Reuters Insider - Davos Today: Friday 2014

Globalstar

24/01/2014 21:53

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 What everyone Friday January 24 this stuff available huge via the world economic
performance Reuters IMAX. Ukrainian anti government protest as a red -- -- -- --
yeah off opposition leaders the most empty handed talks with -- Again -- home 
rich. Renewed worries over emerging market growth -- the Argentinian peso 
overnight the Turkish lira south African Rand the Russian -- also hit hard. 
Iranian Israeli and American leaders lay out often competing visions. For the 
little fear of the World Economic Forum. 

I'll start a little well. Well the quirky as you know all broadcasters as all 
broadcasters now -- -- state suffering on the show so early in the morning we 
thought. We bring an election -- hands here we are presenting our newest recruit
with his uniform. Which -- of problems but London mayor Boris Johnson was quite 
taken last standard issue Reuters T jacket. Out my interview with in the -- -- 
is going to be later in the show -- -- and waxing lyrical about Europe 
immigration. And get this whether he and David Cameron actually tell dip -- -- 
Nick Clegg where -- having generally Dow lost -- A conveniently forgets about. 
Some months -- is my guest owns just over half an hour -- -- and then. 

Well well aren't -- planet but let Mike Tarsala WPP outline our device as a 
sleep before Alex I'll do intervention I'm certainly away now. -- -- -- and a 
good you know -- sort of heavy lifting to really good manners from marriage was 
waiting out waiting in the agreement and absolutely not -- is because -- -- UK 
and London. -- -- -- -- -- Boris Boris it I think hijackers whose bikes that. No
one Boris I think is good value now whether a -- of value that plays across the 
whole of the UK I'm looking at. Potential political ambitions. Is now the 
question and I think -- -- -- -- -- situation quite interesting because. The IMF
just before we started levels up the UK forecast looks. GPU ring up about 10% 
get rusty UK was very strong last year. He even into it through the fourth 
quarter and instant -- reasonably well this year so iPhone is interesting that 
Cameron in the coalition go information when the economy strong. 

Ed milliband is -- -- -- into the left -- -- that the banker bashing and the 
business bashing which Nigeria interestingly erupted herein Dallas there was 
some. Off a record sort of behind the scenes quite nasty yesterday. Last yes 
what -- -- -- as a masked the yeah but some nasty quotes in the times -- -- over
the stuff -- -- in times. And I think -- Head in his college must -- worried a 
little bit about moving apart left the -- the idea about all this is as far as 
the referendum is consumable the EU is concerned. If you that the -- together a 
referendum seventeen at the moment we think that was if you open minivans did --
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-- -- -- -- -- -- -- I think goes South America -- Christmas new year tonight I 
think her. The Argentinian were extremely worried about what was going to happen
and what. The president what situation the president will be here. And we got 
elections coming up this I think that will be changes. Bad -- you know you have 
crises in Argentina get you mentioned 2002 young polish people we're literally 
-- -- -- -- of the financial industry. And you couldn't sell one apartment 
liberal zionism. Is -- very cyclical and probably Argentina economy doesn't go 
broke it into cycle my question is a summit this happened very suddenly 
Christmas. This is still has some hammering an advertiser I know everyone's 
worried about a merger while everyone. -- is -- -- were really worried about 
emerging markets you know developed countries are basically the locomotive of 
20000 Turkey Turkey houses. 

-- poses issues as well -- as we know Russia adding a little bit more surprising
because I am bullish on Russia and I think. Russia plus phone plus Germany and 
Eastern Europe. Europe's moving east to -- poses for a from our point of -- a 
big opportunity. So I think Turkey is sort of understandable given the the 
external political uncertainties you will see what actually happens in terms 
structured -- have -- -- -- German municipal election and a stumble. We have I 
think serve regional elections and that we have a national that there was -- had
a national election. And then we have the presidential election -- we -- with --
and ran out all right then what cleanliness probably. 

The to -- Did alright. Now joining us on say -- runs an airline who happens to 
show for aloha -- -- S -- at a football club I support I gotta say that 
Alienware both businesses are thriving. Our friends say it isn't a football it's
imperative chief executive Glenn Murray torture we're saying our terror leader. 
Over regular. A telephone by not driving raided addresses -- downgraded G ho 
twenty years yeah as. Alright. The only reason totally agrees do an interview by
the way of the Reuters is the -- hopes number. Maybe that's the reason people 
like -- success yellow part of the what over whether main -- myself the luxury 
watch it who don't know what and is -- 

Create a Bahrain has available -- go back up to the premiership next season 
right. From our survey -- -- -- takeover of they get both our -- euros philtre 
events are at -- so -- horizontally you bought the club Bernie -- budget is a 
bit better -- and the let your top panel on entrepreneurship small I -- I'd like
to make this the discussion more more about that. -- There's been calling dark 
horse ranch production this entrepreneurial revolution solve the world problems 
-- Jonathan entrepreneurs who really -- the world's problems or as a little bit 
naive. 

-- -- my view is that. Over the lot walker does -- emerging markets but bond 
buyers can drive the economy much more. We now know just Lesotho to view talking
about though the world is emerging market so from my father world. But the 
figures during our favourites consumption. Is a number of people a number of 
people coming into middle class. And so if you've heard the doom and gloom -- 
you here I don't see my business -- -- we're. -- record load factors and lots 
and lots of new routes flown out of capacity. So -- still very lucky -- doesn't 
mean he's. 

