London. Manus im manus cranny. We have a lot going on in the next hour, but the eu and turkey have agreed measures to help handle the refugee crisis, including a 3 billion euro assistance package. Francine meanwhile, russia has widened the sanctions against turkey in the wake of the shooting down of one of its planes. Here is donald tusk on the euturkey deal. Outur set agreement sets the reestablishment. Will also step up our assistance to Syrian Refugees in turkey through a new refugee facility of 3 billion euros. Manus lets get more with our Brussels Bureau chief, jones hayden, and Ryan Chilcote. Is the euat actually offering, and what do they expect in return . Main thing onhe the table is this 3 billion euro package. This is to go specifically to help the syrian that turkey is trying to deal with their in turkey. There in turkey. The eu help they can stem the tide of migrants coming to europe by dealing with the situation in turkey, and turkeys leverage has gone way up because it is a big linchpin in the whole crisis that the eu is facing. Mr. Tusk earlier said that 1. 5 million refugees came into the eu this year. That is a massive number and it is straining the resources of all the eu governments. They are really trying to work with turkey in order to get a deal that will help stop that flow and solve the problem at the border. Jones, what did we hear about the possibility of this eu membership from turkey . Jones this is another one of the things that the eu is dangling for turkey in return for helping with the refugee situation. They have said that they would open one more chapter in the eu negotiations. The talks have been stalled for about a decade now, and turkey really wants to see progress, so that you said they will open a chapter in december, the economics chapter, and will see about opening more chapters next year as well. In addition, they said they will look at easing the visa requirements for turks coming into the eu. This is Something Else turkey is interested in getting, and they are hoping that by next october they will have a deal that will arrange this visa liberalization for turkish people to travel in eu. Manus i think its fascinating that merkel talks about business being the Building Block toward plan. Is there a marriage in terms of the expectation . They think they will get and what the eu can deliver them . So, but it will be in the details. We have the broad outlines of deal,eel, some of this but in fact only 500 million of the 300 billion pledge has been set. The rest of it needs to come from the member states, and we dont have the details on that. Some of the members were very clear about not talking about a blank check, that help for the refugees to fix the situation. Francine jones, thank you so much. Lets go straight to our russian expert, Ryan Chilcote, here in the studio. What thewe look at russiaturkey spat has been, russia has a huge role to play in the middle east. Can you update us on the sanctions . Ryan we learned three things over the weekend one is that russia has hired turkish nationals has banned the hiring of turkish nationals. More formalization of what we already knew. Russia will ban or suspend visafree travel for turks coming in. If you want to go to russia in 2016, you will have to get a visa. Russia has also banned chartered flights from flying to turkey. A lot of tour operators have already canceled their trips to russia in anticipation of the sanctioning. They know on which side their bread is buttered. Nonetheless, escalation. We will get an update on the sanctions by tomorrow. It all depends on what may or may not happen at those talks. Manus lets bring you into the conversation. The past four weeks have been monumental, both in terms of terror attacks, the movement and commodities, the political issues in turkey and syria what is the major concern for you as an investor . It is justin a way continuing uncertainty. The emerging markets have been under tremendous pressure and this increases the agony they have. In the case of turkey, there is a deficit because you have more than 4 million tourists coming from russia. Number, thatf that is up by about half a percent. That is a significant wor rsening. I think it is an increase in risk but it is not an increase in terms of the major market. What emerging markets would you therefore because the on . Tious mr. Shah we know that the commodity cycle has been in downturn and they remain very course all of of emerging europe becomes a bit more stressful in terms of what is happening, in the eu will make sure that the liquidity keeps flowing in. There will be ample liquidity for the banking system. About theare talking current account deficits in turkey there are some people out there saying that this trade spat could go further, and that russia has no export interest in banning the export of its natural gas. Some think that the turkey would shut off the strait to rus sia. If that was to happen, do you think how big of a deal would it be . Would it be a geopolitical risk . Mr. Shah to start off with, close to 60 of the turkish cash comes from gas. Is reallyf the gas important. The statements that have been coming out is that there is no intention to stop the flow of gas. I think we will get a lot more increases in sanctions. That important, even though everything they are talking about it is going to the quite critical. Ryan, will there be a meeting between putin and erdouan . This could be the rapprochement. Ryan we know that he asked for a meeting. Of russian president spokesman confirmed it on saturday, and