New sanctions on russia from both the eu and the u. S. Targeting statecontrolled companies. Moscow is warning of retaliation. Our International Course bond and has the latest. Good morning. The eu finally imposed these sanctions. What was the holdup . There was some states that. That they were counterproductive given the progress on the ground in eastern ukraine. The concessions that allows for a process to sanctions back almost immediately. Here is what the new sanctions do, they limited the ability of statecontrolled companies to raise capital. Energy and defense had years, also extended to the banking sectors are as from raising afterfalls down hours they did this, the u. S. Said they were going to do something similar. Companies that it may affect. We are extrapolating based on what is statecontrolled. Also would not be protected. The European Companies and taxpayers will have to the costs for the penalties. That came out of off now almost immediately after targets in terms of responses of the mentioned car and clothing. What they want to do is to draw on industries that they think nobody gets it. This does not seem as firm, this is more hinted at. When you look at the us sent the effect of sanctions, they have added 24 individuals. Reporters look into private flights into nice. It looks like the private travel at least in terms of private jet travel is heading down. How can the sanctions be rolled back . All 28 Member States have to a great. They have always stressed the reversibility and scale of really for that restrictive measures. Month, we will have sort of a status check. If theres progress on the ground, you will see a real call for rolling them back. You need all 28 Member States to hold them back. Market be looking at reaction throughout the day. Hans nichols live in berlin. I said it was 7 00. You have written off a whole hour of the day. All over europe, panicking that they were an hour late for your workforc. Ryan chilcote this getting reaction to the sanctions. Executive, this is the biggest business forum. Give me the reaction on the ground to the sanctions, the possibility of retaliation. What is your take . You have been covering this for 20 years. The reaction unsurprisingly, people here welcomed the sanctions. That thiseel full complex isnt over adjusted. Championr world boxing , he was saying if this isnt about primera about eastern ukraine, it is about the russian president wanting to build a new empire and maybe taking us back to the ussr. The former economy minister saying that this hinges on a political settlement on the east of the country and it is not entirely clear that the kremlin wants a political settlement. We have the ceasefire, that is great. Peace,a lasting obviously there needs to be a deal. We will hear from the president of ukraine in a little bit less than an hour. He will be speaking live. Details. Ovide some he also said he will have all of his details next week. That is what has got people very concerned that in fact the s intention isnt to take things further after a tactical pause. Coming thats taken a while to come out. Just as this truth is introduced, possibly being counterproductive. I was speaking with the estonian president and he said, the sanctions are in place. Estonia is an eu country. He was part of the deliberations. There because of the annexation of primera. It will only be when those troops completely leave and we heard ukrainian president say that two thirds of them have left. Nine days for the European Union to agree on sanctions. That was kind of like before the eu to do anything. That is possibly a bit harsh. The potentialut retaliation. We are hearing rumblings that it could be on the auto sector are. Being made to go around Russian Airspace fulls top this is escalation or will this be titfortat . What are people saying . Heres the deal. The reality is we dont know. Yesterday, the russians signaled that it could be something affecting car imports, phone imports. Russia is one of the biggest consumer markets in the world and certainly one of europes biggest in similar markets. Almost all of those cars and clothes come from western europe or at least western European Companies. That would be a big deal. The russian Prime Minister made clear that the response to western sanctions will be asymmetrical. At they already hinted savanna flights over siberian inspace or maybe even western Russian Airspace which would be devastating for some airlines. The reality is we just dont know because no one really saw that dan of food imports which was a worse how the russians retaliated to the last round. We are going to have to see. It may be that the kremlin decides to hit hard or maybe they think were are going to softpedal this one and the these sanctions that have just been introduced, that have been the trigger to be removed if they do. Not something that someone attributes to vladimir q 10. Less than a week ago, a week to go until the independent vote and the nationalists have suffered another setback. The latest survey puts the campaign back in the lead. Details, 48 in the survey for the times and sons news for fact the yes to Independence Campaign and 52 fax the better campaign. He put out some commentary about this, cautioning, saying that all of this is still very close. The nose are back in the lead. That seems to be where it is but it is still very close. It is still within the margin of error. What do you put this down to . Is it this feedback loop, the people last weekend that saw those polls, got slightly cold feet at the margins and therefore recoiled a little bit from their push for independence. Do you credit the westminster love mom . In the lastwas couple of days including just yesterday some of the samplings are being taken. Maybe we read a bit too much into the detail of this. It is still too close to call. This poll is a little bit yesy. This is tremendous. , it could be a 10 fall in the one which we talked about on monday. 