>> we have good news from france. better news from germany. number one and number two. not only do they want to kick the current prime minister out, unsettling the situation, can they deliver any growth? they have had the longest recession since world war ii. we had socgen, they said, you got a tick better in france and germany. you are talking about an anemic recovery. to that end, we should be grateful. euro popped a bit higher. >> it is not a great figure. france did better than expected. >> we set the bar very low. >> but hey, i am a glass half-full person. if you look at the indices, on the weekly are higher. let's go with it until he gets

proven otherwise at 10:00. earnings.rms wof >> a bit of a mixed beat from anglo-american. profit down seven percent. more write-downs. a lot for us to talk about. but we are expecting the stock to go higher and it is, up by 1.7%. >> now let's get to rome. hans, you are following italy's political drama. ine, it is going to be a remarkable day in rome. you will see enrico letta offer his resignation and a new cabinet is likely to form. the question is, can matteo ofzi avoid a vote no-confidence and snap elections? it looks like you well and he will start governing as soon as next week. >> what is amazing in all of

this is that markets are not reacting all that much because they think it's a ration -- the situation is enhanced. manus, we have earnings and data and politics. what else are we watching? >> china. inflation has gone to its lowest level since the 1990's. could that be an opportunity for the chinese to reconsider the stimulus? industrial utilization in the u.s. will come out later on. michigan consumer sentiment. readingsd of soft data are fairly important to the overall complexion of what is going on in the u.s. story. so europe manages to eke out small gains at the start of the trading day. let's move to italy and see what is moving, since it is a big political day in italy. finmeccanica up. alsado dropping by four percent.

european equities getting a little bit of a bump. and anglo american. is germany's biggest steel producer. steel america. this has been the bane of this companies like. the loss has come down from 122 million to 17 million euros. jpmorgan says it is an impressive set of results and they are diversifying. the stock up three percent. anglo american beat market. nearly $2 billion on nickel and platinum and copper. havas, waiting for that to trade. >> thank you so much. let's go back to jonathan ferro with all of the details from anglo america sterling -- earnings report. weon an earnings per share, got it beat. the stock is up 1.3%. but profit is down seven percent.

more write-downs from the company. by $1.9 billion. his 10th month of the company, he has problems in south africa and problems in brazil, costs escalating of a huge iron ore complex in rio. they are managing a large, diversified mine. it is like herding cats. it is not easy. this man has seven kids. maybe he has a little experience. but he is doing a great job. he is starting to turn things around, but this one on happen in 10 months. it will take a while. >> these other big mining companies. they have come under so much pressure because of the last five or six years. again, it is like moving a huge oil tanker. it takes time, it takes a couple of years. >> it is about as nimble as a tank. we talk about companies changing strategy. to rein in spending and may cost cuts on a corporate level k they

have continued to be cutting costs. you're seeing results, but this will take time. and the result will take time. and all of this is happening in the context of significant headwinds in the economy, concerns about china. that concern will not disappear overnight. >> thank you so much. jonathan ferro with the latest on anglo america. big staying with anglo a part of the miners business is diamonds. it owns 85% of the world's biggest diamond producer debeers. to discuss the company's latest results and right in time for valentine's day is the debeers chief executive. he joins us from the london stock exchange. thank you so much for coming in. give us a sense of where you see demand for diamonds going for the next 12 years. -- sorry, 12 months. >> in 2013, the demand grew quite well because of the u.s. and china. the u.s. is still a very big market for us, 40% of the world market. in total, the market grew

slightly more than three percent in 2013. around fourxpecting percent maybe 4.5% in two thousand 14. soak the gross should be sustainable mainly because of the u--the growth should be sustainable mainly because of the u.s. and chinese markets. >> maybe that will be strong enough because of what we have seen in india. u.s. marketnk the is growing because there is a generation of wealth and our customers are willing to spend more. in china, the bridal activity which is of the biggest business for diamonds is still very strong. >> give us a sense of whether you're worried about the strength of the euros. we talk a lot about luxury and high end. as emerging markets are seeing more turmoil are you concerned you have to re-perceive --

reposition yourself to be more of a luxury brand? the higher end of the luxury spectrum. >> this is what we are doing. we are present in the retail space with two very important programs. ark diamond brand. we are presenting 1250, most of the luxury high-end we are there. the same thing in china. and we are there with debeers diamond jewelry with our and we are growing steadily in the big capital of the world. so these two initiatives are positioning the debeers brand at the top and of the diamond market today. >> and when we be able to translate demand growth into higher prices? inthis is what we have done 2013, because our price index within debeers has grown by two percent, but because the average

