getting it together. they will face regulators if they are going to get this deal done because they are going to hold more than 30%, more than $30 million of the overall viewership in the states in the cable market. it is a big one. >> it is a big one and one we'll be watching out for. jon, you have your eyes on rio tinto. >> yeah. giving some money back to investors. over $2 billion year to date. some good numbers from the dividend side of things. it increased coming in around $1.92. expecting about $1.70. >> rio tinto just opening as we speak. >> grew sales by 4.5% last year smack in line with expectations but that is their worst growth in four years and worst for

investors and they say next year is likely to be like this year. that might lead to disappointment by investors. >> let's see if nestle has opened. this is b.n.p. paribas. we spoke to the c.e.o. earlier on. france's largest bank saying that it had a surprise drop in fourth quarter profits. they missed analyst estimates. down 3.7%. this is after it set aside more than $1 billion, basically subject to u.s. economic sanctions. we have a lot of earnings. we have a forecast from china under export growth. we have the deal. what else are we watching? >> larry fink. says that a buying inundate emerging markets, they are going target way below what we had last year. it is the good old american

consumer. let's see last month. flat rate on retail sales. the jobless numbers are the dominant theme on the market. you get our frort the european central bank -- report from the european central bank. six straight days of gains. you know, recovery. i want to put the recovery in context. $3 billion was wiped off global equities. that has now been scaled back. we have recooped nearly $2 billion of that. it will come down to retail sales numbers in the united states of america. there are three companies -- let's have a look at them. a little bit of luxury. a little bit of banks for you. b.n.p. paribas is down. $1 billion in terms of u.s. litigation. the dividend missed as well. we were looking for 1.75 euros.

coming in at 1.5 . he remembers, fourth quarter sales -- rer maze. lloyds, you have gone through the top line. fourth consecutive annual loss. p.p.i. payment protection. 10 billion pounds. 10 billion pounds in terms of missed -- that blows my mind. let's have a look at some of the currencies in terms of what is going on. this is the dollar index. that will all be down to the jobless claims and of course what happens with those retail sales and there is the aussie dollar, as you can see, francine, unemployment numbers hitting a 10-year high in australia. traders pare their bets. >> thank you very much. manus cranny with the latest on the markets.

we're watching the advertising giant's most recent sales. rose more than 5%. joining me now from paris to discuss the numbers is the publicis. those figures were a touch disappointing because emerging countries such as china and india, a number of countries canceled advertising. when is it going to get better for emerging markets? >> thank you for having me. bonjour. the situation for emerging markets is the result of many aspects and they are very different from one country to another. if you look at what is coming in the next few months, you see that it is a very temporary situation which should not have

any impact on our growth strategy for the future. in china, it is the result of a decision in the market where we have exposure in luxury good. the market has been stored due to the election which are are coming in brazil, there have been some demonstrations, riots, etc., which has created a slowdown. the forecast for all of these countries, for 2014 is very good. china is expecting to have a growth of double digits. brazil is about 5%. india is also in the region of 5%. it is a blip, a cloud, which has little consequence for the future. >> so you're saying -- >> sorry? >> basically for the markets, you're basically saying that

this is only temporary. can you give us a sense of when the pickup will start again? is the first quarter of this year going to be fine in regards to your exposure to emerging markets? >> i believe in china it will be most probably in the second quarter. in india, it will be after the elections. you can count mostly on the second half and when it comes to brazil, it will be around the world cup, which will be in june. so it is everything will go progressively and we should not expect that all the emerging market will be back on the same schedule and at the same time. but it will be situation by situation. >> overall, it won't affect your target for 2014 or your targets for this year? >> our target for 2018, we plan

to have the -- working extremely well. we have issued our numbers, as ticked allnd we have the boxes and we can tick every single box with a double digit increase in our net profit. points added to our margin. 19% increase in our cash flow ith 900 million euros. the dividend will be 22%. so when you look at all of these numbers, you can see it is quite confident, our model is extremely robust. and we are absolutely on target and ahead of target on all of our objectives. is retchts to the 38% of our

last quarter nd it was above 40%. organic growth of 20% in digital in the fourth quarter last year. so we feel extremely confident about next year, 2014. the industry lead to a level of growth in the region of 3.5% of believevenues and we do publicis will be north of 5% particularly in the emerging market which has been already taken into account. all of this is something which is for us extremely positive and which level our business model is extremely