61 of all of the respondents five or said10 fall versus the sterling. It is down half of a percent this week. Down 2 since september. If it fell by 10 , it would bring the level to 146. 30. Vote, then itno could strengthen between 2 and 10 versus the dollar. A fascinating call. I know is a big deal for currency traders. Whatnly get back to sterling was four years ago. I tell you what, depending on and theerling goes, price of the dress, the price of doing business. You have looked at some of these, mark, you have read through some of them and some of the voices are quite stunning. Andy clark says if we know longer operate in one state, one market, broadly, one set of rules, our Business Model would never leave to come more complex. Justin king spoke to the bbc. He summed it up beautifully. He said that retailers will put investment on hold and scottish Food Producers could be hit as well. When you look at that, there is a big engineering group. This is a real scottish bellwether. It is the third Biggest Company in scotland. All of the financials running for the gates and Hadrians Wall yesterday. There are risks that they have to undress and they have the potential to have a serious impact on the scottish economy and prosperity. This is not bluster, this is reality. Was critical yesterday, wasnt he of what he deemed a collusion between the Business Community and the government down here. And collusion with the bbc. And he was annoyed with rbs and the treasury. No accident when you see women increasingly undecided over men. This according of the female vote. You have the westminster politicians with their outpouring of support. You have the Retail Sector speaking out. No surprise to see that sector in focus. A 10 tumble. We look at the sterling and the u. K. Economy as a whole. The nationalists have suffered another setback in the polls. Yeslatest survey puts the campaign back in the lead. For vote would be the worse the pound. If scotland does breakaway, sterling has the potential to tumble a next or 10 . All of us now to cross the tees,. All of the eyes. Well done. Achieving all of that if you can. Should we start with all of the main issues. Start with the currency. The currency union. Establishing their own currency. What is most likely . It depends. Know, the u. K. Government and the main Opposition Labor Party has said, the government and the main opposition has said basically that youre are not going into a formal currency union,. So, the choice is then broadly, in formal linkage or different currency. I think it is technically feasible that scotland could have an informal link and it starts off using sterling notes and coin anyway. So, that is one constraint. Careful have to be very with its Financial System and its fiscal issues and it would need a whole load of reserves as well. Andnically, it is possible you probably get less uncertainty, particularly in the short term doing that than saying, ok, we will have our separate currency. If scotland is independent, we will have to read to nominate everything. Thinking about a lot of volatility in the pound, what becomes a scottish pound and what hurricanes a u. K. Pound. The fact that we saw the banks announced think yesterday that they would lose their headquarters south of the border if it was the yes vote. Unionthat make the whole more achievable because of the size of the Scottish Financial Services sector might be brought down to something more manageable . Absolutely does, the number of jobs going into the u. K. From scotland is one issue. In terms of the broader Financial System, the question is who becomes the regulator. Intog from scotland london, for example means that it would be the bank of england is the lead regulator. Lendertalking about the of last resort facilities or recapitalization, that becomes a u. K. Issue, not a scottish issue. It would have been about 10 times the size of scotland and therefore it becomes much more sustainable and particularly from a scottish point of view, they would not have to worry about it. We talk a lot about the yes vote and the terrible state of the nation. If they did say yes and they did vote for independence. You actually said on a gdp basis, scotland is wealthier than we perceive. It is easier to work out. I think there is a scotland is athat lot poorer than the u. K. On average and that isnt true. If you include the geographical oil, scotland sea gdp is about 10 higher. In terms of the pure metrics, then it is no different. Is that the right way to look at it . It will run dry. It depends when and at one pace it runs out. Number ofd a huge discrepancies between the Scottish Government on the top side, u. K. Government on the bottom side. Had an informed view on it. Shy dont really have an informed you wanted. I think my Natural Inclination would be conservative. Thank you. No doubt, we will try to move on to other subjects. Talk scotland, 21 minutes past 6 00. Back with this, phillip shore. We are not going to get away from this issue. This is one of the biggest. When we look at the yeas and the nays off of scotland, the issues, and debt currency and north sea oil. Youre making the point that this commitment to underwrite scotlands debt in the iod is a smartr move. Apparently, if he doesnt get his own issue, scotland will not take a share of the outstanding debt. You couldre the case, get a potential default. To basically had