miss was better than the year before, our average price has increased by five percent. that is a pretty good reason and slightly better than the total market itself. obviously, for the future. we are going to look at the demand, the demand is looking robust. little bit too early to tell for the time being for 2014. sense of whether the anglo american takeover has made a difference for the company. of a muchnow a part bigger group, which i think is a very big help, mainly for what we call the upswing size of our business -- the mining world. huge experience of mining and the technical aspects of mining. and since the takeover, we were working with them before, but since the takeover, clearly the help has been much better, much bigger. as an in botswana example, and maybe in venetia in

south africa, results are there. in themprovements flooding we had there. anglo american help us to solve the problem and to go back to full production. >> are you expecting any further changes now that marco is the new chief executive at anglo? >> he is my chairman. and the relationship is absolutely excellent. i was very happy to hear this morning saying a lot of very good things about debeers. ofay we are conserving 15% the prophet of the anglo-american group, which i think is starting to be a big part of it. we are very proud of it. since it is valentine's day, give me a sense of what your bestseller is. you have a specific market? do people still buy diamonds just for valentine's day? >> yes. it is a very big market, but it is funny to talk about that.

in the u.s. and china, the two big markets, the u.s. around 40%, china slightly more than 10%. we're talking 50% of the world market for valentine's day it is a big occasion to buy diamonds. we know that all of our partners have been stocking for that day. and we know the sales are looking pretty good. we are all smiling today. it is a very special day. also for us because of valentine's day. >> very nice. lucky those people who received the diamonds. thank you, the chief executive of debeers. joining us now is kevin, head of european equities. great to have you on the program. thank you so much for coming on. talking a little bit about some of your favorite inks, we were talking to the debeers ceo and talking about the fact that they wanted to position themselves on the very high end of luxury, because the middle ground of luxury does not fit anymore. would you like to own luxury

stocks or are they now to fashionable because of the great run they had in 2013? >> for me, they are too expensive. i dove valley valuation based approach -- i have a very valuation based approach. boosted by strong growth in china. that growth is slowing down as the government crackdown on corruption etc.. from thatf the growth area has disappeared, and they are still in high valuations relative to other parts of the market. so i do not have any luxury stocks at all. >> would that be the same for technology stocks? they kind of went through a fashionable face. i am thinking of facebook and twitter. does that mean that you are more cautious? >> i would be on those kinds of names. europe is not blessed with many good tech companies. nokia has sound prospects now that it sold the handset business. elsewhere in europe, the

technology can tend to be on the low valuation. >> what i was trying to get it with technology is that there are fashion stocks. which is not necessarily luxury, but it is the kind of the buzz. the new thing. wearable technology in europe or the u.s. d stay away from them because there is almost a market rush to get to them, which means that sometimes there is too much fluff? >> most definitely. my approach is very valuation-based. these companies do not have any earnings. they are very high valuation ratios. i am not interested in them. >> so what do you like? what looks cheap right now? >> what looks cheap is inwardly focusing european companies, domestic ways, whether they be financials or cyclicals. so the european economy has been in the doldrums for a number of years. it is exiting recession and will have a steady recovery throughout this year because central banks were accommodated

on their monetary stance. we want companies that are very exposed to european domestic economy. and that would be things like banks, car stocks. >> kevin, car stocks. anything else? >> they are the main areas. >> thank u so much. we will talk about more about specific industry groups. stay with us. a japanese internet retailer is $900 million.for it was started in 2010. let's get to ryan chilcote for more on the story. what exactly are they buying? >> so marco was the chief information officer of israel defense forces for their central command and he met his partner back when they were in the military in israel. they are both about 40 years old. they set up viber three years ago. the company has run out of

cyprus but has development belaru in israel and in s. why? they say because developers are very good and very cheap. viber is effectively like skyp e. it has got about 200 million users now. and it was effectively develop because marco was traveling around the world and found skype was not providing him all the solutions he needed. he found it cumbersome. so he decided to take advantage or build the architecture, improve the architecture of skype on the mobile phone. and that is what many people say he has. the two of them now having just sold the company are going to share in this $900 million windfall they're getting for selling it. >> what do we know about the japanese retailer rakuten? >> this is one of those rare

