It is 6 00 in london. A very good morning to you. New products have arrived packed with 2000 Silicon Valley executives and celebrities. The company unveiled its nextgeneration. Of these of the new iphones the iphone 6 and the iphone 6 plus. They are without a doubt the best iphones we have ever done. I hope you will agree they are the best phones you have ever seen. Biggest announced the screen iphones. Caroline hyde is here. It is a key day for apple. Did he deliver . The next chapter in the apple story is what he said. He is brought an entirely different product to the market. A new ecosystem. It has been reiterations of what steve jobs has done but now, at last, we have seen changes. A new category a new apple watch. A payment system. This is a company that is not trying to vindicate that it is worth more than half 1 billion, more than the gdp of sweden, thailand. It seems to be impressing. The stock is not a little bit because we knew about the products that they were going to announce. The watch. This is the real new product unveiling. Why did they go apple . They say creates the best watch in the world. The amount you can personalize it. You can get two types of faces. You can get classic or gold. That is coming in at 349. 18 karat rose in or caret gold. They made a still stronger than any other phone. It has interesting features like voice command, the siri voice command. Fitness but it takes fitness on a different level because you can have diagnostics. They can give you coaching features. That will be taken on a different level. You can send messages. You can tap on a friends face and send them a pulsing sensation if they have another one. Look at the reviews that came through. The list rations were very beautiful of the illustrations were very beautiful. Futuristic however, those illustrations created Unrealistic Expectations when it was finally unveiled, a tad bulky. And this was about wooing you. This is looks rather than brain. Wantsgoes on to say she one. It is pretty beautiful overall. Jonathan ive is a stickler for detail, the designer apple, they wanted to synthesize the analog sounds, the chimes the clock makes into digital sound because he hates the usual beeps and whistles that the usual watches make. I personally did not think it was that much of a difference from the Samsung Galaxy gear. It hasnt really caught on, hasnt . I was expecting something sensational. It is rather elegant on the wrist. My boyfriend took a look at it and said he really liked it. You have to know how big it is. Ita woman, want to know if is massive. Lets talk about apple pay. They are taking aim at your wallet. They want to replace it. They are taking aim at your credit cards. Theyesting, we understand are taking fees, splitting some of the fees with the banks. Instead of swiping or putting in your debit or credit card or code, the fee from the retailer will go to apple. A nice revenue stream. You can get into a retailer and that they have the appropriate piece of equipment using the communication, you can use your print on the iphone 6 or iphone 6 plus. You can pay for apps. It really depends of rather the retailers invest. 2200 already have. You can use in a starbucks, macys, american whole foods. A lot of retailers. A lot of american retailers are about to spend a huge amount of money in terms of upgrading all their terminals. In part of ways, it is participating in that and thinking upwards. They are usually behind the game. We have contact lists pretty much everywhere, pin everywhere. The u. S. Still swipes so they never made that overall investment. The u. K. Retailers once again probably have to invest. It is half its sales so it is matters. About is why you have an apple watch but only works with your phone because this is the key product for them. Framed. Inner higher resolution as we expected 4. 7 inches. I think the gold one was particularly goodlooking. I liked the gold one already. I like it. This is the key issue. It should be stronger. What i did think was important was it will have 25 more battery. The six plus well have 100 more battery life. That is important. What has been left out in terms of acrosstheboard information . With the phone, we know china has been left out. They dont know when they will get their sales. Will have this phone by the end of the year but it would not be first on the list when they allowed to get them shipped come september. Factory life of the watch battery life of the watch . We dont have an idea. That is what a lot of people are wondering about. There are also questions about how much the watch will cost. We know it is 349 dollars to start with but what about all the different ones . What about if you want the eating caret gold . 18 karat gold . What are people saying about the prices . I think relative to the competition, it is not bad. The cheapest version without sapphire. Thank you very much. You can join in the conversation this morning on twitter. markbartontv finally joining the twitter. Next guestme, our looks of the policies that are needed to help a global recovery. He will be with us after the break. Time for todays company news. Pursuing a stake in the former italian prime ministers media set, according to people familiar. There interested in buying 11 stake in the italian atv company. Paytv company. And new sports car cost about half the price of its predecessor. The mercedes gt will start at about 1000 euros 100,000 euros. It has faster acceleration than the porsche 911. Microsoft which makes the xbox video console is set to be in company buy the swedish behind the popular game online craft minecraft. Leaders of the three largest Political Parties in westminster are all making unscheduled visits to scotland today. Event to lastditch persuade voters that the u. K. Is together. That is after the latest polls predicted the outcome of independence which is too close to call. The health of the economy, for more the head of research at your joins us patrick joins us. Mark carney talks about a union not being