Welcome to countdown this friday morning. Happy friday, everybody. Also coming up on the program, if you cannot face the morning commute on a crowded train, join me on a trip that puts you in the lap of luxury. No worries about getting a seat on the service. This is coming up later. Should we talk about tax and luxembourg . ToJeanclaude Juncker seems be taking a little bit in the press in terms of what is going on with luxembourg. That is whats, might be the title for someone making phones today. This was an investigation by independent journalist that came up with detail and hundreds accompanies that have allegedly to save tax and luxembourg. We have a collection of news organizations, a Investigative Group and i came up with quite some salacious details about the special rates that individual companies were getting to actually cut taxes and have their own personal tax deal in sign of luxembourg. The question is the nexus and the role that we have from Jeanclaude Juncker because many of these were cut during his time as Prime Minister. He says that he will recuse himself in the case. He will continue to try to harmonize eu tax laws across the entire european union. We have so many stories on the. U front we will see how this shakes out. We will see what the relationship is like between prime canyon and Jeanclaude Juncker. Cameron not lay nice with other Prime Ministers, we will see if he takes the opportunity to take a shot. He referred to himself as being serene. Ets talk about allianz they have had this debacle. And the outflows, what is it, 50 billion euros in the Third Quarter . We finally have a price on bill grosss exit. We will try to price and what youre actually mean to viewers. When you take a look at the overall earnings, their net income came in, their operating profit beat expectations. They were down 5 to 694 Million Euros. They did have a good quarter elsewhere. They made up for it with property insurance. Take a look at the numbers break down operating profit. To get a sense for how much more diversified allianz is. As 690 four per asset, one point four 2 billion. This is operating profit. All this means is that theyre going to increase their dividend net income. Before, it was 40 . Say is what they had to about the departure of bill gross. 49. 2 billion euros which translates into 60 billion. The total return front, the number was two point 27. 5 billion. Net outflows development after the resignation of bill gross is within our expectations. They have confidence in their new team out there at Newport Beach. Job that has worse hours than ours and perhaps even less lori, being an asset manager at Newport Beach. You still have to get up so early. We will have to do the trade off on whether or not it is worth it or not. You do to live in california. A littlen never the bit of sunshine and you bring it to countdown every single day. Thanks for the roundup. Risky business, that is what the title might be at the meeting of the central bankers in paris. Market see this as a thriller, a tragedy, or even a farce . Lets get to the economics correspondent on the ground for us in paris. Brief us on what the ecb did yesterday and what it means in todays meeting. The ecb sets up the meeting really well. A dovish press conference that people were expecting, a commitment from mario draghi to boost its Balance Sheet by a trillion dollars. A hint that there might be a broader amount of bonds thought perhaps as soon as next month and a reinforcement of that the ecb is on a different path from counterparts such as the federal reserve, the bank of england. Message across the board which sets it up nicely for a meeting of central bankers. All of whom are looking in different directors. You have the fed stopping is quantitative easing last week. Might do theg we same and all will be represented today in paris. What is the al before the central bank as they gather in paris . The fed, you start to wonder whether they will raise Interest Rates, we had a bit of a Global Growth scare and october and that kind of rocked forecast. Save for the bank of england, parisarey will be in representing. On the flipside, you have the bank of japan, would corrode up is really ramping up stimulus and draghi. Neither of them looked to raise Interest Rates at all next year. That will be a huge thing for markets next year. Next year will be a real story to the markets. Sonic kennedy live. The largest julie maker just reported their earnings. Our European Business correspondent joins us with the numbers. 908 million. The estimate was for 1. 12. You say there are other numbers. Operating profit is to focus on. Billionslight miss, 1. 3 euros. Than 1 . About 2 overall. They were down four cents. Clearly we are seeing an increase in operating profit. Operating profit was hit by a charge in particular. We are seeing a slight improvement in gross margins. It is bit of a murky water. The takeaway is that the sales are down some 4 in constant currencies. Kong,ecause of hong because of asia. The biggest jewelry maker in the world. They have been hit in particular by the lack of stimulus going on in china and the fact that there cracking down on the gift giving. It is also because of the protests going on in hong kong. As is the big one, the fact if it hit them in october this weekend. The mainland chinese flooded to hong kong and they make the most of the lower taxes. They go splurging on some of the highest and goods. Bans in place and big group tour is going to hong kong. Overall, we are seeing the hit, the effect of the protests in hong kong and as i say, the crackdown in giftgiving. And also hit burberry. That is a one ounce set of incidences for hong kong and whether you looks to that and you look at 2015 will be hard luxury. That puts in a better performance than self luxury. In the previous numbers, this is the most surprising. In september, they came out and said, the first five months of our fiscal year were the worse since 2009. They have flagged this. The ceo, while his coceo has said, look, actually this isnt a longterm issue. We feel that this is a shortterm issue. You are seeing a lower middle class in china, you are seeing bee luxury that will increasing luxury goods. You have sluggish sales there because of the austerity measures are still continuing in italy and the like. Clearly, there is less growth going on in europe. They were looking for the u. S. , the middle east to help overall. Biggest area of sales. 