Anna we have yearnings earnings to get through. Guy this is not sexist. Let me make that crystalclear. Anna it is a music reference. Guy the Australian Dollar, absolutely searching. Surging. Men at work, this is a reference to the numbers that came out from employment. Anna questions being raised, particularly in the last two months how we can rely on that data. Lets get to the breaking news of germany. Monthe the giants, as the , 2. 4 6 billionns euros is the Fourth Quarter industrial business profit. The estimate was just 2. 3 billion. , up to 3 big headline billion euro Share Buyback over the next 36 months. That was something analysts were looking for going into this. Lets get to hans nichols. He has more of the back story. Pathway ns the last buyback was about 4 billion. Dividendig headline, a increase, they are increasing the dividends to three point 3. 5 euros a share. It was that 320 it was a 320. Overall margins are flat down. This year for the last year it was 11. 3 . That margin issue which is one of the closely watched one come it looks like siemens is declining. We seem to be having the industrial productions look good. We seem to have a play for time. They have laid off 13,000 employees. He wants to be more lean and tram trim. What he does have is a play for time with this stock buyback. Let me do a couple more numbers. When we do the geographical take , 32 does come from the Industrial Power equipment. We have medical equipment at 16 . Industrial equipment at 26 . Siemens is well positioned to deliver on the plans ahead. Anna thank you. Guy anticipate further softening in the macroeconomic environment. I think he is talking about china. Anna we will be talking to joe time. , 6 45 u. K. We are getting numbers. The ninemonth adjusted net income 545 million euros. That is shy of the estimate. They say they are confirming the forecast. Theyve may reach the full year adjustment. They are confirming their 2015 forecast. Only just perhaps. Guy we have talked about what is happening with the employment story down under. Lets find out what it what is happening down under in asia. Shery ahn chinese stocks are rising. Behind thing index of 1. 3 . Hunting index is up 1. 3 . Thatical indicators show it may be in overbought territory. Tech shares are taking a hit. Is between gains and losses all morning. The nikkei investors were weighing on earnings reports from Companies Like mcdonalds and game developer, dna. They should be closed, that they started trading an hour later to reduce traffic for those kids in college. It is down 2 10 of a percent after the central bank. [no audio] guy as you can tell, we lost shery ahn. In the meantime, we need to talk about what is happening what comes to Central Banks. Anna investors will be looking out for more clues as to when the ecb will expand stimulus and president mario draghi appears in the parliament later. Speeding at the bank of england yesterday, he gave little away. He did say european markets need governments to operate freely. Went draghi the more we borders to be open wants orders to be open, the more we recognize the potential of integrated market to produce financial contagion, spillovers, and in some cases financial instability, the more we need to have global or regional institutions regulate those markets. For markets to be truly free, therefore they need governance. Guy later on we will go live to the european parliament. That will be from 8 30. Mario draghi will be there this morning. He will be taking questions on the ecb Monetary Policy. Anna we take a moment to reflect on the past. Mainly, may of 1994. Janet yellen was teaching at a university and mario draghi was a civil servant. The ecb and the euro did not exist. Europes benchmark rate was set by germany. That month, they set it at 3. 5 . This was postunification. What we go back to the 90s this december. Lets bring our guest, Lena Komileva. O, 1994. Guy far too young for that. Around. Was anna you are witnessing this divergence in transatlantic policy. And the fed doing something different, are we in for a repeat . Ena with the development of global finance, Central Banks have had to become more active. Sensitivity the Central Banks have to look at what is happening beyond the borders. Think the last three months of an interesting. September was all about market discounting. The fed delayed a rate hike. Ctober was about using easing. The bank of england signaling they will not be rushing. Inflation has picked up and Employment Conditions have been tight enough to prepare the market for expecting a beginning of normalization and the next 12 months. Versus the disinflation area story in asia and the eurozone. Guy take a step back. Yes, we will get divergence. Will probably hear the fed has raised rates and the ecb further delaying. What happens after that . Siemens it has further softening in a macro this morning. Is the fed going to go further . Will the ecb go further . Post this initial story, where do we go . Element is i one am in the glass halffull camp. We have had a lot of bad news. ,here is more bad news especially in the political story in europe. That is another story. I think when it comes to growth, while of course china is slowing down, we have to recognize there is this divergence between manufacturing and Service Within china. Growth model is rebalancing. It is rebalancing faster than authorities would want. When you look at the statistics, yes we had a week inflation number. We also did have doubledigit retail sales growth. The fact that china is moving on. The doubledigit pace of investment in gdp which we saw on the back of Government Investment programs. That. Needs more than in the short term, the stimulus will push up gdp. Whatm interested in will happen in it next five years. We will see slower growth, but better quality growth. You look at the Global Growth