robust. >> give me a sense of -- i want to talk about the merger. we spoke about this tpwhreefl davos. you're merging to create the largest advertising group in the world. the chinese authorities are taking their time to give you approval on this. when are you expecting them to give you to green stamp and will it be a green stamp or are their hurdles? are chinese authorities looking at it in a way which is quite reasonable. they are taking a little bit of time. it is not something which is a big worry for us, because we ill have to find for the s.e.c. and the a.f.m. and you have also to note that out of 15

jurisdictions, we got already the agreement of 14 of them. so it is not something which is complicated. there is a lot of heavy work and everything is s, moving quite smoothly. the only issue that we have is it is taking a little bit more time that we anticipated. we have been quite aggressive in how we were looking for the closing of the deal. it may take one or two more months, but this is not something which is really very important when you look at what is at stake and merging two operation s of this magnitude, building the largest operation ever in our industry is something which is far more important than losing one or two months. >> all right. interesting. mr. levy, thank you so much for

joining us today. the publicis c.e.o. there joining us on the phone from paris. now to talk about his view, jim mccormack. thank you so much for joining us on the program. we were just talking to one of france's biggest chief executives. we were talking about the advertising world. a lot of times, this is a proxy for world growth. they struggled in the emerging markets. is this temporary? >> i think the emerging market picture is nowhere near as bad as people seem to think. particularly if you look at the equity markets. if i look at valuations, it seems to be the markets pricing in earnings, seems pretty unlikely given that developed market growth is -- >> if you look at allocation, we talked about central banks. it seems to be steady as they go at the moment.

possibly earnings and valuations. we still have this blip. what is your concern? >> i think the main concern for me this year is u.s. inflation. now no one is talking about it. it has been pretty tame. there is every possibility that continues. if u.s. inflation starts to pick up and moves toward the fed's target, then i think the market is going to have to contemplate the fed starting a tightening cycle. it seems a long way off. >> where do you see inflation from? japan? >> japan is clearly an issue but in the u.s. in particular, you have got wage inflation starting to pick up slightly and we think it will pick up more this year. you also have a drag in the last year from both housing and medical care costs that probably will not be there this year. it is not going to take a lot to get the core p.c. and the u.s. moving higher. >> we talk every day about the fact that it is not going great

bewe're still growing at a nice pace and at least we're not in the eye of the storm. that is not what the markets are focusing on and yet there is so much political risk out there. >> in europe, there is a lot of interesting things to worry about. growth doesn't seem to be one of them now. growth seems ok. we're not worried about banks and what the a.q.r. will mean for banks this year. clearly getting a very deep look into bank balance sheets can go either way. i think the biggest risk in europe is o opposite of the risk in the u.s. inflation. it is a much bigger risk for markets than people realize. >> thanks so much for now. we'll get back to your favorite industry picks. rio tinto, the world's second largest mining company said its cost-cutting plans are paying off. jon ferro has more. >> it delivered a 10% increase in full-year profit. it is big for ree -- rio this

morning. the layne in spending the diverse capital expenditure are gone now. the c.e.o. has cut over $2 billion in costs for the company. hall fed exploration spending. that is what was done lift profits this morning. >> is it by more than expected? >> a bit of a buzz about this, how big the dividend might be. how much they are paying to investors. it is slightly above expectations. a 15% increase in the dividend. something that deutsche bank called for. the question mark hanging over them and so much for the mining industry as well, the biggest contributor for rio tinto is iron ore. china imports about 60% of global iron ore output. rio got a nice little pump. the price was up 15% over that

period. china showed no signs of backing away from that period as well. it is down 10% this year already. how that plays out will be key, not just for rio but for the other miners as well. >> thank you very much. nestle reported sales growth in line with estimates this morning. the company said it sees a challenging year ahead. ryan chilcote has the latest. how will this move affect sales? >> they reported sales growth of 4.5% for 2013. that was back in line with expectations but it was their slowest growth in four years. what i think investors don't like this morning is they say next year is likely to be a lot like the past year. the issue really is how do you get away from the slower growth that appears to be a constant issue now when it comes to food sales? one way to do that is, for example, a maker of skin