cases where the choir is -- a acquirer is more interesting. a fortune of $9 billion. the vast majority of that fortune comes from his internet retailer raktueuten. it is the country's largest internet retailer. he is known by his friends as miki. he got that nickname when he went to harvard to get an mba. he has really been in the internet stage for a good while. he is closer to 50 and eight. -- in age. rakuten. what is that? from a word that means marketplace in feudal japan. he has slowly been getting into social networking. this is actually not his first acquisition. he has a stake in pinterest. and he thinks he can use viber digitalibute rakuten's

products as well as use it as a game platform. pretty interesting. his company like i said that he is the chairman of just reported earnings under $500 million worth of earnings, trailing the analysts estimates, despite the fact that sales were up 20%. obviously trying to change and broaden his game of that. >> thank you. ryan chilcote with the latest on this acquisition. here are some other companies on the move. germany's largest steelmaker reported earnings that beat analyst estimates. sales from non-sale businesses rose. the company is expanding its elevator and industrial businesses and demand for steel weakens. deutsche telekom says it plans to become a leader in all of its central and east european markets.

the company will continue to buy assets that upgrade networks. she promised when she calls a revolution in every country as deutsche telekom goes online with mobile networks. chrysler is not even close to resolving where to build its new minivan, according to the ceo. the company is negotiating with the canadian government for loans to help it build factories in the country. maccioni has said the investment would be the biggest for fiat since chrysler exited bankruptcy in 2009. us with final thoughts is kevin -- thank u so much for sticking around. we talked about the main pitfalls for the markets. you say you want to focus on valuations anyone to find stocks that are good value. you mentioned carmakers. again, exactly what are you looking for? it is not the high-end luxury once? >> it is a mixture, even the high-end luxury car stocks are

quite cheap. bmw is trading around 10 times earnings. growing its sales very strongly in china still and throughout the u.s. and the rest of the world. so we are happy to own that company. volkswagen which has the ld brand is on a times earning. very cheap stocks. this is at a time when europe is only just coming out of recession. the european car market has been very poor for a long time. we are seeing signs of life and that stock -- starting to pick up. renault. it has a 40% stake in nissan, which gives you access to the u.s. and chinese market. the low end of the marketplace is ideal. >> what do you make of gdp figures, the overall eurozone figure we will get later on. they are not stellar. they are better than expected. 0.3% growth.

are you confident we are not going back and recession mode? >> yeah, i have deftly got hope. it is good to see it on the right side. we are going to see slow and steady for us going through europe and it will be progressive throughout the year. part of the reason is that over two years we had a significant austerity measures imposed on european economies and has been roughly .7% of gdp per year. a couple of years ago, it would have been 1.4%. this year tha t falls away. we had that break in the economy that is going away. as economy starts to recover, the headlines in the news are not european recession. there are signs of hope and recovered. that builds on consumer confidence and business confidence. then you vget that virtuous circle. >> as long as companies start spending. instead of hoarding cash. >> that is what they need to do. >> think you should much for

joining us. french and german gdp surprises on the upside. we are less than two hours away from the big number for europe. details on what we may here coming up next. ♪

>> welcome back to>> "on the move." here is a stock that is on the move. one of the main gainers in today's trading session.

they are germany's largest steelmaker reporting profit that beat analyst estimates at 3.6%. now, let's have a look at gdp. this is the one of the main stories of the day. we are looking at the government and italy. we have a couple of earnings. we are about to have a great exclusive conversation with the chief executive officer. the other thing we're watching is gdp. manus is here. they are better than expected. france, better than expected. what can you tell us about the rest of europe? >> we will wait and see what it really delivers, but the number one in the number two economies have delivered better than the estimated, but we had a conversation earlier with the head economist from socgen. i can understand at the top of the short, do not be so negative, manus. be upbeat. it is a stsalall speed.

debt levels are rising. about -- talks the anglo-saxons got it all right? possibly. structural reform in france wou .8% to growth figures which would add to tax revenue which would add to the ability to pay down debt which would add to the accelerators in the economy which would change people's attitude. if you get growth, you get higher wages. not so much higher wages, you get momentum. you get a momentum of confidence which drives the economy. germany is growing. robustly growing. reflect on what an american treasury secretary said, but his argument was service countries should be helping drive demand around the rest of europe. >> that is german. >> good for you.

