Welcome to countdown. Im mark barton. Im anna edwards. Im manus cranny. Caroline is here. It has been four years. Proposinghey will be . 11 on the euro. 210 euros is the net income. There was a loss previously to that. 127 . That is a beat on analysts estimates. Were seeing the Industrial Solutions picking up in terms of growth. Looks like the only real area of loss is the u. S. Unit. It has been a thorn in their side. Sell. Ave managed to also outlining savings targets. Had been 2. 3 billion euros. They are upping it. Lifts. Ture of this Companies History was all about getting steel out of the ground and back in the rural region. 20 of the revenue is what is dedicated to this area. They are ever supplying. Thehas been trying to turn company around. Theyre trying to get rid of their brazilian units. Trying to exit stainless steal as a. It is as well. It is slimming down. There is much higher margins that are far more profitable. Overall, i think you are right. The future is everyone is looking for growth. Distribution, the rest of europe is 21 . Where will it go . They have been expanding generally across the board. Interesting fact is where they will not eat going in terms of corporate culture. This is a company time to change from the inside out. They are also suffering from what the ceo called an old boys network. Your blind loyalty. Half the companys board had a state antitrust fines. He has had to get rid of the excess. Hunting lodges to shoot deer. The government of the corporate jet. The lavish executive suite and expensive furniture. The elevated the royal that role of Compliance Officer to get to the grips of this. It is not all hard times. It does not all hard times. It is a company trying to refocus. America is where the losses were. They give. Thank you. Be sure to stay with us. A contract has been extended. Policymakersserve are on guard for science that investors and the public are losing confidence in their. Bility to keep prices stable that is according to the minutes from the feds october meeting. Peter cook has more. No major bombshells, but we get more insight into the to bed whicho the bait debate includes weakness abroad and the risk of falling inflation. They decided the economy Strong Enough to end their buying program, but maintain insurance with rates remaining low within a considerable period. In the end, all that one member agreed became eddie she reiterated commit or eight reiterate maintain the true target range for the considerable time following the end of the Asset Purchase Program in october. When the birth that the committee should strengthen to underscore the committees commitment to its 2 inflation objective appeared there was a lone dissenter at the meeting. Most expect it to move back toward the 2 target rate over time. Hey did have worries the committee should remain inentive to a downward shift expectations. Some noted if such a outcome occurred, it would be were some. Also were some is not to let it and weakness volatility and weakness overseas. If situations to terry did further, it might be slower than currently expected. Many saw the effects of recent developments as likely to be quite limited. They skipped any reference to problems overseas and the recent market swings. One thing they agreed upon was communication policy will be a challenge. Peter cook, bloomberg, washington. That was peter cook on the fed. I dont know. I was reading the notes on the way. They are worried about inflation and growth. At the same time, they are talking about communicating more. It is almost equally balanced. Yeah. Fast willised, how they rise . They dont lamarcus to think they will rise to quickly. You dont want to telegraph too much. That happened in 2004. Yes. Dont want to go down that road again. It is one thing to give Forward Guidance. It needs to be a willingness to give over to guidance. You marry those two lets talk about china. Is flatliningy with the release of data in manufacturing. Lets turn to yvonne here at what clues do we get from the latest release out of china . Morning. The factory sector is stumbling to a halt. Number postedtest today. A sixmonth low. There is continuing pressure. 50. Ell at basically means the Manufacturing Sector is on the line between improving and deteriorating conditions there. It slightly missed expectations from economists were hoping for a fit he to reading. That 50 number a sharp drop from what we saw last month and in october. More or less back to levels we saw in april. That was before the many targeted stimulus plan to stabilize the economy. Rain culprits main culprits. 67 out of 70 cities posted a drop in new home prices. Employment also fell at a declining rate. It is a worrying sign. We are hearing from analysts that they are calling for a rate cut to stop this downward spiral of Economic Growth. Yes. You mentioned the target. Some are talking about whether we will see further stimulus to try to invigorate the economy. It wasnt all bad. Any signs of growth coming through . Dig deeper, there are some positive signs. Property prices may be down, but weekly sales data shows volumes. Ere consistently higher that started in late september there. Orders sought the new accelerated and exports expanded. A Slower Growth than what we saw. Ere in october the government seems to be ok with the Slower Growth. That is instead of the panic response from rate cuts that could deepen that debt issue that we see in china. Us. Hank you for joining let us know what you think of the show. Tell us the stories you want to hear more about. I felt bad. Cant sleep. P [laughter] no shame on you. All you. [laughter] im enjoying myself. Coming up, our next guest says china needs an overhaul. What can they do to get back on the growth track . Gaugechina, manufacturing fell to a sixmonth low. It is heading for the slowest growth in two decades. Lets bring in our guest. China direct their in the u k and author of will tenet dominate the 21st century . Before i ask you that exact question, lets get on to that data. The data suggest the economy is slowing further in the fourth