that off, the u. K. Government said a while ago that they would undermine any debt that they were transferred to scotland. Would be that transferred would be underwritten by the u. K. Government. It saves the potential for a lot of turmoil. We had an interesting conversation. They were saying that they dont have enough information to form any kind of reddit rating for an independent scotland which is goes to highlight the lack of information for anybody. When clients ask us what are the main issues, we point to lenders of last resort, debt, etc. There was a whole load of things that we try to think about, issues that remain off the radar. Rumsfelds unknown, unknowns. How much the sterling fall if there is a yes or no vote . Is the bank of england push back a rate hike . On the first question, sterling falls. It depends on the perception of whether currency markets will share the pound or not. If you think that they will have their own separate current event you would expect the selloff to be great. On monetary policy, it depends really on the confidence indicators and indications of spending. If they are more or less untouched, it is a look at the currency. Inflationt more pressure in the medium term. It depends, is the answer. Carefullylooking very at shortterm spending figures and of course the currency. Thank you for that comprehensive roundup. Program, xi on the jinping is heading off to india this weekend. Could this signal new trade ties between the two world science. Footsie with the fx traders are facing. It is a strong dollar. The biggest weekly rally in 10 months. 8431. Get ready for retail sales. The dollar buying trend impact. Mark has told you the poll that we run today at bloomberg. Anyone one respondents, 61 . It would be a five cent, 10 drop in sterling. A pintte would give you production. Some would say it nor the polls. On recovery and markets. The Canadian Dollar moving,. Rude oil the bank of canada waiting for exports, could they be waiting behind the u. S. . That is the dollar move. If you want to trade the Canadian Dollar. That is their trade in terms of the differential. These are the Bloomberg Top headlines this hour. Scotlands national us are losing ground in the polls. This is versus 52 . They are looking to regain ground after a series of lows. A judge has ruled that he was negligent. He will find out today if he has been found guilty of culpable, side. The u. S. For now joined forces with European Union and stiffening sanctions against russia. The news has long been the government and moscow to threaten retaliation. President obama said this will target the energy and defense industry. For the ukrainian reaction to ryan chilcotes, spoke with the former boxing World Champion and current mayor of kiev. They told ryan that the russian president isnt done in ukraine yet. Aboutsomebody had a dream a new russian desire. We dont want to do that. The last time we spoke, you told me that you thought that president clinton wanted kiev, wanted to expand russia possible orders maybe all the way to kiev. Ultimately, that was his dream. Do you think that . Im not sure. Crimea is not the goal. The chinese president is heading to his neighbor, india. The trade on how the meeting could impact markets. The border disputes and trade imbalances, what will be addressed when it comes to those two important factors . Both of these things are going to be on the agenda, they will probably make more tangible on trade and investments than the border disproved. That is a long running issue. The Bigger Picture here is that china and india have some shared interests and some diverging interests. Fore will be some but none the medal will be resolved. Stepping back, what is taking shape in asia is kind of a trilateral triangle among three big countries, china, japan, and india. Each of them with a more nationalist leader than has been the case in the recent past. Rings will grasp that there will be issues. There was some nationalistic rhetoric coming through during the election campaign. Some of that has been dialed back a little bit. You mentioned those nationalistic tendencies from those three as and countries. How much of a threat you think they pose, that is made of nationalism that seems to have gained momentum . I think the nationalism was therefore campaigning and has been that i am for governing. The signal is there. The first visit of the new indian Prime Minister was to japan rather the end to China Economy ine largest the region. Having said that, it is important not to overstate this tension. It is an undercurrent rather than the main thing. Japan and korea then india, per se, but it is there and it bears some watching. How do they capitalize on that in the relationship, where will they do deals, where will the investment compound china . Is it infrastructure, it is difficult . Well, all of the above. India has a host of problems like many other countries and it needs to attack them on many different fronts. There is a lot that could be done in autos. Position to try to playoff different countries. Is that the pivotal relationship even more than japan, china, india. China clearly sees itself as the up and coming rising power. The chinese have made no secret. Many countries in asia other than china also have a different view of that. I would say that there are a number of bilateral axes. China, beijing, tokyo is one. Of course, washington is involved. That is not going to change anytime soon. With lots ofories different angles. How are they doing, do you to power . E he came it is hard for anybody to live up to that level of expectation. Im a native indian myself and ive never been terribly bullish because