Anna welcome everybody to bloomberg daybreak europe. I am anna edwards. Lets get straight to the blank breaking news. We will talk to the management of these companies. We have numbers coming in. This is the steel company, now much more diversified industrial group. They are raising their even forecast to 1. 48 billion. Raises. Sted ebit raising their profit outlook after selling their brazilian plant. Agreed to sell their brazilian steel plant, and it is making the transformation from steel to diversified groups. Around see what they do their american unit. There is the expectation they will exit the business. There is talks they will transfer the european assets. We will get an update on all of those matters when we speak to the management. Inwill talk with their cfo 45 minutes time. Lets get to other breaking news. Sticking with germany, this is the munichbased insurance company. We are getting numbers. Or solvency ratio is 212 . Euros. Lows of 21 billion operating profit is comes c
We are all one company and its not just hung up on silos and exactly where peer i. T. Is the same way. There is essential i. T. But they very much view their clients like controlling what they do and help setting priorities. The key thing is a lot of communication and i think a lot of senior level involved in. I dont mean senior people making all the decisions, but typically, especially those taken that kind of things, you need someone senior to make the call that we are going to prioritize this project over that project. A lot of collaboration. One of our core values this collaboration. It is hard to say how you get a culture, but it takes a great culture which causes collaboration and creates innovation. Are you concerned about discoverability to stay in illinois given the states tax structure and deficits . People are going they are in premed at because they are anonymous. Email, i think that chicago is our home. We are not going anywhere. I think that from a citizens perspective, i
Is somewhere in the order of 180 or 200 billion plus. But we are talking one to 1. 5. There is no trillion dollars. There is no way to get there without the private sector. It is a very difficult time and capital now is without question beginning to get out of the emerging market. In order to be able to reach this goal, we have to be much more clever about how we utilize the Development System that countries provide and link to it to the kinds of investments that we know will be the creator of jobs. How do you do that . One of the things are trying to do in one of the papers we will be presenting next week is one in which all of us, all of the Multilateral Development banks, sat down together and said lets get all the different sources of financing for development. Lets put them all together and think strategically. If you look at all the different sources and you start really with improved domestic resources. Weve got to help countries have taxes in a more fair and we move reasonable