products for acne and skin cancer. these are issues that are unlikely to go away any time soon. it is a growth business and likely to be a growth business in the future. that acquisition where they got what they didn't already have from l'oreal is a sign in the direction they are going in. it started a couple of years ago, buying biotech companies in the united states, one makes an alzheimer's drink that is flavored. another that makes food for depression. this is a way to diversify themselves. there appears to be this issue with food globally in terms of sales growth. however it is all about scale. nest sli a company that does about $100 billion worth of sales a year. altogether these new businesses is a few billion dollars. >> to what extent is packaged food a growth business? >> if you look at the developing

economies and nestle, it looks like package food is doing ok. people are getting richer in the developing world. they want more protein. there are not that many refrigeration states. so canned food does well. if you look at developed the developed world, it is a different story. capital markets that put a note out saying they think there is a secular shift in the united states. as people bounce back from the recession. they don't want canned food on the wealthier end of the equation. what they want is fresh, natural food. so that is something to watch because the numbers for the united states, at least, missed when it comes to nestle and it will be interesting to see how much this is part of a larger -- > thank you so much. still with us for a few final

thoughts is jim mccormack of barclays. you were saying your biggest concern in europe is deflation. the u.s. is inflation. how much do you look at earnings? earnings today were quite disappointing. >> yeah, i think in europe, we have had a very disappointing quarter. it is like waiting for -- people have been waiting for the earnings for a while. if you look at the typical lags in nominal g.d.p. g.d.p., you really should expect earnings to pick up next quarter. if that doesn't happen, then the consensus view of european equities should be going up. it is going to start to challenge. it is not a surprise yet. >> you're actually worried about a correction. if you were asked, where do you put your money? >> we have already had a correction. >> it could be bigger. macro ould but given the

back drornings central banks continue to be a support. i know people talk about it but it is less easing. generally speaking, central banks are support. i don't see a very strong case for a major correction in equities. >> you still think u.s. equities are less expensive than they seem. the valuations are so much higher than the stuff we get here in europe. >> on a country by country basis if you take the u.s. and realize there is a lot of high p/e sectors in it, the overall valuation looks quite stretched. on a sector by section sector basis, it is less stretched than people realize. europe is an opportunity, emerging markets are an opportunity. people have to believe that the global growth picture is going to start turning into earnings. >> thank you very much for joining us today. jim mccormack. coming up on "on the move," the biggest deal of 2014. details of comcast's $44 billion

bid for rival time warner cable. stay with us. we're "on the move."

>> welcome back to "on the move." i'm francine lacqua here in london. now here are some companies on the move. b.n.p. paribas posted a surprise drop in fourth quarter profits after setting aside more than $1 illion for legal provisions.

subject to economic sanctions. net income fell to 127 million euros. cut its full-year profit forecast, citing declines in china and government clampdowns hat are hurting sales. renault posted full-year earnings that rose nearly 60%. the company forecast 2014 sales and operating profit will increase. u.s. cable giant comcast is said to have agreed to acquire time warner cable in a deal worth $44 billion. here with more is our markets editor manus cranny. how does this deal stack up? it is huge. >> it will leave comcast if it goes through, the sole king of

cable hill. it is all about size. it is about content and then you get to squeeze the customer for higher prices. >> is it only for the u.s.? >> it is a global deal. if it goes through, francine, it is going to be $44 billion at $159. when time warner cable rebuffed the charter group, they rebuffed them at $130 saying we want $160. bang, in they come, comcast does the deal. this as we understand is a little bit of a shock. you want to think of the size of this. when you read some of the numbers, wow, 30 million viewers. 30 million video veers. >> a day. >> that is what you have the potential for. you put comcast and time warner cable together, that is what you are going to come up with.

they might pick up a few viewers. about 3 million. getting over the regulation hurdle is going to be one of the tough issues. just read the lambings times. they are scathe degrees, l.a. times. they are scathing saying this is not in the public interest. this is not in the public interest. >> but they are still going ahead with it. >> it is home in the shareholders' interest. >> this is the kind of deal that has ramifications all across the world. >> i look back at some of the stuff that has been written on bloomberg. there is a line that goes like this. if there was a theme tune, if the cable business had a theme tune, it would be "jaws." that heavy pounding music, that ensuing threat which is coming, which is consolidation. we're going through a whole new paradigm in terms of how high content is disseminated.

the cable operator gives them more scale which puts pressure on price. on the content provider. i'm going to squeeze you. i'm going to squeeze you on price and then on the other side if it is beautiful con theant you're selling to me, i'm going squeeze you, the customer. the disruptor is the netflix. the distribution methodology that we have. this traditional model some say is fundamentally flawed. >> manus, we'll have plenty more on this story. $44 billion. quite impressive. manus cranny, our markets editor. coming up, the prime minister risks the collapse of his 10-month-old government at the hands of his own party leader. we'll break down the drama coming up here on "on the move." you can follow us on twitter.

ma issues in at manus cranny and i'm at flacqua. we'll see you in just a couple of minutes. ♪ . .