quarter. Yes. It will probably go on slowing. That is what the leadership in china wants. Can they manage the decline in growth . It is Pretty Healthy by global terms. Can they manage that or will falling too fast . Any questions to slow growth . Are people who have a vested interest in continuing highgrowth. That is what why they have a Anticorruption Campaign. That comes into play. He is using the Anticorruption Campaign to get people in line. What is interesting is in the last week or so, we had from official forces that the Anticorruption Campaign is not being used against other allocations. It is starting to be used in state owned enterprises. That is the aim of getting those eight, bloated into prices into better, more efficient the apec summit, president obama, and on the world stage, when you say beijing doesnt want to dominate, that it wants respect . It wants equality with the United States. He doesnt have to worry about elections or congress. He has got complete control of the communist party. He wants to make china a kind of equal number one with the United States. I dont think that china wants to dominate in the world. Can it win over the world . Probably not. Frankly if you go to china and i travel around a lot, there is former western influence in chinese cities in the boondocks and inland then chinese influence in the west. We earn a multicultural world you know one power can dominate no where aware no one power can dominate everything. The quality of the signonment we saw china along with the u. S. A deal on carbon emissions. Is that significant . There has been an increasing focus on the environment. What china signed up to was already in its plan. Is the sourceng of a lot of dilution at the moment. It announced they will solve the environment problem by moving industry abroad. They will move steel, cement, and other any fracturing that inses dilution pollution china. It is extorting about pollution which tenet would say the west imported into china over the last 30 years. It takes on one hand and give if on the other giveth on the other. Isbaba, Tencent Technology and be there powerful weapon . Want to bewhat they certainly, the leading edge if you like. The problem with china is they dont innovate very much. Theyre good at taking others investigation innovations and applying it to the chinse market chinese market. Export that or do you need homegrown innovation . It is causing problems. The first annual drop since november 2012. How close are we to a bottom . Think will reach the bottom probably the end of the First Quarter of next year. This is what they wanted. Property prices have gone far too high. There was a bubble in property. They are bringing it down little by little. Some will pay you to buy property or will give up the tax for it. They want to put a bottom under it. The problem is that is where the middle class money has gone. They put money into real estate, into property. Very quickly, will china dominate the 21st century . I can answer that in two consecutive letters no. Thank you for joining us. Fenby. N coming up, one of the stars of the show. Why this relic from the 50s is turning heads. Welcome back. What is your idea of a classic car . Stars of thef the classic car show in london. Take a look. Judge for yourself. Motor show. Ic opulence and refinement of an era when ordering was all about style and expressions of individuality. The a little surprised to see an unlikely start hugging the headlights. Was home to patients, this 1953 morris minor van is believed to be the second oldest surviving one in the world. Her own had to think long and hard about which road to go down. Restoration or preservation . Once restored, you cannot go back. It is originally how it was found. , youyou do something to it have got the responsibility that comes after. It is restoration he chooses, he is in good company. Cars do not look this good without a healthy application of elbow grease and tlc. Cars. Of them are driven theyre not just put in the garage. Of course, you cannot have a classic car show without the company of film legends. And silver ladies. 800,000 members would think twice before being seen in an old morris then. Van. It is a ride behind the silver lady. It makes me feel rather grand at times. Grand even if your motor is an old banger. Company news. Alibaba will sell Corporate Bonds according to people familiar with the matter. Alibaba will use the proceeds to refinance its credit facilities. The bonds will be rated a at standard poors. Thegetting more cash over next five years according to its finance chief. Arm profits set to grow faster than rivals. The company wont sit on the extra income. It will return it to shareholders through increased dividends and buybacks. We will take a look at how oil is changing the geopolitical landscape. Welcome back to countdown. Im manus cranny. The dollar index is rising. The focus is what and how to guide the market after we begin to raise rates. The dominant theme in 2015 is dollar strength. That is theres strongest conviction. On the parity on that euro dollar by the end of 2016. The euro yen, 130 on the way 140. Owed by 2014 seeing is a bit of a turnaround. Oil was declining. Almost in lockstep, but that has changed. Theres a big consensus view. We have seen the drop in the crone and theres a 15 low for it. It will rises say by tuneup percent in the First Quarter. Lets have a look. Significant call for 4. 