40 of the sales. No wonder october sales are down by 1 . Overall, the takeaway is coming yes, continuation of a theme, asia not looking pretty, sales are down on the previous year, but maybe not quite as bad as had been expected. You think i will get a deal on a watch . I dont think that is allowed. Shocking. I will lend you mine. In anyou want to join in of the conversations on twitter, you can find us on twitter. Tell us what you think about the ecb yesterday, about allianz, about the central bankers gathering in paris. Mario draghi has investors hopes up for stimulus from the ecb. Dovish astrike to town . I put the question to our next guest, the head of research at standard chartered. We are back after the short break. Welcome back. You might have thought that the steam train would have gone the way of the typewriter and the slide rule but there is apparently a market for elegant travel. I went to meet one company that still offers the golden age of steam. Modern travel is all about getting from a to b as quickly as possible. Lets see what traveling is all about. Good morning. . Recognize the name. The Orient Express has a centuriesold reputation for Luxury Travel. Venicein still goes to on day trips around the english countryside. The company would like to build on the trains reputation for service. Ice clunking,f the trains moving. Food,well as gourmet guests, board to travel back in time. This is splendid. Belmont used to be called Orient Express group. Why drop one of the evocative names in history . Were not just a legendary train. Hotels. We are much more and brett in scope than many people realize. The brand is actually owned by the French Railway company which is due to launch its own service. As competition hops up, it seems the golden years of Luxury Travel still has a place in the 21st century. Was raining. You get this glamorous sort of beautiful afternoon. What are they send me . To a bridge in zurich every two months. It looks really really spectacular. They have also owned the lululemon. We have a hard job, everybody. Mario draghis words have ramped up expectation that the ecb is looking for more intense stimulus. We have a lovely graphic of this rock band they are bringing together of all of these central bankers and others at the center of things right now. Is one guy missing, mario draghi. What are they said to discuss without the lead guitarist of the central bank rock group . What will be on the agenda . They should be a divergence we are seeing in the global economy, a lot of strengthen u. S. Economy, certainly weakness in europe. Do, whatcentral bank should they do, what can they do . What should they be asking governments to do . Those are certainly very prominent issues in europe. Draghis message you sent the government man is there. The guy that is jumping everyone is mr. Croda. Do you think that is angst . Certain extent it is. Theres certainly been talks about exporting deflation and competitiveness, currency wars. Extent, we are. Some countries, particularly japan and the ecb, they have made it very explicit that they are perfectly happy to see the currency weaker. That is one way in which it stimulates growth. But of course, one mans currency weakness is another strength. There has to be some tensions. Wasario draghi yesterday saying that his Balance Sheet will continue to expand even while the Balance Sheets of other Central Banks will contract. That is about the fed. Is that openly suggesting that they would be happy for the euro to go down against the dollar . It certainly is. I think it is interesting because the only time that we have seen this kind of talk previously was when the euro was pushing up against 1. 40. Weve seen the euro weakening quite substantially over the past six months. Push itill prepared to down further. Oftentimes a good people talking about the euro drops for the first time in six days, it tells me, try to put some context that it will help earnings by 10 . Where does the euro need to go to an economic model to really generate some growth . That is a very interesting question. I think that it has an impact but just at the margins. Essentially, the euro area is a large economy which is very dependent upon domestic demand. Be axports are going to 10th of. To the extent that you depreciate the country, it is helps, it is helped the margins. It could boost margins for some companies. That is not going to make the big difference for growth. You need to see stronger domestic demand if youre going to get the economy going. More on drugging when we come back. Draghi when we come back. Countdown. Ck to we are back with the head of research at standard chartered. How much do we make of this unanimity at the ecb. They said the statement was unanimous and had been a lot of talk going on about how much he was acting on his own at how much of the other policymakers support he had. I think it was important because there had been clearly some divisions within the ecb Council Summit particularly over be on theult it would qe target. Its a something that draghi had been quite specific about previously. Again, he repeated yesterday that they were moving the Balance Sheet back to the march, 2012 level. The elephant in the room, which is when will they do he was bearish. You set the tone of what he said about growth was a bit bearish. Does that