of the complexities of Indian Society for a fact, india is not a society, it is many nations. Running it is a complex thing. It is like a proper eurozone. Fiscal union. So, i think he is doing about as well as can realistically be expected. Perhaps less well than many Foreign Investors had expected in the runup to the election when i think expectations about indiast they could reform to really get ahead of themselves. I would give him quite good marks for dialing down the aggressiveness and the radicalism of change and starting to focus on nuts and bolts. He will face many tests along the way. He is already facing one about the coal sack there. The power crisis is coming to a head in the coal sector. The change that has been made in the central bank. They have this very fuzzy centralbank in the decades. They are making a leap of the 21st century. It is better than any other emerging market countries. This is an important improvement. Everybody has been given fixed rates. The indians have. Their act together. Is this the front runner for you. People last year talk a lot about differentiation. It was a weak way to look at. The differentiation was deficit versus surplus countries. Alpha, it wasnt about differentiation, it was about data. We are looking at country specifics. Reform processes that are very different, that are not constrained by international conditions. Quitek india is doing well. If things change politically in brazil, that country will join the fray. Turkey have voted not for change but for more of the same and that kind of worries us in this environment. It is clear that there is divergence in developed World Monetary policy in the pipeline. If we go back to last year. Tapering onputting the table. The ecb was on hold. The bank of japan had already used. The fed is completing the tapering process and we are talking about how and when it will start to raise rates. Most people agree that it will not be very radical. Ecb is easing. Japan does have a significant shrinkage in q2 and there is discussion about how much further the boj might need tds. Here, is itin flux really the United Kingdom anymore . He will have to lead leave the conversation theyre false. India as a proper eurozone. There is too much and that one phrase for me to get my head around. After the break, saddle up for start of hong kongs horse racing season. We go behindthescenes and into the stable. That is next. Welcome back. Time for todays company news. A Car Rental Company reached an agreement with carl icahn to a point. The Company Faces questions about its accounting. It has withdrawn its financial results. Is under investigation for the acquisition of an oilfield in nigeria. The deal was worth 1. 1 billion. The chief executive is suspected by prosecutors of playing a role in the corruption of politicians and bureaucrats and he denies any illegal conduct. The vodafone chief executive says that limiting might be a good fit for the company. They would like to acquire in germany and spain. This shows cable access in the european markets excluding germany, the u. K. , and the netherlands. Least they are off, at they will be on sunday when the gates open on hong kongs lucrative horseracing season and the stakes have never been higher. The total prize money has jumped 10 to a record. 2013 and 140th year of the oldest event on the racing calendar. The hong kong derby. The trophy went to the owner. Behind the success is gibson. Only his second year in hong kong as trainer, he won the derby and the hong kong cup. Now entering his fourth season, gibson has racked up an impressive 102 winners. He is focused on the bigger prize. When you look at this, what exactly are you looking at. You are looking up the shape of the horse. You know the horses will be really ready for the race. There will be a lot of trainers around. Icy sheila for any abnormalities. Heavy sweating or very nervous. A huge negative. You train in england, france, over the world. Hong kong, this is where you want to be. You have nearly 100,000 people coming to the races every day. Unique in the world where they are so passionate. You have some of the best jockeys in the world and some of the very best trainers in the world. Full count. It is a lovely horse. He is raced four times. This is definitely one of our up and coming. Richard gibson stable is in very good condition. 54 horses, six new ones. The major labels are getting cozy with social media. Top shot to burberry, the biggest names in London Fashion will be showcasing the latest in Digital Innovation alongside their Spring Summer collection. Caroline is there joining us from the hub of this weeks action. What can we expect from this years online offering . It will be fascinating online and offline. They will have hundreds and thousands of celebrities and the Fashion Press pouring into somerset. A take to the stage in terms of the showcase. Across the board for the next few days, it is amazing. How lucrative and how fast growing the Fashion Technology field is in london. You have Certain Companies such as list which is a way of following your favorite icon and compiling and buying easily online. You have boutique online sales which is already got about 300 million in terms of sales. They have raised more than 100 million in terms of hunting and stomp the appetite is therefore growth in Fashion Technology. There will be so many clever ways in which you can tune in and trying to get exclusive content for those that are at home. It is reworking the whole system of what was fashion week to begin with. Looking at some of the times that we have got, we have got top shot, hunter wellies. It is about visual and it is about being