You are watching the pulse. Im guy johnson. Francine is in the building, just not on set. She will be back. Lets get straight to our top story. Oil trading at the lowest level in four years. This the day before opec meets in vienna. A deal to cut output looks increasingly unlikely. Saudi arabias oil minister has said that tumbling prices will stabilize and there is no need to reduce production. Nexen go, venezuela and russia have als decided not to take action. The boss of rosneft has the same view. He has been speaking to Ryan Chilcote in an exclusive interview. He says his country can 60 aand prices as low as barrel. We decided to monitor oil prices over the next year. Possibly everything is necessary. Industry was privatized a long time ago. Owners andrivate peculiarities to working in russia. Like the climate and logistics. Russias Oil Producers will. Eact to market demand efficiency is the main factor of determining market supply. If the demand and the price are adequate to the amount of investment, we are prepared to work with that situation, and will work with that situation. Idea that russia will to 300,000 a barrel 300,000 barrels a day in re turn with opec, what is that . A decline in the price of oil, even below 60, isnt so dramatic for us that it would require an immediate cut. Ceo speaking exclusively to Ryan Chilcote in vienna. There are some suggestions to why we may not get a supply cut. We may hear from opec that the cartel will stick more closely to its predecided output target, which could translate into some kind of cut. Whether we get that far remains to be seen. Ryan chilcote monitoring the situation over the next 24 hours. Let me take you to the other big story we are monitoring this morning. President mission Jeanclaude Juncker has been speaking to the European Parliament. He has been unveiling a plan to fund 315 billion euros in new projects. Tois another attempt jumpstart private investment in europe. Lets get the details on what we know and the questions that need to be answered. Hans nichols joins us from berlin. We knew the parameters of what was going to be expected here. That reallyget here is going to make a difference . That is really the big question. What we got from juncker here is a confirmation that their ratio is 15. For every 15 euro the eu puts in, they think they will be able to do and Infrastructure Project with total price tag of 15 euros. This is the argument against it. The argument contra to the higher leverage argument is that the eu will be assuming the risk on these Infrastructure Projects. If there is a catastrophe or something that goes wrong with these projects, it would be the eu that would be the first of the wiped out in terms of investment. Look at the numbers. 16 billion euros in guarantees. Out of that, you have about 8 billion coming out of current accounts. There is no new money that is going to be spent. You have 5 billion from the European Investment bank. That gets you to 21. You multiply that i 15, it gets you to the 350 number. Will countries like france, italy, complain that this isnt enough new money . Do they want to see new money injected into the economy . Are we going to get caught up in this debate over budget deficits . November 30 is the deadline on that. That is when the eu has to decide whether or not budgets are within line. France and italy are going to bust. We will see whether or not they use this spending plan to pick a fight with brussels. In terms of the timeline on this, this is something that is going to be a slow burn. Even if you assume a high ratio that juncker is talking about, it is going to take time to get there. Dont even have this fund up and running until mid2015. This is the initial 21 billion. Then you need the crowdfunding. Here is what optimists would say, that banks have a lot of cash on their Balance Sheet. We saw that at the end of october. The goal was to get that money off the Balance Sheets and into projects. You can see that starting to happen. Again, even you few look at the imf, none of the projections indicate that there is going to be that much demand. So we are talking about Public Investment, public Infrastructure Projects. It is hard to see how you get to that 15 multiple with Public Investment projects. Those are the numbers, we will see what happens. We have been here before. There are a lot of savings in europe, just not in the right place. Thanks very much indeed. We are going to go back and listen into Jeanclaude Juncker once again. In the next hour, he is going to give a news conference. The kind of questions that hans has been answering asking, will hopefully be answered by the Commission President at that event. We will listen into what juncker has to say. What else is on our radar . It is a busy morning. Prodemocracy demonstrations in hong kong have clashed with police as the police tried to clear a protest site. Police in riot gear came prepared to remove barriers along nathan road. Wo student leaders were among those detained. Public support waning. A recent survey found 58 thought the government should take action. Ubere car booking company is close to a round of financing that would value the firm at 40 billion. That would be more than double its valuation from the last round in june. Situationse to the say uber is raising more money to finance international expansion. It is hitting a few roadblocks in europe. Google is facing multiple challenges from eu regulators. It could potentially be broken up as eu lawmakers vote to consider splitting Search Engines from commercial activity. Regulators will also tell google to apply the right to be forgotten to websites beyond the european union. That brings us to the question of wednesday. Is google too powerful . We are more in love with google in europe than we are in the United States. We