-- -- -- had a government fast growth markets are heroes were negative but their
villas -- -- -- and -- -- -- businesses it's -- real terms is really material 
definitive. I think you're you're making some big orders yeah -- ranger -- you 
think that demand can -- -- party think yeah. And -- margins were pretty good 
cash position expletive is gonna get a share price back up. Well one -- -- -- 
move -- -- as -- got bigger and better. As the norm in the market situation more
people coming to market. Markets overreact to little bit and I said -- -- -- 
erosion is marginally attacked possibility retired but I think we showed last 
year. We we're able to withstand a fierce competition. But -- the main message 
here is that. What I'd -- -- of people throughout then from the you know -- 
about emerging markets is. Just announcing -- 700 million people. I start of the
-- twelve years ago with two planes we now have a 150 -- -- have another 350 
more than. That's shows that consumption is high you know and I think that's the
machine that's gonna get us out of this little bit of -- negative. And and you 
say lowest cost always wins right -- what's Martin what what's so I just can't 
yellow Jersey you may. -- competition at I mean I'm miraculous -- what -- usage 
is not bound calls on the other. Up to would you think the key for the success 
as well I think they -- have one airline who maybe treat customers who were. 
Quarterly -- -- we don't know which one off I can't answer on the relative few 
who sat where -- Received three rapidly close change your approach further rate 
rises and videos. Then there was another airline who said -- -- run and retreat 
below -- we always -- the option one world's both their life. Five times the 
growth. 

I do think consumer always count we have our rules but I think given kosova into
smart modular product what do you make of the brand. What do you think the image
of a well let's talk courageous president -- -- what I Fernandez. I think brand 
in the environment which we operate in particular post -- consumer I think blame
ineffective companies more than consumers but consumers are looking for about. 
So in -- have a excellent product. -- an affordable price you -- -- and I think 
here they're looking at value having seen that -- the fashion industries retail 
industry is imminent. And assigning values resonate I think what -- -- -- -- -- 
-- is -- and it's something fairly easy jet and they've. Good service but -- I 
think we're gonna see now interestingly nominees Jeff has -- the fact that. 

American it's likely to -- high yield passenger business traveller -- maybe 
years ago shunned the low cost carrier. And just went for the flag carriers. 
Were about to hit that now we we started something called your high flier just 
-- tried out. We and you turn mikheil -- gave more and more people were going to
euros focus you what correct. -- -- -- Yeah there's natural yield balance when 
we move into is no interment who you -- each -- and asked -- you do such an -- 
-- but you keep keep -- business. Absolutely -- I had so there was little bit of
a skeptical about course yeah I think legitimately be a low cost man they're 
business. Would you wouldn't. Those sale -- not a -- across Canada either mayor 
announced here at a slower. 

Really you really know where you either picking all of the penny away ozone. Is 
Genzyme added a brutal and we're right bottom by the my fellow actor who do you 
talk to. Even. You can do you think you -- do business review -- was as now this
has been a very good run ads say. You meet -- enormous -- global view -- amounts
will our versus seven -- highlight what more satellite I would have just provide
a whole hospital as a how do. -- over the abuse allegedly our -- If a user. When
a doctor you -- I don't I don't -- that payable Rhodesia where they -- -- 
changes to reach a fair yes -- For me this -- has been German -- gave to India. 
Now India hasn't. 

All sorts of problems many people were negative gay icon for the perception of 
it's great to urine and people were negative about -- -- of opportunity well -- 
you say that let let's just talk about that we we -- voted upon -- and use the 
that chamber of commerce that. I think that this election looks like it's going 
to make seeing someone stable. This is not unstable but -- -- -- -- -- -- what 
deadlock. You know I think so -- -- well -- ever sort of the somebody L one 
billion dollar got about Ballmer talking about. The Charlie he believes that 
maybe can -- -- jp. -- 282. Purposes I think it is it is critical and therefore 
have a -- a very strong position in the coalition. With the other parties 
including congress -- commerce has in the polls not done well so far although 
feed China's all -- -- over the life area. 

But even at a -- some something else you know -- I'm gonna come from far this 
airline revenues Europe. I've been through. Could it rather revolutions. Per -- 
the government's yeah all kinds of high oil credit crisis. You name -- but we've
always growing and sometimes the economy is sometimes the news etc. Makes things
-- much worse than -- actually is if you go out -- there's one billion people in
India. If you can't make it work and provide product. In the something very 
wrong highlights here massive opportunity -- whatever the political situation is
-- you know. As a matter Bob -- youth as well on the links to political was the 
person who wins the election. A person does vessel departed that's that will be 
the one understands the social Brett -- I got to -- their forecast -- -- -- -- 

Thank you so much -- right. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- 
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- --
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emanate flows slowed down here's what Bank of America's top investment bank 
Christian Meissner predicts. Well I think the first point the third even go to 
bring has begun in the US -- certainly. At this point -- affordable liquidity 
and I anticipate that that will continue for some time. But except that we also 
anticipate that over time be fixed income markets in particular will become. 
Let's look with rates forces had already risen and will continue to rise and 
that will impact. -- activity in that sector. But none worse well well 
structured well it's kind of deal certainly -- talk about them in various 
different side. Critter you'll receive I'd be your CM and A you've got capital 
markets and corporate banking. Which what needs a lot of attention from you for 
reporting. Well I think we're trying to build the balance of the so far -- 
particular focus on one I was so historically. The many factors of them want -- 
admit -- the most potential we've made a -- of that can last couple of years. 
But durable -- on the debt markets become comfortable but -- factor of in the 
interest of having other things to fall back on for -- they. Any CM areas are 
going to be areas big focus and and that's certainly one -- that the -- a lot of
time. As one -- reback in are no Adams -- year's lows on the seven rally and I 
would talk during the second -- regular much becoming a fan. 

This I was speaking to our -- -- from from -- just said yesterday he has list of
commentary dark -- at city index theory 2007 everyone bullish. -- 2009. The 
world will never return. 2000 everybody was bullish as well I get laid out 2013.
People -- again that really -- Worries then get that. I'm not so sure there's 
this controversies of the sort of lack of ability to forecast that -- is more I 
think there is an issue here I mean -- we've been directed. By the powers -- -- 
does -- -- think about the future -- and you know in the really essential issues
of -- inequality youth unemployment. Healthcare welfare. Climate change. And I 
think we tend to -- I'll -- -- -- -- -- so for example the turbulence in the 
fast growing market. 