feature and you realize, there is an element of china in everyones gdp. Between the pmi and manufacturing, it shows that domestic demand is stronger than the overall suggestion. Anna if you do take that glass ss Glass Half Full of rich approach, maybe the fed is leading the way. The divergence we might see in december, despite that, we might see the other Central Banks try to catch up with the fed. Lena komileva if anything the fed rate hike will be helping. Ultimately we have had a disconnect between Global Growth. Medical is not helped by the distortions and financial markets. The negative yields in europe are not helping. With the fed moving ahead think what we will say is some reflation happening. See some return to sub dominant investment planning. Theother part of this is negative affects on a cpa are about to start. Guy website about inflation. Goldman sachs are signaling that this is the tenure break even. Basically the markets are underestimating were inflation will go. Do you agree . Lena komileva i think so. Unless you are prepared to forecast multiyear deflation. This point is historic, but it will probably not last. The major impact, which is the declining oil prices, is now economist st guy you get a base effect. Why is siemens, the biggest Industrial Company on the planet, saying we see a further softening in the Macro Economic environment. I am listening to Central Banks in the market, and very senior guys out of industry, they are all telling me to for things. Different things. Lena komileva the markets are discounting global liquidity. The doubledigit growth in earnings which we saw will not last. Anna we might not be in the right bits of the story. there is the macro story of global equity, bubble growth in china which will not last indefinitely. There is the micro story, siemens is in overcapacity. It is the fight for market share. It will continue as Global Demand dynamics shift. With china balancing and europe and the u. S. And the u. K. Trying to find that elusive Sustainable Growth level. Interesting line of questions for the management of siemens. Thank you very much. Guy what are we keeping an eye on. The india Prime Minister talks with David Cameron during a visit to london. We look forward to that later on. Regional cover asian issues, climate change, all of those things on the docket. Anna the organization of Petroleum Exporting countries, otherwise known as opec publishes its Monthly Oil Market report. Very topical given the conversation we were just having over the oil price in the collation there a story deflationary story. Central banks are talking. Janet yellen is talking. About the have Charles Evans speaking at 3 15. Anna up next, 1. 5 billion in sales in just 12 minutes. We will asked in this success is enough to stop the fight flight in alibaba shares. Anna welcome back, youre watching countdown. Siemens has raised their dividends and announced a 3 billion euro Share Buyback plan. Quartertimates there profits he estimates. Beat estimates. Profitse said their meet their annual earnings forecast. Is germanys largest power producer. Guy the Australian Dollar has jumped after and implement fell belows percent. The low 6 . Below 6 . That is almost four times the estimate that most economists figured. Australia already has record low interest loans right. Rates. Anna bloomberg set down with the companys chairman and he told us the goal is for half of alibabas sales to come outside of china. Jack every thing we do has a 10 year plan. We started in 2003. Lead judge how much we should do, what we should do to realize our dream and 10 years. Our plan is into years we will reach 50 of the revenues and money and sales from outside china. Guy lets get more from our tech editor, edwin. Are very focused on china. It was a big number they delivered. Can we call it success . Shares about moving much. Did not move very much. Edwin they actually dropped a little. Large the single day accounts for a small percentage of the annual value. In terms of impact on top or bottom line, it is minimal. The second thing, which is a broader concern is uncertainty around chinas economy. And how alibaba will perform in a. D. Celebrating economy decelerating economy. And we heard check mark jack ma talking about how they want to move away from just being a Chinese Business and be more international. And when you is he talked about the tenyear horizon. He is right, alibaba thinks longterm. Right now it is hard to see how they will get their. There. They get 9 10 of their ecommerce sales from within china. Alibaba has had some success in emerging countries like russia and brazil. A bargain shopping platform. In terms of going abroad, their strategy is more focused on introducing foreign brands and the largest retailers to chinese consumers. They are very reliant on the strength of the chinese economy. Guy and you for the update. Thank you for the update. Fascinating stuff. Is stilla komileva with us. About the chinese growth story and the impact of these deflationary forces. Deeper intoffer the ecb. We got that strong jobs report from the u. S. On friday. Everyone rethought their expectations around that policy. We saw expectations of a rate rise go up. What did it do about the expectations for the ecb . Lena komileva there are important factors that will feed into this. Comments have prepare the markets. They will be aware of having to come up with the announcement. Marketsseen the becoming more constructive. Moving to a territory where they can take a balanced view on what to gone out announced in december. The fed decision which is coming after the ecb meeting. Suggest thatrate the ecb will not have to do a breakup in a shortterm. Is just below that rate, we will move to close to 1 by the end of the. That means end of next year. That means real Interest Rates are falling. Perhaps they can go