use it more than they do in the United States. Has google got too big . Should it be split up . Is this something we should be thinking about seriously . Send us your thoughts. Let us know what you think. Are a thomas you cook shareholder, you should Pay Attention to this story. You may need to take a holiday. If youve been in for the last couple of years, you have done very well. Share prices down today quite substantially. What is going on . We are going to find out. Welcome back. You are watching the pulse. We are live on bloomberg television. Of what mr. E case juncker is doing. Lets get back to one of todays top stories. The next big move to kickstart growth. Jeanclaude juncker has been unveiling the details of what he things is a 315 billion euro sector boost private investment. How will this be different from other attempts to spur growth across the eu . Lets bring in martin look. That morning to you, martin. Is it enough . Let me ask you a simple question to start with. Martin, can you hear me . I dont hear you, im sorry. Lets come back to you in just a moment. We will fix the sound and come back to martin in just a moment. What we have had here from Jeanclaude Juncker is a plan to crowd in private sector money and bring it to bear, to drive investment in europe. The idea is fairly straightforward. In some ways, what we are looking at here is seed money. In take the first loss to allow other money to come in more comfortably. Will it be enough . Thats go back to martin lueck and ask him that question. 315claude juncker thinks Million Euros is going to drive the european economy forward. Is that number big enough . If business or is achieved at all, it could be big enough. It could kick off some of the eurotments to lift the area to a higher growth trajectory. However, there are a number of obstacles to that. As you mentioned in previous reporting, there is this big doubt if the leverage of 15 can be applied to these numbers. If you look into the details, it looks a bit more like financial alchemy tammy. I think the better thing is to look at the broader idea and take it from there. It is a good thing that europe is moving to its growth orientation. What is the realistic leverage number, do you think . This is very hard to say. On previous programs, the European Investment used to calculate even more than that. They have never achieved these numbers in practice. It is hard to tell also because the idea of taking the first losses on the part of the eib and the eu as a whole is a relatively new idea. This idea of leveraging a fund that is now being created has not been tried before. It is very hard to tell where the realistic leverage will be. This is a story of trying to savings piles, which exist in europe, they exist in germany, to be invested into european infrastructure. Is this the right way of tackling the european problem . Is this what we need . Andave a structural problem a cyclical problem. If we can move the savings around, maybe that will provide the solutions to those problems. How realistic is it that this money is going to start to move, and how long do you think it is going to take . My view is that more than anything else, the european picture needs more optimistic stance. That means that Companies Need to see more realistic Sales Prospects within europe, and also growth. If this were to be the case, even an Initiative Like the younger plan the juncker plan can have an impact. That would mean that private individuals, companies and households would be more willing to lend to the real economy, would be more willing to invest in infrastructure. I think the kickstart needs to come from more optimism on the demand side. More publicobably money needs to be invested before the private sector is a significantvide share on its own part. So governments need to put more money in. What about the idea that governments should say to the eib, we are not worried about aaa status . This obviously could change the picture quite a bit. I would expect lots of resistance on the part of some Northern European economies here. Hasaaa status of the eib been almost sacrosanct, one of the most binding principles here. Another principle was the eu budget. So that only 8 billion out of the eu budget could be deployed in this initiative, which makes it very generous and very optimistic assumption that it billioneveraged, that 8 on the part of the eu plus 5 create from the eib can a total sum of 300 15 billion. So we need to change the rules on a number of fronts. As a final thought, the ecb is looking for assets to buy. If we could put more money into the eib and change that aaa status, do you think these would be assets that would be useful for mario draghi to purchase . One waybe one day we could end up with a Monetary Policy story and a fiscal policy story working hand in hand. That is right. Behink this potentially can part of the future policy mix within the eurozone. We are seeing that generally fiscal policy is becoming more expansionary, more willing to fund growth initiatives. At the same time, Monetary Policy is likely to remain very accommodative. If we see the third element coming in, more willingness to put structural reform into place to create a longerterm growth enhancement, these Economic Policy elements could Work Together cooperatively and lift europe to high growth. Is one of the options the ecb is looking at. On a morning when we are covering two big stories, one of which is what Jeanclaude Juncker is doing and the other which is what is happening in which is the bigger sorry for europe this morning . Jeanclaude juncker or the fact that we could be looking at Lower Oil Prices . Flax i think they are i think they are both extremely relevant. , if youker initiative drill into the details, you will find a lot of obstacles, but it story and