>> welcome back to "on the move ." i am francine lacqua. we are 30 minutes into the trading day. let's check out how the markets are doing. this is what the indices are at, the ftse down 0.5%. the cac and the dax are also down. overall, these indices are retreating. we have a lot of companies from bnp to zurich reporting earnings that missed estimates. we had a couple of data out -- china is now targeting export growth.

is slightly below what we had for 2013. this is a look at the currencies. let's have a look at where we stand. bit,ropping a little basically -- stocks dropped. watch out for the swiss franc, also the dollar. these are the bloomberg top headlines. the chinese government is set to be targeting export growth. 7.5% this year, that is a lower target than last year's pays. that is according to people with direct knowledge of the matter. the goal has been distributed to economy evaded ministries and local governments. rose 7.9% in 2013 according to official data. unemployment rate climbed to the highest level in more than 10 years last month. that's in the aussie dollar to its biggest decline in a most three weeks. toyota, gm and ford have all

said they are closing plants in the nation as a result of high-cost and a strong currency. the french finance minister says france is open to foreign business. he made his case to peter cook in an exclusive interview. >> france is back on track. we are an innovative, creative country and we are open to business, to foreign business. i say, welcome to american investment. of bnp are lower after france's largest bank posted a surprise drop in fourth-quarter profits. we spoke to bnp's chief financial officer. he said the french retail bank has risks increasing in italy. >> the demand for credit was somewhat subdued. that led to a relative stabilization at the top line. we are quite proud about our

moderate to low cost of risk. we stabilize the result at what we consider a high level. >> what is your outlook for this year? >> some people see a glimmer of hope. there are some plans that have been announced. i think we will watch closely how everything unfolds. >> in italy, are you worried the political instability? continuationbeen a in the economic environment. in the last quarter, we have seen a slight pickup in our cost of risk. we continue to adapt our configuration to withstand this economic environment. it is one of the elements in our plan where we believe we have all the elements in place ,dapting our positioning further, the capturing of synergies.

>> let's continue with the theme of risk in italy. 10 months into a prime minister enrico letta's tenure he is fighting off challenge within his own party. yesterday he presented a new economic plan. today he will find out whether he will be replaced. let's go straight to hans nichols. he joins us live from rome. this is a battle between enrico letta and matteo renzi. what is going to happen today? >> we don't know. essentially, this is renzi's moment here whether or not he is going to challenge enrico letta. it is his decision whether or to challenge him today or put office challenge to become premier later on. yesterday the two men met. the mayor of florence, the head of the democratic party, let me just hold up a newspaper for you. this gives you a sense.

what renzi is creating here, distrust between the two parties. ahen they met yesterday, lett seemed like a man who could envision leaving government. >> i lived every day as if it was my last one. brought elevation change after just two or three months. i had to follow the development of the situation step by step very carefully. letta said he didn't know if he still has the support of his party. the party will be meeting later today. this is really a question of what happens next. one thing we haven't really seen much movement in the bond market , and the stock market as well. there doesn't seem to be that much of a pricing in of political risk. >> i wonder why that is. i wonder why the markets are the shrugging it off.

what did enrico letta proposed to matteo renzi? is he trying to find some kind of agreement? >> what he is trying to do is make his case that he has an economic plan going forward. once they get rid of this political instability, here is what he wants to offer. a payroll tax cut, budget reductions, ways to strengthen the legal system. he didn't actually tell his counterpart, his challenger, the details of the plan. he gave those to the press afterwards. today, there is the meeting of the parties. as we have been saying, it is going to be renzi's decision. does he have the support to challenge? if he does challenge, can he then govern without forcing new elections? >> and of course if you have new elections, the political system in italy is so collocated that people say berlusconi's party may win instead of renzi. it is a mess. we will have more on this later. the car that will

cost you more than $2 million. we will tell you how the got a court sits billionaire buyers later. we are "on the move." ♪