really achievable. Do not ripon saying the family apart. How big of an issue is this with clients, what are they doing and what are they telling you . What is interesting is that two weeks ago, clients were not so much concerned with this. Outside of the u. K. , internationally, people and not afraid. In the last 10 days, people are panicking. We have seen some clients stopping to buy protection. It is a growing issue. With u. S. Clients, it was a topic. It is quite worrying. What kind of protection are they buying . Are they protecting themselves against falls in the pounds, equities . I have seen newspaper reports raising the possibility that we could see selling of u. K. Assets. As a result of this. Is this just newspaper speculation . I did not want to speak of a wave of panic. They want to unwind some position from the u. K. Market. On the other side, we are seeing investors increasing production just to hedge in case. What are you telling your clients . To be frank, the risk is there. All of us have been surprised. I think it will be foo lish. I would say you are more of an expecert. It is like gambling and no professional asset manager likes gambling. We are paid to look at the risks as we go ahead. We have interviewed a rewrite of people that sterling could hit about 1. 50 but there could be some momentum. If in the event of a yes to independence vote, where without the most explosive . In credit, equities, currency . How would it evolve most paramedics most dramatically . Ai think the currency has hit risk. What were seeing is credit and equity. Point number two, if i take my hat, the risk is not only it is on european assets. U. K. , i would say, it is weakened by this. It would have an impact on europe as a group. Given the isope economy, the market not a good direct and. Ion. Are european investors looking at this in wording this could be a precedence for other states like spain . Is that all investors minds . Absolutely. Every time i have been discussing this internally and externally, we always end up with the conclusion that it opens the door for administration in europe. It is quite worrying. It opens the door for the u. K. Leaving the e. U. As well. If scotland votes yes, it is more likely britain leaving the eu. Do you agree with that . How will that play out until the referendum in 2017 . Exactly. It is a very serious risk. By the way, we cannot interpret it weakening. This is the downside. I want your quick take on this. The biggest statement from blackstone the Federal Reserve is overvalued, Interest Rates. Blackstone. Rom how do you look at the world of risk . I tend to disagree with the statement because on the one are well, u. S. Assets valued but not overvalued. Why . If we look at earning prospects, the level of interest and inflation right now is fairly valued. It is europe. Assets remain regulatory relatively attractive. One is japan. Japan may be too aggressive. See what has been put in place is quite risky. To make a very simple, to kickstart inflation for japan, you need to push assets, inflation of assets which is not good inflation or you push demand versus supply. Consumption is we know the story of japan. The other parties in asia and china they have conflicting support. On the other side com, we have a banking system. Thank you very much. He will stay with us after a short break on countdown. Welcome back. It is 6 22 a. M. Before the break, we were talking about japan. You are saying it is not a house of cards and you are giving them the benefit of the doubt. How long are you doing that and what is the key test still for you . Everything that is launched are relatively limited on the real economy. What were seeing which is quite interesting i was in japan just before the summer. We were seeing some local productionuying some against potential rise in japanese dominated rates. It is quite interesting. When you see the level of the debt and Interest Rates in japan, it goes against what analysts are thinking. What the japanese would give confidence of them demographichave policy or to have an immigration policy. Maybe the next question is germany. Japan and germany are in the but demographic situation germany has immigration policy in japan is not doing this. They arelikely doing some very good things. Would it be enough at the end of the day . Efer theeurope opr same way japan suffered or is low inflation no growth . That is a very good question because i think we cannot compare europe and japan. Has a real positive demographic which is very interesting. Secondly, we need to take into account they are facing deflation. It is more competitive deflation. Europe is taking the way of japan. No way. We are in very low inflation, competitive advantage. Point we might have some positive surprise. A lower euro is good but you be 10 lower for really long amount of time. Are we miss reading this move in the euro when we look at the equity story in europe . Tie the two together for us. It wass remember when upgraded in 1999, it was done in 1. 16. We are makingally the same calculation. We find it is somewhere between 1. 15 and 1. 20. Point number two, every time the boosts theling, it japan economy. 1. 