Currency markets yeah overnight yeah the rouble -- it -- -- sector. How might 
think actually starts to get your attention again on some issues like the panel 
will Axel Weber yes for yeah I saw Larry I wanna talk about and -- he was quite.
And maybe I'm I think you said a lot and -- is extremely good. But he what he 
did was to bring people down back to reality that the user eurozone crisis which
has one of the great swans were still about. Is not. Fixed and the banks certain
financial decision will come under pressure on the the S that's so either I 
think rich is right in the sense that term. You have to get the balance right 
and we -- -- balance and because of -- -- is -- because we're. We're told him --
up the longer term I think -- I think about the short term to. 

OK let me -- -- -- -- correctly that chairman of any very nice to have you on 
the set aside ideological let's just pick up on the back what's the moms say 
actual rate in that how I think it was saying. One of the big worries is also 
these parliamentary elections India and Europe and the given where somebody's 
fringe parties going the instability. That -- brain politically. And 
economically. How much of -- worry is that -- Solvency panel actually -- home. 
Was pretty interesting because on the -- thing is that the -- looks calm now 
because up every nation is trying to. Good to get some -- modest still on the 
business. 

Answer you need to see armed guards executed. -- -- -- -- -- -- But active early
in the in the program mother hasn't started -- strong fixes started to write 
critical condition for attracting foreign investment and that's why. Are 
probably the spreads of need and not treasury bonds have been reduced from the 
countries as a services is giving it would sentiment to lure investors -- -- 
back. But still structural reforms have to come furthering the inside them out 
of the next month would be crucial effect. -- -- In your sector on the back of 
shale. Which everyone seemed to -- that it would talking about this new cycle 
analysts talking about this this new cycle when. 

One when oil firms will -- capex to preserve earnings and cash flow. Is that 
again. As well we think sentencing for your company. But as a general trend of 
the reason is that. Oil and gases are. -- -- wait time more difficult to 
financial technology. As a -- V Raleigh India and silver are looking for -- 
companies need to read. A quick financial lead 2 look after his big products 
which was coming in her again danger poorly because bond. Problems around the 
world are also affecting the industry and so you see some other companies -- 

-- and they're coming back to our producer has -- -- -- in relation to riches 
commented I think the biggest risk. -- from my perspective. His clients doing 
exactly what to view and Giuseppe just talked about which is cutting spending in
order to make. Number it's not the energy industry from our point of view it's 
we -- very important clients in that. Including a minor part of any but. But 
there -- -- more major part -- that but. It -- this issue this this lack of 
willingness of management. And boards. And non executive directors to take risk.
Particularly post like -- come about -- saying about Lennar -- -- really 
impacted. Corporate. Attitudes and what we're seeing what the reason the 
earnings season as a bit bit -- is is that people saying. You know we're in 
order make my numbers -- cut cost instead of -- focusing on the top line. 

Making any investment is linked to the emerging markets -- -- -- if you believe 
the emerging markets don't you know are in trouble. You're gonna get extremely 
cautious. I have to ask you about around. I I eight and -- Europe -- meeting 
with the oil majors in prison -- Our yeah per well I would argue that the the 
World -- -- muted so we as a runner. -- -- Bring New Zealand -- love the fact 
that the Cayman really should -- commitment of the country. To become. Business 
friendly talk with individual business to attract investment. And the promises 
-- It's pretty attractive because. A lot of resource absolutely feel whatever --
pull out really going to be the first to get back in. 

Omar I -- were. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- 
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-- -- -- -- -- -- -- -- -- -- -- -- -- -- is going to be a key issue -- -- may 
not be a possible result. Because the -- is taking a very very hard starts 
apparently in the negotiations and discussions about. Cutting back on the number
percentages of and this issue about whether nuclear capability for peaceful. 
Yeah this will work means. Our intentions or not -- a critically important so I 
either I think there's a lot of the -- ago but. -- -- -- -- -- -- -- 

The fact that he came here the fact that Netanyahu is well. -- there's a lot of 
cynicism I think on the American side and of course in the. -- -- -- real actor 
AdSense McCain sat here yesterday and then yeah that cynicism comes through -- 
very clearly -- -- -- always going to be coming up on the show shale gas until 
-- -- investor to finish up with our. Clearly having a big impact in in in the 
US. I know you're doing something in Poland. How much an impact you revisions 
gonna happen Europe. I think should just play for a gloomy US of them believe 
what exactly for -- Europe because -- really changed abusers malvo were in the 
actually. So do failure in the original 20/20 twenty probably has now CO2 was 
increasingly close call is so cheap that forest fissure running a -- running 
full capacity -- -- running on gas for an hour and and so missionary pleasing --
cost of energy is the key issues to review our quarterly bear. And is well. 
Competitive -- -- of capacity. Working in the energy field because that's our 
report really combine its chemical -- now Brazil India the average cost 
certainly Europe is two times more than. The US gas crossing your risk -- -- 
warrants all as we fill that -- I think will struggle for one OK Giuseppe -- 
many thanks for joining us just figured everybody. 

Tesla passing on must what are -- notable names not here in Davos this year his 
cards are low vehicles arriving in Davos required by the World Economic Forum. 
To be very strict environmental standards. Which of course -- zero emission 
electric Tesla model S does easily so during this electric motor from this land.
The -- seen here getting a quick charge. I hear from the Renault Nissan boss 
Carlos -- a little bit later on in the show. I'm I'll talk was Martin about long
must contessa was well in the moment I want to remind you send in your thoughts 
for today's -- -- using the hashed out da boss. To debt. 

So was your party and -- loss last night not sure whether my next guest not 
Dubai when asked him in the second EU competition commissioner lucky man would 
yeah. Just about our public enemy number one of the Google board -- everyone who
can't really cut that'll happen. -- -- -- -- -- Asset -- that desire not in than
any of anybody. Just get it might not only my job today again high at Google 
bottom. You don't I don't power -- it anybody nor whether it'd end identified 
Jeff Jennifer what you are you meeting irishman conducts. Mid you know just need
to -- in the last early. Three years of so many bands of the and -- and -- where
are we now. 

