at 50, they are not going to be viable at 35. Do we have to worry that if we 30, in0 touch three years we are back at 120. Paolo yes. 30, if we go down to projects will be stopped, and therefore, we will have a shortage of oil in five years, no doubt. Manus one of the things that comes up, we had hes talking about the global growth. One analyst says that global Economic Outlook would be downgraded. You talk about europe benefiting from this forecast. What is your view on growth. The china fact, the european effect . Paolo china and euro will benefit from this oil price, because it is more than a discount. The u. S. Is a different story. The u. S. Are going to be a next oil exporter. So they benefiting in terms of the consumer but also worrying about their exports. Canada is going to suffer. Australia is in trouble, because it was for. Preparing to become a huge exporter of gas and the prices of gas are a realy worry. A real worry. But europe, no doubt, will benefit from it. Francine you meet many ceos. Are they feeling more confident than they were eight months ago or has the turmoil in china made them hold back doing deals . Are they saying i thought the european economy was stronger but i do not understand volatility . Paolo the chinese crisis has been a kind of surprise for everyone, but, of course, even prices have to be put into perspective. If the chinese economy grows today by 7 or 5 , 5 is still a lot, particularly in a much larger economy ot today of today. European companies are not worried very much about the exports towards china because the flow of exports continues to be fairly strong. Manus lets talk about your. They had one boost from oil. Lets talk about europe. The second punch is the euro. Euro has turned out to be a haven. Not living up to what Marriott Draghi wanted when he kicked off quantitative easing. When you talk to business, does the conversation about the euro and its strength get discussed . Paolo yes, the because the strength of the euro has been a surprise. The euro gained 4 against the dollar in the last month. Crisis course, the greek being somewhat behind us has helped. That the the fact increasing Interest Rates and america is going probably not going to happen this year. The the two factors being engines behind the euro strength. Still, the euro today is much weaker than a year ago. Francine we also have been following closely what Jeanclaude Juncker was saying in his you address talking about the refugee crisis and how it should be europes number ones priority. Dealt former ceo, you with these wartorn countries. And i know you take a keen interest in the refugee crisis. Paolo i took a keen interest as far as libya is concerned because libya was very much an italian issue, it still is. And any issue. So, i was in the middle of that. Crisis, i refugee would like to make three points. First of all, refugees and migrants, the decision between the two is not clear. No . Of course, europe needs to accept refugees and wants to decide about migrants, which is a different thing. Second, i believe that we should act in order to avoid this flow of migrants. Which can become millions and millions, not just hundreds of thousands what we are talking about. And certainly europe cannot receive millions and millions of refugee migrants. And third, we need to make a selection one day and possibly we should be making the selection where the refugees are, rather than making the selection at the Budapest Railway station. Manus does this have the ability to drive fishers. Fissures. The u. K. Talking about creating centers in wartorn refugee camps and choosing the migrants from there. Germany holding up the vanguard of what to do, what is proper. Europe is heavily divided. Paolo its divided but what have been listening about Jeanclaude Juncker today, means they. Are probably trying to find a position, a common position. It is not going to be easy because many countries in Eastern Europe simply do not want neither migrants nor. Refugees but at the end of the day, europe has shown the compatibility fo putting together countries. And i hope this time as well they will succeed finding a common position. Francine it is a very important issue. Paolo scaroni, thank you so much for joining us today. The deputy chairman of rothschild. Manus up next, well, we go for luxury. Rollsroyce, we take a look at the luxury carmakers latest model. Francine we are also getting pictures out of scotland. On the day where she becomes britains longest reigning monarch, Queen Elizabeth ii opens a new train line in scotland to her she is boarding a steam train at waverley station. We are expecting features of the queen any moment. We will try to bring those live as it is her big day. Francine welcome back to the pulse live from london on bloomberg tv. Manus our toppled headlines. Netflix announced more plans for the region. It will expand further early next year, entering hong kong, taiwan, singapore, and south korea. Netflix hit screens and japan last week offering local content. For the first time outside the u. S. Francine Hillary Clinton has apologized for using a private email server during her time as secretary of state. The president ial candidate said the decision was a mistake for which she is sorry and takes full responsibility. Clinton insists her used a private email was legal and above board, but her opponents argue it could have compromised national security. Manus royals launched rollsroyce launched a new convertible and at the altra rich ultra rich driver. 5,000awn carries a 33 price tag. However, it admits the slowdown in china has been faster than expected. Causing a substantial fall in demand for luxury items. The ceo says its hard to know how much sales elsewhere can compensate. The china market is currently seeing quite a contraction in the luxury goods business, and that is only not only true t jewelry. U many reasons behind that. We are affected by that. I must even say quite substantial. Manus lets take a closer look at what new that new car is all about. Hannah elliott. If you are shopping for a new rollsroyce, you had only three choices. The phantom, the ghost and the race. It is a big deal when rolls unveil something new. And this one is a doozy. It is called the dawn. A twin turbo 6. 