said we are thinking about it. What i will say is that over the weekend, the turks are getting increasingly conciliatory. Apology, but he did say that they were not happy with what had happened, and the turkish Prime Minister was talking about the need to dow back tensions. The russians are pretty upset in they could go further. Francine Ryan Chilcote and ashok shah. We have plenty more to talk about, concluding Central Banks. Manus heres whats on the radar imf officials gather in washington to decide whether to make the chinese yuan one of the reserve currencies. If approved it would sit alongside the dollar, euro, pound, and yen. Francine the Climate Change conference kicks off in paris today. Francois hollande and ban kimoon will make the opening speeches. President obama is then scheduled to have dinner with Francois Hollande. The conference aims to reach an accord on reducing pollution to curb global warming. Manus french authorities detained more than 200 people after protests in favor of a global Climate Change court. They threw projectiles at the least and were met with tear gas. French president Francois Hollande said it had nothing to do with the environment; they were just there to create insolence. Francine coming up, we go live to paris to the biggest diplomatic event since 1948, with over 140 World Leaders convening. Copenhagen. T in lets hope this time we get something a little more. We will talk oh Climate Change, next. Francine the conference is underway to agree on new global targets for Greenhouse Gas emissions. Some of the climate jargon will be central to discussions in we have a special report. Decisions can often hinge entirely on semantics. Climate change discussions are no different. Before you get too excited about it, make sure you understand what is being said. If a decision has been made, then Pay Attention the decision is a formal agreement that leads to binding action. Confusedld be c with formal agreements. The resolution is not legally binding. Keep an eye out for square brackets and may look innocuous, but any phrases under negotiation, therefore nonbinding. If you hear the word basic, it is probably more serious than it sounds. They are a strong block made up of emerging nations. They have been prominent since 2009. Big player with a history of blocking key decisions. Members,mprises of 134 including china. Are nationally determined contributions and longterm goals. After the collapse of the eover, these were requested and are expected to form the basis of the agreement. To let the acronyms fool you. These are the most important for the whole operation. These permanent subsidiary out the key issues before reporting back to the government bodies. Even when it comes to saving the planet, the devil is in the details. Manus the devil will be in the details and the acronyms. Lets go to Caroline Hyde to see if she has learned them all. She is alongside 140 plus World Leaders. Barack obama has spoken. Caroline, what has he said . What is the american position . This was a huge level of expectation, but nothing was delivered. Caroline and remember, back in 2009, the United States was still the worlds biggest polluter. But now it is china, and already we had a sideline meeting and xi jingping obama, already meeting on the sidelines and putting words out to the press, saying that the leadership in china is vital. Meanwhile, xi jingping is saying that they are working hard to make progress. Nowhere has cooperation been more fruitful than in Climate Change with china, so says obama. This is the seachange this is the difference. We have the developed world in developing world getting behind putting up their pledges, what helpwill do come 2020 to reduce Climate Change emissions and help stop the rising global temperatures. At the moment, the pledge is currently get about 180 countries. We see about 2. 7 increase in world temperatures. That is still too much. We need less than two degrees increase in world temperatures or entire countries are at risk. Bangladesh could be underwater, new york, miami, key cities at lowlying levels could be under threat. There is significant money also on the table 2. 6 trillion in being saidalready that they will be put into fossil fuels think of the huge scale of change that will go on from a company basis when we start to see a movement from fossil fuel toward cleaner energy, renewables. This is whats really going to be under the focus for today the emerging markets role, china and india, cities, companies more than 2000 cities and companies have said that they will help as well. Tech is to the rescue bill gates came out and said he will step up a Clean Energy Fund with the help of activists like zuckerberg and jack ma to help fund new startups. The development of cleaner energy where countries also help double. Francine im sure theres quite a lot of excitement in the room, because we are expecting Francois Hollande to kick off the fortnight, these 15 days of talks. But im still trying to understand is that it is very likely that we will get some kind of treaty, or some kind of agreement, we dont know whether it will be legally binding. We dont know whether there will be targets is that right . Caroline exactly right. The key issue is the United States on this particular area, because last time legally binding didnt get through the senate, and they are worried that thisll be the issue. They want to legally binding agreement on any action to reduce Climate Change. Some parts could be legally binding to monitor climate emissions, but not the actual climate targets themselves. Also the key challenges would be how you improve the targets. At the moment the targets will only curtail temperatures rising by 2. 