With with the Google. Issue while we allowed a -- decisive moment and while it 
investigates under the -- -- smaller three -- single. A Deere said on -- run -- 
will those reports others were available. Whether -- not a satisfactory. But do 
now we had the last third of what do -- people find an agreement if not tool 
will win continue our investigation on with further brandish an understatement 
the -- of whether whole forty. We don't return I don't know I think is better 
affordable -- with a plus. That the probable but -- -- weather follow a bulls 
will once certainty in this market yeah we are all balances. While these 
remarkably surgeon in your one from the -- perspective. -- dear America and a 
further economies in the the then -- meant that the how many people rejected. 
And there we take -- reach an agreement dad too many people will look receiving 
a positive way from the Google has -- if you think about. The digital market 
being not just about search the mobile social video. And display I think Google 
has -- in each of those inputs gives it a very very strong but that's where we 
are now investigating. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- 
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-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- An airliner today just 
life. British Open about on the front man and -- Obviously we're not -- it -- I 
have -- -- you regularly review the final one of the reasons I think you've got 
that there was reduced thought it might give more balance. To the Muni market --
-- -- claims. But the interesting thing -- moral balancing job market yet -- -- 
-- -- -- for our clients in negotiating with with meet the new media and so. 
FaceBook Google Twitter as a -- The interesting point however is that for the 
traditional media. And while things that surprised me about about the the 
process not the decision -- -- by giving Iraq. And the process was there wasn't 
more concern from the traditional media server example newspaper's. And 
magazines away under tremendous pressure and in my view newspapers have been 
quite tough future. It doesn't mean no telling if she's relatively -- -- And 
that I think that was interesting so they try to deflect the attention of the 
new media markets where is the real tension. Is with the -- All right into their
-- there's -- old media nearly did so a very active in the although 
investigational. What I -- the company's environmental we spoke in October about
this demand. -- so that you were quite surprised that the regulators were -- so 
really conversations happening happen between a publicist on the economy that 
time. Well I I think that the regulatory process to be fairly well we think that
strategically structurally -- is challenged them. IG interesting point we're 
taking seven to one in terms of people's sense without pain -- -- without -- But
badly but the interesting thing is is. Is that the rate that they did a good job
on the regulation because because -- got it with exception of China they -- 
China did go through OK I will talk about that we've got Morris -- -- speaking 
with -- bit later. 

Let's talk about manipulation -- the FX markets across about banks have an -- 
Allen spoke number banks has settled a number of people please. I think -- right
-- leniency. Applicants -- banks that say look. We want lower fines and exchange
rusty you information fell around how we can be banks from that list of leniency
applicants they all -- -- -- here -- -- -- We've had a -- decided though. Based 
on the said the men turn weaker some banks. They -- borrowed your rival oracle 
data saw bullish and I found that many bullish on offer like Warren and -- -- --
benchmarks. For windows for a very -- these we yeah. An investigator we have an 
investigator Bob earned in these same cases we've seen banks plus one broker -- 
-- then what said the and they have the right of the salt and we're comfortable 
do you know what investigator in. Without an investigator north saw around local
always among many bullish on on this Swiss franc hurt yeah we're very very 
lebed's. And with average -- formation. On what -- served markets about our 
reported to have recently received that information when was the last time you 
receive information in the last one -- we had received a -- number there I don't
of these goals we governor did decide that it would. While you're -- an 
investigator on these this is this FX. Manipulation a lot bigger -- is sort of 
what's. Wire -- is impressive. How much these spends about when money related. 
In the -- -- bed bugs that. 

-- -- Foreign no change event about and maybe all the events both of -- barrels 
a relevant for our work. The economy go players and in in very -- markets that 
we double saw. -- some. Into euros in no possibility of money what they do know 
-- -- summer from a bit. I mean are you talking to that some of the big banks 
and ups are always there's -- -- -- his Israelis is positive -- ideas to stay 
well away from his dad -- it's not. I'm not casually that Google had hoped that 
gap got buried -- I think -- assessment that. They -- in Brussels right around 
and if you do speaks originally again do to let us know -- hit man with many 
thanks for talking with Reuters Euro about -- modern political matters right 
you're watching -- Davis a 28. Minutes past seven the headlines coming up. 

Ukrainian anti government protesters erect more street barricades and yes off --
Opposition leaders emerge empty handed. President -- Jennifer rich. Renewed 
worries over emerging market growth hammer the Argentinian peso overnight the 
Turkish -- south African Rand Russian -- in the Korean won also hit hard. 
Uranium Israeli and American leaders lay out often competing visions for the 
Middle East. At the World Economic Forum here in darkness will have -- full 
fledged Ron let's that lets get filed for very. 

-- is -- sorry I was at apologies as amazing how how times Pfizer we've let you 
go let's get let's get some final thoughts from -- margin. You talked about how 
you're being asked to look for words yes that Alonso ambitious but but but let's
face and I put just a touch while. Really what you're being asked to do is is. 
Is admit. That's huge mistakes were made in the past but capitalism if you like 
needs to be re calibrate it. A -- needs to be re calibrate a lot of the big -- 
bozian scenes need to be read capital that way and -- -- where we talked about 
the rise of the middle class of so I think the right the middle classes 
forecasting a from a two billion people. To about five billion by 2030 and we've
had the rise in the past Brazil Russia ended -- We had a discussion the open 
forum yesterday on Swiss television there's two for an hour and half. As to as 
to whether capital's -- failed them not the ethics of capitalism. I think what 
you had to say if you look at the long tail again taking the the long term but 
looking backwards. Is -- has been a great engine of growth particularly 
bringing. All these people out of rural poverty into. 

Yet some urban distressed but urban strength and wealth and I think -- that's 
just now I think the real problem. Is that since 2001 it. And when we had the 
financial collapse a potential -- -- collapse blame which we didn't see coming. 
And which could of course major major catastrophe if -- have the authorities 
have not worked. -- the plan -- but has resulted in cheap money and actually 
cheap money has exacerbated the inequality issue and the unemployment issue and 
looking into the future. Technology 3-D printing. -- -- Energy resources 
American which will put America -- a very strong brand America all been very 
strong position it'll be duty world might will be China the -- the US. You know 
what the biggest problem out technology is it's not doesn't employ labour. It 
employs capital and replaces labour so the unemployment and the unemployment 
policies are very different when I left eleven -- Narrowed -- focus on inflation
and the evils of inflation run the evils of unemployment. Brand America strong 
-- -- Well I mean it had he's having a tough time -- not get very tough that 
what -- and the big question is you know between now. And the at the next 
election as to what what more can get done and we still well well the -- -- as 
the US deficit. 