>> the difference between 3% and

3.5% makes a world of difference in the united states. it is not enough for making up a percent in europe or china or japan. you have to look at these major parts of the world economy and say, what could they do to grow more? we think the countries that have surpluses could do more to stimulate growth. europe needs demand. the world needs more demand. that was u.s. treasury secretary jack lew on the need for stimulating growth out of the u.s. you can much the entire interview on charlie rose tonight. it airs on bloomberg tv at 10:00 p.m. u.k. time . joining us now is the head of portfolio solutions international and goldman sachs asset management. great to have you on the program. has anything changed since i spoke to you two months ago? you were pretty bullish on u.s. growth, u.s. earnings in general. now we had that testimony from janet yellen, we have more of a

glimpse of what she is thinking. >> we are still very optimistic on u.s. equities. on the one hand, you could say this is one of the world's most expensive equity markets and that might give investors pause. on the other hand, bull markets don't die of old age. if there is something that is going to derail the u.s., we don't see that on the horizon. if we take a step back, i see a number of things to be positive about in contrast. i would say first of all, you have strong balance sheets. i would also say when you look at the u.s., you have a comment tive, native -- accommoda monetary policy. margins are at peak levels but that strong growth that is going to come next year will be good for top line. i think that is pretty optimistic for u.s. equity markets. the only thing i would end with is when you have had such a big

run, you need to be more selective about opportunities going forward. ask what do you buy in this kind of selective market is to mark it means that invest in these -- it means that investors have to be a lot smarter. >> you want to look at the world bottom up. we are still very positive on u.s. tech. they have these very strong balance sheets, 15% of the market cap of those companies in cash. , two timeslow yield what has been relative to history. when u.s. companies invest for growth, one of the things they are going to do is upgrade their infrastructure. a lot of the u.s. tech companies should benefit from that. one other place i would point out is u.s. real estate. everyone knows the u.s. residential real estate recovery has been taking place for some time. not a lot of news there. recently, there was a pickup in commercial real estate.

particularly in tier two cities. that is a place we are looking at too. >> how does the u.s. stack up with the u.k., europe and japan? what is your favorite second place to invest in? >> i would go to japan next as a place that we are super positive about. being long japan and hedging out the currency was one of our best physicians in 2013. we have spent a lot of time thinking about whether we want to re-underwrite that positioning. we are going to stick with it. we have had dealt the currency. it is pretty simple. if you want to have a view on japanese equity, you have to have a view on the bank of japan. we think that it is going to be one of the most accommodative central banks on the planet in 2014. to put that in context, if you look at asset purchases from the bank of japan, they are averaging 1.5% of gdp every month. if we look at that on a relative accommodative

monetary policy is about three times what the fed has been. this is pretty dramatic, if we look at the fed and expected to continue to taper, the absolute magnitude might be bigger in the spring. this is very positive for japanese equity market area >> what is your take on the u.k.? we heard from dr. carney yesterday. he has done a canadian on all of us. we are going to change it here. .> there is a lot of wisdom quite athat is actually solid decision. if we look at the impact here, i think what we have heard clearly is that we are going to be in an accommodative stance, rates are going to be lower for longer, and that is very good news for u.k. equity markets. i believe investors should be looking at the small cap art of u.k. equity markets. they are the part that is going to benefit most from this

rebound. >> what about emerging markets? i just had a camera station with a cheap executive. conversation with a chief executive. possibly a bigger correction. >> i think with emerging markets it is critical to separate out the strategic long-term positioning. from a strategic long-term perspective, all clients should continue to have some exposure to these markets. something we say a lot is that this is still going to be the century for emerging markets but they might not and dying every year. they didn't win last year. there is lots of great companies. they're going to deliver 70% of global growth. however from a tactical's perspective, we argue there might be some merit in a short-term underway. you have these big headwinds.

whether it is the rising u.s. rates or whether it is the abating commodities. there is a reason to be tactically underway. pulling that together has a reasonable position. take a tactical underway and the -- >> that is very clear. you also have a paper out telling some of the pension funds what they should do. they are looking at longer terms. it is a different state of mind. what are you telling them? >> we actually just published a paper that took a look at the u.k. pension market area there is some really good news in there that i should highlight. great news for current and future pensioners and great news for corporates. there are two things that can help pensions. if rates go up, that is good because liabilities decreased. if risky assets do well like equity markets, that is good because the return generating