>> they have are surplus, like china. >> you have vehicle registrations up in germany and business confidence. you got momentum in germany which are trying to replicate around the rest of europe. france is growing but we are at the initiation stage of a hol landesque reform. the question is, what will italy produce? there is a great phrase in irish literature. it is not chaos. state of chassis. which is, again, another new political stage. of trying tod put your reform. >> to be fair, i think the future of the government has been uncertain for the last 10 years. this is in the hope of having someone who can reform. tell me what the ecb can do.

there is structural reform and there is support in terms of liquidity and calling the markets. >> yes. can the european central bank do quantitative easing without adjusting the tedious -- the treaties. i had a discussion the other day with the chief economist of the oecd. do you think it will work with the treaties? he said, why not? that is the negative interest rates on the governing council of the ecb considering it. youuse in the other side have the banks being slapped her on the head to hold more capital which is not a bad thing. >> that translates to the real economy. it is like a catch 22 situation. thank you so much. manus cranny. we are here -- are hearing from -- of of

he talked strategy for one of the nation's biggest oil companies. you can follow me on twitter. @flacqua. ♪

>> welcome back to "on the move ." i'm francine lacqua in london. these are the top headlines. economists estimate that the euro zone economy grew by 0.2% in the fourth quarter. the french and german gdp readings have beat estimates. the overall figure for the eurozone is due at 10 a.m. london time. china's inflation remains subdued in january. reports may give china's leaders more room to support economic growth which

analysts estimate will be the lowest in 24 years this year. israel's president says the expansion of the countries tech industry is vital to its economic future. in an exclusive bloomberg interview, he says the future is galloping like a horse and if you do not gallop with a horse, the horse will gallop without you. noand really in tech, borders. system.have a new our our other top stories on bloomberg is the political instability in italy as the prime minister enrico letta lance to step down. our next guest is one of the against chief executives in italy. paolo scaroni joins us on the day after his company posted a profit decline in the fourth quarter. welcome to "on the move." this is a tough time for a lot of the majors.

andhave cost increasing, a political situation where you have to find and extract o il. how do you regain investor confidence? >> we should be able to generate cash flow in spite of the situation. our investors are really focusing on cash flow and they want us to show that we can use cash-- produce without increasing investment, producing oil and to be able to improve our refining situation which is an issue all over the world. >> are you concerned that growth for oil is not going to be there? we had a couple of warnings because of shale gas in the u.s. are because of the political situation in china dropping. our you concerned there will not be enough demand? >> for the time being, i would say so, yes. demand is good. to the point that we can see the oil price of $108 per barrel.

we consider this a high price, not a low price and shows the demand is there. gas is a different story, of course because the shale gas and america has changed completely perspective in the world. ig differential between prices in the united states, $4.00, prices in europe, $10.00 and prices in the far east, $15.00. this creates tension in the sector. >> should we look at shale gas in europe? >> i think we have no alternative. everywhere where it is possible. i do not think we can dream of having europe with an industrial renaissance if we pay energy three times more than america. >> this is one of the points the commission made in one of the papers is at that we have to make sure energy prices go down. >> the commission has some responsibilities as well of creating the situation.

i am happy to know that today they realized that what ever we have been doing, europe has been done in order to have energy more expensive and not less expensive. >> paolo scaroni, going back to cash flow and the way that you appease investors, talk to me about your biggest mandate for the next 12 months? we will talk about your position in the company shortly, but is a cost cuts? is this what you need to focus on, or is it, you found on the offshore in congo? is it exploration? >> no. that me tell you what is difference between any and all of the other oil majors in the world. the big difference is that we are very successful in exploration. in the last five years we have discovered 2.5 times the oil we have produced. and we are the only one in the sector. now, as a consequence of that, we have first to develop the resources. so congo. mozambique, mainly africa but

not just africa. second, we are planning even to sell some of these resources in order to monetize now a stream of cash flow in the future. third, we have to restructure our european businesses because what ever we have in europe is in trouble. as a consequence of the economic situation in europe. >> what do you mean by -- that? >> for example, refining. we have to shut down refineries because of capacity. think. i give you a number which is quite impressive. in italy condescension of oil products, gasoline and diesel, is 25% lower than it was in 2008. now, we have to react to this drop in demand, cutting capacity. >> give me a sense of li bya. you are one of the companies that is most present in libya. do you find the situation they

are easier to work and that was six months ago? >> the short answer is no, but let me tell you, for us libya is a very important place. 12% of our oil comes from libya. we are by far the biggest producer in the country. we have been there forever. addafi we time of g were in libya. we follow the situation closely. i have to tell you that in libya, we are getting out of 42 years of dictatorship in six months. but still, i was more optimistic of what i see today. institutions in libya is much longer than it was expecting. >> how important is iran for you? i was in davos. the a said, we have to focus on iran. we have to start that connection now. >> i was at davos as well. and i received the chairman of the oil and gas committee, president rouhani.