15 forthe euro at one year, it would have a very positive boost on the japan economy. The ecb and what they are doing now the policy that is announced. What is that due to growth . To be frank, very little. In fact, it is helped weaken the euro. Ecb is putting into place the framework which raises that. We need social reforms from government. Italy, france. We need something that will kickstart investors and corporations. And big investment plan. It is ok but maybe not enough. Thank you for joining us. , patrick. Theoming up, we look at u. S. Jobs market in the Worlds Largest economy when we speak to the u. S. Labor secretary after the break. Stay with us. Welcome back to countdown. Prime minister any. The Swedish Krona, another country with an election. I am manus cranny. This is one of the worst performing g 10 currencies out there. They are no longer the social democrats but you could be looking at four parties in sweden. Another set of polls on the 14th of september showing a disparate electorate. I could take the krone lower. That seems to be the sentiment coming through. They have the threat of rates already being cut. Keep a night on the Swedish Krona moving back to issues more here. Nt than us the eurodollar continues lower. We had just bytes of the 14month low that currency is technically oversold. Very little can stand in its way at the moment. We just spoke with patrick. Egrande from Societe Generale we have french Industrial Production later today, no botany, all of the voices nov otny. Is of the Bloomberg Top headlines. Barack obama preparing to ask congress to pay for a multibilliondollar plan to expand the countrys military campaign against the islamist state militants. Obama is scheduled to deliver in a televised address to the nation tonight. We will bring you that live on bloomberg. European union is meeting to consider tougher russian sanctions and concerns of a fragile truce in ukraine days after the abrupt decision to put sanctions on hold in order to assess the ceasefire about risking further trade retaliation. The verdict in the Oscar Pistorius murder trial will be announced this week after months of court proceedings. The judge will decide whether the paraolympian deliberately shot his girlfriend, reeva steenkamp, but it was an intruder or fired out of reflex. Job growth in america last month was the weakest this year, 142,000 well short of estimates and the Unemployment Rate fell to 6. 1 percent mainly because people fell out of the workforce. We are joined by the u. S. Labor secretary thomas perez live from melbourne. Good morning to you. Thank you very much for joining us today. Always a pleasure to be with you. 20 ands start with the g then we will focus on the u. S. Jobs market. Labour ministers from the g20 are gathering in melbourne. Thats why you are there. The world bank is warning the g20 that slow growth risks keeping the labor market week until 2018. What actions can the g20 group take to address those concerns . We having that conversation right now. I think there is recognition that we have to pick up the pace of growth. A couple specific areas where focused on in this particular set of meetings are picking up women,e of growth for female Labor Force Participation in many countries including the United States, is not where it needs to be. Similarly, we have a real challenge for young people around the world. Hundreds of millions of young people need work. I know thats the case in the United States where youth unemployment is unconscionably high. There are longterm costs to the failure to get our young people in the employment system early on. That will have a negative ripple effects for a long time. Those are two areas of real focus. At the same time, picking up the pace of growth in making sure we put money into the economies of this world. Issue in the United States is increasing consumption. Its roughly 70 of gdp growth. When we put money in peoples pockets, they spend it. Businesses have to hire more, everyone benefits. Secretary perez, good to see you. Tell me a little bit about how you see the structure of the recovery,et within the u. K. , in the u. S. Theres a lot of conversation about whether the labor market look structurally very different during this recovery as compared to previous ones. What are your thoughts . You correctly point out, in the United States where the economy continues to move in the right direction, last summer we had unemployment at 7. 5 and now it is 6. 1 . Monthsad 54 consecutive of private job growth to the tune of over 10 million jobs and Consumer Confidence is at its highest level since 2007. At the same time, the structural issues at the part of your questions start with the longterm Unemployment Rate. Ordinarily at the end of a recession, you see a longterm 1 . Ployment rate of about in the u. S. And elsewhere in the alarmingly high levels of longterm unemployment. A point to meet with the longterm unemployed back home in the u. S. They are remarkably dedicated people. The challenges the longer they are out, the harder it is to get a job. That is one structural challenge that we confront. Youth unemployment. In so many countries around the too high. Is just way including but not limited to the United States. Im having a bilateral meeting with the germans because their youth Unemployment Rate is far lower than it is ian United States. We want to learn more about their apprenticeship system that has provided pathways to the middle class for young people. Thats why am here. I want to talk about the good things were doing and i want to learn from other people about areas where we have a lot of work to do. Helping our young people get access to a good middleclass job and will the ladder of opportunity remain the big challenge the United States and across the g20. Crannyetary perez, manus here. You talk about putting dollars in peoples pockets to get them to spend, drives the economy, reduces unemployment, as you say. How much tolerance do you see . You talk to the longterm unemployed. You get the feeling that a great deal do not want to come back into the labor market . Hence the Participation Rate has dropped. Is that i folly argument, secretary . Can the u. S. Economy tolerate higher Interest Rates . We are talking about the reality for the consumer. I talked to longterm unemployed all the time. They want to get back in the game. America works best in countries around the world work best when we field the full team. There are too many people on the bench who want to get into the workforce and get back into the workforce. We need to do our level best and in the United States, we are about to distribute 150 Million Dollars in competitive grants to communities across the country exclusively focused on Innovative Strategies for increasing employment for the longterm unemployed. We are focused like a laser on that. Our me