A big push back the can down the road of the debt ceiling the -- the cannot 
really get a longer time thank -- than they did before. But it's still not fixed
so that they share. You know mark my personal view is that we'll see Hillary 
Clinton White House in 2006 figure well balanced company will right this is a 
complete guess. -- -- caterers Vytorin whose brilliant run against this Digi 
released the well that then I think probably Hillary wins. -- -- itemised in a 
-- has only so much -- drivers and hopefully we give us again as soon as well 
sulphide from WPP. Now -- on Thursday stepping up efforts to thaw relations with
the west the aim to persuade investors to return to the sanctions hit country. 
We just talked talked about with any. 

Addressing the World Economic Forum and a packed auditorium present -- -- -- at 
around was determined to negotiate a full deal. On its nuclear programme which 
he reiterated. Was peaceful. -- -- -- -- -- It is clear that he -- -- while he 
had done more -- -- our -- really don't -- we did. Then -- -- -- -- -- the 
normal today it was really get our even that no action. Israeli prime minister 
Benjamin Netanyahu not impressed by Riley's comments. Saying it was imperative 
to avoid a bi national state encompassing Israel and the Palestinians. But also 
to prevent an Iranian proxy statement to meet with US secretary of state John 
Kerry later. 

In the oil -- boost soon you truly -- remove humidity -- through. And really 
focus. I'm ready for a room so sure German companies. And hope -- -- and 
Barcelona to. US Senator John McCain a little more upbeat on -- on his rhetoric 
what I spoke with a mallet. This whole issue will have of the nuclear weapons 
will come down to whether surety and my view him apparently -- -- there will 
preserve the ride too rich -- That was unacceptable to many aversion kind of -- 
trust running. If if they -- generate two way trade deal. 

If EUA insist on having great to -- -- of course -- bread can -- off about when 
he was a negotiator for the Iranians about how he -- And the western those 
negotiations. So you don't trust. A portion that is joining -- fortunately. What
what you think those -- -- when I showed -- trust him without mean what more 
then happy to see a period of time lapse of serious negotiations at a general. 
Reach an Alienware they agreed additional where they agreed edged up after 
centrifuges. Which they haven't. End would abandon Rachel Richmond -- the first 
-- -- for -- gonna happen. Who watch the full interview little bit later wrong. 
Right now among the firms thought to be eyeing a return to a Rand Reuters Julian
-- for weight -- company chief Carlos don't. 

If he could confirm Dow lost all -- met with Iranian President has so Hani. -- 
-- -- -- -- -- -- I think it's premature. Who talked with bill -- as a front for
the sanctions -- -- And I think today you can be curious to engage in blended --
and as longer as you get cheaper while you're gonna get paid. About bet your 
problems Iran and Iraq operations I think first we need to make sure that there 
is an agreement and those sectors have been lifted. That -- that is you know are
also fund a lot of what carbon photo -- lobster what's your view -- the block --
Of airliner market which by the way -- even with a section the largest market in
the views do you anticipate assembly -- there yeah. A yeah hopefully -- -- I'm 
optimistic. On the fact that will I get a solution between Iran. Although -- -- 
-- western companies. Two day -- of the big -- -- but when decision would be 
done I think that is that investors will fall timescale roughly at all when -- 
respect I hope I hope I hope that this will be sold during the year -- about 
forty. You know weary hearing rumours that an agreement can be done within three
months or six months. He would have thought that the but immediately after 
intuit has been reached -- -- lifted you know investors about fraud you don't 
have still owe you money. A yes or -- did not have a lot of money today in Iran.
That gonna -- that there are still there. -- you couldn't operate in the country
again until -- transfer payments issue sorted out how would they -- -- quite get
-- -- not forgetting that it's up on the above avoids any -- when he cannot 
operate in Iraq because as long as it cannot make transfers of money and you're 
always -- -- -- machinery equipment anything that reporting Iran who then get 
paid. You get a data operation -- we've but we we -- that there this -- -- who 
perpetually Greek market. For a vote for the -- industry and will want to be a 
good will launch again -- operation immediately won the sanctions that if the. 
-- speaking with sir Julian Saturday -- Now a central bankers like to worry 
about inflation growth and exchange rates but Iraq three other things on their 
mind this year tapering tapering. And tapering among those waiting to find out 
exactly what Janet Yellen has in -- south Korean Central Bank governor 
chancellor -- Your third year in a row with us welcome back many thanks for 
talking with Reuters. What is your view want to bring what what should happen. 
Happen when's it gonna happen and how concerned are you by the market's 
reaction. 

Were as you know -- to really a food differing effects of likely -- particularly
on emerging market economies. Many of the people -- currently concerned of old 
the negatives do we -- staff to putting on emerging economies. And of -- that it
depends a pawn of the -- -- fundamentalists of the emerging economies but we 
inaudible -- -- silvery. In what economists had experienced candidate Ralph 
along with after a -- -- yet. But at the same time I don't can build there too 
close or sell it positives who will we fair. What I mean is -- -- -- the USB 
again to putting. Me is that the prospect for economy. Local rules it is -- -- 
system it right so do that are -- positive and negatives -- first -- tapering 
let let's talk let's talk -- 

Well you know your policy rates to a half percent inflation as a 1% or less. 
Surely not gonna tell us when when it went went when you -- but but who to -- 
inflation target helped bring down -- the value of your currency. That would -- 
would surely be the next thing on the cards for. -- -- -- -- -- -- -- -- -- -- 
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Currently 
involved in face of we have going in for a two targeting and arranges. A 2.5 to 
2.5. And of these -- we project to Allah be fully in -- them to increase by 
involved when you who you talk about yeah yeah. -- and in the -- just -- 1% are 
sold and there is -- -- -- the golden -- -- of the target but but -- the second 
have. We expect the inflows -- to rise above our total point 8%. Which belongs 
to the range. 