able to transact, keep on bringing technology and fashion together, isnt it . Of course, the company that keeps on coming back to mind whenever you think of social media, you think of online and offline, it is reverie. The u. K. Company. They are doing something very clever. They have teamed up with twitter. Twitter will now allow you to buy directly. You see a tweet from a company you like, this time it will be burberry. You will be able to buy the exclusive mail aint that they are buying in this particular fashion week. They are actually protesting for twitter. We also have the likes of top shop, they are doing something very innovative. ,hey will be having a catwalk which is unique. In the last few outfits, they will only be found on facebook for up and then you can directly by six outfits immediately. Bloggers are changing the way in which we do this. Another great thing you are able to do. They are teaming up with a very futuristic virtual way of sizing yourself so youre able to look at what they have caught on the catwalk. Actually, in real time find out whether that outfit, those trousers fit you. This is a whole new revolution in the way in which you buy. It is all about London Fashion week. They want to make london the most talked about city in terms of fashion. They will be talking to all of the innovators here. Stay tuned for many of my interviews. They will be talking about how this is disruption fashion for th. Make sure that fashion stays on the agenda. I thought i would look at Philip Seymour hoffmans film. A big loss to the acting community. His last film is called the most wanted man. It is adapted from a spy novel written in 2008. He resembles a hung over panda in his final leading role of a disillusioned spymaster. What have you got . It goes back to this story which is about the retailers. Everyone goes out and get a walk. Going for a walk makes everybody feel better. To be one of the conclusions from the research. Countdown continues. Russian threatens retaliation. Discuss that and a lot about scotland when we return after a short break. Russia sanctioned again. The latest round of penalties will take effect today. We are alive in ukraine live in ukraine with reaction. The latest poll shows Scottish Nationalists suffered a second straight setback. Hello, welcome to countdown. It is 7 00. Russiactions on targeting statecontrolled companies. Moscow is warning of retaliation. Our International Correspondent latest. Hols has the the the e. U. Finally imposes sanctions. What was the holdup . Wasun country thought it counterproductive to impose these sanctions after you had somese fire countries thought it was counterproductive to impose the sanctions after you had a ceasefire. It is much easier to roll them back at the end of the month. Do. Is what they they prevent statecontrolled. That is companies that have more than 50 owned by the state. Here are the industries it affects. Energy and Defense Sector yours. It also extends sectors on the banking line. Hours after there is an agreement in brussels, and we heard immediately from the u. S. President , he said they would impose something similar, so you can assume they would extend to u. S. Capital markets as well. Here are some companies likely affected. Be affecteduld not because they have less than 50 reactednership. Moscow almost immediately. They said the companies from europe and taxpayers from europe would have to bear the cost from the next round of sanctions. They are talking about retaliating with cars, particularly used cars. Also clothing and textiles. There are hints moscow may prevent flights over Russian Airspace. That would be a big woe to the airline industry. Ofying with the air side things, with the new round of sanctions a number another 20 points have in added to the list they found some 5 on private jets. It looks like there are fewer private flights leaving moscow. But how can the sanctions the rollback . You will have meetings. It will be conditional on facts on the ground. Need 28 Member States to agree. He said, we have always stressed scalability. And the process could begin as soon as the end of this month. Away wea couple weeks could see the next sanctions. Thanks a lot. Was then a week to go until ce vote,s independen and the nationalists have a setback in the polls. Support for an independent scotland is 48 compared to 52 as the status quo. Commentary. Some he provides commentary every time they have a pole. He is talking about gordon brown and his role in this. He said tony blair warned to beware of the great clunking fist. Here he is crediting it with some of the turnaround. Made bys been progress the in. Suffered. Gon has westminster love bomb. A new deal for scotland. Interesting to talk about what. As chosen this move it is down to the margin. There is a 6 of her and show. Deferential. It is still within the margin of error. You have the. No camp. There is a little bit of momentum. Things is maybe we are all reading a little bit too much into the detail. Last weekend was a bit yes. Are we paranoid . Sterling is interesting. It could fall. 61 say it will fall. If we see a fall of five to 10 , that will be sterling down. Are the businesses telling us . What about the bounce . 