6 liter v12 convertible that gets 563 horsepower and will cost you upwards of 300,000. Top speed is 155 Miles Per Hour. The car is different from its siblings, starting with its nonghostly name. Dawn refers to the original silver dawn rollsroyce early made in the early 1950s. Dawn is hoping the new will be as treasure. It has a short front overhang and high shoulder like we all recognize. But the grill is different. It is recessed into a front bumper that is lower and wider. Is trulyior of the car beautiful. The entire cabin is surrounded by handling. And the technology is impeccably rollsroyce. There is a nighttime heat detection system that can see humans and animals and the dark. Rolls said it did the writeup because nothing is more romantic and driving a convertible in the rain that night in hearing the drops pattering on the roof. But i increase i preferred the hardtop. Gets to 60 Miles Per Hour and 4. 9 seconds and 19 miles for gallon. Those are not impressive numbers. But i have a feeling you will be so taken with the wood paneling, the audio system and Leather Seats that you want mind you wnot ont mind. Francine up next, Queen Elizabeth ii has become the longestserving monarch in british history, but the longer she reigns, the less wealthy she looks. Why . Well explain after the break. Manus our bloombergs billionaires team discussing that. The expectation that her majesty might make a public statement. She has been on the throne for a while. Francine these are live pictures from scotland. Queen elizabeth ii seeing a new train line in scotland. We are expecting the monarch to arrive any minute this music is happening in scotland. She is expected to board at steam train at edinburghs waverley station. Back in two. Francine welcome back to the pulse on bloomberg tv, and strutting on the ipad and bloomberg. Com. As of today, Queen Elizabeth ii is the longest reigning monarch in british history. Since inheriting the throne in 1952, she seems relatively poor compared to other. Devon pendleton joins us. Can we really say the queen is relatively poor . Devon she is not poor. We do not have to worry about her but she is not a billionaire. Her personal assets worth 460 million. And that is not including assets that is actually owned by the crown estate, owned by the people of the u. K. Technically palaces and land. The u. K. Sea bed. Manus give me a sense of where she stacks up relative to the likes of bill gates and terms of your billionaire index . Toni 460 the queen is worth million. That includes investment portfolio, land, her royal stud and her nice stamp collection valued at 75 million. So, that is not enough to get her on the bloomberg billionaires index. But if you look at the brand of the monarchy which includes not only the assets and the crown jewels but look at the Economic Impact of the monarchy which includes people coming to see them, tourists, the knock on effects they have in the fashion world, wearing british designers. All of that together according to Brand Finance would be worth 89 billion dollars, which is richer than bill gates or build Warren Buffett. It would make her the richest person in the world. Francine this increased exponentially once Prince William got married. Devon it idid. You had an older monarchy from the later some, but having this beautiful, now the duchess of cambridge comes into the picture. Relevance. The only thing better than the wedding is a royal baby. You cant its had a tremendous effect on the brand. Manus thank you very much. Devon pendleton talking about Queen Elizabeth ii has reached a bit of a milestone. Francine what do new yorks Empire State Building and dubai burj khalifa have in common . Each skyscraper broke ground just as its countries booming economy crash. It is known as the skyscrape i ndex. Manus Stephen Engle has this report. Years, in the last 30 there has been no bigger boomtown then shang tight, illustrating an glass and steel chinas economic ascent. Tall shanghai tower peng shuai set point. A spiraling feat of engineering that supposedly impervious to earthquakes and typhoons. But it is the economic headwinds that might be the bigger threat. Broke months into the financial crisis in 2008 and will open as chinas economy shows signs of ugly. Of buckling. The construction of such a huge building happens when the economy is growing. Construction takes time. And some may end up completing money economy starts going down again. The exact opposite is happening here. We started construction when the economy was bad. So its completed now when things are getting better. Stephen relatively speaking, but gu and the u. S. Architectural firm envision the building being more forward leaning. They want us to give them a vision of the future. Stephen it has a transparent skin and Wind Turbines for energy efficiency. It recycles rainwater and has multiple sky gardens for Public Meeting places. Now that shanghai has completed skyscrapersllest all kitty corner from each other. Urban planners say the challenge now is to create a community in the Central Business district rather than having three separate silos. This question or problem of how to make a tower a livable space is a crucial question. Anna greenspan is the offer of the book shanghai future. Anna buildings are controlled spaces. So, i think that is a big problem. So, how do you let an interior of a building become the free s pace of the street is a very difficult proposition. Difficult in china s chinese policymakers may be realizing, and open, spiraling market economy may be more difficult to control. Now, talking about china, we have a great a big call from citigroup. Seeing 55 of risk that we enter a global recession because of what has been happening in china. This is a call from the chief economist. Saying that that there will be somekind, a 55 chance of kind of global recession and the next couple years because of what we see made in china. Manus which is different to their conversations we are having, that policies, rate cuts will help us get through. But that is a big call from a man who has been around quite a while. Francine when you read the report, he is saying that unlike the last two decades where we had it spearheaded by the u. S. , this would be solely on emerging markets. Surveillance is up next. Announcer this is bloomberg surveillance. Cat bounces as global marke catch a bit. Janet yellen may be signal to raise rates. The modest announcement in San Francisco, the unspoken. Can this reinvigorate ipad sales . And a conversation with bill priest, the king of cash flow. Good morning, everyone. This is bloomberg surveillance , live from our headquarters in new york. Im tom keene. With me, michael mckee. Michael, the twoyear yield, does that signal that janet yellen has to act . Michael if the fed were going to raise rates that is not seem to be the market perception. Other factors seem to be at work. Tom 93 degrees yesterday. It was a good time to get a cold. Michael only you could do that. The markets are better. That is a good thing. Tom lets get top headlines with ramy inocencio. Ro globale is a