he came there to invite all of us to go back to iran. for us, we have been in iran since 1955. we have an office there -- this has been authorized. so we are not in trouble. of course, we would like to go back to iran. still, i believe that the best way to go back to iran is to respect sanchez today in such a way that the regime would be pushed to find an agreement with the western world and this would open up for all of us to go back to iran. >> thank you so much for now. the tv executive. we will talk about the political situation in italy next. >coming up, we will head to rome for the latest medical development as prime minister enrico letta steps down. the rising star matteo renzi. factory that

produces starbucks. we go to the heart of germany's digital economy next. we are "on the move." ♪

>> so this is politics italian style. italy's prime minister enrico letta will resigned today after a film party withdrew her support this is a culmination of weeks and months of fresh and between letta and the party leader time warner cabl matteo .

we are joined by hans nichols live from rome. hans, what are we expecting today? is there some kind of timetable of what will happen? >> well, sometime late this willng enrico letta preside over his last cap netmeeting. resignations will be tendered and the paula abdul the renzi tot will ask mr. form a government and to be head of the government that is currently in place. think of this of the heads being changed but i'll the actual constituent parties need to agree on this, otherwise you could have snap elections. the interesting question is will there be any sort of elections after the electoral law gets through the parliament if it does get through the parliament? that is the question going forward is how does mr. renzi establishes legitimacy? it is being called a soft coup.

berlusconi allies and berlusconi papers are criticizing it as a coup. the question is, will you be a legitimate italian prime minister? francine? >> the markets are up on the news. is this because they do not see it as a change because there is so much instability anyway? or is it because they see matteo renzi as a guy that will push and structural reforms? >> in some ways you're seeing the markets react positively this morning perhaps because renzi is in a better position to advance reforms that may be needed to make structural changes to the economy, structural changes to the bureaucracy. that is why you may be seeing a little bit of investor confidence this morning because there is a sense that letta's government was stuck and could not do the reforms that were necessary to heal this economy. >> they do so much. hans nichols. he has been covering the white house for a decade. i bet he has never seen politics italian style. ,on't let us is paolo scaroni

one of the biggest business names in italy. aboutch do you get on italian politics? you are businessman. you must be bombarded with questions every time you go somewhere. >> yes, every time i meet people around the globe i am asked about italian politics, even if we are part of the union or the european union. so italian politics are less important than they used to be 20 years ago. >> yet, is there an italian discount when you look at the share price? is the fact that being italian -- the fact that reforms are difficult to push through, do you think that hurts your share price? >> no. an italian discount every time the spread, the italian spread goes up. i have the impression that somebody in chicago or in rio de janeiro, sells italy. even if for us our italian

businesses is 5%. in fact, we are a company that is working outside of europe as well. for the time being, i do not see much discount. i think this change has been kind of expected. and we may be also some people to have a new leader making the reforms in our country -- that our country badly needs. >> is he the right man for the job? and we do not know at the moment if you will be able to push through because he is only ever been a mayor. >> true. theknow, what i like about man is that he has the will to do things, no? and he wants to do things quickly. has momentum. he is really a guy who wants to reform the country and sometimes to reform the country is not the way to become popular, of course. now, when you want something

badly, you are already half way to get there. >> there is that famous english phrase which is having a fire in the belly. that is what he seems to have. >> this is certainly true. he has fire. >> of course, this happened -- depends on how much of the sale of their stake they will do. do you know, we know they will sell three percent. said whent mr. letta he was in london. any idea of what happens now? >> frankly, i am not very much interested in this debate. first of all, because i do not choose my shareholders. they choose to be our shareholders. i love all of them wherever they come. and second, because this idea that any can be taken over through -- is unthinkable. the companies of our size are never taken over. the country in which they are

located is not in agreement. so i think this is not really very important as an issue. up, and thereied are rumors that you have been in talks. he says he wants to focus on commodities. have you had discussions with them? >> not really. i know they own two percent of our stake. and they might be increasing their stake, which would be good news. we are not in qatar. we have been there but unfortunately, we sold our position there in 2002. and now it is too late to go back to qatar. >> talk to me about the fact that with all of this political turmoil would you like to go for another mandate at eni? >> my term is coming up. in principle, i am available to have another mandate. >> is this something you would welcome? >> yes.