10 fall if there is a yes vote, 10 fall if there is a no vote. Sizable company. Basically saying, this is not a bluff. This is reality not rhetoric. Reference to Companies Making statements. They are all making these comments. There is serious impact on scotlands economy. The new look at retailers. Then you look at retailers. I will use it. It could be a great conspiracy. Ever eat scotland will again, will they . If they are trying to target the female vote, no surprise. Can i just finished the scaremongering . Independent scotland faces doubling of the bbc licensing, which is instead of it in 145 pounds 50 to get the bbc, it goes to 300 pounds. Tell the truth, the bbc. Mentioned a scottish name. Murdoch. Whats been wrestling with he thinks is going to happen. Disappointing poll is disappointing. He has described him as a friend and a great politician. He said thes ago scots are better people than to be dependent on london. He is really rustling with it wrestling with it. Follow us on twitter. , where are they . There you go. He did all of that from memory. After the break . We are going to find out how investors should position themselves in the event of a scottish yes vote. Michael osullivan joins us. I said it all in one breath. First, louisburg. Bloomberg. Yahoo said the American Government threatened to find it in 2008 if it refused to turn over data. The Company Might have had to pay if it cap refusing to comply to government requests. Thedocuments underscore how company had to fight every step of the way to challenge government efforts. Routes todd cargo india. Less thancement comes two weeks after the indian prime japan, seekingd to expand trade. Ryanair and easyjet may be among the companies to benefit from a vote to break up the United Kingdom. The Scottish National party has cut taxes that carriers say makes it a major dent in their earnings. Passenger duty would be cut in half and later scrapped should the party form an independent party after the yes vote. The pound has had its worst month in over a year. It has got further to fall. So say the economists we surveyed as scotland votes to split from the u. K. For more joining us from the , Michael Michael osullivan. That is a title. Always good to have you. If there is a yes vote, how much is in the price . Sterling has moved. What is in the price, and what have we got coming our way if we do see a yes vote . I think if we get a yes vote, that is not in the price. I think sterling will fall to the low 150. Emphatice a pretty buyer. We have not seen much dramatic reaction in stocks. Peoplesiately see regulating about people speculating about the possibility of macro shop in the u. K. We have been advocating to our to move into the big u. K. Exports. Beyond the market reaction, i think this will have enormous implications for a range of issues for Northern Ireland, for the debate in the u. K. On au membership foru the next general election. Afield to other parts of europe and asia. A small country, but if we get a yes vote it will have longlasting indications. I know you have been doing research on the success of small countries. Alexander wants to model his country on places like norway. Do you have any thoughts on the viability of being a small country and what difference that ability tocountrys prosper . We take a slightly different view to the consensus, which is tending to look at whether scotland will be better off or not . To drivet what tends small companies. They are better economic performers than large companies. In general they are better on social indicators. The small countries who surround scotland tend to be the leaders. Sweden, for example. Ireland also features strongly and somes switzerland of the tables we put together. At some of the stuff he has written, he regards the small countries as models. In some cases he wont be able to replicate what a have done. I think scotland and the rest of developed in very terms of institutions and the quality of the people. Reason i dont think you will see longlasting policy chaos after a potential yes vote some people forecast. Take us ines that the credit markets . Ireland is at 9 below the United Kingdom. The negotiations scotland and the rest of the u. K. Would enter into after a yes vote would focus on not just but also thedebt army and a military bases. If scotland was independent it would come to how something of a similar Credit Rating to new zealand or ireland. Just getting the details of the sanctions that have been imposed on russia by the e. U. , crossing the bloomberg terminal. That has been confirmed. A list of turks targeted has been released. How are you viewing escalating the eu andargeting the u. S. Against russia, and what are the implications for investing . Neutral ontill russian equities. If you use it on the russian view given thehe ceasefire, this will be regarded as an escalation, and they will respond with sanctions. Tensions andther cyber security. Even diplomatic tensions in the baltic states. For me this keep the sense of so we would hold off being aggressive buyers on russian equities on the ruble at the moment. I think this will have a dragging affect defect effect on the european economy. Can you give me an example of companies that would benefit from the vote . Or whether that is to do with weakness in the pound . I think if you are an investor, there is a small number of companies who will policies of the s p. Ryanair, easyjet, because of proposed changes to landing fees. In terms of having a broad portfolio of u. K. Assets, you want to make or have made a big shift in the portfolio to the big exporting companies. Is downside risk. This debate in scotland will color the debate on the u. K. , with they be faced in referendum. Inc. You very much. Thank you very much. Lets move on. There about 40 minutes from start of the european equities session. Futures indicating stocks will open. My machine is frozen. We will tell you soon though. Back in a sec. Welcome back. Just got details on the newest eu sanctions. Lets get the latest from hans nichols from berlin. What have we got . The sanctions have been published. We have united aircraft. What is interesting is we are getting precise companies. Isore all we really knew state owned companies owned by russia. Specific. Weg more and have a complete list name all of the companies. Condition onntire how you roll these sanctions back. Immediately. These it is contingent on what is happening. 