thethe hope of providing a better prospect for the euro area. The opec initiative is very important in order to have an impact on the short trajectory of inflation in the eurozone. I think they are at the same level in terms of importance. Flax good thing and undertake, thank you very much indeed. Joining martin lueck us. Next, good by ms. Green. Thomas cook par ceo makes an unexpected exit. That is probably the only reason why the stock is tumbling today. Find out when we come back. Welcome back. You are watching the pulse. We are streaming on your tablet, your phone and bloomberg. Com. I have all kinds of airline jokey or. Investors are punishing thomas cook this morning. The travel company has missed estimates and its ceo has quit. Anna edwards has been tracking the story. Lets deal with the ceo. Leaving the business after just two years. She was credited with a big turnaround of this company. Was 14 pencece when she got into this business. It has been as high as 180 pence in february of this year. Now it is down to 111. Why exactly is she going . A little bit unclear. We dont know where she is going. She said in a Statement Today that she would leave the business when she thought the challenge was over. She says that time is now. Call, theference company has been talking about going from a transformation stage into more of an implementation phase. As former coo taking over the ceo, he has a lot of travel insperity ands. Travel experience. He was credited with turning around part of the business. Theceo of the ceo u. K. And continental european part of the business. She is somebody who is very driven. She has talked about when she was awarded the business woman of the year. Many talk about how she didnt need very much sleep. That became something that she was known for. Mayexplained to us back in why she is made of such tough stuff. When you do transformations, you need to things. And tonslots of focus of stamina. Ive got both. You cant give up too early and you have to get everyone bought in. Made of pretty tough stuff. For certain. What kind of company is she leaving behind . There has been a huge pop in the share price. What does it look like . We dont know where she is going and that will be interesting. What the business looks like, they are saying that they are seeing a tougher trading environment, which means the full year 2015 outlook for growth is more measured. They are expecting further growth this year at a more moderate pace at a time when revenues came in below estimates. Eps that are then estimates. Net debt brought down year on year. At least in that sense, things seem to be on a better trajectory. Thank you very much indeed. Coming up, laying tracks for economic expansion. We are going to talk to crossrail. We have also got u. K. Gdp. This is the Second Generation coming out. We will see you in a moment. Welcome back. You are watching the pulse. U. K. Gdp is out. We have a 0. 7 rate. This is the Third Quarter number. That matches the initial estimates we had out. It looks like that number fairly stable. Quick look at the pound to show you how hit is reacting to the data we are getting. Not a great deal of movement. Tradings where we are on the cable rate versus the u. S. Dollar. Lets talk about the u. K. Economy a different angle. s Rail Transport network is undergoing its largest expansion since the second world war. Crossrail is doing its share for the u. K. Economy. The project has created 350 apprenticeships to date and looks to remain on track by encouraging businesses to join. Joining us now is terry morgan. Morgan. Ning to you, mr. We just had the u. K. Ddp number out. Zero point seven, fairly respectable by international standards. Let me ask you whether you feel that Infrastructure Spending is the key to getting potential growth here in the u k to continue to take higher. I think it is a positive change in terms of a priority that has been put on infrastructure investment. We will be spending 15 billion pounds inside the u. K. Economy. We are already seeing around london huge redevelopment opportunities that come with railway investment. Weve seen a lot of people who were unemployed join the program. As you rightly pointed out, we set ourselves a target a number of years ago to have 400 apprentices by 2018. Your number is correct. We are very confident that we will breach the target we set for 2018. It is a very positive market. We are building up a great project on time on cost. Inare creating a legacy terms of skills. How do we keep it going . We have the skill set that we built up as a result of crossrail. There are other projects around the country. How do we maintain the momentum . We have two. The program we are doing is a new railway. When you look at the skills behind it, it is for infrastructure. Before highspeed 2 comes on the agenda, we have a big program for utilities on water. The Nuclear Program coming along. There are a number of big projects. I was talking about potential growth. The u. K. Economy is beginning to be an economy that could be effected affected by a squeeze. We cant get above the growth rate we have now without driving inflation higher. How big a difference in terms of getting up to that higherlevel will infrastructure be . Spready is that to throughout the rest of the u. K. . I think the important thing to realize on a project like crossrail as you rightly say, the Railway System will be based in london 60 of what we are spending is outside the london area. It is going across the u. K. As i said earlier, 95 of what we are spending is being spent inside the u. K. Economy. In terms of relating that investment to the skills agenda, it is so important that we invest in young people to ensure that we not only invest in infrastructure, but create opportunities. In brussels this morning, Jeanclaude Juncker<