And regarding the exchange agreed I think our vision of resurfaced -- can be 
determined that the market will cease. But. But government authorities including
central bank of course. You'll pay attention to the high volatilities and if 
you've mentioned previously that -- severe -- -- -- currency's -- -- -- -- the 
-- is -- -- export -- -- what -- -- -- where. President and it made me is -- a 
third of the borrowed the this size of the volatilities of the attendees. There 
can be yeah. -- to a for the next ten. -- you know if free flow volatility is 
up. 

Become too Big Ben and their impact on the economy and then a lot of negative. 
You folks thought we would be -- me. How much stronger as the one need to get 
before we move. Where it does as they said til we die and -- get much attention 
to a delivery surf. We don't pay attention to do volatilities because we want to
the capital market and financial markets the work. And saw we don't have any 
specific -- -- in Mac. -- worry about what's competitive devaluation war with 
Japan. Where we all nor how grave consequences. Of the the competitive -- would 
really and the saw we we ignored at wisdom -- upon competent -- Leeson to 
maintain the competitiveness. Monetary policies should know pioneered inflation.
And an -- sorry tied to our tally of exchange rate forever well we do -- 
information. Governor many thanks for coming decades ago -- were united behind 
you very much indeed. Right let's get an updated -- sessions said Davos today 
Reuters -- rapes has the details for us. Friday sees UK chancellor George 
Osborne discussed the options for ending monetary stimulus. He'll be joined by 
Bank of Japan -- math carry heated -- and central bank of Brazil governor 
Alexander Tom beaning. 

At the same time the heads of BP and GD SUS will go about their thoughts on the 
potential global energy plan. Also on the agenda as a session on what the world 
can expect from Germany's new coalition government. Bob scan showing -- will be 
interviewed by Peter let me talk DG a German international broadcaster Deutsche 
-- Tax bands can get that fixed with a discussion on how market leaders and 
entrepreneurs can spark innovation. It'll be introduced by Jack -- DO -- that 
may amp. 

If the next eleven -- an emerging markets is your thing there's a discussion of 
what their future holds with French finance minister piano Oscar beechy. 
Turkey's deputy prime minister -- and the president of Rwanda. And finally a 
group of the world Nobel Prize winners will gather for an informal conversation.
On the key economic challenges for 34. I think -- Davos this year of course is 
that reshaping the world a bold mission we caught up with virgin group founder 
sir Richard Branson asked him what means reshaping most. We have to be clever 
clever in resolving conflict and -- -- -- Ukraine. -- sends into chaos and 
reconnaissance area outside now's the time. -- people people killed I'm still 
too many winners will be resolved. Richard Branson recall I would just say that 
world leaders urging Ukraine president victor yeah OK Vista diffused two months 
of unrest German Chancellor Angela Merkel is angry. France's Francois long once 
rapid dialogue and US vice president Joe Biden phone generate over its Thursday.
To warn him that failing to -- escalate the standoff with protesters. Could have
consequences. US Republican Senator John McCain joined the protests in Kiev last
December telling the crowds America is we view. I am with you I caught up with 
one set earlier to ask what role Russia is playing. We are now would put us up 
to he watched restore the nearer bright -- wage pressures Georgia Moldova. The 
baltics -- Ukraine is a challenge crown jewel. Of the all Russian empire. -- -- 
You put their pressure Iran. Added seekers are watching -- -- the customs union 
monetary were -- really are about. Ukrainian people want to be part of Europe 
but that means you. They don't want to be part of Russia -- McCarthy is a 
corrupt leader his slam the dentist is -- -- 

OK right -- How as I said what what what we what we hope -- -- aliens with 
negotiations. For annual election. You know. How am always hopeful. But I don't 
think there's any doubt the facts on the ground. A beach or check your your 
agenda of very for the international but let's talk domestic for a four to 
finish -- -- with. And the future of the -- party who's closing up and coming --
we talk about Chris pristine -- while I don't really think. It's I think Chris 
Christie can still survive their supervision and -- issued dry up -- -- 
effective governor and Democrats stayed. That I think our governor -- deserve. I
successful governor and Republican governors to silverlight of attention now 
come now it's way -- were later. Two. Predict via I think the point here 
initiative we have to have a candidate that can reach across the -- in. End one 
of the issue so we Republicans. Need to address its coverage of immigration -- 
-- -- If we want to win Hispanic vote we have to address any issues what what 
are the chances of congress getting anything done before the -- -- and guardedly
-- -- OK -- -- more -- -- with immigration. What about tax reform will -- 
minimum wage. I don't think so. I finish just shameful. Now why would -- -- tax 
-- piece by piece he -- this is to cut about actually a less get rid of this or 
-- Jewish. You know -- tax subsidies for sugar you know on the -- we have to 
have comprehension of revenue come -- why. Why -- -- most egregious ones where 
one by one. What I do what you don't have. -- -- -- -- -- -- -- -- -- -- -- -- 
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- Reuters -- -- very seriously considering. Addressing -- 
that same you do check it out on Reuters dot com. 