28 sanctions to roll it back. You prevent them from raising capital. Barack obama has said he will impose something similar. A more complete list incoming minutes. Now it is official, and we know we are going to be looking for reaction. What about russian retaliation . What can we expect . They have hinted they are going to go after cars. The crucial thing is are they going to have russian flight affect russian flight . If they retaliate that way we are going to get into a titfortat situation that will escalate. With theichols sanctions list. We are going to talk airlines. Chaos. That is what baggage handlers are promising. We will discuss how airlines are viewing the scottish vote. Stay tuned for all of that. Welcome back. What are the traders facing . They are looking at the dollar coming off of it weakest highs. The dollar buying trend is in tact. 6 10 of retail sales you have just seen dollar sterling begin to decline. Tune into bloomberg. His is another poll if you take out undecided it is down to the line between the two. It could top 10 . 61 said yes. Better together. That could be of bounds. And ignore the polls. The Canadian Dollar on the move. Seen dollar canada reverse the original trend. Positions. Rt these are the top headlines. The latest shows scotland 48 supporting a breakaway from the u. K. Referendum the nationalists are looking to regain momentum after a series of blows. Mario draghi says the central take further to action if needed. Investment is essential. He says the level of Business Investments has only slightly improved, whereas in the United States it is above the precrisis level. Did secondn view round of sanctions against russia takes effect today. 119. Ing the total to president obama said the u. S. Will also broaden measures against the defense industry. Minister spoke about why the European Union is imposing new sanctions against russia even as a ceasefire takes hold. We have the worst violation of International Law since 1935. And the territory is a violation of so many agreements. For cia removal of sanctions. See a removal of sanctions. Showcasinging to be the latest fashion. Us from thee joins hub of the action. When you look at this, this is a chance for london to show off its design talents but also its tech talents. We know london is a hub for fashion. Later in the week you have burberry. It is not just a hub for fashion. It is making itself a hub for fashion tech elegy. Technology. London has the company for these startups. We even have an Event Company that brings together these demystifyt tries to how fashion can affect employment. We know it is the success of these companies. Following on your an inram a little bit of different area. You have all of these Boutique Companies that are almost like a like a lifestyle company. This company has a turnover of 300 million. It is really going to disrupt the likes of fashion week. Article reading a great yesterday. I just wonder about a virtual fitting room. Is that part of the technology we are going to see . Are people going to understand the technology . We Like Technology making us transact. Making us transact. Not making us wait three months until we get our hands on these be a abledesigns but to potentially buy them right now. Move. They will be taking to the stage. You will be able to click on between and by their nail polish. Have the house of college where you can look at some of the design. You can put those trousers on yourself and see what fits. Preorder it immediately. To lead thees charge. You have a unique look you will be able to get on facebook. It is only about making it more it is more about a certain few. We will be talking to many bloggers about whether fashion week is needed at all. We will be talking about how much this can incentivize people to buy. Then you are going to grow with digital. Thank you very much. The tragedy in soho if they abandoned . Fashion week . Nationalists in scotland say to companies that would benefit if they leave the u. K. Are how couldd easyjet. These airlines benefit from a yes vote . They very much said the scottish voters could design whatever they are going to decide. One thing the airlines hate is something called air passenger duty. This is an environmental tax. About 400 pounds to a family of four traveling from australia. What the Scottish Nationalist party has said is they would consider scrapping this, which is something the airlines would be very happy about. More of a hatred of this packed than that scotland would be independent . How much have they pledged on this . Is it because of taxation or that they want to entice the . Irlines 2 Million People dont travel to scotland because of the tax. Pretty they would see it as a way of attracting tourists. You have to wonder if it does become independent it will be instability. Talk to us about heathrow. We have a baggage strike. It was a shining new terminal. The strike is affecting 1, 2, and three. Not all of the carriers that are flying out of terminal two. Heathrow has over 8000 baggage handlers. This company has 1200. It is about 15 of that. It could be a little more than that. I havent seen too many delays. It seems like things are still moving smoothly. Quiet. Nt this to remain they want everyone to remain positive. You dont need them. Thank you very much. We have had everything. Fashion, heathrow, but