mean locked in, qe. Brave, jump forth. We had been saying that we inect quantitative easing terms of sovereign bond buying in the First Quarter of next year. View, the measures taken are not going to be sufficient really to make a significant difference to inflation and to growth. If we look at what the ecb, even if they are successful in reaching these 3 trillion euro Balance Sheet, it is still a fraction of what the fed and what the bank of england has done. But not an early christmas present. D early market, time with the forecast in december. Lets see what happened to data. Of weve got the fed quarter data next friday. I dont think it will be very encouraging. If the survey start to deteriorate, if we see headline inflation, core inflation moving lower, then it is possible that they could act next month. It is indeed. Thank you so much. The head of research at standard chartered. Coming up, an act that brings beauty and wellbeing treatment to your door. What is the secret of tapping into it . We will tell you after the break. How are the fx traders preparing for one of the biggest events in the market . Day. Unemployment nonfarm payroll. This is the bloomberg dollar index. The biggest weekly gain of 16 months. We are almost at a five and a half year high. The big the biggest weekly gain since june, two thousand 14. The market is expecting an average this year. This is 1990 nine. Is there anything that can stop the dollar. So, the dollar is pumping, the dollar is strong. Time last week, they went for more quantitative easing. Keep an eye on these two currencies. Is tradingorean won 9. 4763. The taiwan dollar is at a sevenyear low. The clearest headwinds are to the korean war and. This is the threat. These are the two currencies that are under real threat from the bank of japan action. Flyttle bit different for day. These are the Bloomberg Top headlines. The euro touched a twoyear low after mario draghi iterated his commitment to stimulus. The European CentralBank President said that they will buy bonds for at least two years. He confirmed the bank is standing by to soak inflation in the euro area when and if it is needed. Momentum, alongside heightened geoPolitical Risk could dampen confidence and in particular private investment. , insufficient progress and Structural Reforms and new countries constitutes a key downward risk and economic outlook. We will look at a snapshot of the health of the american economy. Luxembourg dodge taxes. This follows a new report which reveals the secret details of deals during the tenure at the new European Commission president. Companies have transferred profits to the country using complicated tax rates. Says hech president will not seek reelection if unemployment doesnt declined. He marked the Halfway Point of his fiveyear term with his Television Interview in which he pledged new measures to help capital find new jobs. He said there will be no new taxes among those announced. Letshave had earnings, stay with the luxury seen. Have you ever felt the need for a little bit of beauty . This feels like much more. You can do yourself a disservice. I like a little bit of help in that department. We are joined by the ceo of great to have you with us this morning. Naturally, i turned to her because when i think of this, tell us about it. I think is a beauty and i think it is you are trying to sell it limit, but you are not. We have a platform with different services, obviously we have blow dryers for ladies currently have haircuts for men, we have technicians coming for you, we have massaged, we have fitness instructors. We have a lot of services we are offering already and it will be transferred in november. Everyone will use it. I use it myself wrestling on a weekly basis. It is all about getting help with all of these things in your home. Is this aimed at people that are high net worth, people with quite a lot of money to spend to travel a lot and maybe need some help in airway from home . First of all, all of our pricing is in the medium, see dont pay any more than you pay yourself. It is affordable for absolutely everybody. The things he did have, ill not of people used to have their headdresses coming at home. I can have a blow dryer and not walk out into the rain. That is why you left me with that is what we said in the break. Talk to me about making money because i read through the notes and the hairdresser, they get 80 , you get 20 . Monthtomonth role in terms of revenue and a 44 repeat business which is quite high, and meaning more than 1 out of two is coming back. On a day like today, a nice rain outside in london. Im very happy. What about focus because we spoke to caroline, this is an act that will send the cleaner to your house. The ceo was telling her at first we started out providing lots of your home,hefs in for example but we found it was example that we focus. You started with beauty but you are offering other things. Do you have a different experience . Beauty is a big industry. That your hair, your nails, your haircuts, your fitness, your wellness, that is a big thing. It is only like six or seven products in one product. Weexplain that to me because had the discussion yesterday. What is the difference . The differences when you have huber, you have a car driver and that is all you will have. This will provide you with more. Different services in the same industry. Tell us about your background because you dont come from this industry, your background is in Asset Management. How on earth did you get into this . Least to work on the Stock Exchange first, then i started in basically banking, capital markets. Dot comthrough the period in banking. Scars. You bear the s i started in Asset Management company which was very successful. I think that this sector is definitely the new sector. One you look at the industry and what i saw during the last 30 years. First of all, mobile phones. Then y