Now one big -- deal awaiting regulatory approval the 35 billion dollar 
advertising mega merger. We were talking about just now with Martin Sorrell. And
as your commander -- -- that merger to create publicist on the -- of course 
Maurice Levy will become CEO of the firm explain the deal's rationale. To 
Reuters Jon Gordon also how we -- suspend client cash on new media like FaceBook
and Twitter. So that the program is now on where we are putting them -- The 
prior grammys where the money is the most productive -- clients is not about 
money. We are depressed to -- -- and of the money off our clients and when we --
-- insurance. That we are working for. Worries -- by the you know read your 
column originally was and enjoy what those is -- noise -- -- are you making a 
French advertiser here we're remaking America 2000. I you're complaining about 
your merger -- Well I just zone is out as I think -- fill out but we aren't. 
Making him a job -- what we know it is difficult the coach seats short easy to 
have one on top of your other. It's we -- be an American company we -- the 
French company with the European company. And we have elected to be here 
registrations. They're doing. The Flemish language in -- -- low wage. Maurice 
Levy that talk with Jon Gordon now chances are you've never -- that had all 
contests. Unless your data scientist you may not even know what one is I 
certainly had -- idea of the -- but. These politicians crowd -- some of the 
world's finest minds to come up with big data solutions. Reuters Nigel -- -- -- 
CEO Anthony gold room and asked him about some of the most exciting ideas. With 
General Electric with Dunlap contradicting flight arrival times so. Taking -- --
-- failures in the area where its position -- and how much congestion -- -- its 
current position -- -- -- A private attorney -- out model whether rescinded when
when it's gonna arrive in the sister -- marginal -- and bearing in cut its 
software. And we've also diamond I would Allstate predicting -- insurance 
clients are predicting -- -- -- its history of insurance plans for an insider 
for in -- insurance clients. And perhaps the most outlandish thing with down 
just taking high school essayist. Pack and using those high school I say Ken and
great using algorithms to great building out of the great does have -- high -- 
assets. So there -- some pretty good incentives for people coming up with these 
solutions are people who got jobs out of this yeah thereof what's the difference
in senate sorry. And you know the biggest prize we've ever paid out -- nine 
dollars that surface of the -- percent of and we have companies like FaceBook in
the out who actually -- these challengers -- 

Not inaudible get a so we're showing better inaudible traffic kind of talented 
companies that would like to attract as a related how I felt that. Steve decided
to focus on specific industries now. Alongside -- competitions. Tell us why you 
decided to do that we're going -- -- first wave of growth where there with 
competitions with what -- quite funny our fortune five hundreds. We feel like 
we've kind of -- -- earth. You know the fortune 500 -- in a position to run is 
voices who at the point where there really the -- -- -- charges. And so we want 
to broaden into how what we do to allow for wider audience we'll talk a little 
bit about Davos owner. Or why you come here and you're invited by the west but. 
Do you come just because. Why would you say no would you come because their 
specific people that you want to meet in deals that you wanna do you know dark 
Davos this kind of -- this mythical reputation and ten pound. Apparently I 
suppose can out of curiosity what's the off bad and and I -- -- -- actually a 
phenomenal -- to do business. 

Might bring data baby -- the big problems in global health care about the 
question -- that by one doubles panel this week signed off the chief executive 
Christopher B buffer. Took -- he joins me now as happened already has happened 
today. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- 
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- It's really come up in the
agenda this year you know it's a big economic issue you know we're -- but tender
probably -- -- GDP. There's a lot of concern around sustainability emerging 
markets are now moving two to provide more and more healthcare sort of big 
economic issue. How much of the battle worse Obama care and roll out flat and 
ambient factors have on healthcare providers. And -- is how companies like it 
was. I think it you know they've been obviously some some some -- short term I 
think if you look at the medium term you're gonna end up with with more people 
having insurance. I think the bigger question is what kind of insurance what 
they have -- I think for a number of people find good insurance who may end up 
with less good insurance and there are various -- trend for some employers. To 
think about perhaps just -- giving people along summoned -- Georgia exchange 
that could be -- long term. What is the big story in healthcare now so we knew 
YouTube dot reason with the German firm defined. New antibiotics in the in the 
natural world. -- along on the radio and the UK focus earlier in the morning. 
Antibiotics. Strains that the that the beating that they get right now we need 
to get drug companies out there to find some some new ones. 

Is that of the biggest deal just think right now these these companies getting 
back Clinton finding our new antibody. It's against the -- infectious diseases. 
Actually this basis just become extremely exciting year in all aspects. When 
your big companies think that the biggest question for pharma head the end you 
know where is innovation coming from. Typically we've -- inside for innovation 
the questions really how you access innovation that must show how you innovate 
yourself. But when you look at now the emergence of a digital technologies with 
their future looking at new therapies to get cell therapies. You know you're 
looking at natural substances. And if you were able to access said innovation to
a series of partnerships and in the highs in today is the -- What what is the --
direction healthcare over the next decade is is -- areas like this is so much 
money unit for companies like you would you really need to target. 

-- mental health and unearned and -- other areas. Well enough the we used to 
describe a disease by the symptoms but increasingly -- describing the disease by
cards. So if you think about as we think about cardiovascular disease did not on
the surface appear to have the same needing -- -- with one another. But if you 
look at it the role of inflammation foreign capital behind that. The new 
services and calmer nicer people start off an inflammation of the start working 
on bond funding by the immune diseases. And they they can actually in fact a 
number of as a different disease areas and that's always -- that was released 
under 5% immunology for example. And because of vaccines heritage. How rare 
diseases is there's another big -- for you. You're you're just -- YouTube 
profits were down I think about 20% in Q3. You went shopping clearly 
restructured internally when we gonna see August paying off a sign off in the 
shareholder. 

Well I think the first trial has been there -- -- -- from the shareholder 
because the the this year prices double pretty much in the past -- before we see
preview results. Will will really start to reflect the fact we were the other 
side of the -- growth. You know of the cemetery last. Eight or nine major 
products -- the last three years billion dollar Blockbuster's. Then we have been
transitioning from the all blockbuster model to a more diversified growth 
platform -- off. And I think the other big as a percent of is that we believe 
will to really now devolved I think one that the -- pipelines and in the 
industry largely biologics Christian thanks. -- Lewis is solely by half from 
that -- C. 

Every hero setup lost the crystal awards celebrate artists who not only selling 
-- Iraq but also help to improve the world around them. Iranian born filmmaker 
Sharon -- shut. Is one of this year's winners on today's after the house she 
argues that artists have a unique perspective -- leadership -- front. -- there's
a particular type of -- -- Ambac. Offensive could -- -- -- They think there's. A
better way of inspiring people -- whom hold. The thousand people provoking -- --
-- And without any particular agenda and so. 