for a soft qe expansion in terms of extending the duration, without necessarily doing the basis cut. Guy fiscal policy is not doing enough at the ecb headquarters. Youe all awful lot have an awful lot of good things happening in europe. You have headwinds from what is happening with the ecb. There is a lot of good things happening. What is it going to take to get that recovery of the gear. Of a gear. It is really going to be what you just described . Or is it actually going to be the possibility of fiscal expansion and a restarting of that story . Lena komileva we should not discount the success that the ecb has had. Six consecutive quarters of improving improvement in the eurozone. I think what is important is the fact that we have easing credit conditions. We have improving credit demand. Cash usedded the new in the ecb quantitative easing. Everything is working. If that is working, it will be a useful thing. And that is necessary for the ecb to reach their inflationary goal, absolutely not. Anna does that make it hard to persuade the germans, and others whove expressed concern about quantitative easing that it is necessary. Lena komileva it is. We can not ignore that a year ago, the eurozone was heading deeply into deflation territory. The eurozone has been through its deepest recession. Stimulus whichnd comes from credit and stronger investments coming off of the ,ack which we are seeing particularly in a service pmi, that has momentum that has to be sustained. That is why Mario Draghis speech was important. He was saying there is a presentation in the market. Presentation in the market. Which means that our hands are tied. It will not be enough. Guy fiscal policy is needed. Structural reform and fiscal policy are the missing link. Lena komileva yes. Anna thank you. Next, 18,000 jobs, we will talk about that when we come back. Guy 6 30 in london. These are the stories you need to know. Anna investors will look out for more clues as to whether the ecb will extend stimulus when mario draghi appears in parliament. Speaking at the bank of england yesterday, mario draghi gave no away in the prospect of little quantitative easing. Guy the Australian Dollar jumped. Adding thousands of jobs in october, four times the estimates of most economist. The biggest corporate loan ever, 75 billion to back acquisition of sab miller. Industry watchers say it shows that banks are still willing to support top class bar west borrowers. Company istruction in a deal with 406 million. It seeks to expand in north america. We are joined by the company ceo , pietro salini. Good morning. You are buying in the United States. Is that an indication where you see the growth . Pietro salini yes, of course. This is one of the most important markets in the world for construction. We think we will expand in that market. That will be the issue for the next year. That the industry fits the portfolio. We will ajit against the risk we face every day. And a girl you operate in some 50 countries in 50you operate countries. You are interested in looking at assets from austria, for example. Pietro salini we are dealing in over 50 countries. What is thrilling is the fact that the u. S. Market is booming. There are in or miss quantity of work to be done. Enormous quantities of work to be done. Congress passed a bill of three and a 25 billion in the next five years on innovation. We should be there, being a Global Player in the industry. Guy you happen have in the past, operated and been successful in the gcc. How is the low oil prices impacting it . we were making a celebration for the breakthrough of one of the stations that we are building. They are continuing to expand their plan in terms of new entered its new construction. Either it will be a cooling down of some problems. In the meantime, the main project we will go ahead. The market is still very important. You have a wideranging business from dams to hydroelectric plants, to Nuclear Power stations. On the subject of dams, this has been tragic over the last few weeks. We saw that tragic accident in brazil. Do you think there will be more control around that industry . Or monitoring of the Structural Integrity . the damlini Construction Industry is always a sensible area for ecological reasons. Think through examination of ecological impact into the study ine bring that project also a way to produce the energy they can deliver. The water for the population. Future water is the number one problem for the future. Energy, a need for new clean energy. Guy can i ask you, how much are you paying your staff . How what kind of inflation rates geography are you saying geographically are you seeing . Is their Wage Inflation creeping in . Pietro salini it is normally covered by the contract we do. Ands part of the revision sign any contract. Inside any contract. Of course the differences in the countries, the way you pay wages, and the way they are linked to inflation, this is not a problem. It is my problem for the government or client. I am curious because we focused on what is happening with the Central Banks. Are the governments or clients in the u. S. Having to pay the guys definitely more significant more . Significantly more . Is that something you expect to see carrying on . That evenini i think that part of the industry should keep the pace with increased wealth that is everywhere. This is an important issue that everyone should take into account. All of the people that work obtain iter to would be an issue for the future. Anna thank you. The ceo joining us from italy. Unicredit plans to cut 18,000 jobs by 2018. They seek to improve returns and expands capital. Anna that news came as the bank lowered their profit target, and set a higher capital target. Speaking to bloomberg tv, the ceo, fred ricco could sony said he was not concerned. I am not worried at all. Even though we dont kno