7 degrees. We needed below two. You make them tougher as time goes on and another key challenge was the promise of 100 billion per year to the emerging markets to help upset the Economic Cost of the cleanup. How will they do this . How they start to put this money to work . I think what is interesting is the fact that you do have the biggest polluter china, india now signing up and making proclamations. China says they will peak commissions by 2030 and cut emissions per unit of economic output by 60 60 5 . India is less ambitious. In i think the Key Countries terms of who has the most ambitious target is brazil and mexico and south korea. Manus caroline, thank you very much. Caroline hyde covering all the events that cop21. We are waiting for hollande. Im not being trite, but from an investment point of view, does it mean things will be odious for utilities . Francine the foreign minister of frances kicking off it is starting. Its just starting. Ashok . Mr. Shah we dont have legally binding targets, but mr. Hollande has good intentions. To think the big issue will be what kind to do and deliver, and what india will deliver, because they are the fastestgrowing country out there in terms of emerging economies. Indian Growth Prospects are going to be quite robust, leading to the consumption of energies. 10, 15 years lag of what china did. The pollution will be coming out of the industrialization of india, as dramatic as we have seen in china. I think a lot needs to be given in terms of technology, ascribing the emissions. Francine thank you so much. He stays with us for the hour. Coming up, the ecb decision. Opec meets, and the last jobs day before the pivotal december meeting. Francine welcome back. You are looking at live pictures from paris, at the Climate Change summit. We are expecting a lot of leaders to speak. President obama will speak in our the half from now. That is the French Foreign minister. A warmup act to Francois Hollande. Manus there are 50 key differences on the table at the moment about getting a deal that works for all parties, whether it is india, america, and europe. At the moment, there are 50 and im sure there are many more than those. Lets bring ashok back in. Francine we havent mentioned it, but this is the city where we had the tragic terrorist attacks just two weeks ago. You also have the World Leaders there, and maybe we will get something a little bit more about you know, its Climate Change but it is also a nucleus of power, with all the leaders of the world having the opportunity to talk about things. It will be absolutely a core part of this week. Francine we will get back in a second but first lets go to mark barton with a look at the markets. Mark it certainly is with the ecb on thursday, where the economists are expecting a move, an increase in stimulus. Have a look at the euro against its Major Trading partners over the month of november. As you can see it is down by 4 , falling against all but two. Those might have to move in the wake of the ecb. Nickel, crudere n expectations for u. S. Rate hike which is boosting the dollar and deteriorating china. Eurozone government bonds are rallying ahead of thursdays decision. Manus mark, thank you very much. Coming up, this is going to be a cracking interview. Ofncine its with one , about his new startup and love of cars. That is coming up next. [applause] [laughter] hitom welcome back to the poll. Were live in london. Here are the top headlines. 21 Climate Change conference kicks off in paris. President obama is scheduled have dinner with the french president tonight. They will reach an accord on reducing Carbon Emissions to curb global warming. Turkey in the eu leaders have stemd on a deal to help the flow of refugees in turkey will get 3 billion euros in assistance for keeping them in the country. The eu is tangling rewards that could bring the clerk nation closer to being a potential membership. Vladimir putin denies measures against turkey after downing one of his military jets. Travel. As suspended he would block the sale of some goods to turkey. The turkish Prime Minister criticized the sanctions. His priority is to defuse tensions and prevent similar incidents. Something more fun. They are making a comeback in the auto industry. They are customizing cars. He is no stranger to business. Majoritythe shareholders. Its a great honor. Thanks for coming on. We were born into cars. You are one of the big dynasties that were always involved in cars. Its excited to see this come back. When i started in the auto industry, ive seen a huge potential on civilization and customization. ,talian history of automobiles boats, other Industries Like humongouss have a potential for in the individualization. Tom this is not small personalization. I can ask you anything. You can deliver. What we do is make your dreams come true. On a businesstobusiness , we did 500 Storm Trooper star wars that we did at the l. A. Auto show. We have worked with many star. Ars from chrysler to mercedes present the will duke body. This is the creation. Like the one we should this become of the tires that we implemented with rally. The colored ones that we did for the Storm Trooper and for other cars. Ntire industry francine this is like my ride on steroids. Really brought in our family the best of italian artisans in terms of tradition and innovation. Rally, very closely with with many others. We have been