portfolio will increase. we talked about written the u.k.. they are probably not going to get up much. we need to focus on the return generating part of the portfolio. trustees should sharpen their pencils and make sure they have full exposure to risky assets. hopefully they will invest in some the markets we talked about today. >> thank you so much for all your analysis today. 12 minutes from now it is "the pulse." i am joined by guy johnson. we have a pretty packed show. we will be talking italy and fast cars. >> we will. italy and fast cars go hand-in-hand. that is an obvious thing to do. we are going to be talking about bugatti. orm, what is orm? online reputational management. , somethingwing area

you have to think about if you are a ceo. .e have the king of orm he has pioneered how you deal with disasters online, how you manage your reputation. we will talk to him about a range of things. it is going to be a great conversation. as you say, we are going to be talking nestle as well. not exactly great and the market is taking it as a disappointment but there are plenty of other things to talk about. lots of things happening around that company right now. really looking forward to that conversation. fast cars, what more can you want? >> that is a whole other conversation. guy johnson with "the pulse" in 12 minutes. coming up, we check out the got s newest methodz of chasing customers. it might have you sold unto you to the price tag. stay with "on the move."

final thoughts with our markets team next. ♪

>> welcome back to "on the move ." i am francine lacqua and london. here are some companies on the move. nestle forecast growth never lower end of its targets for 2014.

this is after its lowest sales growth in four years. the world's largest food company was hit by sluggish european spending. agreed this week, nestle to sell part of its stake in l'oreal for 6 million euros. lenovo's third-quarter profit rose 29% from a year ago. the company expanded its lead in the personal computer market and gain share in smartphones. last month it announced $5 billion in new acquisitions. violationsered labor in its supply chain including the use of underaged workers and abuses of migrant laborers. the iphone maker conducted .eviews that is according to an internal audit. apple says it has gotten 95% of the facilities to keep work below 60 hours a week and tried to refute -- remove the use of so-called conflict minerals. if you are in the market for a $2 million car, you are in luck. bugatti is looking for a buyer.

they have 40 supercars to unload. >> i have never seen anybody get out of this car and say, that wasn't what i expected. it is a very positive experience. we introduced the bugatti dynamic drive experience in north america late last year. these events have been very successful in attracting new people to the brand. we are going to post four of these events around the year. they will have a chance to experience the car on the open road and then we will close down the public road for some high-speed drives or perhaps a closed runway. grandwe have the bugatti

sport, the fastest open top car in the world capable of 260 miles per hour with the top off. $2.35ts about 200 -- million. our goal is to attract individuals who perhaps only had a chance to experience the brand before. typically these are individuals who are very serious about cars. they want to experience it first. we have some devious owners who have come and want to get back in. the 150 open top cars that we are ever going to build, only about 40 remain available. we anticipate this will be sold out within 12 months. there will be another metal coming -- model coming but we won't introduce anything within the next two years. bigotsa recap on today's

are good stories, let's check back in with manus cranny. disappointing figures overall from some companies. had straight days of gains across these markets. to that end, momentum on the downside or upside, it doesn't ever last. you had a couple of blinders in terms of numbers this morning. your conversation with the publicis ceo put it in context. there is a slowdown. it is reality. publicis is showing a slowdown in china. >> it is only temporary, just for two quarters, which seems a little bit too optimistic. >> correct but nonetheless it is through the numbers. you're going to get this feed through the numbers. you get all this speculation. the only thing that ever drew the value of a mining company in the past 10 years has been china. if it slips, it will ultimately

impact the valuation of those companies which have a tremendous exposure to china. mining, china. there you go. not difficult. >> china will go through a transition phase anyway. >> we are in that phase. >> and it will last four to five years. >> that is what we are being told at the moment. exports are below last year. it is the horse. there is a trough over there. you just have to get the horse over there. this is the trough, this is what you get to eat. that is it. that is essentially what china is doing. >> thank you. manus cranny, our markets editor. stay with bloomberg tv. guy johnson and i are next with "the pulse." you will don't want to miss our

interview with the nestle chief executive, paul bulcke. in the meantime, you can follow us on twitter. ♪

>> a bitter taste. nestle delivers the worst sales growth in four years. the ceo joins us live. >> italy on the brink. the prime minister makes a last-ditch attempt to hold on to the support of his coalition. >> exclusive with the french finance minister. emerging markets turmoil will not trigger a global crisis. good morning. welcome. you're watching "the pulse." i am guy johnson. >> i am francine lacqua. also coming up, getting billionaires to buy bugatti