I think in time of political crisis actually lead -- Land offensive. The 
visitors -- fuel. Season. Experience in to leave behind him difficult Catalan. 
It could limit -- kind of inland revenue view. While pursuing -- you know I'm --
stay asleep at its. The Mercosur from ten to Lee had access to higher trend line
of keeping -- from our coming from politicians have. 

Pan and -- because -- -- plans because a judge has -- to convince them plan to 
take a particular time to have been trying to sell. So from me I -- it -- the 
lifestyle choices are likely. We'll look back -- -- months. Coming up. Banking 
-- got Salmond was notable by his absence from -- last year after losing his 
job. Barclays this year he is back in the fraud after launching a new African 
banking business Bob diamond walking around doubles yesterday. European banks 
are terrified what ECB's upcoming asset quality review will read about their 
balance sheets right. Well not necessarily -- -- -- column assume there. Telling
us earlier it could be a boon for the healthier banks at least. 

-- simply doomed to do something Laker. Bid turning point -- the evolution of 
the very laws of the dining need to be possible to meet care and massive modest 
falls out of nonperforming -- including in days alone -- ended at a. Joining me 
now totality agrees is the chief executive Italy's biggest bank already credit 
-- designing a welcome to doubles today. The asset quality review what you think
is going to mean for the banking sector. Negate the Procter and did a great 
opportunity. Because and forgive can possibly -- -- -- get better understand 
exactly what is that. -- hold the balance shift on those European banks top -- 
the very beginning and saying that it must be pursued -- If you're faster be 
down with a margin of -- of -- period of some venture every -- Maybe problems 
but fibre European -- -- Houston is really key. 

Key step toward global Ford walked into -- for. What about -- amid signs lenders
are what is it gonna mean for them. -- -- -- we on the back of this doesn't see 
a new round of consolidation in Italy especially among midsize lenders yeah. Be 
sure I think how four shares from banks remain down some additional capital. 
Choice -- -- -- -- Consolidation of the global. Is also always come from a point
flew into the river. Many banks -- fantasy some banks are getting delivered. And
you think that will back that consolidation that will only happen -- -- mid 
level what do you think some of the bigger players can get into that as well. 
Barbie so this -- a mid level I don't see big banks are going to go back. 

We -- -- industry after disappointed if you're not admit any pressure but in the
European mentioned earlier what population but that uplift -- on lead -- 
provincial the most eagerly look at this as recommended that. Are you still 
planning to pay a dividend for 33. I would not anticipate there have these deals
are never throw down a bit deviant people here always see where we've. The bank 
-- via both about the numbers have a football. Imagine a dividend will be 
forthcoming 406. Have just a general question on the radio you're on a number of
panels or one panel -- particular at restoring faith in the banks. Does it how 
far along are we in research. And the restoration of faith in the system. 
Altogether would you say. I think we're a mauling go step by step in -- vote 
their regulation on the -- lifted. Lecture on -- you're also regulation on has 
been painful battered over the very near -- proper banking or shopping early 
appeared impressed. Taught me perhaps below the major problem for the banking 
sector is -- fifty child rational use of instruments. In this is rarely if the 
world goes through quite a lot of the get them very -- bailout perhaps to their 
confidence. About the proper job regulation on our -- -- with fox allot dot -- 
customer satisfaction. 

Insurers improvement what specifically is regrettably. When other investing -- 
significant mommy -- caller visit penetration so this probably Taylor business 
we have. Investing -- down initial popping being the nationalisation -- a lot of
companies you've got a finger to rock band. He's in the phase of not -- golf but
if you look -- the corporate sector is growing -- quite a lot of faith who will 
dramatically keep a falloff. Customers should -- A number of initiative again 
for push on -- the mowlam satisfaction on nine down we've just a longer term 
target for the full show somewhat safe and reduced cost on the question. -- 
because many thanks for thank you very much if it is so -- thank you very much 
indeed fifty Frazier another big danger set -- talking Euro -- bank of Italy 
governor a glacier is not worried that. Obviously we're vigilant for the what we
see these serve across the -- book there's substantial reduction in inflationary
its. They're much do all what we consume -- The price stability so called sort 
of -- -- 

On the one side in number of counters we have. Four shields elementary for the 
items that -- Sean at negative rates. Hinder these series a sizable but is not 
comparable for the wonderful solution to a -- and then. Nod for the one doubt 
that no walls and really in Japan and that of the time word deflation -- -- 
period. Venetian saw in the same -- We we -- there but we are arranging. For use
all the instruments of we have. For account of. 

Sticking with Italy allies hoping to see progress on the country's 
privatisation. Programme Reuters Alexander Gallo -- asked finance minister -- 
cycle money. To pin down the likely timeframe. Ended down drain along with the 
year said only yeah. For the next two years -- We plan just out now all. And we 
expect to ever -- if you go entirely -- really in 2014. From. The -- -- amount 
is difficult to estimate because these -- Let me share offer conned by these 
their third quarter dot com -- -- -- -- formerly owned by this stage in our -- 
we expect -- -- found in the -- only -- -- -- Ford deal all living acquisition 
program. 

-- heavily constantly demand this year. Until eight to ten billion over the two 
years bite most of it will be this year -- were well you know plant on 
prevention -- closer review over. -- saved -- as a conservative that your life. 
Yes now and the big fish of the privatisation programme is Italy's postal system
-- how much of the state due candidate on the market. N -- -- how many tranche 
yes and how much do you -- -- how much is is at the Italian Postal Service what.
-- -- -- These are rarely if a pointed questions for -- share. 

The answer would be our coming available quickly in the coming days so. Only we 
expect tomorrow the cabinet to draw up rules work -- -- meanest only plea. Dead 
wood what all -- away for the deregulation of -- post office. Involving the new 
shallower. Their abilities Asia another large foreign gibberish into debt. On. 
-- sense -- how much it could be could be worth realising of course it will 
depend on the market. -- earlier hygiene -- near where her. They got a share 
ready deal would -- would would give RD DC -- Shiloh Illinois endure and there 
are -- falls to a five the interior of their dollar. The -- ages -- de -- bid 
compound that has served as it involved and to set of assets to. The last 
question that the answer has to the other one