i have the best job in the world. i have so much fun that for me for me to have a few more years of fun would be good news. >> what is the most fun part of your job? traveling? >> i am traveling all the time, mostly in places where nobody goes like angola or congo. i know this part of the world now very well. it is a very exciting job because it is big numbers. we are in the world of big numbers. oil is big numbers. international affairs and international politics as well, because you know, resources is always a matter of government. >> you are seeing history. talk about these places. we touched on libya before the break but you are in nigeria. what about the pipeline? big project, one of

the biggest projects in the world. we have been investing in five oil companies, something like 40 billion euros, which is a big number even for us. we started production last september. then we discovered in one pipeline some leaks. we are repairing the pipeline. i am hopeful to start production pretty soon. the first half of this year, i believe if we do not find other problems. of course, it is such a complex project that you are never 100% sure to be able to give a date. ofand nigeria, this is one the problems we highlighted yesterday when you were released earnings why the first -- fourth quarter profit was down. should be we producing almost 200,000 barrels a day and we have been producing 110. why that? are criminals.

the pipes is growing in it has been making the life of all international companies in nigeria very difficult. >> a pleasure to have you in the studio. the eni chief executive paolo scaroni. now let's return to today's big gdp readings. german economic growth beat estimates for the fourth quarter. david tweed took a look at how much techs contributes to the german economy. he caught up with the founder of a startup. >> i am the founder of factory. the factory is a space for products to learn from each other and grow faster. the idea of the factory came from managing portfolios. and we look for a place to bring people together. eastbuilding was on the

side of town containing the east population from going to the west. now we have the innovators of future collaborating on what is to become of the german economy. the factory is in direct relation to where berlin must have an ecosystem. we have created a little bit of a different approach than incubators and accelerators. incubasttion is relevant when ideas.ve -- great we differentiate and call this an organic accelerated because in the end we are helping by creating. >> for more, i am joined by david tweet. it looks like an interesting place. >> it is steeped in history, and it is right in the middle of berlin. it is right anin a famous

street. hopefully you will be see some pictures of trams going along the street. and you will be able to make up the area where the berlin wall was. the factory side of the factory building actually was part of the wall. and there were a couple of centuries -- sentries in this building. if you pan across, you will see a huge, great a crater which is in the courtyard of the entire factory complex, 16,000 square meters. and i can also hold up a little item that came out of that crater. it was a live mortar but it gives you an idea of how central this is, and also, i like the fact that you have this ironic history. a war-torn city. that it was split. then it was divided. and now this place is going to become a hub for probably the

next stage of global communications. francine? >> david, how important is the digital economy in germany? the digital economy is becoming more important every aspect. look at it is being used in the auto industry, companies like -- using it and growing at an online sales. if you have a look at what has represented in terms of economic growth, and has been growing 10% a year. represents about three percent now. and employees, around 430,000 of germans at the moment. that is growing at 10%. >> thank you. david tweed. stay with us "on the move." final thoughts coming up next. ♪

>> welcome back to "on the move ." london.cine lacqua in for a recap on today's market stories and some of the economic data let's check back in with our markets editor manus cranny. gdp. we have some earnings. we have a political situation. it ties back to gdp in europe. to growth andback disinflation, right? at the moment growth is ticking up slightly better than estimated. we have disinflation.

would it take more to get the ecb to do more? that seems to be what is coming through, which is a reprieve. look at the euro-dollar. the theory is -- >> go negative on the rate. >> everybody talks negative rate for so long you need something radical. we dust ourselves off. draghi has pledged to save the euro. summer's coming.let's get some of the new wine out. there are fundamental structure problems in europe that have not been dealt with. until you do those, you will not get any form of radical growth. >> i mean, some say that spain has gone in the right direction. it also takes time for these reforms to push through and have an impact. >> like was in ireland and in spain. your home country. look at the roadmap. >> we have a new person in charge.

manus. guy johnson and i are back with "the pulse." italy's gdp data minutes away. we will break the numbers. ♪ . .

>> italy's prime minister enrico letta expected to quit today. making my for a new government headed by his chief rival, matteo renzi. >> europe's recovery gains traction. a new connection. paysese online retailer $900 million for an internet messaging app. good morning. you are watching "the pulse."