after the break we are back at London Fashion week. We are going to speak with one Company Using social media to reach directly to the consumer. Have a look at the bloomberg commodity index. Global happening to commodities . This fell to the lowest level since july 29, 2009. You might know it i its former name. 22. S an index of why hasnt fallen to its lowest level in five years . On one side abundant supplies. We have got u. S. Oil production poised to be the most in 45 years. If you couple that with growing Economic Growth outside the u. S. , experts are worried demand for commodities may decline. Individually, the constituents behave like this. Of lowest level since july 2012. Copper, wheat, soybeans. Low. R near a fouryear is this good for consumers . Yes, it is. The prices have fallen to lowest in nearly four years. Cost of milk and cooking oil has tumbled. The organization announced that yesterday. This could give janet yellen the excuse to do a great article. Energy prices are crumbling. This could give janet yellen the opportunity to hold back on having to raise rates. If you have got no inflation they are off the hook. They face pressures from commodities and food prices. Have we seen the bottom . The United Nations said when it comes to greens, it could be of further fall. This is the grade index. Commodity index. We need a jingle. Join him on twitter. He likes twitter. The chart of the day. Us singing free on twitter. The London Fashion week kicks off today. Caroline hyde is there. Social media is going to be important this year. Take it away. Technology has been disrupting fashion for several years, particularly in london. We are joined by the fashion director for. Give us a sense of what it does. It is all about social media. It is an International Luxury retailer dedicated to bringing to the sidewalks. Give us a sense of how much this social media has changed the way we can access fashion week. Exclusive event. We find that our consumers formuch more well informed. Example we have created an theiative where we bring glamour but also what is going on during fashion week. That is the you can follow and analyze what you are picking. P and immediately react to it absolutely. It is that realtime reaction. Editors are actually uploading as they walked out of the shores the shows. You dont even have to wait for the blog. Consumer, what am i going to do with it . Purchases . Ly making it was about brand building and image making. Shop. Ers do go there to online retailers are exploring ways of making Instagram Shop a bull. Shopable. Op a bull how do you do that . Some of these werent meant to for a number of months. How do i make it immediate . Whack some brands are exploring ways to make what is on the shopable instantly. Will this just drive growth . Are moreeeing people willing to spend online . They should try it out and take yours tile guide . Style guide . Absolutely. There is a lot of information on the website about each individual garment. Does run too big, doesnt run too small . It is also about making returns try on people can clothes in the comfort of their home. Do you think we are going to of the onlineore purchasing . It really is the future. Youngernk about the generation, whereas we still rely on brickandmortar topping, 10yearold 16yearolds are just shopping online. You just came back from new york fashion week. You are about to look at what is in london. Special . Ndon so london is the home of Digital Innovation in fashion, but what we find is London Fashion week is really exciting. You not only have the best rants like herb or he but exciting designers. Really want to be at the like burberry but exciting designers. Beene backdrop we had has glamorously disrupted. I will be back with much more as the morning goes on. Back to you. Check out what he is delivering. Youre looking at hopefully the man in white van. It is rather gray. Were going to talk market markets. They open in just under nine minutes. Stay with welcome back. We are six minutes from the start of trade. Jon ferro is in charge of on the move. Where do you want to start . You want to start with scotland . This gives the edge. The bookies really have got no as the overwhelming. You see it shift on the polls. Can you remember . It is put nine pounds down and get to back. Not bad. Apparently a lot of the money gamblers. From english it is an interesting dynamic. Do they all reflect what people want to happen . There will be a balance. I think it will be very hard. Coming from Northern Ireland where i studied republicanism combined with Great Britain and Northern Ireland, i just dont know which way i would vote. What about europe and sanctions . Heavily ratedll companies. Dont touch the big boy, which is gazprom. Thank you. Seven 55e is next. This friday morning. Along with all the action from the start of the european going to be we are talking huber as well. Manager of the taxi company gets set to challenge its ban in germany. More on that on the move. Welcome back. We are just minutes from the start of european trading. We are watching more eu sanctions come through on russia. It is a little bit like the old sanctions. Was in the studio talking about scotland. Been published. Y the eu have beeniduals added. We wait for reaction from russia. The latest on scotland. Another poll setback for the nationalists. The latest poll gives the and a four percentage point gives campaign a 4 lead. Plenty to think about this morning. We have scotland dominating headlines across the u. K. A lot to think about. You are looking at futures, futures higher. Wait what we have to the russian retaliation is. If you are looking at asian had rkets, the nsc