able to unite the quintess sense of the west in italy. When you play or do business at a high level of luxury, when you sell personalization and customization. Italians do it better. It they seem pretentious reality, its time to get back what belongs to us. Germans in terms of preparation and the english have stolen it share of market. Italians lost a bit. My objective is to regain what is ours. Customstive is to bring around the world. We already have potential partners in the u. S. And middle east. This can be huge. What i would say is the sky is the limit. Its an industry that is costly years in the car , boat, claimant, motorcycle industries. We are speaking about hundreds of billions of dollars. Its an industry that has interests all over the world. Its an industry where it italian craftsmanship and expertise has more to speak and more to offer the world and other Industries Like the germans or the french or like the english. With all the humility in the world, i would say we italians are better and have a sense of style and taste that we can apply on a german car, american, that others cant. I cant wait to compete locally. I cant wait to go against West Coast Customs and all the competition there is on the market. We sell something that is so unique, they dont have it. Francine have you see this folding into the chrysler empire . Will this be absorbed . Will this play well with ferrari . Lapo i am in it to did entrepreneur even though i am shareholder of chrysler. This is an independent company. We have nothing to do with Fiat Chrysler. , we aren work with them honored and happy to do so. On jeep. Rojects many more to come. The truth is i want to be independent and what my company to grow independently from Fiat Chrysler and maserati and for ari. I want to grow a company that has the potential to stand on its own feet as it is. It will in future to come without Fiat Chrysler automotive. We service we are offering is not for one company or one brand. Its for every car company in the world. Its for every plane company. Whoalso have heineken designed the new draft for heineken. We are personalizing for them. The reality is personalization. Eyewear. D with now were doing it with boats and planes and cars. I would say that the gross of this business is limitless. Give us a feel about how you see the car industry going. Heir to onel an of the biggest dynasties. Lapo i would divide this into two industries. Fiat. Start with volkswagen, kia, others. Heavily industry is looking at the automotive industry. The automotive brands will be capable of developing and the point something unique with the Tech Industry. Understand that we need to be friends with the Tech Industry. I believe we will be the ones to win in the near future. Believe that today in the automated of industry we need to arrive at a certain type of humility that has been lacking it. Francine are you talking about google or apple . Lapo i am talking about all of them. Francine we know that you are looking at the car industry. Lapo i cannot speak for fiat. I am in independent entrepreneur. There are going to carewer and fewer manufacturers. The competition is far harder, more brutal, much more difficult than what it used to be. Of new rules in terms emissions and how engines will have to be our humongous investments. Rules will change. The reality is the Tech Industry has means to do whatever they want. When you have 100 million cash flow to invest, its different than if you have 900 million. Reality is tech and automotive have to learn to go handinhand. I would say that a lot of people speak about hybrids. The reality is none of us are certain of what will be the future. There are some interesting cars fitted the him w is doing a great job on it. Tesla. Tesla is a great car. You cant do a lot of driving with it. You have to recharge it and it takes one hour. ,n many areas around the world it does not work. If youre in los angeles, you have the instruments good francine if i wanted a personalized car that was only used with my ipad . Lapo i believe that everything is possible. Looked at every industry. We are looking at maximizing innovation, looking at crosscontamination. We are working with industries in other fields Like Technology and bringing them into my industry this could be for i doials, technology, believe that in the future your laptop will be able to light your car. Five years . Lapo in the lecturing industry, technology will go far faster. 400,000it when you play euros for a car, you have a level of entertainment. This is at the top. Today, i would say in the luxury industry, all of the plans are rather weak and rather down in this area. They need to move and they need to move fast. The consumer will spend a certain amount of money and expecting a certain amount of service. Francine thank you so much for joining us today. There are a lot of carmakers ull. Are d can china join the class . The imf decides whether to include the u. S. We will take a look at the moves on the pulse. Manus welcome back. We are in bloombergs london headquarters. Thinking about making the chinese currency one of theirs. We are joined from hong kong. This is the moment the chinese economy comes of global age . It would be a symbolic victory for beijing. Its still very tightly controlled by the state. It was not a traded currency. There was criticism that it was undervalued. Fairprobably around a value. The market has a bigger say in setting its value. China has a made a lot of other reforms along the way. Today, itrstamp it will be a big victory for the Reformist