5 move 814. Er going to the hope of the day is gdp in norway. Barack obama is the parent to outline his plan to reprieve up to 5 million undocumented immigrants from duplication. President obama will deliver a tv address on thursday evening here in the u. S. Will grant temporary visas to undocumented immigrants whose children were born in the u. S. That is according to people familiar with the proposal. The minutes from the latest fed meeting reveals concerns on what the fed is sure to be communicated to the public. The minutes said that both communication of post policy would pose challenges. Citigroups global head of environments has been found dead in his apartment. His found in his bathtub with a neck wound. A doorman found him after his partners said he was unable to reach him. In the u. K. , voters go to the hole in the parliamentary by election. Expected early on friday morning. Strengthening some government and weakening others. Here is Ryan Chilcote. Who were the winners and losers . We got a poll. They said the u. S. Emerges as a big winner. That is just because of the oil and consumers. Crude production in the u. S. Is one of the reasons why we have these lower prices. It has contributed to energy security. The biggest loser would be a russia. They need a Higher Oil Price than it is getting right now for its budget to break even. That is a big problem there. Of how thethings landscape is shifting 25 years ago when you have low oil prices at the end of the 80s, i a contendingit was factor to the collapse of the soviet union. Iran. Not just russia, but venezuela is in big trouble. On the beneficiary side, norman people talk about oil prices they talk about the shift of wealth from the oilproducing companies as the price of oil falls. The United States is the worlds oil is aonsumer of beneficiary in that sense and also china but reports 60 of its crude. The should be big beneficiaries. Why havent we seen evidence of that in terms of growth . Story, they talk about how it has geopolitical effects. The u. S. To take a tougher stance on iran. ,peaking of the middle east opecber is when we get an meeting. Any clues . There a few clues. Has been very quiet. I think the expectation is we may not get a cut. Cutting prices instead of increasing prices. There seems to be a turf war going on. If were going to cut, you have to cut with us. Opec weutside of will have to see. Were hearing about the need to stick to their quotas. They do not actually need a production cut. Aey wanted to cut up to certain number of barrels a day, they could follow their own rules. That is something that will be factored into the saudis thinking. Going. Knows where oil is that doesnt mean it is going to go at 60. Does it mean it will stick at 80. There are a lot of analysts who say you need a black swan or a change in the demand picture. No one sees demand picking up that much in the near future. You could to a big shift in the oil price or the opec cut. Maybe early days. They are very conservative. The could always do what they want outside the meetings. It may be they do not do that much and that my encourage the price to go lower. I will be in vienna during then and probably after then and stay there forever. [laughter] the mobile startup uber is facing criticism about comments made by executives regarding the treatment of journalists. Is the time for them to bring in seasoned executives to steer them through rick next beat . Had a blue bumps in the past 10 days. They have certainly had some bumps in the past few days. Certainly. It was suggested that michael said we might spend millions of dollars looking into journalists personal lives. One woman has written critical articles. He said this was born out of frustration of an informal debate over what i feel is sensationalistic media coverage. We spoke to sarah lacy in san francisco. She thinks some of this criticism might are make her look at rivals. Ubere past, people is different because it is the real world here youre getting into peoples cars. Nothing changes Consumers Behavior . There are other alternatives. There was another incident saying, ah, you were here. I was tracking you. I guess he wanted to show off the amazing nature of ubers technology, but it came off as crazy. Asreferred to uber [indiscernible] saying it helps him the girls. This is a multimillion dollar evaluation company. They have come back and said look, the comments have been terrible and the do not represent the company. We have investors comes out and say these guys are working around the clock. They are not sleeping. This is probably why they are making mistake. Is it the moment to bring in an air schmidt like character . Character . Midth like is it all too much . Do end up not really getting your fax in place . Plouffe is on board. The waiver criticism seems to be building. Resales out this morning. What will it take to win this Christmas Season . Stick around for after the break. Time for todays company news. The Los Angeles Auto Show brings many influential car makers. Bloomberg about his company having a new chinese market. Chinese market has been growing very rapidly. It is now our biggest market this year. It is good for the company. It is good also for the u. S. Having a strong foothold in china. And speaking to bloomberg alitalia. The chief executive says nothing stands in the way of the Company Becoming a worldclass airline. It is clear were working to expand our ability to connect intercontinental pounds to wns. It is the most important area of our new business land as well as from improving from three stars to five stars. Steve wozniak told us what he thought the company would be helping out. Change comes quickly in this enterprise. Trying to plan for the change is difficult. That is where primary data will be helping apple in the future. Will get a picture of how the u. K. Streets are performing. Retailers have turned their attention to christmas. What will it take to tempt shoppers . Lets hear from the customer intelligence agency. Of the us now is the ceo agency. As we look at the rise of discounters and the traditional process writing with these where are we on the subject of loyalty . Data tell us about loyalty . Is there such a thing anymore . Work werinciple of the have done is to try and understand customers better than anyone else. It is a journey that never ends. When to start understanding them , their become more channels. We dont just like luxury things anymore. We like some that i really great value that are really great value. We get more complicated. Understanding what customers want becomes ever more difficult. Adverts are the frames for everyone. Ive got a couple of different brands. A big retailer card. It is airline card i most loyal to