Movement in china. How does it help investor nervousness . Guess one of the oddities of living it this year policymakinge credibility took such a hit this year. Your stock market has been a volatile. The response did not inspire confidence from Foreign Investors around the world. They made the change to the exchange mechanism. This sparked fears around the world. I think people are quite cautious on chinese policymaking thats why its so important for those reforms in china. It will embolden them to tell Foreign Investors that we can make the heart of changes with they are required. Lets talk about the yuan. It would not be anything strange or new if the central bank intervened. They go for intervention on a day they are getting accepted into the basket. You are right. Once theion will be sdr is rubberstamped, will the chinese authorities and to this expectation to weaken the currency further, to help therters get back in manufacturing sector. Can ease up on the Good Behavior and let it weaken. Theyve been supporting the currency over the past few months. They have been establishing a floor under it. Thank you very much, our chief economic correspondent in hong kong. Francine he is from london. Imf, howlook at the much are you interested in finding out the reasoning . We know its a done deal. There are two primary conditions. One is its been used for trade. The second visits freely available and trade. In the past six months, the chinese have moved to dealing with all of the objections. Its now traded in any exchanges around the world and many will open up, these issues have been done. The bond market is open to international investors. Many of the moves that are in the process are getting implemented, these meet all the conditions that are necessary. How much weight is going to be allocated . Its likely it may start single digit and build up over the next few years. Once they exceed, you might see a much more dramatic devaluation in the yuan. What is your thinking in terms of where the currency goes or what china wants to achieve . The domestic will domestic by the holdings. There will be a mini cap flight. Thats what led to evaluation and floating the reserves. Inre will be an increase demand from international investors. Especially from the Central Banks of the world. Up inill probably end some allocation into it there will be enough new demand to ensure that it might drift a little down. It should not be anything move or sharp move. Counterparte enough to get exposure into chinese currencies. Forare doing allowing those folios. Francine if god he does not deliver, the markets will be in a tricky situation. Theraghi this not deliver, markets will be in a tricky situation. What happens if he does not move the markets thursday . Beenhah the market has looking at his comments. Negative yield structure on some of the german bonds. Has means the market discounted a lot of the news coming out. The euro has weakened quite substantially down to 106. The market will be very disappointed if he does not actively announce the measures. Is a monthly rate. The increase will be significant. Be all the way until 2017. I think there is a fire very high expectation. Manus thank you for much. We are waiting for the gathering in paris. Will there be real delivery behind the fanfare . A Greener Planet . That is what has been promised. Who are the winners . Richard i dont think we should think of winners and losers. Its whether or not there is some kind of process which means actual meaningful action can be taken on curbing global omissions. What we do is looking at the cost of renewables in the economics of the Energy System going forward. It does not have to be winners and losers. Everyone can gain through investing in clean energy. Francine you are right. If is a binding agreement or if they have targets in their, it will make a difference to companies . Countries where the trajectory of the missions needs to bend, investments will need to flow in. They will need to go into solutions. In terms of investment opportunities, the paris outcome could provide an important signal for business. Nobody doubts have moved on from copenhagen. Be whattion seems to could throw the spoiler . What could upset the apple cart . Even modi wants to do more. What could the markers on this . Richard the real list risk is overinflated expectations. A realisticto be idea of what can come out of paris. Most of the work that has to happen will, after. We will be talking about all of the important aspects. What are you expecting . Richard the most realistic outcome is each country has come up with their own target. Each country has their own target and submitted that to the u. N. There are 150 submissions at the moment this will be a formalization of these targets and will be putting the packaging around these 150 goals. We will talk about how countries coordinate with one another. Outcome is just going to set the stage for negotiations that come after. Reaching for renewables, oil is a Huge Investment in commodities. Richard this is only been cut by one third. We aret yet creating capacity despite the fact. Francine thank you so much. Manus up next for those listening on the radio is the first word. Weve got a very special guest. Francine Global Leaders had to paris for climate talks. Should it investors brace for a bigger regulatory headache . There is a new check system to slow refugees. To imf is deciding whether include the yuan. We will look at chinas feature future on the global stage. Good morning. We have tom keene. Its a treat. Tom we